[link removed]
** Fall 2019
------------------------------------------------------------
In this issue we explore solutions to the worsening student loan crisis, the profound dangers of housing discrimination, and mark the anniversary of the Consumer Financial Protection Bureau’s (CFPB) intended implementation of the payday lending rule.
If you know of anyone who would like to receive this newsletter, please encourage them to subscribe today ([link removed]) . Follow our updates on Twitter ([link removed]) and Facebook ([link removed]) .
------------------------------------------------------------
** "This crisis will shape the lives of millions of borrowers and the health of our economy for decades to come.”
------------------------------------------------------------
[link removed]
Ashley Harrington testifying ([link removed]) at the hearing, "A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable." (Begins at 32:11) Behind Ashley, Nikitra Bailey, Julia Barnard, and Vincenza Previte can also be seen.
Understanding how consumer lending occurs is foundational to remedying the student loan crisis. In September, CRL testified ([link removed]) before the full House Financial Services Committee with common sense solutions specified in our recent report, Quicksand: Borrowers of Color and the Student Debt Crisis. ([link removed])
A new poll shows that voters across political parties overwhelmingly oppose the CFPB's rollback of student loan protections ([link removed]) .
** Administration Threatens Housing Protections
------------------------------------------------------------
CRL pressed the CFPB this summer to preserve widespread access to safe and sustainable mortgage loans ([link removed]) as the agency considers changes ([link removed]) to the qualified mortgage and ability-to-repay rule, a critical reform emanating from the Dodd-Frank financial reform law.
For families of color, a home is more than a house, it is the economic equity engine critical to closing the racial wealth gap. So why would HUD reverse its own fair housing rule ([link removed]) ? CRL and Self-Help Credit Union leaders highlight the importance of disparate impact ([link removed]) as a correction to curb historic racism in housing. Our October 18 comment ([link removed]) on the proposed rule demands that HUD not attempt to fix what isn’t broken. Our faith partners also lift up HUD's moral obligation ([link removed]) to ensure all tools remain available to root out
discrimination in housing and lending.
[link removed]
Mike Calhoun testifying ([link removed]) before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, “Chairman’s Housing Reform Outline: Part 2.” Also shown, Melissa Stegman and Keith Corbett.
** Payday Lenders’ Investment Pays Off – For Now
------------------------------------------------------------
October marks the implementation date of the CFPB's payday lending rule for which CRL and its allies—with bipartisan popular support ([link removed]) —secured an end to $8 billion in unjustified annual fees ([link removed]) payday lenders charge borrowers. The agency under the current administration reopened this rule ([link removed]) only to be confronted by powerful state and federal coalition mobilization culminating in a formal comment letter ([link removed]) .
[link removed]
Source: Lake Research Partners/Chesapeake Beach Consulting poll conducted of 1,000 likely voters between July 15-23, 2019.
** States Take On Financial Reform
------------------------------------------------------------
CRL revealed the striking multigenerational impact of North Carolina’s $44 billion student loan debt burden ([link removed]) while finding that its thriving and highly-ranked state HBCUs are underfunded and enroll students who often borrow more to attend them. A Q&A on WNCU Radio ([link removed]) was one of many news outlets that covered this release.
Costly for-profit colleges consistently yield poor outcomes for students of color and women. How do things look in your state? ([link removed])
[link removed]
============================================================
** Twitter ([link removed])
** Facebook ([link removed])
** YouTube ([link removed])
** Website ([link removed])
** Donate Now ([link removed])
Copyright © 2019 Center for Responsible Lending, All rights reserved.
302 West Main Street,
Durham, NC 27701
910 17th Street NW Suite 500,
Washington, DC 20006
1970 Broadway Suite 350,
Oakland, CA 94612
Want to change how you receive these emails?
You can ** update your preferences ([link removed])
or ** unsubscribe from this list ([link removed])
