Rebecca Borné

FDIC and OCC Proposals Would Strip Away Payday Loan Rate Caps In 16 States and in DC

Charlene CrowellNovember 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.

Charlene Crowell Opinion

Auto Loan Delinquencies Climbed to $9 billion in 2018

Charlene Crowell, NNPA Newswire ContributorFebruary 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.

Business Charlene Crowell News (Business)Opinion

CFPB Makes Move to Support Payday Lenders During Black History Month

Charlene CrowellFebruary 15, 2019

When given the chance at the ballot box, Americans overwhelmingly vote to impose a 36 percent or less rate cap. Today, 16 states and the District of Columbia have these rate caps in place, providing strong protection from payday loan sharks. In remaining states – those without a rate cap – interest rates run as high as 460 percent in California, over 400 percent in Illinois and 662 percent in Texas.

Charlene Crowell News (Business)Op-Ed Opinion

Consumer Protection Payday Rule at Risk, Just Like Student Loan Protections

Charlene CrowellJanuary 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 – 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