AFR, the Leadership Conference on Civil Rights, and many other groups signed the following letter to members of the House of Representatives regarding the Walt Minnick amendment to H.R. 4173.
Oppose the Minnick Amendment to H.R. 4173
Dear Member of Congress:
We, the undersigned, applaud and support the Consumer Financial Protection Agency (CFPA), as proposed in the “Wall Street Reform and Consumer Protection Act” (H.R. 4173). The financial meltdown sent one clear message: consumers are on their own. The bailouts to the big market players reinforced the idea that consumers must fend for themselves. The CFPA would be the first agency charged with focusing on consumer protection laws. It would subsume the tasks relegated to some dozen agencies – agencies that neglected to defend against threats to our homes and assets. The CFPA would rebuild confidence in the market and reassure families that their wealth is secure and that they have all the information when conducting financial transactions.
In addition to supporting H.R. 4173, we ask you to ensure that the CFPA becomes the robust and well-implemented agency it could be, by OPPOSING the Minnick Amendment (no. 88) or any other attempts to weaken the CFPA. Black, Latino, and Native American borrowers consistently pay more than their White peers for nearly every kind of credit, including credit cards, car loans, and home loans. They also bear a disproportionate share of the consequences of the economic downturn, as demonstrated by declining income, wealth, and homeownership levels. The CFPA can level the field
for all borrowers.
Thank you for your consideration. If you have any questions, please contact LCCR Counsel Rob Randhava at 202-466-6058.
American Association of People with Disabilities
Americans for Democratic Action
Americans for Financial Reform
Campaign for America’s Future
Center for Economic Progress
Center for Responsible Lending
Consumer Federation of America
International Brotherhood of Teamsters
Lawyers’ Committee for Civil Rights Under Law
Leadership Conference on Civil Rights
Mission of Peace National Corporation
Mon Valley Initiative
NAACP Legal Defense and Educational Fund, Inc.
National Association of Consumer Advocates
National Association of Neighborhoods
National Center for Transgender Equality
National Coalition for Asian Pacific American Community Development (CAPACD)
National Community Tax Coalition
National Consumer Law Center (on behalf of its low income clients)
National Council of La Raza
National Fair Housing Alliance
National Low Income Housing Coalition
National Organization for Women
National People’s Action
National Urban League
Neighborhood Economic Development Advocacy Project (NEDAP)
Poverty & Race Research Action Council
Rural Community Assistance Corporation
Sargent Shriver National Center on Poverty Law
The Housing Partnership Network