Our co-director Deyanira Del Río testifies before the U.S. House Financial Services Committee, Subcommittee on Consumer Protection and Financial Institutions, and answers questions from Representative Alexandria Ocasio-Cortez.
The next four episodes of Let’s Be Real focus on the NYS Community Equity Agenda, a statewide coalition that is calling for economic development that is community-led and grounded in community wealth-building and racial and economic justice. Each episode zooms in on an Equity Agenda priority, from promoting community-controlled financial institutions to ending wealth extraction throughout New York.
Daily News — Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.
My testimony today is informed by more than two decades of work with low-income New Yorkers and community groups to challenge systemic discrimination by Wall Street banks and other financial corporations, and to support responsible, cooperative, and community development finance.
Next City — One evening last September, at Brooklyn Cooperative Federal Credit Union’s main branch in Bed-Stuy, the credit union staff hosted a town hall to walk members through the credit union’s balance sheet — deposits, loans, other investments, capital reserves. CEO Samira Rajan emphasized the credit union’s key ratios, like its net worth ratio — capital reserves to total assets.
City Limits, Op-ed by Yuh-Line Niou and Maureen Genna — A Bloomberg report this month showed that the largest banks in the U.S., led by JPMorgan Chase, are closing branches rapidly in poor neighborhoods, even as they open new ones in affluent communities. In other news: water is wet.
Brooklyn Daily News — As real estate values in Brooklyn have gone through the roof, homeowners in gentrifying black and brown communities in the borough are increasingly being targeted by housing predators, legislators were told on Friday at Brooklyn Borough Hall.
The Laura Flanders Show — Our Juleon Robinson joins Maritza Silva-Farrell from ALIGN NY and Sasha Wijeyeratne from CAAAV to discuss a cooperative, community-led vision for economic development in New York.
Daily News — Advocacy groups will no longer recommend that undocumented immigrants get a municipal I.D. card if the city goes forward with plans to add a financial services smart-chip to them, several said Monday.
When the last remaining bank branch on the Lower East Side closed its doors in 1986, local activists took matters into their own hands and organized to establish a non-profit financial cooperative, the Lower East Side People’s Federal Credit Union.