CRL in the News
Colorado voters have overwhelmingly opted for tighter regulations on payday lending, easily approving a proposal to cap interest rates on the short-term loans.
WASHINGTON — Rep. Maxine Waters has been in the headlines recently more as an outspoken critic of the Trump administration than for her banking policy positions on the House Financial Services Committee.
Meet the new payday loan. It looks a lot like the old payday loan.
"They claim that these loans are different, are safer, are more affordable, but the reality is they carry all the same markers of predatory loans," said Diane Standaert, director of state policy at the Center for Responsible Lending. These markers include their high cost, the ability of lenders to access borrowers’ bank accounts, and that they are structured to keep borrowers in a cycle of debt. "We see all of those similar characteristics that have plagued payday loans," Standaert said.
Senator Kamala Harris, a California Democrat and potential 2020 presidential contender, has a Trump-size tax plan of her own.
It’s unclear exactly what led to the situation in Detroit, although the tough economic situation for the city and its residents in recent years has certainly contributed.
Fifty consumer groups are calling on the Consumer Financial Protection Bureau to withdraw a plan allowing fintech firms to test financial disclosures on consumers.
The groups argue the CFPB’s "disclosure sandbox" proposal, which would provide certain legal safe harbors to participating companies, exceeds the CFPB’s statutory authority and would put consumers at greater risk.
Thousands of Marriott workers around the country are on strike, complaining that stagnant wages and unsteady hours have made it difficult to stay afloat. At a time when they are under particular pressure, the credit union may be adding to their struggles.