Effective April 1, 2019, a new Prepaid Accounts Rule issued by the Consumer FinancialProtection Bureau (CFPB) gives certain government benefit accounts new protections. Therule amends and enhances the protection that many government benefit accounts already haveunder the Electronic Fund Transfer Act (EFTA) and Regulation E.
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Thirty-six percent is widely seen as the dividing line between affordable small-dollar loans and unaffordable, potentially predatory ones. Several states have capped interest rates at 36%, and Congress is considering doing so to stop the devastating impact that high-cost loans have on struggling families. But the question arises: Why 36%?
Steps the Federal Government Can Take in 2023 to Advance Racial Equity and Strengthen Consumer Protections Emerging from the pandemic families of color are trying to regain their financial footing amid rising inflation and increasing costs for housing and other necessities. Families face new challenges as government programs and supports end and resources are curtailed.…
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As the effects of the COVID-19 economic crisis continue, foreclosure prevention and accessible lending are key housing priorities for 2022. Mortgage market data demonstrate the need for stronger policies.
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Criminal justice debt has soared in recent years as governments have attempted to use fines and fees to cover the growing costs of the bloated criminal justice system, as well as government operations generally. The result has been disastrous.
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Some Homeowner Assistance Fund programs may decide to structure HAF assistance as an interestfree loan payable upon transfer of the property and forgivable over a period of time. We recommend that if HAF programs choose this structure, they avoid creating undue barriers to assistance such as requiring insurable title or conditioning assistance upon the resolution of outstanding liens or potential liens in order to assure priority of the program’s lien.
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The American Rescue Plan Act of 2021 includes $9.9 billion for creation of a Homeowner Assistance Fund (HAF) to be administered by the Treasury Department. The HAF was established to mitigate financial hardships connected with the coronavirus pandemic and prevent foreclosures among homeowners who have experienced a hardship related to the pandemic.
Medical debt harms tens of millions of consumers, with nearly 1 in 6 Americans contacted by a debt collector over a healthcare bill, and 21% of residents in mainly nonwhite zip codes with at least one medical debt in collection on their credit reports.
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Over a quarter of U.S. households face challenges in paying energy bills or keeping their homes heated or cooled, including 50% of households with less than $20,000 in annual income.
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Criminal justice debt functions as a regressive tax on a state’s poorest and most vulnerable residents. Approximately 4 out of 5 criminal defendants are too poor to hire their own lawyers, yet they often fund government with fines and fees.
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