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People take action in Missouri

November 19, 2010

GRO to Bank of America: Walk the Walk

 Columbia, MO – GRO – Grass Roots Organizing members and community leaders gathered at the downtown Columbia Bank of America branch Thursday afternoon.  The message for Bank of America:  halt home foreclosures, divest from predatory lenders and clean up your mess. The event included a letter delivery, press conference, and march through the downtown area.  The event was part of a national week of actions calling on big banks to “Clean up their mess.” Read more…

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November 18th Actions in Iowa and Ohio

November 18, 2010

Iowans Challenge Bank of America and Wells Fargo CRA Ratings

Des Moines, IA – More than 50 members of Iowa Citizens for Community Improvement (Iowa CCI) filed an official protest Thursday against the U.S. Treasury, and its Comptroller of the Currency office, for betraying their legal obligation to hold banks accountable after the federal agency gave Bank of America and Wells Fargo “Outstanding” ratings for their banking practices under the provisions of the Community Reinvestment Act (CRA).

Iowa CCI members delivered their written CRA complaint in person to both banks today.  CCI members also met with top legal aides to Attorney General Tom Miller about the home foreclosure crisis.  Fifteen other community organizations allied with the National People’s Action network also filed similar CRA complaints against Bank of America and Wells Fargo today.

Read more…

Call To Action: November 18th – 24th

November 15, 2010

It’s Time for Big Banks to Fix Their Mess!

Big Banks ruined their credit with America when they gamed the system and crashed our economy. Their unchecked greed has cost us eight million jobs and five million homes.

While the sputtering economy fueled last week’s elections, the majority of Americans know that the Big Banks and Wall Street are responsible for the current crisis.

Despite widespread anger at the Big Banks, they aren’t getting the message.  They continue to fraudulently foreclose on millions of families in order to keep paying out record bonuses to their top executives.  They continue to back the predatory payday loan industry with over 1.5 billion dollars of credit.  This cannot last.  People nationwide are going on the offense.  We want our democracy back.  We are fed up with Big Bank greed and abuse. Read more…

Your Mostly Banking Policy Week in Review, By Liz Ryan Murray

November 14, 2010

What’s up in DC

New Boss for Fannie and Freddie President Obama will nominate Joseph A. Smith Jr., North Carolina Commissioner of Banks, as the new Director of the Federal Housing Finance Agency (FHFA). FHFA is the regulator and conservator for Fannie Mae and Freddie Mac and calls virtually all the shots for them. He’ll get to lead the agencies through the upcoming ugly fight on their future. He needs to be approved by the Senate, which should happen during the lame duck session.

New name floated for head of the CFPB. Republicans are floating Congresswoman Melissa “Wholly Owned Subsidiary of the ABA” Bean (D-IL) as the head of the new agency. It was a trial balloon by Republicans that got nowhere, but it shows that they’re serious about trying to undermine Elizabeth Warren, the agency and its mission. Read more…

Press Release: National Group Tells Big Banks It’s Time to Fix Your Mess

November 11, 2010

Groups from across the country unite for a week of actions to stop foreclosures

“Fix your Mess” is the message that community leaders from across the country are sending big banks such as, Bank of America, Wells Fargo, and Chase.

This holiday season, while big banks gear up to pay $144 billion in bonuses, countless of Americans are in jeopardy of losing their jobs, homes and families. With unemployment at all-time high of 9.6% and foreclosures constantly rising at a record high with no end in sight, community, faith, and worker leader, groups will unite from November 15 – 19 for a week of actions across the country to demand that big banks like Bank of America fix the foreclosure crisis they created and halt foreclosures until homeowners have a real chance to save their homes. Read more…

Press Release: Meeting With Administration On How To Turn Around the Economy Before the Holidays

November 11, 2010

HOMEOWNERS, CLERGY AND COMMUNITY LEADERS BRING COMMON SENSE SOLUTIONS TO ADMINISTRATION ON HOW TO TURN AROUND THE ECONOMY BEFORE THE HOLIDAYS

Solutions would bring immediate relief to families and put economy on track for a rebound

Washington, DC – On Monday November 15, Secretary Hilda Solis, Elizabeth Warren and officials from the Federal Reserve Board, Federal Deposit Insurance Corporation, Department of Housing and Urban Development, and Congress will hear common sense solutions to returning millions of dollars in wage theft back to employees, halting foreclosures and the decline in home values, and preserving a safety net for the unemployed and low income people. Homeowners, clergy and community leaders from National People’s Action local affiliates will demand immediate action before families are literally left out in the cold this holiday season. Read more…

Your Mostly Banking Policy Week in Review, By Liz Ryan Murray

November 10, 2010

Financial Facts of the Week

  • Bank closures for 2010 up to 143 as of today – 3 more than all of 2009. While the big banks continue to thrive, small and community banks continue to struggle.
  • Speaking of thriving, quarterly earnings for the big guys came out in the last couple of weeks. Here’s the breakdown:Wells Fargo – Record net income of $3.34 billionCiti – Third-quarter net income was $2.17 billion

    JPMorgan Chase – “the bank’s net income was $4.4 billion, up a staggering 23% from the same period last year”

    BofA – Okay, this is kind of fascinating. B of A actually made $3.7 billion however – they’re reporting a $7.3 billion dollar loss due to a $10.4 billion “Goodwill Impairment Charge” on the basis that they’re going to lose income from not being able to charge fees on debit cards anymore under the new financial legislation. Read more…