CRL in the News
The question of what will happen in mortgage lending after the government-sponsored enterprise (GSE) Patch expire in January 2021 is the focus of a new report published by the Center for Responsible Lending (CRL).
According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis.
According to the Center for Responsible Lending, interest rates on these loans average 24 percent: 3 to 4 times the average rate for used car loans.
After the government-sponsored enterprise patch expires, "near prime" loans over the 43% debt-to-income ratio should be qualified mortgages if they have compensating factors, according to a new Center for Responsible Lending report.
After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability.
These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms.
After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability.
These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms.
The Consumer Financial Protection Bureau just wrapped up a public comment period on a rule that extends some protections to consumers who overdraw their checking accounts. The CFPB must examine the rule under a federal law that requires agencies to review rules that might affect small businesses.
WASHINGTON– A coalition of consumer groups has sent a letter to the CFPB urging it not to weaken the Federal Reserve’s 2009 overdraft “opt-in” rule.
“More broadly, comprehensive reform of unfair and abusive overdraft practices is badly needed. … Financial institutions combine a number of unfair and abusive practices in order to impose high, repeat overdraft fees on their customers,” the letter reads.
Overdraft services are essential for some credit union members, trade groups said, asking the CFPB not to take any additional action to restrict them.
Signature gatherers are starting to fan out across Arizona in an effort to curb a type of high-interest lending in the state.
Roughly 20 community groups on Tuesday kicked off a drive to qualify a measure that would curtail auto-title loans that feature high interest rates and, critics say, trap borrowers in a debt cycle.