CRL in the News
Ms. Hering’s case highlights how a flavor of mortgage once panned for its role in the housing meltdown a decade ago is making a comeback. These loans, aimed at buyers with unusual circumstances such as those who can’t provide the standard proofs of income, are growing rapidly even as rising interest rates and higher home prices crimp demand for mortgages.
As 800,000 federal employees brace for another missed paycheck this week, banks, cellphone companies and nonprofit organizations are stepping up to help workers hurt by the month-long government shutdown.
Creditors from big banks to local credit unions and utility and telecom companies are offering forbearance, waiving late fees and providing short-term, no-interest loans for affected workers. For many, it’s the first time they have rolled out a nationwide plan for a government shutdown.
Taken a trip to the emergency room lately? Moved across country for a new job? If you're like millions of Americans, the unexpected medical costs or security deposit for your new pad blew a hole in your budget.
That's the upshot of a new Bankrate survey that found six of 10 people in the U.S. lack the savings to handle an unforeseen $1,000 expense, highlighting just how close to the financial edge even those with a job often find themselves.
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