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How Public Policy Built The Racial Wealth Divide
by Seth Freed Wessler on May 3 2013, 11:55AM
Ta-Nehisi Coates writes on a foul 1950’s housing market practice that ropped black wealth and helped set the conditions for the current racial wealth gap.
Topics: /NOW Blog
Unregulated Lenders Now Target Pensioners
by Seth Freed Wessler on April 30 2013, 4:43PM
Predatory “pension advance” companies are hawking high interest loans to aging Americans. People of color are set up to take the worst hit.
AARP: Black and Latino Seniors Losing Homes at Twice the Rate of Peers
by Kai Wright on July 19 2012, 1:28PM
An AARP poll shows 16 percent of borrowers over 50 are underwater, and that black and Latino homeowners are the hardest hit.
Topics: Economy, Kai Wright, /NOW Blog
What’s in Your Wallet? Capitol One’s Predatory Lending, Apparently
by Kai Wright on July 19 2012, 12:05PM
Capitol One Bank has deceptively sold needless add-on products to credit card holders who are unemployed or have poor credit, according to the Consumer Financial Protection Bureau.
Topics: Economy, Kai Wright, /NOW Blog
SunTrust Settles Lending Discrimination Suit for $21 Million
by Jorge Rivas on May 31 2012, 5:53PM
DOJ reaches $21 million settlement to resolve lending discrimination allegations by the nation’s 11th largest bank.
Taxes, Poverty and Predatory Lending—a Knot That’s Finally Unraveling
by Kai Wright on April 18 2012, 9:25AM
Throughout the so-called boom years, poverty was good business for tax preparers and the banks that financed their deceptive “refund anticipation loans.” That shady market is finally collapsing, but have banking regulators learned anything from it?
Topics: Economy, Kai Wright
What Obama’s Elizabeth Warren Retreat Says About His Power Problem
by Kai Wright on July 19 2011, 11:47AM
Warren’s had the two most important qualifications for the consumer protection job: power and influence. But the president likes to give away both, and so banks got their way, again.
Topics: Economy, Kai Wright
One In Five Default On Their Student Loans
by Julianne Hing on July 13 2010, 4:58PM
And students of color are more likely to have debt they can’t pay from for-profit, career schools.
Topics: Schools & Youth
The Road Forward for Protecting Communities from Shady Lending
by Kai Wright on May 21 2010, 10:57AM
The Senate passed its financial reform bill yesterday with Sen. Chris Dodd’s consumer protection bureau intact. The contours of the debate over policing the products financial players push on communities didn’t change over the course of the drawn out fight….
Topics: Economy
White Wealth and Black Debt Shot Up in ‘Growth’ Years
by Kai Wright on May 17 2010, 3:22PM
The wealth gap between Blacks and Whites has grown by fourfold over the course of Generation X’s lifetime, exploding to $95,000, a study released today found. And the debt burden among African American families has nearly doubled. The study comes…
Topics: Economy
Will Banks Be Held Accountable to Communities? [Video]
by Kai Wright on May 3 2010, 10:41AM
Last week, Senate Democrats managed to get their financial reform bill past the Republican blockade. Floor debate on the bill, which would create a consumer protection bureau inside the Federal Reserve, will move forward this week, and the Senate’s…
Topics: Economy
Goldman Sachs Looks Slimy, But It’s Not Alone
by Kai Wright on April 27 2010, 4:00PM
Sen. Carl Levin’s series of hearings on Wall Street’s collapse reached their dramatic climax today, as Goldman Sachs executives sat in for their roles as national punching bags. Everybody from Levin to Sen. John McCain got in on the…
Topics: Economy
What’s at Stake in This Week’s Financial Reform Debate
by Kai Wright on April 26 2010, 9:10AM
The financial reform fight takes center stage on the Senate floor tonight, and likely all week. It is, of course, a dense, complicated and frankly boring bit of public policy. It’s also deeply consequential for communities of color everywhere. We’ll…
Topics: Economy
Obama’s Slow March Toward Foreclosure Relief
by Kai Wright on March 26 2010, 4:55PM
File it under better late than never: The White House has finally conceded that the foreclosure crisis will not ease until lenders start writing down principals. From the Obama administration’s start, consumer advocates and banking watchdogs have stressed that foreclosures…
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Montel Williams is the New Face of Predatory Lending
by Jorge Rivas on February 11 2010, 1:27PM
Since his partnership with that crazy psychic Sylvia Browne didn’t work out, Montell Williams now has a new venture with “payday loans” provider Money Mutual. According to Money Mutual: “When it comes to financial assistance Montel Williams understands that people…
Topics: Economy
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