06-23-2018  4:47 am      •     
The Skanner Report
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NEWS BRIEFS

AG Rosenblum Seeks Info from Oregonians

Oregon Attorney General seeks information on children separated from families at border ...

Community Forum: How Does Law Enforcement Interact With Vulnerable Populations?

Forum will focus on public safety and examine mental health and addiction issues ...

King County Council Recognizes Juneteenth

The Metropolitan King County Council recognizes a true 'freedom day' in the United States ...

Unite Oregon Hosts ‘Mourn Pray Love, and Take Action’ June 20

Community is invited to gather at Terry Schrunk Plaza at 6 p.m. on World Refugee Day ...

MRG Foundation Announces Spring 2018 Grantees

Recipients include Oregon DACA Coalition, Kúkátónón Children’s African Dance Troupe, Komemma Cultural Protection Association ...

No longer behind a mask, Eugene umpire is being recognized

EUGENE, Ore. (AP) — After 31 years behind the plate as an MLB umpire, Dale Scott knows how to recognize a strike.Throwing one is, uh, another matter.When the Los Angeles Dodgers asked Scott to throw a ceremonial first pitch earlier this month, he was honored of course, but also a little...

Lawsuit seeks lawyer access to immigrants in prison

SALEM, Ore. (AP) — A rights group filed an emergency lawsuit in federal court Friday against top officials of U.S. immigration and homeland security departments, alleging they have unconstitutionally denied lawyers' access to immigrants in a prison in Oregon.Immigration and Customs...

Evacuation orders lifted in wildfire near Vantage

VANTAGE, Wash. (AP) — Evacuation notices have been lifted for residents in about 30 homes as a wildfire burning in central Washington reaches 50 percent containment.The Yakima Herald-Republic reports fire crews were hoping to fully contain the fire near Vantage and the Columbia River by...

Central Washington suicide rate rises 23 percent

YAKIMA, Wash. (AP) — On June 7, 2016, Kori Haubrich thought she found a solution to the problems that had been gnawing at her for weeks.That Monday, the Sunnyside native sat outside her Bellingham apartment struggling to figure out what she would do after graduating from Western Washington...

OPINION

How Washington’s 'School Achievement Index' Became School Spending Index

New assessment categorizes schools not by quality of education, but level of funding officials believe they should receive ...

Black Mamas Are Dying. We Can Stop It.

Congresswoman Robin Kelly plans to improve access to culturally-competent care with the MOMMA Act ...

Hey, Elected Officials: No More Chicken Dinners...We Need Policy

Jeffrey Boney says many elected officials who visit the Black community only during the election season get a pass for doing nothing ...

Juneteenth: Freedom's Promise Still Denied

Juneteenth is a celebration of the de facto end of slavery, but the proliferation of incarceration keeps liberation unfulfilled ...

AFRICAN AMERICANS IN THE NEWS

Racist tropes in Ramadan TV satires anger black Arabs

DUBAI, United Arab Emirates (AP) — In an attempt to capitalize on what's become a ratings bonanza for Arabic satellite channels during the Muslim holy month of Ramadan, two comedies struck the wrong chord with audiences when their lead actors appeared in blackface, a form of makeup that...

AP Source: J. Cole to perform at BET Awards

NEW YORK (AP) — J. Cole is set to perform at Sunday's BET Awards.A person familiar with the awards show, who spoke on the condition of anonymity because the person was not allowed to discuss the plans publicly, tells The Associated Press on Friday that the rapper will perform at the...

The Latest: Germany, Mexico, Belgium headline Saturday games

MOSCOW (AP) — The Latest on Friday at the World Cup (all times local):1:13 a.m.Will Germany follow Brazil's lead in righting the ship after a rocky World Cup start, or will the defending champ find itself keeping company with Argentina, needing help if it hopes to advance?The World Cup could...

ENTERTAINMENT

So much TV, so little summer: Amy Adams, Kevin Hart, Dr. Pol

LOS ANGELES (AP) — The fall television season is months away but that's no reason to stare moodily at a blank screen. In this era of peak TV, there are so many outlets and shows clamoring for your summertime attention that it can be as daunting as choosing between a mojito and a frozen...

Honduran girl in symbolic photo not separated from mother

NEW YORK (AP) — A crying Honduran girl depicted in a widely-seen photograph that became a symbol for many of President Donald Trump's immigration policies was not actually separated from her mother, U.S. government officials said on Friday.Time magazine used an image of the girl, by Getty...

AP Source: J. Cole to perform at BET Awards

NEW YORK (AP) — J. Cole is set to perform at Sunday's BET Awards.A person familiar with the awards show, who spoke on the condition of anonymity because the person was not allowed to discuss the plans publicly, tells The Associated Press on Friday that the rapper will perform at the...

