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CU System
Green America Sends CDFIs a Valentine
WASHINGTON (2/16/11)--Consumers not feeling the love from big banks were encouraged to break off their relationships and turn to community development financial institutions (CDFIs), including credit unions, through a Valentine’s Day campaign sponsored by the nonprofit group Green America. The campaign highlighted the ethical abuses carried out by many large financial institutions and urged fed-up consumers to “break up” with their mega-banks on Valentine’s Day (PR Newswire Feb. 14). Green America, which provides tools and strategies for solving social and environmental problems, took aim at the questionable lending practices of big banks and large bonuses paid to their executives. The organization urged consumers to opt for CDFIs instead. CDFIs are banks, credit unions, and other financial-services organizations, such as community development loan funds, that measure their returns both in terms of financial profitability and social impact. CDFIs help the hardest hit communities and consumers in the U.S., said Green America. In the campaign Green America Corporate Responsibility Director Todd Larsen urged dumping big banks with these words: “Tired of being abused by your polluting and fee-addicted mega-bank? Not willing to stay in a bad relationship where you give and give … and all your bank does is take and take? Then, it's time for you to think about dumping your mega-bank and getting into a healthy financial relationship with a community development financial institution.”


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