“Thanks to this important legislation, debt collectors are now prohibited from siphoning New Yorkers’ COVID-19 stimulus payments. The new law ensures that federal relief funds actually provide relief to New Yorkers, not windfalls for the debt collection industry. New Economy Project is proud to have worked on this crucial bill with ally organizations, as we continue the fight for racial and economic justice and a just recovery for all New Yorkers.”
The NYS Legislature has just passed a critical bill that prohibits debt collectors from taking New Yorkers’ stimulus payments. The bill will ensure that relief funds actually provide relief—not windfalls for the debt collection industry. Take Action! Urge Governor Cuomo to sign this bill into law, to protect New Yorkers from financial predation and ensure a just recovery. Call […]
Gotham Gazette — In recent memory public banking was an idea that belonged either to a distant utopian future or a distant populist past. But today, not only is public banking on the agenda of major New York politicians, but competing visions of public banking are on offer.
Community land trusts (CLTs) are on the rise across New York State, working to give communities control over land and housing. New Economy Project recently organized a virtual learning exchange for NYC Community Land Initiative members and two of our upstate CLT neighbors: City Roots CLT, in Rochester, and the Fruit Belt CLT, in Buffalo.
Capital Tonight — For decades, many banks in the U.S. denied mortgages to people of color based strictly on race or the neighborhood where they lived. The practice, which started in the 1930s, was called red-lining and it was backed by the U.S. government. It’s one of the reasons that black families lost out on the wealth accumulation that white families have leveraged for the past 90 years.
Spectrum News — Consumer groups are applauding a bill that is meant to keep debt collectors from garnishing the stimulus payments and other direct aid approved by the federal government to offset the financial strain created by the pandemic.
“We applaud Senator Kevin Thomas, Assemblymember Helene E. Weinstein and the entire NYS Legislature for taking bold legislative action to exempt from collection all COVID-19 stimulus relief payments…”
City Limits — The City Council’s finance committee took up a slate of bills Wednesday that aim to increase public transparency around where the city does its banking—what advocates say would be the “first key steps” towards starting a public bank in New York City.
As the NYC Council’s Committee on Finance held its first hearing on a package of bills laying groundwork for a municipal bank, the Public Bank NYC coalition released new findings showing NYC’s “Designated Banks” – those authorized to hold municipal deposits – exacted more than $5 billion in predatory overdraft fees in 2020, as the COVID-19 pandemic devastated NYC and the country.
NY State of Politics — State lawmakers in New York want to lay down the regulatory framework for municipalities to create local public banks in order to extend and expand access to communities of color in the post-COVID-19 economy.