Meet the rideshare app owned by NYC driver taking Uber – Next City


Meet the carpool app owned by the driver taking Uber

The Drivers Cooperative of New York has launched Co-op Ride, a ridesharing app that rivals Uber and Lyft. What makes Co-op Ride different? It belongs to the drivers.

Next City has already reported on the origin and structure of Co-op Ride. Now, however, the app is live and accepting rides, reports The New York Times.

The cooperative says it can charge passengers less than Uber or Lyft while taking a lower commission. He will pay 10% more than the minimum wage set by the city’s Taxi and Limousine Commission. And the profits will be returned to the driver-owners in the form of dividends.

“I have never seen this thirst for change that exists in drivers. Every transaction reveals exploitation, ”Erik Forman, a union organizer and founder of the Drivers Cooperative, told The Times. “They feel that one way to regain control is to have control and ownership of the platform.”

More and more banks are saying goodbye to overdraft fees

Four major banks agreed this year to reduce or eliminate overdraft fees, reports American Banker. These measures respond to competition from low-cost alternatives, such as fintech startups, the publication said, as well as an expected increase in “regulatory scrutiny.”

Ally Financial, Ally’s online-only bank, and Huntington, the 35th largest bank in the United States, primarily based in the Midwest, both announced this week that they were removing overdraft fees; Combine just by not charging them, Huntington by offering interest-free, fee-free loans to cover overdrafts. Earlier this year, PNC said it would alert account holders before they overdraft and give clients a way to block trades or add money before overdraft fees are incurred. imposed; Texas-based Frost Bank said the same month it would waive overdraft fees on transactions below $ 100.

Diane Morais, president of personal and business banking at Ally, told American Banker that while the $ 5 million overdraft fee Ally collected last year was not a major source of revenue, the bank understands the stress that overdrafts can place on households, especially black and Latino customers.

Overdraft fees also disproportionately affect households that are already financially insecure. American Banker cites a study by the nonprofit Financial Health Network which found that more than half (56%) of the $ 12.4 billion in overdraft fee income collected by banks last year came from households ” vulnerable ”; another 40 percent came from “adaptation” households. The Financial Health Network defines “vulnerable” households as those who experience difficulty in almost every aspect of their financial life, while those who “adjust” have financial difficulty. Only 4% of overdraft fee income came from financially healthy US households, which make up 35% of the population.

TV producer wants Chicago to be the Hollywood of the Midwest

The producer of “The Chi” plans to create thousands of jobs on the South Side of Chicago and make Chicago “the Hollywood of the Midwest,” reports the Chicago Tribune.

The $ 60 million project on 7 acres of vacant land on the south side would create six sound studios and offices. It’s also tied to Mayor Lori Lightfoot’s $ 750 million INVEST South / West program, which Next City has already covered.

Film producer Derek Dudley and Loop Capital Chairman and CEO Jim Reynolds are leading the project, called Regal Mile Studios. Both grew up in the region.

“For me and Jim, two black men from the South Side of Chicago, we have the opportunity to come together to invest in our community and change the course,” Dudley told the Tribune.

The promoters also hope to hire young people from the region; they’re in talks with Chicago’s public schools to train students for union jobs that don’t require a college degree.

So far, city officials appear to be on board. The Regal Mile Studios website quotes Kwame Amoaku, director of the Chicago Film Office:

“The Regal Studios project represents a vital source of infrastructure for the City of Chicago film industry. It also represents a major cultural revolution for the South Side of Chicago by providing a catalyst for the development of an arts and entertainment district for this underserved area of ​​the city.

The developers have submitted a zoning change request to city council, which will determine whether the project goes ahead, Reynolds told the Tribune.

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