Friday, November 25, 2005

How Blacks Can Achieve "Economic Parity"

How in unity we can obtain access to “4.2 Trillion Dollars” in order to establish an “African American” controlled bank, utilizing our nation’s banks CRA contributions. See enclosed and, and blogs.

Join us and make it happen

UAAD is seeking support at GSU and all HBUC’s - how about you?

Your involvement will make a difference in how effective “we” can be in assisting the hurricane victims and many, many others. It is time that the civil rights legislation will benefit African Americans as well as others, rather than as now practiced, all others and possibly to include African Americans. This is an effort to replace civil rights and to remove “affirmative action” in the manner intended and now practiced.

Sunday, November 13, 2005

Banking On Equal Opportunity
By Hugh B. Price
National Urban League

Most people who live outside of Washington D.C. have probably never heard of the Community Reinvestment Act.
Yet, though unsung, the CRA is one of the most important pieces of civil rights legislation Congress has ever passed.
That’s why, as Congress considers legislation that would remake the financial services industry – allowing banks, investment firms, and insurance companies to merge and compete – it must make sure that the goals of the original Community Reinvestment Act are protected and furthered.
For the evidence is clear: The CRA has been extremely successful in making capital for business development and for home ownership available in low-and moderate-income urban neighborhoods and rural communities.
That success has significantly aided the revitalization of hundreds of low-income urban neighborhoods and rural communities.
And that success has made it possible for thousands upon thousands of individuals to improve their economic circumstances and their “stake” in American society.
In other words, the CRA has helped enhance all Americans’ including African Americans’, access to economic opportunity, which is the cornerstone of communities’, individuals’ and groups’ ability to meaningfully participate in American society.
Congress pass the Community Reinvestment Act in 1977 in response to clear evidence of the noxious effects of “redlining”-the systematic refusal of lenders to provide loans to businesses, homeowners and prospective home buyers in particular neighborhoods, especially those which were predominantly Black or Hispanic.
The act required federally - insured banks to document their efforts to invest in home ownership and business development in poor communities.
In its early years, the act had a modest impact. But during the 1990s the law’s positive reach has been extraordinary, as numerous measurements prove.
Undoubtedly, the unprecedented period of prosperity the country has enjoyed during the decade has had something to do with that. So, undoubtedly, has the increased sophistication of community housing groups in using the law, and the increased pressure of federal regulators making their evaluations of banks’ lending performances public.
But it’s also true that the benefits of the Community Reinvestment Act to society have become too evident to ignore.
As many observers have noted, homeownership – in which Blacks and Hispanics have always lagged significantly behind whites – is the critical building bloc that enables individuals and families to escape poverty and achieve social mobility. The CRA is just such an asset-building program.
Writing in the National Urban League publication, The State of Black America 1998, scholars Melvin L. Oliver and Thomas N. Shapiro, declared, “While (governmental) programs providing income for consumption are essential, programs for the accumulation of assets invest in the ability of families to become self-reliant and to support their communities by stimulating education, job mobility, home ownership, entrepreneurship, and equity.’
It’s not just city dwellers or suburbanites who benefit, either. In 1997 banks and thrifts made $11 billion in loans to small farmers for operating expenses, livestock and real estate purchases.
CRA is also profitable for the banks.
Federal Reserve Board chairman Anal Greenspan has stated that there’s “little or no evidence that banks’ safety and soundness have been compromised by CRA lending.”
Richard Rosenberg, former chairman and CEO of Bank America Corporation, is more assertive. “Banks that learn how to meet (community reinvestment) demand profitably,” he said, “and integrate it into their business lines, will gain a tremendous competitive advantage.”
Thus, efforts to cut the provisions of the act enabling the public to see and comment on bank lending policies in their communities; or to allow the shift of many financial assets out of banks and thrifts into other financial institutions not covered by CRA; or to exempt small rural banks from CRA rules go against the original spirit of the act – and the needs of millions of Americans.
Insuring equal economic opportunity for Americans in a capitalist society requires insuring equal access to capital. Congress should add to, not detract from, the Community Reinvestment Act’s ability to meet its goals, that’s an investment that would benefit all of American society.

