Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market.
According to data at HousingWire’s Mortgage Rates Center, the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago. The rate for 15-year conforming loans averaged 6.66% on Tuesday, compared to 6.79% a week ago.
HousingWire Lead Analyst Logan Mohtashami recently wrote that higher mortgage rates “have increased recession risk by targeting the one sector that always falls before every recession: residential construction workers. And higher rates are also impacting the future supply of homes, as housing permits have been in a downtrend for a while.“
Data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) showed that housing starts shrank 4.4% year over year in June. But this pullback was led by the multifamily sector, where starts dropped 23.4% compared to June 2023. Single-family starts rose 4.4% during the year. Permits fell by 3.1% year over year, including a 1.3% decrease in single-family permits.
Housing completions also grew by 15.5% during the year, although the bulk of this was tied to multifamily (40.2% growth). There were a record number of apartments delivered in many markets last year, but builders appear to be pulling back to avoid a glut of supply.
Lower mortgage rates are having a positive impact on application levels, with the Mortgage Bankers Association (MBA) reporting last week that applications were up 3.9% on a yearly basis during the week of July 12. Most of this growth was tied to refinance applications, which were up 37% year over year.
Fannie Mae economists project two rate cuts by the end of 2024. In a report released Tuesday, the government-sponsored enterprise anticipated the Federal Reserve would cut benchmark rates in September and December, resulting in the average 30-year rate declining to 6.8% in 2024 and to 6.4% in 2025.
Fannie also upwardly revised its forecast for purchase mortgage origination volume to $1.22 trillion due to home price appreciation that is expected to finish 2024 higher than previously anticipated. Fannie reduced its forecast for refinance originations to $346 billion this year but expects $563 billion in refis next year. In total, Fannie is forecasting $2.11 trillion in origination volume in 2025, up from a projected $1.70 trillion this year.
Survey data released Tuesday by Bright MLS concluded that “affordability is increasingly becoming more of a challenge for potential homebuyers.“ The survey of 1,180 real estate agents across six Mid-Atlantic states and the District of Columbia found that 14% of sellers in June saw a contract fall through due to a buyer’s inability to secure financing, which was up from 11% in May.
The surveyed agents also noted that affordability was the No. 1 reason for a buyer pausing their home search efforts over the past six months, while high mortgage rates were the No. 2 reason. Each of these factors were cited by nearly 60% of respondents.
“With mortgage rates hovering around 7% and home prices continuing to rise, financing is a growing challenge for buyers, and this is beginning to impact a buyer’s ability to make it across the finish line,” Bright MLS chief economist Lisa Sturtevant said in a statement.
Good news, however, came in the form of less competition. In June, 38% of buyers successfully completed a purchase through Bright MLS while submitting only a single offer. That was up from 31.2% one year ago.
From the sunny beaches of Myrtle Beach to the cobblestone streets of Charleston, South Carolina is known for its warm hospitality and charming beach towns. The state bursting with natural beauty, featuring the lush landscapes of the Blue Ridge Mountains and the tranquil waters of its coastal marshlands. But, what else is South Carolina known for? Whether you’re considering renting a home in Florence, looking to settle into an apartment in Clemson, or just planning a visit, you’ll soon find that South Carolina has much more to offer than meets the eye. In this article, we’ll explore what makes South Carolina unique and why so many are proud to call it home. Let’s jump in.
1. Myrtle Beach
Myrtle Beach, which sits along South Carolina’s Grand Strand, attracts visitors with its sandy beaches, bustling boardwalk, and exciting attractions. The Myrtle Beach Boardwalk and Promenade feature shops, restaurants, and the iconic SkyWheel, offering panoramic views of the coastline. Additionally, people can enjoy water sports, mini-golf, and live entertainment at venues like the Carolina Opry.
2. South Carolina barbecue
South Carolina’s unique style of barbecue and mustard-based “Carolina Gold” sauce stands out in the culinary world. This tangy, flavorful sauce sets it apart from other regional barbecue styles. Local favorites like Maurice’s Piggie Park in Columbia and Sweatman’s BBQ in Holly Hill serve delicious pulled pork and ribs. The state’s barbecue tradition shines during events like the Smoke on the Beach festival, where pitmasters showcase their skills and offer mouth-watering samples.
3. Hilton Head Island
Hilton Head Island ranks as a premier destination known for its pristine beaches, world-class golf courses, and luxury resorts. While here, you can participate outdoor activities such as biking along scenic trails, kayaking through marshlands, and playing tennis at top-notch facilities. Also, the Harbour Town Lighthouse is a beloved landmark and offers stunning views and historical exhibits. With a blend of natural beauty and upscale amenities, Hilton Head serves as an ideal spot for relaxation and recreation.
4. Fort Sumter
Fort Sumter in Charleston Harbor marks the site where the first shots of the American Civil War were fired on April 12, 1861. Today, sightseers can take a ferry ride to the island and explore the fort’s historic ruins and museum exhibits. Ranger-led tours provide insights into the events that led to the Civil War and the fort’s strategic importance.
5. Spoleto Festival USA
The annual Spoleto Festival USA is held in Charleston and stands as one of the country’s premier performing arts festivals. The festival showcases a diverse range of performances, including opera, theater, dance, and music. Venues range from historic theaters to outdoor spaces, providing a special cultural experience.
6. Brookgreen Gardens
Brookgreen Gardens near Murrells Inlet blends art, history, and nature in a stunning setting. The gardens feature an impressive collection of sculptures set amid beautifully landscaped grounds and themed gardens. While here, patrons can explore native wildlife at the Lowcountry Zoo or take guided tours to learn about the region’s history and ecology. Also, the parks hosts seasonal events and exhibitions so the gardens can be enjoyed year-round.
7. Congaree National Park
Congaree National Park is one of the largest intact expanses of old-growth bottomland hardwood forest in the southeastern United States. The park offers a variety of outdoor activities, including hiking, kayaking, and birdwatching. The Boardwalk Loop Trail provides an accessible way to experience the park’s unique ecosystem and towering trees. With its biodiversity and serene environment, Congaree is a great place to soak in the beauty of South Carolina.
Fun facts South Carolina is famous for
First tea farm: In operation since the 1700s, the Charleston Tea Garden on Wadmalaw Island is the only tea garden in America where tea is grown and produced.
