CRL in the News
Want to know which banks target people of color for loans with high interest rates, steep fees or reverse mortgages?
Or which banks deny home loans to African Americans and Latinos even when their income shows they could easily cover the monthly payment?
Consumer advocates on Tuesday endorsed plans to impose a 36% interest rate cap on short-term, small dollar loans—a proposal that could easily accommodate the 28% interest cap of the NCUA’s Payday Loan Alternative Loan program.
The Consumer Financial Protection Bureau, under President Trump, already has moved to make life easier for payday lenders. It’s expected any day now to do the same for debt collectors.
The bureau will unveil proposed rule changes that are likely to include explicit permission for debt collectors to contact people via text and email (and maybe social media).
The new rules also may provide greater latitude for bothering people by phone and limits on people’s ability to challenge financial obligations.
Ten years after the financial crisis and Great Recession, WalletHub measured the financial literacy of each state.
The average grade? No higher than a B, with most states falling in the D+ to B- range. The reason? Little to no financial education.
Caution: If you're someone who grabs money management tips after a quick read of a headline or two on Twitter, take note. Don't bank on getting a big break yet on your college debt.
"College students who are graduating this year should not count on having their student loans forgiven," said Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com.
When Ken Pepion paid $10,000 for a recreational vehicle to enjoy in retirement, he expected to own it.
But five months after driving off the lot of Scottsdale RV, Pepion still has no proof the vehicle is his.
"We tried to get in touch with the dealer. Their phones would ring and ring, but no one would answer," Pepion, a retired Colorado college administrator, said. "We had no idea what was going on."
Kelly Tornow of the Center for Responsible Lending discusses a new study on the shortcoming of for-profit colleges and the debt-load those students face versus those who attend traditional public four-year institutions. Learn more about the failings of for-profit colleges.
Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief but could leave them worse off.
Paying off high-rate debt such as credit cards with lower-rate loans may seem like a no-brainer. Unfortunately, many of these loans have hidden costs and drawbacks. And consolidation by itself can't fix the problems that led to the debt in the first place. In fact, such loans can make matters worse if borrowers feel freed up to spend more.
As graduation approached and they started looking for jobs in 2010, Jacqueline Franklin, Jami Reichardt, Bridgette Collins, and about 14 other women at the Sanford Brown Institute in Trevose came to a harsh realization: Their for-profit school wasn’t accredited for its ultrasound program even though they had each borrowed tens of thousands of dollars from the federal government to go there.
Nearly 300 bills died last week in the Democrat-dominated Nevada Legislature. Outnumbered Republicans were far from the only ones left to mourn the casualties.
Progressive activists were flummoxed by a number of bills either heavily amended or scrapped ahead of the first major bill passage deadline.
From hiking the minimum wage to regulating “predatory” payday lenders to eliminating cash bail to immigration reform, many advocates have started to feel short-changed by the efforts of Democratic allies in the governor’s mansion and the statehouse.