MINORITIES GAGGED BY FEDS
The following is a statement from the advocacy group Florida Minority Community Reinvestment Coalition (FMCRC) regarding Community Reinvestment Act Hearings:
TAMPA - These hearings will impact ALL minorities and under served communities, organizations, businesses and families throughout theUnited States. Our economic future is at stake yet these hearings are being restricted to the select few that will impact ALL OUR LIVES AND ECONOMIC FUTURE.
These CRA Forums are sponsored by the four federal regulatory agencies (the Federal Reserve, the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision). The following are the only cities that community input is being allowed:
Washington D.C.
Atlanta
Chicago
Los Angeles
EXPAND CRA HEARINGS TO NO LESS THAN 40
RE: CRA Forums Lack of Minority and Underserved Community Input
In that we at FMCRC are pleased to see that the Community Reinvestment Act (CRA) is being reviewed through a series of national meetings, holding only four meetings across the country is a serious lack of true accountability and transparency for the minority communities across our nation.
The CRA is considered the MOST critical community economic development component and has long been viewed as seriously flawed and ineffective in creating jobs in minority and under served communities. The data from highly respected institutions bear this out. Capital is the key to revitalization of our communities, businesses and families. Capital is at the heart of the Community Reinvestment Act of 1975 so needless to say this issue is extremely critical to our community’s future and economic well being. But this is an issue that also impacts our entire nation economically. In Floridaminorities account for over 40% of the population in our urban centers yet contribute only fractions of the GDP. This can not and will not be able to sustain itself.
Recently the Federal Reserve Board held 40 community forums across our nation to discuss small business lending and to ensure that there was true community input. It was the most comprehensive and INCLUSIVE national initiative I have ever witnessed. That initiative only focused on small business lending. Small Business lending is only one component of the CRA so for there to be only FOUR national meetings is nothing short of a tragedy for all minorities and underserved families, organizations and communities.
There are thousands of organizations across our nation that work rebuilding low and moderate income communities that contribute to the welfare of our nation. Allow their voices to be heard. To hold only four CRA hearings would be an insult to these leaders who want and need to be heard on the issue of the Community Reinvestment Act. But it also will continue to feed a destructive path of exclusion that has put us in this dire situation that we find ourselves in.
We are requesting that you expand these hearings to no less than 40 (To include two held in Florida
) that will provide a true vehicle of economic and racial inclusion that ultimately will lead our nation down a path of racial reconciliation. We can not accept anything less.
Mission of Florida Minority Community Reinvestment Coalition:
Mission Statement: Our goal is to empower low-income and minority communities by attracting investments for health, education, home ownership, employment, and minority entrepreneurship using a holistic advocacy approach. FMCRC is being developed in partnership with the Greenlining Institute of California (
