Jack, we have an unfortunate update from our prior petition about Silicon Valley Bank's demise: the Feds authorized the sale of its assets to First Citizens Bank, but did not require that the new bank honor an $11 billion commitment to affordable housing.

Sign the petition to First Citizens Bank: Keep the promises made to affordable housing. You bought Silicon Valley Bank at an $18 billion discount, so you can totally afford this.

Sign the petition
We have an urgent need for affordable housing, and most projects never get built because they lack the financing. Two years ago, community advocates pressured Silicon Valley Bank to commit to an $11 billion agreement to provide loans for more affordable housing.

When Silicon Valley Bank collapsed in March, its wealthy depositors were protected—but not the promises made to the community. The Feds authorized the sale of Silicon Valley Bank's assets to First Citizens Bank, but did not condition the sale on honoring these commitments.

First Citizens Bank has grown more than tenfold since the 2008 financial crisis by scooping up failed rival banks at discount prices. The North Carolina bank bought SVB's assets for $16 billion less than the assessed value, so it absolutely can afford to honor this agreement.

We have an urgent need for affordable housing, which cannot be pushed aside by the greed of banks and lax government enforcement. First Citizens Bank has acquired the assets of SVB, and must keep the promise to the community of securing more affordable housing.

Sign the petition to First Citizens Bank: Keep the promise of affordable housing.

Sign the petition
Keep fighting,
Paul Hogarth, Daily Kos