A Vermont Partnership Bank will generate new revenue for Vermont, save local governments money, and make our small businesses, farms and consumers less vulnerable to cutbacks in lending in our state.
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.
“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.”
Chief of Programs at Demos, Angela Hanks on Black employment in this jobs report, wage growth, and the Fed rate hike - what damage that could do to the economy.
Today's ruling is a powerful affirmation: the CFPB stands as a fortress against financial predators, especially crucial for communities of color battered by decades of discriminatory banking practices.
"To say that people post-crisis, as they try to rebuild their lives, have to carry the impact of this is just another round of disadvantage and discrimination.”
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
Written testimony of Demos President K. Sabeel Rahman before the US House of Representatives Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law
