Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Forbes terms Eakes as subprimes Mr. Clean
NEW YORK (2/22/08)--A North Carolina credit union CEO who has made a career of advocating against payday lending is the subject of an article in Forbes.com (2/21/08). Martin Eakes, CEO of Self-Help CU, based in Durham, N.C., and the Washington, D.C.-based Center for Responsible Lending is "to mortgage lenders what Ralph Nader was to the auto industry," says the article, entitled "Subprime's Mr. Clean." The article notes his work in persuading North Carolina legislature to ban high-interest payday loans and mortgage prepayment penalties, and to restrict fees by mortgage-brokers. It recognizes his work in helping with similar laws in other states. It also discusses Eakes' efforts toward bills in Congress that would change the mortgage lending procedures by banning prepayment penalties, requiring lenders to demand proof of income documents, and giving bankruptcy judges the authority to rewrite mortgage terms on a primary residence. He is quoted as saying half the people he knows would "take a bullet for me" and half would "be happy to provide the bullet."
Other Resources

RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
12 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
13 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
13 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
13 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
14 hours ago