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.
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.
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.
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.
The Appeal — Across New York State, millions of tenants are at risk of eviction and property values are falling. A recent analysis found that New York City renters in neighborhoods hit hardest by COVID-19—largely Black and Latinx communities—face nearly four times the number of eviction cases as less hard-hit areas. Local housing justice advocates fear a repeat of the 2008 housing crisis, when properties fell into distress and investors bought up 100,000 rental units across New York City, which, advocates say, led to displacement and worsened living conditions for many tenants.
The City — New York’s pandemic pause on a program that sells unpaid city property debts to investors has community advocates calling to scrap the Giuliani-era approach altogether.
ProPublica — Earlier this year, the pandemic swept across the country, killing 100,000 Americans by the spring, shuttering businesses and schools, and forcing people into their homes. It was a great time to be a debt collector.
Fortune — Over 6% of Americans—20.5 million people—are unbanked, according to the FDIC’s latest data, meaning they have no checking or savings account. Nearly 50 million more are underbanked: They have at least one bank account but still use alternative financial services like payday loans and check cashers outside the banking system.
City Limits — The City Council is considering measures that would scrutinize the city’s relationship with corporate banks and other financial entities—disclosures that could pave the pathway to creating a municipal public bank in the future.