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CRL in the News

July 21, 2016 | By Charlene Crowell | The Nashville Pride

The first federal agency dedicated to serving the financial needs of consumers will be five years old on July 21. Created in the aftermath of the worst financial calamity since the 1930′s Great Depression, the Consumer Financial Protection Bureau (CFPB) was created through the enactment of the Dodd-Frank Wall Street Reform Act.

July 15, 2016 | By ValueWalk

Ninety-six percent of Democrats and 89 percent of Republicans regard financial regulation as important, according to the survey, which was conducted in June by Lake Research Partners and Chesapeake Beach Consulting on behalf of Americans for Financial Reform and the Center for Responsible Lending.

July 14, 2016 | By Charlene Crowell | The Triangle Tribune

While economists contend that the economic recession is over, the reality for much of black America is starkly different. Racial disparities in unemployment and under-employment persist. And homeownership, a key measure of economic health for consumers and communities alike, continues its downward decline even now.

July 14, 2016 | By Amanda Ballantyne | Huffington Post

Payday lenders aren’t creating jobs with their predatory lending practices, and they aren’t driving economic growth, they are standing in the way. Small business owners, their employees, and their customers would fare better with sound protections from payday lenders.

July 6, 2016 | By Kate Berry | American Banker

Installment lenders offer annual percentage rates that range from 36% to 100% or perhaps higher. Payday loans typically have APRs of 350% or more. "Installment loans are a much safer structure," said Martin Eakes, the co-founder and chief executive of Self-Help Credit Union and the Center for Responsible Lending, who has fought battles with payday lenders in Arizona, Colorado, North Carolina, Ohio and Washington.

July 5, 2016 | By Mark Pattison | Catholic News Service

The proposed rule “must be strengthened, must be significantly strengthened. The CFPB has the right approach on the ability to repay. And it must close the loopholes. It would help millions of Americans if the CFPB closes the loopholes,” said Keith Corbett, executive vice president of the Center for Responsible Lending, during a June 14 conference call with journalists on payday lending issues.

June 29, 2016 | By Mike Calhoun | The Washington Post

The Consumer Financial Protection Bureau’s proposed rule requiring payday and car title lenders to assess borrowers’ ability to repay will, by all projections, reduce the number of these loans being made. The question often comes up: What will those consumers who might have taken out a payday or car title loan do instead?

June 28, 2016 | By Ed Runyan | The Vindicator

The Center for Responsible Lending said last year that there are 836 storefronts in Ohio generating more than $500 million in predatory loan fees each year – twice as much as they collected in 2005, Brown said.

June 26, 2016 | By Jim Gallagher | St. Louis Post-Dispatch

“Payday loans are a debt trap by design and lead to cascade of other financial consequences such as increased overdraft fees and even bankruptcy,” the Center for Responsible Lending, a consumer group, said in a recent report.

June 23, 2016 | By Associated Press

Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, spoke at a press conference about the harms caused by predatory payday loans and the need for strong rules to protect victims from abusive practices. Waters spoke alongside advocates from consumer, civil rights and faith-based groups to urge the Consumer Financial Protection Bureau to finalize strong rules to rein in payday lenders, following a proposal the Bureau released earlier this month.