Misguided McHenry: Congressman Patrick McHenry is inviting predatory lending back into North Carolina

Paul Reeves
As early as Valentine’s Day, the House of Representatives will vote on Rep. McHenry’s legislation, H.R. 3299, which would let financial companies, including online payday and installment lenders, charge North Carolinians 100 percent APR and potentially far higher – and override our state’s interest rate caps. If this bill becomes law, it would bless the “rent-a-bank” scheme whereby these nonbank entities form sham partnerships with banks that technically originate the loan in order to evade strong state laws. It’s also the same type of scheme that the payday lenders used to make illegal loans

Civil rights advocates oppose returning secondary mortgage market to Wall Street

Charlene Crowell | The St. Louis American
In recent days, threats to the nation’s housing finance system have emerged. At the center of the controversy are two key issues: the obligation of mortgage lenders to ensure broad mortgage credit for all credit-worthy borrowers, and secondly, whether the nation will enforce its own laws banning unlawful discrimination.

Blacks And Latinos Denied Mortgages At Rates Double Whites

Jason Debruyn | WUNC North Carolina Public Radio
"We know as a nation that homeownership is really important and it's the way that most of us have built our wealth over time," said Nikitra Bailey, an executive vice president with the Center for Responsible lending who oversees the group's coalition building and constituent relations. "When you're not inside the marketplace because of these challenges, then you don't get that opportunity, so you remain on unequal footing. So this racial wealth gap grows over time as opposed to shrinking over time."

Rep. Gabbard Votes Against Predatory Lending Bill Targeting Minority, Low-Income Communities

Big Island Now
More than 150 civil rights, consumer, faith and community organizations oppose H.R. 3299 including, Americans for Financial Reform, Center for American Progress, Center for Economic Integrity, Center for Responsible Lending, Consumer Action, Consumer Federation of America, Consumers Union, NAACP, National Association of Consumer Advocates, Prosperity Works, Southern Poverty Law Center and United for a Fair Economy.

An act of madness: CFPB said to be letting Equifax off the hook for data breach

David Lazarus | Los Angeles Times
Yana Miles, senior legislative counsel for the Center for Responsible Lending, said Mulvaney "is finding new ways to sabotage the consumer bureau." "The administration should recognize the severe harm Mulvaney is doing to the public and nominate a director who has people's interest at heart," she said. Now that would be a wonder.