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CRL in the News

July 19, 2022 | By Jim Dalrymple II | Inman

Very long mortgages are unlikely to become a big thing in the U.S. One of the main obstacles that stands between American consumers and longer mortgages is a set of regulations that emerged after the financial crisis of 2008. Eric Stein, senior vice president at the Center for Responsible Lending, told Inman that in the run-up to the housing bubble there were products known as “affordability mortgages.”

July 11, 2022 | By Marketplace Tech

“So at a high level, we sort of know,” said David Silberman, a senior fellow at the Center for Responsible Lending, “but precisely what, what ‘credit history’ means and how it’s scored? Or what ‘types of credit’ means and how it’s scored? That’s all black box.” Nevertheless, there is an entire industry promising easy fixes to improve credit scores, some which work, and some that don’t. Credit scoring companies are aware of most of these strategies, and regularly update their models to account for new types of data and changing consumer behaviors.

July 9, 2022
It would be a game changer,” said Rochelle Sparko, director of NC policy at the Durham-based Center for Responsible Lending, which has advocated for...
July 8, 2022 | By Hannah Lang | Charlotte Observer

In North Carolina, about 1.3 million borrowers have student loans and owe about $48 billion, according to the Center for Responsible Lending.

July 8, 2022 | By The Chicago Tribune

Women of color have less job security than before the COVID-19 pandemic and are struggling to repay their student loans, according to a new report released by the Center for Responsible Lending (CRL). The U.S. economy added 6.7 million jobs in 2021, but the gains made in the workforce have not been shared equally across genders, the report says.

July 1, 2022

David Silberman, a senior fellow at the Center for Responsible Lending, said this is part of a bigger problem. “Credit scores very much are reflecting of the history of discrimination in the country,” he said. Silberman, who spent a decade at the Consumer Financial Protection Bureau and years in the financial services industry, has thought about how algorithms can reflect privilege, or the lack thereof.

June 22, 2022 | By Tanya Christian | Ebony
“The Biden-Harris administration announced almost exactly one year ago that it was taking steps to ‘narrow the racial wealth gap and reinvest in communities that have been left behind by failed policies.’ Canceling $50,000 in student loan debt is the minimum needed to begin addressing the racial wealth gap,” said Jaylon Herbin, policy and outreach manager and student loan lead at the Center for Responsible Lending (CRL). “Student debt most negatively impacts those historically marginalized through systemic inequalities that have only continued to grow.
June 22, 2022 | By Adam S. Minsky | Forbes

“Cancelling $50,000 in student loan debt is the minimum needed to begin addressing the racial wealth gap,” said Jaylon Herbin, policy and outreach manager and student loan lead at the Center for Responsible Lending (CRL). “Student debt most negatively impacts those historically marginalized through systemic inequalities that have only continued to grow. President Biden can and should use the authority of executive action to uphold the administration’s commitment to helping communities of color and women, who deserve the ability to build their American dream.”

June 13, 2022 | By Laura Hautala | CNET
Worker earnings, whether from low wages or limited hours, are the very reason EWA apps can endanger their finances, says Yasmin Farahi, senior policy council for the Center for Responsible Lending. "On those margins," she said, "even what looks like a low fee can be problematic."
June 3, 2022 | By Kelsey Ramirez | Fox Business

"We applaud President Biden and Vice President Harris for this move," Whitney Barkley, the Center for Responsible Lending's senior policy counsel, said. "Tens of thousands of former Corinthian students who had been defrauded by their school, and left wondering for years how they’d recover the money they lost, are now at ease. The administration now needs to immediately cancel $50,000 of student loan debt per borrower and abandon its piecemeal approach to cancellation.

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