Faithful America Asks U.S. Catholic Bishops to Move Their Money From Bank of America
As the economic collapse put millions of hard-working American families underwater on their mortgages, big banks responded by working as quickly as possible to foreclose on people. Some, like Bank of America, flouted the law in their rush to kick people out of their homes. 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.
This rapacious, sinful greed has prompted hundreds of thousands of people to move their money out of Bank of America (and other banks like it) into more responsible institutions. Those efforts include the New Bottom Line campaign, an organized effort by community, faith-based and labor organizing groups around the country to help American families and hold the big banks accountable.
Individual Catholics and parishes have already started this process in places like Los Angeles and San Jose. Unfortunately, the bishops are doing business with Bank of America at the same time. To encourage the bishops to set a morally inspiring example on economic issues, Faithful America has launched a petition asking them to move their money out of this predatory bank.
The USCCB’s own guidelines on socially responsible investment urge “those responsible for Church funds to encourage a responsible and sensitive lending policy on the part of the financial institutions which they patronize” and say that the Church should “refus[e] to invest in companies whose products and/or policies are counter to the values of Catholic moral teaching.” By ceasing doing business with Bank of America, the USCCB can live up to its inspiring values and elevate the platform of this important campaign.