Breaking News

Center for Responsible Lending

Black America Needs a ‘New Normal’: Equitable Credit Access to Build Wealth
Charlene CrowellOpinion

Black America Needs a ‘New Normal’: Equitable Credit Access to Build Wealth

Charlene Crowell NNPA Newswire ContributorJune 17, 2021

Although many officials have called for a ‘return to normal’, millions of small businesses and communities need something new instead. In Black America especially, the ‘old normal’ never delivered equitable access to wealth-building opportunities as those that well-served served much of White America. Instead, a lengthy history of public policies designed to create and sustain a burgeoning middle class systemically excluded Blacks and other people of color.

Biden Nominations Broaden Black Women’s Leadership Roles: 1st Black Woman to Chair Council of Economic Advisers, 2nd in 40 Years to Head HUD
Charlene Crowell

Biden Nominations Broaden Black Women’s Leadership Roles: 1st Black Woman to Chair Council of Economic Advisers, 2nd in 40 Years to Head HUD

Charlene CrowellJanuary 7, 2021

The selection of California Senator Kamala Harris to join and then win the nation’s Vice-Presidency gave unprecedented hope to Black women across the nation. Not only had a woman broken a glass ceiling in professional development; she was also Black and a graduate of Howard University, one of the nation’s premier Historically Black Institutions.

New CRL Report: Debt Collectors in California May Have Seized $700M, Often Based on Scant Evidence & Other Questionable Practices
BusinessFinancePolitical

New CRL Report: Debt Collectors in California May Have Seized $700M, Often Based on Scant Evidence & Other Questionable Practices

Sentinel News ServiceOctober 15, 2020

A new report released this week by the Center for Responsible Lending (CRL) finds debt collectors in California may have seized more than $700 million from consumers between 2012 and 2017, even though they frequently lack sufficient documentation to establish the validity and ownership of an individual’s debt.

Wealth gap costs over last two decades: $2.7 trillion in Black income, $16 trillion to U.S. economy
Charlene Crowell

Wealth gap costs over last two decades: $2.7 trillion in Black income, $16 trillion to U.S. economy

Charlene Crowell, Senior Fellow with the Center for Responsible LendingOctober 8, 2020

“Yet even today, with all those credentials and as one of the leading executives on Wall Street,” wrote Raymond J. McGuire, Citi’s Vice Chairman and Chair of its Global Banking and Capital Markets, “I am still seen first as a six-foot-four, two-hundred-pound Black man wherever I go — even in my own neighborhood. I could have been George Floyd. And my wife and I are constantly aware that our children could have their innocence snatched away from them at any given moment, simply for the perceived threat of their skin color.”

NNPA Teams with Magic Johnson to Fund Over $100 Million in PPP Loans for Minority and Women-Owned Businesses
BusinessNationalNewsNews (Business)

NNPA Teams with Magic Johnson to Fund Over $100 Million in PPP Loans for Minority and Women-Owned Businesses

NNPA NewswireJuly 30, 2020

Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program.

Center for Responsible Lending virtual town hall focuses on COVID-19 and economic relief
COVID-19News

Center for Responsible Lending virtual town hall focuses on COVID-19 and economic relief

By Faith Petrie Contributing WriterMay 21, 2020

The non-profit research and policy organization is targeted towards the education surrounding predatory lending, a practice commonly directed towards minority communities. The virtual town hall, moderated by White House Correspondent and CNN Political Analyst April Ryan, focused primarily on the areas of small businesses, housing and student loans with a particular emphasis on minority and Black communities.

Will proposed CRA rule help or hurt Black America?
Charlene CrowellOpinion

Will proposed CRA rule help or hurt Black America?

Charlene CrowellDecember 26, 2019

Amid the tinsel and garland celebrating the holiday season, two important federal financial regulators are planning how the future financial needs of low-and-moderate income (LMI) communities – including neighborhoods of color – will be met.  In an effort to “modernize” the 1977 Community Reinvestment Act (CRA) on December 12 the board of the Federal Deposit Insurance Corporation (FDIC) endorsed a proposed Notice of Public Rulemaking (NPR) offered by the Office of the Comptroller of the Currency (OCC). 

FDIC and OCC Proposals Would Strip Away Payday Loan Rate Caps In 16 States and in DC
BusinessCharlene CrowellNews (Business)Opinion

FDIC and OCC Proposals Would Strip Away Payday Loan Rate Caps In 16 States and in DC

Charlene CrowellNovember 28, 2019

For most people who either work, receive retirement or other fixed benefits, it seems that your money always goes a lot quicker than it comes. While some economists marvel at Wall Street’s brisk trading and declare that the economy is better than ever, not everyone has been included.  On Main Street America, millions of people know that the cost of living is rising faster and higher than their incomes.

Housing Discrimination Complaints Reach a 24-Year High, While HUD Rolls Back Fair Housing Rules
BusinessCharlene CrowellNationalNews (Business)OpinionReal Estate

Housing Discrimination Complaints Reach a 24-Year High, While HUD Rolls Back Fair Housing Rules

Charlene CrowellNovember 21, 2019

As a candidate, President Donald Trump promised if elected that deregulation of the federal government would be an administration priority. Soon after taking the oath of office, he issued an executive order requiring that all departments and agencies to eliminate two existing regulations for every one new regulation proposed. In some cases, rules that were adopted prior to his term office but had not yet taken effect were either suspended or delayed.

Remembering Congressman Elijah Cummings and the Journey Still Ahead
Charlene CrowellOpinion

Remembering Congressman Elijah Cummings and the Journey Still Ahead

Charlene CrowellNovember 7, 2019

The nationally televised October 25 funeral services for the late Congressman Elijah E. Cummings, paused partisan debates and revealed how a son of Baltimore worked tirelessly for his constituents and for this nation. In the days since his home-going, I have marveled at how his life’s work somehow brought together officials who held firm to their stark political divides but united to honor a man who believed that everyone deserved a fair chance at all America had to offer.

Debt Collectors Target Consumers of Color, People Making Less Than $50K
BusinessCharlene CrowellEconomyNews (Business)Opinion

Debt Collectors Target Consumers of Color, People Making Less Than $50K

Charlene CrowellSeptember 26, 2019

Conducted by Lake Research Partners and Chesapeake Beach Consulting, the poll was jointly commissioned by the Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The results, released on September 11, found stark opposition by consumers to regulatory reforms announced by the CFPB. Consumers are strongly united in wanting more and better protection in this area of financial regulation.

A national crisis: Surging hate crimes and White Supremacists
Charlene CrowellOpinion

A national crisis: Surging hate crimes and White Supremacists

Charlene CrowellAugust 15, 2019

A Saturday morning shooting rampage in El Paso, Texas on August 3 took the lives of 22 people, and seriously injured more than two dozen others. Reportedly, the alleged shooter wanted to kill as many Mexicans as he could. Armed with safety glasses, ear coverings and an assault-style rifle, the shooter entered a Walmart store during a back-to-school sale.