X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISBURG, Pa. – Pennsylvania Secretary of Banking Bill Schenck intends to propose reforms to the state’s anti-predatory lending law later this year, the Harrisburg Patriot-News reports. The law currently on the books took effect two years ago, but mortgage foreclosures in the state have hit record highs and consumer advocates say tougher measures are needed. According to the Mortgage Bankers Association, Pennsylvania had the sixth highest percentage of loans in foreclosure in the first quarter 2004. Its foreclosure rate was 2.08%, compared with the national average of 1.27%. Consumer advocates argue that the state’s current law lacks many of the tougher provisions found in other state’s new anti-predatory lending laws, such as caps on points, mandatory counseling for high-cost loan consumers, and punitive damages for violations.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.