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CRL in the News

February 25, 2022 | By Jaylon Herbin | Blavity

Read an op-ed by CRL's Jaylon Herbin on the $1.7 trillion student debt crisis that is further widening our country’s racial wealth gap

February 21, 2022 | By Ratchet + Wrench

That $28 billion is made up of almost 350,000 loans, most of which are for less than $25,000 each. 

That lingering debt is creating a burden for the smallest businesses, including many run by minority entrepreneurs, say advocacy groups, community leaders and business owners. Some borrowers who say they meet the criteria for forgiveness are struggling with technical snafus, onerous documentation requirements and confusing websites.

February 18, 2022 | By Amy Yee and Andre Tartar | Bloomberg

"We must come through for the most vulnerable," said Aracely Panameño, former director of Latino affairs at the Center for Responsible Lending.

Advocates are also asking the SBA to rescind a rule denying forgiveness to borrowers who made good-faith errors and eliminate 'gotcha' denials of loan forgiveness due to sudden rule changes.

February 17, 2022 | By Kate Gibson | CBS News

"TAB Bank is misusing its bank charter by fronting for abusive loans that bleed consumers dry," Nadine Chabrier, policy and litigation counsel at the Center for Responsible Lending, said Tuesday in a statement. "Responsible merchants should stop peddling predatory EasyPay loans, and the FDIC should end TAB Bank's participation in this scheme." The FDIC declined to comment. EasyPay and TAB Bank did not return requests for comment.

February 17, 2022

“These are big improvements for getting rid of these fees and at the same time allowing and providing affordable credit,” says David Silberman, a senior fellow for the 

February 15, 2022 | By Karin Price Mueller | NJ Advance Media for NJ.com

“TAB Bank is misusing its bank charter by fronting for abusive loans that bleed consumers dry,” said Nadine Chabrier, policy and litigation counsel for the Center for Responsible Lending. “Responsible merchants should stop peddling predatory EasyPay loans and the FDIC should end TAB Bank’s participation in this scheme.”

February 13, 2022 | By Brendan Pedersen | American Banker

But Ellen Harnick, an executive vice president with the Center for Responsible Lending, said more must be done to ensure there are guardrails in place that allow states to protect their residents from potentially predatory rent-a-bank arrangements.

February 11, 2022 | By Ben Popken | NBC News

“The economic impacts of this crisis highlight how communities of color are disproportionately harmed by structural inequities that exacerbate the impact of lower incomes, stagnant wages, lack of savings, lower credit scores, higher unemployment rates and a multitude of other issues,” said Ellen Harnick, executive vice president at the Center for Responsible Lending, a nonprofit consumer advocacy group.

February 11, 2022 | By Deron Dalton | PennLive

“While income-driven repayment plans have allowed many student borrowers to make affordable payments, only a handful of borrowers have had their loans canceled through IDR,” Julia Barnard, Center for Responsible Lending’s student loan team co-lead and researcher recently said in a statement. “Decades of bad servicing, complicated paperwork and policy failures have broken borrowers’ faith in this program.

February 3, 2022 | By Evan Weinberger | Bloomberg Law

Lawmakers in states that ban payday lending and have other strong consumer protections are likely to take notice of the CFPB’s potential new stance when considering how to treat pay advance products, said Yasmin Farahi, a senior policy counsel at the Center for Responsible Lending. “In some ways, those existing state consumer laws, which we think are how they should be regulated, could be viewed by these providers as a threat,” she said.

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