-FMCRC Requesting Federal Investigation by Federal Reserve Board for CRA violations by SunTrust Banks -CRA accountability is foundation to community revitalization Then There Was Only One-SunTrust Bank SunTrust Bank refuses to follow the leadership of Bank of America, BB&T, Chase, Citi, Regions and Wells Fargo and conduct thorough annual CRA-Community Revitalization Reviews with FMCRC CRA Committee- The Community Reinvestment Act (CRA) is a federal law that requires banks to meet the credit needs of their entire communities, including low-and moderate-income (LMI) neighborhoods. The purpose of the CRA is to fight redlining and to increase lending in LMI neighborhoods. The CRA federal regulation begins by reciting ‘Congress three findings in passing the law. First, banks are required to serve the “convenience andneeds” of the communities in which they are chartered to do business. Second, “the convenience and needs of communities include credit services.” Third, banks “have continuing and affirmative obligation(s) to help meet the credit needs of the local communities in which they are charted.”
-FMCRC CRA Committee to hand deliver letter October 13-14 outlining specific CRA, FHA and ECOA violations by SunTrust banks to Federal Reserve Board, Treasury department, key members of the House Financial Services Committee and the Chair of the Congressional Hispanic and Asian Caucus
-FMCRC CRA committee request dismissal of Mr. James Wells III to Federal Reserve Board of Atlanta due to conflict of interest
SunTrust Banks and its Chairman Mr. James M. Wells III do not meet the moral obligation of the CRA and the minority communities of
Statement by analyst regarding SunTrust’s Subprime loans “What troubles Bove is SunTrust’s loan portfolio that contains Alt-A mortgages and loans of all types in
September 2008-SunTrust Bank and 20 company officers and executives are facing a class action accusing them of investing employee retirement benefits in company stock despite substantial investment risks stemming from the bank’s subprime exposure….
SunTrust named in litigation/lawsuit by NAACP for making high cost sub-prime loans to higher qualified African American 54 % of the time, compared to 23% for Caucasians….
FMCRC CRA-Community Revitalization Committee:
We applaud the leadership of Bank of America, BB&T, Chase, Citi,Regions and Wells Fargo for their participation in the annual FMCRC CRA-Community Revitalization reviews (a practice widely accepted in
It is very alarming that SunTrust Banks and Mr. Wells III continue to embrace the “old south” way of doing business. This “practice” was first experienced by FMCRC Chair Al Pina in 2004 when he invited Greenlining Institute Director John Gamboa to make a CRA presentation to key
The current recession and the irresponsible banking (subprime) practices that led to this recession have brought about a time in our state and country to “reset” and allow it to become a teachable moment. With this in mind, the FMCRC CRA Committee has reached out to all the major banks in
All major
The letter to the Federal Reserve Board will demonstrate that:
The FMCRC CRA-Community Revitalization letter shall be made public following the delivery next week in
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The Coalition's (70+ minority organizations) strategy entails six central programs and projects for Florida's minority communities, families and organizations:
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