SEIU Principles for Holding Banks Accountable - Bank of America: Bad for America

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With control of one in five credit cards and the maximum amount of bank deposits permitted by the Federal Reserve—there’s no question that the nation’s largest bank is also its most powerful one.

In fact, with 52 million customers, more than 5,700 bank branches, and more than 17,000 ATM machines across the country, Bank of America and its products reach nearly half of all U.S. households. Bank of America by the Numbers »

Although CEO Ken Lewis claims Bank of America is committed to “creating opportunities for people…to fulfill their dreams” a growing body of evidence shows the financial giant is using its size and its power to squeeze consumers, taxpayers, and working families.

In 2006, Bank of America raked in $21 billion in profits. Bank of America made more money from its U.S. operations than any other company—including ExxonMobil, the world's most profitable company.

SEIU Unveils Reform Measures for Holding Nation's Biggest Banks Accountable to Consumers, Working Families

The new standards called for by SEIU--the fastest growing labor union in North America--would protect low-income and minority families in particular from a range of exploitive practices currently used by the biggest banks in the country, including schemes to drive up ATM, overdraft, and other fees; excessively high interest rates on credit cards; and predatory and abusive lending practices such as deceptive credit card marketing and billing tactics as well as subprime and discriminatory lending.

"We've passed the point where an 'anything goes' motto can be tolerated for the biggest and richest banks in the country," said Andy Stern, SEIU International Executive President. "We're sending a message today on behalf of all working families: enough is enough."

The reform measures--entitled "SEIU Principles for Holding America's Largest Banks Accountable to Consumers and Working Families" call for:

Basic standards for fees and interest rates on credit cards, bank accounts, and other bank products.
'Super' Community Reinvestment Act requirements for the largest and most powerful banks.
Permit FTC scrutiny of bank practices and allow state attorneys general to enforce state and federal consumer protections.
Strict enforcement of the 10% cap on bank deposits set by the Federal Reserve.

Read the press release »

Listen to the news conference »

Read more about the reform principles »

Download the reform principles »

Download the fact sheet "Size Matters." »

Responses to SEIU's Reform Principles:

Chairman of the Senate Banking Committee Chris Dodd (D-CT)
Chairman of the Senate Armed Services Committee Carl Levin (D-MI)
Chairman of the House Committee on Financial Services Barney Frank (D-MA)
House Committee on Financial Services Member Carolyn Maloney (D-NY)
Congressman Luis Gutierrez (D-IL)
Americans for Fairness in Lending—a partnership of organizations including ACORN, Center for American Progress, Consumer Federation of America, Consumers Union, NAACP, National Consumer Law Center, National Council of La Raza, the UAW, and the US PIRG