For more than 40 years, the Community Reinvestment Act (CRA) has served as a mechanism for the federal government to hold banks and other depository institutions accountable for meeting the credit needs of low and moderate income (LMI) neighborhoods. Enacted in 1977, the CRA has the power to influence applications for bank mergers, charters, acquisitions, and branch openings.
When likely voters across the country were recently asked their opinions about student loan borrowing, 82% agreed that the still-growing $1.5 trillion debt is a national crisis. Even when partisan affiliations were included, the solid concern for this unsustainable financial burden held strong: 74% of Republicans, 80% of independents, and 90% of Democrats.
Each year as families beam with pride at seeing a son, daughter or another relative graduate from college, that achievement is nearly always the result of a family’s commitment to higher education. And when these institutions are among the more than 100 Historically Black Colleges and Universities (HBCUs), that pride is magnified by the history of how our forefathers overcame what once seemed to be insurmountable challenges.
For more than a decade, economists, lawmakers, and others have heralded the nation’s economy. Often citing how unemployment has declined as new jobs have been created, or Wall Street trading and major bank profits rising, some might be led to believe that all is well in America.
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.
Most consumers would likely agree that consumers should get what they pay for. If a product or service fails to deliver its promises, refunds are in order.
Anyone who struggles with the rising costs of living knows all too well how hard it is to try stretching dollars when there’s more month than money in the household. Predatory lending, like payday and car-title loans, worsen financial stress with triple-digit interest rates that deepen the debt owed with each renewal.
America’s nagging racial wealth gap has been the focus of many research reports and economic policy debates. Now new research analyzes the strong connection between disproportionate wealth and financial services and products that are either shared or denied with consumers of color.
For most people, life feels better when there is something to look forward to. Whether looking forward to graduation, the arrival of a new baby, or retirement that affords a few years to just enjoy life – these kinds of things make going through challenging times somehow more manageable.
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.
A second major disclosure of major consumer data breach was announced on July 29 by Capital One Bank. That same day, the FBI arrested a suspect was charged with stealing the personal information on March 22 and 23. The apparent focus of the financial theft was credit card applications filed with the bank between 2005-2019.
From its founding in 1909 to today, the National Association for the Advancement of Colored People (NAACP) has endured as a vital advocacy organization dedicated to freedom and justice for all. From July 20-24, the nation’s oldest and largest civil rights organization’s annual convention met for the 110th time in Detroit’s Cobo Hall.
Every Fourth of July celebrates this nation’s founding. But this year, only a few days before the annual freedom celebration, an ill-advised governmental action will financially doom rather than free millions of student loan borrowers – as of July 1. Moreover, this action arrives as the cost of higher education continues to soar and household incomes remain largely stagnant.
Anyone who works for a living knows that their money goes a lot quicker than the time it takes to earn it. And for low-to-moderate income workers, the costs of everyday living creep higher and quicker than pay raises or cost-of-living adjustments.
In recent years, the spate of homicides linked to questionable uses of deadly weapons and/or force, have prompted many activist organizations to call for racial reparations. From Trayvon Martin’s death in Florida, to Michael Brown’s in Missouri, Eric Garner’s in New York and many other deaths — a chorus of calls for reparations has mounted, even attracting interest among presidential candidates.