#NNPA BlackPress

Consumer Financial Protection Bureau Gives a Green Light to Predatory Payday Lenders

NNPA NEWSWIRE — “There is never a good time to enable predatory loans carrying 400% interest rates,” noted Mike Calhoun, President of the Center for Responsible Lending (CRL), “but this is the worst possible time. The pain caused by the CFPB gutting the payday rule will be felt most by those who can least afford it, including communities of color who are disproportionately targeted by payday lenders.”

Published

6 years ago

July 27, 2020

Oakland Post

With nearly half of American adults living in households that have experienced a loss of income, and more than 40% of adults delaying medical care due to financial concerns, there is no justification for abandoning consumer financial protections. (PHOTO: iStockphoto / NNPA)

Ability-to-Repay Stripped from Regulation

By Charlene Crowell, Senior Fellow with the Center for Responsible Lending

As COVID-19 continues to wreak havoc throughout the country, the Consumer Financial Protection Bureau (CFPB) recently took an ill-advised and untimely action. On July 7, the agency gutted its own 2017 payday rule that required lenders to first determine whether a consumer could afford to repay the high-cost loan.

This regulatory reversal represents a financial favor to payday and car-title lenders, and certain harm to consumers who are just a few hundred dollars short for their monthly expenses. In very real and measurable ways, the agency created to protect consumers gave a green light to predatory lenders to continue to prey upon the nation’s poorest and most vulnerable consumers.

“There is never a good time to enable predatory loans carrying 400% interest rates,” noted Mike Calhoun, President of the Center for Responsible Lending (CRL), “but this is the worst possible time. The pain caused by the CFPB gutting the payday rule will be felt most by those who can least afford it, including communities of color who are disproportionately targeted by payday lenders.”

The COVID-19 pandemic has jeopardized the ability of people to safely go to work, altered how students try to continue their studies, and imposed grim realities in meeting life’s most basic needs like food, shelter, and utilities.

Consumers affected by job layoffs should also mark their calendars for July 31. On that day, the additional $600 in monthly federal unemployment benefits through the CARES Act will expire. Additionally, renters who have managed to preserve their housing even when they could not pay, should also be mindful of whether eviction notices will come their way. Either of these circumstances carry the potential for America’s most cash-strapped consumers to seek and become financially trapped in unaffordable predatory loans.

The lure of ‘quick and easy’ cash entraps an estimated 12 million American consumers each year. Instead of a short-term financial fix, most loans last several months or longer to fully repay. CRL research finds that the typical payday loans are in strings of 10 or more. Further, the amount of interest paid on the loan often exceeds the dollars originally borrowed.

Even with decades of consumer advocacy, triple-digit interest on payday loans remains legal in 34 states. In these locales, the profusion of payday and car-title stores located in Black and other communities of color increases the likelihood of consumers becoming financial prey that ensures lenders of an annual $8 billion in fees alone. The growth in online lending increases access to these loans.

“By disproportionately locating storefronts in majority Black and Latino neighborhoods,” observed Rachel Gittelman, Financial Services Outreach Manager with the Consumer Federation of America, “predatory payday lenders systematically target communities of color, further exacerbating the racial wealth gap.”

Historically, Blacks have been disproportionately affected by unemployment compared to other racial and ethnic groups. That trend continues to hold in the midst of the pandemic. As of early July, and according to the Bureau of Labor Statistics, 17.8 million people were unemployed. Black unemployment at 15.4%, was closely followed by that of Latinos at 14.5%. By comparison, only 10% of whites were unemployed. However, multiple news outlets report that the nation’s total unemployed since the spring onset of the pandemic is 30 million.

“The CFPB has no basis for gutting the heart of common-sense protections that merely required payday lenders to do what responsible lenders already do: ensure that the borrower has the ability to repay,” noted Lauren Sanders, the National Consumer Law Center’s Associate Director. “The evidence to support the debt trap of payday loans is overwhelming and the CFPB’s flimsy excuses for repealing protections do not stand up.”

Earlier this year, a poll conducted by Morning Consult and commissioned by CRL found strong and bipartisan support for a 36% rate cap on payday and installment loans. With a 70% national majority, voters supported the double-digit rate cap. On a state-by-state basis, voter support for a rate cap had a range of 64-73%. Further 62% of polled voters had an unfavorable view of payday lenders.

