Media Contact: Gerald Taylor, NC United Power 919-824-6698
600 delegates of NC United Power/NC IAF to March against usurious lending practices of Bank of American and Wells Fargo/Wachovia
Friday, October 2, 2009
Gathering time: 11:0 AM -- March time 11:40 AM
Gathering place: Mt. Moriah Primitive Baptist Church
747 West Trade Street, Charlotte, NC 28202
On Friday, October 2, 600 delegates from NC United Power, a statewide network of over 215 congregations, community associations, veterans’ organizations and student chapters and allies, will march and rally against usury and demand that:
· Bank of America and Wachovia suspend all activities that they either participate in directly or indirectly that we believe are usurious and put millions of families into “ debt share cropping”. These activities include payday lending, rapid refunds of tax returns, subprime lending and outrageous fees and penalties.
· Bank of America and Wachovia voluntarily cap interest rates on consumer and small business products at 10%; and all current loans and credit products to all veterans and active duty military at 6%.
· Mr. Lewis, Bank of America CEO; and Mr. Stumpf, Wells Fargo CEO meet with representatives of the IAF organizations within 30 days.
“We are deeply concerned about the lending and credit card practices of these two banks.” said Rev. Gregory Moss, Pastor at St. Paul Baptist Church in Charlotte and President of the NC State Missionary Baptist Convention. “Given that these two banks have received billions of dollars in Government bail out money and billions in Federal Reserve Bank insurance and guarantees, we find it arrogant and obscene the way they have treated their customers”. “We have asked Mr. Lewis and Mr. Stumpf to meet with us to discuss our concerns. To date, they have refused to meet.” Said Rev. Mike Broadway. “We intent to keep up the pressure on these CEO’s to meet and for these banks to change their practices.”
This March/Rally is part of an international campaign to reestablish national usury caps in England and the United States being conducted by Metro IAF including London Citizens and IAF Southeast.
Please check out our media clips from the simultaneous campaign kick-off in DC, New York, Boston, Chicago, North Carolina, and London on July 22, 2009.
