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“We are very pleased the U.S. House of Representatives has taken an important step toward restoring our country’s financial stability by voting to pass the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173). The bill would provide consumers with significant protections from the industry practices that dismantled our economy and those of countries around the world.

We commend the House for this vote to protect families and small business from unfair, unsafe financial practices. However, we remain concerned that the bill allows the same federal banking regulators whose inaction led to the current crisis to continue to ignore state law. That must be fixed as the legislation moves forward.

We applaud the defeat of an amendment that would have replaced the Consumer Financial Protection Agency, the cornerstone of the financial reform package, with a council of existing regulators. We now look forward to working with the Senate to pass similar legislation so consumers and taxpayers won’t have to suffer another financial crisis.
Meaningful regulatory reform requires a strong, independent CFPA that can set commonsense standards in the financial services arena. Any reform must also restore states’ ability to identify and stamp out problems locally before they become national.”

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation’s largest community development financial institutions.

SOURCE Center for Responsible Lending