Keep Supporting Standing Rock and #NoDAPL, Without Washington

The Dakota Access Pipeline (DAPL) was approved by the Army Corps of Engineers and the new administration. It will stretch 1,172 miles from the Bakken oilfields in North Dakota to Patoka, Illinois and carry 570,000 barrels per day of crude to refineries across the U.S. By now you’ve heard of it and maybe also about the protesters, who call themselves “Water Protectors,” […]

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New Congress Supports Wall Street, Not the Public

Congress began a new session at the beginning of 2015, with the Democrats in the House of Representatives handing the reins over to the Republicans. Though the previous Congress wasn’t exactly known for being tough on Wall Street, the recent bill proposed by Representative Michael Fitzpatrick (R-PA) was a predictable giveaway to large financial institutions by way of slashing regulations […]

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Alert! Omnibus Spending Bill Favors Wall Street and Wealthy Donors

Congressional Democrats, in an attempt to prevent another government shutdown this year, may agree to let some troubling provisions into this year’s omnibus spending bill. Among the concessions made to the newly GOP-controlled legislature, the bill would strip critical restrictions on Wall Street under the Dodd-Frank Act. It would also permit a 3-fold increase in the amount of money a […]

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Update – US Banks Still Investing Heavily in Coal

Banktrack.org released an updated review of various financial institutions’ holdings in dirty coal energy. Green America promoted a scorecard earlier this year outlining the banks that were the strongest supporters of coal extraction and electricity production. The lowest marks went to Wells Fargo (D+), Bank of America (D-), Citi (F) and Chase (F). Of course, each of these banks has […]

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GWU Invests in Washington, DC Communities

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Settled in the heart of the Foggy Bottom neighborhood of downtown Washington, DC, the George Washington University is characterized by its diverse student body, robust international affairs and political science programs, and high cost of attendance. Tuition fees go towards everything from funding events on campus space to acquiring new properties, but the institution was never known for its commitment […]

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Megabanks can afford to break the rules, but can the economy afford the risk?

Recent high-profile settlements involving some of the nation’s largest banks have consumers scratching their heads. Since 2012, banking giants like Chase and Bank of America have come under fire from regulators in an effort to discourage the kind of egregious behavior that drove the economy to the brink of collapse in 2008. While the sums collected thus far by regulators appear to be huge, they are little more than a drop in the bucket for the megabanks. Have a look at some examples of the fines and settlements these banks have reached so far: Bank of America has paid over $15 billion since 2007 to settle claims related to the financial crisis, including $11.6 billion to Fannie Mae in 2012 to resolve repurchase claims related to bad mortgages between 2000 and 2008. Since October of 2012, American Express has refunded approximately $144.5 million to 585,000 customers for deceptive marketing regarding add-on products like payment protection and credit monitoring, as well as charging unlawful late fees to customers’ accounts. Capital One paid $210 million to the Consumer Finance Protection Bureau in 2012 to reimburse customers that they deceptively charged for unnecessary services like credit monitoring, generally targeting unemployed people and those with poor credit. Last year, Citi paid almost $1 billion to Fannie Mae resolving claims over nearly 3.7 million subprime mortgages it sold. In addition to paying $1.32 billion to Fannie Mae and Freddie Mac over subprime mortgages, Wells Fargo […]

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