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CRL in the News

August 22, 2020
A long list of worries weighs on us. Our health, our jobs, our children’s education. Are we in danger of foreclosure or eviction? What about racial disparities in policing and justice systems? While we are grappling with these tremendous challenges, federal regulators have something else on their minds: They are methodically easing the way for predatory lenders.
August 6, 2020 | By Sophie Kasakove | The News & Observer

Research has shown that payday lending specifically targets Black communities. In 2005, The Center for Responsible Lending, a nonprofit group that promotes policies to curb predatory lending, found that African-American neighborhoods in North Carolina had three times as many payday loan stores per capita as white neighborhoods.

August 5, 2020 | By Calandra Davis | Hope Policy Institute

In the midst of the growing economic crisis, communities of color are hit disproportionately hard. These communities, particularly Black communities, are still recovering from previous disasters, like Hurricane Katrina and the 2008 foreclosure crisis. The health disparities that plague these communities coincide with the growing economic threat. Policymakers’ responses to COVID-19 must account for pervasive racial and economic inequality, and must prioritize protection from debt-related abuses.

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.

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