CRL in the News

The Urban Institute reported that people of color lost more housing wealth than Whites did between 2007 (before the financial crisis), and 2010. Another example, from Pew, shows that Blacks are twice as likely than their White peers to use payday loans, and Latino borrowers are 1.5 times as likely. Recent research from the Center for Responsible Lending found that...

“The Senate bill has significant problems and could have been more carefully written,” says Yana Miles, senior legislative counsel for the Center for Responsible Lending, a North Carolina-based group that joined other consumer groups in opposing the measure. “We oppose any effort to use regulatory relief for community banks and credit unions as a vehicle for larger financial institutions to...

“The Senate should immediately hold confirmation hearings and reject this inexperienced candidate and demand that the President nominate someone qualified who has a history of making consumer protection a top priority,” said Yana Miles, senior legislative associate at the Center for Responsible Lending, a consumer group.

"If the administration was serious about protecting consumers, the president would have nominated someone qualified last January instead of someone unqualified in June — just days before the CFPB nomination deadline," Yana Miles, senior legislative counsel for the Center for Responsible Lending, said in a statement Sunday.

“This is a scheme to keep Mick Mulvaney at the helm of the CFPB so he can continue working on behalf of the payday lenders,” said Yana Miles, Center for Responsible Lending senior legislative counsel. “Mulvaney has already publicly stated his intention to unlawfully stay at the consumer bureau until the end of the year or longer.”

According to a data sheet prepared by the Center for Responsible Lending the APR charged by these lenders, including Check N Go, can range from a merely crushing 533 percent to a truly awful 792 percent.

These loans are called "payday" because you're supposed to pay them back as soon as you get paid. In fact, if you don't have a job, you can't get one. Borrowers tend to be young and lower middle class. The loans are typically not used for crack or heroin or broken bones or other unforeseen problems, but for baby food...

“Mick Mulvaney and the payday lenders tried an end-run around the law, and it was rightly rejected. Today’s ruling is a win for consumers,” Will Corbett, litigation counsel at the Center for Responsible Lending, said in a statement.

“The consumer bureau, under the direction of Mick Mulvaney, should never have made this transparent attempt to destroy an important consumer protection around payday lending," four consumer groups — Public Citizen, the Center for Responsible Lending, the National Consumer Law Center, and Americans for Financial Reform Education Fund — said in a joint statement. "We’re heartened that a federal judge...

On the homeownership front, research by the Center for Responsible Lending has found that Black and Latino mortgage borrowers are disproportionately dependent upon FHA financing, and still have scant access to the most affordable and sustainable mortgages – 30-year fixed rate conventional ones. This heavy reliance on FHA financing even includes upper income Blacks and Latinos who could be eligible...