At NALCAB, we recognize the importance of amplifying the voice of our members who create economic opportunity in communities across the country. We want to be sure our members are heard on Capitol Hill, at key federal agencies, and at city hall. That is why we are committed to engaging in the public policymaking process to advocate on behalf of government policies that would help strengthen economic opportunity in communities across the country. We focus our efforts on our core policy priorities, which include consumer finance, housing and community development, small business, Community Development Financial Institutions (CDFIs), and immigration.
Community Development Financial Institutions
Community Development Financial Institutions (CDFIs) are financial institutions that provide capital to people and communities underserved by traditional financial institutions. CDFIs help support small business and affordable housing growth, which can enable economic opportunity in low- and moderate-income communities. Many of our members are CDFIs who leverage private and public funds to provide crucial investments in underserved communities. We support robust appropriations to the CDFI Fund which will enable the continued growth of CDFIs in Latino communities.
Consumer Financial Protection
Latinos are a growing and strong segment of the American economy as consumers, yet they face a preponderance of abusive lending practices in the home and pay day loan sectors. We believe all consumers should have adequate protection from predatory lending practices and products. Lenders should ensure that consumers are able to fully understand the terms of loan agreements, and that borrowers have the ability repay their loans. That is why we support a strong and empowered Consumer Financial Protection Bureau (CFPB) that works to create a fairer and more transparent lending market for consumers. NALCAB is engaged in efforts supporting a strong payday lending rule while remaining vigilant against harmful practices that negatively affect Latino consumers.
Housing and Community Development
Healthy and prosperous neighborhoods serve as the foundation for economic mobility. NALCAB members understand this well and leverage resources from key federal programs including the Community Development Block Grant (CDBG) program, HOME Investment Partnerships Programs (HOME), Community Economic Development (CED) program, and a range of economic development programs housed within the United States Department of Agriculture (USDA) Office of Rural Development to strengthen urban and rural communities. To ensure that our members’ work can continue to thrive, NALCAB supports robust Congressional appropriations for federal programs that support activities such as housing rehabilitation, homeownership, small business training and development, façade improvements, streetscapes, rural development, and other efforts that invest in and help revitalize communities
Small businesses are the engines of our nation’s economy. That is why we are strongly supportive of programs like the Small Business Administration’s (SBA) Microloan and 7(a) Loan programs, which work to provide capital to small businesses in traditionally underserved markets. We also see opportunity for financial institutions to more equitably serve Latino-owned small businesses, which is why we are supportive of the CFPB’s ongoing efforts to implement Section 1071 of the Dodd-Frank Act, which will require lending institutions to collect and report demographic data about the clients they serve. Better data is the first step in understanding how to better serve Latino businesses.
While many Latinos can trace their roots to founding of our country, Latinos have emigrated to the U.S. from all parts of Latin America and Spain. Latinos have contributed enormously to our nation’s economy, which is why we support immigration policies that help fuel economic growth. This includes a permanent legislative solution for the Deferred Action for Childhood Arrivals (DACA) program that provides DREAMers the opportunity to live and work in this country without fear of deportation, and ultimately, the right to full U.S. citizenship. We are also strongly supportive of efforts to achieve comprehensive immigration reform with a fair system that recognizes the contribution immigrants have already made to our nation’s economy.
NALCAB participates in several coalitions to advocate for sensible government policies that support economic opportunity in Latino communities. Click on the link to find out more about our coalition efforts.
Americans for Financial Reform is a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups. Formed in the wake of the 2008 crisis, we are working to lay the foundation for a strong, stable, and ethical financial system – one that serves the economy and the nation as a whole.
The Campaign for Housing and Community Development Funding (CHCDF) is an education, strategy and action coalition of more than 70 national organizations that works to ensure the highest allocation of resources possible to support affordable housing and community development.
The Tax Alliance for Economic Mobility convenes racial justice advocates, asset-building advocates, tax reform experts, and researchers to identify near- and longer-term policy priorities to expand savings and investment opportunities for lower-income households through reform of the U.S. tax code. The Alliance includes a coalition of national organizations that have agreed on shared principles and are working to educate and engage their networks about why inclusive, progressive, and equitable tax reform is crucial to building the long-term security of families, communities, and the national economy.