WASHINGTON, D.C. -- The Hispanic Institute, which focuses on economic challenges facing American Hispanics, announced its support for The Consumer Credit Access, Innovation and Modernization Act (H.R. 6139) as a way to broaden access to consumer credit for that underserved community.
In a July 20 letter to House Financial Services Chairman Spencer Bachus, THI President and Board Chair Gus K. West noted that America's Hispanic community "trails other groups on most measures of economic well-being" and that the gap has widened since 2005.
The legislation would create a national charter for non-depository institutions, allowing them to better serve the lending needs of underserved Americans.
A recent report by the Pew Research Center, "Hispanics Say They Have the Worst of a Bad Economy." It found that while Latinos represent 16 percent of the U.S. population, 75 percent identified their personal finances as in "only fair" or "poor" shape, that 49 percent had delayed a major purchase in the last year, and 28 percent were underwater on their mortgage.