State dance: South Carolina officially designated the shag as its state dance. This type of swing dance originated along the Atlantic Ocean’s beaches in the 1940s and remains popular today.
Oldest minor league baseball stadium: The oldest continuously operating minor league baseball stadium in the country is located in Columbia. It’s known as Capital City Stadium and it opened in 1927.
8. The Angel Oak Tree
The Angel Oak Tree on Johns Island ranks as one of the oldest living oak trees in the country. In fact, experts estimate the tree to be over 400 years old. This massive tree stands 65 feet tall and provides an impressive canopy of sprawling branches. Sightseers often come to marvel at its size and beauty, making it a popular spot for photography and picnics.
9. Greenville’s Falls Park on the Reedy
Falls Park on the Reedy in downtown Greenville showcases scenic beauty and innovative design. The park features the Liberty Bridge, a suspension bridge that offers views of the Reedy River Falls. Besides that, you can stroll along beautifully landscaped gardens, enjoy public art installations, and participate in community events. As a hub for outdoor activities and cultural gatherings, Falls Park serves as an urban oasis in Greenville.
10. Darlington Raceway
Darlington Raceway, known as “The Track Too Tough to Tame,” ranks as a legendary venue in NASCAR racing. Located in Darlington, this historic track has hosted thrilling races since 1950, including the famous Southern 500. Fans flock to Darlington to witness high-speed action and celebrate the sport’s heritage at the Darlington Raceway Stock Car Museum. Because of the track’s different shape and storied history, it’s a beloved destination for racing enthusiasts.
11. Huntington Beach State Park
Huntington Beach State Park is known for its pristine beaches, salt marshes, and freshwater lagoons. Because of its unique landscapes, the park is perfect for birdwatching and wildlife viewing. Also, you explore Atalaya, the Moorish-style castle that was once the winter home of sculptor Anna Hyatt Huntington and her husband, Archer Huntington. The park’s diverse ecosystems and historical sites provide a enriching outdoor experience for visitors of all ages.
12 .South Carolina State Museum
The South Carolina State Museum in Columbia ranks as the state’s largest and most comprehensive museum, offering a wide range of exhibits and interactive displays. The museum’s four floors cover South Carolina’s natural history, cultural heritage, science, and technology. Additional highlights include the Boeing Observatory, the 4D theater, and the Columbia Mills Building, the first electric textile mill in the world.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
In a pair of rulings, the U.S. Circuit Court of Appeals for the District of Columbia has rejected the National Association of Realtors petition for a rehearing in its case with the Justice Department.
The latest actions follow a 2-1 split decision that allowed the Biden Administration to reopen a case the trade group thought it had settled while Donald Trump was president.
But the Biden Administration never finalized the agreement and looked to reopen the investigation.
“This ruling stands in opposition to years of precedent on the interpretation of government contracts and the bedrock principle that the government must honor its word,” a NAR spokesperson said. “We are evaluating all remaining legal options and are committed to exploring all avenues to ensure the DOJ is held to the terms of our 2020 agreement.”
Some speculated that the April ruling could lead to more involvement by the Justice Department in cases involving real estate broker commissions and multiple listing services activities. Most recently, the Department filed an amicus brief, albeit in support of neither side, calling on Ninth Circuit Court of Appeals to reopen a case filed by Real Estate Exchange, also known as REX, against NAR and Zillow.
NAR has also entered into settlement agreements with some of the various plaintiffs in the buyer’s real estate broker fee commission cases, with a number of observers speculating that it wouldn’t have taken the action without the Justice Department’s blessing. But the DOJ’s actions since then have dispelled that conjecture.
After the April decision came out, NAR filed an appeal asking for both a rehearing among the three judge panel that initially decided the matter, as well as for an en banc hearing, where all members of the court would then rule on the case.
Both motions were rejected in single-page rulings without detailed explanation.
“Upon consideration of appellee’s petition for panel rehearing filed on May 20, 2024, it is ordered that the petition be denied,” wrote the unanimous three-judge panel consisting of Judge Karen Henderson, Judge Justin Walker and Judge Florence Pan.
The entire court, with the exception of Judge Bradley Garcia, participated in the unanimous ruling denying NAR’s request.
“Upon consideration of appellee’s petition for rehearing en banc, the response thereto, and the absence of a request by any member of the court for a vote, it is ordered that the petition be denied,” the unsigned ruling said.
Thinking of making South Carolina your new home? The Palmetto State offers residents diverse natural landscapes, vibrant urban centers, and a growing economy, making it an attractive destination for newcomers. Whether you’re browsing homes for sale in Charleston, considering renting in Columbia, or exploring houses for rent in Greenville, here’s what you need to know before moving to South Carolina.
South Carolina at a glance
From the stunning landscapes of Congaree National Park to the pristine beaches of Hilton Head Island, the state has something for everything. Major cities such as Charleston, Columbia, and Greenville serve as vibrant hubs of cultural activities and economic opportunities.
South Carolina’s economy thrives in sectors like manufacturing, aerospace, technology, and healthcare, with notable companies such as Boeing, Michelin, and Prisma Health making their home here. Renowned events, such as the Spoleto Festival USA in Charleston, showcase the state’s vibrant arts and music culture, while the diverse culinary heritage highlights delicious Lowcountry cuisine and barbecue.
Spartanburg and Sumter are among the most affordable places to live in the state, making South Carolina an enticing choice for those seeking a high quality of life and economic opportunity. Whether you’re exploring the scenic Blue Ridge Mountains, enjoying outdoor activities at Lake Murray, or immersing yourself in local culture, South Carolina offers a dynamic and rewarding lifestyle.
1. The state has some of the best beaches on the East Coast
South Carolina is home to some of the most stunning beaches on the East Coast, offering a mix of lively and tranquil experiences. Myrtle Beach, with its bustling boardwalk, vibrant nightlife, and fun attractions, draws visitors from far and wide. Stroll along the iconic pier, play at the beachfront arcades, or enjoy a round of mini-golf at one of the many themed courses. For a quieter escape, head to Folly Beach near Charleston, known for its laid-back vibe, charming pier, and surf-friendly waves. Here, you can explore eclectic local shops, dine at waterfront restaurants offering fresh seafood, and watch for dolphins playing in the surf.
