Thanks to the hard work of members of the National Community Reinvestment Coalition, the Federal Reserve has extended the comment period on the proposed deal until October 12.The Fed will also hold public hearings on the consumer impact of the merger in Chicago, Washington, and San Francisco.
Several proposals under consideration in Washington right now could dramatically impact the availability of mortgage credit. The U.S.
Both overdraft loans and bank payday loans are credit products offered by banks, but overdraft loans operate within more clearly proscribed limits than do bank payday loans. Consumers can’t simply walk into a bank branch and request an overdraft loan; overdraft loans happen automatically made when account holders make a transaction that pushes their balance below zero.
Key policies of the last decade, such as the Bush Administration’s “Ownership Society,” sought to expand homeownership opportunities without putting in place effective safeguards against unchecked and unscrupulous lenders targeting communities of color with unsustainable mortgage products. Rather than correct this regulatory failure, many critics have chosen to question the viability of homeownership as a wealth-building vehicle and suggest that many people are better off renting their home.
The Moran amendment would replace the CFPB’s independent director with a board dominated by current regulators. Three of the six members of the board would be filled by the prudential regulators at the Office of the Comptroller of the Currency (OCC), the FDIC, and the Federal Reserve; the other three would be appointed by the president in a 2 to 1 party split. A board with an even number of members is a recipe for deadlock and inaction, particularly when prudential regulators have the ability to slow much-needed reforms.
"In light of the inability of all members of the subcommittee to have an opportunity to ask you questions, and your unwillingness to provide direct and responsive answers to a number of important questions, the committee would like to first discuss your plans for the CFPB."
Woodstock Institute Senior Vice President Geoff Smith presented the findings of a new report that found that thousands of foreclosed, vacant homes in the City of Chicago are likely poorly maintained, lack clear ownership, and threaten to destabilize neighborhoods. “The steward relationship between loan servicers and the homes in our neighborhoods is broken,” noted Smith.