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Payday Lending – Wells Fargo (2013)

November 26, 2012

WHEREAS Predatory loan products such as payday loans have received significant public criticism for their high interest rates and rates of repeat borrowing. Our company is currently extending high-cost direct deposit advances that resemble payday loans and could expose customers to a costly “debt trap.” We believe these advances present serious hazards to Wells Fargo most financially vulnerable customers and to the company itself. Wells Fargo charges $7.50 for each $100 borrowed through direct deposit advance. Loans are repaid automatically, in full, out of the customer’s next direct deposit. Research from the Center for Responsible Lending demonstrates that the typical …

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Payday Lending – Fifth Third Bancorp (2013)

November 26, 2012

WHEREAS Predatory lending like payday loans have received significant public criticism for their high interest rates and rates of repeat borrowing. Our company is extending high-cost direct deposit advances that resemble payday loans and could expose customers to a costly “debt trap”. We believe these advances present serious hazards to Fifth Third’s most financially vulnerable customers and to the company itself. Fifth Third (“FITB”) charges $10 for each $100 borrowed through direct deposit advance. Loans are repaid automatically, in full, out of the customer’s next direct deposit. Research from the Center for Responsible Lending demonstrates that the typical user of …

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Financial Reform Hits the Skids

February 25, 2010

Jonas Kron In March of this year, in the depths of the market sell-off, Treasury Secretary Timothy F. Geithner appeared before the House Financial Services Committee to discuss the need to fix the nation’s financial regulatory system. Geithner told the committee “Our system failed in fundamental ways,” and to “address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game.” This conclusion was echoed by Representative Barney Frank (D-MA), chairman of the committee. “The days of light-touch regulation are over,” he said. The implications of the crisis went even further. As New York …

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Pressing FASB for Improved Disclosure on Social and Environmental Liabilities

July 24, 2008

This month, investors were presented with an unusual opportunity to weigh in on a proposed rule change designed to bring potential environmental and social liabilities to light. Trillium Asset Management Corporation (“Trillium”) is acutely aware that there is a long and troubled history of companies underestimating the likelihood of severe financial threats – Enron, the subprime lending crisis, and asbestos liabilities are three recent examples. All too often we have seen that these momentous issues were looming for many years and eventually resulted in catastrophic consequences for investors. In light of the significant concerns raised by the impacts of climate …

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Urge Your Bank to Finance Projects Responsibly

November 19, 2007

Do you own shares or bonds of Chase Manhattan Bank, Citigroup, or Morgan Stanley Dean Witter? Do you use their banking, credit card, or investment management services? If you do, write and urge them to finance projects responsibly. Addresses Mr. William Harrison Jr. Chief Executive Officer Chase Manhattan Bank 270 Park Avenue New York, NY 10017-2070   Mr. Sanford Weill Chief Executive Officer Citigroup 153 East 53rd Street New York, NY 10043   Mr. Philip J. Purcell Chief Executive Officer Morgan Stanley Dean Witter 1585 Broadway New York, NY 10036 Sample Letter Dear Mr. ________: I am writing to urge …

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