The Common Good
February 2004

Shareholders Pounce on Predators

by Rose Marie Berger, Brian Bolton | February 2004

Presbyterian shareholder activist William Somplatsky-Jarman testified before the congressional subcommittee on financial institutions and consumer credit in November that shareholders in financial companies must oppose predatory lending practices and insist that America’s banks make capital available to underprivileged communities. "Shareholders play an essential role in preventing abusive lending practices," he said. "There may be short-term profit for a few from predatory lending, but it pales in comparison to the harm it inflicts upon vulnerable people and society."

The Presbyterian Church (USA), with the Interfaith Center on Corporate Responsibility, challenged more than 24 financial institutions in 2003 on issues ranging from predatory lending to failure to comply with the Community Reinvestment Act, which requires banks to invest capital in the communities where they do business. The Interfaith Center represents 275 faith-based institutional investors with a combined portfolio worth $100 billion.

Sojourners relies on the support of readers like you to sustain our message and ministry.

Like what you're reading? Get Sojourners E-Mail updates!

Sojourners Comment Community Covenant

I will express myself with civility, courtesy, and respect for every member of the Sojourners online community, especially toward those with whom I disagree, even if I feel disrespected by them. (Romans 12:17-21)

I will express my disagreements with other community members' ideas without insulting, mocking, or slandering them personally. (Matthew 5:22)

I will not exaggerate others' beliefs nor make unfounded prejudicial assumptions based on labels, categories, or stereotypes. I will always extend the benefit of the doubt. (Ephesians 4:29)

I will hold others accountable by clicking "report" on comments that violate these principles, based not on what ideas are expressed but on how they're expressed. (2 Thessalonians 3:13-15)

I understand that comments reported as abusive are reviewed by Sojourners staff and are subject to removal. Repeat offenders will be blocked from making further comments. (Proverbs 18:7)