Travel tip: Visit Hilton Head Island during the off-peak season in late spring or early fall to enjoy fewer crowds and more affordable accommodations.
2. Grits are a very popular dish here
In South Carolina, grits aren’t just a side dish—they’re a staple of the local diet. Whether served creamy with butter and cheese or paired with shrimp for the classic Lowcountry dish, shrimp and grits, this Southern comfort food is a must-try. Many local diners and upscale restaurants, like Charleston’s Husk, offer their unique takes on this beloved dish.
Insider scoop: For an authentic experience, try breakfast at a local spot like Early Bird Diner in Charleston, where you can enjoy grits made the traditional way.
3. The cost of living is lower than the national average
One of the appealing aspects of South Carolina is its affordable cost of living. Housing, in particular, is reasonably priced, with the state’s median home sale price of $387,500 which is below the national median of $438,441. The affordability extends to rental prices where you’ll find popular metros like Charleston where a two bedroom apartment goes on average for $1,552. For those looking for more affordable places to live, there are plenty of popular cities that are accommodating. In fact, the cost of living in Columbia is 8% lower than the national average, and when compared to Charleston, the cost of living is 7% lower. Everyday expenses, including groceries and utilities, also tend to be more affordable, making the state an attractive option for those looking to get more bang for their buck.
Explore the best places to live in South Carolina to give you some insight on different cities in the state.
4. South Carolina has significant history
South Carolina is steeped in history, playing a pivotal role in both the American Revolution and the Civil War. Charleston, the state’s oldest city, is home to historic sites such as Fort Sumter, where the first shots of the Civil War were fired. Visit the Historic Charleston City Market or take a carriage tour to immerse yourself in the city’s rich past. Understanding and appreciating South Carolina’s deep historical ties is important before moving there, as it enriches the experience of living in a place with such a storied heritage.
5. The weather can be intense
South Carolina’s weather is generally mild, but it can also be quite intense, which is important to consider when living in South Carolina. Summers are hot and humid, with temperatures often soaring into the 90s. Hurricane season, which runs from June to November, can bring severe storms and heavy rainfall. Additionally, tropical cyclones can sometimes form outside of these dates. On the other hand, winters are mild and brief, making the state an attractive destination for those looking to escape harsher northern climates.
Travel tip: If you’re visiting during hurricane season, stay updated with local weather forecasts and have flexible travel plans.
6. Sweet tea is the state’s preferred drink
In South Carolina, sweet tea is more than just a beverage—it’s a way of life. This sugary, refreshing drink is a staple at every meal and a symbol of Southern hospitality. You’ll find it served at restaurants, cafes, and even gas stations across the state. For the best sweet tea experience, visit the Charleston Tea Garden, the only tea plantation in North America, where you can learn about the tea-making process and sample fresh, locally grown sweet tea.
7. Each region has its own BBQ style
Barbecue in South Carolina is serious business, with each region boasting its own unique style. In the Midlands, you’ll find a mustard-based sauce known as Carolina Gold. The Pee Dee region favors a vinegar-pepper sauce, while the Upstate often features a tangy tomato-based sauce. No matter where you go, you’re sure to find delicious, slow-cooked meats at local BBQ joints like Shealy’s Bar-B-Que in Batesburg-Leesville, renowned for its flavorful sauces and mouth-watering pork.
Insider scoop: For a true taste of South Carolina BBQ, visit the annual Smoke on the Beach BBQ competition in Myrtle Beach or head to a local favorite like Sweatman’s BBQ in Holly Hill to sample different regional styles.
8. Watch out for the alligators
Alligators are a common sight in South Carolina, especially in the coastal regions and freshwater lakes. While they are generally not aggressive, it’s important to be cautious around bodies of water. Pay attention to warning signs and keep a safe distance if you spot one. Areas like the Congaree National Park are known habitats for these reptiles, adding a bit of adventure to your outdoor activities.
You’ll want to consider the pros and cons of living in South Carolina before you decide to move here.
9. You’ll start to notice the southern accents
The charm of South Carolina is enhanced by the melodic drawl of the Southern accent. You’ll hear it in the friendly greetings at the local grocery store and the casual conversations on the streets of Charleston. The accent varies slightly from region to region, but it always adds a warm, welcoming touch to the interactions you’ll have.
10. College sports are big here
College sports are a big deal in South Carolina, with fierce rivalries adding to the excitement. The most notable is the rivalry between the University of South Carolina Gamecocks and the Clemson University Tigers, a showdown that captivates fans across the state. Game days are filled with tailgating, spirited cheers, and intense competition, as fans don their school colors and gather for pre-game festivities.Whether you’re at a game or watching from home, the passion for college football runs deep in South Carolina, making it an integral part of the state’s culture.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
New York City, often referred to as “The City That Never Sleeps,” is a place of endless possibilities. With its towering skyscrapers, vibrant neighborhoods, and a cultural scene that rivals any other city in the world, it’s no wonder that millions of people dream of calling NYC their home. However, life in this iconic metropolis comes with its own set of challenges. So whether you’re searching for a trendy loft in Brooklyn or a cozy apartment in Manhattan, you’ve come to the right place.
In this ApartmentGuide article, we’ll explore the various pros and cons of living in New York City, helping you decide if the Big Apple is the right place for you.
Fast facts about living in NYC
Population: Over 8.3 million residents
Average rent: $5,098 per month for a one-bedroom apartment
Median home sale price: $815,000
Subway stations: 472, providing extensive public transit options
Public parks: More than 1,700 green spaces for recreation and relaxation
Languages spoken: Over 800, reflecting the city’s rich cultural diversity
Annual tourists: Approximately 65 million visitors each year
Restaurants: Over 27,000, offering a wide variety of cuisines from around the world
1. Pro: NYC is a cultural and entertainment hub
New York City is a cultural mecca, offering unparalleled access to world-class theaters, museums, and music venues. Broadway shows, the Metropolitan Museum of Art, and the New York Philharmonic are just a few examples of the endless entertainment options. The city also hosts numerous cultural festivals and street fairs, celebrating everything from film and literature to food and dance. Additionally, iconic landmarks like Times Square, Central Park, and the Statue of Liberty add to the rich tapestry of experiences available.
