Consumer Group Applauds Regulator for Work on Racial Equity

Consumer Financial Protection Bureau commended for tackling economic justice issues

Consumer advocacy group Public Citizen is applauding the work of the Consumer Financial Protection Bureau (CFPB) in advancing an agenda that promotes racial equity in the financial marketplace.

“Consumer protection is essential to ensuring Black and Brown communities can thrive,” said Candace Milner, racial equity policy associate for Public Citizen. “While the work to advance racial equity at the CFPB is in no way complete, the steps we are seeing go beyond plans and focus on actions. Black, Indigenous, and other people of color face systemic barriers in every sector and at every stage of consumer interactions. The CFPB’s work acknowledges the pervasiveness of racial inequity and is taking steps to address it from multiple lenses.”

Specifically, Public Citizen pointed to ways the CFPB has used its leadership in the financial services industry to encourage financial actors to strengthen their equity commitments as evidence of a broader commitment to economic justice. In addition, the agency continues to hold bad actors accountable for defrauding and discriminating against consumers of color by ensuring victims of these illegal acts are made whole. The CFPB also has partnered with other federal agencies to ensure that BIPOC consumers are being protected from discrimination and can challenge financials entities when discrimination does occur.

“Public Citizen looks forward to the work the Bureau will continue to do to center racial equity in consumer protection policy so that BIPOC communities have access to more resources that eliminate barriers to economic growth and stability,” Milner added.

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