Faith groups divest from Bank of America
Kristin noted this week that religious groups are playing a key role in the nationwide movement to move money out of predatory big banks such as Bank of American and into more responsible institutions.
The Seattle Post-Intelligencer pointed out yesterday that several area religious groups are taking part in the effort:
Two mainstays of the religious left in Washington, the Church Council of Greater Seattle and Faith Action Network, will close accounts at Bank of America and take their business elsewhere.
The groups are proclaiming themselves part of a newly minted Washington Faith-Based Organizations to Divest from Bank of America.
They will settle accounts on Friday afternoon, joined in the University District by what a statement predicts will be “a broad coalition of people of faith, community members, students, and others who are fed up with banks that have been receiving tax benefits while avoiding tax payments and making profits at the expense of communities.”
Bank of America has proven itself to be a bad actor in communities nationwide, so it’s especially encouraging to see them face consequences from the faith community. Nick pointed out recently:
“Bank of America broke loan modification agreements with struggling homeowners, illegally “robo-signed” hundreds of thousands of foreclosure documents, lied about it, and proceeded to get caught doing it again nearly a year later. During this crime spree, Bank of America has raked in massive profits, announced the largest layoffs in the country, paid no taxes, and doled out excessive bonuses to its executives.”
As the movement to hold Bank of America accountable for their illegal practices gains steam, I hope to see stories like this one from Seattle popping up nationwide.