“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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CRL Asks Congress to Stop Out-Of-Control Overdraft
Abuse
Eric Halperin of CRL testified before the Financial Services
Committee of the U.S. House in support of H.R. 3409, the
Overdraft Protection Act of 2009, which would put the brakes on
practices that cost consumers $24 billion per year in unfair
fees. |
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How Much Does Bad Lending Cost Your
State?
Now available: state-by-state fact sheets showing the impact of
bad lending, including projected delinquencies and
foreclosures, the cost of bank overdraft loans and the cost of
the payday debt trap. We also show each state’s share of
subprime mortgages made by national banks--yes, the same banks
that were allowed to ignore state lending laws.
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Eakes Receives Lifetime Achievement Award for
Responsible Lending
Opportunity Finance Network
(OFN) announced today that Martin Eakes, a nationally recognized
expert on community development finance serving low-income
people and communities, received the third annual Ned Gramlich Lifetime Achievement Award for
Responsible Lending. Named in memory of the late Federal
Reserve Board Governor Edward (Ned) Gramlich, the Award honors a
lifetime of achievement in responsible financial services.
Scammers Thrive on Continuing
Foreclosures
Scam artists are well aware that the
foreclosure crisis isn't over. With a new foreclosure starting
every 13 seconds, fake rescuers are out in full force, preying
on desperate homeowners. Avoid scams and find resources for real
help.
Nonprofit Quarterly Newswire Gives Kudos to
CRL
On October 23, the editors of the Nonprofit
Quarterly (NPQ) newswire saluted CRL's consumer advocacy efforts. In
part, NPQ said, "Without CRL's early and thorough analysis of
subprime and predatory lending, we suspect that this nation's
laggard response to the foreclosure crisis might have been even
worse. To us, CRL has been a model of public education on
critical public policy issues." The editorial noted that CRL has
again been attacked--baselessly-- by the fake grassroots group
Consumers Rights League, in an attempt to derail our push for
financial system reform. On that, NPQ wrote, "We'll side with
the Center for Responsible Lending, thank you very much."
In the News
The Chair of the Senate
Banking Committee proposed a credit card rate freeze. A new poll finds that 7 of 10 voters support the
creation of a Consumer Financial Protection Agency that could
set and enforce strong rules requiring fair, affordable, and
understandable financial products. The San Jose Mercury News called for an end to the payday lending debt trap
in California. The Salt Lake County Council will lobby the
Utah legislature to limit payday lending interest rates. Bloomberg
reports on Rep. Barney Frank's request that banks not do
their customers a "favor" by enrolling them in overdraft without
asking. Groundbreaking research by the National Consumer Law
Center takes on the weighty topics of “Why Servicers Foreclose When They Should
Modify and Other Puzzles of Servicer Behavior." Massive protest asking for bank reform in Chicago this
week. "They towed my truck at work," woman warns of the dangers of car title loans in Texas.
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