Capitalism Doesn’t Bend
Capitalism Doesn’t Bend
This chapter explores how communities advocate for themselves in the midst of large bank mergers, focusing on the KeyBank–First Niagara merger that was completed in 2016 with a $16.5 billion benefits agreement. The concomitant rise of bank mergers and benefits agreements demonstrates how communities are increasingly voicing their opinions and trying to secure economic investments. However, much like the system of securitization, benefits agreements bundle the rights of future revenues into short-term deals that are sold to communities for banks’ and their shareholders’ long-term profits. Benefits agreements can exploit marginalized communities to proffer evidence of the banks’ compliance with the Community Reinvestment Act in exchange for only minimal economic investments.
Keywords: bank mergers, Federal Reserve, community benefits agreements, coalition building, Community Reinvestment Act
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
