October 13, 2021
| By Abigail Johnson Hess | CNBC
“President Biden absolutely has the authority to cancel student debt,” said Ashley Harrington, federal advocacy director and senior counsel at the Center for Responsible Lending. “This is the same authority that was used by the Trump administration last year to waive interest and pause payments or for federal borrowers who had federally held loans. That same authority was used later that year to extend that pause.”
October 8, 2021
In 2012, the Stanford Social Innovation Review reported that 60 percent of low-income neighborhoods in California didn’t have a bank in their vicinity. Astoundingly, according to data generated by the Center for Responsible Lending after the 2008 financial crisis, low-income families sometimes paid as much as $2,000 a year for check-cashing services, and Californians have been spending close to half a billion dollars per year paying the fees on payday loans. Since then, data suggests that the payday lending and check-cashing industries have only grown.
October 7, 2021
| By Charlene Crowell | The Washington Informer
“Extensive research has established that Black borrowers and other borrowers of color tend to have more difficulty in student loan repayment than their white peers because of past and ongoing racial discrimination,” Julia Barnard, a senior researcher at the Center for Responsible Lending, wrote in a policy brief published this summer. “They are also among the communities hit hardest by the current pandemic and its effects.”
September 30, 2021
| By Sylvan Lane | The Hill
“Rohit Chopra is the consumer watchdog our country needs. He is up to the challenge of protecting people’s wallets from predatory practices, ranging from lending discrimination to COVID relief scams to abusive debt collection practices,” said Graciela Aponte-Diaz, acting federal advocacy director for the Center For Responsible Lending, a pro-regulation non-profit.
September 7, 2021
Más de 6 millones de familias permanecen en riesgo de perder sus hogares por incumplir los pagos de su hipoteca o alquiler, y aunque la gran parte de los afectados aseguran que han tratado de solicitar ayuda, no la consiguen por lo complicado del proceso, por lo que la Secretaria de Vivienda y Desarrollo Humano, Marcia Fudge, señaló que se está trabajando para simplificar el trámite y evitar que las personas sean desalojadas.
September 7, 2021
Larger student debt levels, the racial wealth gap—as well as unequal access to and outcomes within higher education—are other socioeconomic factors that reinforce each other and negatively impact women of color. In 2019, the Center for Responsible lending reported that African American women and Latinas had both the highest average student loan debt balances and were paid 61 and 53 cents, respectively, for every dollar earned by White men.
September 3, 2021
“If the data that you're putting in is based on historical discrimination,” said Aracely Panameño, director of Latino affairs for the Center for Responsible...
July 12, 2021
| By Alexis Gravely | Inside Higher Ed
Notably, the department considered and mentioned the ownership of each of the institutions in its announcement. That hasn’t traditionally been done, said Julia Barnard, a researcher at the Center for Responsible Lending, noting that CRL was glad to see individual owners held accountable. But the Biden administration could be doing more to help defrauded students, such as by providing group discharges for students who attended these institutions but didn’t apply for borrower defense to repayment, added Barnard.
July 12, 2021
| By Penelope Wang | Consumer Reports
As noted earlier, many major banks offer Bank On accounts. All told, these accounts are available at 40 percent of bank branches nationwide, according to David Rothstein, senior principal at CFE Fund, a nonprofit that leads the Bank On initiative and certifies these accounts. Still, these accounts might not be prominently displayed online, or consumers may get steered toward other types of accounts, says Peter Smith, senior researcher at the Center for Responsible Lending.
July 7, 2021
| By Annie Millerbernd | Associated Press
Small-dollar, short-term lenders, unburdened by a federal maximum interest rate, can charge borrowers rates of 400% or more for their loans. But more states are bringing that number down by setting rate caps to curb high-interest lending. Currently, 18 states and Washington, D.C. , have laws that limit short-term loan rates to 36% or lower, according to the Center for Responsible Lending. Other states are weighing similar legislation.