Buy Now Pay Later consumer finance products are growing rapidly and pose significant risks — unless the CFPB regulates them like the credit cards they are.
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Fortune, March 22, 2022, Housing boom loses steam? Home sales may drop 25% by the end of summer, says analyst While housing prices aren’t showing any signs of leveling off in the near future, one analyst says he expects total sales to drop precipitously in the coming months. Ian Shepherdson, chief economist and founder of research consulting
CNN, March 23, 2022, Rent jumped 17% since last year, hitting a new record The cost of monthly rent reached a new high in February, with the typical apartment now $283 more expensive each month than it was two years ago, before the onset of the pandemic. The national median rent was $1,792 last month, up
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The New York Times, March 21, 2022, Remote Appraisals of Homes Could Reduce Racial Bias The majority of appraisals on home purchases in the United States can now be conducted without an appraiser ever stepping foot into the home — a move that some lawmakers and real estate professionals say could address pervasive racism against Black
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US Department of Housing and Urban Development, March 23, 2022, Biden-Harris Administration Unveils Action Plan of Wide-Ranging Set of Reforms to Advance Equity in Appraisals The U.S. Department of Housing and Urban Development (HUD) today announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden. The PAVE
The New York Times, March 22, 2022, Bitcoin Miners Want to Recast Themselves as Eco-Friendly Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded crypto mining companies
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Bloomberg, March 18, 2022, Wells Fargo Sued by Black Borrower for Refinance ‘Redlining’ Wells Fargo & Co. was sued for discriminating against Black homeowners by relying on a modernized version of “redlining” that allegedly denied them lower interest rates through refinancing and forced them to pay more for loans. The lawsuit, filed Friday in federal
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The New York Times, March 18, 2022, Where State Farm Sees ‘a Lot of Fraud,’ Black Customers See Discrimination Dozens of employees, customers and agents of color are accusing State Farm of racial discrimination. One pending lawsuit, filed in 2020, describes a pattern of discrimination against seven agents by the company, the nation’s largest property
CNN, March 18, 2022, US House passes CROWN Act that would ban race-based hair discrimination The US House on Friday passed legislation that would ban race-based hair discrimination in employment and against those participating in federally assisted programs, housing programs, and public accommodations. The Democratic-led House voted 235-189 to pass the CROWN Act, which stands for “Creating a Respectful
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Fox Business, March 16, 2022, Here’s how banking will evolve amid the ‘death’ of overdraft fees, according to J.D. Power Many top U.S. banks have begun eliminating their overdraft fees on checking and savings accounts, a move that data analytics company J.D. Power says will shift the banking industry toward a more customer-centric strategy. “Recent moves
Sightline Institute, March 16, 2022, Homelessness is a Housing Problem A new book by University of Washington professor Gregg Colburn and Seattle-based data scientist and policy analyst Clayton Page Aldern examines these places’ disparate trends and the many causes that have been ascribed to homelessness. One by one, and with compelling data, Colburn and Aldern
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Politico, March 18, 2022, The main driver of inflation isn’t what you think it is Skyrocketing housing costs may create even bigger problems for the administration going forward than oil and food price spikes, which are the result of sudden and unforeseen — but probably temporary — events. That’s because there’s no clear end in
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Los Angeles Times, March 18, 2022, Op-Ed: How can the White House fix environmental injustice if it won’t take race into account? In mid-February, when the White House unveiled the beta version of its Climate and Economic Justice Screening Tool, it was met by sharp criticism from environmental justice advocates: A mapping tool designed to identify disadvantaged communities
Bloomberg, March 17, 2022, Wells Fargo Pressed by Senators on Race Disparity in Refinancing Senate Banking Committee Chairman Sherrod Brown and other Democratic senators called on Thursday for regulators to investigate Wells Fargo & Co.’s treatment of Black homeowners seeking to refinance mortgages during the pandemic. In a separate letter to Chief Executive Officer Charlie Scharf, senators Elizabeth Warren and Ron
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The New York Times, March 16, 2022, Fed raises rates and projects six more increases in 2022 The Federal Reserve lifted its key interest rate by a quarter of a percentage point on Wednesday as policymakers took their first decisive step toward trying to tame rapid inflation by cooling the economy. The Fed had kept rates near
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