Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB) announced the agency’s plan to repeal a rule aimed at stopping the payday lending debt trap. (Photo: iStockphoto / NNPA)
Business

CFPB Makes Move to Support Payday Lenders During Black History Month

NNPA NEWSWIRE — When given the chance at the ballot box, Americans overwhelmingly vote to impose a 36 percent or less rate cap. Today, 16 states and the District of Columbia have these rate caps in place, providing strong protection from payday loan sharks. In remaining states – those without a rate cap – interest rates run as high as 460 percent in California, over 400 percent in Illinois and 662 percent in Texas. […read more]

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Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, wrote to Consumer Financial Protection Bureau Director Kathy Kraninger (Photo: Wikimedia Commons)
Business

Representatives Waters and Green Request Documents from Consumer Bureau on Recent Settlements

NNPA NEWSWIRE — “The Consumer Financial Protection Bureau (“Consumer Bureau”) has recently announced several settlements against entities for engaging in unlawful practices without requiring the payment of redress to consumers harmed by the illegal conduct,” the lawmakers wrote. “This stands in stark contrast to the Consumer Bureau’s practice under the leadership of former Director Cordray. During Director Cordray’s tenure, the Consumer Bureau recovered nearly $12 billion in relief for harmed consumers over its first six years.[1] American consumers deserve a Consumer Bureau that will fight to recover their hard-earned money when they are cheated.” […read more]

“I am committed to holding the Trump Administration accountable and ensuring that the Consumer Bureau can resume its important work protecting American consumers.” — Congresswoman Maxine Waters (D-CA43)
Commentary

Congresswoman Maxine Waters Statement on Proposal to Weaken Enforcement at the Consumer Bureau

NNPA NEWSWIRE — “Trump and his appointees have done everything in their power to undermine the Consumer Bureau. Mick Mulvaney, who Trump installed to serve as Acting Director of the agency, dropped lawsuits and investigations into abusive payday lenders, took away the Office of Fair Lending and Equal Opportunity’s enforcement powers, fired the members of the agency’s Consumer Advisory Board, scaled back enforcement actions against bad actors, sought to slash the agency’s budget, and apparently made it his mission to help out bad actors….” […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

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

Op-Ed

CFPB is Model of Fairness

By Charlene Crowell NNPA Columnist   If there was one key lesson from the recession it is that financial services need effective regulation. It took billions of lost wealth, largely through millions of foreclosures, before lawmakers took decisive actions to ensure that never again would Read More

Op-Ed

Preserving the American Dream of Homeownership

By Charlene Crowell NNPA Columnist   Although many economists claim the recession is over, millions of Americans are still reeling from its financial effects. In particular, communities of color continue to be disproportionately affected by billion-dollar losses in family wealth. New mortgage rules, effective this Read More

Op-Ed

Student Loan Bill of Rights

By Charlene Crowell NNPA Columnist   In the aftermath of a recent report that found the lack of student loan servicing standards and information on monies owed, two U.S. Senators will work as a team to create a Student Loan Borrower Bill of Rights. Sponsored Read More

Op-Ed

Cracking Down on Payday Lenders

By Charlene Crowell NNPA Columnist   Just in time for the holiday season, three federal regulators have taken two separate actions against payday lending. One seeks to remedy outrageous wrongdoing by refunding money to past customers. The other will protect existing or new borrowers from Read More

Op-Ed

CFPB Returns $750 Million-Plus Million to Consumer

By Charlene Crowell NNPA Columnist Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), has delivered his mandatory semi-annual report to Congress. For consumers, the good news is that more than $750 million has been returned to consumers who were victims to various violations Read More

Op-Ed

Coping With Student Loan Repayment

By Charlene Crowell NNPA Columnist A new report from the Consumer Financial Protection Bureau (CFPB) found that many of the same types of loan servicing problems that affected consumers in the mortgage market are now affecting student loan borrowers. Just as troubled homeowners were often Read More

Op-Ed

Time to Reform Horse and Buggy Debt Collector Laws

By Charlene Crowell NNPA Columnist An adage advises that one man’s pain is another man’s gain. As consumers nationwide struggle to recover financially from the Great Recession, this adage is also a truism. Across the country, creditors and debt collectors are taking advantage of archaic Read More

Op-Ed

Credit CARD Act Saves Consumers Billions

By Charlene Crowell NNPA Columnist With 71 percent of consumers having at least one credit card, new research findings from two different sources show that the Credit CARD Act, enacted in 2009, is working. The only difference between the reports is just how much consumers Read More

Business

U.S. Consumer Bureau Bars Payment Firm Over Debt-Settlement Fees

(Reuters) – The U.S. consumer watchdog said on Thursday it fined payment processor Meracord for helping to collect illegal debt-settlement fees, part of a broader crackdown on companies that offer to help borrowers get rid of debt. The Consumer Financial Protection Bureau said debt-settlement companies, Read More

Op-Ed

Black Consumers Remain Strong Supporters of Dodd-Frank

By Charlene Crowell NNPA Columnist   A recent consumer survey shows that support for financial regulation, including the Dodd-Frank Wall Street Reform Act and the Consumer Financial Protection Bureau (CFPB), is strong. Nearly five years after America’s financial meltdown, a nationwide summer survey of likely Read More

Op-Ed

Don’t Let Auto Dealer Markups Take You for a Ride

By Charlene Crowell NNPA Columnist The Consumer Financial Protection Bureau (CFPB) recently issued a warning to banks, finance companies and credit unions that they will be held accountable for discrimination in auto lending. In announcing its intention to hold auto lenders accountable for illegal, discriminatory Read More

Op-Ed

We Won the Fight to Confirm Richard Cordray

by Charlene Crowell NNPA Columnist Life poses a series of challenges for individuals, families and communities. But every now and then, a real victory comes along that reminds us that what is fair and just will eventually prevail. That was the lesson of the two-year Read More

Op-Ed

Overdraft Fees are Still a Problem

By Charlene Crowell NNPA Columnist   A new report by the Consumer Financial Protection Bureau (CFPB) finds that overdraft fees continue to pose high risks to consumers, despite recent regulatory changes. The report focuses on the dreaded overdraft charge, the fees banks and credit unions collect for Read More