Center for Responsible Lending
Encyclopedia
The Center for Responsible Lending (CRL) is a nonprofit organization
non-partisan research and policy group based in Durham, North Carolina
and with offices in Washington DC and Oakland, Calif. Its purpose is to educate the public about financial products and to push for policies that curb predatory lending. On its website and elsewhere, CRL describes its mission as that of “protecting homeownership and family wealth by working to eliminate abusive financial practices.” CRL is affiliated with the Center for Community Self-Help
.
, CRL is a nonprofit, nonpartisan research and policy organization that focuses on financial products and services, including mortgages, credit cards, payday lending, and bank overdraft fees. It is affiliated with the Self-Help Credit Union, also founded by Martin Eakes in Durham, N.C. Among the first groups to warn about the impending subprime mortgage meltdown, CRL has issued research reports, issue briefs and policy statements on a range of topics, including, for example, the disproportionate impact of predatory loans on black and Hispanic communities and the Office of the Comptroller of the Currency
’s failure to do its job of overseeing national banks to prevent predatory lending in the mortgage, overdraft and payday lending arenas. banks CRL has pushed hard for financial reform--including the creation of the Consumer Financial Protection Agency--in the wake of the mortgage meltdownref>http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/consumer-financial-protection-agency.html
Martin Eakes, the current CEO of CRL and Self-Help, describes the mission of the organizations as follows:
"The economic problems we've seen in subprime lending came about through a narrow focus on self-enrichment among brokers, lenders and investors on Wall Street. We must redefine success to include the common good, and recognize that we are all enriched through sustainable lending that strengthens families and communities."
CRL’s executives are often relied upon by government officials to comment on and suggest rules and legislation aimed at protecting consumers, taxpayers and shareholders. The president of CRL, Michael Calhoun, has testified many times n front of the House Committee on Financial Services
regarding the Mortgage Reform and Anti-Predatory Lending Act of 2009. Eric Stein
, a senior vice president at CRL, served recently as Deputy Assistant Secretary for Consumer Protection at the Department of the Treasury.
CRL's research has been praised by the Federal Reserve Board, on whose Consumer Advisory Council Michael Calhoun has sat. It was CRL's work with attorneys in Maine that exposed the socalled Robosigning scandal, where mortgage services rountinely broke the law by filing tens of thousands of false affidavits in foreclosure proceedings around the country. CRL works with consumer, industry and civil rights groups to craft common sense policies and law to prevent the kind of economic meltdown the country is now experiencing and that has so severely hurt consumers, taxpayers, shareholders and the workforce.
Sensible rules of the road benefit not only individual consumers, but taxpayers, shareholders and ultimately the financial services industry itself.
Nonprofit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
non-partisan research and policy group based in Durham, North Carolina
Durham, North Carolina
Durham is a city in the U.S. state of North Carolina. It is the county seat of Durham County and also extends into Wake County. It is the fifth-largest city in the state, and the 85th-largest in the United States by population, with 228,330 residents as of the 2010 United States census...
and with offices in Washington DC and Oakland, Calif. Its purpose is to educate the public about financial products and to push for policies that curb predatory lending. On its website and elsewhere, CRL describes its mission as that of “protecting homeownership and family wealth by working to eliminate abusive financial practices.” CRL is affiliated with the Center for Community Self-Help
Center for Community Self-Help
The Center for Community Self-Help is a community development lender and real estate developer. It was founded in Durham, North Carolina in 1980...
.
History
Established in 2002 by Self-HelpCenter for Community Self-Help
The Center for Community Self-Help is a community development lender and real estate developer. It was founded in Durham, North Carolina in 1980...
, CRL is a nonprofit, nonpartisan research and policy organization that focuses on financial products and services, including mortgages, credit cards, payday lending, and bank overdraft fees. It is affiliated with the Self-Help Credit Union, also founded by Martin Eakes in Durham, N.C. Among the first groups to warn about the impending subprime mortgage meltdown, CRL has issued research reports, issue briefs and policy statements on a range of topics, including, for example, the disproportionate impact of predatory loans on black and Hispanic communities and the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
’s failure to do its job of overseeing national banks to prevent predatory lending in the mortgage, overdraft and payday lending arenas. banks CRL has pushed hard for financial reform--including the creation of the Consumer Financial Protection Agency--in the wake of the mortgage meltdownref>http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/consumer-financial-protection-agency.html
Martin Eakes, the current CEO of CRL and Self-Help, describes the mission of the organizations as follows:
"The economic problems we've seen in subprime lending came about through a narrow focus on self-enrichment among brokers, lenders and investors on Wall Street. We must redefine success to include the common good, and recognize that we are all enriched through sustainable lending that strengthens families and communities."
CRL’s executives are often relied upon by government officials to comment on and suggest rules and legislation aimed at protecting consumers, taxpayers and shareholders. The president of CRL, Michael Calhoun, has testified many times n front of the House Committee on Financial Services
United States House Committee on Financial Services
The United States House Committee on Financial Services is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries...
regarding the Mortgage Reform and Anti-Predatory Lending Act of 2009. Eric Stein
Eric Stein (U.S. Political Appointee)
Eric Stein is the former Deputy Assistant Secretary for Consumer Protection at the U.S. Department of Treasury. He was nominated in 2009 by President Barack Obama., and resigned in 2010.-Education and career:...
, a senior vice president at CRL, served recently as Deputy Assistant Secretary for Consumer Protection at the Department of the Treasury.
CRL's research has been praised by the Federal Reserve Board, on whose Consumer Advisory Council Michael Calhoun has sat. It was CRL's work with attorneys in Maine that exposed the socalled Robosigning scandal, where mortgage services rountinely broke the law by filing tens of thousands of false affidavits in foreclosure proceedings around the country. CRL works with consumer, industry and civil rights groups to craft common sense policies and law to prevent the kind of economic meltdown the country is now experiencing and that has so severely hurt consumers, taxpayers, shareholders and the workforce.
Lobbying Work
Based on its research, CRL lobbies in favor of rules and laws that promote common-sense financial services practices to eliminate the kind of predatory loans that nearly wrecked the U.S. economy.Sensible rules of the road benefit not only individual consumers, but taxpayers, shareholders and ultimately the financial services industry itself.