Unfair financial products--like "exploding" mortgages with skyrocketing interest rates, and credit cards with incomprehensible and unfair terms and fees --are a big part of what caused the economic meltdown. And thanks to Wall Street's greed, millions of Americans have lost their homes, their jobs, and their retirement savings.

Thankfully, there's a proposal in Congress for a strong, new agency - one that's accountable to the public, and not to the big banks - that will put in place some common-sense rules to protect consumers and balance the financial playing field.

Creating a strong Consumer Financial Protection Agency is the next step toward stopping the dangerous and deceptive products and practices that got us into this mess. In the same way that we keep stores from selling exploding toasters, this agency will have the power to keep lenders from offering "exploding" loans.

Congress has already held a first hearing on the new agency, and it is on the agenda now. It is also already on Wall Street's agenda to stop it. Can you call your member of Congress right now and ask them to support the new consumer financial protection agency?

Wall Street and the Big Banks are already gearing up to stop this bill--promising to spend hundreds of millions of dollars doing it. They've even gone so far as to start a campaign said to protect against "populist overreaction." And this after they took billions of dollars of our money in bailouts.

We have to make sure our representatives hear from us, and not just the big banks' lobbyists.

Click here to place a free phone call to Congress.

To learn more about these reforms, watch President Obama's weekly address about the need for strong consumer protections:

The reports are damning.

For the first time, Bank of America workers are speaking out about how the bank's practices hurt costumers and employees.

According to the Associated Press, Bank of America "encouraged" its employees to "burden consumers with debt and enroll them in high-fee programs." Fed up with these unsavory practices, Bank of America workers are speaking out.

Sign our petition in support of protections for bank employees. We'll deliver your petition directly to Members of Congress working on financial reform.

Click here: http://action.seiu.org/bankworkers

What kind of pressure to sell products are employees under at banks like Bank of America? Here's what one former Bank of America employee said:

"From sun up until sun down, six days a week, I was under constant pressure to push products that were usually bad for consumers and were--in my opinion--unethical," said Gabby Ornelas, a former Bank of America Personal Banker from the Washington, DC area.

This is the other, hidden side of the financial crisis: bank employees had no choice but to push products that ended up hurting their customers.

Bank workers say they are routinely encouraged to push products on consumers that maximize fees, raise interest rates, and max out credit cards in order to meet ludicrously high sales goals. Worse, employees report they're told to target students, the elderly, and non-English speakers who are the most at-risk to end up paying huge fees.

Here's what the Los Angeles Times reported yesterday about what Bank of America workers are saying:

The former workers said they were going public to lay out what they saw as a little-known side of BofA's business model: encouraging working-class customers to sign up for high-interest-rate credit and cash advance services and structuring an array of check and debit card services to maximize overdraft fees and other charges.

Bank workers need our help to continue to speak out.

So what can you do?

Congress will soon debate financial reforms to protect consumers - we need to make sure that those reforms also protect employees that sell the banks' products. In addition to giving bank workers a voice at work with legislation like the Employee Free Choice Act, new financial reforms need to protect both consumers from bad products, and employees who blow the whistle on bad practices at banks.

Sign the petition to make sure real financial reform protects both consumers and bank employees from big banks' anti-consumer practices. We'll deliver this directly to Members of Congress working on financial reform.

And if you're a Bank of America employee, please go to LetsTalkBanks.com and share your story about practices you see at work.

Today Bank of America workers are speaking out about BofA's anti-consumer sales practices and failed banking model.

In articles from the LA Times and Associated Press today, current and former Bank of America employees talk about how Bank of America "encouraged" its employees to "burden consumers with debt and enroll them in high-fee programs." BofA employees also allege the bank targets low-income working people and Latinos who can't afford and don't need the products that bury them in debt.

The LA Times reports in a story titled, "Bank of America is accused of exploiting Latino immigrant customers":

The former workers said they were going public to lay out what they saw as a little-known side of BofA's business model: encouraging working-class customers to sign up for high-interest-rate credit and cash advance services and structuring an array of check and debit card services to maximize overdraft fees and other charges.

The AP reports on how these practices in bank branches were the other side of the finanical mess that played out on Wall St.:

Risky bank policies that contributed to the financial crisis were as common in neighborhood branches as they were on Wall Street, according to a labor-backed coalition that will propose new reforms Tuesday.

Bank of America Corp. and other large banks encouraged customer service representatives and tellers to burden consumers with debt and enroll them in high-fee programs, alleges a group which includes the National Association of Consumer Advocates and the U.S. Public Interest Research Group.

The LA Times has more on how Latinos were specific targets of Bank of America:

Ornelas and three other former BofA tellers, all Latina women, said they and their co-workers were repeatedly instructed to seek potential new Spanish-speaking customers outside the bank. Some were instructed to go to embassies where recent emigres often wait in queue for visa and passport services.

Other tellers were asked to go to neighborhood stores, clinics and child welfare centers, and several were asked to recruit customers at a religiously oriented Mother's Day celebration, they said.

