CFPB’s Proposed Payday Lending Rules Are a Significant Step Towards Protecting Financially Vulnerable Communities from Predatory Wealth-Stripping Products

The proposed rules released by the Consumer Financial Protection Bureau (CFPB) this morning marks a significant step towards protecting consumers of small-dollar credit products from unscrupulous and predatory practices that are responsible for compromising the financial well-being of millions of low- and moderate income borrowers. As a coalition committed to improving the opportunity for economic progress low‐ and moderate-income communities of color – The Asset Building Policy Network believes that vulnerable communities seeking to weather a short-term financial emergency should not be preyed upon, instead these communities should be provided with access to responsible and safe credit that does not put them into unwanted, long-term debt. The CFPB’s long-awaited proposed rules take an important, and much needed, step toward achieving... Read more

Marc Morial: The Homebuyers’ Bill of Rights 2.0

In the aftermath of the Great Recession, the tragic loss of wealth, and the bailout of the big banks, our national government must continue to play a central role in the housing market to right previous wrongs, ensure access to all qualified borrowers, and keep the housing finance system afloat for future generations. The National Urban League’s Homebuyers’ Bill of Rights 2.0, proposed below, is a roadmap to help all Americans—with a targeted emphasis on African Americans and people of color—live the American Dream and attain wealth through homeownership. As president and CEO of the National Urban League, the nation’s largest historic civil rights and urban advocacy organization focused on economic empowerment, I lead a dynamic team of economic first... Read more

How Much Should Taxpayers Spend to Help Millionaires Grow Their Wealth?

How much do you think the millionaires should get in public benefits to grow their wealth? If you answered less than $145,000…prepare to be disappointed. The Turn it Right-Side Up team is out with a new infographic using new data to illustrate just how much millionaires got from these upside-down tax programs compared to working families last year. Short version: this is how extraordinarily expensive and lopsided tax programs are actively growing wealth inequality every year. You’re helping end that. Good idea, unfair outcome. It’s not that these tax programs have bad overall goals. These tax programs are aimed at increasing savings and investments, boosting homeownership and higher education and strengthening retirement security. These are great goals—goals that we as... Read more

Race, Wealth and the U.S. President Elections

This article originally appeared on the Huffington Post. Most professional pundits have been stumped by the 2016 presidential primaries. The rise of a populist billionaire with no political experience as the leading Republican candidate and a democratic socialist as the main rival to Hillary Clinton has both the political establishment and the media establishment searching for answers. In my conversation with Algernon Austin, author of America is not Post-Racial: Xenophobia, Islamaphobia, Racism and the 44th President, we identified the racial and economic circumstances which has brought our nation to this point. In this discussion, Mr. Austin and I talked about how the election of President Obama did not bring forth a new era of harmonious relations between white Americans and... Read more

Financial Capability Is Putting Immigrants on the Road to Citizenship and Financial Security

EDITOR’S NOTE: This content originally appeared in NCLR’s Blog The path to U.S. citizenship is extremely rewarding but also a long and difficult process. Becoming a citizen has many benefits including higher wages, access to government jobs, and retention of retirement benefits, yet immigrants must also face the technical nature of immigration policy, such as a 20-page application and a civics test that one in three native-born Americans regularly fail. Additionally, there are financial barriers that all too often preclude low-to moderate-income immigrants from reaching their goal of citizenship. The financial challenges are not limited to the application cost alone, which ballooned 610 perent from 1998–2008. They include costs for English language instruction, legal assistance, and civics classes. These barriers... Read more