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CRL in the News

July 6, 2020 | By Kevin Wack | American Banker
The question of whether to allow tech companies to operate banks is a rare issue in which the banking industry is allied with consumer advocacy organizations. Consumer groups that have expressed concerns about the FDIC’s proposal include the Center for Responsible Lending, the National Consumer Law Center and the Woodstock Institute.
July 6, 2020 | By Joyce M Rosenberg | Associated Press

Many banks also enraged owners at the start by rejecting their applications if they didn’t have multiple accounts including existing loans or lines of credit. And some of the biggest banks in the country took a week or more to start accepting applications. The problems made it more difficult for minority businesses to get loans, according to a report from the Center for Responsible Lending, a research group.

July 4, 2020 | By Annie Nova & Darla Mercado, CFP | CNBC
However, one survey found that just 1 in 10 Black or Latinx small business owners received the assistance they requested under the government stimulus package. The Center for Responsible Lending also found that many Black business owners were shut out of the Paycheck Protection Program, the small business loans designed to keep employees on the payroll throughout the pandemic.
June 27, 2020 | By Annie Nova | CNBC
“The customer service of the student loan industry has been terrible,” said Whitney Barkley-Denny, senior policy counsel at the Center for Responsible Lending. “The recession and aftermath of the COVID-19 pandemic will worsen the student loan debt crisis.”
June 22, 2020 | By Phil Mattingly | CNN
"This is just laying bare all of the cracks and issues that were already there in this foundation and that people of color had been experiencing every single day," said Ashley Harrington, federal advocacy director and a senior counsel at the Center for Responsible Lending.
June 18, 2020

Listen to an interview with Ellen Harnick on KCBS Radio in San Francisco about the economic fallout of the COVID-19 pandemic. She also offers tips for maintaining and protecting your credit score during the crisis.

June 3, 2020 | By Brookings

The CARES Act provided important temporary relief for student loan borrowers, permitting many with federally held debt to skip payments for 6 months, with borrowers generally given credit towards forgiveness for those payments. The legislation halted collections, though a significant number of borrowers were excluded. However, given the severity of the COVID-19 economic impacts, and the dire circumstances for many student loan borrowers, more comprehensive and long-term student debt relief is required to enable these families to recover.

June 1, 2020 | By Kat Stafford | Associated Press

But the Center for Responsible Lending, a nonprofit group that works to end predatory lending practices aimed at low-income communities, said challenges remain. “This is just a new public health crisis and economic crisis that is coming after so many decades and centuries of structural inequality,” said Ashley Harrington, the center’s federal advocacy director and senior counsel.

May 21, 2020

The Center for Responsible Lending hosted a discussion panel to address the impact of COVID-19 on various financial sectors as it relates to Black Americans on Monday evening. The virtual town hall, moderated by White House Correspondent and CNN Political Analyst April Ryan, focused primarily on the areas of small businesses, housing and student loans with a particular emphasis on minority and Black communities.

May 20, 2020 | By Stacia Brown, Frank Stasio & Liz Schlemmer | WUNC
Host Frank Stasio talks about the landscape of student loan debt during COVID-19 and beyond with WUNC education reporter Liz Schlemmer; Rochelle Sparko, director for NC Policy at the Center for Responsible Lending; and Trey Roberts, a first-generation college graduate and co-founder of Raleigh Pride.