CRL in the News

December 24, 2018 By Scott Astrada Anita Monti wanted to get her grandchildren presents for Christmas. She couldn’t afford them, so she took out a payday loan from Advance America. The company promised a quick fix. Instead, the grandmother “went through hell” for several months as she was trapped in a cycle of debt. During this time, she had to...

WASHINGTON — Recent steps allowing more lenders to skip outside appraisals are seen as removing a key hurdle to closings, but appraisers say they could be collateral damage from the deregulatory policies. The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency released a proposal last month to raise the threshold for residential real estate...

A recent op-ed by Cato Institute policy analyst Diego Zuluaga suggested that lawmakers should eliminate the Community Reinvestment Act, claiming this law is inefficient and other safeguards are already in place to push back against discriminatory lending. The belief that the CRA should be scrapped is misguided and tone-deaf — unlawful discrimination in mortgage lending remains a real challenge for...

College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau. The Education Department under President Donald Trump never published the analysis but advocacy groups recently obtained it through a Freedom of Information Act request. The bureau reviewed 573 colleges across the country with marketing agreements with banks...

GRAND RAPIDS, MI -- Ask Galen and Alice Henderson about their dream home, and the couple doesn't skip a beat. There would be a finished basement, they say. A two-car garage. A big backyard. And three bedrooms so their children - Zahir, 8, and Jamyah, 13 - don't have to share one. Nothing too fancy, they say, just a place...

A new poll shows that student loan debt and predatory practices by some lenders that make paying loans back increasingly expensive prevents a majority of borrowers in the state from buying a home, a car or paying for necessities, and has spurred as many as one in four to move out of state for better-paying jobs. Female borrowers, those who...

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...