19 TBE 5/10/99 TO BE EQUAL 120 Wall Street, NY, NY 10005

Chase Bank’s Practice of “Affirmative Action”

According to Chase Bank’s CRA activities report, they have “$800 billion” dollars for contributions to improve the conditions of low, moderate income individuals in order to conform to the conditions of The Community Re-Investment Act of 1977 “CRA”. According to Chase they have spent $69 billion since April 2004. UAAD ask that Chase negotiate and spend the remaining bulk to assist African Americans. This regulation was enacted by Congress to address the discriminating, red-lining, and other unfair banking practices of our nation’s banks. When these funds are expended in good faith for purposes there were meant, it will allow the building in the disaster areas to include areas as the ninth ward in New Orleans, and other blighted areas throughout the communities Chase Bank serves or should serve. See:,,,

Wednesday, October 12, 2005


For more information on CRA (Community Re-Investment Act of 1977) see

CRA Proposal

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 (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 and
Walter L. Ellis

Wednesday, October 05, 2005

Liberty Bank of New Orleans

October 5, 2005

Proposal to Liberty Bank
United Equity Development Corp (UEDC), a Louisiana corporation since 1996 proposes to enter into an agreement with Liberty Bank to enhance United Affirmative Action Development (UAAD) negotiations with Chase Bank. These negotiations are ongoing since 1996 with Bank One. We met with officials of your bank 1996-1997 attempting to form a relationship in order to implement our proposal to Premier/Bank One to enter into a CRA agreement under the Community Re-Investment Act of 1977(CRA) for the benefit of low income and moderate income and to create economic parity. See our website/blog for additional information.
Our proposal includes UAAD/UEDC micro-managing loans benefiting our members. We invite your bank and or its officials to partner with UAAD a 501c3 non profit and UEDC a for profit in providing community loan committees, financial consultants, paid by proceeds being negotiated under UAAD’s proposal to Chase Bank. Your bank being a minority bank would be expected by UAAD to consult and participate throughout Louisiana in conjunction with UAAD and Chase Bank. Please advise when or if we can meet to discuss such a partnership.
Your participation would greatly enhance UAAD’s mission. Minority banks as Liberty can contribute to our scholarships, and university chair program to enhance minorities in gaining managing roles in our nation’s banks. Your participation will assist in our negotiating with Chase Bank in partnership with UAAD/UEDC together we can reach out to your customers who are scattered throughout the United States.
It is our intent to negotiate affinity Visa cards at a low interest rate for five (5) to ten (10) years, home purchase and other low interest rates that can only be provided under CRA for your customers and our members.
This proposal will provide economic parity for all low income, moderate income, to include African Americans and at the same time Chase Bank will profit and fulfill its obligation to the FDIC and OCC using prudent banking practices.

Walter L. Ellis, CEO

Tuesday, October 04, 2005


Mr. Mayor, UAAD is a 501c3 non profit negotiating CRA agreement with Chase Bank and has been in these negotiations since 1995. We believe that the circumstances and the crisis your city has suffered will lend to the necessity that this agreement will be completed. It is our belief that the intent and implementation of the Community Re-investment Act of 1977 (CRA) will provide considerable financial support for rebuilding your city. See our website for more information. Looking forward to hearing from you.
Walter L. Ellis, CEO UAAD/UEDC

Rebuild New Orleans with CRA Assistance

What Mayor Nagin Should Do
Mayor Nagin should continue to plea for New Orleanians to come back home. He should not rush them to return until the city is prepared. Meanwhile he should seek help from Amnesty International, The Nation of Islam, local community organizations, Operation Push, NAACP, President Carter, Black Panthers, Urban League, Congressional Black Caucus, SCLC, ACORN, and call for a conference inviting the United Nations to put an immediate stop to the land grab since Katrina. Meanwhile Mayor Nagin you and your city council and governor should pass a law that these sales should be null and void for a 5 year period. My family own property in New Orleans and I’m going to be pissed at you and your government if you don’t protect their and others properties.
It is a shame that your government and the state and federal would allow property to be stolen form the descendants of former slaves, when their parents nor they have been given the forty acres and a mule promised by the former slave owners, and now instead of honoring that commitment, they are now going to take the little you own and treat you as intended under “one world order”, advocated by Bush Sr. My father was born in slavery and I will not allow you nor Bush deny me my forty acres or the equivalent thereof. You can do better; we can do better.
Any real estate company, broker or land developer taking advantage of the poor and needy in a crisis as exist in New Orleans should be boycotted world wide with all people of moral values participating. If they are not successful as they should not be, then they still should be boycotted and their licenses should be permanently suspended. Local and state government should address this issue immediately. Upon this taking place Mr. Mayor you will be able to build your city on the model that Bush intended for his constituents.
You night want to look at UAAD’s website ( Contact us and we can explain our plans in assisting you to build your city using the Community Re-investment Act of 1977 which is to assist low income to moderate income people (and possibly should include your constituents. According to Michael Scott of Chase Bank, whom you are familiar with, states that Chase Bank is a bank you work closely with. He admonished me, a Black man, for stating it is an act that should include African Americans as well. Mr. Scott told me in a telephone conversation on 9/29/05 that I was misrepresenting what the CRA states and he indicated there was no where in the act that stated it was for African Americans. I invite you to assist UAAD in making African Americans a part of the CRA in our negotiations with Chase Bank to form an agreement as indicated on our website.
The bank officials ask how many members was a part of our organization. I would like to think that your review of our proposal and intent will provide UAAD with a massive membership considering our intent to provide benefits any where in the United States and possibly other countries where our bank serve.
UAAD will provide your constituents and our members with professional consultants, no down payments on home loans, interest rates close to prime, financial and legal consultants at no cost to your constituents and our members, throughout the 5 year term of the agreement we intend to finalize with Chase Bank in the very near future.

