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How much does your bank spend on politics?

Green America compared the lobbying expenditures of the largest credit card issuing megabanks to that of community development banks and credit unions that offer cards.

The results? Megabanks are spending millions of dollars to protect their interests, while community development banks and credit unions that serve their communities are not involved in lobbying.

Bank

Grade

Lobbying $
(2014 cycle*)

Albina

albinabank.com

A

Beneficial State Bank

beneficialstatebank.com

A

Hope Credit Union

hopecu.org

A

Permaculture Credit Union

permaculturecu.org

A

no data

Southern Bancorp

banksouthern.com

A

US Bank

usbank.com

C+

$1.45
Million

American Express

americanexpress.com

C

$1.78
Million

Capitol One

capitolone.com

C-

$2.09
Million

Discover

discover.com

C-

$2.08
Million

Bank of America

bankofamerica.com

D

$3.12
Million

Chase

chase.com

F

$5.46
Million

Citi

citi.com

F

$5.63
Million

Wells Fargo

wellsfargo.com

F

$6
Million

 

Source: opensecrets.org

*2014 “cycle” includes 2013


Take Action Today!

Dump your mega-bank credit card and get a credit card with a responsible bank or credit union!

 

 

Notes on Banks’ Lobbying Contributions

From January 2013 to the present, Bank of America and Citigroup spent a combined $8,750,000 on lobbying alone, and in 2012 spent the most in support of the so-called Job Protection and Recession Prevention Act – which would have extended tax cuts for the top 2% of taxpayers, or those making more than $250,000 each year. i

In 2013 Wells Fargo spent $6,000,000 on lobbyists in an effort to weaken regulations from the Dodd-Frank Act that hold banks accountable for risky and illegal behavior. ii

Discover also lobbied against certain provisions of the Dodd-Frank Act, including protections from bankruptcy for struggling students with high loan payments. iii


JP Morgan Chase spent $5,460,000 on lobbying since 2013, the majority in favor of HR 677, the “Inter-Affiliate Swap Act,” which would have exempted complex and risky financial transactions (certain types of swaps and securities-based swaps) from regulations that have been in place since 1934. iv


Citigroup currently has 31 employees listed as having passed through the “revolving door” between high-level public and private sector positions, making it one of the most influential corporations on our government.v JP Morgan Chase has 28 employees who have held influential positions in both the public and private sectors, vi and Bank of America has 7. vii

i http://www.forbes.com/sites/kellyphillipserb/2012/08/01/house-votes-to-extend-tax-cuts-accomplishes-nothing/

ii https://www.opensecrets.org/lobby/clientissues_spec.php?id=D000019743&year=2014&spec=HOU

iii https://www.opensecrets.org/orgs/lobby.php?id=D000018253

iv http://www.opensecrets.org/usearch/?q=albina&cx=010677907462955562473%3Anlldkv0jvam&cof=FORID%3A11

v https://www.govtrack.us/congress/bills/113/hr677#summary

vi https://www.opensecrets.org/revolving/search_result.php?priv=Citigroup

vii https://www.opensecrets.org/revolving/search_result.php?priv=JPMorgan+Chase+%26+Co

viii https://www.opensecrets.org/revolving/search_result.php?priv=Bank+of+America