Center for Responsible Lending - Payday Loan Enemy - Hires New President
By J.J. CameronPayday Loan Writer
God isn't the only one who hates payday loans. The Center for Responsible Lending is the nation's foremost consumer advocacy group.
Now, the Durham nonprofit the Center for Community Self-Help on Monday announced that it has promoted Michael D. Calhoun to president of its Center for Responsible Lending affiliate - a new for for those in the payday loan world to deal with.
Calhoun previously had served as the center's general counsel and lead lobbyist in Washington, D.C., and various state capitals. He was a lead author of a 1999 anti-predatory mortgage lending law in North Carolina.
The Center for Community Self-Help said that Calhoun's promotion to the top spot at CRL indicates an even greater focus on lobbying by the group, which also does research into predatory pay day loan lending.
"Mike Calhoun's unmatched knowledge of economics, consumer law and community development lending fostered Self-Help's mission over the past decade," said Martin Eakes, CEO of the Center for Community Self-Help. "He's a powerful leader with great experience in federal and state policy."
According to CRL, predatory lending most often occurs in "subprime mortgages, and payday, car title, and overdraft loans, and typically involves hidden fees and high interest rates."
The Center for Community Self-Help is the parent of the Self-Help Credit Union and Self-Help Ventures Fund. The group aims to provide loans - NOT with interest rates similar to those of payday loans online - and other financial services to minorities, women, rural residents, and low-wealth families.
