Op-Ed

The Push to Eliminate Predatory Lending

Published

11 years ago

March 30, 2015

By Charlene Crowell
NNPA Columnist

In the aftermath of a letter signed by 500 consumer advocates from all 50 states, an unprecedented push for reining in abusive small-dollar, high-cost loans has engaged the White House and Capitol Hill. When an increasing number of Americans are striving to keep their financial houses in order, eliminating predatory lending is making news.

If advocates prevail, a range of consumer loans, including payday and car title, high-cost installment loans, deposit advance products and open-end lines of credit, will all be affected. The benefit for consumers will be an exit from the turnstiles of debt that rob borrowers’ earnings.

One major development was the announcement of a long-awaited draft proposal from the Consumer Financial Protection Bureau (CFPB). At a public field hearing in Richmond, Va .on March 26, Richard Cordray, CFPB director, explained the significance of proposed regulation.

“Extending credit to people in a way that sets them up to fail and ensnares considerable numbers of them in extended debt traps, is simply not responsible lending,” said Cordray. “It harms rather than helps consumers. It has deserved our close attention, and now it leads to a call for action.”

CFPB’s detailed fact sheet identifies all covered loans.

The Bureau’s proposal endorses a strong ability to repay principle. When lenders assess ability to repay, they would be expected to determine the borrower can repay without defaulting or re-borrowing. Lenders would begin verifying consumer income and major financial obligations as part of determining the ability to cover their basic living expenses and the loan. There would also be heightened protections for any loan made within 60 days of a previous one.

A troubling aspect of the proposal, though, is that it would offer an alternative to determining a consumer’s ability to repay the loan. Lenders could ignore the underwriting requirements if they limit a borrower to no more than six short-term loans or a total of 90 days of indebtedness in a given year. Other alternatives to determining ability-to-repay would apply to longer-term loans.

Consumer advocates maintain that payday lenders have proven to be adept at exploiting loopholes, and as a result, borrowers deserve both prevention and protection measures. Advocates are calling for loopholes to be closed before the rule is finalized.

For two panel members at the hearing, CFPB’s proposals were a cause for encouragement as well as concern.

Wade Henderson, president and CEO of the Leadership Conference on Civil and Human Rights, a coalition of more than 200 human rights organizations, said the ability to obtain and preserve economic security is an essential civil and human right of all Americans. It has also been a nagging concern for its disproportionate impact on communities of color.

He said, “They have gone from experiencing redlining and other forms of overt lending discrimination to, in more recent years, predatory and deceptive mortgage and consumer lending often under the guise of ‘easy access to credit’ – with the most devastating consequences resulting from the abusive mortgage lending practices that led to the 2008 financial crisis and Great Recession.”

Henderson added, “At the same time, we are concerned about the impact of any kind of safe harbor provision that could continue to expose some borrowers to prolonged and expensive cycles of debt. We are especially concerned about the impact any loopholes could have in states which already outlaw high-cost payday lending, because they could create an artificially high nationwide ‘floor’ that the industry could exploit to weaken existing state protections.”

Mike Calhoun, president of the Center for Responsible Lending, agreed with Henderson.

“This proposal’s ‘safe harbor’ provision is an invitation to evasion. If adopted in the final rule, it will undermine an ability to repay provision that gives consumers the best hope for the development of a market that offers access to fair and affordable credit,” said Calhoun.

Earlier, the center’s research revealed multiple harms caused by payday and other small-dollar loans: The typical car-title borrower takes eight renewals on a single loan and eventually pays $3,391 — over three times the average amount borrowed.

On the same day in Birmingham, Ala., President Obama spoke to a largely student audience at Lawson State Community College about his concerns about payday lending.

“As Americans, we believe there’s nothing wrong with making a profit,” said President Obama. “But if you’re making that profit by trapping hard-working Americans in a vicious cycle of debt, then you need to find a new way of doing business.”

