CFAL - Fair Lending Now - Behind the scenes
Household Watch has learned from sources close to the issue that Coalition for Fair and Affordable Lending (CFAL) was joined by subprime and predatory lenders seeking to overturn or override state and local legislation. Their website is here. FairLendingNow.com - sounds nice doesn’t it. Now you know who’s really behind it.
One website states “To combat unethical lending practices and to create a uniform lending standard, Household and several other sub-prime lenders joined the Coalition for Fair and Affordable Lending (CFAL).” Actual participation in the program by predators is unknown. Some compliance officers join various organizations as a smoke screen. The real issue is HR 833, the Responsible Lending Act.
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