Tag Archives: Loan

Wells Fargo and US Bank don’t want you to read this


Wall Street banks have found another way to economically exploit our communities by putting a new name on an old practice. Payday loans are now being offered by banks such as Wells Fargo, US Bank, Fifth Third Bank, Regions Bank and others under the deceptive name of “Direct Deposit Advances.” No better than the cash advance stores concentrated in underbanked neighborhoods, these supposedly reputable banks trap families and individuals in a cycle of debt — with fees and interest equivalent to an annual percentage rate (APR) in excess of 300% — saddling customers with debt that takes an average of nearly 6 months to escape.

Banks target these predatory loans at Black and Latino communities. These racially-discriminatory lending practices, like redlining, have been in use for generations to prevent minority communities from building economic stability, wealth and subsequent political power. The bank practices that created the housing crisis have decimated Black wealth, which is now at its lowest in 25 years.

Please help stop big banks from pushing struggling families further into poverty.

We’re joining forces with our friends at CREDO Action to fight back against Wall Street banks pushing payday loans, by urging federal banking regulators to halt this exploitative practice. CREDO Action is a social change organization that fights for progressive values by engaging its over 3 million members in activism on a wide variety of issues, and together CREDO Action and ColorOfChange members can help put an end to payday lending by Wall Street banks.

Thanks and Peace,

Rashad

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Student loan reform can’t wait


2012

James Kvaal is the Policy Director for Obama for America.

Friend —

President Obama just took two serious steps to make life a lot easier
for folks with student loans — and there’s a good chance you or someone
you know will benefit from these changes very soon.

Here’s how:

— Effective this January, if you’re someone who has different kinds
of loans — guaranteed and direct — you’ll be able to roll them both
into one direct loan and bring down your interest rate. You’ll only have
to write one check a month, and you’ll see a discount. This switch adds
no cost to taxpayers across the board.

— You might remember that, as part of last year’s student loan
reform, borrowers’ loan payments could be no higher than 10 percent of
their disposable income. This is a big deal — but it wasn’t going to
help anyone enrolling before 2014. Today, the President announced that
he’s speeding up this program so it will affect students next year —
helping over 1 million students. This will have huge consequences for
people struggling to make their student loan payments.

Sometimes, it can be hard to see how policy changes will actually affect your day-to-day life.

Not the case with this one. These changes will make a real difference in helping millions of Americans get by month to month.

We put together a video explaining how these changes will help Americans. Watch
it to learn a little more about what today’s steps would do, and then
make sure everyone you know who should hear about it does.

Learn how student loan reforms help you.

President Obama isn’t waiting on Congress to take action. He’s doing
everything in his power, right now, to help bolster our economy and get
folks back on their feet.

On Monday, he laid out new rules on federal mortgages to help make sure more families don’t lose their homes to foreclosure.

On Tuesday, the administration announced two new initiatives to help veterans find work.

Today, it means making changes that make student loans a lot easier to manage.

These are actions that can’t wait on the next vote or the next election.
So long as people are struggling, this President and this
administration will do everything in their power to help them when and
where they can. It’s just that simple.

Now, let’s make sure that the millions of people who stand to benefit from today’s steps know about it.

Watch the video to learn more about today’s student loan changes — and then help get the word out:

http://my.barackobama.com/Student-Loan-Reforms

Thanks,

James

James Kvaal

Policy Director

Obama for America

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