NAREB Takes Fight for Black Homeownership to Congress

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Hazel Trice Edney | The Precinct Reporter
The rate of Black homeownership in America – now at 41.1 percent, according to 2019 U. S. Census numbers – is even lower than it was when the U. S. Fair Housing Act was signed into law 51 years ago on April 11, 1968. This means Black homeownership is 32.1 percentage points lower than that of Whites, which stands at...

The Ongoing Fight Over Payday Loans

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Jefferson Public Radio
The federal Consumer Financial Protection Bureau changed its tune on payday loans when the country changed presidents. The Center for Responsible Lendingnoticed. CRL's Ezekiel Gorrocino visits with details of the current situation with payday loans.

Will FHFA’s fair-lending office fill enforcement void?

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Hannah Lang | American Banker
WASHINGTON — When the Federal Housing Finance Agency opened a fair-lending monitoring office last August, there was little fanfare. But the launch of the Office of Fair Lending Oversight stood in contrast to different moves by officials elsewhere in the Trump administration. Today the FHFA’s Office of Fair Lending Oversight is still somewhat under the radar. It has five employees...

Will Fannie and Freddie get a new sibling?

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Andrea Riquier | Market Watch
After over a decade of stagnation, the race is finally on to release mortgage giants Fannie Mae and Freddie Mac from government control and reshape the housing finance system. The devil is, as always, in the details — except that some of the “details” aren’t so limited in scope. One of the biggest questions in play right now revolves around...

CFPB chief’s equal-opportunity calendar

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Kate Berry | American Banker
In her first four and a half months on the job, Consumer Financial Protection Bureau Director Kathy Kraninger was no stranger to Capitol Hill, holding in-person meetings with lawmakers more than twice as often as her predecessor did during a similar time frame. Kraninger, who has been at the helm of the agency since December, met in person with 16...

Sallie Mae is expanding from student loans to credit cards. Should you get one?

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Rebekah Tuchscherer | USA Today
Sallie Mae, the student loan provider once sponsored by the government, is expanding into credit cards. The company this month unveiled a suite of three credit cards aimed at college students, recent graduates and young professionals. Its new cards offer rewards for responsible financial behavior. They come 18 months after the company introduced personal loans.

Scammers Are Targeting People With Medical Bills. Here Are 7 Red Flags to Look Out For

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BARRY BRIDGES | BANKRATE.COM
When you’re dealing with medical bills not covered by your insurance or car repairs not covered by your warranty, sometimes a personal loan has you covered. You could even use a personal loan for a non-emergency such as a home improvement project. However, you should always be on the lookout for fraudulent lenders. Personal loan scams specialize in taking advantage...

A lucrative poverty tax

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Dylan Svoboda | Sacramento News & Review
Hannah Hudson was one of the few high school graduates lucky enough to take a European summer vacation before the long slog of adulthood. Little did she know, she’d spend a half-day wondering how to cover her next meal after a series of overdraft fees from Bank of America left her more than $100 in debt. Halfway around the globe...

The interest rate on these loans can top 100% in California. Does a 36% cap solve the problem?

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HANNAH WILEY | Sacramento Bee
For California borrowers trapped in loans with triple-digit interest rates, a proposed bill to impose a 36% cap might seem like a godsend. If passed, Assembly Bill 539 would end a decades-long practice of allowing installment loans of $2,500 to $10,000 to carry such high interest rates by limiting that number to 36%. But in striking a deal on the...

‘Student Loan Bill of Rights’ will protect Maine students from predatory lenders

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Dan Neumann | Maine Beacon
Bringing “real accountability to the Wild West of student loan servicing,” Maine lawmakers passed a “Student Loan Bill of Rights,” which will give the state the authority to investigate and intervene when borrowers complain of abusive or deceptive practices by student loan lenders. The bill, unanimously passed by the Maine Senate on Monday, moves now to Governor Janet Mills’ desk...