CRL in the News

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.

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. These are just a few of the facts presented to a recent U. S. Congressional hearing by homeownership advocates. The hearing, held by the House

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. The roundtable covered the financial performance and risks of these programs and the central role they have played in promoting access to mortgage credit since the crisis. This discussion took place at time when major

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. While you can’t give specific financial advice to clients, you can help them understand the benefits and risks. “We can be advocates for our clients and potentially direct them to the right place,” says Mary Shanley Aloisio, a sales associate with Dream Town Realty in Chicago.

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. The previous leadership of the Consumer Financial Protection Bureau recovered over $12 billion in restitution and cancelled debts for over 30 million Americans. Under its new leadership, the CFPB has not lived up to that standard. It has failed to adequately enforce the rules, while advancing a set of proposals that roll back, rather than advance, consumer protections.

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. Under the Trump administration, the Consumer Financial Protection Bureau (CFPB) has taken an even more lax approach to enforcing limitations on such fees: As of last week, it’s now considering

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. “I hope (Smith) starts off a trend,” former Spelman College president Beverly Tatum said Monday. Rising student loan debt has been one of the most troubling issues in higher education, particularly for students attending historically black colleges and universities such as Morehouse, located near downtown Atlanta.