On December 11, 2009, the U.S. House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer Protection Act by a margin of 223 yeas to 202 nays. This legislation would overhaul federal regulation of the American financial services industry, including create a Consumer Financial Protection Agency (CFPA) which would be charged with overseeing consumer protection in the home mortgages and financial services areas, it would strengthen investor protections and it would establish and monitor national mortgage standards.
Our current system of consumer protection fails to protect American families from some of the most basic economic abuses that can unnecessarily cost households hundreds of thousands of dollars, and even their homes. This has been especially devastating for specific communities: for decades racial and ethnic minority and others have been targeted by unscrupulous mortgage lenders and others. As a result, many African American, Latino, and American Indian families as well as senior citizens were sold risky, high-cost mortgages when they might well have qualified for safer, less costly conventional loans. For African-American and Latino families, this has lead to the current economic and foreclosure crisis which represents the greatest loss of wealth in history.
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