NBC News: America’s poor subsidize wealthier consumers in a vicious income inequality cycle
The less money you have, the more you spend to just be able to use money.
On Our Radar
A curated collection of links to news, analysis, trends, ideas and views from elsewhere.
New York Times: The U.S. can no longer hide from its deep poverty problem
There are 5.3 million Americans who are absolutely poor by global standards. This more than in Sierra Leone (3.2 million) or Nepal (2.5 million).
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Housing Wire: Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?
The Consumer Financial Protection Bureau stripped the Office of Fair Lending of its enforcement powers. John Taylor, President and CEO of the National Community Reinvestment Coalition said, “I am appalled to see one of the most effective offices within the CFPB stripped of responsibility to stop redlining, predatory lending, and other discriminatory behavior by financial firms.”
City Lab: HUD may push new work requirements for public housing residents
City lab attains draft of new HUD proposal to enforce work requirements and increase rent for millions receiving housing HUD.
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The Intercept: After boasting about lowering black unemployment, the Trump administration undermines the federal unit defending against housing discrimination
“Opening up the floodgates on lending discrimination will damage the ability for people of color to build wealth,” said Debbie Goldstein, executive vice president of the Center for Responsible Lending.
Business Insider: PayPal’s getting whacked after eBay announces a new payment partner
PayPal Holdings Inc’s shares fell as much as 12 percent in after-hours trading on Wednesday after former parent company eBay Inc said it had signed up a new primary payment processor.
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The Intercept: After boasting about lowering black unemployment, Donald Trump undermines the federal unit defending against housing discrimination
Interim Director Mick Mulvaney has stripped CFPB Office of Fair Lending and Equal Opportunities of its enforcement powers against redlining and predatory behavior by financial firms.
CNBC: Consumer protection bureau structure upheld in blow to Trump’s deregulation efforts
The independent structure of the Consumer Financial Protection Bureau is constitutional, an appeals court ruled Wednesday in a blow to President Donald Trump’s efforts to ease regulations on the financial system.
Housing Wire: Stunner: Court of Appeals reverses earlier ruling, declares CFPD constitutional
PHH’s challenge to Consumer Financial Protection Bureau leadership structure rebuked by full Court of Appeals
Washington Post: ‘Using his position for private gain’: Ben Carson was warned he might run afoul of ethics rules by enlisting his son
Housing and Urban Development Secretary Ben Carson allowed his son to help organize an agency “listening tour” in Baltimore last summer despite warnings from department lawyers that doing so risked violating federal ethics rules, according to internal documents and people familiar with the matter.
The Atlantic: The CFPB’s new mission
In a memo to bureau staff made public by ProPublica, Mulvaney finally laid out his vision for the agency: a government entity that doesn’t “push the envelope.”
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American Banker: Backers of Senate GSE plan reject claims that it’s too conservative
Progressive groups are concerned that a housing finance system without Fannie and Freddie in their current state could jeopardize affordable housing.
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ProPublica: Newly defanged, top consumer protection agency drops investigation of high-cost lender
The Consumer Financial Protection Bureau dropped an investigation triggered by a 2013 ProPublica story about a lender that charges triple-digit interest rates.
Propublica: Newly defanged, top consumer protection agency drops investigation of high-cost lender
In the latest sign that the Consumer Financial Protection Bureau is pulling back from aggressive enforcement, it dropped an investigation triggered by a 2013 ProPublica story about a lender that charges triple-digit interest rates.
Reuters: Online lender SoFi nabs Twitter executive Noto as CEO
Silicon Valley executive Anthony Noto has left Twitter to become chief executive officer of online lender Social Finance Inc
Reuters: Online lender SoFi nabs Twitter executive Noto as CEO Read More »