Monday, February 20, 2006
RBD/UAAD Quarterly BANK CRA Rating
Our 501c3 non-profit Community Organization(s) will issue quarterly CRA ratings reports on our nations banks.
We will utilize the Federal Reserve Board Banks National Reports, state reports, and local branch reports to evaluate banks specific performance.
Reports and their results will be publicized via news conference, weekly radio broadcast, web cast on KTYM.COM and other news media sources.
Banks will be asked to provide their past 2yr Community Performance reports. Such reports will assist RBD/UAAD in evaluating each banks adherence to the intent of The Community Re-Investment Act of 1977 (CRA).
The law provides a framework for depository institutions and community organizations to work together to promote the availability of credit and other banking services to underserved communities. Under its impetus, banks and thrifts have opened new branches, provided expanded services, adopted more flexible credit underwriting standards, and made substantial commitments to state and local governments or community development organizations to increase lending to underserved segments of local economies and populations.
Our commitment is to insist that banks such as JPMorgan Chase Bank enter into agreements as suggested under CRA in order to provide financial assistance to low-income moderate-income individuals to include African Americans in particular and to eliminate past redlining and discriminatory practices by banks.
We will lobby Congress, The FDIC, OCC to insist that the bulk of the 4.2trillion dollars banks have committed to CRA will be available to African Americans as intended by CRA which was passed as part of Civil Rights legislation in 1977. Had Chase Bank provided the bulk of their 800 billion dollar to African Americans as UAAD and ACORN has attempted to negotiate since 1995, many victims of Katrina would have had a better chance of survival.
The sooner JPMorgan Chase Bank make these funds available to African Americans who are and were the main victims of red-lining, and discrimination, and the reason this regulation was enacted by Congress, the sooner the Katrina victims and other African Americans will be able to achieve financial stability and economic parity.
Banks practices of committing the bulk of their CRA funding to Caucasians rather than to African Americans who are the victims, and the reason for enacting the Civil Rights legislation CRA should cease, and these funds need to be channeled to those the act was originally intended.
CRA agreements negotiated in good faith will be a benefit to both banks and the community they serve or should serve. The bulk of Chase Banks $800 billion dollars commitment should be used to rebuild the Gulf Coast and other urban areas where African Americans are in dire need.
These funds utilized as the Act intended will help to eliminate poverty and assist the destitute and homeless wherever they exist.
RBD/UAAD with a coalition of other community organizations intend to lobby Congress, the FDIC, OCC and our nations banks to address these issues now, not later.
Contacts:
Recycling Black Dollars (RBD)
Muhammad Nassardeen
“Positive Side Radio Program
http://www.ktym.com/ (Mon 1-2PM PST)
1460AM (Los Angeles)
http://www.rbdglobal.com/
Audience call in 310 673-7777
United Affirmative Action Development Corp (UAAD)
Walter L. Ellis/CEO and VP CRA enforcement for (RBD)
http://www.uaadcorp.com/ uedcinc@aol.com Toll free
Our 501c3 non-profit Community Organization(s) will issue quarterly CRA ratings reports on our nations banks.
We will utilize the Federal Reserve Board Banks National Reports, state reports, and local branch reports to evaluate banks specific performance.
Reports and their results will be publicized via news conference, weekly radio broadcast, web cast on KTYM.COM and other news media sources.
Banks will be asked to provide their past 2yr Community Performance reports. Such reports will assist RBD/UAAD in evaluating each banks adherence to the intent of The Community Re-Investment Act of 1977 (CRA).
The law provides a framework for depository institutions and community organizations to work together to promote the availability of credit and other banking services to underserved communities. Under its impetus, banks and thrifts have opened new branches, provided expanded services, adopted more flexible credit underwriting standards, and made substantial commitments to state and local governments or community development organizations to increase lending to underserved segments of local economies and populations.
Our commitment is to insist that banks such as JPMorgan Chase Bank enter into agreements as suggested under CRA in order to provide financial assistance to low-income moderate-income individuals to include African Americans in particular and to eliminate past redlining and discriminatory practices by banks.
We will lobby Congress, The FDIC, OCC to insist that the bulk of the 4.2trillion dollars banks have committed to CRA will be available to African Americans as intended by CRA which was passed as part of Civil Rights legislation in 1977. Had Chase Bank provided the bulk of their 800 billion dollar to African Americans as UAAD and ACORN has attempted to negotiate since 1995, many victims of Katrina would have had a better chance of survival.
The sooner JPMorgan Chase Bank make these funds available to African Americans who are and were the main victims of red-lining, and discrimination, and the reason this regulation was enacted by Congress, the sooner the Katrina victims and other African Americans will be able to achieve financial stability and economic parity.
Banks practices of committing the bulk of their CRA funding to Caucasians rather than to African Americans who are the victims, and the reason for enacting the Civil Rights legislation CRA should cease, and these funds need to be channeled to those the act was originally intended.
CRA agreements negotiated in good faith will be a benefit to both banks and the community they serve or should serve. The bulk of Chase Banks $800 billion dollars commitment should be used to rebuild the Gulf Coast and other urban areas where African Americans are in dire need.
These funds utilized as the Act intended will help to eliminate poverty and assist the destitute and homeless wherever they exist.
RBD/UAAD with a coalition of other community organizations intend to lobby Congress, the FDIC, OCC and our nations banks to address these issues now, not later.
Contacts:
Recycling Black Dollars (RBD)
Muhammad Nassardeen
“Positive Side Radio Program
http://www.ktym.com/ (Mon 1-2PM PST)
1460AM (Los Angeles)
http://www.rbdglobal.com/
Audience call in 310 673-7777
United Affirmative Action Development Corp (UAAD)
Walter L. Ellis/CEO and VP CRA enforcement for (RBD)
http://www.uaadcorp.com/ uedcinc@aol.com Toll free
# posted by walter @ 11:48 AM 
