Fisher, Alan

Alan Fisher is Executive Director of the California Reinvestment Coalition, which advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of more than 275 nonprofit organizations and public agencies across the state.

There Is No Such Thing as Free Checking

By Alan Fisher and Kristina Bedrossian
California Reinvestment Coalition

Over the last four years, communities across the country have witnessed great upheaval at the hand of bank policies that have led millions to lose their homes and businesses. As banks have failed, merged, and restructured, they have started to test and institute new fees on a variety of their products. The most recent product on the chopping block is basic checking. Big banks have started to increase and add fees to their so-called “free checking” products—in some cases, even charging a fee if you want to talk to a bank teller.

Bank CEOs, Tithe Your Bonuses to Jobs Recovery

By Alan Fisher
California Reinvestment Coalition

With banks’ bonus pools expected to hit record highs in 2009, the California Reinvestment Coalition delivered letters to CEOs of the four biggest banks calling on them to tithe 10 percent of their executive compensation—about $19 million—to go toward a “Main Street Stimulus” for jobs recovery.

The four biggest banks are Citi, Wells Fargo, Bank of America and JPMorgan Chase, which together hold 60 percent of deposits in California.

Banks were bailed out by taxpayers on the premise that they would lend and support economic recovery, yet today the credit crunch for small businesses is worse than ever. This holiday season, since the public had to give banks such a generous gift, we propose that top bank executives give back from their bloated bonuses to help create the jobs our economy desperately needs.