CRL in the News
“Fifty years ago, Congress empowered HUD to dismantle legalized discrimination in housing to create opportunity for all as where you live is a factor in so many of life’s outcomes, including education and healthcare,” noted Nikitra Bailey, an EVP with the Center for Responsible Lending.
“California does not need a bill that would benefit the risky model of a single business,” a coalition of advocacy groups, including the Center for Responsible Lending and the advocacy arm of Consumer Reports, wrote in a letter to lawmakers last month. “Until we make real progress on across-the-board small-dollar credit issues, bad actors will continue to exploit gaps in the law and peddle costly loans in our communities.”
Banks and credit card companies “have been able to comply with the legislation and provide just as much access to products as before,” Scott B. Astrada, director of federal advocacy for the Center for Responsible Lending, told Bloomberg Law.
“California does not need a bill that would benefit the risky model of a single business,” a coalition of advocacy groups, including the Center for Responsible Lending and the advocacy arm of Consumer Reports, wrote in a letter to lawmakers last month. “Until we make real progress on across-the-board small-dollar credit issues, bad actors will continue to exploit gaps in the law and peddle costly loans in our communities.”
“Dodd-Frank stopped a lot of very abusive practices. The interest rates and the high fees, how loan originators were compensated — a lot of the abusive practices that really drove the [housing] crisis were addressed in the law, and one of the biggest changes was that it established the CFPB [Consumer Financial Protection Bureau],” said Melissa Stegman, a senior policy counsel at the Center for Responsible Lending.
“Payday lenders and their allies in Congress have consistently tried to weaken CFPB’s authority for meritless and political reasons,” said Debbie Goldstein, the executive vice president of the Center for Responsible Lending, in a statement. “Brett Kavanaugh is someone who’s made common cause with that effort.”
A survey conducted last year by Americans for Financial Reform and the Center for Responsible Lending found more than 90 percent of voters said regulation of financial services and products was important or very important. In 2012, 60 percent said the sector needed more oversight, not less.
Debbie Goldstein, vice president of advocacy group the Center for Responsible Lending, warned in a statement that the dismantling of the CFPB could result in a return to the predatory financial practices that necessitated it in the first place.
There are 13 such stores are in Springfield and Urbana, many clustered on East Main and South Limestone streets. Ohio in all has more than 830 storefronts that offer payday or car title loans, most of which offer both forms of loans, according to a report by the Center for Responsible Lending.
“She would work with [Comptroller of the Currency Joseph] Otting and work with regulators and work with her colleagues in Congress on something that is agreeable with the administration but also isn’t something that rolls back the CRA,” said Yana Miles, senior legislative counsel at the Center for Responsible Lending.