2. Con: The housing in NYC is extremely expensive
The real estate market in NYC is notoriously expensive, with housing costs being 408% more expensive than the national average. The average rent for a one-bedroom apartment in New York, NY is $5,098 per month. The median sale price for a home in NYC is around $815k, reflecting the high cost of ownership. While outer boroughs like Brooklyn and Queens can offer slightly more affordable options, the prices are still high compared to the national average. Renters may need to consider shared living arrangements or smaller apartments to manage costs.
3. Pro: There are lots of job opportunities
New York City is an economic powerhouse with opportunities in a wide range of industries, including finance, technology, media, and fashion. Major companies such as Goldman Sachs, Google, and NBCUniversal have a significant presence here. The diverse job market means there’s potential for career growth in nearly any field.
5 of NYC’s top employers
JPMorgan Chase & Co.
Verizon Communications Inc.
Citigroup Inc.
Pfizer Inc.
Mount Sinai Health System
4. Con: High cost of living
The cost of living in New York City is 128% higher than the national average, making it one of the most expensive cities in the United States. This encompasses various daily expenses beyond housing. Transportation costs are substantial, with monthly subway passes priced at around $132, and the occasional need for taxis or rideshares adding to the expense. Groceries and dining out are also more costly compared to other parts of the country, with basic items and meals often carrying a premium price tag.
Additionally, utility bills are 5% more expensive, groceries are 15% more expensive, and healthcare is 25% more expensive than the national average. While higher salaries in New York City can help offset these expenses, many residents still find it challenging to manage their finances, save money, or afford discretionary spending.
5. Pro: Public transportation
With a transit score of 89, one of the benefits of living in NYC is its extensive public transportation system. The subway and bus networks make it possible to get around without a car, which can save money on vehicle expenses. The MTA (Metropolitan Transportation Authority) operates 24/7, covering all five boroughs, with 472 subway stations and over 300 bus routes. Monthly unlimited MetroCards provide cost-effective travel options for residents.
Additionally, the city’s walkability and availability of bike-sharing programs like Citi Bike, which offers thousands of bikes across hundreds of stations, make commuting convenient for renters who might not own a vehicle.
6. Con: Crowded and noisy
New York City is known for its hustle and bustle. The constant activity can be intense, with crowded streets, busy public transportation, and noise that rarely stops. Finding peace and quiet can be challenging, especially in lively neighborhoods. The high population density means personal space can be limited, and the sounds of construction and traffic are common. For those who prefer a quieter environment, adjusting to the city’s vibrant energy might take some time.
7. Pro: Diverse neighborhoods
NYC is a melting pot of cultures, with each NYC neighborhood offering unique character and charm. From the historic streets of Harlem to the trendy vibes of Williamsburg, there’s a place for everyone. Explore the vibrant art scene in Chelsea, enjoy the bustling markets in Chinatown, or relax in the quaint cafes of the West Village. This diversity also means a variety of cuisines, festivals, and cultural experiences are available year-round, ensuring there’s always something new to discover.
8. Con: Weather extremes
New York experiences all four seasons, which means hot, humid summers and cold, snowy winters. While some enjoy the variety, others may find the weather extremes challenging to handle. Snowstorms can disrupt daily life, affecting transportation and causing school and work closures. Summer heat waves can be uncomfortable, leading to increased energy costs for cooling. The transition seasons, spring and fall, can also be unpredictable, with sudden changes in temperature and weather conditions.
9. Pro: Access to education and healthcare
The city boasts some of the best educational institutions in the world, including Columbia University and NYU. Additionally, New York has top-notch healthcare facilities, such as NewYork-Presbyterian and Mount Sinai. This access to quality education and healthcare is a significant advantage for residents. The abundance of specialized programs and advanced research centers attracts students and professionals from all over the globe.
10. Con: High taxes
New York State has some of the highest taxes in the country, including income, property, and sales taxes. The combined state and city income tax can reach up to 12.7% for high earners, and the property taxes can also be quite burdensome. Additionally, the cost of living in New York City is significantly higher than the national average, which can exacerbate the financial strain caused by these high taxes. Residents often find themselves paying more for everyday expenses, such as groceries, utilities, and transportation. For businesses, the high corporate taxes and regulatory costs can be challenging, impacting overall profitability and growth.
11. Pro: Green spaces
Despite its urban nature, NYC offers numerous green spaces where residents can escape the concrete jungle. Central Park, Prospect Park, and the High Line are popular spots for relaxation and recreation. These parks provide a much-needed respite from the city’s fast pace.
Popular NYC parks:
Bryant Park
Washington Square Park
Riverside Park
Brooklyn Bridge Park
Flushing Meadows-Corona Park
12. Con: Competitive lifestyle
The competitive nature of NYC can be a double-edged sword. While it drives innovation and excellence, it can also lead to high-stress levels. The fast-paced lifestyle and constant pressure to succeed can be exhausting for some individuals. This environment often demands long working hours and a relentless pursuit of career advancement. Balancing work and personal life can be challenging, and the high cost of living adds to the pressure to excel.
13. Pro: Iconic landmarks
Living in New York City means having iconic landmarks like the Statue of Liberty, Times Square, and the Empire State Building at your doorstep. These sites are not only great for sightseeing but also contribute to the city’s unique character and charm.
Iconic landmarks in New York City:
Brooklyn Bridge
One World Trade Center
Rockefeller Center
Central Park
The Metropolitan Museum of Art
14. Pro: Rich cultural diversity
Known for its cultural mosaic of vibrant diversity, New York City is home to people from around the world, speaking hundreds of different languages. In neighborhoods like Little Italy, Chinatown, and Harlem, residents can experience a wide array of cuisines and traditions from different cultures. This blend of backgrounds creates a unique environment where diverse perspectives and traditions thrive. Cultural institutions, festivals, and parades throughout the city highlight this diversity, from the Lunar New Year celebrations in Chinatown to the Puerto Rican Day Parade and the annual Feast of San Gennaro in Little Italy.
Thinking of making the Beaver State your new home? Oregon offers residents breathtaking natural scenery, vibrant urban centers, and a flourishing tech industry, making it a top destination for movers. Whether you’re looking at homes for sale in Portland, considering renting a home in Bend, or touring apartments for rent in Eugene, here’s what you need to know before moving to Oregon.
