Grading the Big Banks from "Outstanding" to "Failing"
By Zephyr, Tiffiniy, Donny | A New Way Forward
Regulators are deciding THIS FALL whether or not to close that loophole that allows banks to lend through subsidiaries in order to keep "outstanding" grades on their investment practices. They are also deciding when a bank should get a "failing" grade. This is an area where 200 extra comments on proposed regulations can make a huge, huge difference.
Please go to this form.
You don't have to pretend that you know more about the relevant law (the Community Reinvestment Act) than you do. What is important is that your voice is heard about how we should grade banks. You can just speak your mind in a few words, and tell the regulators that you think that the big banks should not be able to avoid the rules that require them to reinvest in communities. As Edda Lopez wrote:
* Banks like Bank of America and Wells Fargo that took down our economy should not receive "outstanding" ratings.
* Banks should no longer be allowed to pick which parts of the country they are graded on or pick which parts of their company get counted!
* Banks must get failing grades if discriminate by offering toxic loans, less credit, worse credit or inadequate services to African-American and Latino communities
Banks get all kinds of special subsidies that aren't available to you and me--they should have to give back to the communities they are in.
Thanks for your contribution. This is an area where just a few comments can make a difference. Lets back our grassroots power with some inkroots comments...
Break up the banks!
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