Below is the letter we will send to Chairwoman McWilliams:
Demand FDIC Chairwoman Jelena McWilliams be held accountable for supporting legalized money laundering.
According to USA Today, 46% of Americans could not come up with $400 if needed for an emergency. Yet, Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams is supporting legalized money laundering. By advancing a “federal interest rate authority” rule, the FDIC, in concert with the Trump administration, is imposing another iteration of lending discrimination that targets financially vulnerable Black people.
Jelena McWilliams and her support of a rule that would allow lenders to side-step state interest rates, threatens Black loan consumers, and sends a message to predatory lenders to operate through the “rent a bank” model where state payday lending is outlawed. Black consumers deserve a fair and just opportunity to build wealth and the right to borrow without deception.
Demand FDIC Chairwoman Jelena McWilliams be held accountable for supporting Black economic entrapment.
Here is the Petition:
Dear Chairwoman McWilliams,
As the nation's largest online racial justice organization with 1.7 million members, we are calling on you to reverse your stance in support of the “federal interest rate authority” rule. From racial discrimination in lending to housing redlining, Black people have been on the receiving end of anti-Black legislation and lending practices for years. Black people deserve to not live with a lifetime of debt. By allowing predatory loan companies to side-step state mandated interest rates, you are setting an already marginalized and financially vulnerable community up for economic failure.
The “rent-a-bank” scheme is a legalized form of money laundering that is not only deceptive, but perpetuates the idea that government and policies do not consider Black people to be citizens who deserve equal access and opportunity. As Chairwomen of the FDIC, you have the power to stand on the right side of history and ensure there is a level economic playing field for Black people and families to establish wealth now and in generations to come.