CRL in the News

While housing affordability challenges rightly dominate current headlines, recent improvements in loss-mitigation processes for federal mortgage programs have been an unmitigated success for distressed homeowners as well as taxpayers, notwithstanding comments made in a recent op-ed.

Incomes have not kept up with inflation, and that is often reflected in consumers' bank accounts. Working class consumers often bear the brunt of this, paying financial institutions overdraft and nonsufficient fund fees, said Mitria Spotser, vice president and federal policy director at Center for Responsible Lending.

Mike Calhoun, president of Center for Responsible Lending, a nonpartisan nonprofit that promotes fairness in financial practices, says Vanderbilt has been on the organization's radar for a number of years. Calhoun says interest rates on loans made for manufactured housing are typically 50% higher than for other types of housing.

Ellen Harnick, executive vice president of the Center for Responsible Lending, a nonprofit that works to end abusive financial practices, said the payday industry hires high-priced, experienced lobbyists who ingratiate themselves with state and federal lawmakers through campaign contributions, dinner invitations and casual meetings while roaming the halls of power. The access gives them opportunities to argue that high-cost loans...

That makes MoneyLion one of the “more expensive options in this market,” according to Center for Responsible Lending Senior Policy Counsel Andrew Kushner. Considering the products are geared toward cash-strapped people who need money now, Kushner said most users end up paying the fees. These apps create a “cycle of borrowing” as financially vulnerable users try to keep up with...

Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, responded that banks can continue offering overdraft protection as a form of credit, but they’ll have to comply with the same rules that apply to other types of credit. According to Chabrier, the new rule keeps pace with the change in overdraft protection as paper checks have...

“Unfortunately, this [loan] comes with terms that place a crushing burden on the university's future, a burden that is simply unsustainable,” said Jaylon Herbin with the Center for Responsible Lending.

Many Americans continue to find it challenging to keep up with the rising cost of living. Despite economic reports attesting to a growing broad economy, the majority of Americans’ household finances feel insecure – especially people who live paycheck to paycheck with little or no savings.

Popular apps that provide cash advances for working people are trapping Minnesotans in a cycle of borrowing and repayment and increasing the rate of bank overdraft fees, according to an analysis by the Center for Responsible Lending.

“These lawsuits reinforce an oppressive student loan repayment system that favors the interests of big businesses at the expense of low-income borrowers and borrowers of color,” said Nadine Chabrier, Senior Litigation and Policy Counsel at the Center for Responsible Lending. “By choosing to protect the profits of exploitative loan servicers over students seeking relief from excessive loan repayments that limit...