CRL in the News
A new director who is likely to loosen the regulatory reins.
A new House committee chair who favors stricter regulations.
That’s the new reality facing the CFPB as Kathy Kraninger takes over as director and Rep. Maxine Waters takes the helm of the House Financial Services Committee.
Over the summer, Democratic Sens. Cory Booker of New Jersey and Sherrod Brown of Ohio introduced legislation that would take a large bite out of the roughly $15 billion that banks collect annually from overdraft fees.
Their bill would ban such charges on debit card purchases and ATM withdrawals. It would also prohibit banks from charging more than six overdraft fees each year to the same customer.
Rep. Maxine Waters (D-CA) has a long list of items on her agenda as the head of a House committee charged with overseeing the banking industry and economy.
WASHINGTON — The past year brought hope that regulators are finally focused on about modernizing the decades-old Community Reinvestment Act. But translating that momentum into an actual reform plan in 2019 will not be easy.
“These reforms, by no stretch of the imagination, are strengthening [CRA] or making it more efficient,” said Scott Astrada, director of federal advocacy at the Center for Responsible Lending.
December 24, 2018
By Scott Astrada
WASHINGTON — Recent steps allowing more lenders to skip outside appraisals are seen as removing a key hurdle to closings, but appraisers say they could be collateral damage from the deregulatory policies.
A recent op-ed by Cato Institute policy analyst Diego Zuluaga suggested that lawmakers should eliminate the Community Reinvestment Act, claiming this law is inefficient and other safeguards are already in place to push back against discriminatory lending.
College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau.
The Education Department under President Donald Trump never published the analysis but advocacy groups recently obtained it through a Freedom of Information Act request.
GRAND RAPIDS, MI -- Ask Galen and Alice Henderson about their dream home, and the couple doesn't skip a beat.
There would be a finished basement, they say. A two-car garage. A big backyard. And three bedrooms so their children - Zahir, 8, and Jamyah, 13 - don't have to share one.
Nothing too fancy, they say, just a place to call their own.
"Right now, we're in a two-bedroom," Galen Henderson said, describing the duplex his family rents on Old Valley Court SE in Kentwood. "We're stepping on each other's toes."