Tomorrow evening, PICO faith leaders will take a big step forward to hold big banks accountable to our communities.

PICO leaders from across the country will travel to Antioch Family Church in Antioch, CA to participate in the nation’s first negotiation session since the financial crisis erupted 16 months ago between executives at Bank of America and local homeowners frustrated by the bank’s slow pace of loan modifications.

While the negotiations occur, hundreds of families will gather for a prayer rally in the church’s sanctuary focused on the need for everyday Americans to come together to hold banks accountable to keeping families in their homes, preventing predatory lending, and rebuilding communities and the economy.

PICO invites you to watch a live broadcast of the rally over the internet at www.piconetwork.org/keepfamiliesinhomes starting at 6:30 p.m. PST / 9:30 p.m. EST on January 12.

Should Bank of America fail to negotiate in good faith, PICO plans to launch a campaign to organize billions of dollars invested in the bank through divestment, shareholder resolutions, and other means to bring BofA’s lack of cooperation to the attention of the public.

PICO will also press the Treasury Department to impose financial penalties on Bank of America for its failure to comply with the Obama Administration’s Loan Modification Program.

We will announce the results of the negotiation session, as well as next steps in the campaign and how you and your congregation or organization can get involved, later this week.