[COMM-ORG] NPO payday loan organizing
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Sat Oct 2 10:33:50 CDT 2010
From: National People's Action <npa at npa-us.org>
SIGN THE PETITION!
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
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.
SIGN THE PETITION!
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
National People's Action
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