STOCK MARKET WATCH - Wednesday, 11 January 2012

[Demeter]

16. BofA would LOVE it if you did nothing about this.. PETITION

With your help, we've been putting pressure on Bank of America to stop financing one of the greatest wealth-stripping schemes of our time: payday lending.

And just a few weeks ago, we received this letter from Bank of America with their response:
[Bank of America] regards payday lending as a strongly discouraged industry....we periodically review our relationship with lending institutions but that we are contractually obligated to fulfill the terms of our agreements with existing clients. We bank a very small portfolio of payday lenders which have good compliance, consumer disclosure and collections practices.
Hmm, would you consider a company that has numerous and repeated consumer lending violations a "good" and "compliant" company? Bank of America seems to think so and continues to bankroll payday lenders like Advance America that's received over $27 million in fines since 2008.1

Thousands of you have already signed the petition or called Bank of America, but if their response letter tells us anything, they need to hear from all of us.

If you haven't already, please sign the petition to Bank of America today. National People's Action (NPA)


http://www.npa-us.org/payday-action