Sunday, February 19, 2006
2/18/06
TO: Honorable Member of Congress
RE: Request A meeting Re Community Reinvestment Act (CRA)
I am writing to request a meeting on the misinterpretation of the 1977 Community Reinvestment Act. The landmark legislation was a Civil Rights victory to benefit African Americans and other people of color. Today, financial institutions have applied a broader interpretation, using it as an Affirmative Action practice to benefit other groups who were not the intended beneficiaries.
To date, the nation’s banks have over $4.2 trillion in CRA commitments. However, our investigation of CRA activity nationwide has shown that the majority of the country’s banks allocations have not been made to people of color. For example, J.P. Morgan Chase Bank had a CRA budget commitment of $800 billion since April 2004; yet out of $69 billion dollars, disbursed so far the majority of the disbursement has gone to none minority interests.
If these CRA commitments were to be used to provide assistance to hurricane victims, it would benefit both the bank and the community at large. Given the fact that J.P. Morgan Chase Bank is the largest bank in Louisiana, we believe it is necessary to apply some enforcement to this legislation now rather than later, to empower urban communities and cities effected by Hurricane Katrina.
United Affirmative Action Development Corp, a Louisiana-based 501(c) 3 (www.uaadcorp.com), is working with Recycling Black Dollars, a Los Angeles-based 501(c) 3 (www.rbdglobal.com), and we intend to build a coalition with other organizations such as ACORN, the NAACP, and the Greenlining Institute to demand compliance. I have spoken to Sharon Gilstrap of the Office of the Controller of Currency (OCC) in Houston, and she indicated that a hearing before Congress would be appropriate to reinstate the spirit of the Civil Rights legislation. With the assistance of Congress and supporting regulatory agencies, we intend to form an agreement with banks that aren’t in compliance with this legislation.
We would appreciate it if you would facilitate this worthy effort of setting up a meeting. I am available if you have any questions. I can be reached at, (866) 276-2294 in my office or please feel free to use my cell phone number at, (951) 452-9160.
Thank you for your time and consideration. I look forward to hearing from you soon.
Kind regards,
Mr. Walter Ellis, CEO of United Affirmative Action Development Corp
Mr. Muhammad Nassardeen, CEO of Recycling Black Dollars
TO: Honorable Member of Congress
RE: Request A meeting Re Community Reinvestment Act (CRA)
I am writing to request a meeting on the misinterpretation of the 1977 Community Reinvestment Act. The landmark legislation was a Civil Rights victory to benefit African Americans and other people of color. Today, financial institutions have applied a broader interpretation, using it as an Affirmative Action practice to benefit other groups who were not the intended beneficiaries.
To date, the nation’s banks have over $4.2 trillion in CRA commitments. However, our investigation of CRA activity nationwide has shown that the majority of the country’s banks allocations have not been made to people of color. For example, J.P. Morgan Chase Bank had a CRA budget commitment of $800 billion since April 2004; yet out of $69 billion dollars, disbursed so far the majority of the disbursement has gone to none minority interests.
If these CRA commitments were to be used to provide assistance to hurricane victims, it would benefit both the bank and the community at large. Given the fact that J.P. Morgan Chase Bank is the largest bank in Louisiana, we believe it is necessary to apply some enforcement to this legislation now rather than later, to empower urban communities and cities effected by Hurricane Katrina.
United Affirmative Action Development Corp, a Louisiana-based 501(c) 3 (www.uaadcorp.com), is working with Recycling Black Dollars, a Los Angeles-based 501(c) 3 (www.rbdglobal.com), and we intend to build a coalition with other organizations such as ACORN, the NAACP, and the Greenlining Institute to demand compliance. I have spoken to Sharon Gilstrap of the Office of the Controller of Currency (OCC) in Houston, and she indicated that a hearing before Congress would be appropriate to reinstate the spirit of the Civil Rights legislation. With the assistance of Congress and supporting regulatory agencies, we intend to form an agreement with banks that aren’t in compliance with this legislation.
We would appreciate it if you would facilitate this worthy effort of setting up a meeting. I am available if you have any questions. I can be reached at, (866) 276-2294 in my office or please feel free to use my cell phone number at, (951) 452-9160.
Thank you for your time and consideration. I look forward to hearing from you soon.
Kind regards,
Mr. Walter Ellis, CEO of United Affirmative Action Development Corp
Mr. Muhammad Nassardeen, CEO of Recycling Black Dollars
# posted by walter @ 3:26 PM 
