Today's Date: December 3, 2022
GENERAC HOLDINGS SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losse   •   INVESTOR DEADLINE: Olaplex Holdings, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit &ndash   •   Louisiana local Ronnie Schwartz clinches St. Jude Hero Among Us Award   •   Ismael Cala invites you to plan and manifest 2023 as the best year of our lives   •   Savory & Partners: Birthright citizenship and the exciting world of birth tourism   •   PAYPAL HOLDINGS, INC. DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Fil   •   EHEALTH INVESTIGATION CONTINUED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Continues to Investigate the Of   •   'Tis the Season for Giving Back at Jim Ellis Automotive   •   OPENDOOR DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Op   •   Dennis Amos, Vice President of Planning & Analysis for The Twenty-Nine Palms Band of Mission Indians, "QCI's Dynamic Reinves   •   Jack Nathan Health Provides Corporate Update   •   The Law Offices of Frank R. Cruz Announces Investigation of Generac Holdings Inc. (GNRC) on Behalf of Investors   •   Leading National Prostate Cancer Nonprofit Spearheads Influential HHS Moonshot Meeting   •   Reducing licensed child care fees for British Columbia families by 50%   •   PROVIDENT ALERT: Bragar Eagel & Squire, P.C. is Investigating Provident Bancorp, Inc. on Behalf of Provident Stockholders an   •   The Canadian Association of Journalists is now accepting nominations for its 2022 Awards program   •   Canada Revenue Agency's Disability Advisory Committee submits 10 recommendations in its third annual report   •   GENERAC ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Generac Holdings, In   •   Bark Technologies Announces a Strategic MVNO Agreement with T-Mobile Enabling Mobile Service for its Bark Phone Featuring Childr   •   MSCI Uplifted GTJAl's ESG Rating, Stating That Its Corporate Governance Leads Global Peers
Bookmark and Share

More Commercial Banks Needed In Poor Cities

By Tony BestCarib News


NEW YORK - If New York's chief financial watchdog gets his way, the City would use its hefty clout to end bank redlining, which deprives poor and minority communities of effective banking services.

John Liu, now in his first year as city comptroller, has complained about the illegal practice of redlining which he accused some unnamed banks of perpetrating at the expense of the city's low-income, Black and Hispanic neighborhoods. "There are some neighborhoods that don't have a significant presence of bank branches," he said. "That's something we would like to see changed in the City, more banks opening up. There are laws against redlining but we still see whole communities that don't have significant bank branches, and so people have to rely on check-cashers and so-called financial institutions that bilk people out of large amounts of their money. There are several changes we would like to see banks undertake that are more consumer and residential friendly. We will use our leverage in various ways as an investor, as a client, as a customer of these banks" to change things.

Liu, the first Asian American elected to city-wide office said that that the City had considerable clout over the banks that could be used to help force substantial reforms but cautioned that City Hall, in general, and his office, in particular, didn't have full control. "We have a number of ways to have an impact on financial institutions. The most intuitive way is that we are generally significant shareholders in every one of these banks. So as investors, we can make certain demands for change," he argued. "We are also a client of these banks. They sell bonds for us and they make significant profit by selling our bonds. They hold our cash, our funds and so we are significant clients and customers of these banks. That's another way of expressing our interest.

"We do have leverage over these banks but we don't have an unlimited amount of leverage and I intend to use as much as possible to enact the right kind of change."

Another reform he wants is in the policy towards foreclosures, especially those affecting low-income property owners.

He recently joined community, church and labor leaders in a broad call on banks to renegotiate more mortgages, a move that would ease repayment terms and allow people to remain in their homes.

 



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
Breaking News
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News