Brockton, Mass. residents urge city to move its money out of Bank of America, other national banks

[Ian David]

BROCKTON —

<snip>

Along with 50 other members of Brockton Interfaith Community, City Life and the Coalition for Social Justice, she begged City Treasurer Martin Brophy – who alone decides where the city will park its money – to stop doing business with Chase, Bank of America, and other national banks.

“They’re decimating Brockton,” she said.

Members of BIC presented a lengthy indictment on the lending and foreclosure practices of Bank of America in particular, which holds accounts for the Brockton’s payroll and health insurance trust fund.

Carol Delorey, a BIC leader and chairwoman of the Brockton Mayor’s Task Force on Housing and Foreclosures, said that Bank of America had the poorest rate nationally of loan modifications under the Home Affordable Modification Program, have been half-hearted participants in local loan modification seminars, and have been slow in engaging Neighborhood Housing Services of the South Shore in their modification efforts with homeowners.

More:
http://www.enterprisenews.com/topstories/x1617893689/Brockton-residents-urge-city-to-move-its-money-out-of-Bank-of-America-other-national-banks

See prior thread:

Brockton, Mass. to Debate Divesting from National Banks, Invest in Local Banks
http://www.democraticunderground.com/1002441098

[freefall]

1. It would be great if cities and towns all over the country divested from the big banks.

I hope Brockton does and that many others follow suit.

[zipplewrath]

2. In their own best interests

Really, aside from the behaviors of the national banks, it would be in the interests of the cities to place their money in local community banks. That money gets recycled fairly locally in terms of loads to local businesses.

I've thought for some time that a good focus for the various "occupy" movements would be to encourage this kind of community behavior in terms of monetary activity. They could identify "local" banks that were truly local and investing in the local economy.