Coalition of Experts Demand Reforms that End Racial Profiling by Financial Institutions
Huffington Post (NY)
January 21, 2010
Corral, Victor
A coalition of scholars, experts, and community advocates is urging Congress to create a strong and independent Consumer Financial Protection Agency (CFPA) to protect American families -- specifically those of color who were targeted for predatory and discriminatory loans. The coalition's 40 members from the African-American, Latino, Asian-American, Native Hawaiian, and Native American communities agree that all Americans will benefit from lawmakers' aggressive steps to protect previously underserved racial and ethnic groups, allowing them to play a greater part in the economic mainstream. The group is calling for a strong CFPA with firm accountability tactics and fierce regulations. Maya Rockeymoore, Ph.D., president of Global Policy Solutions, says the coalition "represents the first time that such a group of experts of color have stood together to demand serious financial reform on behalf of their communities". The coalition is urging congressional action in the form of a strong CFPA, an expanded Community Reinvestment Act, stronger regulations in all financial transactions, trustworthy services that can be easily understood, homeownership preservation and retention efforts, the introduction of greater competition for the three major credit rating agencies, an economic mobility initiative, and a more uniform method for collecting data. The coalition adds, "It is time for Congress to promote economic security through strong and enforceable regulatory measures: better data collection, measures, inclusive practices and targeted policies that support asset building and protect our communities".
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