Strengthen Rules Against Predatory Lending: Where We Stand

Orlando Sentinel
Many Floridians who struggle to pay their bills resort to payday loans: small-dollar, high-cost cash advances that borrowers promise to repay out of their next pay check. Lower-income borrowers often wind up trapped in a cycle of debt, taking out a string of payday loans, paying high fees with each one and falling further behind financially. Payday lenders have collected more than $2.5 billion in fees from Floridians since 2005, according to the nonprofit Center for Responsible Lending.

Governor Candidates Have Opposing Views on Regulations

Craig Jarvis | The News & Observer
Chris Kukla of the Center for Responsible Lending says Cooper’s office has been a model for other states’ financial regulation. "Over last 10 years, I can’t think of a significant consumer protection area in financial services his office hasn’t been involved in,” Kukla said.

Uncertain Future for Financial Aid?

Eric Wildstein | Gaston Gazette
Students who receive the Federal Stafford Loan can borrow up to $5,500 annually from the U.S. Department of Education for tuition, books and other related expenses. The loan can be repaid during the time a student is enrolled or it can be deferred, depending on several factors. The loan could even be forgiven if the student enters certain professions, dies or suffers an injury or disability.

Subprime Auto Loans: Why You Should Avoid Them

John M. Vincent | U.S. News & World Report
“Subprime lending is inherently more expensive; it is not uncommon to see auto loan interest rates of between 25 to just shy of 30 percent,” says Chris Kukla, EVP of the Center for Responsible Lending. Unfortunately, that’s only part of the problem, as many extras are often packed on top of an inflated vehicle price.

'Safe' Accounts for Unbanked on Rise; Do They Do Much Good?

Kevin Wack | American Banker
Some consumer advocates are skeptical that banks will ever put a lot of marketing muscle behind overdraft-free accounts, as long as those options are being offered alongside more profitable accounts that do allow for overdrafts. "There's just not a lot of incentives for banks to put customers in those accounts," said Rebecca Borne, senior policy counsel at the Center for Responsible Lending.

Critics of Predatory Lending Divided Over Best Way to Help Borrowers

Michael Pope | WVTF Public Radio
Here in Virginia, car-title lenders offer loans at more than 200% interest and often trap borrowers in a cycle of debt. In the last four years, the number of cars that have been repossessed has increased 144%. And the number of people missing monthly payments has increased 273%. So what’s the best way for the government to respond? One approach would be to limit the monthly installments to five percent of a person’s income.

How A Progressive Stance On One Issue Is Saving Nc Residents More Than $450 Million Per Year

Rob Schofield | NC Policy Watch
The list of regressive new laws enacted in North Carolina in recent years is a long and sobering one. In area after area, state leaders have pushed an agenda that has dis-invested in essential public services and structures, promoted discrimination, laid waste to the natural environment and expanded economic stagnation and inequality.

Senate Bill 308 Would Help Homeowners to Keep Equity

Graciela Aponte-Diaz | The San Fernando Valley Sun
In 2016, recent reports of job growth are encouraging to learn. Yet these and other economic measures have yet to lessen the economic anxiety faced by so many California families. Struggles to make financial ends meet are particularly prominent for people of color.