Latest OMI JPIC News
Faith-based Investors Celebrate Victory in Wells Fargo Pay Day Lending Decision January 17th, 2014
Wells Fargo, a major US bank targeted by faith-based investors for their harmful pay day lending practices, announced today that they would discontinue their Direct Deposit Advance service. This is a huge victory on behalf of those who have fallen prey to this predatory lending.
In a Shareholder Resolution with Wells Fargo, which the Oblates co-filed in 2012 and 2013, and in dialogs with company officials, ICCR members raised serious concerns about these loans, their impact on people, and the risks to the bank by engaging in such practices.
ICCR issued a press release on the bank’s decision:
After a long-term engagement with Wells Fargo to promote more responsible lending products, today members of the Interfaith Center on Corporate Responsibility (ICCR) wish to commend management for making the right decision in ending its Direct Deposit Advance program. The company issued a statementtoday announcing that it would discontinue the product effective February 1st.
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Philippine Oblate Archbishop Quevedo Named to the College of Cardinals January 17th, 2014
Pope Francis has named a member of the Oblates of Mary Immaculate, Archbishop Orlando Quevedo of Cotabato to the College of Cardinals. Cardinal-designate Quevedo represents the large island of Mindanao in the southern Philippines, which experiences all the major problems facing the Philippines, including poverty, peace and justice issues and the complex and often difficult relationship between Christians and Muslims.
The rebel Moro Islamic Liberation Front said the elevation of the cardinal-designate is a “welcome development”. “It’s good for peace efforts in Mindanao,” said rebel spokesman Mohagher Iqbal. In a 2003 paper titled “Injustice: the Root of Conflict in Mindanao,” Quevedo said the root cause of the Moro rebellion in the southern Philippines was “injustice” to the Moro people’s “identity, political sovereignty, and integral development”.*
He said that as a member of the College of Cardinals he will try to contribute to Pope Francis’ vision of a church of the poor.
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What You’ve Missed on the Oblate JPIC FaceBook Site January 16th, 2014
Fr. John Cox OMI shared a brief reflection on the social justice ministry at his Oblate community on our Facebook page this week. He says social justice ministry involves building bridges of awareness, acceptance and appreciation between natives (Ojibwe) and non-natives on the reservation. It is encouraging alcoholics, meth and prescription pill addicts and their families to seek recovery; and lastly educating people about domestic violence and the resources and programs available on or near the area that help families.
Members of the Ojibwe tribe at the annual pow-wow in Ponsford, MN
Youth Confirmation Class, flanked by Fr John on the left and their coordinator, Mrs. Angie Lehrke on the right.
(Fr. John Cox OMI is a Pastor and Director to Oblate Parish Ministry Team in Waubun in MN. He joined Walter Butor OMI there in the past year. His work includes pastoral ministry to Native Americans. Fr. John is also a former member of the Oblate JPIC Committee)
Financial Reform Advocates Call on the Senate to Close Expensive Tax Loopholes January 16th, 2014
The Oblate JPIC Office joined others in the FACT Coalition in signing a letter sent this morning to Chair of the Senate Finance Committee, Max Baucus, on proposed international tax reform. The group said a proposal before the Committee “rightly identifies the need to stop corporations from shifting profits to offshore tax havens to avoid taxes. Unfortunately, the proposal falls short in three critical ways and leaves room for the offshoring of jobs and profits to continue:”
1. “It does not sufficiently end incentives for multinational corporations to shift profits offshore, which costs taxpayers an estimated $90 billion per year and creates an uneven playing field for small and domestic businesses.”
2. “It is revenue neutral, earmarking all the revenue raised from closing loopholes for reductions in the corporate tax rate. With federal revenue from corporations hovering at multigenerational lows, precisely because of the offshore profit shifting incentives, this is unacceptable.”
3. “It should hold corporations accountable to report their profits and revenues in a consistent manner to government, shareholders and the public.”
In arguing for doing away with lucrative corporate tax loopholes, the reform-minded groups argue that “Corporations benefit from the operation of government just as individuals do (and more so in some cases due to myriad tax benefits and lucrative contracts) and should be expected to contribute to financing our democracy, public services and rule of law. However the corporate share of federal revenue was just eight percent in 2011, having declined by more than 60 percent in the last 50 years.”
“Due to huge loopholes and other factors, dozens of big corporations pay no federal income taxes, while reaping billions of dollars in profits. According to the Government Accountability Office, corporations pay just a 12.6 percent effective tax rate, far below the statutory rate of 35%.”
Learn more, read the letter to Senate Finance Committee Chair Max Baucus (Download PDF)
Death Penalty Resources for Communities of Faith January 16th, 2014
At the start of the New Year, we would like to remind everyone of the excellent free educational resources on the death penalty available from the Catholic Mobilizing Network to End the Use of the Death Penalty (CMN). The ready-for-use resources on the death penalty are helpful for anyone interested in learning more about the faith response to the death penalty.
CMN materials are available on the website and are downloadable. Many of these resources are also available in Spanish.
Learn more about the Catholic Mobilizing Network to End the Use of the Death Penalty:
The Catholic Mobilizing Network to End the Use of the Death Penalty (CMN) is a lay ministry of the institutional U.S. Catholic Church that educates Catholics to seek a faithful response to crime, with a focus on abolishing the death penalty in the U.S. and promoting restorative justice. CMN works as a national lay collaborative of the U.S. Conference of Catholic Bishops (USCCB) and state Catholic conferences. CMN has since developed partnerships with Catholic lay leaders, diocesan staff and secular organizations in the movement.
More information is available elsewhere on our website.
