New England UCC Justice Network

The Executive Council recommends this resolutions be sent to a committee of the

General Synod

APPROVED AS AMENDED

PUTTING OUR MONEY WHERE OUR VALUES ARE:

EVALUTATING CHURCH FINANCIAL RELATIONSHIPS

Submitted by the Central Atlantic Conference

SUMMARY

Abusive practices at our biggest banks have done deep damage to our economy in the last few years. This resolution asks all settings of the United Church of Christ congregations and church bodies (local congregations, Associations, Conferences, and the national setting, church, etc.)—to use our money to provoke change in discerned unethical practices of financial institutions, or move our money to financial institutions that represent our faith values. the practices of big banks, or move our money to local banks that have records of fair lending and investing in our communities.

BIBLICAL AND THEOLOGICAL RATIONALE

Usury is the practice of overcharging borrowers. It has been prohibited by religious, legal, moral, and social codes since the beginning of recorded human history—in Exodus 22:25, Leviticus 25:36-37, Deuteronomy 23:19-20, and and Ezekiel 18:19-23.

Usury was illegal in the United States until 1978. But it is now rampant in credit card and mortgage lending, payday lending, auto loans, rapid tax refund operations, and even in public bond deals. The end of usury laws in America launched an era of deregulation that allowed financial markets to run wild, helping to produce the present economic crisis. God calls us to seek justice, care for he poor and love our neighbor: Proverbs 31:8,9; Isaiah 1:17; Micah 6:8; Matthew 5:6, 7:12, 25;14-30, 40; Mark 4:1-20; Luke 10:30-37;

RESOLUTION

Whereas God calls us to seek justice, care for he poor and love our neighbor, and

Whereas the amoral business practices of the largest American and transnational some financial institutions have contributed to the done deep economic damage done to our families and communities, and Whereas usury is against our tradition and the traditions of other faiths, and prohibited in our tradition and in other faiths, and Whereas our congregations and other church bodies invest in these financial institutions and can thereby exert pressure relative to banking practices by way of collective action, and

Whereas there are community bank alternatives that may be more accountable to small and medium investors and more deeply invested in the communities where they do business,

Therefore, be it resolved by the Twenty-eighth General Synod that all settings of the United Church of Christ (e.g., local congregations, Associations, Conferences, the national setting church, etc.) are requested to faithfully examine their banking relationships with financial institutions, and, where practical and prudent, deliberately move toward relating to financial institutions that have records of fair lending, business and investing practices as each body discerns for its setting. and investing in the communities where they do business.

FUNDING

Funding for the implementation of this resolution will be made in accordance with the overall mandates of the affected agencies and the funds available.

IMPLEMENTATION

Justice and Witness Ministries are requested to implement this resolution.