March 6, 2017 - NHLA Opposes Weakening of Federal Consumer Watchdog

NHLA OPPOSES WEAKENING OF FEDERAL CONSUMER WATCHDOG
Latino leaders urge Congress not to undermine Consumer Financial Protection Bureau

WASHINGTON, D.C. – Today, the National Hispanic Leadership Agenda, a coalition of 40 of the nation’s preeminent Latino advocacy organizations, sent a letter to Congress urging members to oppose efforts to weaken or dismantle the leadership or structure of the Consumer Financial Protection Bureau (CFPB).

One of NHLA’s key policy priorities is ensuring strong economic conditions in Latino households, many of which were hit hard by the Great Recession and have been victims of unsafe borrowing practices. The creation of the CFPB following the financial crisis was instrumental in curbing unfair and deceptive practices, ultimately allowing Latinos to achieve stronger financial security.

Consumer protection is a civil rights issue. The existence of the CFPB and preserving its current operating structure, are critical to protecting the rights and interests of Latinos and all consumers in our nation. In order to achieve its mission, the CFPB must maintain its current staff, not to mention the opportunity to continue to strengthen and grow the bureau. NHLA is committed to defending the CFPB and Director Richard Cordray. It will continue to urge members of Congress to uphold consumers’ rights and oppose any policies that threaten the existence of the bureau in its current form.

“This is more than just a financial issue; it is a civil rights issue. Deceptive business practices and shady businesses must be policed. The CFPB plays this role and is necessary to protect the integrity of the U.S. marketplace. The CFPB is critical for the economic well-being of the Latino community and for consumers across the country,” said Hector Sanchez, Chair of NHLA and Executive Director of the Labor Council for Latin American Advancement.

“We need a strong, effective Consumer Financial Protection Bureau to help protect Americans against deceptive and abusive practices by auto loan finance companies, payday lenders, debt collection agencies, credit reporting agencies, and banks,” said Bruce Goldstein, Co-chair of the NHLA Economic Empowerment and Labor Committee President of Farmworker Justice. “The Consumer Financial Protection Bureau has punished and deterred unscrupulous practices and has protected borrowers who are vulnerable. The CFPB also publishes helpful information on student debt, auto loans, credit and debit cards, payday lenders and mortgages. We must not go backward on consumer protection,” Goldstein added.

“We saw first-hand the impact of the economic crisis through the eyes of thousands of Latino families who visited our housing counseling agencies to get help and try to save their homes. Today, we are in a very different position, with a stable housing market that now has strong protections in place to avoid a repeat of the events that preceded the crises. The creation of the Consumer Financial Protection Bureau is one of the most important accomplishments of Wall-Street reform and has begun to level the playing field for consumers,” said Eric Rodriguez, Co-Chair of NHLA’s Economic Empowerment and Labor Committee and Vice President of the National Council of La Raza. “Now more than ever we need a federal watchdog that will stand for workers and families, protecting the economic gains they’ve made since the recession and laying a foundation for a banking system that is fair, transparent, and accessible to all Americans.”

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ABOUT THE NATIONAL HISPANIC LEADERSHIP AGENDA

The National Hispanic Leadership Agenda is composed of 40 of the leading national and regional Latino civil rights and public policy organizations and other elected officials, and prominent Latinos Americans. NHLA coalition members represent the diversity of the Latino community – Mexican Americans, Puerto Ricans, Cubans, and other Latino Americans. NHLA’s mission calls for unity among Latinos around the country to provide the Latino community with greater visibility and a clearer, stronger influence in our country’s affairs. NHLA brings together Latino leaders to establish policy priorities that address, and raise public awareness of, the major issues affecting the Latino community and the nation as a whole. For more information, please visit: www.nationalhispanicleadership.org.
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