Press Releases

May

2021

13

Statement on the enactment of S5923A/A6617A, exempting COVID-19 stimulus payments from debt collection

“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.”

More >

April

2021

28

As NYC Council Holds Hearing on Groundbreaking Public Banking Bills, New Analysis Shows NYC’S ‘Designated Banks’ Extracted $5 Billion in Predatory Overdraft Fees During COVID-19

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.

More >

April

2021

13

NYS Legislators, Groups Call for Local Public Banks to Help Lead Recovery, Advance Racial and Economic Justice

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.

More >

October

2020

1

Federal Court Certifies Class Action Lawsuit Alleging NYC Transit Authority Seized Tax Refunds to Collect on Decades-Old Default Judgments, Violating Due Process

Yesterday, a federal judge certified a class action charging the NYC Transit Authority, an arm of the Metropolitan Transportation Authority (MTA), with systemic due process violations. The civil rights lawsuit challenges the Transit Authority’s unlawful seizures of New Yorkers’ state tax refunds to collect on default judgments—some going back 20 years or more—without providing legally-required notice or a fair opportunity to contest the judgments.

More >

August

2020

3

News Release: NYC and Rochester Council Members Join 55 Groups in Urging Albany to Support Public Banks

Fifteen Members of the NYC Council delivered a letter last week urging the NYS Legislature to pass the New York Public Banking Act (S.5565-C/A.9665-D), a groundbreaking bill that creates a pathway for New York cities, counties and regions to form public banks—financial institutions established by local governments and chartered to serve the public interest.

More >