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Press Statement: New CFPB Rule Cracks Down on Predatory “Fintech” Payday Loans
New Economy Project strongly supports the CFPB’s proposed rule cracking down on predatory payday loans, marketed through Earned Wage Access (EWA) phone apps. Financial technology (or fintech) companies use these insidious apps to prey on low-wage workers – peddling debt trap loans with interest rates as high as 300% or more.
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Statement from the Abolish the Tax Lien Sale Coalition: The City Takes First Step Toward Abolishing the Lien Sale, but the Fight Isn’t Over
On Sunday, the City responded to years of relentless advocacy by the Abolish the Tax Lien Sale Coalition by enacting legislation to address the severe inequities caused by the city’s tax lien sale.
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The City: Council and Mayor Move to Revive Stalled Property Tax Debt Collections
The City — The City Council is resurrecting a system to collect unpaid property taxes after a nearly three-year hiatus, adding new safeguards for vulnerable owners.
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American City and County: City of Rochester Mulls a Groundbreaking Move: Creating its Own Bank
American City and County — Legislation currently under consideration could pave the way for Rochester, N.Y., to establish its own public bank, the first of its kind in New York State.
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News10 NBC: Consumer Alert: CEO Says a Public Bank Would Allow her Credit Union to Help More Low-Income Borrowers
News10 NBC — It is the 11th hour. State legislators were likely drinking caffeine by the gallon Friday night as they tried to get bills passed before the session ended. One of those bills would establish a public bank in Rochester. It’s a concept I shared with you on Tuesday, and supporters say it would be…
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Leading Good Government & Labor Groups Endorse Bank of Rochester Act
Albany, NY – Today, five leading good government and labor groups announced their support of the Bank of Rochester Act (S9326/A10134), which would authorize Rochester to establish a public bank to hold government deposits and reinvest in local economic development. AFSCME NY, CWA District 1, New Yorkers for Fiscal Fairness, NYPIRG, and Strong Economy for All argue the…
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Data Analysis: Glaring Loan Disparities Bolster Calls for Rochester Public Bank
Today, the NYS Community Equity Agenda coalition released a striking analysis and map of home mortgage data in Monroe County, revealing severe racial disparities and continued redlining. The findings highlight the urgent need for the Bank of Rochester Act, a bill currently under consideration in the state legislature. Sponsored by state Senator Samra Brouk and Assemblyman…
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Action Alert on Public Banking
We’re closer than ever to bringing public banking to New York. This morning, we published an op-ed about a new bill advancing in Albany in the final days of the state legislative session, which we describe as “the most promising opportunity in over a century to establish a full-fledged public bank in the U.S.”
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NYN Media: New York Can Make History With a Rochester Public Bank (Opinion)
NYN Media — The Legislature is poised to approve a groundbreaking bill that would bring public banking to New York – a major step toward building a just, transparent, and accountable financial system. Lawmakers must not waver in the face of inevitable backlash from the banking lobby.
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Electeds, Groups Rally at City Hall for Enactment of the Community Opportunity to Purchase Act
On Thursday, more than 50 community, housing, and environmental justice groups and elected officials rallied at City Hall for enactment of the Community Opportunity to Purchase Act (COPA), which would give community land trusts (CLTs) and other nonprofits a first right to bid on multifamily buildings when a landlord sells. COPA – which was reintroduced at Thursday’s…
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Spectrum News: Public Banking in New York
Spectrum News — Tousif Ahsan, Public Banking Campaign Organizer at New Economy Project, talks to Spectrum News about the potential of public banking in New York.
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New York State of Politics: Bill Would Establish Public Banking in New York, Starting in Rochester
New York State of Politics — A push is on to introduce public banking in New York state, and start the trend in Rochester. While a bill to allow municipalities to start their own public banks has floated around for several years, a focus on the Flower City is gaining traction.