Young American borrowers are struggling to pay credit card debts

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Mariam Kiparoidze | Issue Number One
The trend of turning to Buy Now, Pay Later products is concerning because they are not regulated or tracked enough and they don’t count as credit. So it’s easy to accumulate an uncontrollable amount of debt through that, according to Lucia Mattox, the director of western states outreach and senior policy manager at Center for Responsible Lending. “Because they [Buy Now, Pay Later payments] are tied to folks with a bank statement, they can go into overdraft easily,” Mattox said.

FHA Makes Housing More Affordable for 850,000 Borrowers

“The Biden-Harris Administration is providing needed breathing room in the tight budgets of families who use FHA mortgages, many of whom are first-time homebuyers, people of color, or individuals with lower-incomes,” said Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending. “By reducing the cost of mortgage insurance premiums, the Administration is putting money back into people’s pockets. This move helps families strengthen their financial backstop and manage unexpected financial events while maintaining homeownership. The Administration has been

TD-First Horizon back at negotiating table as deal hangs in regulatory purgatory

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Zoe Sagalow, Syed Muhammad Ghaznavi | S&P Global Market Intelligence
The bank's overdraft fee income came under fire in an Aug. 23, 2022, letter from the Center for Responsible Lending, or CRL, and other consumer advocates to the Federal Reserve Bank of Philadelphia and the Office of the Comptroller of the Currency urging the regulators to reject the planned merger. The CRL rarely presses regulators to strike down specific bank deal proposals.

Obama-era consumer protections could be overruled by SCOTUS. Here’s what’s at stake.

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Karl Evers-Hillstrom, Aris Folley | The Hill
Mitria Wilson-Spotser, vice president and federal policy director at the Center for Responsible Lending, made a similar argument, while also raising concerns about the impact the risks posed to policies such as the Qualified Mortgage rule. “The reason we have this housing appreciation, the reason why we have homeownership rates at the rate that we do in the United States today is because of that rule,” she told The Hill, while also saying she thinks “everything is up for play” if the Supreme Court ultimately rules against the CFPB’s funding structure in the case.

Supreme Court Review of CFPB Could Imperil Lending Rules

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Jim DuPlessis | Credit Union Times
On Monday, Nadine Chabrier, a lawyer for the Center for Responsible Lending, said in a news release that the Supreme Court would be reviewing a lawsuit that poses “an existential threat” to the CFPB and similarly funded agencies. “If the Supreme Court accepts this deeply flawed argument against CFPB funding, it would set a dangerous precedent that would be used to challenge agencies with legally indistinguishable funding, including the Federal Reserve, FDIC, Medicare and Social Security,” Chabrier said.

Excessive Bank Overdraft Charges Demand Regulation

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Robert Kuttner | The American Prospect
According to research and complaints by the Center for Responsible Lending, TD charges U.S. customers more than $100 a day for overdrafts by levying $35 fees three times a day. These fees bear no relationship to the bank’s actual costs. They are purely opportunistic.

What should student loan borrowers do while waiting for Supreme Court forgiveness ruling?

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Jon Healey | The Los Angeles Times
Financial experts say there are steps that you can take now to prepare for the aftermath of the court’s decision. First, determine which company is servicing your federal loan or loans so you’ll know whom to pay if and when the time comes. Jaylon Herbin, director of federal campaigns for the Center for Responsible Lending, said there has been a lot of turnover among loan servicers in the nearly three years since borrowers were last required to make a payment.

'I'm going to be paying until I'm 82' | Protesters urge Supreme Court to uphold student debt relief

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Bruce Leshan | WUSA9
Critics say much of the money will go to people who can afford to pay it back. But Jaylon Herbin of the Center for Responsible Lending says it will help low income Americans recover from a pandemic that’s hit them disproportionately. "Working class families, they're the ones who take out debt at a higher rate," Herbin said. "They're the ones that are impacted higher."