Washington, DC – Today, in response to President Trump’s declaration of April as National Financial Capability Month, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement.
“Through this declaration, President Trump has announced his support of financial capability for working Americans, but actions taken by him and some members of Congress to dismantle or weaken the CFPB belie this support. The CFPB is the agency most capable of creating financial security for Americans by ensuring fairness in banking services and products. If it had been in existence 15 years ago, we could have avoided the Great Recession and the colossal loss of wealth suffered by millions. Rather than gutting or ending the CFPB, we must preserve it and the safeguards it has established to protect consumers from unregulated and unscrupulous lenders.”
Last week, Richard Cordray, Director of the CFPB, delivered a keynote address at NCRC’s 2017 Annual Conference in Washington, DC and discussed many of the obstacles preventing Americans from achieving financial capability. In his remarks, Director Cordray stated, “For the economically vulnerable and the underserved, we know that managing the ways and means of their lives usually costs more, risks more, takes longer, and does less to build their financial futures than is true for most of us. Meaningful opportunities, such as borrowing to start a business or buy a house, are often beyond their reach.”
NCRC supports the actions of the CFPB to ensure that the economically vulnerable and underserved can achieve their version of the American Dream.
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.