Photo illustration: Lisa Larson-Walker/ProPublica; Source: simonkr/Getty Images
Posted in Analysis Banks Pro Publica Racism

Trump Financial Regulator Quietly Shelved Discrimination Probes Into Bank of America and Other Lenders

At least six investigations into discriminatory mortgage loan “redlining” have been halted or stalled — against staff recommendations — under the Trump administration’s Office of the Comptroller of the Currency. by Patrick Rucker, The Capitol Forum…

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"Times of crisis are when change happens—to fuel California's economic recovery, we need a bank designed to stabilize the economy and invest back into our communities," said Trinity Tran, co-founder of the California Public Banking Alliance and Public Bank LA. (Photo: Trinity Tran/Twitter)
Posted in Banks Citizen Wealth Common Dreams News

California bill to establish Nation’s second Public Bank applauded as ‘Historic challenge to Wall Street domination’

“If California is serious about addressing racial and income inequities, we must create a banking system that centers people not profits.” by Jake Johnson, staff writer Friday, July 10 In a move advocacy groups celebrated as…

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JPMorgan Chase is the world’s largest funder of fossil fuels. Without that money, the fossil fuel companies simply can’t afford to build their new mines, pipelines or fracking wells. (Photo: Antonia Juhasz/Twitter)
Posted in Analysis Banks Climate change Energy Fracking

In the Fight to Curtail the Climate Crisis, the Earth Just Moved a Little

Nearly half of Chase’s owners have demanded to know how the bank plans to align its business model with the Paris Agreement. On the surface, that probably doesn’t sound like an earthquake. But it’s quietly seismic….

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Posted in Banks News Pro Publica

Whistleblower: Wall Street has engaged in widespread manipulation of mortgage funds

Securities that contain loans for properties like hotels and office buildings have inflated profits, the whistleblower claims. As the pandemic hammers the economy, that could increase the chances of another mortgage collapse. by Heather Vogell Friday,…

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Posted in Columns Hightower OtherWords

CEOs aren’t Pigs. That’s unfair to — to pigs —

—Pigs are intelligent animals with a sense of social responsibility. CEOs are looting taxpayers funds meant for small businesses.   by Jim Hightower Wednesday, May 13, 2020 There’s a general sentiment today that multimillionaire corporate chieftains…

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Posted in Business Common Dreams Energy Environment News

‘Milestone Moment’ as JPMorgan Chase announces former Exxon CEO to no longer be Lead Director of bank’s board

The ousting of “America’s #1 climate denier” from the leadership position on the board of the largest global lender of fossil fuels is being welcomed by the climate movement. by Andrea Germanos, staff writer Saturday, May…

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Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds, but the companies will not be required to retain employees or limit executive pay. (Photo: Public Domain)
Posted in Bailout 2020 Common Dreams News

Federal Reserve to offer corporations $500 billion no-strings-attached bailout loophole

‘Lining Up at the Trough’ “Big corporations have shown time and again that they will put their shareholders and executives ahead of their workers if given the choice.” by Julia Conley, staff writer A Federal Reserve…

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Shoshana Gordon/ProPublica
Posted in Analysis Bailout 2020 Pro Publica

Millions of people face stimulus check delays for a strange reason: they are poor

The IRS has had trouble getting money to people quickly because millions of Americans pay for their tax preparation through a baroque system of middlemen. by Paul Kiel, Justin Elliott and Will Young April 24, 11:40…

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Posted in Banks Coronavirus Debt News Poverty Pro Publica Safety Net Wages

Coronavirus put her out of work, then debt collectors Froze her savings account

Kim Boatswain’s tax refund could have helped her get through the coronavirus slowdown. But debt collectors seized it. There are few options for Texans like Boatswain whose money was taken just before the state temporarily banned…

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Elizabeth Warren compares Steven Mnuchin to an evil Forrest Gump
Posted in Bailout 2020 Coronavirus News Safety Net

Treasury Department gives banks green light to seize $1,200 stimulus checks to pay off debts, ‘Beyond Predatory’

“The Treasury Department is pointing out opportunities for banks and debt collectors to steal Americans’ relief checks out from under them.” by Jake Johnson, staff writer Tuesday, April 14, 2020 President Donald Trump’s Treasury Department has…

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Posted in Bailout 2020 Banks Common Dreams Coronavirus Energy Mining News

Big banks move to buy up fracking industry assets with coronavirus bailout funds

Critics Decry ‘Massive Step in Wrong Direction’     JPMorgan Chase, Wells Fargo, Bank of America, and Citi “Taxpayers shouldn’t be required to backstop oil and gas companies that were already in trouble prior to the…

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Posted in Analysis Coronavirus Economy Recession The Conversation While we were looking elsewhere

We are entering a recession – but what did we learn from the last one?

By  Ken-Hou Lin, University of Texas at Austin and Megan Neely, Stanford University As the coronavirus continues to spread around the world, it is abundantly clear that the global economy is entering a recession – the…

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Posted in Analysis Columns Economy Rathke: Chief Organizer Report Safety Net

What is a deprecesscion?

By Wade Rathke Pearl River   Brothers and sisters, it’s bad. Furthermore, it’s getting worse! Piled on to that, it will get much, much worse, before there’s even a hint of it getting better. A recession…

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Posted in Columns Economy Housing Housing Policy Neighborhoods Rathke: Chief Organizer Report Real estate Wealth

Wall Street is crippling the single-family housing market

New Orleans        The financial meltdown in the real estate market of 2007, marked by foreclosures triggered by speculation and broker scams and wiping out the citizen wealth of millions of families, continues to carry a…

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Posted in Affordable Housing Citizen Wealth Housing Policy News Politics Race for the White House 2020 Reveal

Mayor Pete has a redlining problem in Indiana

By Aaron Glantz / February 28, 2020 This story was originally published by Reveal from The Center for Investigative Reporting, a nonprofit news organization based in the San Francisco Bay Area. Learn more at revealnews.org and…

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Posted in Analysis Banks Columns Community organizing Credit economic justice Housing Policy Neighborhoods Rathke: Chief Organizer Report

The Billionaire and Right-Wing’s racist lies about Redlining

New Orleans    With the Office of the Comptroller of the Currency leading the way to gut the Community Reinvestment Act along with some other federal regulators, the last thing we should be doing is having to…

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Posted in Banks Credit economic justice Income Equality Opinion OtherWords

How credit cards make us more unequal

Credit card companies fleece retailers to give high-end spenders cash back — a system the rest of us end up subsidizing. By Sam Pizzigati | February 10, 2020 What happens when we use our credit cards?…

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Signing of CRA in 1977
Posted in Banks Columns Community organizing economic justice Economy Housing Policy National Off the wire Politics Rathke: Chief Organizer Report Social Justice

City National Bank Shows Why Some CRA Proposals are Wrong

New Orleans      There’s a big split within the federal banking establishment about what to do about revisions to the 1977 Community Reinvestment Act.  This is not your run of the mill, chest thumping, and elbow…

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