NYC Public Advocate, Press Release — Public Advocate Letitia James unveiled the ten banks that loan to the most buildings owned by the City’s Worst Landlord Watchlist. She called on these banks to reform their lending practices to protect tenants.
Gothamist — City Hall is slowly starting to invest in an affordable housing model that can permanently remove parcels of land from the speculative housing market in rapidly gentrifying neighborhoods.
New Economy Project is looking for an energetic and committed Community Organizer to help build a transformative, grassroots movement for economic democracy and racial and economic justice in NYC.
City Limits — Four New York City groups will receive a total of $1.65 million in funds from state bank settlements to assist in the development or expansion of community land trusts, the Department of Housing Preservation and Development (HPD) announced today.
Gothamist — Payday loans are a poverty trap, a way to get the poor and desperate locked into a cycle of debt that traps them under an ever-increasing pile of high interest loans that they can’t pay back. Because of their nefarious nature, New York and 14 other states have banned such loans.
Road to City Hall — New Economy Project’s Sarah Ludwig and Deyanira Del Rio discuss a new proposal in Albany that threatens NYS’ protections against exploitative lending.
Daily News — The city will stop depositing its cash at Wells Fargo, after the bank got in hot water with the feds for discriminatory lending, Mayor de Blasio and City Controller Scott Stringer announced Wednesday.
New York City Council Members and community organizations sent a strongly-worded letter to the NYC Mayor Bill de Blasio, Comptroller Scott Stringer, and Commissioner of Finance Jacques Jiha, urging them to divest the City from Wells Fargo Bank, in which New York City reportedly has hundreds of millions of dollars in public funds on deposit.
Daily News — Wells Fargo — embroiled in a scandal over the creation of up to 2 million fake accounts — was knocked down to a “needs improvement” rating by federal regulators in March under the Community Reinvestment Act, citing an extensive pattern of discriminatory and illegal lending practices. New York City rules say that in order to be designated to get government deposits, a bank must have at least a “satisfactory” rating.
Philadelphia Inquirer — Andy Morrison, campaigns director for the New Economy Project in New York, accused Dimon and his bank of making large financial contributions to U.S. Rep. Jeb Hensarling, R-Texas, and other members of Congress who want to stop or restrict the federal Consumer Financial Protection Bureau and other government agencies that have punished JPMorgan for ripping off borrowers.