For Immediate Release
October 09, 2009
Contact Information

National Black Caucus of State Legislators
Rep Calvin Smyre

(BPRW) National Black Caucus of State Legislators Endorses the Creation of the Consumer Financial Protection Agency

(BLACK PR WIRE) WASHINGTON--(BUSINESS WIRE)-- State Representative Calvin Smyre, (GA), President of the National Black Caucus of State Legislators (NBCSL) issues the following statement:

We, the members of NBCSL strongly endorse the creation of the Consumer Financial Protection Agency (CFPA). It is imperative to restore integrity to our economic system and reign in the practices that fostered the current economic crisis. Providing a coherent regulatory framework will create the foundation for increased consumer and global confidence in the U.S. economy. It will also guard against deceptive practices that cost households thousands of dollars.

Local and community based banks will benefit from the CFPA because it will level the playing field between banks and non-banking financial entities such as mortgage finance companies which are largely immune to federal regulation. The current system puts local community banks at a competitive disadvantage because they must deal with higher regulatory standards in comparison to financial institutions.

Consumers, the backbone of the American economy, will also benefit from the CFPA because it provides them with stronger protection through better enforcement and simplified disclosures to help avoid costly penalties. NBCSL looks forward to working with the Obama Administration and the Treasury as the President lays out his plans for the Consumer Financial Protection Agency.

Founded in 1977, NBCSL consists of 646 state legislators, from 42 states, the Virgin Islands and the District of Columbia, committed to opening doors and educating its membership on important policy issues so they can be more effective advocates for their constituents. Annually, NBCSL holds symposia to highlight issues such as health disparities, housing inequality and broadband accessibility. NBCSL is actively engaged in the implementation of policies to protect and benefit all Americans.