Bank of American, Bad for America

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The fastest growing union in North America, the Service Employees International Union (SEIU) has launched a “Better Banks” style campaign to reform the largest and most powerful banks in the U.S.A.

The union has released a set of principles for holding banks accountable to consumers and working families which call for basic standards for fees and interest rates on credit cards and other bank products, community reinvestment requirements, and greater scrutiny of bank practices and better consumer protections.

The campaign is accompanied by a research report Shut out of the American Dream: How Bank of America is Systematically Underserving Communities of Color and Harming Low-income Families with Questionable Practices. The report outlines how the Bank of America is worse on locating bank branches in neighbourhoods where the majority of the population is African American or Latino, lends more mortgages to whites that to ethnic minorities, and in 2006 collected more than $22.4 billion (more than half its revenues) from penalty and service fees and other forms of non-interest income.

For more information on this exciting campaign go to:

www.bankofamericabadforamerica.org

 

 

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1 Response to “Bank of American, Bad for America”



  1. 1 Foundation for Defense of Democracies Trackback on 4 March, 2015 at 8:22 pm

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