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CRL in the News

April 20, 2017 | By Marina Villeneuve

The non-partisan Center for Responsible Lending says the debt burden falls on low-income, female and minority students who disproportionately enroll at Maine for-profit schools. About 75 percent of students at such institutions take on student loans, compared with 66 percent and 41 percent, respectively, at private and public institutions.

April 20, 2017 | By A.J. Higgins | Maine Public Radio

Maine students attending private, for-profit colleges are quicker to borrow and slower to repay their student loans when compared to the their counterparts across the country, according to the Center for Responsible Lending.

April 18, 2017 | By Lisa Hagen | WABE 90.1

Diane Standaert is with the Center for Responsible Lending. That group has heard from borrowers that title pawn employees often don't offer up details about the length or cost of the loans. Standaert said federal regulators have been working to change that.  

April 12, 2017 | By Bobbi Murray | Capital and Main

Yet banks are very much involved in the lives of the unbankable. They securitize and sell payday loan and car title loan debt. Title loans take the borrower’s car as collateral—when the note comes due the borrower can either re-borrow, pay fees or lose the car. Combined, these two loan types drain over $8 billion a year from consumers, said Diane Standaert, executive vice president and director of state policy at the Center for Responsible Lending. The average costs hit a 300 percent annual percentage rate. “Both types of loans are structured to keep borrowers stuck in long-term debt.

April 11, 2017 | By Thomas Lee | The San Francisco Chronicle

For Wells Fargo to truly fix itself, it needs to step up oversight of all of its businesses, said Michael Calhoun, president of the Center for Responsible Lending in Washington. “The test for the company is whether they can create products that benefits consumers and helps the bottom line,” Calhoun said.

April 7, 2017 | By Leticia Miranda | BuzzFeed.com

Mike Calhoun, the president of the Center for Responsible Lending, told BuzzFeed News that the record levels of credit card debt shows that financial regulations introduced after the 2008 crisis did not kill the market for consumer lending, as the industry and some government officials believed they would.

April 7, 2017 | By Gretchen Morgenson | The New York Times

“We are concerned with models that result in higher pricing for moderate-income families and worse pricing for small lenders like community banks,” Mr. Calhoun said. The critical issues in any reform of Fannie and Freddie, he added, were “who pays, and how much.”

April 5, 2017 | By David Muller | Car and Driver

You may have finally found the perfect automobile. It is the make and model you want, with the right options, and even the right color. Now comes closing the deal on it. If you’re not flush with cash—in other words, you seek a loan—it’s important to know what you’re up against. 

April 4, 2017 | By Buckley Sandler | Lexology

On March 28, the House Subcommittee on Financial Institutions and Consumer Credit held a hearing that examined recent trends in lending and how the current regulatory climate impacts the availability of credit for consumers and small businesses.

March 31, 2017 | By Anna Sobrevinas

Dismantling lending regulations and weakening the Consumer Financial Protection Bureau would deal a blow to the entire economy, according to Mike Calhoun, president of the Center for Responsible Lending.

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