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CRL in the News

December 5, 2022 | By Sylvan Lane | The Hill

“This poll reveals Americans of all ideological stripes support the work of the Consumer Financial Protection Bureau. People want the CFPB to stop financial discrimination and other unfair practices. Any move to defang this consumer watchdog would be extremely unpopular,” said Charla Rios, deputy director of research at the Center for Responsible Lending (CRL).

November 25, 2022 | By Susan Tompor | Detroit Free Press

The Center for Responsible Lending studied complaints made by consumers to the Consumer Financial Protection Bureau and the Better Business Bureau regarding buy now, pay later options. Based on those complaints, some consumers said they had faced delays in receiving refunds, had difficulty resolving disputes and were upset when they still had to make repayments during a dispute process.

November 23, 2022
Nadine Chabrier, senior policy council at the Center for Responsible Lending, worries about consumers who take out multiple BNPL loans. “It’s easy to lose track, and you can quickly be in a situation where you have payments due all over the month,” Chabier told Checkbook. “You don’t get a statement, and you may end up getting overdraft fees if you don’t have enough money in your bank account. And this can make the product unaffordable for some people.”
November 22, 2022 | By Hannah Lang | The Charlotte Observer
Whether it’s buying a home, saving for retirement or starting a business, student debt makes it difficult for graduates of historically Black colleges and universities to build wealth after college, a new report shows. The report, from the Durham-based Center for Responsible Lending, evaluated polling, focus group and public education data to gauge the impact of heavy debt burdens — and relief from them, via the federal pause on student loan payments — on HBCU graduates.
November 7, 2022 | By Emily Peck | Axios
The increase was larger for Black and Latino buyers because their homeownership rates were so much lower to begin with, said Mike Calhoun, the president of the Center for Responsible Lending.
November 3, 2022 | By Craig Harris | USA Today
The Center for Responsible Lending, a North Carolina-based nonprofit research organization that works to end predatory lending, released a study in late September that examined the "persistent harms of high-cost installment loans," a form of predatory lending that includes "rent-a-bank" loans. The group says it found predatory loans had a greater impact on people of color and people with low incomes.
October 19, 2022 | By Naomi Snyder | Bank Director
“There’s just a history of targeting these financially vulnerable communities, communities of color and lower income communities,” says Yasmin Farahi, senior policy counsel at the Center for Responsible Lending. “We’ve done reviews of the CFPB consumer complaint data on predatory lenders that are currently using the rent-a-bank schemes. It’s the same, recurring themes. People are puzzled about why they have these large payments on a monthly or biweekly basis that don’t reduce the principal on these loans. And they can’t sustain these high payments and the relentless collection calls.”
September 20, 2022 | By Alexandra Hart | Texas Standard
Nadine Chabrier is senior policy and litigation counsel at the Center for Responsible Lending, and spoke with the Standard about why consumers should use caution when financing with Buy Now, Pay Later. She said that, while the loans aren’t inherently predatory, they can quickly rack up fees if borrowers aren’t careful. Listen to the interview above or read the transcript below.
September 18, 2022 | By Chris Arnold | NPR

"If this bill passes, it will not be the end of rewards programs. They are one of the most important ways that credit card companies attract and keep some of their most profitable customers. And so they will continue to use that as a way to get those customers and keep them," said Mike Calhoun with the Center for Responsible Lending.

September 12, 2022 | By Zoe Sagalow, Syed Muhammad Ghaznavi | S & P Global
The CRL is particularly concerned about TD's overdraft practices and is advocating for the bank to change those policies, said Nadine Chabrier, senior policy and litigation counsel at the center. Such a change could be part of a community benefit agreement, but those tend to focus on lending, and the center wants those changes to be made now, she added. "We're going to advocate for them to revise their overdraft policies to stop harming consumers before the merger happens," Chabrier said in an interview. "It should be a condition of it."

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