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CRL in the News

May 4, 2020 | By Conor McCue | CBS Denver
A recent survey by the Center for Responsible Lending (CRL) found the odds are against businesses owned by people of color. A report done by the group estimates “roughly 95% of Black-owned businesses, 91% of Latino-owned businesses, 91% of Native Hawaiian or Pacific Islander-owned businesses, and 75% of Asian-owned businesses stand close to no chance of receiving a PPP loan through a mainstream bank or credit union.”
May 4, 2020 | By Annie Lowrey | The Atlantic

They are, and it is. Although the government is not collecting or releasing data on the racial makeup of SBA-aid recipients—leaving think tanks and advocacy groups to fill in the gaps—the Center for Responsible Lending has estimated that 95 percent of black-owned businesses, 91 percent of Latino-owned businesses, 91 percent of businesses owned by Native Hawaiians or Pacific Islanders, and 75 percent of Asian-owned businesses have “close to no chance” of getting an emergency loan through a mainstream financial institution.

April 30, 2020 | By Joe Biden | Medium
The Trump administration’s economic response has been a disaster too. They’ve done exactly what we feared from the beginning: bailed out the wealthy and well-connected while leaving worthy small businesses out in the cold. A publicly-traded real-estate trust that owns a Ritz Carlton got $38 million in the initial round of “small business” funding. Meanwhile, the Center for Responsible Lending estimates that more than 90 percent of small businesses owned by people of color will get nothing.
April 30, 2020 | By Eugene Cornelius Jr. | CNN Business
During the first round of funding provided for small businesses, borrowers seeking Paycheck Protection Program loans were required to work with banks already participating in the US Small Business Administration's (SBA) primary loan program, thereby excluding firms that worked with smaller community banks. Moreover, Congress allocated just $10 million to the Minority Business Development Agency. According to the Center for Responsible Lending, these conditions may have prevented 95% of black-owned businesses from receiving loans.
April 18, 2020 | By Luis Alonso Lugo | Univision
Ellen Harnick, vicepresidenta ejecutiva del Center for Responsible Lending, dijo que los bancos comerciales han dado prioridad a sus clientes actuales y a empresas más acaudaladas al gestionar préstamos, excluyendo a las más pequeñas y a la mayoría de pequeños negocios cuyos propietarios son de minoría étnica.
April 14, 2020
This also affects the 24.2 million “underbanked” individuals who keep their money outside traditional banks as well as those dependent on services like payday loans. Lisa Stifler, who leads debt collection work at the Center for Responsible Lending, said that “payday lenders in many states have access to bank accounts and can seize that money as well.”
April 14, 2020 | By Jason Stoogenke | wsoctv.com

The average person in North Carolina owes more than $36,000 in student loans and nearly 17% haven't made a payment for 90 days or more. That was before the pandemic hit, according to the Center for Responsible Lending. About 1.2 million people are in student loan debt totaling $44 billion in North Carolina.

April 13, 2020
Economic downturns always give rise to businesses offering loans to those in urgent need — and at a high premium, said Ellen Harnick, an executive vice president at the Center for Responsible Lending. But unlike car-title or payday loans, pawn customers don’t risk falling further into debt if they can’t make a payment.
April 10, 2020 | By Michael Calhoun, CRL | CNN Business Perspectives

Congress recently did the right thing by giving Americans suffering under the economic impact of the coronavirus a big break on their mortgage payments. If you've lost your job or seen a drop in your income because of the virus, and your mortgage is backed by the government, you can get up to six months of forbearance on your mortgage. If at the end of that period you are still under financial stress, you can get six more.

April 1, 2020 | By Kery Murakami | Inside Higher Ed

Complaints about student debt cancellation being regressive doesn’t acknowledge there are very big differences in terms of income and wealth.

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