The 25 undersigned New York-based organizations call on Governor Hochul to immediately rescind her nomination of Adrienne Harris for Superintendent of the NYS Department of Financial Services (DFS). Our organizations collectively represent millions of New Yorkers, from communities across the state. We see first-hand how DFS’s actions directly affect our members and all New Yorkers, as well as our neighborhoods and the state overall.
New Economy Project’s Co-Director, Deyanira Del Río, testified before the U.S. House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions last week on the growing movement for local public banking in New York. Rep. Alexandria Ocasio-Cortez, who spoke at the hearing—one of the first on public banking in modern American history—said it was a “historic day and a day worth celebrating.”
Community and housing activists joined elected officials at a rally at City Hall Park today, as they called for a just budget that includes $1.51 million for the Citywide Community Land Trust (CLT) Initiative to expand community control of land and housing in NYC’s Black, brown and immigrant communities. Funding will support 14 neighborhood-based CLTs organizing across the five boroughs, as well as four citywide technical support organizations.
Today, members of the Public Bank NYC coalition held a news conference at the “Charging Bull” sculpture to call out Wall Street for mauling New Yorkers with predatory fees during the COVID-19 pandemic, and to call on Albany to pass the “NY Public Banking Act.”
Members of the Public Bank NYC coalition and the NYC Council slammed the NYC Banking Commission’s decision today to approve Wells Fargo’s request to resume holding New York City deposits – potentially billions of dollars. The Banking Commission – composed of the Mayor, Comptroller and Commissioner of Finance, and charged with selecting which banks may hold city deposits – voted today without allowing any input from the public.
“The NYS Senate leadership missed a crucial opportunity to bring about a just recovery, when it suddenly removed the NY Public Banking Act from today’s Banks Committee agenda—despite Wall Street’s long legacy of extracting wealth from communities and redlining Black and brown neighborhoods.
“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.”
“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…”
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.
Today, community, labor, and cooperative groups from across the state joined NYS Senate Banks Chair James Sanders Jr. and NYS Assembly Banks Chair Victor M. Pichardo to rally for the “New York Public Banking Act” (S1762A/A5782). The bill creates a regulatory framework for New York cities, counties and regions seeking to establish local public banks—financial institutions created by cities and counties, and accountable to the people.