Inner City Press
Encyclopedia
Inner City Press is a non-profit public interest organization best known for its investigations of the banking industry's treatment of low-income communities of color, at first within the United States
and more recently around the world.
of New York City
. Its first projects involved under-housed people fixing up abandoned buildings.
By the 1990s, Inner City Press began working on issues of exclusion of financial services, overburdening with environmental toxins, and lack of accountability by government and corporations to low-income areas. In 1994, Inner City Press' challenges using the Community Reinvestment Act
resulted in four banks opening new branches in the South Bronx. By 1998, Inner City Press' challenges had resulted in over $7 billion of commitments in new lending to low income people. Some in the banking industry opine that Inner City Press' challenges are indiscriminate.
In 1998, Inner City Press took the lead in opposing the merger of Citicorp and Travelers to form Citigroup
. Inner City Press spoke at both companies' shareholders' meetings, commented to the Federal Reserve, and ultimately initiated litigations against the merger, the largest in the financial services industry. Since then, Inner City Press has pursued Citigroup as it has made acquisitions in Mexico
and elsewhere, while initiating similar campaigns regarding HSBC
, JPMorgan Chase, Bank of America
, Wachovia
, General Electric
, Deutsche Bank
, Royal Bank of Scotland
, AIG
, Wells Fargo
and others. The global work is done through the Fair Finance Watch
. Inner City Press' executive director is Matthew Lee
, who is the author of the non-fiction book Predatory Lending: Toxic Credit in the Global Inner City and the novel Predatory Bender and an accredited journalist at the United Nations
.
region of Uganda
. The United Nations Development Programme
halted its activities in the region.
In 2006 in U.S. journalism, Lee and Inner City Press were engaged in litigation to deem the "citizens-only" provision of the Freedom of Information Act of Delaware (and ten other states) to be unconstitutional.
On February 13, Google removed Inner City Press from Google News
, allegedly due to pressure from the UN.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and more recently around the world.
History
Inner City Press was founded in 1987 in the South BronxSouth Bronx
The South Bronx is an area of the New York City borough of The Bronx. The neighborhoods of Tremont, University Heights, Highbridge, Morrisania, Soundview, Hunts Point, and Castle Hill are sometimes considered part of the South Bronx....
of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. Its first projects involved under-housed people fixing up abandoned buildings.
By the 1990s, Inner City Press began working on issues of exclusion of financial services, overburdening with environmental toxins, and lack of accountability by government and corporations to low-income areas. In 1994, Inner City Press' challenges using the Community Reinvestment Act
Community Reinvestment Act
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods...
resulted in four banks opening new branches in the South Bronx. By 1998, Inner City Press' challenges had resulted in over $7 billion of commitments in new lending to low income people. Some in the banking industry opine that Inner City Press' challenges are indiscriminate.
In 1998, Inner City Press took the lead in opposing the merger of Citicorp and Travelers to form Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
. Inner City Press spoke at both companies' shareholders' meetings, commented to the Federal Reserve, and ultimately initiated litigations against the merger, the largest in the financial services industry. Since then, Inner City Press has pursued Citigroup as it has made acquisitions in Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and elsewhere, while initiating similar campaigns regarding HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, JPMorgan Chase, Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
, General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
, Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
, AIG
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
, Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
and others. The global work is done through the Fair Finance Watch
Fair Finance Watch
Fair Finance Watch is a non-governmental organization known for its investigations of the banking industry's treatment of low-income communities of color, around the world. It produces weekly reports on, and advocates concerning, such global banks as HSBC, Citigroup, Royal Bank of Scotland, Mizuho...
. Inner City Press' executive director is Matthew Lee
Matthew Lee
Matthew Lee is a public interest lawyer, author, and founder of two non-profit organizations, Inner City Press and Fair Finance Watch.Both are known for their investigations of the banking industry's treatment of low-income communities of color around the world...
, who is the author of the non-fiction book Predatory Lending: Toxic Credit in the Global Inner City and the novel Predatory Bender and an accredited journalist at the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
.
Present
In mid-2006, investigative journalism at the UN by Inner City Press exposed human rights abuses in the forcible disarmament programs carried out by the Uganda People's Defense Force in the KaramojaKaramoja
Karamoja sub-region, commonly known as Karamoja, is a region in Northern Uganda.-Location:The subregion, is located in northeastern Uganda and comprises the following seven districts:* Abim District* Amudat District* Kaabong District...
region of Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. The United Nations Development Programme
United Nations Development Programme
The United Nations Development Programme is the United Nations' global development network. It advocates for change and connects countries to knowledge, experience and resources to help people build a better life. UNDP operates in 177 countries, working with nations on their own solutions to...
halted its activities in the region.
In 2006 in U.S. journalism, Lee and Inner City Press were engaged in litigation to deem the "citizens-only" provision of the Freedom of Information Act of Delaware (and ten other states) to be unconstitutional.
On February 13, Google removed Inner City Press from Google News
Google News
Google News is a free news aggregator provided by Google Inc, selecting recent items from thousands of publications by an automatic aggregation algorithm....
, allegedly due to pressure from the UN.