Tuesday, November 12, 2019
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Center for Responsible Lending
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 »
$62 Billion in Education Cuts Proposed, Key College Aid Could Be Slashed
April 4, 2019
Every budget defines priorities and values. To put it another way, what’s really important in life gets supported financially. For many families, having a home, food, and utilities usually rank pretty high. Then there are other budgetary concerns like saving for college or having a ‘rainy day’ fund to cover less frequent costs that can be much higher than the size of the next pay check.    ... read more »
Auto Loan Delinquencies Climbed to $9 billion in 2018
February 21, 2019
…in April of last year, Congress used the Congressional Review Act to nullify the Consumer Financial Protection Bureau’s (CFPB) auto finance guidance that held auto lenders responsible for discriminatory lending practices prohibited under the Equal Credit Protection Act. This distorted use of the Congressional Review Act, sometimes known as another CRA, was never intended to overturn long-standing agency practices. ... read more »
Don’t Let Predatory Tax Loans Take Your Refunds
January 24, 2019
“…across the country, advertising – particularly on urban radio – tempts listeners with easy ways to get a loan against anticipated tax refunds. But just like other predatory lending products, what is advertised is not quite what consumers receive. ... read more »
Homeowner Bill of Rights: Protecting Families from Life’s Financial Storms
October 4, 2018
In recent weeks, multiple news sources have reported on the 10-year anniversary since the onset of the nation’s foreclosure crisis. Between 2007 and 2011, 10.9 million homes went into foreclosure, with 8 million completing that process. Additionally, $1.95 trillion in lost property value affected both families who lost their homes to foreclosure, as well as their nearby neighbors who remained in their homes. ... read more »
State AGs to DeVos: Work with, Not Against, State Law Enforcement
July 26, 2018
Starting last summer, student loan servicers like Navient have been lobbying DeVos to shield them from liability for their practices. And it’s worked. Despite objections from a bi-partisan group of Attorneys General (AGs), the National Association of Governors, and the Conference of State Bank Supervisors, DeVos and the Department of Education have increasingly made it more difficult for state and federal law enforcement agencies to do their jobs by retracting information sharing agreements with the Consumer Financial Protection Bureau (CFPB) and instructing servicers not share student loan information with state law enforcement and banking supervisors. ... read more »
Racial Mortgage Disparities Persist as Federal Housing Enforcement Lags
May 9, 2018
Today, with much of the mortgage market recovered, unnecessarily tight and expensive credit in the conventional mortgage market often makes FHA the only option to finance homeownership for low- to moderate-income borrowers, lower-wealth borrowers, and borrowers of color. This single-option also means that borrowers broadly denied the lower-cost, most-affordable private loans available, have a slower rate of home appreciation due to fees and insurance that accompany government-backed loans.  ... read more »
Payday Lenders Wage New Wars against Consumers and Regulation
April 26, 2018
Center for Responsible Lending Deputy Communications Director Charlene Crowell talks about changes to the Consumer Financial Protection Bureau and predatory lending. ... read more »
Consumer Protection Payday Rule at Risk, Just Like Student Loan Protections
January 19, 2018
An important consumer protection rule that was to take effect January 16 is now being “reconsidered” by the same agency that was to enforce it – ... read more »
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