FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT
June 3, 2010 Otis Monroe - The Monroe Foundation
Community Reinvestment Group Presents Report Card on Banking and Lending Accountability
To Illinois Treasurer Chief of Staff Robin Kelly at South Suburban CRA Forum
The Community Reinvestment Organizing Project (COP), a community reinvestment and public policy initiative of the Monroe Foundation and the Ministers Conference of South Suburban Cook County, Inc., will grade state depositories and their commitment to local community reinvestment activities, when the two groups present a "COMMITMENT TO COMMUNITY REINVESTMENT REPORT CARD". The "Report Card" will score several financial institutions that COP leaders have meet with to discuss using the Commitment to Community Reinvestment policy to create community development and financial services opportunities since adoption of the policy that went into effect on June 1, 2009.
The forum will be held on Wednesday June 9th, 10a.m. to 12p.m. at Fifth Third Bank, 174 East 154th Street in Harvey, Illinois.
Robin Kelly, chief of staff to Illinois Treasurer Alexi Giannoulias, and Democratic nominee for Illinois Treasurer, was an early supported of the COP coalition's CRA policy campaign, and will attend the policy forum and receive the report card.
The "Commitment to Community Reinvestment" CRA policy, revised by the Community Reinvestment Organizing Project (COP), requires financial institutions that receive state deposits and public investments, to commit to a set of community reinvestment principles to leverage those deposits and investments in a manner that creates banking, lending and investment opportunities and benefits that are qualifable through the Community Reinvestment Act of 1977 also known as "CRA".
In adopting the policy, Treasurer Alexi Giannoulias stated that financial institutions that do not sign the new policy would not be able to serve as state depositories. Further, Treasurer Giannoulias added a "CRA Compliant Form" on the website of the Treasurer's Office to register complaints and concerns about state depositories that are not acting in good faith to use the policy with community groups and Illinois citizens to provide access to financial services, particularly in economically struggling urban and rural communities.
Rev. Dr. Lewis Flowers, CEO of the Westside Ministers Coalition and Chair of the COP coalition, stated, "We are planning to use this forum to update the community on which state depositories have been responsive to community reinvestment dialogue with our leaders, and encourage others to join in as well as educate communities about getting banks to address local banking, lending and investment needs".
The Community Reinvestment Organizing Project (COP) is funded by grants from the Woods Fund of Chicago and The Field Foundation of Illinois.
Illinois Treasurer Alexi Giannoulias, advocated for adoption of a stronger CRA
Policy for state depositories