Friday, September 30, 2005

Why Chase Bank Should Negotiate A CRA Agreement With UAAD

The CRA was enacted in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods. It extends and clarifies the longstanding expectation that banks will serve the convenience and needs of their local communities. The CRA and its implementing regulations require federal financial institution regulators to assess the record of each bank and thrift in helping to fulfill their obligations to the community and to consider that record in evaluating applications for charters or for approval of bank mergers, acquisitions, and branch openings. The federal financial institution regulators are: Office of the Comptroller of the Currency; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision.
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.

Economic Parity

To Whom It May Concern:
African Americans in this country will never achieve economic parity as long as institutions as JP Morgan Chase Bank are allowed to violate banking regulations and fail to uphold moral obligations. This bank not only cares less about rules and regulations set by federal regulations, they extend their wrongful acts by paying their officials to cover-up and falsify the enforcement of these regulations. Officials of Chase bank, on several occasions expressed to me that they are not obliged to adhere to the regulations under the “Community Re-investment Act of 1977”. Economic parity will never be achieved in the African American communities that JP Morgan Chase Bank serves until the bank adheres to the CRA requirements.
The Community Re-investment Act of 1977(see and the blog) was instituted because of red-lining and discrimination by our nation’s banks. Had it previously been enforced by organizations such as UAAD/UEDC, those poor souls in the 9th ward of New Orleans would not have had to suffer the inequality, deprivation due to economic parity that Chase Bank continues to practice, regarding people of color. Now is the time to begin a process to right past discriminatory practices. UAAD is seeking support and assistance from congressional, governmental, civil rights, religious and community organizations. UAAD ask that Chase Bank enter into a CRA agreement to help those in the community that they serve. This will benefit the community and Chase Bank, both financially and socially.

Wednesday, September 28, 2005

Comptroller of the Currency
Administratorof National Banks
Washington, DC 20219

Public Disclosure

March 31, 2004

Community Reinvestment Act
Performance Evaluation

Bank One, N.A.,Illinois
Charter Number: 8

One Bank One Plaza
Chicago, Illinois 60670

Office of the Comptroller of the Currency
Large Bank Supervision
250 E Street S.W.
Washington, D.C. 20219

NOTE: This document is an evaluation of this institution's record of meeting the credit
needs of its entire community, including low- and moderate-income
neighborhoods, consistent with safe and sound operation of the institution.
This evaluation is not, and should not be construed as, an assessment of the
financial condition of this institution. The rating assigned to this institution
does not represent an analysis, conclusion, or opinion of the federal financial
supervisory agency concerning the safety and soundness of this financial


UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same time

In addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC.

UAAD would like to meet as soon as possible with the proper official in order to present our proposal .

State of Louisiana New Orleans PMA Charter #8

The BONAI AA consists of the entire New Orleans MSA including Jefferson,
Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist,
and St. Tammany Parishes. The bank ranks second in the New Orleans geography
with a deposit share of 18.93% on $3.5 billion as of June 30, 2003. Hibernia
National Bank ranks first at 27.16% and Whitney National Bank ranks third at
17.33%. There are 39 FDIC insured institutions in the MA, but the market is fairly
concentrated in the top 3.

The systemic problems of poverty and education, which are dominant throughout
the state, are most prevalent in New Orleans. In the Orleans Parish, nearly 28
percent of the population live in poverty, severely limiting lending opportunities.
The educational system has been a major factor in the state’s inability to attract
new and high-paying jobs. The median family income is $45,774 and 17.37% of
households are living below the poverty level.

The well-developed port, pipeline, and rail infrastructure, including strategic port
facilities for domestic and international trade are an area strength as is the strong
performance in leisure and convention-related tourism. A weakened dollar renders imports more expensive and hence weakens cargo growth and impinges job growth at the Port of New Orleans. The household bankruptcy rate remains higher than the national average, but has been flat of late. Boding well for future employment is the downward trend in business bankruptcies.

There is a significant shortage of affordable single-family housing units available in LMI tracts. The ‘water-locked’ limitations, aging housing stock, and the level of
deteriorated and abandoned properties compounds the shortfall. The housing
department estimates there are over 20,000 blighted and abandoned properties in Orleans Parish. The city is using the adjudication process to take back these
properties and donate them to non-profit organizations for rehabilitation into
affordable housing stock. This process is lengthy, taking from 18 to 36 months
per house to complete. Many of the houses in their current condition would not
meet the standards for any type of FHA, VA, or conventional loan program.

