CRL in the News

Ashley Harrington, special assistant to the president at the Center for Responsible Lending, a nonprofit aimed at fighting predatory lending practices, wants the government to change the way it sets federal student loan interest rates.

“Fifty years ago, Congress empowered HUD to dismantle legalized discrimination in housing to create opportunity for all as where you live is a factor in so many of life’s outcomes, including education and healthcare,” noted Nikitra Bailey, an EVP with the Center for Responsible Lending (CRL). “Rep. Waters’ new bill requires HUD to remain steadfast in its responsibility to foster...

Regardless of whether Otting has personally experienced discrimination, his position requires that he effectively enforce fair-lending laws, including the Community Reinvestment Act — a law that was enacted to address divestment in communities comprised of low-to-moderate income families, people of color and rural residents. The CRA has done important work to drive financial equity and ensure banks serve all communities...

Of course, many borrowers might still be better off with loan forgiveness. But according to Ashley Harrington, a staff member at the Center for Responsible Lending, the problem is that most borrowers don’t realize this tax bill is coming. Harrington told the WSJ she is concerned about the average borrower’s ability to pay.

“The CRA has done important work to drive financial equity and ensure banks serve all communities where they have a financial footprint,” noted Scott Astrada, Federal Advocacy Director with the Center for Responsible Lending. “Comptroller Otting’s proposal to radically restructure the law should be closely scrutinized because, given his remarks, he is apparently oblivious to the historic and systemic discrimination...

The CFPB needs these liberties, supporters say, to maintain its primary purpose in protecting American consumers of financial products and services. Within its seven years of operation, the CFPB has supplied 31 million Americans with over $12.4 billion in relief funds in cases of illegal financial dealings. “The 2008 financial crisis proved the need for the CFPB, a successful independent...

Borrowers generally are better off because they are having debt forgiven, but Ashley Harrington of the Center for Responsible Lending, a consumer-advocacy group, said many student-loan borrowers are unaware they will face a big tax bill. “We’re very concerned” about the borrowers’ ability to repay," she said.

But critics of the banks say the banks could be doing more under the current rules to expand whom they lend to, especially when they have so much spare capital. Michael Calhoun, president of the Center for Responsible Lending, said deregulation could lead to less lending. He asserted that possible changes to the Community Reinvestment Act could reduce the presence...

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 Center for Responsible Lending, a consumer advocate group, said [the decision] was a "clear and completely inappropriate example of legislating from the bench."