All CRL Content
CRL Comment on HMDA Changes
On October 29, the Center for Responsible Lending joined a coalition of consumer and civil rights organization to comment on the proposed changes to the Home Mortgage Disclosure Act (HMDA) reporting requirements.
Analysis: New State Data Show California Payday Lenders Continue to Rely on Trapping Borrowers in Debt
The California Department of Business Oversight (DBO) released data on October 3, 2014 showing the extent to which repeat lending comprises the bulk of payday loan activity.[i] Over 75% of all payday loan fees are from borrowers with 7 or more payday loans in 2013.
Attorneys General in 14 States Support More Accountability From For-Profit Colleges
Attorneys General representing states in the South, Midwest, Southwest and Northeast stand united in support of progressive reforms affecting for-profit college accountability.
Do Students of Color Profit from For-Profit College?
A post-secondary education is increasingly necessary in order to obtain a high-quality job and a lifetime of financial security and wealth-building opportunities. Many students finance their education through student loans because they see its value as an investment in their future. However, the value of that investment is questionable for those students enrolled in for-profit colleges.
2013 HMDA: Data Show People of Color Being Left Behind in Slowly Recovering Mortgage Market
The 2013 mortgage data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) reflects a slowly recovering mortgage market that troublingly continues to under-serve important market segments.
CRL Comment on CFPB Complaint Narratives
This comment supports the CFPB's proposal to make consumer complaint narratives public, and emphasizes the need to do this in the context of student loans. It also provides recommendations on how the complaint intake process could be improved so that more borrowers would be able to submit problems.
CRL President Mike Calhoun Testifies Before Senate Banking Committee
On September 16, CRL President Mike Calhoun delivered testimony before the Senate Banking Committee at a hearing called “Examining the State of Small Depository Institutions.”
No Need for Higher MI Fees with QM
Consumers with lower credit scores often also have low down payments when purchasing a home. As a result, fees for mortgage insurance are added to payments. In these comments, CRL argues for these consumers, citing how higher fees would be another barrier to successful homeownership.
G-Fees Should be Lowered, not Raised
As the Federal Housing Finance Agency (FHFA) considers how best to manage mortgage risk CRL responded to its offer for comments. Discouraging fees that would create unnecessary barriers to homeownership, CRL called for a reduction in Guarantee Fees, also known as ‘g-fees’, and reminds FHFA of its duty to serve the entire market.
Comment on the Hearing on Financial Products for Students: Issues and Challenges
The Center for Responsible Lending (CRL) is pleased to provide a comment for the record on some of the issues covered in the Senate Banking Committee’s hearing, “Financial Products for Students: Issues and Challenges” held on July 31, 2014.
Civil Rights Leaders Press CFPB to End Racially Discriminatory Auto Lending Practice
In a letter sent today to Consumer Financial Protection Bureau Director Richard Cordray, a group of civil rights and economic justice organizations, including the Center for Responsible Lending, asked the Bureau to use its regulatory authority to curtail discretionary auto dealer interest rate markups.
The Weakened Gainful Employment Rule is a Step Forward, but Fails to Fully Protect Students
Today, the US Department of Education released the final “gainful employment” rule imposing new limits on career education programs with poor outcomes for graduates. The final rule, which only considers the outcomes of the minority of student s who graduate, is significantly weaker than the proposed rule. Nevertheless, it provides some important new protections.
New Mortgage Rule Good News for Home Buyers
On September 22, 2014, financial regulatorsissued final rules to define a Qualified Residential Mortgage (QRM). The new rules are meant to define the risk retention rules for lenders as called for in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Spotlight on Growing Threat of Predatory Payday Loans in CA
Center for Responsible Lending staff and consumer advocates based in Los Angeles gathered on October 10 to spotlight the threat posed by Predatory Payday Lending.
NC Attorney General to Spotlight Impact of Abusive Lending at CRL Event
On November 6 at 5:00 p.m., the Center for Responsible Lending (CRL) and Duke University’s Sanford School of Public Policy will host North Carolina Attorney General Roy Cooper for CRL’s inaugural Protecting Community Wealth event, the first event in a series that will be hosted across the country focused on how regulators, policymakers and all Americans can work together to end abusive practices in financial markets and increase economic security for all people.
Report: CA Payday Lenders Rely on Repeat Borrowers
A Center for Responsible Lending analysis of two new reports on the payday lending industry from the California Department of Business Oversight (DBO) shows that payday lenders, who advertise their products as a one-time quick fix for consumers facing a cash crunch, generate 76% of their revenue from borrowers who take out 7 or more loans per year. The DBO’s Annual report and Industry Survey come as the Consumer Financial Protection Bureau (CFPB) is considering new rules aimed at curtailing abuses in the payday lending industry. The Department of Defense also recently proposed new rules to further protect service members under the Military Lending Act, and Members of Congress have introduced a bill to cap interest rates on consumer credit products at 36%.