If we are to survive this crisis—and imagine a more equitable, dynamic economy to come, we must start with a recommitment to the value of universal, inclusive public infrastructure.
Credit reports and scores control access to public goods people need. Yet, in the midst of a global pandemic and economic collapse, remaking the nation’s credit reporting system is not the top concern.
The response to the COVID-19 crisis must include investments in public goods and health infrastructure, breaking up concentrated economic power, and equitable access for Black and brown communities.
“They collect our data without our permission. They profit from our data. They fail to invest in processes to verify accuracy. And their models are not transparent. This puts Black and Brown consumers at a serious disadvantage.”
The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.
The For the People Act outlines a vision of what’s possible when our nation lives up to its promise of being a place where all people can lift their voices via their votes and their small dollar contributions.
Written testimony of Demos Associate Director of Policy and Research, Amy Traub before the U.S. House of Representatives Committee on Financial Services
“The government has not asked questions of the banks for this latest bailout—protecting the priorities of banks and shareholders. But for the rest of us, not so much.”
A commission appointed by the Massachusetts legislature is considering the creating a state Partnership Bank to boost the local economy by increasing community development lending.
We can’t afford to let Wall Street keep taking us for a ride: Americans need a strong Consumer Financial Protection Bureau to bring fairness and accountability to the financial sector.
A median-income, two-earner household will pay nearly $155,000 over the course of their lifetime in 401(k) fees, according to a new analysis by national public policy center Demos.
Would Re-establish Key Provisions of the Glass-Steagall Act—Limiting Risk Taking by Commercial Banks, Requiring Investment and Insurance Spin-offs, Ending Era of 'Too Big to Fail'
Without the Consumer Financial Protection Bureau, lenders preying on communities of color would continue to pull in windfall gains, while widening the racial wealth gap and undermining the precarious financial stability of vulnerable households.
The Congressional Black Caucus budget should be implemented because it calls for racial equity in future infrastructure and investments; improving public transit infrastructure, noting that people of color are heavy users of it; and school infrastructure, saying that modernized buildings held reduce achievements gaps.
Even before the Equifax breach, the integrity of credit reports was murky at best. A Federal Trade Commission report found that as many as one in five consumers had a credit error from one of the top reporting agencies (Equifax, Experian, and TransUnion). But the fundamental problem isn’t data integrity—it’s economic justice. According to a survey by the think tank Demos, declining credit was associated more with misfortunes and unforeseeable crises than with a lack of financial responsibility.