Racial Disparities in Auto Lending
A brief by the National Consumer Law Center shows state-by-state markups on auto loan rates by race, revealing wide disparities between costs for African-American and white car buyers.
Foreclosures by Race and Ethnicity: The Demographics of a Crisis
Read our report >> Our new research shows that the foreclosure crisis is not over, and runaway foreclosures continue to drain hundreds of billions of dollars in wealth from families, hitting communities of color the hardest. An estimated 2.5 million foreclosures were completed from 2007 – 2009, and an estimated 5.7 additional ones are imminent. An estimated 17% of Latino...
A “Foreclosure Capital” in the Shadow of the Nation’s Capital
Louise Golden's backyard is a showplace. She planted everything with her own hands: crepe myrtle, pink peonies, azaleas, and roses of four colors. She and her husband, Stanley, bought the split-level house on Kepner Court in Lanham, Maryland, in 1980. She loved the place from the start, because of its roomy kitchen, and because of the possibilities she saw in...
Auto Dealers Should Play By The Same Rules As Everyone Else
The auto dealer lobby successfully fought to receive a special exemption in the House from the rules of the Consumer Financial Protection Bureau (CFPB) in the financial reform bill even when the dealers act as creditors and brokers on car loans. But fair, honest and ethical competition requires a level playing field, as well as a fair and consistent system...
A Just Fee or Just a Fee?
An Examination of Credit Card Late Fees Read the entire "A Just Fee or Just a Fee?" 13 page research report. Brief background on the report plus report findings: The CARD Act of 2009 brought strong credit card reform to the industry and benefits to cardholders, but the penalty late fee issue remains to be addressed. Congress assigned the Federal...
Top Priorities for Real Financial Reform
Reconciling H.R 4173 and S. 3217 During recent years, regulators stood by and allowed the most costly reckless lending in history, largely because they were heavily influenced by the very businesses they were supposed to oversee. Lax regulation has already cost trillions of dollars. For the final financial reform bill, these four issues will be vital in protecting taxpayers from...
The Consumer Financial Protection Agency Should Be Independently Funded
To ensure that the CFPA is independent of the industry it is trying to regulate, Congress must ensure that the funding source remains independent of political pressure.
Single Director, Not a Commission, Should Head Consumer Financial Agency
The Consumer Financial Protection Agency should be headed by a strong, independent-minded director, rather than a five-member commission, to ensure that the Consumer Financial Protection Agency is free from industry influence and costly delays.
The Snowe-Pryor Prioritizes Small Businesses Over Families, Taxpayers and Other Key Stakeholders
The Snowe-Pryor Senate financial reform bill proposal would create a layer of bureaucracy that is redundant and dangerous. This language would prioritize small businesses over families, taxpayers and other key stakeholders.
SB 1275: Borrower Stories
Three servicers. Three California homeowners. Three avoidable foreclosures. Three Ways SB 1275 Would Help Stop the Foreclosures that can be Stopped Patricia and Manuel Mondoy, Hayward, Calif. Under SB 1275, GMAC would have been required to complete its evaluation of Patricia and Manuel M.'s loan modification before recording a Notice of Default. If GMAC had completed the evaluation process before...