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Community Groups, Rep. Velázquez, Public Advocate Williams, Council Members Call for Full Funding of Community Land Trusts in NYC Budget
Community and housing activists joined elected officials at a rally at City Hall Park today, as they called for a just budget that includes $1.51 million for the Citywide Community Land Trust (CLT) Initiative to expand community control of land and housing in NYC’s Black, brown and immigrant communities. Funding will support 14 neighborhood-based CLTs…
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New Analysis Shows Banks Drained $1.7 Billion in Fees From New Yorkers’ Accounts During Pandemic
Today, members of the Public Bank NYC coalition held a news conference at the “Charging Bull” sculpture to call out Wall Street for mauling New Yorkers with predatory fees during the COVID-19 pandemic, and to call on Albany to pass the “NY Public Banking Act.”
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Racial & Economic Justice Groups Slam Mayor de Blasio’s Vote to Have NYC Resume Banking with Wells Fargo
Members of the Public Bank NYC coalition and the NYC Council slammed the NYC Banking Commission’s decision today to approve Wells Fargo’s request to resume holding New York City deposits – potentially billions of dollars. The Banking Commission – composed of the Mayor, Comptroller and Commissioner of Finance, and charged with selecting which banks may…
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Joint Coalition Statement On The NY Public Banking Act
“The NYS Senate leadership missed a crucial opportunity to bring about a just recovery, when it suddenly removed the NY Public Banking Act from today’s Banks Committee agenda—despite Wall Street’s long legacy of extracting wealth from communities and redlining Black and brown neighborhoods.
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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…
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Statement on the Passage of S5923A/A6617A, Exempting Stimulus Payments from Debt Collection
“We applaud Senator Kevin Thomas, Assemblymember Helene E. Weinstein and the entire NYS Legislature for taking bold legislative action to exempt from collection all COVID-19 stimulus relief payments…”
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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…
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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…
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100+ Community And Labor Groups Back Groundbreaking Bill To Make Public Banking A Reality In New York
Today, more than 100 community, labor, and cooperative groups and community development financial institutions from across New York State delivered a letter to state legislative leaders, urging swift passage of the “New York Public Banking Act” (S1762A/A5782) as an urgent strategy to advance racial equity and ensure a just recovery for all New Yorkers.
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NYC Council Lays Groundwork to Abolish Giuliani-Era Lien Sale
The City Council has passed legislation charting the course for ending New York City’s tax lien sale, and replacing it with an equitable municipal debt collection system that preserves affordable housing and stabilizes Black and brown NYC neighborhoods.
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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…
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Local Electeds, Groups, Call for Public Bank to Strengthen NYC Neighborhoods, Advance Racial and Economic Justice in Wake of Pandemic
Today, a citywide coalition of labor and community groups and community-based financial institutions joined with NYS Senators, Public Advocate Jumaane D. Williams, and NYC Council Members to call for the creation of a public bank in NYC.