Americans for Fairness in Lending

Treasurer Cordray's Statement of Endorsement (April 11,2008):

As Ohio’s Treasurer I believe strongly that all Ohioans must understand and be able to manage their own financial affairs.  Financial security is achieved through education, a personal commitment to savings, and the need for consumer protections that ensure fair and equal access to financial products.  When citizens take control of their own financial affairs, by doing so they not only benefit individually but also they bolster the strength of the community as a whole.  As Ambassador Andrew Young said recently, “To be in a free enterprise system without access to capital is as bad if not worse than being in a democracy without the right to vote.”

The six principles that Americans for Fairness in Lending have put forward are important to protect borrowers and I fully endorse them.  With the daily drumbeat of news on the status of the home foreclosure crisis here in Ohio, it is clear how important AFFIL’s six common sense principles are.  Had we made responsibility, justice, equality, information, accountability, and law/enforcement the guiding forces in the lending industry over the past decade, there is no room for doubt that the record numbers of home mortgage foreclosure filings would not exist.  Fewer families would be trying to rebuild their financial futures and communities would not be dealing with falling home prices caused by an array of vacant and blighted properties.

The efforts of AFFIL to strengthen the rules protecting consumers of financial products go hand in hand with our focus at the Treasury on providing education, guidance, and resources on financial matters.  We offer a wide range of educational workshops and continually updated information for all audiences at our flagship web page, www.YourMoneyNowOnline.org.  The Ohio Department of Education has partnered with us to prepare teachers to educate their students effectively on this important topic in advance of a new state mandate taking effect in two years.  To help Ohio’s citizens build wealth, we are seeking legislative approval for a new personal savings program, SaveNOW, which will offer a preferred interest rate and important access to materials on financial education for those who make regular deposits to a savings account.