Janet Murguía President and CEO National Council of La Raza

One year ago, Congress passed the Dodd-Frank Act, a sweeping financial reform law designed to overhaul the nation’s financial regulatory system.  On the recent anniversary of its passage, NCLR (National Council of La Raza) congratulates the Consumer Financial Protection Bureau (CFPB) as it opens its doors for business.

This agency, created under Dodd-Frank, is the first federal entity solely devoted to fighting financial crime on behalf of Americans. CFPB has already stood up for Latino consumers on important issues by fighting to make lending terms clearer and advocating for commonsense disclosures that plainly detail fees for money transfers.

“Predatory mortgage lending was central to the housing crisis and disproportionately impacted communities of color, including Latinos,” said Janet Murguía, NCLR President and CEO.  “We welcome the oversight that CFPB will provide over products and services that will help families secure financial stability.”

The power granted to CFPB under Dodd-Frank enables the agency to be the strong and independent entity consumers need.  The president’s newly announced nominee to lead the agency will also be a tremendous ally.  Former Ohio Attorney General Richard Cordray went to bat for families and took on deceptive mortgage servicing practices that were robbing people of their homes.  In the process, he also recaptured $2 billion for retirees.

However, 44 Senators have already planned to block the appointment of a CFPB Director.  Instead, they endeavor to dilute CFPB’s authority by handing decision-making power to a committee.  Diffusing authority through a committee threatens to bloat bureaucracy and weaken the agency’s performance; this will only harm honest lenders and American consumers.

 We must not let the CFPB become a victim of politics during the upcoming elections.  We need a strong CFPB to enforce our nation’s consumer protection laws for America’s families.

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans.  For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.