President Signs Bill Creating New Consumer Financial Protection Agency
October 26, 2010 | From the field | Community & Economic Development, Impact Investments, MacArthur Award for Creative & Effective Institutions

President Obama signed into law the Restoring American Financial Stability Act, which will create a new, independent Consumer Financial Protection Bureau to put in place comprehensive mortgage protections, help borrowers facing foreclosure, and rein in many risky lending and banking practices that have negatively affected low-income families. MacArthur grantee the Center for Responsible Lending, a nonprofit affiliate of the Foundation-supported Center for Community Self-Help, played a lead role in educating policymakers about the need for mortgage reform and foreclosure protections in shaping the new Bureau. The Center’s leaders said the Consumer Bureau “will perhaps be the most lasting legacy of the financial crisis,” comparing it to the establishment of the FDIC and other agencies created during the Great Depression.