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In the most diverse state in America, the 10 largest insurers do shockingly little business with suppliers owned by people of color, according to a new report released March 13 by The Greenlining Institute. Insurers buy huge amounts of goods and services in California – over $23 billion in 2014 alone – but the largest firms did barely over 3 percent of their contracting with businesses owned by people of color.
The Consumer Financial Protection Bureau was created five years ago by the Dodd-Frank financial reform law to be a “cop on the beat” to protect consumers in their dealings with banks, credit card companies and other financial firms. The CFPB clearly takes its job seriously. Some members of Congress who take their marching orders from Wall Street have been trying to weaken CFPB ever since it was created, but happily they haven’t succeeded.