Last night, Representatives Gregory Meeks (D-NY-5) and Tom Suozzi (D-NY-3) broke with the rest of the state’s Democrats and joined New York’s Republican members of the U.S. House of Representatives in voting to pass a bill, H.R. 3299, that would allow lenders to launder loans through banks to override limits in New York and other states on high-cost loans, potentially paving the way for loans of up to 300 percent APR in states where those rates are prohibited.
A Broad-Based Coalition Urges NYS to Appropriate $25 Million to Community Development Financial Institutions in Face of Trump’s Proposal to Zero Out Federal Funding.
The Laura Flanders Show — On this week’s Laura Flanders Show, our Co-Director Sarah Ludwig discusses the community-based work being done to counter the Trump administration and create lasting, transformational change.
Indian Panorama — Restaurant workers and coalition partners, on January 25, rallied in the fight for One Fair Wage, a national effort to bring New York in line with seven other states, that pay tipped workers their state’s general minimum wage, on top of their tips.
The Nation — January 16 was supposed to be the day of reckoning for a notorious predatory-lending industry, when a rule from the Obama administration’s consumer-watchdog agency would finally start to curb a business that’s fleecing the poor.
Pix 11 — “Banks have some special responsibilities toward the broader public. They’re very powerful institutions, and there’s no reason that Bank of America should be punishing low-income New Yorkers,” said Raúl Carrillo, staff attorney for New Economy Project.
NYC Comptroller, Press Release — New York City Comptroller Scott M. Stringer and a coalition of advocates today condemned Bank of America’s move to target its low-income customers with new, high fees just as the bank is set to reap massive profits from the recently-passed GOP tax plan.
Kansas City Star — Without explanation, the Consumer Financial Protection Bureau has dropped a lawsuit in Kansas it had filed a year ago against four payday lending companies.
350.org, Press Release — Today, following over five years of persistent campaigning from New Yorkers, New York City Mayor Bill de Blasio announced the City is moving forward with full fossil fuel divestment. The city’s five pension funds, a combined $191 billion, will divest $5 billion in securities from over 100 fossil fuel reserve owners.
City Limits — The community land trust movement is on the rise in cities across the country from Miami to Oakland, but as of late, the Big Apple arguably ranks among the cities where the movement is most energized. Across the five boroughs, where for the past 20 years there’s been one community land trust (CLT), there’s now over a dozen groups trying to create new CLTs.