The press release from the American Bankers Association, U.S. Chamber of Commerce, Independent Community Bankers of America and other trade groups, on behalf of their banking and corporate members, announced a lawsuit challenging newly enacted Community Reinvestment Act rules that would result in increased support for affordable housing and small businesses in low-income communities. In recent months, the banking trade groups have ramped up legal challenges to policies that promote fair housing, equal access, anti-discrimination, and climate justice while simultaneously proclaiming how much they care about these values. 

With their latest legal challenge, industry trade groups and their bank clients have again shown their true colors. They are not interested in reinvesting in our communities as they should and could. They are interested instead in doing the bare minimum, maximizing profits, and using their influence to kill policy initiatives designed to increase investment in BIPOC communities and promote wealth-building opportunities for BIPOC households. 

We will not allow individual banking companies to hide behind their trade associations and deny their responsibility for these harms to communities.  

This hypocrisy should not be ignored. Rise Economy will continue advocating for the values and principles the banking industry attacks, and we will judge banking institutions by their deeds, not their words.