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.
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.
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.
…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.
“…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.
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.
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.
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.
Center for Responsible Lending Deputy Communications Director Charlene Crowell talks about changes to the Consumer Financial Protection Bureau and predatory lending.
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 – the Consumer Financial Protection Bureau (CFPB). After years of fierce advocacy that drew bright lines between a predatory lending industry and a coalition of concern that looks like America, a rule was announced in 2017, designed to ensure that loans only went to consumers who could afford to repay them. The rule also curbed triple-digit interest rates on small dollar loans like payday. The new announcement came on the watch of Mick Mulvaney who
Similarly, Elena, a 35-year-old Latina enrolled in a for-profit institution after seeing television commercials for the local branch of Everest College targeted at those without a GED, like herself.
Veterans educational benefits are additional taxpayer-paid revenues.
Congresswoman Waters prefers a legislative approach – one that will ensure this type of financial disaster from happening again.
This year has brought a number of significant developments. A new Congress, the 115th in our nation’s history and similarly the 45th president have together begun a new era of government. From all indications, this new leadership seeks to create public policies and priorities that significantly alter what will remain as a governmental function. From education to environmental stewardship, health care and more, the governing toolbox of executive orders, regulation and legislation are all in use.