CRL in the News

Women of color have less job security than before the COVID-19 pandemic and are struggling to repay their student loans, according to a new report released by the Center for Responsible Lending (CRL). The U.S. economy added 6.7 million jobs in 2021, but the gains made in the workforce have not been shared equally across genders, the report says.

David Silberman, a senior fellow at the Center for Responsible Lending, said this is part of a bigger problem. “Credit scores very much are reflecting of the history of discrimination in the country,” he said. Silberman, who spent a decade at the Consumer Financial Protection Bureau and years in the financial services industry, has thought about how algorithms can reflect...

“Cancelling $50,000 in student loan debt is the minimum needed to begin addressing the racial wealth gap,” said Jaylon Herbin, policy and outreach manager and student loan lead at the Center for Responsible Lending (CRL). “Student debt most negatively impacts those historically marginalized through systemic inequalities that have only continued to grow. President Biden can and should use the authority...

“The Biden-Harris administration announced almost exactly one year ago that it was taking steps to ‘narrow the racial wealth gap and reinvest in communities that have been left behind by failed policies.’ Canceling $50,000 in student loan debt is the minimum needed to begin addressing the racial wealth gap,” said Jaylon Herbin, policy and outreach manager and student loan lead...

Worker earnings, whether from low wages or limited hours, are the very reason EWA apps can endanger their finances, says Yasmin Farahi, senior policy council for the Center for Responsible Lending. "On those margins," she said, "even what looks like a low fee can be problematic."

"We applaud President Biden and Vice President Harris for this move," Whitney Barkley, the Center for Responsible Lending's senior policy counsel, said. "Tens of thousands of former Corinthian students who had been defrauded by their school, and left wondering for years how they’d recover the money they lost, are now at ease. The administration now needs to immediately cancel $50,000...

ARMs haven’t been much in demand in recent years because rates on predictable, fixed-rate mortgages remained low. They also earned a bad reputation in the financial crisis, when underqualified borrowers lured in by the initially low interest rates were unable to keep up payments when they rose. Laws passed after the financial crisis made ARMs “much safer and more transparent...

Louisiana Gov. John Bel Edwards has vetoed a bill that would have allowed consumer lenders to offer short-term installment loans with triple-digit interest rates. The bill sought to establish a new type of consumer loan of up to $1,500 and with a term of between 90 days and one year. Edwards, a Democrat, objected to the prices that the measure...

Such rates are illegal in most states for lenders that aren't banks, but EasyPay issues the loans through Transportation Alliance, allowing them to be classified as bank loans, a practice known as "rent-a-bank," according to a coalition of advocacy groups, including the National Consumer Law Center, the Center for Responsible Lending and the National Military Family Association.

High home prices aren’t the only reason behind dwindling homeownership in the U.S. Banks and financial institutions aren’t issuing enough small-dollar mortgages that help families with modest incomes to purchase a property. “It is particularly hard for people who are buying smaller houses with smaller mortgages to find a lender and to get that mortgage,” said Mike Calhoun, president of...