House Votes to Strip Retirement Savings from Millions of Americans

Photo: www.aag.com, http://ow.ly/IYcvj

Hardworking Latinos took another hit from the Republican-led Congress this week when the House of Representatives voted to overturn Department of Labor regulations that support state efforts to provide retirement programs to private sector workers.

“We are disappointed that members of Congress have voted against the financial security of millions of Americans. In California alone, the Secure Choice program that was voted into law last year with bipartisan support would help connect 7.5 million workers—half of whom are Latino—to a retirement savings account,” said Eric Rodriguez, NCLR’s Vice President of the Office of Research, Advocacy, and Legislation.

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D.C. Circuit Court Decision Is a Victory for Consumers

By Renato Rocha, Policy Analyst, Economic Policy Project, NCLR

Yesterday, the United States Court of Appeals for the D.C. Circuit agreed to rehear a case, PHH Corp. vs. CFPB, that would have seriously weakened the efficacy of the Consumer Financial Protection Bureau (CFPB).

Last October, a three-judge panel attempted to make it easier to remove the director of the consumer agency, allowing the president to fire the director at will. The full federal appeals court decided that it will revisit the issue at a hearing in May, effectively scrapping this earlier decision, and allowing the CFPB’s structure to continue as Congress intended.

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Three Key Findings on Hispanics with Debt in Collection: Results from CFPB’s Recent Survey

By Renato Rocha, Policy Analyst, Economic Policy Project, NCLR

Photo: Pictures of Money

Debt collection in the Latino community is a critical consumer protection issue for one of the nation’s largest and fastest-growing communities.

Latino families need access to affordable credit but have been historically excluded or discriminated from accessing safe financial products. The FDIC’s 2015 Survey of Unbanked and Underbanked households indicated that a result of this persistent economic injustice is that Latinos and other consumers who have been outside the financial mainstream are vulnerable to financial shocks, such as health-related expenses or job loss. Having been sidelined from affordable products, Latinos have little choice but to turn to more expensive credit to pay for their expenses. For example, 39 percent of Hispanic households used an alternative financial product (such as a payday loan) in 2015, compared to just 17 percent of White households.

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How Congress Intends to Rollback Protections for American Workers

By Amelia Collins, Policy Analyst, NCLR

Photo: Roman Boed

Starting this week, the 115th Congress began work dismantling public protections for American workers, consumers, and families. NCLR has a history of being active in the regulatory process with significant success. This includes a final overtime rule that will benefit two million Latino workers, and a rule ensuring that retirement advisors make decisions in their client’s best interest. These rules will help millions of Latinos and other workers get more for their hard work.

So why would Congress want to eliminate these and other crucial protections? Well, some say that regulations cost the economy jobs and stymie growth. However, recent economic trends suggest otherwise:

  • The economy is on a record of 75 consecutive months of job growth.
  • Unemployment is down to 4.7% from a pre-recession peak of 10%, and wages are rising.
  • Median household income increased in 2015 and poverty rates fell, with the Latino poverty rate being the lowest since 2006.

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Five Key Economic Trends Among California Latinos Revealed in New Report

By Renato Rocha, Policy Analyst, Economic Policy Project, NCLR

Demographic trends have long predicted that Latinos will be a large proportion of the country’s population, workforce, and economy. These forecasts are a reality today in California, where we get a glimpse into the nation’s demographic and economic future.

Today, California has the largest Hispanic population in the nation, with two in every five Californians (39%) identifying as Latino. Nationally, the U.S. Hispanic population stands at 56 million and, by 2050, is estimated to reach 106 million, accounting for one out of every four people in the country.

A new report by NCLR’s Economic Policy Project examines Latinos’ economic status across a range of indicators in California and offers recommendations for public policies at the state and national level that can boost economic mobility and security for more individuals.

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