CRL in the News

Prevost recommended a few websites to learn about next steps if you have a solar contract that has gone bad. The National Association of Consumer Advocates for help finding attorneys in your area The Center for Responsible Lending for answers about widespread solar loan practices He also recommended caution in searching for solar panel attorneys on Facebook or social media...

The Oregon Senate passed House Bill 4116, which stops online lenders from exploiting a loophole in federal law to charge consumer loan interest rates above Oregon’s 36% cap through “rent-a-bank” schemes. The bill now moves to Governor Tina Kotek’s desk to be signed into law. “Predatory ‘rent-a-bank’ loans have high rates of interest, defaults, and repeat borrowing. The business model...

A temporary win for student loan borrowers. The SAVE Plan is intact for now after U.S District judges dismissed a lawsuit challenging the SAVE Plan. The Vice President and Federal Policy Director of the Center for Responsible Lending will explain what this means for borrowers.

“They’re designing the products in such a way to encourage smaller loans to get more fees,” said Yasmin Farahi, deputy director of state policy and senior policy counsel at the Center for Responsible Lending, a nonprofit focused on fair and equitable lending practices.

“There’s a glaring omission in this report,” Graciela Aponte-Diaz, vice president of the Center for Responsible Lending, said in a statement. “The Consumer Financial Protection Bureau has saved Americans trillions of dollars by protecting them from financial exploitation and providing guardrails that keep predatory lenders from creating a repeat of the catastrophic 2008 Financial Crisis. “Top U.S. banks posted record...

A new report by the Center for Responsible Lending examines lender OppFi, which charges Oregonians up to 195% interest on loans of $500 to $5,000. According to Ellen Harnick, the center’s executive vice president and director of state policy, such lenders target desperate borrowers and trap them in cycles of debt, where interest paid can equal the original loan amount...

State lawmakers are considering a bill aimed at addressing predatory lending schemes that affect thousands of residents each year. The proposed legislation focuses on lenders like OppFi, which reportedly charges Oregonians up to 195% interest on loans ranging from $500 to $5,000. A recent report by the Center for Responsible Lending (CRL) highlights the issue, pointing to what they describe...

In this episode of the Consumer Finance Monitor Podcast, we examine one of the most closely watched and increasingly controversial developments in consumer finance: earned wage access (EWA) products. EWA products allow workers to access a portion of wages they have already earned before their scheduled payday. Proponents describe these products as a valuable financial tool that helps consumers manage...

With the start of this new year, President Trump’s Administration has started proposing policies to lower housing costs. While there are ways to make homeownership more affordable, the Administration should stay away from one fatally flawed idea that’s been floated: introducing a 50-year mortgage into the market. This policy would saddle borrowers with a lifetime of high interest payments and...

Nevertheless, consumer groups lamented the retreat of the CFPB from fintech enforcement actions. “It’s certainly a loss for consumers, and it’s a huge loss for advocates. … Having a federal voice hold people accountable for bad practices disincentivizes those bad practices,” says Monica Burks, policy counsel at the Center for Responsible Lending (CRL). “We are going to have a much...