“I hope (Smith) starts off a trend,” former Spelman College president Beverly Tatum said Monday.
CRL in the News
Consumers saddled with student loan debt often have to delay financial goals, like buying a home. But for those who want the benefits of ownership before their student debt is paid off, Fannie Mae has options that can make it easier to qualify and handle the monthly payments.
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.
Sen. Cory Booker (D-NJ) is bringing back legislation that takes aim at the big banks by severely curbing their use of overdraft fees.
These fees come up when people spend or withdraw more than their available checking account balance, and they’ve become a crucial source of revenue for financial institutions that have long targeted low-income customers who struggle the most to stay out of debt.
Education experts hope billionaire Robert F. Smith’s surprise announcement Sunday that he’ll pay the student loan debt for this spring’s graduating class at Morehouse College will be a game changer.
A coalition of consumer and labor groups is challenging the Consumer Financial Protection Bureau’s proposal to ease an Obama-era restriction on payday lenders, using language that suggests there are legal grounds to block the new rule.
CFPB Director Kathy Kraninger in February introduced the bureau’s proposed plan to effectively unwind regulation imposing underwriting standards on payday lenders, which was originally supposed to go into effect Aug. 19. The proposed rule has been championed by payday and auto title lenders but opposed by consumer groups.
Advocates from across the country are sounding off on what they say are efforts by the Trump administration to weaken protections against predatory payday lending, which sees borrowers pay skyrocketing interest rates, locking them into an inescapable cycle of debt.
Under a rule set to go into effect later this year, the U.S. Consumer Financial Protection Bureau will rescind an Obama-era requirement that lenders first determine a borrower’s ability to pay before they give them a loan.
While the 2020 hopefuls have been focused on introducing new legislation, the current administration is working to reverse some existing laws.