Racial and social justice Archives

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Racial and social justice

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A sweeping crackdown on “junk fees” and overdraft charges

February 17, 2024

Biden touted his campaign to eliminate so-called junk fees — the hidden charges that often come as a surprise to the consumer, taking aim at the fees levied by airlines, cable companies, concert ticket-sellers and hotels, among other businesses. The Consumer Financial Protection Bureau in 2022 launched an initiative to expand the crackdown to target financial fees, training its scrutiny in particular on credit card late charges and the insufficient-fund fees that banks impose.

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Preventing discriminatory mortgage lending

February 16, 2024

In 1977, Congress passed a law to combat a practice known as redlining, where for decades the government had discouraged lenders from extending mortgage loans to borrowers in Black neighborhoods. The law requires banks to lend to creditworthy lower-income people in the same neighborhoods where they have branches that take deposits. But the growth of the internet and mobile banking have made those rules increasingly obsolete. Banks, in effect, had a major presence in many neighborhoods where they had no branches.