Research

A new CRL report describes how banks are adding payday loans to their arsenal of predatory loan products. These loans drain cash from cash-strapped Americans, often social security recipients. The banks are making loans to their checking account customers based on the customer's direct deposit paycheck. The fees are high and the entire principal is deducted on payday, which, like...

Download our analysis A new poll shows that American voters broadly support the 2010 Dodd-Frank Wall Street Reform law. The poll--conducted by Lake Research Partners for CRL, AARP, and Americans for Financial Reform--reveals that voters overwhelmingly support the Consumer Finance Protection Bureau and its specific functions. Learn more about CFPB Some key findings from this poll: Likely voters, including majorities...

Mortgages servicers should be required to give every mortgage holder "a good-faith review of foreclosure alternatives" before taking steps to take his or her home, CRL president Michael Calhoun told Congress today. In testimony before the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit and Subcommittee on Oversight and Investigations, he recommended that servicers be required to...

Better Overdraft Policies Put Money Back In Consumers' Pockets Regulators Must Stop Remaining Overdraft Abuses A new study by Market Rates Insight finds that Americans saved $1.6 billion in overdraft fees in 2010 after the "opt-in" rule took effect last summer. Once banks were required to get explicit permission before approving debit card overdrafts for a fee, most Americans said...

Finding the Right Balance Lack of underwriting, not low down payments, caused the current crisis. Strong underwriting is the best way to rein in risky loans—and Dodd-Frank already requires this. As part of implementing the Dodd-Frank financial reform bill, federal regulators are charged with defining a "Qualified Residential Mortgage" or QRM. Government proposals have called for down payments up to...

Federal regulators are proposing to mandate down payment requirements up to 20% on future home loans. Their proposal is part of the proposed standards for defining a " Qualified Residential Mortgage," or QRM. This brief updates and supplements "Don't Mandate Large Down Payments on Home Loans," published by CRL in March 2011. [1] Our analysis shows that a 10% down...

The Coalition for Sensible Housing Policy, including CRL, issued this paper to make the case for sound mortgage lending practices -- but not mandated down payments that would bar responsible home buyers from ownership. Learn about Qualified Residential Mortgage (QRM) proposals.

Federal regulators are proposing to mandate down payments as high as 20% on future home loans, but even a 10% down payment requirement would stifle economic recovery and lock out responsible home buyers. How Many Years Would it Take These Workers to Save for a 10% Down Payment? Graph: Years to save for 10% down payment by 10 common occupations...

More Information: Summary of HB 810 Text of HB 810 Why Oppose HB 810? Background on Consumer Finance Loans in NC Who Opposes HB 810 ? How Did Your Representative Vote on HB 810 in 2011? House Bill 810, after barely passing the House in 2011, died in the Senate Rules Committee in 2012. And, for the first time in...

Why Did We Oppose HB 810? Read entire bill >> Read our summary of the bill >> What's happened with HB 810? >> Rates on small loans in NC are already too high. With families struggling, making these loans more expensive will be a disaster for NC consumers. 25 to 54% interest is enough. Consumer finance companies can already charge...