Our Dream Headline
Banks, community residents, and local government officials plan together for community investment that creates jobs, builds businesses, keeps housing affordable and habitable, and supports locally grown small businesses.
This is the headline we're trying to write for our communities in our work on economic justice and bank accountability. We believe that there is a role for banks in making our communities healthy safe places. As our leaders listened to the stories of foreclosure, witnessed the impact of over-leveraged buildings, and lived next to abandoned properties, they understood that banks play a significant role in the communities. After meetings with Treasury and the Federal Reserve, after actions with multifamily dwelling building owners, after research meetings with New York City Council members, leaders decided that it was time to open up the sunshine and transparency on banks in New York City.
Brooklyn Congregations United has been a North Star Fund grantee since 2004.
Right now, we're a long way away from the headline we're visualizing, but the New York City Responsible Banking Act (RBA) sets up a system of public hearings where community folks can respond to banks' plans for their community. The act is directed at banks that seek to provide "depository services" to the city. It will create a new Community Investment Advisory Board with eight members representing government, the banking industry, and the community. The RBA will require public hearings, community investment plans, and local-level data on the banks activities. Making it public, making it plain, making it local.
Join us on Sunday, June 10th, as we celebrate this victory and we take steps to move the agenda to a more community-driven, locally-responsive one-- one that will end up making the headline one step closer to reality. We will be at Our Lady of Refuge Church, 2020 Foster Avenue at 4 PM.