The United Auto Workers and some religious leaders are calling for a widespread boycott of JP Morgan Chase financial services. According to The Detroit News, UAW President Bob King has called on individuals to withdraw their money from Chase accounts and cancel their Chase credit cards. Likewise, King has threatened to withdraw all UAW funds from the institution. The reason? King wants the bank to put a two-year freeze on foreclosures in Michigan. King, farm union leader Baldemar Velazquez and two religious leaders are planning to hold a conference today in Detroit to announce the boycott.
According to the DetNews, Chase, was one of the first financial institutions to try to work with borrowers to help them keep their homes. The company opened up loan counseling centers all over Michigan, including two in Detroit, and modified over 900,000 loans to keep homeowners under roof.
The Detroit News also says that the organizers of the boycott are critical of Chase's close ties to RJ Reynolds Group, a tobacco manufacturer that has not negotiated with the Farm Labor Organizing Committee for better pay and working conditions.
[Source: The Detroit News | Image: Bill Pugliano/Getty]