CRL in the News
You’ve seen them scattered along the outskirts of highways. It seems that around every corner, you’re bombarded with the opportunity to “get cash now!” And though the promise of instant funds is captivating, how wise is it to get that cash now?
Not very, according to statistics.
Payday loans, as they’re commonly referred to, are less about receiving money instantly and more about the heaps of interest piled atop the instant cash.
Civil rights organizations are urging the director of the Consumer Financial Protection Bureau to step up oversight of the student-loan servicing industry and root out discrimination.
It has been two years since the bureau identified student-loan servicing as posing substantial risk of credit discrimination and pledged further investigation into disparate outcomes for borrowers. That level of evaluation requires records and data from servicing companies that manage student-loan payments on behalf of the federal government and private lenders.
In a bid to give consumers more choice when it comes to credit card and other disputes with corporations, two Democratic lawmakers are pursuing the Forced Arbitration Injustice Repeal Act.
The bill would do away with forced arbitration clauses relating to credit card disputes. This means consumers would have the choice of opting for arbitration after a dispute erupts, instead of being forced into arbitration.
Last month 400 extremely fortunate Morehouse College graduates flipped their tassels to the amazing revelation that they would be starting their post-college careers without student debt. Richard Smith, an incredibly generous billionaire from Texas, has pledged to pay off all of their student loans.
The rate of Black homeownership in America – now at 41.1 percent, according to 2019 U. S. Census numbers – is even lower than it was when the U. S. Fair Housing Act was signed into law 51 years ago on April 11, 1968.
This means Black homeownership is 32.1 percentage points lower than that of Whites, which stands at 73.2 percent. It also means Black homeownership is 6.3 percentage points lower than that of Latino-Americans, which stands at 47.4 percent.
This spring, the Community Home Lenders Association (CHLA) hosted a roundtable in Washington, D.C., on federal government mortgage programs and their role in ensuring access to credit and affordable homeownership. This included a discussion on government mortgage programs and government-sponsored enterprises (GSEs) focusing on mortgage lending since the housing crisis of 2008.
There’s the West Chester, Pa., woman irate over the $25 broadcast and sports fees she pays every month though she never watches sports—and about the $150 cancellation fee when she quit her provider.
Or the traveler in Texas who found that every time he went through a highway toll, the car-rental company dinged him $15 on top of the toll price, leading to an extra $90 in “administrative fees.” “They will charge $15 to process even a 31 cent toll charge,” he says. “Completely ridiculous!”
Credit unions are warning that a proposal from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez would significantly reduce access to financial services.
Sanders, I-Vt., and Ocasio-Cortez, D-N.Y., introduced their Stop Loan Sharks Act in mid-May, a policy proposal that would cap interest rates at 15% for consumer loans, including credit cards and payday loans. But some credit union executives are wary of the measure, noting that interest rate regulation could also limit options for borrowers, especially for those categorized as high risk.
PHOENIX (3TV/CBS 5) -- Arizona got rid of payday loans a decade ago because of exorbitant interest rates that preyed on low-income families.
Now, some Arizona advocacy groups are pushing to crack down on car title loans.
Consumer groups today applauded passage of the Consumers First Act.