On September 25, 2007, Senator Barack Obama became the first major party candidate for President to endorse AFFIL's Principles of Fairness in Lending. At that time, Senator Obama said, "I am proud to support the important efforts of Americans for Fairness in Lending (AFFIL) to empower more Americans in the fight against consumer fraud and abusive lending practices." Now that Senator Obama has been elected the next president of the United States, join us in reminding him of this commitment.
Our Executive Director Jim Campen released this statement today about the election's results:
"In the thirteen months that transpired between Senator Obama's endorsement of the AFFIL principles and the presidential election, small steps have been taken to reform a predatory lending market that has not only impoverished millions of Americans, but also played a major role in bringing about the current economic crisis. Far greater action is urgently needed today to transform the principles endorsed by President-elect Obama into national policies that will protect consumers, restore fairness to consumer credit markets, and help rebuild our national economy."
Join us in reminding Senator Obama about his commitment to rein in abusive lending. Let's make sure the Principles he endorsed become laws that guide our country back to financial safety for all Americans!
When you take the oath of office to become the next president of the
United States, please honor your commitment to our Principles and work
with Congress to enact strong laws that protect American consumers from
unfair, deceptive, and tricky financial products. Do this for the
benefit of individual citizens, and the entire economy. It is now
abundantly clear that effective consumer protections play an essential
role in maintaining the safety and soundness of our nation’s financial
system. We will monitor your presidency and the 111th Congress and
evaluate your actions by their adherence to these important Principles.