Washington, DC – Today, in response to the release of the Financial CHOICE Act 2.0 by the Chair of the House Financial Services Committee, Jeb Hensarling, NCRC’s President and CEO John Taylor made the following statement.
“This bill is a disaster in the making. It should be called the ‘The NO-CHOICE Act;’ it removes people’s access to secure financial services and protections from banks that won’t make loans to certain individuals or that engage in abusive practices. It is clear Chairman Hensarling still hasn’t learned the lessons of the Great Recession and is determined to weaken or strip away the safeguards and institutions that have shored up our financial system. If this bill is made law, hard-working Americans would once again be subject to unscrupulous financial services and practices, such as fair lending violations and discrimination by mortgage lenders.
“It is especially troubling that the bill attempts to undermine financial regulatory agencies, in particular the Consumer Financial Protection Bureau. No single agency is better equipped to protect consumers and reign in predatory financial services than the CFPB, and this attack on the Bureau and its director, Richard Cordray, will return us to the Wild West days of the early 2000s when Wall Street was given free rein to shred our economy.
“The ‘NO-CHOICE Act’ must not become law for three very important reasons: it weakens the safety and soundness of our financial system, it limits the ability of average Americans to walk into financial institutions and access banking products and services, and it exposes hard-working individuals to the same abuses banks and other financial institutions practiced before we created laws, and the CFPB, to prohibit those usurious activities. We call on members of the House Financial Services Committee dedicated to the safety and soundness of our financial system to stop it in its tracks.”
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.