Over the years, this column has reported on racial disparities in homeownership, family wealth, the lack of access to affordable credit, and the pattern of alternative financial services preying upon communities of color by charging triple-digit interest rates on small-dollar loans.
For example, as many low-income people and especially those of color realized that competitive jobs markets essentially required skills and training to access gainful employment, millions were snookered into enrolling in costly for-profit colleges that failed to deliver the training or credentials necessary to live financially independent lives.
With low graduation rates, many of these former students incurred deep debt without the requisite skills nor a degree that enables them to secure employment with adequate wages to repay their loans.
“If Congress doesn’t override the President’s veto,” noted Ashley Harrington, Federal Advocacy Director and Senior Counsel with the Center for Responsible Lending (CRL), “Secretary DeVos’ 2019 harmful Borrower Defense Rule will go into effect this summer making it nearly impossible for future defrauded students to access relief and taxpayers to recoup their wasted and misused dollars.”
Just as the Federal Reserve took decisive action to support corporate and investor interests, working families are equally deserving of a governmental champion to unclog the blocks on benefits, loans and grants.