And as detailed here, in the report, titled “Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel,” the Bureau said that amid those surprises, credit cards are a “cheaper” form of credit. The CFPB also wrote that the “our analysis suggests that the majority of consumers charged overdraft and NSF fees have some credit available on a credit card during the period that they report the fees occurring.”
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Justice Department today sued Colony Ridge, a Texas-based developer and lender, for operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.
As interest rates increased rapidly throughout 2022, the number of refinance mortgage originations declined. The composition of these refinances also changed. Cash-out refinances – where a homeowner borrows an amount substantially greater than what they owe on their existing mortgage – became more common than non-cash-out (also known as “rate-and-term”) refinances. An equity “cashed out” from the home – which, in turn, increases the mortgage balance – is often used by the borrower to pay down other debts, fund home repairs, and pay for educational expenses, among other big-ticket purchases.
The largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a CNN investigative report, with a class-action lawsuit filed Monday alleging the lender discriminated against Black and Latino applicants, and a senior congressional Democrat demanding answers about its practices.
Today, the Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and the African American Credit Union Coalition (AACUC), released the below statement on CNN’s misleading report on credit unions’ lending practices to minority and underserved communities.
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