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CRL in the News

April 12, 2017 | By Bobbi Murray | Capital and Main

Yet banks are very much involved in the lives of the unbankable. They securitize and sell payday loan and car title loan debt. Title loans take the borrower’s car as collateral—when the note comes due the borrower can either re-borrow, pay fees or lose the car. Combined, these two loan types drain over $8 billion a year from consumers, said Diane Standaert, executive vice president and director of state policy at the Center for Responsible Lending. The average costs hit a 300 percent annual percentage rate. “Both types of loans are structured to keep borrowers stuck in long-term debt.

April 11, 2017 | By Thomas Lee | The San Francisco Chronicle

For Wells Fargo to truly fix itself, it needs to step up oversight of all of its businesses, said Michael Calhoun, president of the Center for Responsible Lending in Washington. “The test for the company is whether they can create products that benefits consumers and helps the bottom line,” Calhoun said.

April 7, 2017 | By Leticia Miranda |

Mike Calhoun, the president of the Center for Responsible Lending, told BuzzFeed News that the record levels of credit card debt shows that financial regulations introduced after the 2008 crisis did not kill the market for consumer lending, as the industry and some government officials believed they would.

April 7, 2017 | By Gretchen Morgenson | The New York Times

“We are concerned with models that result in higher pricing for moderate-income families and worse pricing for small lenders like community banks,” Mr. Calhoun said. The critical issues in any reform of Fannie and Freddie, he added, were “who pays, and how much.”

April 5, 2017 | By David Muller | Car and Driver

You may have finally found the perfect automobile. It is the make and model you want, with the right options, and even the right color. Now comes closing the deal on it. If you’re not flush with cash—in other words, you seek a loan—it’s important to know what you’re up against. 

April 4, 2017 | By Buckley Sandler | Lexology

On March 28, the House Subcommittee on Financial Institutions and Consumer Credit held a hearing that examined recent trends in lending and how the current regulatory climate impacts the availability of credit for consumers and small businesses.

March 31, 2017 | By Anna Sobrevinas

Dismantling lending regulations and weakening the Consumer Financial Protection Bureau would deal a blow to the entire economy, according to Mike Calhoun, president of the Center for Responsible Lending.

March 30, 2017 | By Bob Clark | The Salamanca Press

By attacking vacant, blighted and “zombie” properties, officials report land banks can stave off the effects of those properties on neighbors. In 2009, the Center for Responsible Lending projected that homeowners living near a foreclosed property, on average, would lose $7,200 in property value, and projected a four-year increase in losses to $20,300 per household.

March 28, 2017 | By Joe Valenti and Danyelle Solomon | Center for American Progress

Last year, the CFPB proposed the first comprehensive federal rules to deal with these debt traps that cost consumers $8 billion per year in fees. These rules would require lenders to verify whether borrowers would truly be able to pay back a loan, restrict the ability of balances to spiral out of control, and make it more difficult for lenders to repeatedly drain borrowers’ bank accounts.

March 28, 2017 | By Andrea Sears | Public News Service CT

Most students who enroll in for-profit colleges in Connecticut don't graduate, and those who do are deeper in debt, according to the Center for Responsible Lending The group's report says only 35 percent of students graduate from for-profit colleges in the state, compared to more than half of students at public colleges and two-thirds in private, not-for-profit schools.