[COMM-ORG] NPO payday loan organizing

Discussion list for COMM-ORG colist at comm-org.wisc.edu
Sat Oct 2 10:33:50 CDT 2010

  From: National People's Action <npa at npa-us.org>



September 30th, 2010

National People's Action, in conjunction with Public Accountability 
Initiative, released the report, The Predators' Creditors, detailing how 
big banks are bankrolling payday lenders.

Wells Fargo, Bank of America and JP Morgan provide more than $2.5 
billion in credit to payday lending shops.  Every year there are an 
estimated 12 million payday borrowers in the United States who get 
trapped in the vicious cycle of borrowing a $300 loan at 400% interest.

On the eve of the report, affiliates of National People's Action 
responded with protests at the banks that back payday lenders.  In Iowa, 
Kansas, Missouri and Ohio, hundreds of citizens delivered the report 
directly to the banks, demanding that they get out of the payday business.

Big banks are starting to feel the heat.  A recent article by the LA 
Times on the "The Predators' Creditors" reports that big banks are 
starting to shy away from lending to payday shops. Bank of America 
stated that they have financed some payday lenders but try to avoid 
doing so, commenting that "We have a limited appetite for doing business 
with them."

This is a crucial moment to voice our dissatisfaction for big banks 
financing loan sharks.

It's an insult to our communities, especially since our tax dollars 
bailed them out. Let's tell big banks that they need to really invest in 
our communities by providing real solutions that won't further 
jeopardize families' financial future.

Go to www.showdowninamerica.org and sign the petition, view the 
"Predators' Creditors" report, check out the media coverage, and share 
your personal story.



National People's Action (NPA) is a Network of community power 
organizations from across the country that work to advance a national 
economic and racial justice agenda.  NPA has over 200 organizers working 
to unite everyday people in cities, towns, and rural communities 
throughout the United States.

810 N. Milwaukee Ave.
Chicago, IL 60642
United States
National People's Action

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