Banking Reform

On July 21, 2010, President Obama signed the most significant banking reform legislation in 75 years, the Dodd-Frank Wall Street Reform and Consumer Protection Act. This marked an incredible victory for all consumers—vulnerable families in particular.

The Dodd-Frank Act will change the face of the financial market and will put honest lenders on a level playing field. It responds to the needs of consumers from all walks of life. From corporate investors buying derivatives to workers sending money home to family members abroad, this new law will require a new degree of honest dealing that benefits us all.

Of the growing NCLR network of leaders, nearly 2,500 members signed petitions and sent emails to their congressional members on this issue. Hundreds of others made calls to Capitol Hill or participated in strategy sessions to see what they could do to further this important cause. We are proud to be numbered among those who fought to raise the bar of accountability in the banking and lending industry. This was indeed a great triumph, as the financial industry spent $1.3 million a day on lobbying in 2009 alone.

NCLR will continue to provide updates on how this legislation is implemented and what it all means for our families.

Read the Latest

• Comments submitted by Center for Responsible Lending and National Council of La Raza (January 29, 2013)
• Tri-Caucus Support Letter for Foreclosure Prevention Provisions
• Oppose amendment from Senators Vitter and DeMint, which will strike access to mainstream financial institutions (letter)
• Oppose Senator Carper's amendment to weaken state preemption and Attorney General enforcement (letter)
• Reject Special Deals for Auto Dealers in Financial Reform (press release)
• Civil Rights Groups Issue Warning Against Hazardous Auto Dealer Amendment (blog post)
• No Carve-Outs for Auto Dealers (myths and facts sheet)
• Wiring Change: How New Protections in the Remittance Market Can Help Families (problem/solution sheet)
• Restoring American Financial Stability Act of 2010” (S. 3217) (talking points)

Additional Information

• Petition with More Than 1,200 Signatures in Support of a Strong CFPA (petition)
• Support Financial Counseling Under Banking Reform (letter)
• Latino Families' Fight for Banking Reform (blog post)
• No Exemption for Auto Dealers Under the CFPA
• Letter of Support for the Consumer Financial Protection Agency (letter)

Dig Deeper

• Laying the Foundation for Equal Access to Credit: How Improved Financial Oversight Can Build Wealth for Hispanic Borrowers (testimony)
• Financial Counseling:  A Consumer Empowerment Model (fact sheet)
• The CFPA Levels the Playing Field for Communities of Color (fact sheet)
• NCLR urges Congress to include auto dealers under CFPA (fact sheet)