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Consumer Protection is a Civil Rights Issue

By National Council of La Raza

June 23, 2017

National Council of La Raza

"During the Great Recession, Latino* families lost an entire generation of wealth.1 The reckless behavior of financial institutions, including banks, credit card companies, and mortgage lenders helped bring about a financial crisis that cost Americans millions of jobs, billions in tax-payer funded bailouts, and trillions of lost retirement savings. The lack of consumer protections allowed unscrupulous lenders to target communities of color with unfair and abusive financial products. The 2008 financial crisis confirmed the need for an agency that was solely focused on protecting consumers and monitoring financial products and services. The creation of the Consumer Financial Protection Bureau (CFPB) is one of the most important accomplishments of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). The consumer agency has returned $11.8 billion in relief to more than 29 million consumers in the less than six years since openings its doors.2 The result of the CFPB’s actions has been a more fair and transparent financial marketplace for Latinos, who have been historically excluded from safe and affordable products.† ..."

 



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Consumer Protection is a Civil Rights Issue

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