U.S. Banks Earn Failing Grades on COVID-19 Response
The Committee for Better Banks (CBB), a CWA project, this week released a new analysis of the nation's 12 largest retail banks' COVID-19 response, finding major shortcomings in how the nation's wealthiest industry has handled the pandemic. These 12 banks have combined total assets of $8.5 trillion and made more than $155 billion in profits last year.
The CBB scorecard ranks banks by their main street lending policies, consumer protections, worker protections, and charitable contributions amid the pandemic.
"In 2008, taxpayers ended up footing the bill for bailing out Wall Street and big banks for malfeasance perpetrated on millions of homeowners, while working people lost their homes and were left struggling," CBB Lead Organizer Nick Weiner said. "With 30 percent of Americans missing their housing payments in June and experts warning of a looming housing apocalypse, we cannot afford to make that same mistake again."
Wells Fargo, US Bank, Chase, PNC, and Santander all received Fs on the scorecard. Learn more about the bank scorecards here: http://BankAccountability.org.