CRL in the News

Borrowers generally are better off because they are having debt forgiven, but Ashley Harrington of the Center for Responsible Lending, a consumer-advocacy group, said many student-loan borrowers are unaware they will face a big tax bill. “We’re very concerned” about the borrowers’ ability to repay," she said.

But critics of the banks say the banks could be doing more under the current rules to expand whom they lend to, especially when they have so much spare capital. Michael Calhoun, president of the Center for Responsible Lending, said deregulation could lead to less lending. He asserted that possible changes to the Community Reinvestment Act could reduce the presence...

Will Corbett, litigation counsel for the Center for Responsible Lending, called the ruling inappropriate. “Under the radical logic of this court’s ruling, our consumer watchdog would be eliminated and the door would be reopened for financial predators, such as those who steal from 9/11 heroes,” he said in a statement.

The Urban Institute reported that people of color lost more housing wealth than Whites did between 2007 (before the financial crisis), and 2010. Another example, from Pew, shows that Blacks are twice as likely than their White peers to use payday loans, and Latino borrowers are 1.5 times as likely. Recent research from the Center for Responsible Lending found that...

The Center for Responsible Lending, a consumer advocate group, said [the decision] was a "clear and completely inappropriate example of legislating from the bench."

“A decade ago, excessive Wall Street greed and predatory lending led to a tsunami of unnecessary foreclosures that took away the homes of millions of hardworking families," said Nikitra Bailey, Executive Vice President at the Center for Responsible Lending. "That experience should have served as a warning to this administration about the harmful costs of reckless deregulation letting greed go...

“The 2008 financial crisis proved the need for the CFPB, a successful independent consumer watchdog," said Will Corbett, litigation counsel at the Center for Responsible Lending, which supports strict loan protections for consumers. “This decision is a clear and completely inappropriate example of legislating from the bench.”

“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...

“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.”

“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.