Kerri Smith Interview with Rhonda Rawlings on 107.3 JAMZ
Listen to an interview with Kerri Smith of the South Carolina Fair Lending Alliance on Rhonda Rawlings on 107.3 JAMZ as they discuss the dangers of predatory lending in South Carolina.
‘Amazon can get anything in the world physically to your door in under 48 hours. It takes Uncle Sam six days’: Wells Fargo defends stimulus-check delay
Speed counts and any sluggishness is a particular problem now, Klein said. “That time delay costs American living on the edge millions, billions in fees,” he added. Banks collected approximately $11.7 billion in overdraft fees in 2019, according to study last year from the Center for Responsible Lending.
The U.S. has already cancelled roughly $100 billion in student debt amid the pandemic
“While the current payment pause and interest waiver has helped millions of borrowers… [it] cannot be a substitute for across-the-board student debt cancellation,” Ashley Harrington, a higher education expert at the Center for Responsible Lending, told Yahoo Finance. “And while it is great that the time in suspension counts towards IDR and PSLF, we know that these and other programs...
Senate Democrats take aim at 'true lender' interest rate rule
“While some of today's schemes might be dressed up a little bit fancier with the fintech aura than the older schemes, they still have the same rent-a-bank evasion,” said Lisa Stifler, director of state policy at the Center for Responsible Lending.
2021 Fair Housing: Restoring HUD Rules and Revenues
“Systemic discrimination continues to limit housing opportunity for Black and brown communities and stunts our country’s economic growth,” said Nikitra Bailey, executive vice president with the Center for Responsible Lending.
Black housing wealth equality not likely for decades at best
A wealth gap also persists based on education level, a separate report from the Center for Responsible Lending noted. For those who have a bachelor's degree or higher, the typical white household had $397,000 in wealth, while for Latinos it was $112,700 and for Blacks, it was $72,450. For whites with a high school education or less, household wealth was...
Biden administration to reinstate fair housing rules vacated by Trump
The Biden administration is moving to reinstate two key fair housing rules that were rolled back under President Trump, according to notices published this week by the Office of Management and Budget. The Department of Housing and Urban Development is looking to restore a 2013 rule outlining its use of the “disparate impact” legal standard in fair-lending cases and the...
There’s a racial gap in marketing by banks and payday lenders, study finds
“There is clear evidence that payday lenders target people of color,” said Marisabel Torres, director of California policy at the Center for Responsible Lending. She told me her organization is troubled by “any idea that mainstream banks are for white communities, while people who have historically struggled for middle-class security are offered predatory, wealth-stripping products.”
CFPB warns lenders of “tidal wave” of distressed mortgages
Also, the programs to help people who miss payments are better this time around, said Mike Calhoun, who runs the Center for Responsible Lending. “The good news is that those payments are generally added simply to the end of the loan with no additional fees or interest.”
Minority Entrepreneurs Struggled to Get Small-Business Relief Loans
“The focus at the outset was on speed, and it came at the expense of equity,” said Ashley Harrington, the federal advocacy director at the Center for Responsible Lending. In the program’s final weeks — it is scheduled to stop taking applications on May 31 — President Biden’s administration has tried to alter its trajectory with rule changes intended to...