Congress just passed a massive piece of legislation, “Restoring American Financial Stability Act of 2010” aimed at regulating the U.S. financial systems and putting in place stricter controls so as to avert the financial crisis of 2008 from occurring again. The good news for consumers is there are also new protections for them and several that benefit the Hispanic financial consumer making the banking system more fair and accessible to them.
Latino’s and other minorities have been disproportionately impacted by the economic crisis and specifically targeted by unscrupulous lenders resulting in 2 million African Americans and Latinos unemployed and 17% of all Hispanic homeowners losing their homes.
The new legislation will create a new consumer protection agency to protect from abusive financial products and services. There will be at least $1billion in bridge loans to help families hold on to their houses while they seek employment and promote greater access to safe and affordable bank accounts and credit. The new legislation also creates a more transparent process for wiring money, last year alone Hispanics sent $17.3Billion to Mexico many not sure what and how transfer fees were calculated.