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North Carolina Legislative Update August 12, 2015
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Coalition Letter to NCUA July 2015
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Oppose HR 1737 Reforming CFPB Indirect Auto Financing Guidance Act
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Oppose HR 1210 Portfolio Lending and Mortgage Access Act
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Student Lending Servicing Sign On Letter July 2015
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Comments on Proposed Changes to Federal Housing Administration Loan Certifications
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Student Lending Servicing Comment July 2015
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Letter to Director Cordray from Payday Non-Authorization States
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CRL Comments to the Department of Education July 2015
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Comment Letter to National Automobile Dealers Association
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Federal Housing Administration’s Proposal Falls Short, Hits Borrowers Coming and Going
The Federal Housing Administration’s mutual mortgage insurance fund plays a critical role in providing access to credit so that millions of Americans -- many of whom are first-time buyers, come from low- and moderate-income backgrounds, or purchase homes in communities of color -- can be successful homeowners. The FHA today proposed revised language on the lender certification of loan and borrower eligibility and lender disbarment.

Federal Housing Finance Agency's Rule Setting Affordable Housing Goals
Today, the Federal Housing Finance Agency (FHFA) issued a final rule setting affordable housing goals for Fannie Mae and Freddie Mac (the GSEs). Affordable housing goals are meant to ensure that people in lower-wealth communities have access to homeownership and affordable rental housing. FHFA announced that its' single-family, low-income home purchase goal for 2015-2017 would be set at a conservative 24 percent, and that the dual-part market and benchmark test that determines if goals are met would remain unchanged. This allows the GSEs to meet the goal even if they fall below the target percentage, as long as their lending matches the overall market.

CRL Statement on the Loss of Julian Bond
We at the Center for Responsible Lending were deeply saddened by the loss of Julian Bond, a great American, our friend, colleague and a member of the CRL Board of Directors.

Discover Bank’s Illegal Student Loan Servicing Practices Show Need for New Rules
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a consent order requiring Discover Bank to pay a $2.5 million dollar fine and $16 million in refunds to consumers for illegal student loan servicing practices. The bank overstated the minimum amounts due on billing statements and denied consumers information they needed to obtain federal tax benefits. According to the CFPB, the company also engaged in illegal debt collection tactics.

Military Lending Act Rules Stop 'Debt Trap' Payday, Car-Title, Installment Loans to Service Members
In a speech today in Pittsburgh at the annual Veterans of Foreign Wars convention, President Obama announced new Department of Defense rules to further protect service members and their families from predatory lending practices. The rules strengthen the Military Lending Act (MLA), closing loopholes unscrupulous lenders use to target military families with predatory, high-cost loans, and applying the Act's rules to all existing lending practices in the marketplace. The new rules go into effect October 1.

Honda Finance Settles with CFPB, DOJ over Discriminatory Dealer Interest Rate Markups
Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a settlement with Honda Finance Corporation, which will result in the finance company paying $24 million in restitution to affected borrowers. Honda Finance's past practices resulted in thousands of borrowers of color paying higher interest rates than white borrowers. The company will also change its lending practices to reduce discrimination, and submit to continued oversight to monitor for discriminatory impact.

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