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public banking
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BK Reader: Three Banks Charged NYC Black Homeowners Higher Mortgage Rates, Report Says
BK Reader — A recent analysis by the nonprofit New Economy Project found that home mortgage lending by Bank of America, Citibank and JPMorgan Chase—which hold the vast majority of New York City’s municipal deposits— charged higher interest rates to people of color between 2018 to 2023.
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The City: Black Home Mortgage Borrowers Pay More in NYC, New Study Finds
The City — Three major banks charged Black homeowners in New York City more interest on their mortgages than they did white borrowers, according to a new analysis of loan data by The New Economy Project, a racial and economic justice advocacy group.
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Analysis: Fed Rate Cuts May Exacerbate Racial Wealth Inequality Due to Persistent Mortgage Lending Disparities
As the Federal Reserve lowers interest rates, many borrowers stand to benefit—particularly White homeowners and homebuyers, who already benefit from lower average interest rates compared to people of color. By contrast, Black borrowers who face persistent barriers to fair lending could be left out in the cold, unable to access more favorable interest rates…
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The American Prospect: The Push for Public Banking in New York
The American Prospect — Rochester, New York, has become a focal point in the movement for public banking, a push driven by the urgent need to address poverty and economic inequities in the region. The city, one of New York’s largest, with around 210,000 residents, is more than 40 percent white, nearly 40 percent African…
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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.