Activists from the Chicago-based National People's Action protested yesterday outside Bof ank of America headquarters. They want the bank to stop giving money to payday lenders, some of which prey upon low-income people who are unable to get loans elsewhere. The group urged Bank of America to invest more in foreclosure prevention programs.
National People's Action also demanded reform of the Community
Reinvestment Act, which was passed to protect low-income communities
from redlining and predatory lending. Their new report
shows how big banks use loopholes in the law to engage in
discriminatory lending through smaller lending companies without it
showing up on their record.
Also in the news...
- Think the public housing shortage is bad in Chicago? Sixty-two people were injured in Atlanta when 30,000 people showed up to apply for Section 8 housing. It was the first time the units opened since 2002.
- How much is 27 years worth? The state of Texas offered an innocent man who spent 27 years in prison $2.2 million not to sue for civil damages. In Los Angeles, a man who was wrongfully convicted won a $7.9 million settlement for the 24 years he lost in prison.
- This summer, kids who work to help their parents pay the bills, or earn spending money, are increasingly losing job options. Teen unemployment was at 26 percent in July, during the peak of the summer.
- The Chicago Teachers Union refuses to take concessions on wages. They point out that CPS won't guarantee it will stop teacher layoffs, even if teachers accept pay cuts.
- Despite this years big profits, GM is not bringing enough new jobs to the Midwest, according to filmmaker Michael Moore.
- A Will County nursing home may lose federal Medicaid funding for neglecting residents' care and building maintenance. The Reporter covered Chicago area nursing home conditions in depth, recently winning an award for the investigation from the National Association of Black Journalists.