This new CRL report shows that losses on credit cards in the current downturn mounted faster at banks engaging in unfair, deceptive practices. High-cost penalty fees and interest rates didn’t mitigate risk—as credit card issuers claimed—but instead were the risk that pushed consumers into hardship and default. The same holds true for high-cost [...]
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Posted on May 15th, 2012
Posted on November 29th, 2011
There are no signs that the flood of home losses in America will recede anytime soon. This report, “Lost Ground,2011 shows that at least 2.7 million households have already lost their homes to foreclosure, and more strikingly, that we are not even halfway through the crisis. The report addresses three key questions. [...] Posted on August 22nd, 2011
CRL supports the principles laid out in the OCC’s proposed guidance on overdraft and bank payday loans, but hopes the OCC will dramatically strengthen its guidance to address existing problems and to avoid inadverdently entrenching abuses. Among our recommendations, CRL urges the OCC to act quickly and decisively to stop payday lending before [...] Posted on May 3rd, 2011
This Center for Responsible Lending survey indicates that most consumers do not want high-cost overdraft coverage for their checking accounts, and that opt-ins are largely based on aggressive and misleading marketing, rather than clear and accurate information from banks. Many banks routinely cover any transaction that overdraws a customer’s account, including checks, [...] Posted on October 31st, 2010
With the foreclosure crisis in the headlines for over two years now, it is easy to assume that it must be nearing the end. Unfortunately, this crisis is far from over. To date, 2.5 million homeowners have already lost their homes and another 5.7 million are at imminent risk of foreclosure. Looking ahead, [...] 2 pages
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