Coming Soon: FMCRC & PNC Agree To Florida Diversity Pledge & Data PRESS RELEASE FMCRC Targets Responsible Banking Ordinance With City of Tampa: Reinvest In Tampa Targets Increased Bank Investment Into Tampa Low-Moderate Income Neighborhoods For City Business For Information Contact Al Pina (813-598-6361 or [email protected]) COPY OF LETTER SENT TO MAYOR BUCKHORN AND CITY COUNCIL MEMBERS Florida Minority Community Reinvestment Coalition Assets & Hope Florida & California 1802 East 3rd Avenue Tampa Florida 33605 October 28, 2013 City of Tampa Honorable Mayor Bob Buckhorn 306 East Jackson Street Tampa, Florida 33602 Honorable Mike Suarez (District [email protected]), Honorable Mary Mulhern (District [email protected]), Honorable Yvonne Yolie Capin (District [email protected]), Honorable Harry Cohen (District [email protected]), Honorable Frank Reddick (District [email protected]), Honorable Charlie Miranda (District [email protected]) and Honorable Lisa J. Montelione (District [email protected]) RE: Request to City Council of Tampa to Pass a Responsible Banking Ordinance: Reinvest in Tampa Building Tampa Low-Moderate Income Neighborhoods (Sent via Email and Certified Mail) Honorable Mayor Buckhorn and City Council Members: Tampa’s low and moderate income families and small businesses are requesting that Tampa follow the leadership of Boston and many other cities across America and pass a RESPONSIBLE BANKING ORDINANCE that will measure banks efforts on their investments into Tampa’s low-moderate income communities and reward the best of these banks with city business. The “Reinvest in Tampa” ordinance should require banks seeking Tampa government business to submit to an evaluation process that will review and collect data on how many branches each bank operates in low-moderate (underserved) communities in Tampa, how many home loans are made to low-moderate income families, how many times each bank has worked with homeowners to prevent foreclosures, how many small business loans each bank gave to small businesses in these communities, investments made into low-moderate income communities, local hiring of LMI residents, diversity of outsourced contracts and other key community reinvestments targeting Tampa’s low-moderate income neighborhoods. The Boston City Council last month unanimously passed the “Invest in Boston” bill aimed at improving the banking practices in low-moderate income neighborhoods, to include those related to mortgage lending and foreclosed prevention. Boston followed the leadership of New York, Philadelphia, Cleveland, Pittsburgh, Minneapolis, Kansas City, Portland, Seattle, Los Angeles, San Jose and San Diego. These community reinvestments by these banks have proven to be critical to job growth that battles poverty and unemployment in these cities. Under the Boston ordinance, a 10-member committee made up of government, community and industry representatives will assess banks on the strength of their foreclosure prevention and loan modification programs, community development loans and other factors. The Banks that score in the top 25% may gain more city business, while the banks in the bottom 25% will be ineligible for city deposits and business. A Tampa Responsible Banking Ordinance will incent banks to invest in Tampa’s LMI communities that result in the creation of jobs with a scorecard that looks holistically at a banks reinvestment into Tampa’s low-moderate income (LMI) communities. These investments are critical to the economic well being of Tampa and minorities who represent the majority of families living in Tampa’s low-moderate income communities. Minorities represent over 40% of Tampa’s LMI population yet only account for less than 5% of Tampa’s GDP. Responsible banking ordinances have been approved in cities across America to hold banks responsible for how they treat people living in low-moderate income neighborhoods. The foundation of these city ordinances is to reward good behavior by banks on their investments into their low-moderate income communities by requiring public and transparent community reinvestment data by banks and use that data when considering where to deposit taxpayer dollars and awarding contracts for new financial services such as underwriting bond sales and payroll services. Banks receive Community Reinvestment Act (CRA) grades from federal regulators but those grades have historically been weak in results due to them usually giving banks high grades because of investments into projects that have little or no impact on LMI neighborhoods, such as the building of high rise condos in downtown Miami. With this ordinance, Tampa banks will be judged solely on how well they are serving and investing (to include diversity) into Tampa’s LMI neighborhoods. The economic distress