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CRL in the News

June 11, 2018 | By Republican American

These fees cost consumers an estimated $14 billion a year, according to consumer watchdogs. Often, consumers are charged several fees, which average $35 each, within a short time period, according to research by the Center for Responsible Lending.

June 11, 2018 | By Lauren Saunders | Bull Moose Medium

Proponents argue that raising the asset threshold at which banks are subject to enhanced regulatory standards, including stress tests that gauge a bank’s ability to withstand economic conditions like those that led to the 2008 financial crisis, would help small and regional banks. But the bill actually helps very large banks with up to $250 billion in assets. This is not a consumer friendly bill.

June 8, 2018 | By Charlene Crowell | The Center for Responsible Lending

New research by the Center for Responsible Lending finds that today’s racial wealth gaps were supported and sustained by the federal government’s Fair Housing Administration (FHA). From the program’s inception during the 1930s, FHA perpetuated racial discrimination by making mortgage credit broadly available to white borrowers while excluding blacks and other people of color.

June 8, 2018 | By Amy Sherman | PolitiFact

The Center for Responsible Lending, an organization that calls for more safeguards for consumers, found in 2015 that payday loan storefronts in Ohio advertised rates of more than 600 percent annual percentage rate. Diane Standaert, director of state policy, said that since that time some storefronts now reflect rates between 300 and 400 percent for some loans.

"But this is basically comparing the differences between (1) a very bad loan, and (2) another very bad loan," she said.

June 8, 2018 | By Amy Sherman | PolitiFact

The Center for Responsible Lending, an organization that calls for more safeguards for consumers, found in 2015 that payday loan storefronts in Ohio advertised rates of more than 600 percent annual percentage rate. Diane Standaert, director of state policy, said that since that time some storefronts now reflect rates between 300 and 400 percent for some loans.

"But this is basically comparing the differences between (1) a very bad loan, and (2) another very bad loan," she said.

June 7, 2018 | By Travis Fain | WRAL

"It's much broader than ATVs and lawn equipment," said Kelly Tornow, from the Center for Responsible Lending.

June 7, 2018 | By Renae Merle | The Washington Post

“I can pull people off the street that may be ordained but that doesn’t mean they represent us. . . . It’s smoke and mirrors,” said the Rev. Sekinah Hamlin of the Center for Responsible Lending. “Despite what they say, we have faith traditions, and payday loans don’t align with those traditions.”

June 7, 2018 | By Jillian Berman | MarketWatch

State law enforcement officials investigated and enforced the law against for-profit colleges well before the Trump administration took office, but in the absence of aggressive federal regulations, states are “continuing to step up to protect their residents,” said Lisa Stifler, the state policy deputy director at the Center for Responsible Lending.

June 7, 2018 | By Ben Wieder | McClatchy DC Bureau

“These things have the same functional problems as payday loans, except they’re worse,” said Mike Calhoun, president of the Center for Responsible Lending, a consumer advocacy group. “There’s very manipulative pricing.”

June 6, 2018 | By WFHB

The average loan for the state of Indiana is $317, according to the Center for Responsible Lending, which researches the impact of predatory lending practices. A typical borrower will pay more than $400 in additional finance charges for a loan of that size.

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