Update: Congress headed into its week-long July 4th recess after receiving the President’s proposals for a major new Consumer Financial Protection Agency. The National Urban League was invited to testify on the President’s proposals for consumer protection and financial literacy by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The NUL called on Congress to guarantee five consumer protection objectives:

1. Consumer financial services markets must operate fairly and efficiently;
2. Consumers have the information they need to make responsible decisions;
3. Consumers must be protected from abuse, unfair practices, deception and discrimination;
4. That traditionally underserved consumers and communities have access to lending, investment, and financial services; and
5. That national community-based organizations such as the National Urban League and others that have demonstrated effectiveness in reaching underserved minority communities be included as full partners in any consumer protection effort.  

Looking Ahead: Congress returns in July for an agenda-packed session prior to the month-long August recess. The emphasis will be placed on navigating the complex work of reforming our health care system, trying to pass groundbreaking climate change legislation in the Senate after the House narrowly passed its version, and plowing through its FY2010 appropriations bills.