Saturday, October 31, 2020
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Center for Responsible Lending
New CRL Report: Debt Collectors in California May Have Seized $700M, Often Based on Scant Evidence & Other Questionable Practices
October 15, 2020
A new report released this week by the Center for Responsible Lending (CRL) finds debt collectors in California may have seized more than $700 million from consumers between 2012 and 2017, even though they frequently lack sufficient documentation to establish the validity and ownership of an individual’s debt. ... read more »
Wealth gap costs over last two decades: $2.7 trillion in Black income, $16 trillion to U.S. economy
October 8, 2020
“Yet even today, with all those credentials and as one of the leading executives on Wall Street,” wrote Raymond J. McGuire, Citi’s Vice Chairman and Chair of its Global Banking and Capital Markets, “I am still seen first as a six-foot-four, two-hundred-pound Black man wherever I go — even in my own neighborhood. I could have been George Floyd. And my wife and I are constantly aware that our children could have their innocence snatched away from them at any given moment, simply for the perceived threat of their skin color.” ... read more »
NNPA Teams with Magic Johnson to Fund Over $100 Million in PPP Loans for Minority and Women-Owned Businesses
July 30, 2020
Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program. ... read more »
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CRL on President Trump’s Unconstitutional Decision to Exclude Undocumented Immigrants from Census Count 
July 27, 2020
WASHINGTON, D.C. - This week, President Trump issued an unconstitutional memorandum barring undocumented immigrants from being counted in the Census when lawmakers redraw Congressional Districts next year. ... read more »
Center for Responsible Lending virtual town hall focuses on COVID-19 and economic relief
May 21, 2020
The non-profit research and policy organization is targeted towards the education surrounding predatory lending, a practice commonly directed towards minority communities. The virtual town hall, moderated by White House Correspondent and CNN Political Analyst April Ryan, focused primarily on the areas of small businesses, housing and student loans with a particular emphasis on minority and Black communities. ... read more »
Will proposed CRA rule help or hurt Black America?
December 26, 2019
Amid the tinsel and garland celebrating the holiday season, two important federal financial regulators are planning how the future financial needs of low-and-moderate income (LMI) communities - including neighborhoods of color - will be met.  In an effort to “modernize” the 1977 Community Reinvestment Act (CRA) on December 12 the board of the Federal Deposit Insurance Corporation (FDIC) endorsed a proposed Notice of Public Rulemaking (NPR) offered by the Office of the Comptroller of the Currency (OCC).  ... read more »
FDIC and OCC Proposals Would Strip Away Payday Loan Rate Caps In 16 States and in DC
November 28, 2019
For most people who either work, receive retirement or other fixed benefits, it seems that your money always goes a lot quicker than it comes. While some economists marvel at Wall Street’s brisk trading and declare that the economy is better than ever, not everyone has been included.  On Main Street America, millions of people know that the cost of living is rising faster and higher than their incomes. ... read more »
Housing Discrimination Complaints Reach a 24-Year High, While HUD Rolls Back Fair Housing Rules
November 21, 2019
As a candidate, President Donald Trump promised if elected that deregulation of the federal government would be an administration priority. Soon after taking the oath of office, he issued an executive order requiring that all departments and agencies to eliminate two existing regulations for every one new regulation proposed. In some cases, rules that were adopted prior to his term office but had not yet taken effect were either suspended or delayed. ... read more »
Remembering Congressman Elijah Cummings and the Journey Still Ahead
November 7, 2019
The nationally televised October 25 funeral services for the late Congressman Elijah E. Cummings, paused partisan debates and revealed how a son of Baltimore worked tirelessly for his constituents and for this nation. In the days since his home-going, I have marveled at how his life’s work somehow brought together officials who held firm to their stark political divides but united to honor a man who believed that everyone deserved a fair chance at all America had to offer. ... read more »
Debt Collectors Target Consumers of Color, People Making Less Than $50K
September 26, 2019
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. ... read more »
A national crisis: Surging hate crimes and White Supremacists
August 15, 2019
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. ... read more »
Another 100 million consumers at Risk from Capital One Bank Data Breach
August 8, 2019
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. ... read more »
America’s Economy Must Better Serve Black and Latino Consumers
June 14, 2019
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.  ... read more »
Reparations Must Include the Costs of Predatory Lending New University Studies Track High Costs of Discriminatory Housing
June 7, 2019
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.   ... read more »
Nation’s Racial Wealth Divide Worsens With Federal Tax Cuts: Black Families Have A Dime For Every Dollar Held By Whites
May 2, 2019
If you’re like me, every time you hear a news reporter or anchor talk about how great the nation’s economy is, you wonder what world they are living in. Certainly these journalists are not referring to the ongoing struggle to make ends meet that so much of Black America faces. For every daily report of Wall Street trading, or rising corporate profits, you’re reminded that somebody else is doing just fine financially. ... read more »
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