Oregon at a glance
Oregon provides a mix of natural beauty and urban life. From the stunning Crater Lake to the lush forests of the Willamette Valley, the state is perfect for both outdoor enthusiasts and city lovers. The largest cities in Oregon, Portland, Eugene, and Salem, are bustling hubs of activity. Oregon’s economy is driven by technology, agriculture, and manufacturing, with companies like Nike, and Columbia Sportswear headquartered here.
The state’s cultural scene includes vibrant music, arts, and culinary delights, while its strong educational institutions and job market make it an attractive place to live. For those seeking affordability, cities like Gresham, Springfield, and Salem offer more budget-friendly living options. Whether exploring the Oregon Coast, hiking around Mount Hood, or visiting the Portland Saturday Market, moving to Oregon is a great consideration.
1. The national parks in Oregon are stunning
Oregon’s national parks are stunning natural treasures, offering diverse landscapes and unparalleled beauty. Crater Lake National Park showcases the deepest lake in the U.S., known for its vivid blue waters and surrounding volcanic peaks. Further north, the lush forests and cascading waterfalls of Mount Hood National Forest attract hikers and outdoor enthusiasts seeking adventure in a picturesque setting. Additionally, the rugged coastline and sea stacks of Oregon’s coastal parks, like Cape Perpetua Scenic Area, provide dramatic vistas and opportunities for coastal exploration and wildlife viewing.
Travel tip: To make the most of your visit to Crater Lake, aim to arrive before 9 am or after 4 pm to avoid waiting in long lines at the entrance stations. For further details about this stunning National Park, visit the National Park Service page.
2. Oregon has diverse climates throughout the state
Oregon’s diverse climates range from the lush, temperate rainforests of the western coast, where cities like Astoria receive over 70 inches of rain annually, to the arid high desert regions of the eastern part of the state, such as Bend, which gets less than 12 inches of rain per year. Additionally, Salem and Portland are among the rainiest cities in the U.S., contributing to the state’s reputation for varied and sometimes wet weather patterns.
The Willamette Valley, including cities like Eugene and Salem, experiences a mild, Mediterranean climate with warm, dry summers and cool, wet winters, ideal for growing wine grapes and other agriculture. In contrast, the southern part of the state, around Medford, enjoys a more temperate climate with hot, dry summers and mild, wet winters, supporting a variety of fruit orchards and vineyards.
3. There’s no sales tax in the state
Oregon is one of the few states in the U.S. that does not impose a sales tax, which can be beneficial for residents as it reduces the overall cost of goods and services. This tax policy can attract people looking to save money on everyday purchases, making it an appealing destination for those considering relocation. Additionally, the absence of sales tax can simplify financial planning and budgeting for households.
4. Oregon has amazing vineyards
Oregon’s Willamette Valley stands out globally for its stunning vineyards and production of world-class Pinot Noir wines. This is exemplified by acclaimed wineries like Domaine Serene and Archery Summit. The region’s diverse climate and fertile soil create optimal conditions for cultivating exceptional grape varietals, making it a mecca for wine enthusiasts. Additionally, the Columbia Gorge area complements this reputation with its own distinct vineyards, such as Maryhill Winery, contributing to Oregon’s acclaimed wine industry.
Travel tip: The sprawling vineyards make walking impractical, so planning your transportation ahead of time is essential when visiting the Willamette Valley for wine tasting. Uber and Lyft availability in the region can be inconsistent, so arranging a designated driver or booking a wine tour service in advance is advisable.
5. There’s people to help pump your gas
In Oregon, it’s common to find attendants at gas stations who pump your gas for you, making it a convenient service for drivers. This practice eliminates the need to leave your car, especially in bad weather or if you’re in a hurry. Additionally, the service provides an added level of safety and convenience, particularly for those who may have difficulty with self-service pumps.
6. There are plenty of unique festivals and cultural events
Oregon hosts a wide array of unique festivals and cultural events, offering something for everyone to enjoy. The renowned Oregon Shakespeare Festival in Ashland draws theater enthusiasts from around the world, featuring an extensive lineup of classic and contemporary plays performed in multiple theaters. Meanwhile, Portland’s annual Rose Festival pays homage to the city’s heritage with vibrant parades, exhilarating dragon boat races, and breathtaking floral exhibitions.
Travel tip: For budget-conscious visitors with flexible schedules, consider purchasing discounted day-of tickets for performances at the Oregon Shakespeare Festival.
7. Oregon is very environmentally-friendly
Oregon is renowned for its strong commitment to environmental sustainability, with cities like Portland and Eugene leading the way in green initiatives. Portland, for example, has implemented extensive public transportation options such as the MAX light rail and streetcars, significantly reducing carbon emissions. Meanwhile, Eugene is recognized for its widespread use of renewable energy sources like hydroelectric power and geothermal heating, alongside innovative community recycling programs aimed at minimizing waste and promoting recycling efforts.
Discover the pros and cons of living in Oregon to gain insight into the state’s unique lifestyle.
8. Biking is a popular mode of transportation
Biking is a popular mode of transportation for residents in Oregon, especially in cities like Portland, known for its extensive network of over 400 miles of bike lanes and trails. The state’s commitment to promoting cycling is evident through its bike-friendly policies and infrastructure. This makes Portland one of the most bikeable cities in the nation. Additionally, events like Portland’s annual Pedalpalooza festival celebrate the vibrant cycling community and advocate for safer streets for all riders, further enhancing the city’s reputation as a cyclist-friendly destination.
9. Although there’s no sales tax, the income taxes are high
Oregon has one of the highest state income tax rates in the country ranging from 4.75%-9.9%, which can significantly impact residents’ take-home pay. The state’s progressive tax system means higher earners face steep rates, making it essential for potential movers to consider this in their financial planning. Despite the absence of sales tax, the high income tax rate can be a notable factor in the overall cost of living in Oregon.
10. The cost of living can be high in popular metros
The cost of living in Oregon varies widely across the state, with significant differences in housing prices. For example, in Portland, the median home sale price is around $539,500, while average rental prices hover around $1,812 per month for a two-bedroom apartment. In contrast, cities like Medford offer relatively lower housing costs, with median home prices averaging around $400,000 and rental prices averaging approximately $1,520 per month. These variations reflect regional differences in demand, amenities, and overall economic factors impacting housing markets across Oregon.
When choosing the best place to live in Oregon, it’s important to factor in considerations like affordability, amenities, and lifestyle preferences.
