L.A. Religious Leaders Bid Farewell to Big Banks

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Sister Karen Collier from the St. Agatha Catholic Parish realized she needed to take action when she was approached by one of her youth ministers.

The bank had just foreclosed on her house. Her father was battling cancer. Due to his expensive treatment, the family had a choice: pay the mortgage or pay the medical bills. The decision was easy. The effect was not.

"The bank said, too bad, we're taking your home."

Stories such as this one are far too common in Los Angeles, says Pastor Ryan Bell from the Hollywood Adventist Church.

"At this crisis moment, we also find ourselves living in an economy of unchecked greed. We have enough, as cities and communities. Our communities are prosperous, but our broken system has allowed and continues to allow the few to exploit that prosperity at the expense of the many."

The religious leaders are protesting the nation's largest banks. They say that while the banks received a $700 billion bailout from taxpayers, the bank’s executives are reluctant to help their clients climb out of this economic crisis.

Pastor Ryan Bell said that while banks on Wall Street continue to boast record-high profits, working class Americans are suffering.

The religious leaders who divested their institution's bank accounts today--many of which are worth close to a million dollars--represent just a few of many who want banks to be more responsive to the community demand.

Bell urged city council to pass an ordinance that will allow L.A. to reward banks that lend to small businesses, help people finance their mortgages and loans, and put money back into the community.

"It says to banks who want to do business in our city, if we invest taxpayer dollars in you, then you must in turn invest in us--the people and the communities of Los Angeles."

Cleveland and Philadelphia have both successfully implemented similar ordinances.

“We need a new bottom line that puts our families first. We will no longer allow financial institutions that are damaging our country and hurting our families to use our money to do it."

Pastor Bell, along with leaders from three other churches, went into Wells Fargo and Bank of America branches downtown today to withdraw their accounts. They believe that this is the first step in the right direction, and urge everyone to reinvest in their communities by moving their money from national to regional banks.