CIVIL RIGHTS MUST BE A PRIORITY IN PROPOSED CONSUMER FINANCIAL PROTECTION AGENCY
Washington, DC—Janet Murguía, President and CEO of NCLR (National Council of La Raza)—the largest Latino civil rights and advocacy organization in the Unites States—will testify tomorrow before the U.S. House of Representatives Committee on Financial Services to urge lawmakers to protect minority communities from further financial devastation. In response to the Obama administration’s financial regulatory reform proposals, the testimony highlights the importance of creating an Office of Civil Rights Compliance and Enforcement within the proposed Consumer Financial Protection Agency.
Murguía’s testimony will outline the priorities of communities of color including supporting the establishment of a single agency to promote access to credit and protecting borrowers; holding lenders accountable for being responsible to the borrower and selling sound credit products; and heightening enforcement for violating consumers’ civil rights. The hearing will be presided over by Committee Chair Barney Frank (D-MA) and will take place at 10:00 a.m. in Room 2128 of the Rayburn House Office Building.
NCLR has long advocated for change and applauds the Obama administration’s bold reform proposals and hopes that lawmakers will take strong measures to protect consumers, especially minorities, who have suffered disproportionately from the flaws in our current national banking system. “Our families are experiencing record-high foreclosures and mounting credit card debt. These are clear symptoms of weak oversight and gaps in consumer protections,” said Murguía. “A well-functioning system will put families on a path to financial security and build wealth that future generations can rely on.”
WHEN: Thursday, July 16, 10:00 a.m.
WHERE: 2128 Rayburn House Office Building
WHAT: NCLR testimony before the U.S. House of Representatives Committee on Financial Services