{"id":1575,"date":"2017-06-09T14:26:45","date_gmt":"2017-06-09T18:26:45","guid":{"rendered":"https:\/\/nationalfairhousing.org\/the-national-fair-housing-alliance-calls-on-senate-to-reject-the-choice-act\/"},"modified":"2017-06-09T14:26:45","modified_gmt":"2017-06-09T18:26:45","slug":"the-national-fair-housing-alliance-calls-on-senate-to-reject-the-choice-act","status":"publish","type":"post","link":"https:\/\/nationalfairhousing.org\/the-national-fair-housing-alliance-calls-on-senate-to-reject-the-choice-act\/","title":{"rendered":"The National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act"},"content":{"rendered":"

June 9, 2017
\nContact:\u00a0\u00a0Jessica\u00a0Aiwuyor, 202\u2010898\u20101661,\u00a0jaiwuyor@nationalfairhousing.org<\/a><\/p>\n

The National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act<\/h3>\n

WASHINGTON, D.C. – The National Fair Housing Alliance strongly condemns the action by the US House of Representatives yesterday to pass HR 10, the Financial CHOICE Act, more aptly referred to as the “Wrong CHOICE Act.” \u00a0HR 10 rolls back the significant Dodd-Frank Act\u00a0protections for consumers, investors, and the US economy,\u00a0adopted in the aftermath of the 2008 housing and financial crash. That crash was the result of Wall Street greed, the misalignment of incentives between lenders and borrowers, lax regulatory oversight, and the proliferation of toxic lending products.<\/p>\n

Borrowers and communities of color bore the brunt of the impact of the crash, which caused millions of families to lose their homes to foreclosure, and resulted in African Americans losing 53% of their household wealth and Latinos or Hispanics losing 66% of their household wealth, compared to a 16% loss of wealth by white households. While banks have\u00a0reported record profits in the years since the crash, many of the families and communities that were hardest hit by the crisis are still struggling to recover. Neither they nor the nation can afford a repeat of the crisis, and yesterday’s action by the House opens up the door to just such a debacle.<\/p>\n

In particular, NFHA condemns the provisions of HR 10 that weaken the Consumer Financial Protection Bureau (CFPB),\u00a0the only federal financial regulator whose sole mission is to look out for the interests of consumers in the financial marketplace. The CFPB has enacted common sense rules to ensure that consumers are treated fairly. Through its oversight and enforcement of those rules, the CFPB\u00a0has returned nearly $12 billion to consumers who were cheated by the lenders with whom they did business.<\/p>\n

HR 10 now goes to the Senate, and\u00a0NFHA calls on that body to stand up for American consumers and reject the CHOICE Act and all of its provisions.<\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

June 9, 2017 Contact:\u00a0\u00a0Jessica\u00a0Aiwuyor, 202\u2010898\u20101661,\u00a0jaiwuyor@nationalfairhousing.org The National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act WASHINGTON, D.C. – The National Fair Housing Alliance strongly condemns the action by the US House of Representatives yesterday to pass HR 10, the Financial CHOICE Act, more aptly referred to as the “Wrong CHOICE Act.” \u00a0HR […]<\/p>\n","protected":false},"author":1,"featured_media":1416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,34,2],"tags":[],"class_list":["post-1575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-media","category-nfha-news","category-press-releases"],"acf":[],"yoast_head":"\nThe National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act - NFHA<\/title>\n<meta name=\"description\" content=\"June 9, 2017 Contact:\u00a0\u00a0Jessica\u00a0Aiwuyor, 202\u2010898\u20101661,\u00a0jaiwuyor@nationalfairhousing.org The National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act WASHINGTON, D.C. – The National Fair Housing Alliance strongly condemns the action by the US House of Representatives yesterday to pass HR 10, the Financial CHOICE Act, more aptly referred to as the “Wrong CHOICE Act.” \u00a0HR […]\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalfairhousing.org\/the-national-fair-housing-alliance-calls-on-senate-to-reject-the-choice-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The National Fair Housing Alliance Calls on Senate to Reject the CHOICE Act - 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