This news is extraordinary because current and former employees of Bank of America are speaking out about the anti-consumer practices of the bank and how they hurt consumers, employees, and the economy as a whole.

In a call today with consumer advocates and Rep. Keith Ellison, more Bank of America employees will talk about their experiences with the company and how the bank's practices affect customers.

If you're a Bank of America employee and want to speak out about what you see at work, go to LetsTalkBanks.com and tell us what you think.

Today President Obama announced a series of new regulations to help fix the mess created by the financial collapse. His ideas range from tougher enforcement of existing regulations to the creation of new entities to prevent recent financial history from repeating.

A key component to regulating the financial industry is a proposed Consumer Financial Protection Agency, which would help protect consumers who use products like credit cards and mortgages. The creation of such an agency could protect against irresponsible credit card marketing and subprime-style mortgages.

And of course, we learn today that the U.S. Chamber of Commerce is adamantly opposed to a consumer-friendly regulatory agency. In a lovely mixed metaphor, the U.S. Chamber dismisses the consumer protection agency as "not a silver bullet," but a "lead balloon."

Firing a warning shot ahead of the Obama administration's proposal for overhauling the nation's financial regulatory system, the U.S. Chamber of Commerce today warned it will vigorously oppose creation of a stand-alone consumer safety commission for financial products. Creating such a regulatory authority "is not a silver bullet for enhanced consumer protection," said David Hirschmann, president of the Chamber's Center for Capital Markets Competitiveness. "In fact, it may be a lead balloon."

SEIU's Anna Burger warned against this kind of opposition from corporate groups in her statement today praising President Obama's proposal:

Despite this strong move by the White House, we must be on guard for a big fight with the financial industry and its lobbyists, who continue to try to dilute and nullify real financial reform.

The Wonk Room asks an important question: is this the kind of "free enterprise" advocacy the U.S. Chamber promised with their $100 million campaign?

Last week, the Chamber rolled out a $100 million campaign to "defend and advance economic freedom." The Chamber's press office wouldn't talk to me because it's "not entertaining calls from bloggers at this time," but I'd sure like to know if any of that $100 million is going towards lobbying against this new agency.

If indeed this is the U.S. Chamber's idea of "free enterprise," they're going to be disappointed to know that more than 60% of the public wants tighter regulation of the financial industry.

It's clear who the U.S. Chamber really speaks for: big corporations and bailed out banks who would benefit from not having additional protections for consumers.

If you're an employee of Bank of America, here's an opportunity for you.

The following email went to BofA employees who want to ask CEO Ken Lewis a question in Congress tomorrow:

If you're like us, you probably have a few questions to ask of Bank of America's CEO, Ken Lewis. Now, we have the chance to get them answered.

This Thursday, Ken Lewis will be in front of Congress to answer questions about Bank of America's business practices. As employees of Bank of America, you have a unique perspective of what's happening in the company.

So that's why we want your questions - submit what you'd ask, and we'll give them to Members of Congress to ask Ken Lewis.

Send us your questions for Lewis here: http://letstalkbanks.com/ask/

As the largest shareholders of the company, as taxpayers, and as customers and employees of the bank, it's important that Ken Lewis answers our concerns during the hearing.

There'll be no shortage of issues for the committee to discuss, and your questions won't be limited to just one topic. What do you want to ask Ken Lewis?

Submit your questions here: http://letstalkbanks.com/ask/

Tomorrow, after collecting your questions, we'll submit all of them to the committee for consideration.

Last week, Bank of America's CEO, Ken Lewis, was ousted by the company's shareholders from his position as chairman of the board. At the same time, nearly 100,000 of you signed "taxpayer proxy cards" calling for Lewis' removal as CEO.

The outcome of the shareholder meeting was a positive first step towards reform, but there's plenty more for the new Bank of America chairman, Dr. Walter Massey, to take care of.

This morning, SEIU's Secretary-Treasurer, Anna Burger, sent out an email to many of you, asking you to add your name to a letter that she's sending to Dr. Massey, outlining five key principles of reform:

1. Reject the failed banking policies of the past by firing CEO Ken Lewis
2. Commit to real financial reform
3. Stop consumer abuses and predatory lending practices that hurt communities
4. Provide bank workers access to affordable healthcare
5. Stop lobbying against pro-worker legislation like the Employee Free Choice Act to ensure bank workers have a voice on the job to protect consumers.

Here's a copy of the letter:Letter to Chairman Massey

(Portland, ME)-- Maine citizens today expressed their support for Senator Olympia J. Snowe (R-Maine) and her bi-partisan leadership in sponsoring legislation to reform America's banking system. As the nation works its way out of a deep recession, Senator Snowe has proposed legislation to address some of the most egregious practices of the banks that caused the downturn.

