February 2012, Week 4


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Portside Moderator <[log in to unmask]>
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Sat, 25 Feb 2012 14:29:35 -0500
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Move Your Money: San Francisco Churches Move $10
Million From Wells Fargo

By Travis Waldron
Think Progress
February 24, 2012


Angry at the Wall Street banks that were at the center
of the financial meltdown, Americans have spent the
last six months moving their money to credit unions and
community banks in unprecedented numbers. More than
650,000 people moved to credit unions in one month last
year, and 5.6 million Americans switched banks in the
last three months.

Religious organizations have been at the forefront of
movements to get consumers to move their money. The New
Bottom Line, a coalition of faith groups, pledged to
move $1 billion this year, and before Thanksgiving,
churches moved $55 million away from Wall Street banks
with pledges to remove as much as $100 million more.
This week, churches in San Francisco announced they
were moving another $10 million, Faith in Public Life

    This week, a group of clergy in San Francisco added
    another $10 million to that total with an Ash
    Wednesday press conference calling on Wells Fargo
    to put an immediate freeze on its foreclosures and
    repent for their misconduct.

Watch a news report about the group's efforts:

Wells Fargo issued a statement on the protest, saying,
"We make every effort to avoid foreclosure." The bank's
practices, however, tell a different story. Last July,
it foreclosed on a family after telling it to skip
payments in order to get a loan modification. It was
found to have engaged in discriminatory lending
practices, investigated for illegal foreclosures on
military veterans, and fined for its subprime lending

According to consulting firms, the nation's 10 biggest
banks could lose $185 million in customer deposits
because of customer defections.


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