Woodstock Institute supports the Consumer Financial Protection Agency (CFPA), the new consumer watchdog agency proposed by the Obama administration. But this new agency must be endowed with broad authority protect consumers and communities from the financial industry’s worst practices. Regrettably, this crucial power was omitted in H.R.3126 now being considered by the House. The authority to implement and modernize CRA should fall to the CFPA and we call on Chairman Frank and members of the House Committee on Financial Services to reinstate this important provision.

Illinois residents are encouraged to call Illinois members of the House Financial Services Committee on Tuesday, July 14, and urge Chairman Barney Frank to include CRA enforcement in H.R. 3126. Policymakers need to hear from constituents that this piece of the consumer protection plan is critical to advancing economic security and community prosperity in our state.

Call:

Rep. Luis Gutierrez, IL-4th District, 202-225-8203
Rep. Melissa L. Bean, IL-8th District, 202-225-3711
Rep. Bill Foster, IL- 14th District, 202-225-2976