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CRL in the News

February 15, 2022 | By Karin Price Mueller | NJ Advance Media for NJ.com

“TAB Bank is misusing its bank charter by fronting for abusive loans that bleed consumers dry,” said Nadine Chabrier, policy and litigation counsel for the Center for Responsible Lending. “Responsible merchants should stop peddling predatory EasyPay loans and the FDIC should end TAB Bank’s participation in this scheme.”

February 13, 2022 | By Brendan Pedersen | American Banker

But Ellen Harnick, an executive vice president with the Center for Responsible Lending, said more must be done to ensure there are guardrails in place that allow states to protect their residents from potentially predatory rent-a-bank arrangements.

February 11, 2022 | By Ben Popken | NBC News

“The economic impacts of this crisis highlight how communities of color are disproportionately harmed by structural inequities that exacerbate the impact of lower incomes, stagnant wages, lack of savings, lower credit scores, higher unemployment rates and a multitude of other issues,” said Ellen Harnick, executive vice president at the Center for Responsible Lending, a nonprofit consumer advocacy group.

February 11, 2022 | By Deron Dalton | PennLive

“While income-driven repayment plans have allowed many student borrowers to make affordable payments, only a handful of borrowers have had their loans canceled through IDR,” Julia Barnard, Center for Responsible Lending’s student loan team co-lead and researcher recently said in a statement. “Decades of bad servicing, complicated paperwork and policy failures have broken borrowers’ faith in this program.

February 3, 2022 | By Evan Weinberger | Bloomberg Law

Lawmakers in states that ban payday lending and have other strong consumer protections are likely to take notice of the CFPB’s potential new stance when considering how to treat pay advance products, said Yasmin Farahi, a senior policy counsel at the Center for Responsible Lending. “In some ways, those existing state consumer laws, which we think are how they should be regulated, could be viewed by these providers as a threat,” she said.

January 24, 2022 | By Michael Calhoun | American Banker

Buy now/pay later products claim to offer consumers a risk-free way to boost their buying power, and maybe build credit and help others in the process. But beneath the shiny new veneer of technology and altruism could lurk the same predatory and abusive practices used by venture capitalists whose primary interest is profit, and who in the past have used similarly altruistic pretensions to exploit Black, Hispanic, military, essential and early-career employees, and other hardworking Americans.

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 10, 2022 | By Khristopher J. Brooks | CBS News
Big U.S. banks have generated about $9 billion annually in revenue from overdraft, ATM 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.
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.

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