CRL in the News

“A decade ago, excessive Wall Street greed and predatory lending led to a tsunami of unnecessary foreclosures that took away the homes of millions of hardworking families," said Nikitra Bailey, Executive Vice President at the Center for Responsible Lending. "That experience should have served as a warning to this administration about the harmful costs of reckless deregulation letting greed go unchecked on all Americans. Unfortunately, the White House has not learned from history. This proposal is a bull in a china shop that threatens to harm our recovering economy and exacerbate our affordable

“The 2008 financial crisis proved the need for the CFPB, a successful independent consumer watchdog," said Will Corbett, litigation counsel at the Center for Responsible Lending, which supports strict loan protections for consumers. “This decision is a clear and completely inappropriate example of legislating from the bench.”

Will Corbett, litigation counsel for the Center for Responsible Lending, called the ruling inappropriate. “Under the radical logic of this court’s ruling, our consumer watchdog would be eliminated and the door would be reopened for financial predators, such as those who steal from 9/11 heroes,” he said in a statement.

The Urban Institute reported that people of color lost more housing wealth than Whites did between 2007 (before the financial crisis), and 2010. Another example, from Pew, shows that Blacks are twice as likely than their White peers to use payday loans, and Latino borrowers are 1.5 times as likely. Recent research from the Center for Responsible Lending found that each year, payday loans strip $8 billion from the pockets of borrowers. Overall, Asian, Black and Hispanic households tend to use costlier alternative financial services, like payday loans, at a rate 1.2 to 2.5 times higher than

The Center for Responsible Lending, a consumer advocate group, said [the decision] was a "clear and completely inappropriate example of legislating from the bench."

“The Senate bill has significant problems and could have been more carefully written,” says Yana Miles, senior legislative counsel for the Center for Responsible Lending, a North Carolina-based group that joined other consumer groups in opposing the measure. “We oppose any effort to use regulatory relief for community banks and credit unions as a vehicle for larger financial institutions to avoid having the regulatory scrutiny and oversight that proved lacking in the buildup to the financial crisis,” the Center wrote in a letter sent to all Senators.

"If the administration was serious about protecting consumers, the president would have nominated someone qualified last January instead of someone unqualified in June — just days before the CFPB nomination deadline," Yana Miles, senior legislative counsel for the Center for Responsible Lending, said in a statement Sunday.

“This is a scheme to keep Mick Mulvaney at the helm of the CFPB so he can continue working on behalf of the payday lenders,” said Yana Miles, Center for Responsible Lending senior legislative counsel. “Mulvaney has already publicly stated his intention to unlawfully stay at the consumer bureau until the end of the year or longer.”

“The Senate should immediately hold confirmation hearings and reject this inexperienced candidate and demand that the President nominate someone qualified who has a history of making consumer protection a top priority,” said Yana Miles, senior legislative associate at the Center for Responsible Lending, a consumer group.

According to a data sheet prepared by the Center for Responsible Lending the APR charged by these lenders, including Check N Go, can range from a merely crushing 533 percent to a truly awful 792 percent.