In a post titled “We’re Breaking Up,” the Student Labor Action Project announced today that three major student activist organizations have cut ties with banks implicated in predatory lending, student loan profiteering, and right-wing political activity:
- The United States Student Association has voted to close its accounts at Wells Fargo, the nation’s second largest private student lender (and the only major US bank to engage in predatory “payday loan” activity.) Wells Fargo’s student loan interest rates range as high as 14.21%.
- The United Council of University of Wisconsin Students has pulled its money from M&I Bank, which contributed more than $46,000 to the campaign of Wisconsin’s notorious governor, Scott Walker.
- And the University of California Student Association has broken ties with major student lender US Bank in the wake of its “lack of willingness to engage in good-faith efforts to negotiate sustainable permanent mortgage modifications.”
That’s three major student organizations in just a few weeks. More to come?