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CRL in the News

June 19, 2018 | By Raging Topics

“The Senate bill has significant problems and could have been more carefully written,” says Yana Miles, senior legislative counsel for the Center for Responsible Lending, a North Carolina-based group that joined other consumer groups in opposing the measure. “We oppose any effort to use regulatory relief for community banks and credit unions as a vehicle for larger financial institutions to avoid having the regulatory scrutiny and oversight that proved lacking in the buildup to the financial crisis,” the Center wrote in a letter sent to all Senators.

June 18, 2018 | By Jon Hill | Law360

"If the administration was serious about protecting consumers, the president would have nominated someone qualified last January instead of someone unqualified in June — just days before the CFPB nomination deadline," Yana Miles, senior legislative counsel for the Center for Responsible Lending, said in a statement Sunday.

June 18, 2018 | By David Baumann | The National Law Journal

“The Senate should immediately hold confirmation hearings and reject this inexperienced candidate and demand that the President nominate someone qualified who has a history of making consumer protection a top priority,” said Yana Miles, senior legislative associate at the Center for Responsible Lending, a consumer group.

June 18, 2018 | By Kelsey Ramírez | HousingWire

“This is a scheme to keep Mick Mulvaney at the helm of the CFPB so he can continue working on behalf of the payday lenders,” said Yana Miles, Center for Responsible Lending senior legislative counsel. “Mulvaney has already publicly stated his intention to unlawfully stay at the consumer bureau until the end of the year or longer.”

June 15, 2018 | By The Associated Press | Los Angeles Times

According to a data sheet prepared by the Center for Responsible Lending the APR charged by these lenders, including Check N Go, can range from a merely crushing 533 percent to a truly awful 792 percent.

June 13, 2018 | By Reilly Capps | ROOSTER

These loans are called "payday" because you're supposed to pay them back as soon as you get paid. In fact, if you don't have a job, you can't get one. Borrowers tend to be young and lower middle class. The loans are typically not used for crack or heroin or broken bones or other unforeseen problems, but for baby food, mortgages and car payments. These loans are holes in dams that risk overflowing. The most common type of borrower is a white woman, often single mothers.

June 13, 2018 | By Evan Weinberger | Bloomberg

“Mick Mulvaney and the payday lenders tried an end-run around the law, and it was rightly rejected. Today’s ruling is a win for consumers,” Will Corbett, litigation counsel at the Center for Responsible Lending, said in a statement.

June 13, 2018 | By Kate Berry | American Banker

“The consumer bureau, under the direction of Mick Mulvaney, should never have made this transparent attempt to destroy an important consumer protection around payday lending," four consumer groups — Public Citizen, the Center for Responsible Lending, the National Consumer Law Center, and Americans for Financial Reform Education Fund — said in a joint statement. "We’re heartened that a federal judge rejected Mulvaney’s attempt, in partnership with predatory payday lenders, to evade the requirements of the Administrative Procedure Act."

June 12, 2018 | By F Jones | The Oklahoma Eagle

On the homeownership front, research by the Center for Responsible Lending has found that Black and Latino mortgage borrowers are disproportionately dependent upon FHA financing, and still have scant access to the most affordable and sustainable mortgages – 30-year fixed rate conventional ones. This heavy reliance on FHA financing even includes upper income Blacks and Latinos who could be eligible for conventional lending. Further, as many banks have withdrawn from the mortgage market, non-depository lending has increased. By 2016, eight of the top 10 FHA lenders were non-depositories.

June 11, 2018 | By Charlene Crowell | The Center for Responsible Lending

Among consumer advocates, Mulvaney’s actions are as unprecedented as they are bizarre. For more than a decade, research by the Center for Responsible Lending (CRL) has consistently found that these small-dollar loans pick the pockets of working people at a rate of $8 billion in fees ever year.

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