On Wednesday, December 9, Obama Administration officials held a conference call policy briefing on financial reform and an update on the proposed Consumer Financial Protection Agency and its impacts on Asian Americans and Pacific Islanders with Diana Farrell with the National Economic Council.
“Too many responsible Asian American and Pacific Islander families have paid the price for an outdated regulatory system that left our financial system vulnerable to collapse and left consumers without adequate protections. The Obama Administration’s plan will promote financial stability and protect Asian American and Pacific Islander families from the unfair practices that contributed to this crisis. The plan will establish a new Consumer Financial Protection Agency, which will set clear rules of the road and ensure that financial providers are held to high standards.”
For more information, attached is a fact sheet, Obama Financial Regulatory Reform Plan Fights for Asian Americans and Pacific Islanders: Enforcing Common-Sense Rules of the Road for Consumers, Investors.