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CRL in the News

January 11, 2022 | By Lananh Nguyen | New York Times

“This is a very strong program that creates both limits, guardrails and the supports that people need to get through cash crunches that are going to continue to come to many working families,” Mike Calhoun, the president of the Center for Responsible Lending, an advocacy group that promotes financial fairness, said in an interview.

January 5, 2022 | By Ben Sessoms | The News & Observer

Nationwide, 790 of every 10,000 home loans made to Black households between 2005 and 2008, went into foreclosure between 2007 and 2009, according to the Center for Responsible Lending.

January 4, 2022 | By Khristopher J Brooks | Wink News

Big U.S. banks have generated about $9 billion annually in revenue from overdrafts, ATMs and other fees in recent years, according to the Center for Responsible Lending, or CRL. The fees have become somewhat of a cash cow for banks over the past 20 years, some experts have said. Taylor Roberson, a fintech regulation expert at CRL, said Bankrate’s survey confirms what researchers have known for years about millennials baring the brunt of banking fees.

December 23, 2021 | By Jacob Fischler | The Pulse

Jaylon Herbin, outreach associate at the Center for Responsible Lending (CRL), praised this week’s decision by the Biden Administration. “We commend the President for safeguarding student loan borrowers at a time of profound economic uncertainty,” said Herbin. “The extension of the payment pause is a critical step toward restoring economic stability for borrowers and their families. We urge the Biden Administration to continue extending the payment pause until the pandemic and the associated economic crisis have been overcome.”

October 28, 2021 | By Hayley Zhao | Diverse Issues in Higher Education
“Not only do they have less wealth to borrow on to pay back loans because of the racial wealth gap, but the underfunding of HBCUs compound the financial challenges which result in higher debt for students who attend these schools,” said Rep. Alma Adams, who appeared on a panel hosted by the Center for Responsible Lending(CRL) on Thursday.
October 25, 2021 | By Clayton Henkel | NC Policy Watch
Listen to a discussion of the state of the national student loan debt crisis and some relief that the Biden administration has made available.
October 25, 2021 | By Tatiana Walk-Morris | Vox
It’s hard to pinpoint when banks began charging overdraft fees in the US. Vox reached out to JPMorgan Chase, Wells Fargo, and Bank of America to ask when they started charging account maintenance and overdraft fees, but none of them shared when they implemented these charges. According to a 2020 report from the Center for Responsible Lending, banks historically declined debit card charges when account holders lacked the funds to cover charges.
October 23, 2021 | By Jillian Berman | Market Watch
“All of those risks are the very same risks we talk about when we talk about payday lending,” Borné said. When a borrower uses a payday loan, they also give the lender access to their checking account either by writing a check dated to the borrower’s payday or by giving the lender electronic authorization to debit the account on pay day.
October 23, 2021 | By Jillian Berman | Market Watch
Now, a group of consumer advocates is asking the Biden-era CFPB to reverse that decision. Earlier this month, a coalition led by the National Consumer Law Center and the Center for Responsible Lending, wrote to the agency urging officials to regulate earned wage access products as credit.
October 13, 2021 | By Abigail Johnson Hess | CNBC

“President Biden absolutely has the authority to cancel student debt,” said Ashley Harrington, federal advocacy director and senior counsel at the Center for Responsible Lending. “This is the same authority that was used by the Trump administration last year to waive interest and pause payments or for federal borrowers who had federally held loans. That same authority was used later that year to extend that pause.”