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CRL in the News

April 4, 2016 | By Jaeah Lee | Mother Jones

If payment assurance devices really reduced risk for subprime lenders, we should expect to see lower interest rates on those loans, counters Lisa Stifler, an attorney with the Center for Responsible Lending. "The reality is that subprime dealers continue to make loans at interest rates that are at the state maximum," she says. "They're accounting for risk with the interest rates and putting on these devices."

March 28, 2016 | By Signe-Mary | American Banker

Analyses by Pew, the Center for Responsible Lending, and the CFPB document the risk consumers face falling into "debt traps," finding that large shares of payday loans come from repeat borrowers, who can end up paying more in fees and interest than the original loan value.

March 24, 2016 | By Alex Leary | Tampa Bay Times

"Our analysis shows that the law has done nothing to stop the debt trap," said Brandon Coleman, co-author of the report and counsel for the Center for Responsible Lending. "With 83% of payday loans going to people stuck in 7 or more loans per year, it's easy to see how Florida's law is failing consumers."

February 17, 2016 | By Reverend Willie Gable Jr, The Washington Post

One can never truly know the heart of another person.

But I can’t help but wonder whether Rod Aycox, owner of a national chain of car title loan stores, saw the tragic shooting of nine men and women at Emanuel African Methodist Episcopal Church last June as an opportunity to buy off his most effective critics.

How else can one explain the announcement, in the wake of the murders, that he was donating $1 million to organizations that promote and protect civil rights — after years of making a fortune ripping off low-income people of color?

February 10, 2016 | By Hal M. Bundrick, CFP | Nerdwallet

“I am hopeful that many of the unfair practices that we saw in the marketplace, particularly during the recent foreclosure crisis, are no longer present,” Nikitra Bailey, executive vice president with the Center for Responsible Lending, tells NerdWallet. The passage of Dodd-Frank regulations sought to stem mortgage lending abuses such as balloon payments, teaser interest rates and high fees — called “fee packing.”

January 28, 2016 | By Charlene Crowell | The Washington Informer

"As communities of color continue to suffer from financial stress, a new research report provides insights as to how the racial wealth divide is in large part created by policy trends that favor the well-to-do at the expense of the majority of the nation..."

August 28, 2015 | By Charlene Crowell | The Saint Louis American

“Economic inequality has long been a major concern in the civil rights community,” observed Nikitra Bailey, CRL executive vice president. “It is essential that lending practices are fair, transparent, and do not rob American families of their opportunity to exist securely in the middle class. There is no place for financial apartheid in our financial services sector.” 

July 24, 2015 | By Lisa Prevost | The New York Times

Data collected in 2014 under the Home Mortgage Disclosure Act showed that of 1.6 million conventional purchase mortgage loans originated the previous year, less than 15 percent went to borrowers of color, according to Nikitra Bailey, an executive vice president of the Center for Responsible Lending.

July 9, 2015 | By Jann Swanson | Mortgage News Daily

The Center for Responsible Lending praised the new rule. Its executive vice president Nikitra Bailey said that when people live in communities of opportunity they are more likely to prosper and when they don't they often end up paying more for mortgages and basic financial services which cripples their ability to save, build wealth, and drains money that could be used to help them climb the economic ladder. "Today's rule will help address a legacy of racial segregation tied to housing patterns that continue to contribute to growing economic inequality. Coupled with the histor

May 18, 2015 | By Charlene Crowell | District Chronicles

“Proving that when families receive responsible mortgage loans, they are able to build a financial safety net that they can access during challenging times,” said Nikitra Bailey, a CRL executive vice-president.

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