Yesterday, National People's Action and New Bottom Line launched their project to stop payday lending and other predatory financial services that target struggling communities and people of color (here's a related report NPA released). One of their key objectives is to get Bank of America to stop financing payday lending, and instead support alternative small dollar lending programs. Big banks like BofA borrow money from the Fed at less than 1% interest, then lend that to payday lenders at 3%, who then turn around and lend money in our communities at 400% or more! Earlier this year NPA released a report with the Public Accountability Initiative entitled The Predators Creditors', that details how the big banks finance predatory payday lenders. Check out this video: Bank of America finances the payday lending industry to the tune of tens of millions of dollars. Call their executives and tell them to stop helping payday lenders rip off struggling families with 400% interest! Our Move Your Money campaign is helping us keep count of the thousands of accounts you are closing in collaboration with the amazing work of our allies NPA and New Bottom Line. For more info, visit showdowninamerica.org/payday_action.
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