Washington, DC – (RealEstateRama) — Today, in response to the vote on the Financial CHOICE Act, H.R. 5983, by the House of Representatives Financial Services Committee, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement.
“H.R. 5983 represents a serious threat to the soundness of our financial system. It would dangerously undermine the Consumer Financial Protection Bureau and the important work it has been doing to protect American consumers from unscrupulous financial services and practices, such as fair lending violations and discrimination by mortgage lenders. Furthermore, this bill would tie the hands of financial regulators and upend many key safeguards against systemic risk put in place following the 2008 financial crisis. The lessons of the Great Recession are as plain as day, but H.R. 5983 represents a step backward to the time when many financial institutions ran roughshod through Main Street, leading to the loss of millions of Americans’ hard-earned wealth.”
This week, NCRC sent a letter to House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters expressing its opposition to H.R. 5983.
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.