Research

Session Law (pdf) Frequently Asked Questions House Bill 1374, the "Protect Homeowners & Reduce Foreclosures" law, passed unanimously in both the North Carolina House and Senate and was signed into law by Governor Easley on August 16, 2007. This law makes the foreclosure process fairer and helps protect NC homeowners from abusive practices by the companies that collect and process...

Session Law (pdf) Frequently Asked Questions House Bill 1374, the "Protect Homeowners & Reduce Foreclosures" law, passed unanimously in both the North Carolina House and Senate and was signed into law by Governor Easley on August 16, 2007. This law makes the foreclosure process fairer and helps protect NC homeowners from abusive practices by the companies that collect and process...

On August 16, 2007, Governor Mike Easley signed into law the NC Predatory Lending Law, House Bill 1817. This law passed with strong support, and was endorsed by major financial organizations across the state as well as the Coalition for Responsible Lending. The law bans abusive lending practices that have contributed to the current subprime mortgage foreclosure crisis. This new...

Summary Frequently Asked Questions Session Law On August 16, 2007, Governor Mike Easley signed into law the NC Predatory Lending Law, House Bill 1817. This law passed with strong support, and was endorsed by major financial organizations across the state as well as the Coalition for Responsible Lending. The law bans abusive lending practices that have contributed to the current...

It's the rare car buyer who walks out of a dealership convinced they got the absolute best deal on their purchase. CRL researchers have closely scrutinized dubious car lending practices – using data derived from industry sources and results from a consumer survey – so that buyers might be better informed and get a fairer shake. "Car Trouble: Predatory Auto...

Consumers are being hit with fees amounting to triple-digit interest rates on loans they did not ask for—and in many cases cannot afford—when they overdraw their bank accounts through checks, electronic transfers, debit card purchases, and ATM withdrawals. This is possible because the Federal Reserve Board has refused to close a loophole in the rules implementing the Truth in Lending...

These findings were obtained primarily from CRL research on overdraft loans. Total costs vs. funds extended: Total cost per year consumers pay in overdraft fees: $ 23.7 billion. Total funds extended by institutions to cover consumers' overdrafts: $ 21.3 billion. This means consumers had to repay $45 billion for $21.3 billion in very short-term credit. Mostly debit cards and small...

As two trends collide—increasing use of debit cards among young adults and increasing use of abusive overdraft practices among major banks—college students and young workers just starting their adult lives are paying a high price. At least one hundred universities are contributing to this problem by selecting a single bank and granting them exclusive marketing privileges on campus. Such an...

In a system enormously out of balance, fees for abusive overdraft loans have reach $17.5 billion per year, more than the loans themselves, which now amount to $15.8 billion per year. CRL's report, "Out of Balance," finds that abusive overdraft loans, once the exception, are now the rule in a system where not-sufficient funds (NSF) fees–historically used to discourage overdrafts—have...