Dear Chairman Dodd and Senator Shelby:

The signatories below, representing socially responsible and sustainable investors, are writing to reiterate our support for an independent and robust Consumer Financial Protection Agency (CFPA), as proposed in the draft “Restoring American Financial Stability Act of 2009,” released in mid-November.

Socially responsible investors (SRI) use capital to promote clear and responsible corporate governance; increase disclosure and expand corporate accountability; address corporate, environmental and social shortcomings; and support community investing institutions that strengthen low-income communities through access to capital.  Socially responsible investors seek to deliver sustained long-term wealth to shareholders.

We applaud the creation of an independent CFPA, which would have as its sole mission the development and implementation of standards that ensure that all consumer financial products are safe for consumers. Community development financial institutions (CDFIs) are a key part of the socially responsible investment community and CDFIs,
along with many other investors, have been concerned about predatory lending long before the practice hit the headlines. It is clear that the existing regulatory system needs to be changed. Under the legislation, the consumer protection rule-making and enforcement functions that currently are spread over 17 statutes and seven different agencies will be consolidated in one agency – the CFPA. This new agency will reduce, streamline and simplify existing regulatory sprawl and ensure that the same rules are consistently applied to and enforced against all entities providing financial products to
consumers.

Furthermore, while the Consumer Financial Protection Agency would help to limit predatory practices that too often target low income and minority communities, it is important that these communities continue to have access to capital. Therefore, the CFPA should help ensure equal access to capital through existing laws such as the Community Reinvestment Act.

We appreciate your efforts to reform the financial regulatory structure and protect consumers of financial products.

Sincerely,

Lauren Compere, Senior Vice President, Boston Common Asset Management

Bennett Freeman, Senior Vice President, Sustainability Research and Policy, Calvert Asset Management Company, Inc.

Stephen Viederman, Finance Committee, Christopher Reynolds Foundation

James McRitchie, Publisher, CorpGov.net (Corporate Governance)

George R. Gay, Chief Executive Officer, First Affirmative Financial Network

Laura Berry, Executive Director, Interfaith Center on Corporate Responsibility

Joyce K. Moore, ChFC, LUTCF, President, Joyce Moore Financial Services

Peter W. Krull, President, Krull & Company

Sarah Stranahan, Coordinator, New Economy Network

Julie N.W. Goodridge, President and CEO, NorthStar Asset Management, Inc.

Joe Keefe, President & CEO, Pax World Management LLC

Leslie Christian, President & CEO, Portfolio 21 Investments

Robert Zevin, President, Robert Brooke Zevin Associates, Inc

Sr. Pamela Marie Buganski, Provincial Treasurer, Sisters of Notre Dame of Toledo, OH

Lisa Woll, CEO, Social Investment Forum

Cheryl Smith, President, Trillium Asset Management Corporation

Timothy Smith, Senior Vice President, Walden Asset Management