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.

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