“What’s Hot” is a bi-weekly email
newsletter published by the Center for Responsible Lending to
keep you informed about new research, analysis and resources
from CRL and developments in the fight against predatory
lending.
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Overdraft Reform Needs to Be Put Into Law
Media scrutiny and proposed legislation in Congress
prompted three of the nation's largest banks to unveil changes
to their overdraft policies last week. Despite these
limited changes, all three banks will continue to engage in
unfair overdraft practices pervasive throughout the industry,
underscoring the need for comprehensive overdraft reform. A point made
by Senior CRL Researcher Leslie Parrish in an op-ed that ran in The Hill
Wednesday, as the House Financial Services Committee held
hearings on the CFPA. |
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Durham Neighborhood's Toolshed Encourages Home
Rehab
Residents in Durham's Walltown neighborhood
now have access to tools and equipment in a new community
toolshed. Self-Help has been working on a home ownership
initiative in Walltown in recent years, and this free toolshed
is just another way neighbors can share resources while building
their community. These tools make it easier for residents, many
of whom are first-time homeowners, to maintain their property.
Learn more about Self-Help's efforts in Walltown
here. |
A Call for Morality In Economic
Affairs
Rachel Anderson, CRL’s Director of
Faith-Based Outreach, contributed a column to GOD’s
politics, a blog published by Sojourners offering progressive
Christian commentary on faith, politics, and culture.
Entitled, “Integrity & the Economic
Crisis”, Rachel underscores earlier clerical calls for
integrity into the public debate of our economic crisis. In a
related effort, several Missouri ministers took part in news
conferences in St. Louis and Kansas City on September 29 calling
for lawmakers to protect local families from predatory payday
lending. A portion of the news conference is available
here.
CRL Testifies in Favor of Focused Feds and Active
States
Hot debate continues over the proposed
Consumer Financial Protection Agency, which we believe will be
essential to restore confidence in our shaky financial system.
This week CRL’s president, Mike Calhoun, testified in support of the CFPA before the
Housing Financial Services Committee, stressing the importance
of focused federal oversight on consumer protections that also
preserves state laws.
New Credit Card Reforms Needed As Soon As
Possible
The new credit card reform bill that Congress
passed earlier this year could take full effect as early as
December 1, nearly three months earlier than now scheduled, if
House Financial Services Chairman Barney Frank gets his way.
CBC: Housing Outlook Grim for African
Americans
Recently CRL staff participated in several
panels during the 39th annual legislative conference held
by the Congressional Black Caucus Foundation, September 23-26 in
Washington. Many of the sessions are available online,
including a panel discussion on how bad lending practices
and foreclosures are hobbling future housing opportunities for
African Americans.
In the News
Since 1998, the Fed refused
to police lenders' compliance with federal laws related to
credit cards, despite repeated urging by consumer
advocates across the country and even by other government
agencies. It has just now reversed that policy. New mortgage rules by the Fed are welcome,
though they come late in the game. USA Today reports growing
anger from consumers about bank overdraft fees. Payday lenders gear up for a fight against a 36% rate cap in
Wisconsin. Meanwhile the
fight is not over in Ohio as payday lenders
continue to circumvent the state's new Short-Term Loan law. This
week North Carolina implemented new protections for distressed
homeowners.
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