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.
New York Times — Department stores and big name retailers are increasingly making the hard sell to sign up customers for credit cards at the register. The store cards promise deep discounts on clothing, furniture and electronics, and are tough for shoppers to resist.
New Economy Project’s podcast, Let’s Be Real, introduces you to the people, places, and organizations at the forefront of the movement for justice in NYC. Interviews with organizers on the ground will let you know what’s happening across the five boroughs, and how you can get involved. The podcast is hosted by our very own […]
Please join us for our 2017 Breakfast Series. Presenters will kick off lively discussions about racial and economic justice organizing in NYC. Come share ideas, connect, and get involved.
Thomas J. Curry has only one week left as Comptroller of the Currency. But America’s chief regulator of national banks isn’t acting like it. Despite intense opposition from community advocates and conservatives alike, Curry, an Obama appointee, is doubling down on an ill-advised plan that would allow online lenders and other so-called fintech firms to rip people off.