UAAD CRA Proposal as a model for all HBCU's
It is the
goal of the United Affirmative Action Development Corporation (UAAD) to negotiate an agreement with a major bank that will
establish an internship program at Historic Black Colleges & Universities (HBCU), focusing upon the development
of careers in the banking industry and creative ways by which the COMMUNITY RE-INVESTMENT ACT OF 1977 (CRA)
can be utilized to foster economic development in their respective communities. UAAD with the assistance of its affiliates
will negotiate agreements under the guidelines of “CRA” to include low interest loans for our members to establish
and/or to improve businesses, purchase and/or improve homes, to purchases automobiles, etc.
This initial effort is designed to serve
residents who are African-Americans or members of other minority groups. Significantly, scholarship opportunities will be
made available to African-American students enrolled or plan to enroll in HBCU institutions. Grambling
State University will serve as our pilot project
for this initiative. Particular emphasis will be given to help residents
negatively impacted by Hurricane Katrina.
UAAD’s interpretation of Chase
Bank’s Reparation Initiative “SMART START”
JPMorganChase in 2005 made a commitment
to the Louisiana Community. This commitment according to Chase officials was
made due to this Banks participation in the slave trade where they used slaves as collateral.
Upon asking how the funds provided to the bank’s Reparation are being distributed it was stated this information
could be obtained on Chase’s web site. These officials were not sure how
to get to the proper page. When asked how a high school graduate could obtain
the necessary application to apply for this scholarship, it was indicated that they would have to apply at the various Universities
in the state of Louisiana. See: http://www.chasebankreparation.blogspot.com
After speaking to Chase officials
this date United Affirmative Action Development Corp (UAAD) officials met with officials in Grambling
State University’s (GSU) Finance Department
and could find no one familiar with this program Chase Bank’s officials were contacted in Baton
Rouge who administers this program. This official indicated
that the program had been in place prior to Katrina, and her supervisors were trying to devise a plan to use these funds for
the Katrina victims and had not yet notified her of how the funds were going to be dispersed.
UAAD filed several complaints regarding
matters where Chase Bank fails to meet the needs of the African American community.
Under 12CFR25.43 such complaints should be entered in each and every branch in the state of Louisiana
where Chase Bank operates. After speaking to Mr. David Lewis the Community Affairs
official for the Office of the Comptroller of the Currency, UAAD has asked that this and other complaints be entered in the
Chase Bank’s branches public file. See:
http://www.uedcinc.com (clk on THE FEDS REGULATE &
COLLABERATE WITH BANKS)
CRA stands for the COMMUNITY RE-INVESTMENT Act of 1977, often
stated as the most important Civil Rights Legislation ever passed by Congress. See:
and why we should
keep the “C” in “CRA”.
It was passed due to the extreme discrimination, predatory lending, and
red-lining practiced by our nation’s banks.
The FDIC/OCC who regulate the banks and who are the enforcer of these
regulations suggest that banks enter in into CRA agreements with COMMUNITY Organizations
in order to better serve the low-moderate income community. http://www.unitedaffirmativeactiondevelopmet.com
It is suggested that banks commit up to 10% of their assets toward CRA
contributions. These contributions can be negotiated by way of low interest loans
etc. Only under CRA can a bank negotiate a loan below prime rates.
such as low interest business development loans, Block Grants etc.
In 1977 BofA negotiated a $350 Billion
4% interest commitment to ACORN for 10 years, for HUD housing development.
In 2004 JPMorganChase Bank committed $800 Billion
dollars to their Community Partnership that they don’t like to call CRA for a variety
of reasons. Out of this commitment they indicate on their web-site that they
have dedicated $69 Billion to various organizations and individuals. An investigation
will reveal that the majority of that $69 BILLION was committed to Groups, and Organizations
that were not people of Color.
“SMART START of Louisiana” $5 Million
commitment? (David Lewis)
($8 Million request
for GSU 0404/06)?
In UAAD’S opinion CRA commitments should be a form of REPARATION
for Descendants of Slaves. It was always meant as a penalty that Congress meant
the banks to pay for their past transgressions
This is how I believe we should look at the total commitments of all
our nation’s banks which exceed 4.2 Trillion dollars to date. These are
normally 10 year commitments beginning April 2004. These commitments were or
should have been made to African Americans in particular.
The CRA act was
implemented and passed in 1977. It would appear that since few banks have committed
little or none of their funds to African Americans, that without interest they would owe the African American Community approx.
12 Trillion dollars.
with an $800 Billion total commitment closed both my business accounts, barred me from all
their facilities throughout the US, simply because I asked them on behalf of UAAD to consider:
approx. $80 Billion for the next 5years, for Business Centers development, using HBUC’s
for education and development.
a CRA agreement with UAAD and a Coalition of Community Organizations to negotiate low interest loans, block grants etc. http://www.cra-uaad-neworleans.blogspot.com/
an AFFINITY CREDIT Card agreement with this Group.
ASK THAT AFRICAN AMERICANS BOYCOTT JPMorganChase
OCC/FDIC Prime purpose and goals are to protect the interest of the banks;
therefore they will not be involved in any benefitual manner in complaints, especially if you are a Person of Color.
The Bush administration which is the overseers of the regulatory agencies,
and whose Father is said to have had a long involvement with the Federal Reserves who allocate and loan monies to banks utilize
such power to create “One World Order”, keeping Black Folks in poverty, never to receive Reparation form this
Government. And since the Federal Reserves practically own and control the banks
they are going to do their best to see that the banks have to abide by the regulations set by Congress, but the “loop
hole” is that they must use “prudent banking practices” when carrying out their CRA obligations. That is to say if a low-income, poverty stricken Black Man come to your bank and ask you for a loan, and
if he can’t prove that he meet the requirements with a line of credit, the bank is in compliance by not making such
loans, as JPMorganChase practices this date the year 2006.
The OCC/FDIC also advise the banks, as Mr. David Lewis The Regional Director
of the OCC advised UAAD and Mike Scott the VP of CRA the State of Louisiana recently that the bank was not required to enter
into CRA agreements or arrangements unless they chose to do so.
Without Chase Bank entering into a CRA agreement the above mentioned Black
Man, to make it short you can call him Walter, has no one to present his case whether discrimination, predatory lending existed
I was told by Mr. Peter Barrett the Republican Council for one of the
Financial Committees when lobbying Congress in January this year that the reason this act?? CRA was still a regulation was
due to no one attempting to make it effective. He mentioned that the Democrats
have tried, and they are not going to take a chance again as long as the Republicans are in Control of Congress.
ASK ALL AFRICAN AMERICANS TO BOYCOTT JPMorganChase Bank in LOUISIANA.
UAAD believe that most other banks
in Louisiana are willing to provide banking services and begin adhering to CRA. Chase Bank’s Vice President of CRA Mike Scott stated African Americans were
not included in The Civil Rights Act CRA, created due to banks’ predatory, and discriminatory practices in minority
communities, the majority of that minority being African Americans.
An effective BOYCOTT of Chase may
influence other banks in Louisiana and else where to negotiate reasonable agreements
as suggested under the COMMUNITY RE-INVESTMENT Act of 1977, CRA. It is apparent
that Congress, the OCC/FDIC is not going to assist most African Americans.
Walter L. Ellis, CEO, UAAD
email@example.com 866 276-2294