Minnesotans for Consumer Financial Protection partners with nonprofits to offer community education, listening sessions, and civic engagement training. Contact us to learn more.
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About MCFP’s Focus Areas
BANKING & BORROWING
Advocating for fair banking and lending laws, access to affordable credit and loans, and safe accounts without surprise fees.
INSURANCE
Pushing for transparency and equitable pricing in auto, homeowners, and commercial property insurance.
DEBT COLLECTIONS
Protecting individuals from aggressive, unfair, and deceptive debt collection practices.
FAIR COMPETITION
Organizing against corporate monopolies and private equity firms that put profit over consumer safety.
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Banking and Borrowing
Saving and borrowing opportunities should be safe, fair, and accessible to all communities, including low- and middle-income communities. Small personal loans, online small business lending, and payday loan apps (aka “earned wage access” loans) are examples where stronger protections benefit our communities. State-level community reinvestment is another area where MCFP sees an opportunity for consumer-led advocacy to ensure financial institutions meet the credit, services, and investment needs of our diverse communities so that all Minnesotans have opportunities to prosper.
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Insurance
Minnesotans rely on auto and homeowners insurance for employment opportunities, safe and stable housing, asset-building, and civic engagement, and small business owners need affordable commercial property insurance to survive. Discriminatory rating practices and lack of transparency in these markets have triggered an affordability crisis and created barriers to access that threaten our ability to thrive. MCFP believes Minnesota consumers are central to good policymaking in this area and should be included in discussions about how to make insurance markets more equitable and affordable.
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Debt and Collections
Aggressive, unfair, and deceptive debt collection practices can financially devastate individuals and families. Consumers need to know their rights related to debt collection and have access to remedies when violations occur, but awareness isn’t enough. MCFP believes Minnesotans deserve a seat at the table to advocate for stronger laws that protect all Minnesotans from predatory debt collection practices.
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Fair Competition
Corporate monopolies hold down wages while increasing costs, and disproportionate corporate power drowns out consumer voices in our economy and our democracy. Market consolidation stifles competition and holds consumers hostage to one or two power players, undermining the foundation of a healthy economy. MCFP believes that organized consumer advocacy is critical for protecting our economy from monopolies and private equity firms that prioritize profits over worker rights, fair wages, and healthy communities.
The consumer finance landscape is changing fast.
MCFP partners with local nonprofits to offer community education on consumer finance topics. To inquire about partnering with MCFP to host a community education event for your organization, contact us.
People are saving, spending, borrowing and investing through mobile apps, with little information about whether those options are safe.
Climate change and other factors are driving up insurance costs at an alarming rate, and it’s hard to know if the price you’re quoted is fair.
Crypto currencies and platforms are evolving and expanding faster than policymakers can regulate them.
Financial institutions have unprecedented access to our personal data, enabling them to engage in price discrimination and target vulnerable populations with deceptive tactics.