Current & Former Federal Reserve CAC Members Call on Senator Dodd to Not House CFPA at Fed

“Putting the CFPA at the Federal Reserve, as has been proposed, will be more of a waste of taxpayers’ money because we’ll have to pay for the appearance of protection without getting any," said John Taylor, president & CEO ofthe National Community Reinvestment Coalition. "Had the Fed exercised their authority and enforced consumer protections, they could have nipped the foreclosure crisis in the bud. Now to turn over consumer protections to the very people who allowed the abuses to happen is simply beyond belief.”

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The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.

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