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Protect Consumers: Oppose the Minnick Amendment to H.R. 4173

Submitted by on December 10, 2009 – 1:51 pm
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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.

Download this letter as a PDF.

Protect Consumers:
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.

Sincerely,

AARP
AFL-CIO
Accountable America
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
Common Cause
Consumer Action
Consumer Federation of America
Demos
HomeFree-USA
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
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
Public Citizen
Rural Community Assistance Corporation
Sargent Shriver National Center on Poverty Law
SEIU
Sojourners
The Housing Partnership Network
Union Plus
USAction
U.S. PIRG
Woodstock Institute

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