Women executives push the Consumer Financial Protection Agency on the Hill
Published: March 4, 2010
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share thisOn Tuesday March 2, 10 senior women executives from Wall Street and major United States companies traveled to Washington, D.C. to support the new Consumer Financial Protection Agency. They made the case that the agency would benefit women - both female consumers and business women.
The group, including members of 85 Broads, co-founder of Global Compliance Risk Management Corporation, a former vice president at JP Morgan Chase and a former managing director of Goldman Sachs, told Congressional members that too many women have paid the price for an outdated regulatory system that left our financial system vulnerable to collapse and left consumers without adequate protections.
This lobby day is a follow up to a conference held in New York City on January 18, 2010, where over 250 women executives attended to learn about the Consumer Financial Protection Agency and express their support.
These women realize that too many women – both as consumers and in businesses – have paid the price for an outdated regulatory system that left consumers without adequate protections. In particular:
- Women are at a higher risk for retirement insecurity.
According to research from the National Institute on Retirement Security, “Women remain at a higher risk for retirement insecurity as compared to men.” [National Institute on Retirement Security: Shattering the Retirement Glass Ceiling: Women Need a Three-Legged Stool, 5/7/2009, Reuters, 5/7/2009]
- Although women make up 30 percent of borrowers for mortgages of all types, according to a 2006 study, they make up 38.8 percent of borrowers with subprime loans—a 29.1 percent overrepresentation.
Women were 32 percent more likely to have received subprime mortgages of all types than men, regardless of income. About a third (32 percent) of all women received subprime, mortgage loans of all types compared to about a quarter (24.2 percent) of men.
