A new and independent research report entitled, Driving Into Debt, found that the money now owed on cars is up 75 percent since the end of 2009, an all-time record. (Photo: iStockphoto / NNPA)
Business

Auto loan delinquencies climbed to $9 billion in 2018

NNPA NEWSWIRE — … in April of last year, Congress used the Congressional Review Act to nullify the Consumer Financial Protection Bureau’s (CFPB) auto finance guidance that held auto lenders responsible for discriminatory lending practices prohibited under the Equal Credit Protection Act. This distorted use of the Congressional Review Act, sometimes known as another CRA, was never intended to overturn long-standing agency practices. […read more]

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Community

With “Add-ons,” Blacks Often Pay Higher Fees for Car Purchases than Whites

SPEAKING OUT WEEKLY NEWS — “…NCLC cites previous research by the Center for Responsible Lending (CRL) that determined car buyers who financed vehicles at the dealership in 2009 paid $25.8 billion in interest rate mark-ups. That same study also found that more than half of Black car purchasers (54 percent) were also charged loan kickbacks, compared to only 31 percent of Whites.” […read more]

Business

Black Wealth Still Plummeting

PRECINCT REPORTER NEWS — “For households of color, the Great Recession erased the economic progress made over the past three decades in their entirety,” said Astrada. “If current trends continue, it will take 228 years for the average Black family to reach the level of wealth White families own today. For the average Latinx family, matching the wealth of White families will take 84 years.” […read more]

Op-Ed

Corinthian Colleges Fined $30 Million

By Charlene Crowell NNPA Columnist   Financially-troubled Corinthian Colleges, once one of the nation’s largest for-profit colleges, has a new financial hurdle: a $30 million fine. An April 14 order by the U.S. Department of Education followed its finding 947 documented incidents of misrepresentations on Read More

Op-Ed

As Loan Debts Rise, Foreclosures Dip

By Charlene Crowell NNPA Columnist     A new economic analysis by the New York Federal Reserve Bank found fewer foreclosures, bankruptcies and credit card delinquencies. However the rates of delinquent auto and student loans are worse than before. For most consumers, debt may seem Read More

Op-Ed

Financial Shackles Still in Place

By Charlene Crowell NNPA Columnist   As the annual, month-long Black History observance begins, now is a timely moment to reflect on the journey that previous generations of Blacks have trod in the continuing quest for total freedom and equality. From 1865’s Emancipation Proclamation, to Read More

Op-Ed

A Boost for the American Dream

By Charlene Crowell NNPA Columnist   About 800,000 homeowners whose mortgages were backed by the Federal Housing Administration (FHA) could save $900 annually on mortgage costs, due to a small reduction in mortgage insurance (MI) premiums. President Barack Obama made the announcement in a recent Read More

Op-Ed

Clergy Urge Limits on Payday Lending

By Charlene Crowell NNPA Columnist More than 80 members of the clergy from 22 states, representing multiple denominations, converged on Capitol Hill from November 17-19 in a unified advocacy effort. Following two days of training that included discussions about the negative impact of payday lending Read More

Op-Ed

Discrimination in Car Dealer Financing

By Charlene Crowell NNPA Columnist A diverse group of civil rights leaders representing Blacks, Latinos and Asian-Pacific Islanders have joined forces to call for major changes in auto dealer compensation. Together, the organizations are calling for the Consumer Financial Protection Bureau (CFPB) to use its Read More

Op-Ed

For-Profit Colleges Target People of Color

By Charlene Crowell NNPA Columnist Weeks before the U.S. Department of Education (DoE) announces a new rule governing career education programs, the Center for Responsible Lending (CRL) has released research that finds high-cost, for-profit colleges make millions each year by targeting students of color. While these college Read More

Op-Ed

Corinthian Colleges Told to Pay Up

By Charlene Crowell NNPA Columnist A college education is supposed to open the doors to life-long careers and entry into America’s middle class. Yet, students that enrolled at one of the more than 100 Corinthian College campuses across the country had college experiences characterized by Read More