CRL in the News

It’s hard to pinpoint when banks began charging overdraft fees in the US. Vox reached out to JPMorgan Chase, Wells Fargo, and Bank of America to ask when they started charging account maintenance and overdraft fees, but none of them shared when they implemented these charges. According to a 2020 report from the Center for Responsible Lending, banks historically declined...

“All of those risks are the very same risks we talk about when we talk about payday lending,” Borné said. When a borrower uses a payday loan, they also give the lender access to their checking account either by writing a check dated to the borrower’s payday or by giving the lender electronic authorization to debit the account on pay...

Now, a group of consumer advocates is asking the Biden-era CFPB to reverse that decision. Earlier this month, a coalition led by the National Consumer Law Center and the Center for Responsible Lending, wrote to the agency urging officials to regulate earned wage access products as credit.

“President Biden absolutely has the authority to cancel student debt,” said Ashley Harrington, federal advocacy director and senior counsel at the Center for Responsible Lending. “This is the same authority that was used by the Trump administration last year to waive interest and pause payments or for federal borrowers who had federally held loans. That same authority was used later...

In 2012, the Stanford Social Innovation Review reported that 60 percent of low-income neighborhoods in California didn’t have a bank in their vicinity. Astoundingly, according to data generated by the Center for Responsible Lending after the 2008 financial crisis, low-income families sometimes paid as much as $2,000 a year for check-cashing services, and Californians have been spending close to half...

“Extensive research has established that Black borrowers and other borrowers of color tend to have more difficulty in student loan repayment than their white peers because of past and ongoing racial discrimination,” Julia Barnard, a senior researcher at the Center for Responsible Lending, wrote in a policy brief published this summer. “They are also among the communities hit hardest by...

“Rohit Chopra is the consumer watchdog our country needs. He is up to the challenge of protecting people’s wallets from predatory practices, ranging from lending discrimination to COVID relief scams to abusive debt collection practices,” said Graciela Aponte-Diaz, acting federal advocacy director for the Center For Responsible Lending, a pro-regulation non-profit.

Larger student debt levels, the racial wealth gap—as well as unequal access to and outcomes within higher education—are other socioeconomic factors that reinforce each other and negatively impact women of color. In 2019, the Center for Responsible lending reported that African American women and Latinas had both the highest average student loan debt balances and were paid 61 and 53...

Más de 6 millones de familias permanecen en riesgo de perder sus hogares por incumplir los pagos de su hipoteca o alquiler, y aunque la gran parte de los afectados aseguran que han tratado de solicitar ayuda, no la consiguen por lo complicado del proceso, por lo que la Secretaria de Vivienda y Desarrollo Humano, Marcia Fudge, señaló que se...

“If the data that you're putting in is based on historical discrimination,” said Aracely Panameño, director of Latino affairs for the Center for Responsible...