NCRC’s President and CEO John Taylor testifies before the U.S. House of Representatives Financial Services Committee Hearing on "Community and Consumer Advocates" Perspective on the Obama Administration’s Financial Regulatory Reform Proposal.
The Obama Administration has proposed shifting the Community Reinvestment Act (CRA), along with the other consumer protection laws, to the Consumer Financial Protection Agency (CFPA)–a new agency that would be responsible for further developing consumer protection and fair lending regulations, conducting examinations, and enforcing these regulations. Last week, Chairman Frank of the House Financial Services Committee introduced H.R. 3126, that largely resembles the Obama Administration’s proposal except that jurisdiction of CRA would remain with the existing federal bank agencies. The Administration was correct in their proposal to shift CRA oversight to the CFPA since the existing regulatory agency enforcement of CRA has been inconsistent and weak. Urge your co-workers, friends, and community partners to call Representatives in your state to tell members of the House Financial Services Committee to keep CRA regulation in this bill, HR 3126!
Washington, DC – The financial services industry is considering a series of ads attacking the Obama Administration’s proposed Consumer Financial Protection Agency, according to Dow Jones. The ads are distasteful and inappropriate, considering that the taxpayers have heavily subsidized the financial system as a result of the irresponsible and abusive lending products and practices of the financial industry.
Washington, DC – The bill introduced by Congress yesterday to createthe Consumer Financial Protection Agency leaves out critical consumerprotections originally proposed by President Obama. In particular, theproposal leaves the power to enforce the Community Reinvestment Actwith the existing bank regulatory agencies. The change comes as thefinancial industry spends millions of dollars attempting to weakenconsumer protections.
The National Council of Negro Women, in partnership with the National Community Reinvestment Coalition, released a report "Assessing the Double Burden: Examining Racial and Gender Disparities in Mortgage Lending," which is the third report in the NCRC "Income Is No Shield" series. Among its principal findings are that minorities are much more likely to receive high-cost home mortgage loans than their white counterparts, and that, in many instances, disparities by race widen as income levels for minorities increase.
FOR IMMEDIATE RELEASE Contact: Jesse Van Tol (202) 464-2709 June 4, 2009 email@example.com On Anniversary of Passage of Voting Rights for Women, New Report Details Experience of Minority Women in the Subprime Lending Market and […]
On May 22, 2009, John Taylor attended the bill signing of the Credit Card Accountability, Responsibility, and Disclosure Act at the White House. Following the signing, Taylor encouraged the President to support CRA modernization. Historically supportive of CRA, President Obama said that he looks forward to a more detailed conversation with NCRC in the future, […]