March 2, 2010 Honorable Christopher Dodd, Chairman Honorable Richard Shelby, Ranking Member Honorable Members, Committee on Banking, Housing, and Urban Affairs United States Senate 534 Dirksen Senate Office Building Washington, DC 20510 Dear Chairman Dodd, Ranking Member Shelby, and Members: Enough is enough. I’ve seen too many of my friends and neighbors lose their homes and life savings because of the reckless tactics of big banks and Wall Street. It’s time to crack down on the abuses and fraud that have left a path of destruction in neighborhoods across the country, especially in communities of color. Hardworking families like mine rely on bank accounts and credit to build a nest egg and move more firmly into the middle class. But poor oversight of financial companies and irresponsible lending has left millions without jobs and at risk of losing their homes. I’m writing to ask you to stand up for me, my family, and my neighbors by supporting the creation of a federal agency solely dedicated to our defense: the Consumer Financial Protection Agency (CFPA). Specifically, communities of color need a federal agency that will: • PREVENT abusive lending tactics and products that endanger our savings and assets. • ENSURE that individuals are able to access the most favorable loan or credit card for which they qualify. • PROVIDE timely and relevant information and advice to average consumers to help them make smarter financial decisions. • COVER all credit and financial transactions, including student and car lending, loan brokering, and payday lending, regardless of the type of corporation that offers the loan. • PRESERVE the ability of states and tribal governments to respond to and protect their consumers. Don’t be fooled by those who call the CFPA unnecessary. Families who have lost their homes and savings have a different story to tell: the status quo is unacceptable. Please stand by everyday Americans by creating a more accountable and fair financial system. Thank you,
Petition for a Strong Consumer Financial Protection Agency
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.