“Working families and communities of color have suffered immeasurably from the housing crisis. They need a strong, independent regulatory agency solely charged with protecting consumers from predatory financial behaviors.
With the prospect of 5 million more American families losing their homes, Congress needs to enact legislation establishing a Consumer Financial Protection Agency. Placing it in the house of the bank agency who openly admitted neglecting their obligations to enforce fair lending laws is a mistake. We can’t have the fox guarding the hen house.
Senator Dodd should move immediately to offer a bill to set up an independent authority to prevent these kinds of abuses from ever happening again. All citizens deserve and demand protection from predatory lending.”
About the National Community Reinvestment Coalition
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.