While the rulemaking process begins, Senators and Members of the House of Representatives concurrently filed legislation to crack down on predatory lending practices. Championing a 36 percent cap for all consumer credit transactions were Senators Barbara Boxer (Calif.), Dick Durbin (Ill.), and Sheldon Whitehouse (RI). On the House side, a companion bill was filed by Representatives Steve Cohen (Tenn.) and Matt Cartwright (Penn).

“It is unconscionable that these companies are preying on Americans who are struggling to make ends meet,” said Senator Boxer. “This legislation will protect working families by capping the interest rates and fees that lenders can charge consumers.”

With regulation and legislation now pending, consumers can still add their voices and influence to this continuing public debate.

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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Seth Curry Makes Impressive Debut with the Golden State Warriors

Seth looked comfortable in his new uniform, seamlessly fitting into the Warriors’ offensive and defensive system. He finished the night with an impressive 14 points, becoming one of the team’s top scorers for the game. Seth’s points came in a variety of ways – floaters, spot-up three-pointers, mid-range jumpers, and a handful of aggressive drives that kept the Oklahoma City Thunder defense on its heels.

Published

4 days ago

December 4, 2025

Oakland Post

Seth Curry is a point guard on the GSW team.Photo courtesy of the Golden State Warriors.

By Y’Anad Burrell

Tuesday night was anything but ordinary for fans in San Francisco as Seth Curry made his highly anticipated debut as a new member of the Golden State Warriors. Seth didn’t disappoint, delivering a performance that not only showcased his scoring ability but also demonstrated his added value to the team.

At 35, the 12-year NBA veteran on Monday signed a contract to play with the Warriors for the rest of the season.

One of the most memorable moments of the evening came before Seth even scored his first points. As he checked into the game, the Chase Center erupted into applause, with fans rising to their feet to give the newest Warrior a standing ovation.

The crowd’s reaction was a testament not only to Seth’s reputation as a sharpshooter but also to the excitement he brings to the Warriors. It was clear that fans quickly embraced Seth as one of their own, eager to see what he could bring to the team’s championship aspirations.

Warriors’ superstar Steph Curry – Seth’s brother – did not play due to an injury. One could only imagine what it would be like if the Curry brothers were on the court together. Magic in the making.

Seth’s debut proved to be a turning point for the Warriors. Not only did he contribute on the scoreboard, but he also brought a sense of confidence and composure to the floor.

While their loss last night, OKC 124 – GSW 112, Seth’s impact was a game-changer and there’s more yet to come. Beyond statistics, it was clear that Seth’s presence elevated the team’s performance, giving the Warriors a new force as they look to make a deep playoff run.

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Activism

Essay: Intentional Self Care and Community Connections Can Improve Our Wellbeing

At the deepest and also most expansive level of reality, we are all part of the same being, our bodies made from the minerals of the earth, our spirits infused by the spiritual breath that animates the universe. Willingness to move more deeply into fear and pain is the first step toward moving into a larger consciousness. Willingness to move beyond the delusion of our separateness can show us new ways of working and living together.

Published

1 month ago

October 27, 2025

Oakland Post

Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.

By Dr. Lorraine Bonner, Special to California Black Media Partners

I went to a medical school that was steeped in the principles of classical Western medicine. However, I also learned mindfulness meditation during that time, which opened me to the multifaceted relationship between illnesses and the interconnecting environmental, mental and emotional realities that can impact an individual’s health.

Therefore, when I began to practice medicine, I also pursued training in hypnosis, relaxation techniques, meditation, and guided imagery, to bring a mind-body focus to my work in medical care and prevention.

The people I saw in my practice had a mix of problems, including high blood pressure, diabetes, and a variety of pain issues. I taught almost everyone relaxation breathing and made some general relaxation tapes. To anyone willing, I offered guided imagery.

“My work embraced an approach to wellness I call “Liberatory Health” — one that not only addresses the treatment and management of disease symptoms but also seeks to dismantle the conditions that make people sick in the first place.”

