Wednesday, October 12, 2005
PURPOSE:
Our goal is to negotiate an agreement with a major bank that will accomplish the following:
Establish an intern program at Historic Black Universities, to learn the banking industry and the regulations as expressed under the COMMUNITY RE-INVESTMENT ACT OF 1977 (CRA).
United Affirmative Action Development Corp (UAAD) with the assistance of its affiliates will negotiate agreements under the guidelines of “CRA” to include:
Low interest loans to our members to establish or to improve businesses, homes, automobiles, etc.
Community development loans:
a. Such loans will be made to establish or to improve small businesses with loans up to $50,000
b. These loans will be micro-managed by UAAD to assist our members as “SCORE” assisted SBA loans. Our paid professional staff has the ability to assist in consulting with our clients in order that their business will be successful, and the loans will be paid to the participating bank.
Bank loan committees, consist of members of the community and bank officials. Loans approved by the committee, will more than likely be approved by the bank. These types of community based committees have been in place for several years in various states. We believe these types of committees should include paid members with a bank official participating.
We will negotiate an Affinity Card (credit or debit) for our members at a low interest rate. Those who do not qualify for a credit line will be issued a debit card with minimum deposits.
UAAD will seek its membership among those who have been under-represented by banks, especially those in the African American community, to include others with low and moderate income. The purpose of “CRA” is to benefit these and other individuals and groups.
UAAD’s goals can only be accomplished with our potential members joining together, withdrawing monies from banks that are not properly serving them, investing in our participating bank in order that together we can negotiate the best interest rates for our members. Our aim is to convince the participating bank that our members are a better risk because we are basically borrowing members’ monies. UAAD will also micro-manage loans approved by its committees(s) in order to meet the bank’s requirements of sound business practice as required under ‘CRA”.
Due to previous red-lining by banks in general and minorities’ fear of banks, UAAD will fill a void and create a relationship with the community and participating bank that has never been realized.
Our intent can only be accomplished with a combined effort of many community organizations, civil rights organizations and key individuals in the various communities working in union to accomplish stated goals
Our goal is to negotiate an agreement with a major bank that will accomplish the following:
Establish an intern program at Historic Black Universities, to learn the banking industry and the regulations as expressed under the COMMUNITY RE-INVESTMENT ACT OF 1977 (CRA).
United Affirmative Action Development Corp (UAAD) with the assistance of its affiliates will negotiate agreements under the guidelines of “CRA” to include:
Low interest loans to our members to establish or to improve businesses, homes, automobiles, etc.
Community development loans:
a. Such loans will be made to establish or to improve small businesses with loans up to $50,000
b. These loans will be micro-managed by UAAD to assist our members as “SCORE” assisted SBA loans. Our paid professional staff has the ability to assist in consulting with our clients in order that their business will be successful, and the loans will be paid to the participating bank.
Bank loan committees, consist of members of the community and bank officials. Loans approved by the committee, will more than likely be approved by the bank. These types of community based committees have been in place for several years in various states. We believe these types of committees should include paid members with a bank official participating.
We will negotiate an Affinity Card (credit or debit) for our members at a low interest rate. Those who do not qualify for a credit line will be issued a debit card with minimum deposits.
UAAD will seek its membership among those who have been under-represented by banks, especially those in the African American community, to include others with low and moderate income. The purpose of “CRA” is to benefit these and other individuals and groups.
UAAD’s goals can only be accomplished with our potential members joining together, withdrawing monies from banks that are not properly serving them, investing in our participating bank in order that together we can negotiate the best interest rates for our members. Our aim is to convince the participating bank that our members are a better risk because we are basically borrowing members’ monies. UAAD will also micro-manage loans approved by its committees(s) in order to meet the bank’s requirements of sound business practice as required under ‘CRA”.
Due to previous red-lining by banks in general and minorities’ fear of banks, UAAD will fill a void and create a relationship with the community and participating bank that has never been realized.
Our intent can only be accomplished with a combined effort of many community organizations, civil rights organizations and key individuals in the various communities working in union to accomplish stated goals
# posted by walter @ 11:04 AM 
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WHY CHASE BANK SHOULD NEGOTIATE A CRA AGREEMENT WITH UAAD, WITH EMPHASIS ON ASSISTING THE HURRICANE VICTIMS.
UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same time
In addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC.
UAAD would like to meet as soon as possible with the proper official in order to present our proposal .
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UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same time
In addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC.
UAAD would like to meet as soon as possible with the proper official in order to present our proposal .
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