We must work together to secure the future of our nation’s children.
Americans believe in a fair economy that provides a chance for all people to succeed. Our nation’s tax system should reflect those values.
But the current Republican tax plan will hurt the economy, cost us jobs, and lead to huge cuts in programs that help our community, working families, and children.
As the Senate prepares to vote this week on this harmful #GOPTaxScam, we sent an official letter to Senate leadership urging a ‘no’ vote.
While Americans are gathering to give thanks this week, Senate Republicans are rushing to pass a tax plan that would give large tax cuts to the wealthy, drive up the federal deficit, and make it harder for working families, including millions of Latinos, to make ends meet.
Unfortunately, this is no surprise.
CFPB Director Richard Cordray will leave the agency at the end of the month.
Last week, Richard Cordray announced his resignation from the Consumer Financial Protection Bureau (CFPB), where he served for nearly six years as the agency’s first director. The CFPB is the only federal agency with the sole purpose of protecting consumers, an incredibly important function for all Americans in the wake of the financial crisis.
Under Cordray’s leadership, the consumer agency has helped put Latino families, and all Americans, on a path to greater financial security through its enforcement work. For example, about a dozen CFPB actions have been made against financial companies that demonstrate clear evidence of charging minority borrowers more for products. For example, in 2013, the CFPB ordered:
Altogether, the CFPB has returned about $12 billion in relief to 29 million consumers. We thank Cordray for this service and call for his replacement to defend and extend the bureau’s work to protect American consumers.
By Stephanie Presch, Content Specialist, UnidosUS
UnidosUS supports tax reform that puts more money in workers’ pockets. Unfortunately, that is not contemplated in the GOP tax plan.
The GOP tax plan takes a swipe at everyone but the wealthiest Americans and corporations. It’s a morally reprehensible plan that would deliver between $10 and $40 in tax cuts to the bottom two-fifths while cutting taxes by $278,370 for the top 0.1%.
“This plan benefits the wealthiest, and wealthy corporations, especially Donald Trump and his own cabinet,” Jeremy Slevin, Associate Director of Advocacy for the Poverty to Prosperity Program at the Center for American Progress told attendees yesterday at a briefing hosted by UnidosUS on Capitol Hill to educate congressional staffers and allies on how the GOP tax plan will affect Latino families across the United States.
Last week, the Federal Housing Finance Agency (FHFA) made a key decision to include a question that asks a borrower his or her preferred language on the updated standard mortgage application. We and our partners in the civil rights community applaud this critical fix to the mortgage application process.
This is how the question will appear on the updated mortgage application:
By Marisabel Torres, Senior Policy Analyst, Economic Policy Project, UnidosUS
We’re happy to be sharing some good news this week. UnidosUS is joining our advocacy partners in celebrating the Consumer Financial Protection Bureau (CFPB)’s release of their final payday rule!
Payday loans are loans in which the lender repays itself directly from the borrower’s bank account on the borrower’s payday. These loans are typically due in one lump sum. With a car title loan, the lender requires the power to immediately seize and sell the car as collateral, and uses this power to coerce payment.
By Sabrina Terry, Senior Strategist, Economic Policy Project, UnidosUS
Photo: Got Credit.com
Building credit is an essential part of economic security for any American, but especially low-income Latinos and immigrant families. Latinos, like other communities of color, have historically been shut out of credit-building opportunities and continue to face several obstacles.
Latinos’ financial background make it difficult for them to acquire credit through traditional financial institutions. Per the Consumer Financial Protection Bureau (CFPB), Hispanics are more likely to be “credit invisible” than their White counterparts, and have some of the highest rates of un-scored credit records. These challenges are exacerbated for Latino immigrants who must also overcome language, proof of income, and legal status barriers when navigating the U.S financial system. Despite their economic hardship, Latinos are avid savers and prefer to take a savings-based approach to financial challenges. Yet, savings alone will not help them bridge the gap between their earnings and their expenses or to take advantage of economic opportunities—they also need access to credit.
By Renato Rocha, Policy Analyst, Economic Policy, UnidosUS
The same week we announced our new name—UnidosUS—the Consumer Financial Protection Bureau (CFPB) issued a final rule that prohibits financial contracts from having forced arbitration clauses with class action bans. In effect, the new rule restores the right of consumers to come together in court by prohibiting class action bans, giving consumers a way to unite and hold corporations accountable for systemic misconduct.
Forced arbitration is a rigged system. Often, forced arbitration requires consumers to take a dispute to a private arbitrator chosen by the company, rather than exercise their right to have their complaint heard before a court. Given the association between the company and the arbitrator, forced arbitration causes considerable unfairness to consumers.
By Agatha So, Policy Analyst, Economic Policy Project, NCLR
In the run up to the Great Recession, Latinos and other low-income homebuyers of color more often than not received higher-priced mortgage loans than White borrowers. Today, Latinos and low-income communities of color are still being short-changed in the mortgage market.
In 2015, few mortgages were made to Latino and Black borrowers, with 8% of all home purchase loans made to Latinos, and only 5% going to Black borrowers. Tight lending standards have made it difficult for millions of Americans to buy a home since the Great Recession, especially for Latinos and low-income families with credit scores below 700. While the minimum credit score needed to qualify for a home loan has increased by 40 points, the credit scores of Latinos who receive mortgages have increased by nearly 80 points since 2000. Moreover, Latino borrowers are less likely than White borrowers to have a credit score and full credit history, making them appear riskier to lenders than they really are.
By Agatha So, Policy Analyst, Economic Policy Project, NCLR
While American families who bought a home before the Great Recession were likely most concerned with the interest rates of their home loan, today’s millennials might be more preoccupied with the interest rates and repayment plans on their student loans.
Nearly 70 percent of bachelor’s degree recipients leave school with debt. Student loan debt is one of the largest burdens carried by Americans today, second only to mortgage debt. As a result, it comes as no surprise that student loan debt may be holding back millennials, especially older millennials, from buying a home.