Center For Responsible Lending
- Assets
- $9.9m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Durham, NC
- Founding
- 06/2002
- Data as of
- 12/2022
- EIN
- 74-3043913
Organization Overview
Center For Responsible Lending is located in Durham, NC. The organization was established in 2002. According to its NTEE Classification (I80) the organization is classified as: Legal Services, under the broad grouping of Crime & Legal-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Responsible Lending is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Center For Responsible Lending generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $7.0m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Center For Responsible Lending has awarded 131 individual grants totaling $1,582,763. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROTECT ECONOMIC OPPORTUNITY FOR LOW-INCOME & MINORITY FAMILIES & COMMUNITIES BY CONDUCTING RESEARCH & PROVIDING EDUCATION & TECHNICAL ASSISTANCE REGARDING PREDATORY LENDING & OTHER ABUSIVE FINANCIAL PRACTICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL ASSISTANCE: PROVIDED LEGAL ANALYSIS AND MARKET INSIGHTS ON RACIAL DISPARITIES IMPACTING FEDERAL STUDENT LOAN DEBT REPAYMENT, PARTICIPATED IN THE NEGOTIATED RULEMAKING PROCESS TO DEVELOP NEW RULES AND PROPOSALS FOR FEDERAL STUDENT LOAN FORGIVENESS AND REPAYMENT MODELS, ASSISTED IN THE DEVELOPMENT OF REGULATIONS AND LAWS FOCUSED ON ENSURING MEANINGFUL CONSUMER PROTECTIONS FOR SMALL DOLLAR LENDING PRODUCTS AND CONTINUED TO WORK WITH INDUSTRY AND REGULATORS TO DEVELOP POLICY DEFINITIONS AND PROPOSALS DESIGNED TO REDUCE RACIAL AND SOCIOECONOMIC DISPARITIES IN HOME OWNERSHIP. CRL ALSO WORKED WITH INDUSTRY PARTICIPANTS TO ADOPT MEANINGFUL OVERDRAFT AND NONSUFFICIENT FUND POLICY CHANGES. PROVIDED TECHNICAL ASSISTANCE TO STATE-BASED COMMUNITY, POLICY AND CIVIL RIGHTS GROUPS FOCUSED ON STATE LEVEL CONSUMER FINANCIAL PRODUCTS.
OUTREACH/COMMUNICATIONS: PROVIDED POLICY ANALYSIS AND OUTREACH MATERIALS DESIGNED TO INFORM NATIONAL PARTNERS AND REGULATORS SEEKING TO CREATE LASTING STRUCTURAL CHANGE IN THE SYSTEMS, PRODUCTS, AND POLICIES THAT PREVENT ALL AMERICANS FROM ESTABLISHING AND SUSTAINING ECONOMIC STABILITY AND SECURITY. AS THE NATION CONTINUED ITS RECOVERY FROM THE EFFECTS OF THE COVID-19 PANDEMIC, CRL RAISED THE VISIBILITY OF COVIDS IMPACT ON ENTREPRENEURS OF COLOR AND THE DIFFERENT CHALLENGES THEY FACED IN SECURING ACCESS TO PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS. CRL LAUNCHED A NEW IN FOCUS VIDEO SERIES, DESIGNED TO BREAK DOWN COMPLEX FINANCIAL ISSUES AND MAKE THEM EASIER TO UNDERSTAND. IN ADDITON, CRL WORKED TO INCREASE STATE AND FEDERAL REGULATORS AWARENESS OF THE GROWING MARKET FOR EARLY WAGE ACCESS AND BUY NOW, PAY LATER CREDIT PRODUCTS AND THEIR POTENTIAL FOR PREDATORY IMPACT ON UNDERSERVED CONSUMERS.
RESEARCH SERVICES: CONDUCTED ANALYSIS FOR REPORTS, COMMENTS, TESTIMONIES, AND POLICY ANALYSIS PROJECTS. REPORTS DESCRIBED: HIGH-COST INSTALLMENT LOANS WITH LONGER TERMS, SUPERVISED INSTALLMENT LOANS IN COLORADO CONTAINING ADD-ON PRODUCTS, A LOSS MITIGATION OPTION FOR THE FEDERAL HOUSING ADMINISTRATION, THE IMPACTS OF FEDERAL STUDENT LOAN CANCELLATION, STUDENT LOAN DEBT FOR ALUMNI OF HISTORICALLY BLACK COLLEGES AND UNIVERSITIES, STUDENT DEBT AMONG WOMEN OF COLOR DURING COVID-19, AND THE IMPACTS OF BAIL BONDS ON A SAMPLE OF SAN FRANCISCO BAY AREA RESIDENTS. POLLING PROJECTS ADDRESSED VIEWS OF LIKELY VOTERS REGARDING THE FINANCIAL INDUSTRY AND CONSUMER PROTECTIONS, FEDERAL STUDENT LOAN BORROWERS ABOUT THE IMPACTS OF THEIR LOANS AND THE PAYMENT PAUSE, AND RHODE ISLAND VOTERS RELATED TO A 36% RATE CAP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ellen Harnick Crl Evp | 0 | $0 | |
Peter Smith Sr Researcher | 0 | $0 | |
Michael Calhoun President | Officer | 0 | $0 |
Randy Chambers Treasurer | Officer | 0 | $0 |
Nadine B Chabrier Senior Policy Counsel | 0 | $0 | |
Marcus Bowen Treasurer | Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Westfront Strategies Llc Consulting Fee | 12/30/22 | $120,000 |
Spitfire Strategiesllc Consulting Service | 12/30/22 | $169,721 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,653,091 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,653,091 |
| Total Program Service Revenue | $45,357 |
| Investment income | $71,764 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,782,304 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $234,194 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,552 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $328,041 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $514,337 |
| Advertising and promotion | $86,056 |
| Office expenses | $46,557 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $568,347 |
| Travel | $180,464 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,889 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,688 |
| Insurance | $3,827 |
| All other expenses | $273,843 |
| Total functional expenses | $6,985,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,996,273 |
| Pledges and grants receivable | $700,000 |
| Accounts receivable, net | $3,766 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,321 |
| Net Land, buildings, and equipment | $32,381 |
| Investments—publicly traded securities | $17,244 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,117,902 |
| Total assets | $9,921,887 |
| Accounts payable and accrued expenses | $204,201 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,925,197 |
| Total liabilities | $2,129,398 |
| Net assets without donor restrictions | $6,498,877 |
| Net assets with donor restrictions | $1,293,612 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,921,887 |
Grants Awarded
Over the last fiscal year, Center For Responsible Lending has awarded $190,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
CENTER FOR PUBLIC JUSTICE PURPOSE: Assistance to combat predatory lending | $10,000 |
NATIONAL BAPTIST CONVENTION USA PURPOSE: Assistance to combat predatory lending | $10,000 |
COOPERATIVE BAPTIST FELLOWSHIP PURPOSE: Assistance to combat predatory lending | $12,000 |
FAITH IN ACTION NETWORK PURPOSE: Assistance to combat predatory lending | $7,000 |
NATIONAL CAPACD PURPOSE: Assistance to combat predatory lending | $10,000 |
COMMON SERVICES CORP OF THE UNITED PURPOSE: Assistance to combat predatory lending | $6,000 |