Press Releases

Most people assume they can take their grievances to court if a lender violates the law. Unfortunately, many borrowers are denied that option through "binding mandatory arbitration" (BMA), a common clause in loan contracts. Barred from bringing claims to court, victims of abusive lending practices frequently find that their loan contracts require them to go through arbitration: proceedings conducted in...

African-Americans and Latinos, government figures show, get high-interest sub-prime mortgages far more often than whites. Now researchers at the Center for Responsible Lending find those disparities persist even when the borrowers have the same qualifications as whites. Lenders say they charge more because African-Americans and Latinos tend to have shakier credit histories, which makes lending to them riskier. But that...

African-Americans and Latinos, government figures show, get high-interest sub-prime mortgages far more often than whites. Now researchers at the Center for Responsible Lending find those disparities persist even when the borrowers have the same qualifications as whites. Lenders say they charge more because African-Americans and Latinos tend to have shakier credit histories, which makes lending to them riskier. But that...

Louisianans will need to keep an eye on their wallets and their cars if their state legislators pass a bill to let lenders charge 300 percent annual percentage rate when people put up their cars as collateral for a loan. What's more, the bills would make it all too easy for these lenders, who thrive on trapping people in debt...

A nationwide survey shows that low-income people, single people, and many people of color are increasingly turning to borrowing money from financial institutions by over-drawing their checking accounts, racking up interest rates that can exceed 1,000 percent. A telephone survey of 3,310 households done for the Center for Responsible Lending shows that a mere 16 percent of bank customers account...

Local and national groups opposing housing discrimination urged the county council of Montgomery County, Md. to support a fair lending ordinance and not reverse its commitment to fair housing for everyone. Mortgage lenders sued the county for passing an ordinance prohibiting lenders from discriminating. Their lawyers persuaded a judge to delay the new law, supposed to take effect last week...

Yesterday, Attorney General Roy Cooper announced that the last three major out-of-state payday lenders had agreed to stop making illegal loans in North Carolina. As a result, working families in the state will save almost $100 million each year -- money they can use to buy food, pay their bills, and balance their family budget. Payday lenders make small loans...

Download the Report The Best Value in the Subprime Market: State Predatory Lending Reforms (PDF 432kb) A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most. "The Best Value in the Subprime Market: State Predatory Lending Reforms" is the...

Download the Report The Best Value in the Subprime Market: State Predatory Lending Reforms (PDF 432kb) A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most. "The Best Value in the Subprime Market: State Predatory Lending Reforms" is the...

Augusta, ME - Predatory lending practices cost Mainers at least $23 million a year, say Coastal Enterprises Inc. and the Center for Responsible Lending in the first comprehensive study of predatory lending in Maine. These predatory practices endanger the homes and financial security of some of Maine's most vulnerable citizens. Based on the findings of the report, approximately 1,000 families...