11. You’ll find a variety of different food throughout the state
Oregon offers a vibrant culinary scene celebrated for its diverse and farm-fresh food offerings. Cities like Portland are renowned for their bustling food cart pods, where locals and visitors can savor a variety of international cuisines. From Korean BBQ tacos to gourmet grilled cheese sandwiches, there’s plenty to try. Additionally, the state’s abundant farmlands contribute to a thriving farm-to-table movement, with restaurants across Oregon showcasing seasonal ingredients like Oregon hazelnuts, Willamette Valley wines, and fresh Pacific Northwest seafood.
Insider scoop: If you’re in Portland, be sure to visit the Barley Pod, where you’ll discover ample seating, charming string lights, and a central brewery hub.
12. The summers are hot and smoky
Summers in Oregon can be characterized by hot temperatures and occasional wildfire smoke, particularly in regions like the Willamette Valley and Central Oregon. High temperatures often reach into the 80s and 90s Fahrenheit, making it essential for residents and visitors to stay hydrated and seek shade during peak heat hours. Additionally, wildfire season, typically from late summer through early fall, can occasionally lead to reduced air quality due to smoke drifting from nearby forest fires, prompting advisories and precautions from local authorities.
13. Oregon has a beautiful coast
Oregon is renowned for its stunning coastline, which spans over 360 miles along the Pacific Ocean. The state’s rugged shoreline is dotted with picturesque sea stacks, sandy beaches, and dramatic cliffs, offering breathtaking vistas and opportunities for outdoor recreation such as hiking, whale watching, and beachcombing. Popular coastal destinations like Cannon Beach with its iconic Haystack Rock and the quaint town of Newport with its historic bayfront further highlight Oregon’s natural coastal beauty.
Fun fact: Cannon Beach is home to a surprisingly large population of bunnies. If you choose to camp at one of the nearby campgrounds, you can expect to encounter these adorable furry residents.
14. Mount Hood is an hour away from Portland
Oregon is home to majestic Mount Hood, a prominent landmark and popular outdoor destination for residents and visitors alike. Standing at over 11,200 feet, Mount Hood offers year-round recreational opportunities such as skiing, snowboarding, hiking, and camping. Its proximity to Portland, just about 60 miles away, makes it a convenient escape into nature, showcasing Oregon’s diverse landscapes and outdoor lifestyle that attracts outdoor enthusiasts and adventurers.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Bloomberg Philanthropies’ eye-popping $1 billion donation to Johns Hopkins University in Baltimore, which will allow the university to offer free medical school to most of its students, is among the largest-ever donations to a university or higher ed system in the U.S.
It’s also a reminder of just how expensive college has become.
The donation from former New York City mayor Michael Bloomberg’s philanthropic group covers tuition for medical school at Johns Hopkins for students from families earning less than $300,000 per year, beginning in fall 2024. That demographic represents 95% of Americans, according to a statement from the university. Students from families earning up to $175,000 per year will also have their living expenses covered, per the statement.
The annual tuition at Johns Hopkins’ medical school is $64,665, according to the university’s website. Several required additional fees and “indirect costs” such as housing and food bring the total annual cost to just over $102,000. Bloomberg’s gift is intended to assist qualifying students in perpetuity.
“As the U.S. struggles to recover from a disturbing decline in life expectancy, our country faces a serious shortage of doctors, nurses, and public health professionals — and yet, the high cost of medical, nursing, and graduate school too often bars students from enrolling,” Bloomberg said in a statement. “By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about.”
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Bloomberg’s donation joins a slim list of higher-ed gifts exceeding the billion-dollar mark. Including this donation, there have been only four gifts of $1 billion or more given to a single university in recent decades, according to the Chronicle of Higher Education, which tracked higher-ed gifts from 1967 through July 2023.
In 2018, Bloomberg Philanthropies gave $1.8 billion to Johns Hopkins (also his alma mater), which remains the largest-ever gift to a university; it was earmarked exclusively for financial aid. In 2022, Stanford University received $1.1 billion from venture capitalist John Doerr and his wife, Ann; the money went toward launching the Stanford Doerr School of Sustainability. And earlier this year, Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and widow of a Wall Street investor, gave the medical school $1 billion to cover all students’ tuition in perpetuity.
That Bloomberg’s donations, as well as Gottesman’s $1 billion gift, are intended specifically for students’ tuition speaks to the rising cost of college. Since 1963, the average college tuition has more than tripled even after accounting for overall inflation, according to BestColleges.com, leading to a boom in student borrowing.
Earlier this month, interest rates on some federal student loans hit record highs, which raises the cost of college for students and their families who must borrow to afford college. Collectively, U.S. student loan borrowers owe $1.74 trillion in federal and private debt, according to the most recent data from the Federal Reserve.
In January 2024, NerdWallet’s annual household debt study found that the average U.S. household with student debt owes $55,573.
Biggest donations to a college or university in the U.S.
Below are the 10 largest single contributions to a college or university system in the U.S., according to The Chronicle of Higher Education, which did not include grants in its ranking. (The Chronicle stopped tracking these gifts in July 2023.)
$1.8 billion, to Johns Hopkins University, from Bloomberg Philanthropies, to be used for financial aid. (2018)
$1.1 billion, to Stanford University, from the Doerrs, to establish the Stanford Doerr School of Sustainability. (2022)
$1 billion, to the Albert Einstein College of Medicine, from Gottesman, to cover all students’ tuition in perpetuity. (2024)
$1 billion, to Johns Hopkins University, from Bloomberg Philanthropies, to cover most students’ tuition in perpetuity. (2024)
$750 million, to California Institute of Technology, from billionaires Stewart and Lynda Resnick, to fund environmental research. (2019)
$650 million, to The Broad Institute, from philanthropist Ted Stanley, to fund mental illness research. (2014)
$600 million, to California Institute of Technology, from billionaires Gordon and Betty Moore, and the Gordon and Betty Moore Foundation, for educational and scientific programs.
