Nov 26, 2018
How do you create a more just financial marketplace? We explore this question on Power Station with Diane Standaert, Executive Vice President of the Center for Responsible Lending (CRL), a nonprofit that builds financial wealth through the elimination of predatory lending practices. As Diane explains, it starts with a system rooted in a racially exclusionary and discriminatory history, exacerbated by the 2008 mortgage crisis, in which over one trillion dollars was lost in communities of color. This is the environment in which payday lenders operate and prosper by pulling poor people in need of small dollar loans into a debt trap. CRL conducts empirical research to demonstrate the scope of the problem to state and national level policymakers. It partners with community based nonprofits, the faith community and veteran's groups to advocate for solutions, from ballot initiatives to state-based legislation. And it advocates on a national level for the embattled Consumer Financial Protection Bureau, a champion of consumer rights. Diane remains a relentless and positive force for a fair financial marketplace. Check out the vital work led by CRL and Self-Help, it's influential and innovative lending partner.