All CRL Content
Reckless Driving: Implications of Recent Subprime Auto Finance Growth
The auto finance market has grown significantly in the past few years. According to Experian Automotive, outstanding auto loan balances reached a record-breaking $870 billion in the third quarter of this 2014, an increase of 9.9% and 24.5% over the same periods in 2013 and 2012, respectively. As of the end of the third quarter of 2014, loans to consumers with below prime credit comprised 38.7% of open accounts, totaling over $336 billion.
Comments on the Military Lending Act
No description available
Coalition Letter to Secretary Duncan, Attorney General Holder, Director Cordray
As advocates for students, veterans, consumers, civil rights and college access, we write to express grave concerns about the proposed sale of 56 Corinthian Colleges campuses to ECMC Group, a debt collector and loan servicer. We urge you not to waive liability for any prospective buyer of Corinthian campuses unless the sale provides significant relief for current and former students and contains enforceable safeguards to protect students and taxpayers from future abuse.
FHFA Director Responds to Housing Advocates: Broadening Mortgage Access is a 2015 Priority
In mid-November, CRL joined with the National Consumer Law Center (NCLC) and several other consumer and civil rights advocates, wrote FHFA calling for revised underwriting standards that would open access to mortgage credit for up to 38 million consumers.
CRL's Negotiated Rulemaking Comments
Senior Policy Council Maura Dundon submitted testimony to the Department of Education on its 2015 rulemaking agenda.
Gainful Employment: A Civil Rights Perspective
CRL and seven other civil rights organizations jointly authored a policy brief that shares the adverse impacts students of color experience and a primary impetus for a strong gainful employment rule.
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.
Three Ways to Fix Private Student Loan Troubles
This thoughtful op ed highlights key problems with private student loans and also offers ways regulators can better assist consumers.
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.
High Court to Hear Disparate Impact Case
On Wednesday, January 21, the Supreme Court of the United States will hear Texas Department of Housing and Community Affairs v. The Inclusive Community Projects, Inc. – a case that will ask the Court to decide whether disparate impact claims are recognizable under the Fair Housing Act. .
Nikitra Bailey, senior vice president of the Center for Responsible Lending and slated to speak at a rally on the day of arguments, offers a statement.
Homeownership, College Access and Protections for Consumers Key to Security of all Americans
In response to the President's speech tonight, the Center for Responsible Lending (CRL) has experts available to comment on areas mentioned in the State of the Union address including, mortgage access, student lending and the importance of new rules to rein in reckless practices in the financial sector.
Report: Trends in Subprime Auto Lending Similar to Pre-Meltdown Mortgage Market
A new report from the Center for Responsible Lending (CRL) titled “Reckless Driving: The Implications of Recent Subprime Auto Finance Growth” highlights trends in the $870 billion auto lending sector, particularly loans to consumers with below prime credit. Growth in the market raises concerns that subprime auto lending practices are leading to conditions that risk causing serious problems in the larger auto market. The report also questions whether auto loans really are performing better than mortgages did in the period before the mortgage meltdown, as the auto lending industry suggests, or whether increases in delinquency and default rates signal larger problems in the market.
Obama Moves to Increase Access to Responsible and Sustainable Homeownership
On Thursday, January 8, 2015, President Obama will formally announce plans in Phoenix, AZ to reduce the cost of mortgages insured by the Federal Housing Administration – a government agency that secures mortgages primarily for lower and moderate-income borrowers, especially families of color.
Media Availability: Experts Available to Discuss Housing Recovery, Housing and Mortgage Policies
President Obama is slated to discuss housing recovery and related policies on Thursday, January 8, 2015 from Central High School in Phoenix, Arizona.
DoD Must Close Loopholes that Allow Predatory Lenders to Target Soldiers and Their Families
Four major consumer groups have submitted comment today urging the Department of Defense to protect the men and women who serve the country by creating strong, new regulations implementing the Military Lending Act (MLA). The Center for Responsible Lending, Consumer Federation of America, Consumer Action, the National Association of Consumer Advocates, the National Consumer Law Center (on behalf of its low income clients), and U.S. PIRG joined together to urge the Defense Department to strengthen the MLA rule.