If a 36% rate cap is good enough for the nation’s military be protected from predatory lending – which is the law for service members under the federal Military Lending Act — it is time to extend that same protection to the civilian population.

Charlene Crowell is a senior fellow with the Center for Responsible Lending. She can be reached at charlene.crowell@responsiblelending.org.

Oakland Post

Posts by Oakland Post

Up Next

Is the Postal Service Slowing Mail Delivery?

Don't Miss

John Lewis: Civil Rights Lion Gets into Good Trouble in Dawn Porter Documentary

Oakland Post

Click to comment

#NNPA BlackPress

Jovita Moore Mural Still Has Not Been Repainted in Grant Park

ATLANTA VOICE — A mural depicting late journalist Jovita Moore, painted on the exterior wall of a building now occupied by Bellwood Coffee in Grant Park, was painted over in April. Moore passed away in 2021 after decades of working in Atlanta television news. Bellwood Coffee owners stated in May they were unaware of Moore’s identity or significance to the community before painting over the mural.
The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.

Published

3 weeks ago

July 8, 2026

Oakland Post

At the corner of Boulevard, SE. and Rosalia St., SE., directly across the street from an abandoned home and a Methodist Church, is Bellwood Coffee. One of hundreds of coffee shops in Atlanta, this place of business would not be worth a solitary discussion if not for the way its exterior walls are currently painted. There was once a mural depicting the late Jovita Moore, a beloved journalist who worked in Atlanta for decades. Moore, who passed away in 2021, mentored many of the people you see on television newscasts today. Though her legacy will never be forgotten, it was the mural of her image that was erased.

In April, members of the Grant Park community voiced their disgust at the mural, which graced a side wall of the building now occupied by Bellwood Coffee’s Grant Park location, before it was painted over. In its place are the words “Bellwood Coffee; Cocktails, Biscuits, Dry Goods, Air Conditioning. *Heat Too”. In May, the business owners responded to the community pushback on social media by acknowledging they did not know who Moore was before painting over her image. And later admitted that they did not attempt to find out what she meant to the community.

On May 21, the Bellwood Coffee Instagram account had a post about being “in close contact with Jovita’s family and are actively working on next steps in this process.” Two months later, the mural has not been replaced, repainted, or repositioned on the property. Nothing has been done. Black history is often erased, most recently by the current Presidential administration, but oftentimes on a smaller, quieter scale. The mural was originally painted by muralist Tommy Bronx, who had been in contact with the business owners about repainting it. As of July 6, Tommy Bronx had responded to a direct message via his Instagram account from The Atlanta Voice about any updates on his plans to repaint the mural.

“We’re currently working on it. You should see some movement in the weeks to come,” he wrote in a response.

On Monday, July 6, the business had several patrons inside and was running smoothly with three employees manning the counter. The Atlanta Voice dropped by Bellwood Coffee to get a look at the exterior wall where the mural once stood as a memorial to a journalist and mother who lost her life to brain cancer at the young age of 54. Moore’s image added some color to the block. The grey wall in its place does not.

A direct message was sent to the Bellwood Coffee Instagram account, and there hasn’t been a response as of 7 p.m. on Monday.

The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on The Atlanta Voice.

Based on reporting by Atlanta Voice.

The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.

Oakland Post

Posts by Oakland Post

#NNPA BlackPress

‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator

ATLANTA DAILY WORLD — A New York man faces felony hate crime charges for allegedly posting a threat against New York State Senator Lea Webb. James A. Crosby, 49, of Binghamton, was arrested by New York State Police after investigators determined he posted a threatening comment on a social media news post about a Juneteenth celebration.
The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.

Published

3 weeks ago

July 8, 2026

Oakland Post

A New York man is facing felony hate crime charges after allegedly posting that he’d be “proud to hang” New York State Senator Lea Webb from a tree in response to a news story about a Juneteenth celebration.

James A. Crosby, 49, of Binghamton, was arrested June 23 by New York State Police after investigators determined he posted a threatening comment on a WBNG 12 News Facebook post. “I’d be proud to hang her from a tree,” Crosby wrote, according to WBNG.

Crosby was charged with making a terroristic threat as a hate crime, a class C felony, per the New York State Police. He is currently being held at Broome County Jail.

