May
2022
18
The City — For the last four years, Queens State Senator James Sanders Jr. has pushed his colleagues in the New York legislature to greenlight public banks: local government-run financial institutions intended to extend credit and generate economic activity in low-income neighborhoods.
May
2022
10
Today, community and labor groups from across the state rallied with legislators on the “Million Dollar Staircase” at the New York State Capitol Building, urging swift passage of the “New York Public Banking Act” (S1762B/A8290) this legislative session.
April
2022
21
EastNewYork.com — This month, Mayor Eric Adams and Comptroller Brad Lander vowed not to deposit city funds with Wells Fargo, following alarming reports that the bank rejected more mortgage refinancing applications from Black homeowners than it approved in 2020—denying hundreds of New Yorkers the opportunity to lock in lower interest rates and build generational wealth.
April
2022
18
Today, 82 local elected officials from 19 cities and counties across New York State delivered a letter to Governor Hochul, Senate Majority Leader Stewart-Cousins, and Assembly Speaker Heastie, urging enactment of the “New York Public Banking Act” (S1762A/A5782) before the end of this year’s legislative session in early June.
April
2022
18
Spectrum News — A bill that would enable the creation of public banks in New York has won the backing of dozens of local elected officials in 19 cities.
March
2022
29
The City — Mayor Eric Adams and Comptroller Brad Lander are facing calls from progressive advocates to cut off Wells Fargo’s ability to hold municipal deposits following allegations of racial discrimination.
March
2022
28
We, the undersigned 25 organizations, including members of the Public Bank NYC coalition, write to you in your roles as members of the NYC Banking Commission (“the Commission”) regarding the recent Bloomberg Businessweek investigation into Wells Fargo’s discriminatory mortgage lending practices.1 For the reasons outlined below, we call on the Commission to revoke unconditionally Wells Fargo’s designation to hold City deposits.
March
2022
21
Albany Times-Union — This budget season, there’s been a lot of talk about investing in New York’s future. Citing better-than-expected tax receipts and a wealth of federal stimulus funds, Gov. Kathy Hochul recently declared, “This is a once-in-a-generation opportunity to make thoughtful, purpose-driven investments in our state and in our people that will pay dividends for decades.”
March
2022
1
As you know, climate scientists for decades have warned that fossil fuels are wreaking havoc on our environment and that bold, concerted action is needed to address the climate crisis. Yet, in the six years since the Paris Agreement, banks have poured over $3.8 trillion into the fossil fuel industry, according to the Rainforest Action Network.i Banks’ funding of fossil fuels is accelerating the climate crisis, which is becoming deadlier each year.
February
2022
16
As low-income communities and communities of color across the state continue to reel from the economic devastation caused by COVID-19, this year’s budget presents an historic opportunity to make bold investments that will drive equitable local economic development for years, and even decades, to come. We urge both houses of the Legislature to allocate $100 million for the NYS CDFI Fund and $100 million in matching funds to help local governments capitalize public banks, and to adopt, as part of the budget, the NY Public Banking Act (S1762A/A8290), which creates a safe and appropriate regulatory framework for local public banks in New York.