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CRL in the News

February 15, 2017 | By Andrea Germanos | Common Dreams

Michael Calhoun, president of the Center for Responsible Lending, argued last month that, "If predatory lenders succeed in undermining Director Cordray and the CFPB, we will revert back to lax financial regulations. This will signal that it is once again open season on consumers. It could also cause yet another painful economic crisis caused by big banks and predatory lending that we simply cannot afford."

January 30, 2017 | By C Ryan Barber | The National Law Journal

Citing the Trump administration's threat to the Consumer Financial Protection Bureau, a coalition of consumer advocacy groups and the top Democrats on the U.S. Senate and House banking committees on Thursday moved to defend the agency and its leadership. U.S. Sen. Sherrod Brown of Ohio and Rep. Maxine Waters of California, moving to intervene in a federal appeals court case, said the Trump administration cannot be counted on to defend the independence of the agency's single-director structure.

January 27, 2017 | By Zachary Reyes | Consumnes Connection

"The Center for Responsible Lending will continue to support the CFPB and Director Cordray as the Bureau fights to maintain its independent structure so it can carry out its mission", said Center for Responsible Lending President Mike Calhoun. That's why a number of consumer advocates and more than a dozen state attorneys general have stepped up, seeking to defend the CFPB if the new executive branch won't. Cordray's tenure will come to its natural conclusion in July of 2018, and he has made it clear that he does not anticipate any unexpected changes in the way the agency operates.

January 26, 2017 | By Kate Berry | American Banker

The groups seeking to intervene on behalf of the CFPB include Americans for Financial Reform, the Center for Responsible Lending, Self-Help Credit Union, the Leadership Conference on Civil and Human Rights, and U.S. Public Interest Research Group. They join 16 state attorneys general, who have also petitioned the court to help defend the CFPB.

January 23, 2017 | By James R. Hood | Consumer Affairs

"I think we were surprised by how quickly this was something that they wanted to look at," said Sarah Wolff of the Center for Responsible Lending, according to a USA Today report. "I think it unfortunately signals that they don’t place as great an emphasis as we would hope on access and affordability of mortgage credit.

January 19, 2017 | By Chris Kukla | The Charlotte Observer

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law provided new protections, many modeled after laws on the books in North Carolina, and created the Consumer Financial Protection Bureau (CFPB) – an agency that finally made consumer protection a priority and the financial services industry accountable to working families.

January 8, 2017 | By Michael Calhoun | The Hill

At the height of the financial crisis in 2008, an estimated one out of every 54 homeowners lost their homes. Workers and seniors lost lifetimes’ worth of savings or retirement accounts, small businesses went under, and vulnerable consumers fell victim to toxic and manipulative financial products offered by Wall Street and the big banks.

January 5, 2017 | By Radio Bilingue

Presionan para abrir el mercado hipotecario. Aunque el mercado de las casas se expande y se decretan leyes que protegen a los prestatarios, los consumidores latinos y afroamericanos siguen batallando para conseguir crédito hipotecario a buen precio. Una defensora del consumidor comenta sobre la práctica del redlining, la nueva agencia federal que protege a los consumidores de servicios fnancieros, y las perspectivas hacia el año entrante para los compradores de casa.

December 16, 2016 | By J.D. Morris The Press Democrat

The study also found that, among ZIP codes with six or more payday lending stores, the share of black and Latino residents exceeded their share of the overall state population. Graciela Aponte-Diaz, director of California policy for the Center for Responsible Lending, said that supported the notion that payday lenders were targeting those communities.

December 15, 2016 | By Ann Carrns | The New York Times

Students should look beyond college-sponsored debit cards when choosing payment options on campus, said Whitney Barkley-Denney, policy counsel with the Center for Responsible Lending. By comparing terms of accounts off campus, she said, they may find accounts with lower fees elsewhere. Credit unions, in particular, may be worth investigating, she said.

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