From my perspective, illness is only the outermost manifestation of our efforts to cope, often fueled by addictions such as sugar, tobacco, or alcohol, shackled by an individualistic cult belief that we have only ourselves to blame for our suffering.

To put these ideas into practical form, I would quote the immortal Mr. Rogers: “Find the helpers.” There are already people in every community working for liberation. Some of them are running for office, others are giving food to those who need it. Some are volunteering in schools, libraries or hospitals. Some are studying liberation movements, or are working in urban or community gardens, or learning to practice restorative and transformative justice, or creating liberation art, music, dance, theater or writing. Some are mentoring high schoolers or apprenticing young people in a trade. There are many places where compassionate humans are finding other humans and working together for a better world.

A more compassionate world is possible, one in which we will all enjoy better health. Creating it will make us healthier, too.

In community, we are strong. Recognizing denial and overcoming the fragmenting effects of spiritual disorder offer us a path to liberation and true health.

Good health and well-being are the collective rights of all people!

About the Author

Dr. Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.

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Activism

Opinion: Can Donald Trump Pole Dance?

Given all that is happening, if the presidency was more like pole dancing, you know Trump would be flat on his butt.

Published

3 months ago

September 14, 2025

Oakland Post

iStock.

By Emil Guillermo

The news cycle has been buzzing the last few weeks. Xi, with Putin and Kim, the sweethearts of Trump carousing alone without him? The victims of the pedophile Epstein speaking out publicly in DC.

Then, there’s the release of that salacious letter Donald Trump allegedly wrote to Jeffrey Epstein. Trump said the letter didn’t exist. But it does.

Timing is everything.

Additionally, there are further concerns, such as the Supreme Court removing restrictions on ICE interactions. ICE Agents can stop anyone now. For any reason. And there’s the threat of the U.S. sending the military to fight crime in Chicago. Trump even posted a meme of himself as a character in “Apocalypse Now.”

All that with bad polls and bad economic numbers, and these topics are dominating the news cycle — Trump era chaos.

Given all that is happening, if the presidency was more like pole dancing, you know Trump would be flat on his butt.

The reality is the opposite. He keeps going strong like nothing’s happened. Inexplicably, Trump always seems to defy gravity.

That’s why to reassure myself with reality, I just think of Trump on a pole. Dancing. He was born on Flag Day, after all.

I’ve got pole dancing on my mind because I’m in Canada at the Vancouver Fringe Festival doing my show, “Emil Amok 69, Everything’s Flipped,” about how the current political situation gets very personal.

Get tickets here if you’re near:

I’ve performed at 16 fringe festivals, and I always look for unique performers. This year, in my same venue (the Revue Stage) I found her in a show, “The Pole Shebang.”

Andrea James Lui may look like a typical Asian American at first.

But she’s Asian Canadian, married to an Australian, who now lives down under.

At the Vancouver Fringe, she highlights her special identity.

Pole Dancer

Yes, pole dancing has come to the fringe. Leave your dollar bills at home, this is not that kind of pole dancing.

This is more Cirque Du Soleil-ish- acrobatic stuff, yet it’s hard to deny the sexiness when a woman flawlessly swings from a pole with her legs apart.

The show is more intriguing than it is titillating.

Lui has created a behind-the-scenes look at the “polar” experience.

“She could have been a physicist,” says her big sister Christina, who despite saying that, supports her sister 100 percent.

Lui touches on some of the emotional depth in the poled subculture. But there’s plenty more to mine in the future. “Polar Bare,” the Musical? I’d see it.

Trump on a Pole

So that’s how I’ve come to the polar metaphor.

As Trump flails in the news, I picture him on a pole.

The letter to Epstein is further proof of the character of the man.

Will he stay afloat?

Not if the presidency were more like pole dancing.

You can’t lie on the pole.

That’s one way all of us in the Trump era can get to the truth.

About the Author

Emil Amok is a veteran journalist, commentator, and stage monologist. He has written a weekly column on Asian Americans for more than 30 years.

Contact: www.amok.com