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Testimony Before the NYS Senate Banks Committee on “Is There Discrimination in the New York Home Mortgage Banking Industry?”
Good afternoon, Chair Sanders, Members of the Banks Committee, and esteemed legislators. Thank you for the opportunity to testify today on behalf of New Economy Project, a New York City-based economic justice organization. For 30 years, New Economy Project has worked with community groups and low-income New Yorkers to challenge bank redlining, predatory lending and…
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Testimony Before NYS Joint Legislative Budget Hearing on the Tenant Opportunity to Purchase Act (TOPA)
We urge the legislature to pass the Tenant Opportunity to Purchase (TOPA) Act in the state budget, along with an annual appropriation of $250 million to fund TOPA acquisitions and technical assistance. TOPA (S.401) would give tenants a first opportunity to collectively buy their building when a landlord sells, in order to stabilize and preserve…
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Statement: Groups Condemn Trump’s Dismantling of CFPB, Call on NY Leaders to Act
The 50+ member organizations of the NYS Community Equity Agenda, representing hundreds of thousands of New Yorkers statewide, made the following statement responding to the Trump Administration’s assault on the Consumer Financial Protection Bureau (CFPB)—and urging New York leaders to take bold action to protect New Yorkers and New York communities from financial exploitation
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Testimony Before the NYC Council’s Committee on Technology Regarding Oversight of “MyCity” Portal
New Economy Project respectfully submits the following testimony regarding the oversight of MyCity. Since 1995, New Economy Project has worked with community groups and low-income New Yorkers to combat systemic discrimination and racial wealth extraction in our financial system and economy; and to promote public banking, worker and financial cooperatives, community land trusts, and other…
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Letter in Support of the CFPB’s Proposed Interpretive Rule on Paycheck Advance Products
We write in strong support of the Consumer Financial Protection Bureau’s (CFPB) proposed interpretive rule on paycheck advance products. Marketed through “Earned Wage Advance” (EWA) phone apps, these exploitative loans prey on low wage workers and extract massive sums from low-income and Black and brown communities. The proposed rule is a crucial step toward preventing…
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Testimony before the New York City Council Committee on Finance, on Legislation to Reauthorize the City’s Tax Lien Sale
Good afternoon, Committee Chair Brannan and members of the Finance Committee, and thank you for the opportunity to testify about Introduction 2164, which would reauthorize New York City’s tax lien sale for a four year period. My name is Will Spisak and I am a Senior Program Associate at New Economy Project, a citywide organization…
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Memorandum of Support: S9326/A10134
New Economy Project fully endorses the Bank of Rochester Act, which aligns with the broadly-supported New York Public Banking Act (S1754/A3352). We have long advocated for the establishment of local public banks, and we now urge the legislature to bring public banking to New York by passing the landmark Bank of Rochester Act this session.
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Coalitions’ Statement on Assembly Banks Committee’s Approval of Bank of Rochester Act
As leaders of New York’s powerful and growing public banking movement, we commend the NYS Assembly Banks Committee for responding to the urgent calls for public banking by approving the Bank of Rochester Act. We express our gratitude to Assemblymember Harry Bronson and Chair Pamela Hunter for prioritizing this bill and collaborating with Rochester officials,…
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Testimony to the NYC Council Finance Committee & Committee on Housing and Buildings
Good afternoon, Committee Chairs Brannan and Sanchez and members of the Finance and Housing Committees, and thank you for the opportunity to testify. My name is Will Spisak and I am a Senior Program Associate at New Economy Project, a citywide organization that works with community groups to build a just economy based on cooperation,…
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Testimony Before the NYC Banking Commission
New Economy Project and the Public Bank NYC Coalition call on the Banking Commission to reject the banks that have applied for designated status today, due to their egregious track record of redlining Black and brown neighborhoods and engaging in discriminatory lending practices. Furthermore, we call on members of the Banking Commission to actively support…
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Letter in Support of CFPB Overdraft Lending Rule
We write in strong support of the Consumer Financial Protection Bureau’s (CFPB) proposed rule governing Overdraft Lending: Very Large Financial Institutions. The proposed rule is a crucial step toward addressing abusive and predatory financial practices that extract wealth from low-income neighborhoods and Black and brown communities.
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Testimony Before the NYS Assembly on the “Impact of Financial Technology (Fintech) and its Role in New York’s Banking Industry”
Today’s hearing on the impact of financial technology within New York’s banking sector presents a vital opportunity to begin reshaping our state’s approach to financial services policy and economic justice. My testimony will address the dangers posed by predatory financial technology, or ‘fintech,’ and the urgent need for New York State to advance structural reforms.…