BO FA2

7/17 age of trump

see tag bofa

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heated gmail 9 26

some blame where it’s due.

Fossil fuel companies, obviously. (Truly, no clue how those executives sleep at night.) And I gave you my two cents on big ag.

Also:

Big banks: Since the Paris Agreement was signed in 2015, 60 banks have provided $7.9 trillion in financing to fossil fuel companies, with the top four banks alone—JPMorgan Chase, Citi, Wells Fargo, and Bank of America—providing more than $1.64 trillion.

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an 11 24common dr

Consumer advocates applauded last month as the Consumer Financial Protection Bureau finalized a rule aimed at making it easier for people to switch financial institutions if they're unhappy with a bank's service, without the bank retaining their personal data—but on Thursday, more than a dozen groups warned the CFPB that major Wall Street firms are trying to stop Americans from benefiting from the rule.

Several advocacy groups, led by the Demand Progress Education Fund, wrote to CFPB director Rohit Chopra warning that major banks—including JP Morgan Chase, Bank of America, Citi, TD Bank, and Wells Fargo—sit on the board of the Financial Data Exchange (FDX), which has applied to the bureau for standard-setting body (SSB) status, which would give it authority over what is commonly known as the "open banking rule."

Standard-setting authority for the banks would present a major conflict of interest, said the groups.

The banks are also on the board of the Bank Policy Institute, which promptly filed what the consumer advocates called a "frivolous lawsuit" to block the open banking rule when it was introduced last month, claiming it will keep banks from protecting customer data.

At a panel discussion this week, Bank of America CEO Brian Moynihan also said the open banking rule, by requiring financial firms to unlock a consumer's financial data and transfer it to another provider for free, would cause "chaos" and amplify concerns over fraud.

The groups wrote on Thursday that big banks want to continue to "maintain their dominance by making it unduly difficult for consumers to switch institutions."

"The presence of these organizations on both the FDX and BPI boards undermines the credibility of FDX and presents various concerns relating to conflict of interest, interlocking directorate, and antitrust law," they wrote.

Upon introducing the finalized rule last month, Chopra said the action would "give people more power to get better rates and service on bank accounts, credit cards, and more" and help those who are "stuck in financial products with lousy rates and service."

The coalition of consumer advocacy groups—including Public Citizen, the American Economic Liberties Project, and Americans for Financial Reform—urged Chopra to reject FDX's application for standard-setting authority so long as the banks remain on its board.

“It would be a flagrant conflict of interest for the same banks who are suing to block the open banking rule because it threatens their market dominance to also be in charge of implementing it," said Demand Progress Education Fund corporate power director Emily Peterson-Cassin. "The American people are fed up with Wall Street controlling every aspect of their lives and the open banking rule is an opportunity to give all of us some financial freedom. The CFPB must stop this ploy by the biggest banks to keep us trapped under their thumbs."

The groups called the open banking rule "a historic step forward for the cause of giving consumers true freedom intheir financial lives."

"For this reason, it is imperative that SSB status not be granted to an organization whose board members are, either directly or through a trade association they are participating in, suing the CFPB to stop the rules from taking effect, particularly when such members may be ethically conflicted from such dual participation," said the groups. "By rejecting SSB status for FDX or any other organization with similar conflicts of interest pertaining to Section 1033, the CFPB will help prevent big banks from sabotaging open banking rules."

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dn 1120

...John Kerry is a good example. And it's not to pick him out and say he's particularly bad or particularly awful, but here's a guy who was in government. When he was in government, he was very supportive of fossil fuel development, fracking in particular. He left office. He then got a top position at Bank of America, which is one of the largest financiers of fossil fuel development in the world. And then he comes back into government as Biden's at least first climate pick. And it's not to say that John Kerry is going to be terrible on climate, but it is to say, as one example of many, that we need to understand where these people come from. Joe Biden, on the campaign, on climate, on climate policy, his campaign very early on said it was seeking a, quote, "middle ground" on climate policy.

With Big Oil Merger Approaching, Bank of America Continues Propping Up the Fossil Fuel Industry

BY DEREK SEIDMAN

MAY 1, 2019

Bank of America is set to rake in tens of millions from the biggest fossil fuel industry merger in years.

trump inaug

95 280 ORG BANK OF AMERICA CORP. $1,000,000 12/28/2016 3400 PAWTUCKET AVENUE

EAST PROVIDENCE

Rl 02915 Street address is correct, but city should be "Riverside", just next to E. Providence.

Among the donors will be UPS and JPMorgan Chase, which declined to directly sponsor the Republican National Convention last summer, despite past support. (The bank donated instead to summer youth employment programs in the host cities for both conventions.) Bank of Americaand Deloitte, donors to Mr. Obama’s 2013 inauguration, will give again this year, too. And a spokesman for AT&T said the company had made both a monetary contribution and agreed to spend millions of dollars to bolster cellular service for the crowds.

The fact is that banks do not have strong policies in place to ensure this downward trend accelerates. The only sector that has even halfway-decent policy safeguards is coal mining, in which many U.S. and European banks have made commitments to move away from the sector. Thanks to a six year long campaign by activists across the country, Bank of America was the first bank to adopt a policy to reduce its funding for coal mining—and thoughBank of America’s overall extreme fossil fuel investment has increased over the past three years, their coal mining numbers have dropped. Remarkably, Bank of America was the number one funder of coal mining just five years ago.