"Senator Snowe has shown true leadership by sponsoring legislation to protect taxpayers and consumers from the people who abused the public trust and their customers. Her initiatives to limit banks that received TARP funds from lobbying Congress, making political donations and reining in the obscene bonuses some banks have paid the people who got us into this mess in the first place, shows that she is putting the interests of the people of Maine and the nation ahead of the 'wizards of Wall Street' who brought us to the brink of disaster," said Kate Brennan with the Maine People's Alliance

On January 6, 2009, Senators Snowe and Dianne Feinstein (D-Calif.) introduced the Accountability for Economic Assistance Act, which would require bailed-out firms to report their spending to the Treasury Department on a quarterly basis and that would prohibit them from spending taxpayer dollars on lobbying, political contributions, or to pay for lavish or unnecessary expenses.

"Locally owned banks and credit unions are to be commended for not following the poor example of banks like Bank of America. The current financial situation was caused in part by the less than orthodox practices of big banks that brought the financial system to the brink of disaster. Local banks are largely stable, making loans, and being part of the solution," said Roger Roy, Associate Professor of Mathematics and Business, University of Maine at Fort Kent.

In February, Senator Snowe and Senator Ron Wyden (D-Oreg.) introduced an amendment to the stimulus bill that would have limited bonuses at bailed-out firms. The law would have been retroactive to 2008, and would have required bailed-out firms to repay any bonuses above $100,000 or face an excise tax of 35 percent on the portion over $100,000. Since the law would have been retroactive to 2008, it would have applied to the $3.6 billion Merrill Lynch paid out in bonuses last December, as well as to $1.6 billion that Bank of America has awarded this year. The Snowe-Wyden amendment would have recovered as much as $3.2 billion from bailed-out firm bonuses. The provision was removed from the stimulus bill in conference committee, allegedly at the behest of the Treasury Department.

On Wednesday, April 29, 2009, "Taxpayer Action" days are being held across the country to call on Bank of America to fire CEO Ken Lewis, commit to real financial reform, eliminate exorbitant fees and predatory lending practices, support the Employee Free Choice Act and provide affordable, quality healthcare for its employees.

In Maine, the top five banks in deposits are Key Bank, TD Banknorth, Bank of America, Bangor Savings Bank and Camden National Bank. Bank of America and Key Bank are the only banks in Maine that would be impacted by either of the initiatives sponsored by Senator Snowe and her colleagues.

"We want Senator Snowe to know that her efforts to protect taxpayers and reform our banking system are truly appreciated. Since being elected, Senator Snowe has shown the ability to reach across the aisle and work with members of both parties to find solutions that address the problems of the people of Maine and the nation. Her effort to hold the big out-of-state banks accountable to the taxpayers is another example of the leadership that the people have come to know and expect of the Senator," Brennan concluded.

The Washington Post recently reported on April 22nd, "Top recipients of federal bailout money spent more than $10 million on political lobbying in the first three months of this year, including aggressive efforts aimed at blocking executive pay limits and tougher financial regulations, according to newly filed disclosure records." During this time, Bank of America spent $660,000 on lobbying and $218,000 on campaign contributions through its political action committee.

The Snowe-Feinstein bill potentially could have prevented:
• The top recipients of federal bailout money from spending more than $10 million on lobbying in the first quarter of 2009.
• Bank of America from spending $878,000 on lobbying and campaign contributions in the first quarter of 2009.
• Bank of America from sponsoring "a five day carnival-like affair just outside the Super Bowl stadium" this year.
• Executives at bailed-out firms like AIG, Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, and Morgan Stanley from spending thousands of dollars per hour flying on corporate jets.
• Wells Fargo from taking out full page ads in the New York Times, Washington Post, USA Today, and Wall Street Journal in February to recognize its employees.
• Citigroup from sponsoring the Rose Bowl this year.
• Citigroup from paying $400 million for naming rights to the new home of the New York Mets, Citi Field.

The Snowe-Wyden amendment could have prevented or heavily taxed:
• $5.2 billion in Bank of America/Merrill Lynch bonuses
• $165 million in AIG bonuses
• $18.4 billion of Wall Street bonuses (the amendment could have recovered an estimated $3.2 billion through an excise tax )
Snowe and Wyden announced in April that they are reintroducing the provision as a stand-alone bill, but lowering the bonus cap from $100,000 to $25,000. Any bonuses above $25,000 will be taxed at the 35 percent rate, and the cap will be made retroactive to 2008 for all bailed-out firms.

Related links:
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042101788.html
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042101788.html
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042101788.html
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042101788.html
http://www.abcnews.go.com/Blotter/story?id=6782719&page=1
http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/meltdown_corporate_jets
http://www.americanbanker.com/article.html?id=20090209MUT5YRRR&queryid=686158679&hitnum=1
http://sports.espn.go.com/ncf/news/story?id=3444571
http://www.bloomberg.com/apps/news?pid=20601103&sid=aRcdswO7S3m0&refer=us
http://online.wsj.com/article/SB123509366925028921.html
http://online.wsj.com/article/SB123741741674677723.html
http://online.wsj.com/article/SB123509366925028921.html
http://www.politifact.com/truth-o-meter/statements/2009/mar/18/ron-wyden/aig-bonus-wyden-snowe/
http://www.huffingtonpost.com/2009/03/17/wyden-my-bill-could-have_n_176084.html