FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
August 18, 2012 Otis Monroe, the Monroe Foundation
Community Reinvestment Organizing Project (COP) CRA Report Card Forum
Calls for City of Chicago Responsible Bank Policy
2012 Community Bank Report Release at Forum
The Community Reinvestment Organizing Project or COP, a community reinvestment and public policy organizing initiative of the Monroe Foundation, today issued a call to Chicago City Council and City of Chicago finance managers, to join with Los Angeles, Cleveland, OH, and Pittsburgh, PA in adopting a Bank Responsibility Policy for the city of Chicago.
A “Call to Action” for a Bank Responsibility policy will be issued at the August 25th Community Reinvestment Report Card Forum on Banks at the Chicago Urban League, 4510 South Michigan Avenue, 10a.m. to 12noon.
Senior representatives of Chicago area financial institutions will join with community reinvestment advocates and “everyday citizens” to review and discuss the 2012 Community CRA Report Card grading of financial institutions that have performed in the interest of communities to meet CRA goals with community groups of the COP coalition.
Notably, PNC Bank, Citibank and US Bank will be recognized for outstanding community CRA activities. Community Bank of Oak Park River Forest, which received a Substantial Noncompliance for not lending in Chicago’s Austin community, will be discussed.
The Community Reinvestment Act (CRA) was passed in 1977, signed by President Jimmy Carter, and requires financial’ institutions to “meet the credit needs” of every segment of a community”, outlawing the once practice of “redlining”.
Otis Chandler Monroe, III, CEO of the Monroe Foundation, stated, “Financial institutions are beginning to take new steps to get around regulatory reforms passed two years ago by the Dodd-Frank Act on financial reforms, by finding new ways to charge fees to consumers for basic services such as depositing your check with their bank.
City of Chicago Department of Finance Comptroller Amer Ahmad, added,” Our office is in dialogue with the Monroe Foundation and its’ coalition, and we are working collectively to identify and implement an appropriate strategy that maximizes our deposits, investments, while having the community reinvestment benefits that are mutually sought by community advocates and our approved municipal depositories”.