The Financial Choice Act of 2017 Is the Wrong Choice for American Families

By Renato Rocha, Policy Analyst, Wealth-Building Project, NCLR

The reckless behavior of financial institutions including banks, credit card companies, and mortgage lenders caused the 2008 financial crisis that cost Americans millions of jobs, billions in taxpayer-funded bailouts, and trillions of lost retirement savings. A lack of consumer protections and oversight of the financial marketplace allowed unscrupulous lenders to target communities of color with unfair and abusive financial products. The Latino community was disproportionately impacted by the economic crisis and is still struggling to recover.

The devastating and widespread effects of the crisis led to the creation of the Consumer Financial Protection Bureau (CFPB), which we view to be the crown jewel of Wall Street reform. In less than six years, the CFPB has already curbed several deceptive practices in the financial marketplace: bringing transparency to the remittance industry, prohibiting credit companies from adding on products that consumers never agreed to, and requiring mortgage lenders to ensure that applicants can afford the home loans they’re seeking. The CFPB is also working on putting protections in place that would rein in predatory payday loans and debt collection practices. Each one of these actions have helped put all Americans on a path to greater financial security.

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How Two Ohioans Found Common Ground in Their Passion for Education

By Cayla Conway, ESSA Stakeholder Outreach Coordinator, Education, NCLR

NILSL Fellows Jesús Sanchez (left) and John Montoleone (right)

John Monteleone and Jesús Sanchez are members of the same gym in Lorain, Ohio. Besides their shared affinity for physical fitness, you might not think they have much else in common. Jesús is originally from Puerto Rico, while John is a native Ohioan. Jesús is an environmentalist, having studied biology, wildlife management, and plant ecology and physiology, while John’s roots have been firmly planted in Ohio’s public schools; where he ascended from teacher, to principal, to assistant superintendent. It was when they finally struck up a conversation that they realized they had a lot in common. They share a deep history with Lorain City Schools – both attended during their childhoods, and Jesús’s mother was a teacher, principal, and deputy superintendent there. The two also found that they are both passionate about education and strong advocates for the youth in their communities. In the fall of 2015, they both learned that they would be participating in the two-year National Institute for Latino School Leaders (NILSL) fellowship.

Currently, John is the Assistant Superintendent for Oberlin City Schools and Jesús is the Education Director at Cuyahoga Environmental Education Center in Ohio. Both are actively participating in NCLR’s NILSL fellowship; a program established in 2011 to bridge the divide between school practitioners and education policymakers. One of NILSL’s requirements tasks fellows with leading an advocacy project or policy-related activity related to the new education law, Every Student Succeeds Act (ESSA), in their home state. A NILSL fellowship, though only lasting up to two years, is intended to provide the connections and training needed to create diverse education leaders for life. In the cases of John and Jesús, it appears to be doing just that.

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Congress: Don’t Turn Your Back on Workers Struggling to Save for Retirement

By Yuqi Wang, Policy Analyst, Economic Policy Project, NCLR

Social Security is widely recognized as playing an important role in workers’ retirement security. In 2015 alone, Social Security benefits kept 22 million retirees out of poverty, and more than 60% of elderly beneficiaries relied on Social Security for most of their retirement cash income.

To celebrate National Social Security Month this April, the Social Security Administration created an online guide that workers can use to learn more about the program and its benefits.

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This Week in Immigration Reform — Week Ending April 21

Week Ending April 21

This week in immigration: As Tax Day approached, NCLR asks how should tax payer dollars be spent; National Latino organizations weigh in on the administration’s first 100 days; and NCLR stands with undocumented students.

NCLR Urges Congress to Reject Funding for Massive Expansion of the Deportation Force, Detention Camps, and the Border Wall: As lawmakers return to the Capitol next week, they will be working on a spending bill to fund the federal government through the rest of the 2017 fiscal year. With the current spending agreement set to expire on April 28th, Congress must agree on and send to the president’s desk a bill to fund the federal government. Congress should reject requests for more money for mass deportations in the FY ’17 spending bill. There is bipartisan opposition to the border wall and deportation money. Congress should not add a single penny more to the current funding to pay for Trump’s deportation machine. 

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Making Quality Housing Affordable Again for Latinos in Los Angeles

By Agatha So, Policy Analyst, Economic Policy Project, NCLR

ELACC and partners with tenants’ rights fighters and allies from all over the state of California. Photos: ELACC

Homeownership continues to be essential to the creation of Latino family wealth, yet many Latino families are still trying to recover from the loss of their home to foreclosure during the financial crisis, as well as job loss during the recession that hit Latino communities hard.

For families who live in expensive cities like Los Angeles, homeownership can seem even further out of reach. In L.A., more than half of a family’s earnings goes to rent, and at 38%, Latinos have a lower rate of homeownership compared to other groups in the city. Even as families overall might pay less for a mortgage than on rent, Latino renters have difficulty saving for a down payment, let alone for a mortgage that would require nearly three times their median household earnings. Faced with this problem, community-based affordable housing organizations are finding creative ways of engaging community residents to make housing affordable for all.

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