Investigation finds secret bias hidden in mortgage-approval algorithms
“If the data that you're putting in is based on historical discrimination,” said Aracely Panameño, director of Latino affairs for the Center for Responsible...
Chipping Away at the Borrower-Defense Backlog
Notably, the department considered and mentioned the ownership of each of the institutions in its announcement. That hasn’t traditionally been done, said Julia Barnard, a researcher at the Center for Responsible Lending, noting that CRL was glad to see individual owners held accountable. But the Biden administration could be doing more to help defrauded students, such as by providing group...
How to Choose a Bank Account Without Overdraft Fees
As noted earlier, many major banks offer Bank On accounts. All told, these accounts are available at 40 percent of bank branches nationwide, according to David Rothstein, senior principal at CFE Fund, a nonprofit that leads the Bank On initiative and certifies these accounts. Still, these accounts might not be prominently displayed online, or consumers may get steered toward other...
The Bachelor PPP loan drama shows the program was flawed from the start
“It highlights the problems that we saw and were talking about all along. It’s another newer, more flashy example of the issues with the program,” said Ashley Harrington, federal advocacy director at the Center for Responsible Lending. “For us, the problem was not just about who was getting the loans but who wasn’t getting the loans.”
Are state interest-rate caps an automatic win for borrowers?
Small-dollar, short-term lenders, unburdened by a federal maximum interest rate, can charge borrowers rates of 400% or more for their loans. But more states are bringing that number down by setting rate caps to curb high-interest lending. Currently, 18 states and Washington, D.C. , have laws that limit short-term loan rates to 36% or lower, according to the Center for...
Kerri Smith Interview with Rhonda Rawlings on 107.3 JAMZ
Listen to an interview with Kerri Smith of the South Carolina Fair Lending Alliance on Rhonda Rawlings on 107.3 JAMZ as they discuss the dangers of predatory lending in South Carolina.
‘Amazon can get anything in the world physically to your door in under 48 hours. It takes Uncle Sam six days’: Wells Fargo defends stimulus-check delay
Speed counts and any sluggishness is a particular problem now, Klein said. “That time delay costs American living on the edge millions, billions in fees,” he added. Banks collected approximately $11.7 billion in overdraft fees in 2019, according to study last year from the Center for Responsible Lending.
The U.S. has already cancelled roughly $100 billion in student debt amid the pandemic
“While the current payment pause and interest waiver has helped millions of borrowers… [it] cannot be a substitute for across-the-board student debt cancellation,” Ashley Harrington, a higher education expert at the Center for Responsible Lending, told Yahoo Finance. “And while it is great that the time in suspension counts towards IDR and PSLF, we know that these and other programs...
Senate Democrats take aim at 'true lender' interest rate rule
“While some of today's schemes might be dressed up a little bit fancier with the fintech aura than the older schemes, they still have the same rent-a-bank evasion,” said Lisa Stifler, director of state policy at the Center for Responsible Lending.
2021 Fair Housing: Restoring HUD Rules and Revenues
“Systemic discrimination continues to limit housing opportunity for Black and brown communities and stunts our country’s economic growth,” said Nikitra Bailey, executive vice president with the Center for Responsible Lending.