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CRL in the News

July 12, 2019 | By Phil Hall | National Mortgage Professional Magazine

The question of what will happen in mortgage lending after the government-sponsored enterprise (GSE) Patch expire in January 2021 is the focus of a new report published by the Center for Responsible Lending (CRL).

 

July 11, 2019 | By Milwaukee Times

According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis.

July 9, 2019 | By WTOL News 11 at 7PM on FOX36

According to the Center for Responsible Lending, interest rates on these loans average 24 percent: 3 to 4 times the average rate for used car loans. 

July 9, 2019 | By Brad Finkelstein | National Mortgage News

After the government-sponsored enterprise patch expires, "near prime" loans over the 43% debt-to-income ratio should be qualified mortgages if they have compensating factors, according to a new Center for Responsible Lending report.

July 5, 2019 | By Virgie Powell | The Entrepreneur Fund

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability.

These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms.

July 3, 2019 | By Michelle Fox | CNBC

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability.

These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms.

July 2, 2019 | By Renata Sago | Marketplace

The Consumer Financial Protection Bureau just wrapped up a public comment period on a rule that extends some protections to consumers who overdraw their checking accounts. The CFPB must examine the rule under a federal law that requires agencies to review rules that might affect small businesses.

July 2, 2019 | By Credit Union Today

WASHINGTON– A coalition of consumer groups has sent a letter to the CFPB urging it not to weaken the Federal Reserve’s 2009 overdraft “opt-in” rule.

“More broadly, comprehensive reform of unfair and abusive overdraft practices is badly needed. … Financial institutions combine a number of unfair and abusive practices in order to impose high, repeat overdraft fees on their customers,” the letter reads.

July 2, 2019 | By David Baumann | Credit Union Times

Overdraft services are essential for some credit union members, trade groups said, asking the CFPB not to take any additional action to restrict them.

July 2, 2019 | By Russ Wiles | Arizona Republic

Signature gatherers are starting to fan out across Arizona in an effort to curb a type of high-interest lending in the state.

Roughly 20 community groups on Tuesday kicked off a drive to qualify a measure that would curtail auto-title loans that feature high interest rates and, critics say, trap borrowers in a debt cycle.

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