UEDC/ CRA Proposal

This is a summary of complaints by UAAD pertaining to JPMorganChase Bank

6/05/2006

UAAD/UEDC Hurricane Victims Recovery (HVR) Louisiana Bank Proposal

UEDC an affiliate of UNITED AFFIRMATIVE ACTION DEVELOPMENT CORP (UAAD) a 501c3 non-profit propose to create a coalition of small and large banks in the state of Louisiana in order to provide low, moderate-income individual and small businesses to include African Americans (AA) the necessary funding in order to recover from KATRINA, and its aftermath.

UAAD will seek a contribution of 3% of each banks CRA commitment to develop the following programs:

Mobil office and trailer units. These vehicles will be used to service the Hurricane Victims and others. Units will be staged at organization sites, churches, colleges and other locations to assist low-moderate income individuals in loan applications, credit repair, business assistance, legal and other mobile assistance. See: http://www.uaadcorp.com/

Promote Coordinate efforts with participating banks to bring financial aid to Hurricane Victims and others. See: http://www.uaadcra.blogspot.com/

Cost per Unit(s): $250,000.00 Mobil RV and Trailer
Operational Cost 6 months: 75,000.00
Total $325,000.00

Units will promote contributing banks logo and contribution.

UAAD is in the process of negotiating a low interest Affinity Credit Card that will benefit other participating banks members.
See: http://www.chaseuedcaffinity.blogspot.com/, credit card program.

UAAD anticipate that the majority of the banks in Louisiana will join and participate in this Hurricane Recovery program.

United Affirmative Action Development Corporation, a 501c3 non-profit, would like to meet with your CRA representative. We would like to have a copy of your CRA files and to discuss the following:
A CRA Proposal From UNITED EQUITY DEVELOPMENT CORP (UEDC) To All Banks In The State of Louisiana for Hurricane
KATRINA Recovery.

The suggestions of the COMMUNITY RE-INVESTMENT ACT of 1977 (CRA) is that banks commit at least 10 percent of their assets toward CRA activities. These set asides can be in the form of low interest loans, or contributions.
CRA a part of the civil rights legislation of 1977 was created due to predatory lending, red-lining and discrimination on the part of our nation’s banks.

see: http://www.uaadcorp.com / http://www.chaseuedcaffinity.blogspot.com/
http://www.chasebankreparation.blogspot.com/
UAAD/UEDC will organize a coalition of banks, community organizations, in order to benefit the Hurricane victims. Such a coalition will benefit the banks, low, moderate-income to include AA. / http://www.bankwhileblack.com/

Utilization of funds:

Finance down payments to low-moderate-income for home purchase, (based on programs JPMorganChase Bank has established).

Provide low (no interest loans to hurricane victims)

Provide low interest business loans to small businesses. (Lower to Katrina Victims).

Contributions to HBUC’s, to increase CRA activities and scholarship programs.

Establish Micro-business Centers at all HBUC’s and other locations where needed. Centers will be assisted by Community Organizations and small banks. Small banks will also serve and assist on Community Loan Committees.

In addition to low interest loans, assistance from business centers, our members will also benefit from UAAD/UEDC’s low interest AFFINITY CREDIT CARD being negotiated with JPMorganChase Bank.

Although UAAD/UEDC has in excess of 20 years involvement in CRA, we are aware that the success of accomplishing our goals we will need a commitment from our nation’s banks, FDIC, Office of the Comptroller of the Currency (OCC) and as many community organizations that will join with us in order to assist the KATRINA victims and others. Our nation’s banks have in excess of $4.2 trillion dollars in CRA commitments. If the CRA ACT has any significance or purpose, now is the time for it to be implemented. See: http://www.uedcinc.com/

We propose a 5 year commitment of 10 percent of assets to be administered by UAAD and other established community organizations. We will be negotiating for UAAD and the coalition will require a reasonable percentage in advance to administer these programs.
See: http://www.uaadcrahbuc.blogspot.com/
We anticipate your in-put and participation.

UEDC will ask small banks to contribute administration assistance in lieu of cash contributions. Such contributions will be in the form of business consultation, serving on community loan committees, teaching CRA and banking in HBUC’s etc. Larger banks will be asked to contribute at least 10 percent of their assets toward these proposed projects for the next 5 years. We believe the FDIC/OCC will consider this proposal to be practical and meet the requirements of the bank(s) obligation to meet prudent banking practices as required under the Community Re-Investment Act of 1977 (CRA).

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