During the subsequent investigation, state police found Crosby was in illegal possession of firearms despite being prohibited from owning them due to a prior felony conviction. Investigators recovered a rifle, a large-capacity ammunition feeding device, and a firearm suppressor — all prohibited under New York state law, per the NYSP.

Crosby was charged with four additional counts of criminal possession of a weapon in the third degree, all class D felonies.

Webb, who represents New York’s 52nd Senate District, had been a featured speaker at a Juneteenth flag-raising ceremony at Binghamton City Hall, where the celebration included prayers and the singing of the Black national anthem.

Police said Crosby’s comment was posted in response to a WBNG news story covering the event.

The day before his arrest, Crosby posted a Facebook apology claiming the comment “was not intended to be racial in any way” and was made in reference to what he described as a “criminal,” citing criticism of Webb over her use of nonprofit legal aid in a foreclosure case — a matter state watchdogs said created an appearance of a conflict of interest, per the Ithaca Voice. He was arrested the following day.

Webb issued a public statement June 25 condemning the threat.

“It was extremely disappointing and hurtful to see the now-deleted threat and attacks on my life in response to a story about Juneteenth, a national holiday that recognizes the ending of slavery in America,” she said. “Feedback and thoughts on policy are one thing, but to make a public call for lethal violence is absolutely unacceptable and dangerous. We must recognize our shared humanity and reject violence in all forms.”

She thanked Gov. Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins, and law enforcement for their “swift response.”

Following Crosby’s comments, social media users called for a boycott of his contracting business, Crosby Home Improvements.

The Binghamton City Democratic Committee also called for an investigation into the incident before his arrest.

The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HEREto tune in live.

The post ‘Proud to hang her from a tree’: Man arrested for threatening Black Senator appeared first on Atlanta Daily World.

Based on reporting by Atlanta Daily World.

The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.

Oakland Post

Posts by Oakland Post

#NNPA BlackPress

CARICOM: Strengthen Integration for Future Generations

NEW YORK CARIB NEWS — Outgoing CARICOM Chairman Terrance Drew called on regional leaders to build a stronger and more effective Caribbean Community that benefits future generations. Speaking at the 51st Regular Meeting, Drew urged modernization of governance structures and improved implementation of Community decisions to make CARICOM safer and more prosperous.
The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.

Published

3 weeks ago

July 8, 2026

Oakland Post

Speaking Sunday at the opening of the 51st Regular Meeting of the Conference of Heads of Government in Saint Lucia, Dr. Terrance Drew said the region must modernize its governance structures, improve the implementation of Community decisions, and ensure CARICOM becomes safer, more prosperous, and more relevant to the lives of its citizens.

The meeting, being held under the theme “CARICOM: From Resilience to Renewal in a Changing World,” coincides with the Community’s 53rd anniversary. During the ceremony, Dr. Drew formally handed over the rotating CARICOM chairmanship to Saint Lucia’s Prime Minister, Philip J. Pierre.

Reflecting on his six-month tenure as chairman, Drew praised fellow regional leaders for maintaining their commitment to democracy, good governance, unity, and the rule of law despite mounting global economic and geopolitical challenges.

“Throughout these challenges, CARICOM chose engagement over isolation. Together, we reaffirmed our commitment to a fair and rules-based international trading system and ensured that the interests of small developing states continued to be heard.”
Trending
African Union Group to Award Rev. Dr. Amos Brown for Bringing Civil Rights Movement to Global Stage

He highlighted progress made in strengthening the CARICOM Single Market and Economy, including deeper trade cooperation, expanded labour mobility, and efforts to lay the foundation for long-term economic growth. Drew also noted the Community’s growing partnerships beyond the Caribbean, particularly with the African Union, while stressing that every international partnership should advance the interests of all parties involved.

The outgoing chairman also expressed appreciation to Dr. Carla Barnett and the CARICOM Secretariat for their professionalism and unwavering support during his tenure.

“Whenever I called, you answered. Whenever support was required, you and your team responded with diligence, competence, and excellence.”

Dr. Drew urged the Secretariat to continue preserving its impartiality while faithfully implementing decisions made by Heads of Government, saying that balance has helped strengthen the regional integration movement.

The conference continues in Saint Lucia with regional leaders expected to deliberate on key issues including regional security, climate resilience, trade, economic integration, food security, Haiti, reparations, and strengthening the CSME.

Based on reporting by New York Carib News.

The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.