CRL in the News

This effort addresses the challenges faced by many borrowers who, due to complex regulations and mismanagement by loan servicers, have continued making payments beyond the 20 or 25-year forgiveness threshold set by income-driven repayment plans. Nadine Chabrier from the Center for Responsible Lending highlights that financial disincentives for loan servicers have contributed to a lack of transparency about these forgiveness...

While housing affordability challenges rightly dominate current headlines, recent improvements in loss-mitigation processes for federal mortgage programs have been an unmitigated success for distressed homeowners as well as taxpayers, notwithstanding comments made in a recent op-ed.

Incomes have not kept up with inflation, and that is often reflected in consumers' bank accounts. Working class consumers often bear the brunt of this, paying financial institutions overdraft and nonsufficient fund fees, said Mitria Spotser, vice president and federal policy director at Center for Responsible Lending.

While the apps say they're helping cash-strapped people pay bills in a tough economy, critics call them "payday lending on steroids" that cater to the financially vulnerable as an affordable alternative to predatory lenders and faceless banks. The apps' triple-digit annual interest rates lead to frequent overdraft fees and keep users in a cycle of debt, according to the Center...

Andrew Kushner, a senior policy counsel with the Center for Responsible Lending, sees these services as “the next frontier in payday lending,” he told Gazetteer SF. Many of these companies advertise free services, “but then when you get down the transaction pathway, it becomes clear that you have to pay a fee of up to $10 to get instant access...

Mike Calhoun, president of Center for Responsible Lending, a nonpartisan nonprofit that promotes fairness in financial practices, says Vanderbilt has been on the organization's radar for a number of years. Calhoun says interest rates on loans made for manufactured housing are typically 50% higher than for other types of housing.

Ellen Harnick, executive vice president of the Center for Responsible Lending, a nonprofit that works to end abusive financial practices, said the payday industry hires high-priced, experienced lobbyists who ingratiate themselves with state and federal lawmakers through campaign contributions, dinner invitations and casual meetings while roaming the halls of power. The access gives them opportunities to argue that high-cost loans...

That makes MoneyLion one of the “more expensive options in this market,” according to Center for Responsible Lending Senior Policy Counsel Andrew Kushner. Considering the products are geared toward cash-strapped people who need money now, Kushner said most users end up paying the fees. These apps create a “cycle of borrowing” as financially vulnerable users try to keep up with...

Los bancos más grandes del país no podrán cobrar más de $5 dólares por un sobregiro, según una nueva regla federal. Significa un ahorro de miles de millones de dólares para los consumidores. Le contamos más en Telemundo 47 Responde.

Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, responded that banks can continue offering overdraft protection as a form of credit, but they’ll have to comply with the same rules that apply to other types of credit. According to Chabrier, the new rule keeps pace with the change in overdraft protection as paper checks have...