***Elizabeth Warren will be presenting a report on the need for consumer financial protection at the Roosevelt Institute's Make Markets Be Markets conference tomorrow, March 3rd. This exciting event will be streamed live on Bloomberg, and also the MMBM website. Join us!
As we've noted in our ongoing Feminomics series, women have paid a heavy price for an outmoded regulatory system that sank the economy and left consumers vulnerable to financial predators.
Women are at higher risk for retirement insecurity, make up 30% of borrowers for mortgages of all types, and make up 38.8% of borrowers with subprime loans - a 29.1% overrepresentation. In addition, women were 32% more likely to have received subprime mortgages of all types than men, regardless of income. About a third (32%) of all women received subprime mortgage loans of all types compared to about a quarter (24.2%) of men.
The good news: women are also leading the way on reform.
Today, a dozen senior women executives from Wall Street and major United States companies are converging in Washington, DC to support the new Consumer Financial Protection Agency. They are demanding that Congress recognize the CFPA as a necessity to both women consumers and business women.
The group, including the founder of 85 Broads, co-founder of Global Compliance Risk Management Corporation and a former managing director of Goldman Sachs, will tell Congress members why it's time to get serious about financial reforms.
They will be meeting with Senators or their staff from the following offices: Senator Charles Schumer, Senator Jeff Merkley, Senator Olympic Snowe, Senator Herb Kohl, Senator Bob Menendez, Senator Tim Johnson, and Sen. Kirsten Gillibrand.