$600 million, to Columbia University and NewYork-Presbyterian Hospital, from Florence and Herbert Irving, for cancer research. (2017)
$550 million, to Western Michigan University, from an anonymous donor. (2021)
$500 million, to Bard College, from George Soros’s Open Society Foundations, $500 million; to establish an endowment and fund other initiatives. (2021)
(Photo by Bryan Bedder/Getty Images for Bloomberg Philanthropies)
Mortgage lender makes Providence Business News’ list for the 19th consecutive year
MIDDLETOWN, R.I., July 2, 2024 /PRNewswire/ — Embrace Home Loans, a top-ranked national mortgage lender, was named to Providence Business News’ (PBN’s) 2024 Best Places to Work awards list, reaching number 13 in the large employer category, or companies with 150-499 employees in the region.
Embrace Home Loans logo (PRNewsfoto/Embrace Home Loans)
This marks the 19th consecutive year Embrace has made PBN’s Best Places to Work list, making it one of only 3 companies that has won every year since the program’s inception in 2005.
All 67 of the companies and organizations recognized by the PBN this year were judged based on human resources policies and confidential surveys completed by employees. The Best Companies Group survey and awards program was designed to identify and honor the best employers in Rhode Island, benefiting the economy, workforce and businesses in the state.
“I’m incredibly proud that Embrace Home Loans has again been recognized as one of Rhode Island’s Best Places to Work,” said Ryan “Buddy” Hardiman, president of Embrace Home Loans. “At Embrace, we’re committed to providing our employees with all the tools and resources they need to succeed and grow in their careers. We believe employee happiness is key to their overall well-being and success, which is why fostering a positive work environment is so important to us.”
Embrace is known for fostering a supportive, family-like work culture and encouraging its employees’ charitable endeavors. It conducts small group trainings to facilitate discussions on building emotional intelligence and resilience. Embrace celebrates its anniversary each year with a week of companywide participation in community service known as “Orange Week.” It also pays employees for up to 100 hours of community service per year.
Embrace has been recognized with multiple workplace awards, including from National Mortgage News, Fortune and Best Companies.
To learn more about career opportunities at Embrace, visit the company’s careers page.
About Embrace Home Loans
Founded in 1983, Embrace Home Loans is a prominent mortgage lender that provides borrowers and financial institutions with an exceptional mortgage experience. Licensed in all 50 states and the District of Columbia, Embrace has been recognized seven times as one of the Best Medium-sized Companies to Work for in America by Fortune and as one of the Fastest Growing Companies in America by Inc. The company has also been recognized 19 times as one of the Best Places to Work in Rhode Island, as the Most Community Involved Company in Rhode Island, and with the Leadership Excellence Award by Providence Business News. The company is based in Middletown, Rhode Island. For more information, please visit www.embracehomeloans.com.
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BOZEMAN, Mont.–(BUSINESS WIRE)–FICO, a leading analytics software firm, has announced that Encompass Lending Group and Equity Resources, Inc. are the latest mortgage lenders to embrace FICO’s newest, most innovative and predictive scoring model, FICO® Score 10 T. Their proactive adoption of the model stems from FICO’s strategic relationship with Lenders One® Cooperative (“Lenders One”), of which both lenders are members. Lenders One is a national alliance of independent mortgage bankers, banks, and credit unions dedicated to helping its members maximize revenue, reduce costs, and improve decision-making.
Equity Resources, Inc. is a privately held mortgage lender headquartered in central Ohio and licensed in 20 states plus the District of Columbia. Equity Resources, Inc. originates traditional conventional financing but also specializes in FHA, USDA and VA lending, with a balanced approach of selling directly to the GSEs plus aggregators. Based in the greater Houston, TX. area and serving 46 states and the District of Columbia, Encompass Lending Group is a full-service mortgage lender. Notably, Encompass Lending sells 100% of its loans to aggregators rather than government-sponsored enterprises (GSEs). With FICO® Score 10 T’s ability to support application approval lift and reduce delinquencies, both organizations will use the model to enhance their respective origination efforts.
“Our proactive adoption of FICO Score 10 T will enable us to stay one step ahead of the industry,” said Kelly Welch, executive vice president of Equity Resources, Inc. “We are eager to put the model into action and potentially utilize it to allow more veterans to qualify for VA home loans. We will also use it to compare to the traditional models and expand homeownership into new channels of business.”
“At Encompass Lending Group, we strive to help as many people as possible achieve a dream of homeownership,” said Paul Marsh, chief financial officer of Encompass Lending Group. “Proactively adopting the industry’s most innovative scoring model will further our ability to safely and responsibly deliver on our commitment to our customers.”
FICO® Score 10 T provides even greater precision in making lending decisions and can help lenders better manage credit risk and default rates when extending competitive credit offers to consumers. The model can enable an increase in mortgage originations of up to 5% (without taking on additional credit risk) or reduce default risk and losses by up to 17%. The increased predictive power of FICO Score 10 T can also help lenders project cash flow more accurately.
“With FICO Score 10 T, Encompass Lending Group and Equity Resources, Inc. will be positioned to serve their customers with tools of the highest industry standards,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “We are proud to partner with these forward-looking organizations as they continue to grow their businesses and meet the needs of borrowers.”
This news builds upon FICO’s recent announcement around mortgage industry adoption of FICO® Score 10 T reaching a significant milestone: Clients with over $125 billion in annualized mortgage originations and approximately $380 billion in eligible mortgage portfolio servicing rights have signed on to use the model.
FICO is committed to assisting mortgage industry participants looking to transition to its most current model, FICO® Score 10 T. The FICO Score Migration Resource Center provides a detailed guide to support organizations through their score transition with key planning steps and activities, in addition to implementation best practices.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at https://www.fico.com.
Join the conversation at https://x.com/FICO_corp& https://www.fico.com/en/blogs/.
For FICO news and media resources, visit https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
The opinion overturning Chevron deference was written by Chief Justice John Roberts (bottom left) and joined by Justices Samuel Alito (bottom right), Neil Gorsuch (top right) and Brett Kavanaugh (top right), as well as Justices Clarence Thomas and Amy Coney Barrett (not pictured).
Eric Lee/Bloomberg
The Supreme Court on Friday overturned a major legal precedent requiring judges to defer to federal regulatory agencies’ interpretation of ambiguous statutes. The 6-3 ruling reduces the power of a wide range of executive branch agencies, including bank regulators, to interpret laws.
The 40-year-old legal doctrine — known as Chevron deference, named for the 1984 Supreme Court decision in Natural Resources Defense Council v. Chevron establishing the precedent — had long frustrated companies in regulated industries because it limited their ability to sue agencies over their interpretations of broad or vague legal authorities.