of minority communities is the most pressing issues facing Florida and other states across America. The lack of businesses and jobs fuels not only a crushing cycle of increasing poverty but also crippling social problems, increasing high school drop-out rates, drug abuse and crime in our minority communities. The establishment of a sustainable economic base together with employment opportunities, wealth creation, role models, and improved local infrastructure is critical to the future well-being of minority communities in the State of Florida and throughout the United States. In Florida, poverty and loss of hope is on the rise among the minority and underserved communities and families. With your leadership and passing a Tampa Responsible Banking Ordinance, it will result in the creation of jobs that will directly impact Tampa’s low and moderate income families. We at FMCRC request you pass a Responsible Banking Ordinance: Reinvest in Tampa. Contact myself directly at (813) 598-6361 for any questions on this matter. We thank you for your consideration of this issue that impacts all of Tampa and will demonstrate the progressive leadership of Tampa. Sincerely, Albert Pina III Chair/CEO Florida Minority Community Reinvestment Coalition San Diego (California) Assets & Hope President-Urban Redevelopment Solutions (A FMCRC Company) Chair-Florida Hispanic Construction Association Cell: 813-598-6361 Email: [email protected] fmcrc.org assetsandhope.org letsdobusinessflorida flhca.org __________________________ Chase Bank Targeted By FMCRC For Diversity GIVEN LARGEST FINE IN U.S. HISTORY Bank Given Record Fine For Involvement In Housing Crash and Subprime Loans That Impacted Mostly Minority Families In Urban Cities Across Florida and America: JPMorgan Chase reaches settlement to pay record $13 billion fine BANKING giant JPMorgan Chase has reached a tentative agreement to pay a record $13 billion fine to the Justice Department to settle probes into its residential mortgage-backed securities, US media reported. Citing sources familiar with the decision, The Wall Street Journal newspaper reported in its online edition Saturday that the deal was hashed out during a phone call Friday with US Attorney General Eric Holder, his deputy Tony West and JPMorgans top lawyer Stephen Cutler. The New York Times and the Washington Post, which also reported on the tentative agreement, said that JPMorgan Chase CEO Jamie Dimon participated in the talks with Holder. If the amount is confirmed, it would be the largest ever paid by a US company in this type of settlement with the government, well over half the banks earnings last year of $21.3 billion. Its also significantly larger than JPMorgans previous offer of $11 billion. However, the two sides still disagree over an admission of wrongdoing that would end the probe. US companies often try to make financial settlements without admitting fault. And the still-tentative deal wouldnt resolve a criminal investigation into the banks activities being conducted by a court in Sacramento, California, the Journal said. The US Attorneys Office for the Eastern District of California accuses the bank of having violated certain federal securities laws in connection with the subprime mortgage-backed securities offered over 2005-2007 That was before JPMorgan bought failing banks Bear Stearns and Washington Mutual in 2008, at the height of the financial crisis. That case could result in charges against individuals, and could increase the fine for JPMorgan Chase. If finalized, $4 billion would settle allegations by the Federal Housing Finance Agency, a mortgage regulator, that JPMorgan overstated the quality of the mortgages it sold on to the government-sponsored housing finance enterprises Fannie Mae and Freddie Mac. In that case, filed in 2011, the FHFA accuses JPMorgan of having sold $33 billion worth of subprime loans to Fannie and Freddie, while concealing that the loans were in fact issued to insolvent borrowers. Another $4 billion would be destined for consumer relief, and $5 billion would be paid in penalties, the Journal reported. Although details are still being worked out, the agreement would also resolve a separate lawsuit filed by New Yorks Attorney General Eric Schneiderman. JPMorgan, the largest US bank by assets, has been under investigation by several US regulatory agencies. Known for opposing any effort to tighten regulations on banks, Dimon has had to make it a priority to increase its internal controls and resolve ever more costly litigation against the bank, once Wall Streets poster child. It recently agreed to pay more than $1 billion in fines over the London whale trading debacle of 2012. And the bank just reported its first quarterly loss in nearly 10 years, a net loss of $380 million