CRL in the News

Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, also cheered the ruling as a "welcome dose of common sense."

Critics also say the costs of the loans are not always transparent. Many charge monthly subscription fees and most charge mandatory fees for instant transfers of funds, though there is typically a no-cost option to receive funds in one to three business days. The average APR for a loan repaid in seven to 14 days was 367%, a rate comparable...

Some lenders have used concerning tactics in Colorado, and it’s just not right. A 2022 report by the Center for Responsible Lending found several instances of Colorado consumers purchasing multiple insurance policies when borrowing. In one egregious example, Lendmark, a consumer lending company, added $5,000 of insurance premiums to a $10,000 loan. Had the lender included the cost of those...

Critics also say the costs of the loans are not always transparent. Many charge monthly subscription fees and most charge mandatory fees for instant transfers of funds, though there is typically a no-cost option to receive funds in one to three business days. The average APR for a loan repaid in seven to 14 days was 367%, a rate comparable...

In the latest episode of The Connector, The Collaborative Executive Director Marquita Robertson and Center for Responsible Lending Director of NC Policy Rochelle Sparko speak with Institute for Emerging Issues Communications Director Jennifer Heiss about what it means to be unbanked, and steps those who are unbanked can take to protect their money and get set up with FDIC insured...

In a Nutshell: Earned wage access and cash advance loans appeal to workers who need financial flexibility to tide them over until their next paycheck. According to a recent Center for Responsible Lending analysis, these small-dollar, short-term loans carry costs and risks similar to payday lending products, including high interest, fees, and account overdrafts. The Center for Responsible Lending is...

“We commend the Biden-Harris administration for its continued efforts to make student loan repayment fairer for consumers,” said Nadine Chabrier, senior policy and litigation counsel at the Durham-based Center for Responsible Lending. “Congress never required the Department of Education to capitalize most interest on these loans; so, it’s well past time to make things right for the millions of affected...

In response to the V.A. Wednesday’s announcement, the National Consumer Law Center (NCLC) and the Center for Responsible Lending (CRL) asked the V.A. to extend the foreclosure pause, which is set to expire on May 31, until the VASP program is widely available.

That revelation stems from a fresh Center for Responsible Lending (CRL) analysis. In its “Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps” report, the CRL examined transactions tied to five companies: Brigit, Cleo, Dave, EarnIn, and FloatMe. A nonprofit research and policy group, CRL examined the activity of regular app users. Per a news...

Whitney Barkley-Denney, deputy director of state policy at the Center for Responsible Lending, told DailyMail.com: 'This situation was due, in part, to unsuccessful marketing efforts, but also because servicers were not required to inform consumers about the program and their ability to qualify for it. 'This led to borrowers being placed in deferment after deferment, even if their repayment under...