NLSLA Strategy for Holding Banks Accountable Featured in Series of Op-Eds
An NLSLA strategy for holding banks accountable for the damage they caused low-income communities got some critical traction when it was featured in a series of Op-Ed pieces published June 17.
Renowned Occidental College politics professor Peter Drier featured the strategy- which asks federal reserve chair Janet Yellen to halt a planned bank merger until the banks pay reparations for the damage they caused in Southern California-in opinion pieces published in the Huffington Post, Los Angeles Daily News, and American Prospect. NLSLA has been monitoring this merger and proposed a number of measures to protect consumers and the communities we serve.
The NLSLA proposal, devised in partnership with the California Reinvestment Coalition and supported by elected officials in Southern California, demands federal regulators stop the takeover of Pasadena-based OneWest Bank by the New Jersey-based CIT Group until the banks pay $3 billion to create and preserve affordable housing in Los Angeles County, where their predatory practices devastated communities that have yet to recover.
We are encouraged by Peter’s smart Op-Ed pieces, as well as by the attention the issue is receiving as a result.
Read the entire column from Dreier and the Los Angeles Daily News by clicking here.