Treasury’s Financial Regulation Report: A Wall Street Wish List

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

This week the U.S. Department of the Treasury released a report to the president that outlines recommendations to rollback critical safeguards, including consumer protections that were put in place in the wake of the Great Recession. The Treasury report comes less than a week after the U.S. House of Representatives passed the Financial CHOICE Act, legislation that would deregulate financial institutions and expose our entire economy to a heightened risk of instability.

The Treasury’s proposals are straight from a Wall Street wish list, as the proposals effectively  gut the Consumer Financial Protection Bureau (CFPB).

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Latinos Overwhelmingly Support Consumer Protection

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

In less than six years since opening its doors, the Consumer Financial Protection Bureau (CFPB) has brought transparency to the remittance industry, stopped credit card companies from adding on products that consumers never agreed to, and required mortgage lenders to ask applicants for proof of their income before making home loans. Its creation is one of the most important accomplishments of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Despite the CFPB’s hard work on behalf of American families, efforts are underway to dismantle the agency. One such attempt is the “Financial Choice Act of 2017,” House Financial Services Committee Chairman Jeb Hensarling’s vehicle to de-regulate the financial industry and dismantle the CFPB.

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