Roll Call: Opinion: The attack on the CFPB threatens consumers and ignites a race to the bottom

Roll Call, March 13, 2018: Opinion: The attack on the CFPB threatens consumers and ignites a race to the bottom

As a congressman, Mick Mulvaney once co-sponsored a bill to abolish the Consumer Financial Protection Bureau. And since being appointed by President Donald Trump to temporarily lead the agency, he has worked to cripple it from the inside.

What he is doing will hurt consumers not once but twice — first, by letting off the hook financial institutions that take advantage of their customers, and second, by giving other companies large incentives to do the same.

The rollbacks won’t just hurt consumers, they will also hurt our economy. Fair regulations that protect consumers are essential for well-functioning markets. Without effective rules, we’ve seen that some companies will cheat their customers. As word spreads, millions of consumers are forced to question whether products are safe or secure. This uncertainty leads them to buy less. Many businesses — even those that treat their customers fairly — lose sales. The economy suffers.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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