on revenues of $23.12 billion, due in large part to a $9.15 billion charge for legal expenses. (NEWSWIRE) _________________ FMCRC PRESS RELEASE Florida: White Need Only Succeed or Dream FMCRC Purchases Ads For Bank Diversity (ads below) FMCRC launches Access Wall Street: Targets Fifth Third Bank for Racial Discrimination Targets Fifth Third, Chase and BB&T For Increased Diversity Challenges Federal Reserve Bank Chair nominee Janet Yellen on Diversity FMCRC To Purchase Ads (first ads below) in Minority Media Outlets over next 12 months to Inform Minority Families, Communities and Businesses on diversity in these banks. If a bank or corporation is not diverse and providing access and opportunities for minorities should we do business with them? FMCRC has made a request for Racial Diversity Data to the targeted Banks that will be placed on bank websites launched for each of these banks by FMCRC. If a bank does not respond to this request we purchase ads in minority media outlets to inform our community. FMCRC Chair Al Pina ([email protected]) Poverty is on the rise for Florida minority families, the wealth gap between Florida Whites and Florida minorities is at an historic high. The racial social and economic discrimination that exists in Florida is nothing short of disgusting. If you are a white child in Florida you can dream, but for Florida African American children they only have fear of the future. If you are a white child in Florida you have education that is a given, but for Florida Latino children they only have fear of the future. Our country is driven by capitalism so it is business that dictates our countrys future. For this path of destruction for minorities to turn it is critical for major corporations to show leadership in the area of diversity. To show minority children that they are truly equal. As the recent economic depression (for minorities at least) showed us, banks and Wall Street are front and center for capitalism. With this being said, FMCRC and I will dedicate 100% of our advocacy towards this end. It begins with Access Wall Street and for our request to the Federal Reserve Board demanding a CRA and Diversity Audit of Fifth Third Bank. It is time for Federal Regulators to do their job and protect our childrens future and bring true diversity to diversity that includes access to capital. We will not stop until these banks provide diversity data that can demonstrate their success or failure in the area of diversity The Following are the first 2 Ads Placed by FMCRC: 2 Full Page Ads: Latin Times November Issue (Fifth Third and Access Wall Street Ads below) Fifth Third Bank Refuses To Provide Diversity Data Measuring Diversity in Florida Banks Creating Access & Opportunities for Florida Asian, African American & Latino’s Access Wall Street Fifth Third Bank Lack of Diversity in Florida: WHITE ONLY NEED APPLY Less than 3% of all Tier 1 Supplier Contracts Go to Florida Minority Businesses Less than 2% of all SBA Small Business Loans Go to Florida African American Small Businesses Less than 2% of all Conventional Home Loans go to African American Families Less than 3% of Florida Top Management is Minority Less than 1% of all construction contracts go to Latinos No Latinos on Board of Directors and so much more evidence of lack of minority inclusion… FMCRC Chair Message to Federal Reserve Board Chair Nominee Ms. Janet Yellen: During your tenure with the Federal Reserve Bank of San Francisco you were a beacon of light when it came to creating increased access and opportunities for minorities. I had the pleasure of attending meetings with California minority leaders and yourself to discuss minority issues. As the Chair of the Federal Reserve Board it will be up to you again to rescue our future from Banks, such as Fifth Third Bank, that have created a racial economic divide that is nothing short of disgusting. It is obvious that “WHITE NEED ONLY APPLY” to Fifth Third Bank and many more. The Federal Reserve Board regulates Fifth Third Bank and it is our hope that you step in to ensure that this bank’s horrendous record for minorities in Florida is set on a right path. Not the path of your current CRA (Community Reinvestment Act) Regulators who seem to show complete disregard to the “Spirit” of the CRA that will ensure both diversity and access to capital for minorities. Poverty is on the rise for Florida minorities and the wealth gap (between White and Minorities) has widened to levels never seen before. This current path impacts the future of our country without doubt. Florida minorities represent over 50% of the urban center populations yet account for less than 5% of its GDP. It is obvious from my time spent in Florida that it is ruled by racist punks and cowards who prey upon our community with laws, rules