Kenny sets up task force on financial consumer protection Local news

Mayor Jim Kenny signed an order on consumer protection by setting up an Ad Hoc Group on Financial Consumer Protection.

The order, which comes into force immediately, will protect consumers from unfair, discriminatory and predatory products.

The order said predatory and unfair financial tactics increased after the COVID-19 threat and response and recovery after the pandemic.

“We’ve worked hard to build an inclusive economy that works for all Philadelphians, but those efforts are being undermined as long as scammers and predators are able to plunder the wealth of residents as quickly as they realize it,” Kenny said.

The task force will identify the most significant threats to consumers and propose measures to stop the damage caused by unscrupulous business practices.

Mayor Kenny will appoint 10 people to a task force of 13 people consisting of people with experience in financial protection. The co-chairs of the task force will be appointed through the Community Empowerment Bureau (CEO), the City Treasury and the City Advocate.

“Predatory practices can take many forms,” ​​said Mitchell Little, CEO. “But they are most often designed to transfer wealth from low-income people, especially our black and brown communities, to people with higher wealth.”

Over the course of three years, the task force will develop annual reports that track the progress of predatory practices and threats in Philadelphia. The reports will also provide recommendations for continued progress or for change.

The task force will also monitor threats that disproportionately affect minority races, gender, sexual orientation, religion and educational status.

“Consumer protection ensures that robberies do not trap people struggling to get into poverty,” said Carrie Smith, a lawyer with Community Legal Services’ property and consumer rights attorney. “The task force will be an important new tool to work together to combat fraud, keep Philadelphians in their homes and save the money people need to support their families. We are honored to join this important work. “

In the next few weeks, Kenya’s nominees will be named and a website will be launched.

“The task force will provide a mechanism to quickly identify threats to consumers, mobilize a response to prevent harm, and coordinate these efforts between departments,” Kenny said.