The need for public housing is great. Four public housing properties in New
Orleans have been deemed non-viable by federal standards. Since 2000, the
Louisiana Housing Finance Agency awarded 14 tax credit projects in the New
Orleans MSA.

CRA Performance Evaluation Chase Bank/Bank One


Chase Bank CRA Evaluation by OCC Public Disclosure 3/31/04
State of Texas Dallas PMA Charter #8

In 2002, the Mayor of Dallas convened a task force to address affordable housing issues and make recommendations on how Dallas can progress in making affordable workforce housing options available to LMI working families. The findings included that surrounding cities and neighboring suburbs were producing affordable housing three times greater than Dallas. Other issues identified include: the City of Dallas had a poorly functioning process for all types of development; foreclosed and unproductive properties are not easily identified and prepared for land assembly for affordable housing, most Community Housing Development Organizations do not have the capacity to make any impact, the City’s down payment assistance programs impact too few and over-subsidize the families it reached, and there is a lack of political leadership and will among City Council members to address these issues. Based on contacts with community organizations, we noted there are numerous opportunities for bank involvement in CD activities and the creation of affordable housing. The greatest needs are for affordable housing and small business loans. Affordable housing needs include loans for both construction of more housing units and financing at below market rates for LMI families. Technical support is needed for small business owners. Educational programs are needed for LMI individuals seeking home ownership and financial fitness. Most CDCs have emerged as CDFIs with the Multibank CDC infrastructure set up in Texas emerged into a CDFI industry as opportunities for Federal funding became available. This provides ample opportunity for financial institutions to participate in CD activities.

Email from Ms Gloria Reynolds

Good afternoon Mr. Ellis:
Per your request for information regarding the bank's activities in Louisiana and Texas, I have attached the most recent Performance Evaluation for Bank One, N.A. Illinois, Charter #8 of which Bank One's Louisiana and Texas offices were a part. Both state's banking activities are now a part of Chase Bank. As I stated to you on the phone when we spoke last week, it is not our policy at Chase to enter into agreements with community groups related to the Community Reinvestment Act. It is our mission at Chase to help the strengthen communities in which we do business by expanding access to capital and by leveraging the full resources of JPMorgan Chase. To this end, we work with many non profit and for profit entities across the firm's footprint. On a separate note, I strongly object to your statement that Chase Bank / Bank One has been involved in red-lining or discriminatory practices. If you or the members of United Affirmative Action Development wish to apply for consumer or business loans, I would be more than happy to give our web address or to help any of you find the most convenient Chase Bank office to you. Respectfully, Gloria Reynolds

September 27, 2005

Ms. Reynolds
I received your email dated 9/26/05 and your bank’s most recent performance evaluation for Bank One (all 274 pages).
On a separate note I asked whom I would speak to or could meet with in order to discuss a CRA agreement with Chase Bank/Bank One. Your reply was that individual who at the time of our conversation you were unable to identify, would be in your Chase Bank, New York office. You stated it would be the following week before you could contact that individual. You also stated you would pass on that information when you contacted him or her. I also asked what your position with the bank was and if you were a CRA official capable of discussing an agreement and you again stated that person is in the New York office.
You didn’t give me your position with the bank and I would appreciate knowing what your title is in the event UAAD may enter into an agreement with Chase Bank as you related that there were other opportunities offered by your bank to assist community organizations such as UAAD, a 501c3 non-profit.
I asked that you review our web site in order for you to understand that Bank One when it purchased Premier Bank, UAAD was invited by Premier to assist in enhancing its CRA programs. Bank One CRA officials also discussed agreements with UAAD, verbally and in writing. After the merger was finalized UAAD filed a complaint with the FDIC and OCC due to the bad faith negotiations on the part of Bank One. (documents are available)
So I say to you, Ms Reynolds that I strongly object that you would accuse UAAD or me of making false accusations regarding Chase Bank being involved in discriminatory practice, but according to Premier and Bank One officials, they clearly stated that their banks were guilty of both red-lining and discriminatory practices. There may come a time when these charges can be brought out for Congress, the courts and the public to review. I personally do not need your web address in order to find the nearest Chase Bank, I’m aware of Chase Banks lending practice to African Americans, in particular, and believe that our CRA proposal will assist in alleviating your bank’s present and past performance.
UAAD’s aim and goals is to assist Chase Bank in providing economic parity to “all” in the community your bank serves. Our proposal entails programs that will allow Chase Bank to enter into an agreement with benefits for the community and “Chase Bank consistent with safe and sound banking practices.
Your immediate reply would be appreciated.
Walter L. Ellis, CEO UAAD/UEDC