Unitarian Universalist Church of Arlington, VA

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Massachusetts to divest millions in funds from three large banks

Massachusetts responded to a Metro IAF action on the Mall on Wednesday by announcing plans to move millions of dollars in state investments out of some of the nation's biggest banks to protest credit card interest rates: Bank of America, Citi, and Wells Fargo. Read the full story in the Washington Post.

The Metro Industrial Areas Foundation (Metro IAF) is a network of 17 organizations on the East Coast and Midwest representing over 450 congregations, schools, neighborhood associations, unions, and other community based non-profits including V.O.I.C.E.. These 450 institutions represent over 500,000 families. Metro IAF is part of the Industrial Areas Foundation, the nation’s oldest and largest community organizing network. In the past year, Metro IAF’s 17 organizations have conducted over 1,500 small group meetings with thousands of citizens in cities and suburbs to find out how the current economic crisis is affecting them. Time after time, the issue of debt due to skyrocketing interest rates and fees came up in these meetings. Capping credit card interest rates at 15% would make a dramatic difference in the lives of thousands of members of Metro IAF congregations who are struggling to pay their bills.

For more information on Metro IAF and V.O.I.C.E., contact Robert Buckman at (703) 346-7775
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