Sunday, February 19, 2006

 
10/11/05

TO: Mike Scott
CRA Rep. Bank One
RE: Request to Negotiate CRA Agreement

Mr. Scott,
Now is the time for JP Morgan/Chase Bank to negotiate an agreement under the “Community Re-Investment Act of 1977 (CRA) with United Equity Development Corporation (UEDC) AND United Affirmative Action Development Corporation (UAAD).
As Indicated in JP Morgan/Chase Bank’s CRA (Community Partnership) Proposal, this bank has proposed to contribute over three hundred billion dollars ($350,000,000,000) toward CRA- Community Partnerships activities. (see JP Morgan/Chase via www.unitedaffirmativeactiondevelopment.com (pg 9, 41 & 45)
CRA was implemented in 1977 to regulate our nation’s banks to address the issue of red-lining, for example the African Americans in New Orleans and other ghetto’s of America.
Bank of America in approximately 1997, 1998 signed a $350, 000,000,000 CRA agreement for 10 years with “ACORN” in order for the low, moderate income to purchase homes at low interest rates.
UAAD/UEDC’s proposal addresses home, business development and other components that will assist our members, the low, moderate income to include African and Native Americans who the regulations should have addressed. Once JP Morgan/Chase/Bank One fulfill its obligations under the CRA Act and other banks nationwide following suit, not only can New Orleans and the Gulf Coast be rebuilt orderly, it will also lend to providing economic parity to all these banks serve or should serve.
UAAD/UEDC is seeking assistance from community organization, businesses, and congress and government agencies in order to further our efforts in negotiation a CRA agreement with JP Morgan/Chase/Bank One. Now is the time to implement our proposal in order to assist those this act should have addressed when enacted in 1977. Now is the time to distribute funds to those most in need with banks operating under CRA guidelines.(see CRA summary)UAAD/UEDC’s proposal provides protections and benefits to the community it serves and Chase Bank in order that both will achieve its goals. UAAD/UEDC nor ACORN’s agreement entails the bank(s) setting aside, nor contributing these funds to community organizations. It is simply a commitment by the bank(s) to provide these funds to low, moderate income individuals with organizations as ours negotiating such agreements. UAAD/UEDC’s proposal includes consulting with its members in order to assist it’s members in paying back the loans and assist participating banks in providing economic parity for those that the act should have been intended to assist. When politicians neglect certain segments of our society, they can be impeached, recalled or voted out of office. When financial institutions neglect certain portions of our society, all rules and regulations such as CRA should be enforced to the fullest extent possible.
Mr. Scott in order to move these negotiations in the directions intended by UAAD/UEDC, we would like to meet with the official from JP Morgan/Chase Bank that can produce the desired results of UAAD/UEDC. Provided your position and official capacity would lend to an agreement with Chase Bank it would be beneficial to again meet with you if your official capacity will lead to an agreement.
We appreciate your involvement in the past and are in hopes of your further involvement in this important project. See the following websites for more info www.unitedaffirmativeactiondevelopment.com and www.uedcbank.blogspot.com
Sincerely,
Walter L. Ellis
UAAD/UEDC

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