National CAPACD Applauds President Obama’s Decision to Create Consumer Financial Protection Agency

Washington, DC - National CAPACD Executive Director, Lisa Hasegawa, participated in a White House Briefing where President Obama laid out a comprehensive regulatory reform plan to modernize and protect the integrity of the nation’s financial system.  Joining the President was Treasury Secretary Tim Geithner, HUD Secretary Shaun Donovan, representatives from the regulatory community, consumer groups, the financial industry and members of Congress.

As part of this reform plan, the administration will create the Consumer Financial Protections Agency (CFPA) which will focus exclusively on protecting consumers in credit, savings, and payment markets.  The agency is charged with ensuring the safety, sustainability and fairness of credit for all Americans, and will have broad powers to ensure that credit and payment products do not have predatory or deceptive features.

The plan will also require that all firms that pose a significant risk to the financial system at large are accountable to strong consolidated oversight and regulations. 

“National CAPACD and our members witness every day the deep and devastating impact that the predatory, subprime mortgage industry has had on low-income and limited English proficient Asian Americans and Pacific Islanders.  We are hopeful that the President’s new plans will close loopholes and better protect those who have been vulnerable to these predatory practices.  We commend President Obama for his leadership in setting forth this framework so all Americans can rebuild and access credit, and better understand their rights and responsibilities,” said Lisa Hasegawa, Executive Director of National CAPACD.