Yes: I've been wondering when they were going to change it to the National Association for the Advancement of People of Color - the NAAPC. This could also be used for a satellite organization: The National Association for the Advancement of Political Correctness.
Saying "Colored People" is almost as bad a slur as the "N" word, but "People of Color" is OK. But I've gotten so sensitive to it that when my sister-in-law uses the term "Colored People", I wince. I guess I don't understand...
Words are only offensive when used by white people. They become "free speech" when used by anyone else.
I have a box of colored pencils I use for sketching. I guess I'll have to call them "pencils of color" now.