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Banking on a RevolutionWhy Financial Technology Won't Save a Broken System$
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Terri Friedline

Print publication date: 2021

Print ISBN-13: 9780190944131

Published to Oxford Scholarship Online: December 2020

DOI: 10.1093/oso/9780190944131.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 October 2021

Capitalism Doesn’t Bend

Capitalism Doesn’t Bend

(p.114) 6 Capitalism Doesn’t Bend
Banking on a Revolution

Terri Friedline

Oxford University Press

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

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