$1.12M for Cattaraugus, Allegany Land Banks Expected to Start Work

Bob Clark | The Salamanca Press
By attacking vacant, blighted and “zombie” properties, officials report land banks can stave off the effects of those properties on neighbors. In 2009, the Center for Responsible Lending projected that homeowners living near a foreclosed property, on average, would lose $7,200 in property value, and projected a four-year increase in losses to $20,300 per household.

Communities of Color Cannot Afford a Weakened CFPB

Joe Valenti and Danyelle Solomon | Center for American Progress
Last year, the CFPB proposed the first comprehensive federal rules to deal with these debt traps that cost consumers $8 billion per year in fees. These rules would require lenders to verify whether borrowers would truly be able to pay back a loan, restrict the ability of balances to spiral out of control, and make it more difficult for lenders to repeatedly drain borrowers’ bank accounts.

For-Profit Colleges: Low Graduation Rates, High Student Debt

Andrea Sears | Public News Service CT
Most students who enroll in for-profit colleges in Connecticut don't graduate, and those who do are deeper in debt, according to the Center for Responsible Lending The group's report says only 35 percent of students graduate from for-profit colleges in the state, compared to more than half of students at public colleges and two-thirds in private, not-for-profit schools.

CBS News: How Auto Dealers Can Use GPS and "Starter Interrupter" Tech to Disable Your Car

Chris Kukla with the Center for Responsible Lending said there are safety concerns. “You’re on your way to pick your kids up, you stop at the store and suddenly you can’t start your car and your kids are left alone at a school,” Kukla said. “Or there are certainly stories of families where the mom was trying to get a kid to the emergency room and they got out to the driveway and couldn’t start their car.”

How Your Wallet Will Suffer If This Consumer Agency Is Gutted

Brad Wolverton | Nerdwallet
“Lenders were abusing the system to siphon money out of service members’ paychecks,” says Christopher Kukla, an executive vice president at the Center for Responsible Lending who oversees its auto lending work. The CFPB worked with the Defense Department to create new protections in its program, he says. “It’s led to really significant reform.”

The Indy Explains: Lawmakers Push For Additional Rules On High-Interest Payday Loans

Riley Snyder | The Nevada Independent
While interest rates on short-term loans might seem astronomically high — the pro-regulation Center for Responsible Lending estimates the state’s average payday loan rate to be 653 percent — industry members like Fullmer say small-dollar, short-term loans should be viewed more as an alternative to sky-high overdraft fees offered by banks, or as a last-minute alternative to financial emergencies, such as someone’s utilities being shut off.

5 Things Congress Should Do To Protect Consumers

Hector E. Sanchez | The Huffington Post
Abusive financial practices add up to big bucks. According to the Center for Responsible Lending, the fees associated with payday and car title loans cost workers in America nearly $8 billion per year. For Latinos, the impact is even greater. In the lead up to the Great Recession, financial institutions steered Latino families into subprime loans, even when those families could have qualified for a conventional loan. This led to higher default rates, foreclosures, and an evisceration of two-thirds of Latinos’ household wealth.

State AGs Push DeVos to Protect Federal Student Financial Aid

Charlene Crowell | The Washington Informer
An old adage teaches, “if at first you don’t succeed, try, try again.” In recent months, the troubled Accrediting Council for Independent Colleges and Schools (ACICS) tried and lost two legal attempts to recover eligibility for federal education funds.