NAACP opposes proposed bills to weaken consumer protection

NAACP: Washington Bureau

The Consumer Financial Protection Bureau (CFPB) opened in 2011 as an independent agency to promote education, fairness and transparency for mortgages, credit cards and other consumer financial products and services.  Sadly, since its inception the CFPB has been attacked by those in Congress who do not see a need to educate or protect consumers from reckless or abusive lenders.  The latest salvo in these attacks is H.R. 6139, the mis-named “Consumer Credit Access, Innovation and Modernization Act”.

H.R. 6139 would dramatically undermine attempts to protect consumers, especially those who have traditionally been targeted by abusive short term lenders including some payday lenders.  This includes low income Americans, racial and ethnic minorities and members of the Armed Services and their families.

For more information on this legislation or on what you can do, please see the attached Action Alert.

Thank you,

Hilary

Hilary O. Shelton
Director, NAACP Washington Bureau &
Senior VP for Policy and Advocacy
(202) 463-2940

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