CRL in the News

Three months ago, one of the government’s top student loan watchdogs, Seth Frotman, stepped down from his job at the Consumer Financial Protection Bureau with a scathing resignation letter that criticized the Trump administration for undermining the agency’s enforcement efforts. Then he took some people with him.

The racial wealth gap is the disparity in median household wealth between the different races. Home equity is a large percentage of most families’ wealth. As a result, increasing minority homeownership is critical to closing the gap.

Bank regulators have not come out with a formal plan for updating the Community Reinvestment Act, but a preliminary list of questions about the reform effort issued by the Office of the Comptroller of the Currency has produced a treasure trove of public feedback to guide their deliberations.

Maxine Waters of California is known as a partisan firebrand who gives as good as she gets, especially where President Trump is concerned. Now, with Democrats assuming control of the House in January, the California Democrat is about to become more visible than ever before, with the power to slow down an important part of Trump's agenda and even shine...

Colorado voters have overwhelmingly opted for tighter regulations on payday lending, easily approving a proposal to cap interest rates on the short-term loans. Colorado is now the 16th state, plus the District of Columbia, to limit loan rates. “APRs of 200% are gone. Huge win for Colorado consumers!” tweeted Danny Katz, the director of the Colorado Public Interest Research Group...

WASHINGTON — Rep. Maxine Waters has been in the headlines recently more as an outspoken critic of the Trump administration than for her banking policy positions on the House Financial Services Committee. That will likely change as Waters is now viewed as the presumptive chair of the committee after Democrats won back control of the House Tuesday. That perch could...

The percentage of South Florida households without a bank account— the so-called unbanked — rose in 2017 even as the national percentage fell last year, a new government survey shows. A full 8 percent of households in the Miami, Fort Lauderdale and West Palm Beach metropolitan area were unbanked, borrowing money or cashing checks outside the banking system, according to...

Meet the new payday loan. It looks a lot like the old payday loan. Under the Obama administration, the Consumer Financial Protection Bureau attempted to rein in abusive payday lending, by, among other measures, forcing lenders to ensure borrowers had the means to pay back their loans. The Trump administration, under interim CFPB Director Mick Mulvaney, is looking to roll...

“Not only has the legislature not done anything to reduce the harm, it has taken affirmative steps to expand the harm,” said Diane Standaert, executive vice president and director of state policy for the Raleigh, N.C.-based advocacy group Center for Responsible Lending. Consumer advocates in Mississippi agree. “I’ve heard it said that any business is a good business in Mississippi...

Senator Kamala Harris, a California Democrat and potential 2020 presidential contender, has a Trump-size tax plan of her own. There are two other related issues the proposals would target. The first, as Harris said, is the persistence of payday lending in depressed neighborhoods and among lower-income families. Even given the good economy, and even given the passage of the Dodd-Frank...