BofA taking heat for financing decision in Chicago
Bank of America is getting backlash from its decision to end a line of credit for a Chicago company. Critics say the Charlotte-based bank should be required to keep financing struggling businesses because it received federal bailout money. Officials at Republic Windows and Doors in Chicago say they were forced to close down and lay off more than 200 employees last week because Bank of America cancelled the company's financing. The laid-off workers have been sitting-in at the factory since Friday to demand severance and vacation pay. The Governor of Illinois now says his state will suspend business with Bank of America until the issue is resolved. United Electrical Worker Union members picketed at BofA's Charlotte headquarters Monday. Union organizer Salia Warren says they'll do the same at "individual Bank of America branches because we gotta let people know that today it's Chicago but tomorrow it could be North Carolina." Bank of America says it is not responsible for the Chicago company's financial obligations to its employees. Bank and union officials are expected to meet with representatives from the company this evening.