U.S. & WORLD NEWS

Beyond World Cup: Advocates call attention to Russian abuses

MOSCOW (AP) — Wrapped in national flags, jubilant fans dance at midnight in the streets of Moscow, smiling,...

First lady's 'don't care' jacket is a gift to memers online

NEW YORK (AP) — I really don't care, do u?Perhaps one day first lady Melania Trump will use her own words...

Justices adopt digital-age privacy rules to track cellphones

WASHINGTON (AP) — Police generally need a warrant to look at records that reveal where cellphone users have...

Popular hashtags take sides on Egypt president's leadership

CAIRO (AP) — Tens of thousands of Egyptians have set social media alight with tweets on opposing hashtags,...

Beyond World Cup: Advocates call attention to Russian abuses

MOSCOW (AP) — Wrapped in national flags, jubilant fans dance at midnight in the streets of Moscow, smiling,...

Racist tropes in Ramadan TV satires anger black Arabs

DUBAI, United Arab Emirates (AP) — In an attempt to capitalize on what's become a ratings bonanza for...

Charlene Crowell
Charlene Crowell (NNPA News Wire Columnist)

On July 21, the first federal agency dedicated to serving the financial needs of consumers will be five years old. Created in the aftermath of the worst financial calamity since the 1930’s Great Depression, the Consumer Financial Protection Bureau (CFPB) was created through the enactment of the Dodd-Frank Wall Street Reform Act.

When voters were recently asked their thoughts about CFPB, 3 out of 4 said that financial accountability and tough regulations are still needed. The poll, jointly commissioned by the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR), posed a series of question to 1,000 likely voters. Since 2012, this annual national telephone poll has been performed by Lake Research Partners.

When consumers were asked whether more financial regulation was needed, 69 percent of all respondents said yes. Only 12 percent believed that these firms have changed their practices enough to not warrant further regulation. Even when partisan preferences were factored into this answer, 52 percent of Republications and 68 percent of Independents agreed. The highest percentage of partisan agreement on this question came from Democrats with 84 percent.

Voters were also asked whether more financial oversight was needed. Among all respondents, 66 percent agreed, including nearly half of Republicans (49 percent). Sixty-three percent of independents and 85 percent of Democrats said that more financial oversight was needed.

If anyone wonders why consumer support still strongly favors financial regulation, perhaps the experiences of approximately 859,900 consumers who received $3.4 billion in restitution since CFPB’s creation is a reason. As of March 31 of this year, other CFPB accomplishments in its five-year history include:

  • An additional $7.75 billion of additional consumer relief was returned for cancelled debts, principal reductions and other actions;
  • For the first time, debt collection companies that plague 30 million consumers are now under federal supervision; and
  • Ask CFPB, the Bureau’s online resource, has been accessed by 10 million consumers.

“The premise that lies at the very heart of our mission is that consumers should have someone standing on their side to see that they are treated fairly in the financial marketplace,” noted Richard Cordray, CFPB director. “Each day, we work to accomplish the goals of renewing people’s trust in the marketplace and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.”

Cordray added: “These goals not only support consumers in all financial circumstances, but also help responsible businesses compete on a level playing field, which helps to reinforce the stability of our economy as a whole.”

Over the past year, CFPB’s enforcement actions included a $531 million default judgment against the now-defunct Corinthian Colleges for engaging in a predatory lending scheme, and two separate actions involving discriminatory auto financing by Toyota Motor Credit ($21.9 million) and Honda Finance Corporation ($24 million). Both auto finance firms charged minority borrowers higher interest rates without regard to their credit worthiness or other objective criteria. The Equal Credit Opportunity Act makes such actions illegal.

Additionally in early July, a joint investigation by CFPB and the Department of Justice resulted in a $10.6 million fine for redlining practices that harmed Black and other minority consumers. Bancorp South, operating in 8 states, settled the complaint after the agencies found it instructed loan officers to “turn down” minority applicants more quickly than White applicants and not to provide credit assistance to ‘borderline’ applicants that other applicants may have received.

Yet, despite these notable achievements, CFPB still faces fierce and unrelenting attacks. In recent months, multiple legislative initiatives have been introduced that aim at weakening the Bureau by replacing CFPB’s director with a gridlocked commission or allowing Congress to place restrictions on its enforcement actions.

“Some in Congress continue to not only attack the CFPB for its oversight of financial services, but are still trying to pass provisions that would block it from doing its job,” noted Yana Miles, a CRL policy counsel. “Allowing enactment of these bills would only undermine the progress the CFPB has accomplished and severely restrict its future financial oversight.”

“Nearly five years following the creation of the Consumer Financial Protection Bureau, consumers are still calling for financial accountability,” said Mike Calhoun, CRL president. “Efforts to bring transparency and fairness to personal finance may have begun. But these new results signify that our work must continue. Every consumer is entitled to financial fairness.”

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

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