community equity agenda
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Newsday: Banks Accused of Soaking Poor With Fees Amid Pandemic
Newsday — Banks have charged Long Islanders an estimated $120 million in overdraft, ATM and maintenance fees since the start of the pandemic, compounding the economic hardships experienced by low-income residents, according to a report issued by a coalition of progressive groups Wednesday.
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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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News Release: NY/NJ Banking Committee Chairs, Groups, Decry Trump Proposal to Unleash Payday Lending
Today, chairs of New York and New Jersey’s Senate and Assembly banking committees and community leaders blasted the Trump administration’s proposal to allow predatory lenders to circumvent state usury laws and contravene the authority of state elected officials.
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Comment Letter Opposing Trump Administration’s Proposed “True Lender” Rule
New Economy Project writes to register its vehement opposition to the Office of the Comptroller of the Currency’s proposed “true lender” rule. In one fell swoop, the proposal would effectively obliterate New York’s longstanding usury laws and legalize, for the first time in our state’s history, predatory payday lending. The proposed rule is consistent with…
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(Archive) Stop Trump Administration from Unleashing Predatory Payday Lending in NY
New York has successfully fought to keep predatory payday lending out of our state, as a matter of racial and economic justice. Now, the Trump administration is seeking to gut New York’s longstanding consumer protection laws, and open the door to high-cost lenders that exploit people who are struggling financially.
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Let’s Be Real Episode 11: New York State Community Equity Agenda Pt.1
The next four episodes of Let’s Be Real focus on the NYS Community Equity Agenda, a statewide coalition that is calling for economic development that is community-led and grounded in community wealth-building and racial and economic justice. Each episode zooms in on an Equity Agenda priority, from promoting community-controlled financial institutions to ending wealth extraction…
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Daily News: Southeast Queens, Hungry for Opportunity: The Predominantly Black Middle-Class Swath of the City Can’t Get Banking Services
Daily News — Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.
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The Capitol Pressroom: Ending NY’s “banking deserts”
How will the state help address “public deserts”? Deyanira Del Río, Co-Director of the New Economy Project, and Andy Morrison, Campaigns Director for the New Economy Project, discussed the push for public banks.
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Next City: New York’s Best Kept Secret to Support Community Financial Institutions
Next City — One evening last September, at Brooklyn Cooperative Federal Credit Union’s main branch in Bed-Stuy, the credit union staff hosted a town hall to walk members through the credit union’s balance sheet — deposits, loans, other investments, capital reserves. CEO Samira Rajan emphasized the credit union’s key ratios, like its net worth ratio…
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Statement on Governor Cuomo’s “State of the State” Proposal to Expand Access to Safe and Affordable Financial Services
New Economy Project applauds Governor Cuomo’s proposal to provide $25 million in new seed funding over five years for the New York State Community Development Financial Institutions Fund (NYS CDFI Fund). By supporting the state’s robust network of 80+ cooperative and community-controlled credit unions and loan funds, New York will take a critical first step…