Last month, the Obama Administration introduced a sweeping plan to overhaul the regulation of the financial services industry. This proposal has many facets, but most critical to low wealth communities is the creation of a Consumer Financial Protection Agency, an independent entity with broad authority over consumer-oriented financial products including mortgages and credit cards. This agency would have the power to write rules, levy fines, and implement a number of existing consumer-protection statues, including the Community Reinvestment Act (CRA).
Additionally, there is a proposal to modernize the Community Reinvestment Act (CRA). The Community Reinvestment Modernization Act of 2009 (HR 1469) would expand and strengthen CRA to cover more loans and financial institutions and increase oversight of lending borrowers and communities of color.
Both proposals face strong opposition from the financial services industry and require the support of community-based organizations to counter this opposition.
On Tuesday, July 28th Woodstock will host a conference call to explain some of the key provisions of these bills.
This event is for representatives of non-profit organizations only.
Tuesday July 28th 10:00am Central