CRL in the News

But the use of BNPL comes with risks for consumers, similar to any other financial tool. TheStreet spoke to Center for Responsible Learning (CRL) senior litigation and policy counsel Nadine Chabrier and WalletHub analyst Cassandra Happe to understand what entices consumers to use BNPL and the important information consumers need to know about the growing product.

Nadine Chabrier, senior policy counsel at the Center for Responsible Lending, worries about consumers who take out multiple BNPL loans. “It’s easy to lose track, and you can quickly be in a situation where you have payments due all over the month,” Chabrier told Checkbook. “You don’t get a statement, and you may end up getting overdraft fees if you...

In materials promoting the new service, Apple says Apple Pay Later was 'designed with users' financial health in mind'. But advocates are skeptical. 'The very use of the product itself does lead to a decline in financial health,' Nadine Chabrier, senior policy counsel at the Center for Responsible Lending, told DailyMail.com.

“They are moving in several ways at once to eliminate the cop on the beat — or the effectiveness of the cop on the beat — to keep people from being trapped in unaffordable debt,” said Ellen Harnick, an executive vice president at the Center for Responsible Lending, a nonprofit that has advocated for the agency.

Mitria Spotser, vice president and director of federal policy at the Center for Responsible Lending, called for more regulations with regard to EWA and BNPL. “If it looks like a duck, swims like a duck, and it quacks like a duck, it’s probably a duck,” she said. “Buy now, pay later, early wage access – they look, act and function...

Under the current CRA rules, around 90% of banks receive a “satisfactory” grade and 10% receive “outstanding” marks, the National Community Reinvestment Coalition estimated in a comment letter to the agencies. A “needs to improve” or “substantial noncompliance” score is exceedingly rare. “It was pretty easy to get a pass on CRA exams,” said Mitria Spotser, federal policy director at...

The Center for Responsible Lending helped write the report. The group's spokesperson, Rochelle Sparko, said they're urging judges to waive civil penalties for those unable to pay them. "It is our position that this is a far better outcome for folks who truly are indigent, then converting fines and fees to a civil judgment largely because of those long term...

In his Oct. 1 op-ed, “Diminish Congress’s taste for diminishment,” George F. Will urged the Supreme Court to affirm a decision from the U.S. Court of Appeals for the 5th Circuit that invalidated funding for the Consumer Financial Protection Bureau (CFPB). This decision is contradicted by constitutional text, historical practice and judicial precedent, including recent rulings by the 2nd Circuit...

George F. Will argued that the Supreme Court should hold the Consumer Financial Protection Bureau’s funding unconstitutional to “strengthen Congress.” This is an Orwellian claim if ever there were one, because such a decision would strip Congress of a power it has exercised since the nation’s founding.

HORSLEY: You know, the CFPB is popular with the public. Polls show Democrats and Republicans alike feel it's useful to have an agency that's looking out for them in their dealings with often much more sophisticated financial institutions. Over the years, the bureau has recovered some $17 billion for consumers. It's gone after not only predatory lenders, but debt collectors...