On Valentine's Day, Consumers Encouraged to "Break Up" With Banks That Treat Them Badly
Green America Says Today is the Day to Dump Mega-Banks That Support Mountaintop Removal Mining, Pay Huge Bonuses, and Impose Abusive Fees; Community Development Financial Institutions Are Strong Alternative for a Healthy Financial Relationship.
February 14, 2011
WASHINGTON, DC -- Not feeling the love from your mega-bank? Maybe it is time to break up.
This Valentine’s Day, the nonprofit Green America is highlighting the ethical abuses perpetrated by many mega-banks and urging fed-up consumers to “break up” with bad banks. From questionable lending practices and outrageous bonuses on the taxpayer’s dime to financial support of environmentally destructive practices to abusive fees, big banks engage in behavior that should cause many Americans to break it off.
As a result, Green America is urging American consumers to opt for community development financial institutions (CDFIs) instead. CDFIs are banks, credit unions, and other financial-services organizations, such as community development loan funds, that measure their returns both in terms of financial profitability and social impact. CDFIs are helping the hardest hit communities in the United States – the ones most devastated by the recent recession -- rebuild.
CDFIs operate with the express goal of creating resources and opportunities for groups, businesses, and individuals who are underserved by traditional financial institutions. Community investors help finance projects that lift communities economically. In rural and urban areas (and internationally), community investors provide capital that supports job creation, financial services to low-income individuals, start-up funds for small businesses, loans for affordable housing, and more.
Green America Corporate Responsibility Director Todd Larsen said: “Tired of being abused by your polluting and fee-addicted mega-bank? Not willing to stay in a bad relationship where you give and give … and all your bank does is take and take? Then, it’s time for you to think about dumping your mega-bank and getting into a healthy financial relationship with a community development financial institution.”
Green America is offering the public a new guide that illustrates the powerful impacts community investing is having across the country and around the world, and contains a directory of leading community investing institutions nationwide. To access Green America’s brand-new Community Investing Guide, (available as both a print magazine and PDF download), go to http://www.greenamerica.org/pdf/guideinvestcommunities.pdf.
ABOUT GREEN AMERICA
Green America is the nation’s leading green economy organization. Founded in 1982, Green America (formerly Co-op America) provides the economic strategies, organizing power and practical tools for businesses and individuals to solve today's social and environmental problems. Green America’s green economy programs encourage corporate responsibility, tackle climate change, build fair trading systems, advance healthy, local communities, and provide green purchasing and investing information for families and businesses.
To receive Green America’s popular publications, including the Green American and the National Green Pages™, participate in Green America’s Green Business Conferences or Green Festivals, or to get its free e-newsletter, providing the latest green news, green discounts, and opportunities to take action for a green economy, visit www.GreenAmerica.org, email info@GreenAmerica.org, or call at 800-58-GREEN.
MEDIA CONTACT: Leslie Anderson, firstname.lastname@example.org or 703-276-3256.