The doctrine often meant that regulators could write broader, more costly rules than regulated companies believed were warranted. Its demise is expected to open the floodgates to a wave of litigation challenging such rules.
But the end of Chevron deference could be a double-edged sword for banks, according to industry lawyers, because the Supreme Court’s decision will also make it easier for advocacy groups and state attorneys general to challenge rules they oppose, which would introduce more uncertainty for banks.
The ruling by the high court’s conservative majority, written by Chief Justice John Roberts, held that the Administrative Procedure Act requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority. Courts have the option to defer to an agency’s interpretation of an ambiguous law, but the court said the firm requirement that it must is incorrect.
“The deference that Chevron requires of courts reviewing agency action cannot be squared with the APA,” Roberts wrote. “Perhaps most fundamentally, Chevron’s presumption is misguided because agencies have no special competence in resolving statutory ambiguities. Courts do.
“Chevron has proved to be fundamentally misguided,” he continued in an opinion joined by Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett. “And its flaws were apparent from the start, prompting the Court to revise its foundations and continually limit its application. Experience has also shown that Chevron is unworkable.”
The court’s decision encompassed two cases: Loper Bright Enterprises v. Raimondo and Relentless v. Department of Commerce. The cases involved fishermen in New Jersey and Rhode Island who claimed the National Marine Fisheries Service could not impose a fee requiring federal observers on herring boats, based on the applicable law.
In a dissenting opinion, Justice Elena Kagan wrote that for 40 years, Chevron deference has served “as a cornerstone of administrative law, allocating responsibility for statutory construction between courts and agencies.”
“This Court has long understood Chevron deference to reflect what Congress would want, and so to be rooted in a presumption of legislative intent,” wrote Kagan, who was joined by Justice Sonia Sotomayor. “Congress knows that it does not — in fact cannot — write perfectly complete regulatory statutes.”
Justice Ketanji Brown Jackson joined the dissent in one of the two cases but was recused from the other because she took part in it as a federal appeals court judge.
Banking trade groups reacted favorably to the court’s ruling.
“This is an important win for accountability and predictability at a time when agencies are unleashing a tsunami of regulation — in many cases clearly exceeding their statutory authority while making it harder for banks to serve their customers. We will continue to fight to ensure that bank regulators follow the law every time they exercise their powers,” the American Bankers Association said in a written statement.
Going forward, lawyers said, federal agencies will be under greater scrutiny, giving industry actors more opportunities to challenge agency rules and interpretations of the law.
“The decision could be viewed as putting regulated communities on a more equal footing with the agencies,” said Varu Chilakamarri, a partner at the law firm K&L Gates.
Eugene Scalia, a former Trump administration Labor secretary and prominent corporate litigator, said that the Supreme Court’s decision on Friday is part of a broader trend in which courts are applying more scrutiny to agencies’ exercise of their legal authority.
Scalia has been hired by the Bank Policy Institute, which represents the nation’s largest banks, to advise on potential legal challenges to a Federal Reserve proposal for higher capital standards that has drawn fierce pushback from the industry.
He said Friday that “all regulators are wise to be more careful than they’ve been” in recent years “to make sure they’re acting within the authority Congress gave them, and they’re giving thoughtful consideration when the public tells them what its concerns are.”
The stakes appear to be particularly high for the Consumer Financial Protection Bureau. The CFPB has a reputation as being more aggressive than some other federal agencies, and during the Biden administration, the bureau has found its rules routinely challenged in court.
The CFPB said Friday that it is reviewing the ruling and declined to comment.
The CFPB’s interpretations of laws will now be subject to “heightened attack,” said Joe Lynyak, a partner at Dorsey & Whitney.
“Courts around the country may be inundated with private parties who may now litigate and relitigate an agency interpretation, including creating conflicting decisions by lower courts,” Lynyak said.
Eamonn Moran, senior counsel at Norton Rose Fulbright, said the rollback of Chevron deference may result in the overturning of regulations such as the CFPB’s $8 credit card late fee rule. But he also cautioned about potential downsides for banks.
“While there may be now more opportunity for the plaintiff’s lawyers to try to undo regulations through court challenges, industry may now be faced with lack of predictability and compliance challenges,” Moran said.
Leah Dempsey, co-chair of the financial services practice at the law firm Brownstein Hyatt Farber Schreck, pointed to what she described as challenges for regulated companies stemming from the court’s decision, in addition to the opportunities.
In an interview before the decision was released, Dempsey said that companies are always looking for clarity on how to operate, and argued that the demise of Chevron could limit the ability of agencies to provide such clarity.
Kate Judge, a professor at Columbia Law School, wrote in a social media post that banks, like many businesses, “may see Chevron’s fall as a win, but the Chevron doctrine was central in facilitating deregulation.”
“The result today does not mean less regulation; it just ensures more uncertainty about the obligations the law imposes on regulated entities,” Judge wrote on X, formerly known as Twitter.
The National Community Reinvestment Coalition is one of the progressive groups that may become more aggressive in suing over regulations it dislikes. The group’s chief policy counsel, Eden Forsythe, predicted that in the wake of Friday’s decision, “cynical corporate lobbyists” will try to undermine important regulatory safeguards.
“We can’t let that become a one-sided fight. If the courts are declaring open season on regulatory decision-making, then we have to make sure corporate America aren’t the only ones fighting,” Forsythe said. “Where regulatory outcomes have not been good enough to protect our communities, economic and environmental justice organizations should be aggressive in pursuing positive change.”
Joann Needleman, an attorney at the law firm Clark Hill, noted that many laws that affect the financial services sector are decades old, so they don’t provide clear guidance about how companies may use newer technology. It has long been up to regulators to fill in those gaps.
Needleman said that following the demise of Chevron deference, she can foresee litigation by consumer advocates challenging regulations that CFPB established regarding the use of modern communications technologies by debt collectors. The CFPB’s 2020 rule implementing the Fair Debt Collection Practices Act addresses the use of email and text messages by debt collectors. Advocates have opposed parts of the regulation.
Needleman, who is a former president of the board of directors of the National Creditors Bar Association, said in an interview before the court’s decision was released that the CFPB’s rule provides a modern interpretation of a decades-old law.
“A lot of what the CFPB did around that regulation was really helpful,” she said.