10:10 AM Eastern - Tuesday, June 30, 2009

Rep. Keith Ellison, Consumer groups to join bank workers speaking out against predatory sales practices, failed banking model

Today, Rep. Keith Ellison (D-MN), the National Association of Consumer Advocates (NACA) and the U.S. Public Interest Research Group (U.S. PIRG) will join Bank of America workers to speak out against predatory sales practices and a failed banking model and call for reforms that protect frontline bank workers and consumers.

Bank workers have had enough with the unrealistic sales decisions made at the top that hurt customers. But without a voice on the job and strong whistleblower protections, bank workers are unable to speak out publicly about being forced to push harmful products that lead to increased fees and financial traps for customers.

A story today in the AP quotes Stephen Lerner, who runs SEIU's financial reform project:

"One of the core parts of the economic collapse is a business model that encourages too much risk or short-term profit over long-term stability."

Lerner said employees under pressure to sell high-fee products ended up targeting vulnerable populations, including students and the elderly.

Rep. Ellison, SEIU, NACA, and U.S. PIRG will outline new protections for frontline bank workers to create a financial industry that puts consumers and the health of our overall economy ahead of quick profits for bank executives.

Stay tuned for how the call went later today.

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