and governance that does nothing but marginalize the ability of minorities to find a “true” path of economic freedom and partake in our country’s wealth. Like during the time of “slavery and civil rights” when the Federal Government stepped in and stopped social and economic tyranny by these racist, it is again time for you and the Federal Government to step in and provide Florida minority families and businesses a lifeline to economic freedom. All minorities in Florida and across our country wait for you leadership but do understand that such leadership comes with responsibility to follow a path of justice and righteousness. And that can begin with a complete CRA and Diversity Audit of Fifth Third Bank. Al Pina, Chair of FMCRC BBTonFloridaDiversity.org, ChaseonFloridaDiversity.org, FifthThirdonFloridaDiversity.org Florida Minority Community Reinvestment Coalition fmcrc.org assetsandhope.org letsdobusinessflorida (813) 391-4628 Half Page Ad: South Florida Times Thursday October 17, 2013 Fifth Third Bank Refuses To Provide Diversity Data Measuring Diversity In Florida Banks Creating Access & Opportunities for Asian, African American & Latino’s FMCRC Launches: Access Wall Street BB&T-Chase-Fifth Third Financial Institutions are central to the economy of the United States and Florida. As we saw in the recent fiscal crisis, as banks go so goes our economy. As central leaders in our economy, the same goes for diversity. As diversity goes within key banks so goes diversity in the rest of Florida. To address this issue (lack of diversity in Florida), FMCRC has launched Access Wall Street that will target BB&T, Chase and Fifth Third for Diversity. FMCRC has dedicated the following websites to measure Diversity at each of these banks: BBTonFloridaDiversity.org, ChaseonFloridaDiversity.org, FifthThirdonFloridaDiversity.org FMCRC has officially requested the following diversity information from each of these banks and will post their diversity data to their appropriate website. The following diversity data has been requested from each of these banks: 1) Percentage of Asian, Latino and African Americans (broken down by race and percentage per race) in senior executive positions in Florida 2) Percentage of Asian, Latino and African American (broken down by race and percentage per race) for total Florida workforce 3) Percentage of Asian, Latino and African American construction companies (broken down by race, percentage per race and spend per race) doing contract work in Florida for your bank 4) Percentage of conventional and FHA home loans (2012) to Florida Asian, Latino and African American families (broken down by race and percentage per race) 5) Percentage of SBA loans (2012) to Florida Asian, Latino and African American businesses (broken down by race, percentage per race and average dollar amount) 6) Percentage of grants in Florida that go to minority led non-profits (broken down by race, percentage of race and dollar amount) FMCRC will publish the bank diversity data. It is our hope that each of these banks value diversity and are proud of enough of their success in creating true access and opportunities for Asian, Latino and African Americans that they are willing to share their data with all of our communities. If they refuse to provide such data FMCRC will work hard to educate our communities on those banks who refuse to share Diversity Data with our families, businesses and communities. Use this Data to Decide: Who should You Do Business With? Florida Minority Community Reinvestment Coalition fmcrc.org assetsandhope.org letsdobusinessflorida (813) 391-4628 __________________________________________ Florida Minority Community Reinvestment Coalition fmcrc.org assetsandhope.org letsdobusinessflorida (813) 525-6228 [email protected] FMCRC Mission Statement: Our goal is to empower low-income and minority communities by attracting investments for job creation, health, education, homeownership and minority entrepreneurship in low and moderate income communities using a holistic advocacy approach. The Coalition’s strategy revolves around six central programs and projects for Florida’s minority low-moderate income communities, small businesses families and organizations: 1. Access/Opportunity for home and small business ownership; 2. Community Reinvestment into minority communities and businesses; 3. Sustainable Development of low and moderate income communities; 4. Health; 5. Consumer Protection; 6. Development of Self Sufficient Non Profits to drive Job Creation in Poor Eastern Coachella Valley Building Healthy Communities (BHC) fmcrc.org assetsandhope.org letsdobusinessflorida Florida Minority Community Reinvestment Coalition
Posted on: Mon, 28 Oct 2013 06:44:08 +0000
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