Flushing, NY – More than 50 Queens residents filled the Free Synagogue of Flushing Wednesday evening for a community forum on public banking, sponsored by NYS Assemblymember Ron T. Kim and the Public Bank NYC coalition. At the forum, speakers representing MinKwon Center for Community Action, New Economy Project, and the New York Public Interest Research Group (NYPIRG) […]

El diario — El martes se celebró una ceremonia para premiar a los “peores bancos” de Nueva York. No fue una fiesta sino el escenario en el que una docena de grupos comunitarios volvieron a insistir en la necesidad de que se cree un banco municipal en el que se deposite el dinero de la ciudad y a la vez se invierta en necesidades de los ciudadanos.

Public Bank NYC announced today that it has received a three-year, $276,000 grant from the Scherman Foundation’s Katharine S. and Axel G. Rosin Fund. The award supports the coalition’s campaign for a municipal public bank in New York City, and represents the first major grant that Public Bank NYC has received for its members since its launch in summer 2018.

The next DFS Superintendent must commit to taking bold action against financial companies that systematically exploit New Yorkers and extract wealth from New York communities. As the state’s chief regulator of the banking, insurance, check cashing, bail bond, and other financial industries, DFS has an obligation to advance racial, gender and economic justice. Given the Trump administration’s gutting of the federal Consumer Financial Protection Bureau and its ongoing attacks on immigrants, people of color and women, the need for a bold and resolute state financial regulator has never been clearer.

The Nation — New Yorkers are known for speaking their minds, but can they put their money where their mouth is? A new campaign is underway to make one of the richest cities into the world reclaim local wealth and make the banking system work for people who actually live here, by putting people over profits.

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.

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