JPMorganChase Bank Slave Trade Involvement

UAAD is a 501c3 non profit who is negoiating an agreement to provide a framework to assist Chase Bank in distributing in excess of $800 million dollars of CRA funds available according to their Community Partnership Proposal

Thursday, October 05, 2006


Walter Ellis CEO / Founder United Affirmative Action Development Corp / UAAD, a 5013c non-profit.
Also CEO and founder United Equity Development Corporation / UEDC, a for-profit Louisiana Corporation.
Both Corporations founded in 1995/1996 while participating in a CRA agreement with Premier Bank, a Louisiana Bank.

CRA stands for the COMMUNITY RE-INVESTMENT Act of 1977, often stated as the most important Civil Rights Legislation ever passed by Congress.
It was passed due to the extreme discrimination, predatory lending, and red-lining practiced by our nation’s banks.
The FDIC/OCC who regulate the banks and who are the enforcer of these regulations suggest that banks enter in into CRA agreements with COMMUNITY Organizations in order to better serve the low-moderate income community.
It is suggested that banks commit up to 10% of their assets toward CRA contributions. These contributions can be negotiated by way of low interest loans etc. Only under CRA can a bank negotiate a loan below prime rates.
Other compotants, such as low interest business development loans, Block Grants etc.
In 1977 BofA negotiated a $350 Billion 4% interest commitment to ACORN for 10 years, for HUD housing development.

In 2004 JPMorganChase Bank committed $800 Billion dollars to their Community Partnership that they don’t like to call CRA for a variety of reasons. Out of this commitment they indicate on their web-site that they have dedicated $69 Billion to various organizations and individuals. An investigation will reveal that the majority of that $69 BILLION was committed to Groups, and Organizations that were not people that look like Us.

“SMART START of Louisiana” $5 Million commitment? (David Lewis)
($8 Million request for GSU 0404/06)?
How I believe we should look at the total commitments of all our nation’s banks which exceeds 4.2 Trillion dollars to date. These are normally 10 year commitments beginning April 2004. These commitments were or should have been made to African Americans in particular. The CRA act was implemented and passed in 1977. It would appear that since few banks have committed little or none of there funds to African Americans, that without interest they would owe this Community approx. 12 Trillion dollars.
In UAAD’S opinion CRA commitments should be a form of REPARATION for Descendants of Slaves. It was always meant as a penalty that Congress meant the banks to pay for their past transgressions.
JPMorganChase Bank with an $800 Billion total commitment closed both my business accounts, barred me from all their facilities throughout the US, simply because I asked them on behalf of UAAD to consider:
Allocating approx. $80 Billion for the next 5years, for Business Centers development, using HBUC’s for education and development.
Enter into a CRA agreement with UAAD and a Coalition of Community Organizations to negotiate low interest loans, block grants etc.
Negotiate an AFFINITY CREDIT Card agreement with this Group.

Understanding the reasons this Act ineffective due to:
If we don’t ask, the banks will not tell.

OCC/FDIC Prime purpose and goals are to protect the interest of the banks; therefore they will not be involved in any benefitual manner in complaints, especially if you are a Person of Color.
The Bush administration which is the overseers of the regulatory agencies, and whose Father is said to have had a long involvement with the Federal Reserves who allocate and loan monies to banks utilize such power to create “One World Order”, keeping Black Folks in poverty, never to receive Reparation form this Government. And since the Federal Reserves practically own and control the banks they are going to do their best to see that the banks have to abide by the regulations set by Congress, but the “loop hole” is that they must use “prudent banking practices” when carrying out their CRA obligations. That is to say if a low-income, poverty stricken Black Man come to your bank and ask you for a loan, and if he can’t prove that he meet the requirements with a line of credit, the bank is in compliance by not making such loans, as JPMorganChase practices this date the year 2006.
The OCC/FDIC also advise the banks, as Mr. David Lewis The Regional Director of the OCC advised UAAD and Mike Scott the VP of CRA the State of Louisiana recently that the bank was not required to enter into CRA agreements or arrangements unless they chose to do so.
Without Chase Bank entering into a CRA agreement the above mentioned Black Man, to make it short you can call him Walter, has no one to present his case whether discrimination, predatory lending existed or not.
I was told by Mr. Peter Barrett the Republican Council for one of the Financial Committees when lobbying Congress in January this year that the reason this act?? CRA was still a regulation was due to no one attempting to make it effective. He mentioned that the Democrats have tried, and they are not going to take a chance again as long as the Republicans are in Control of Congress.

UAAD believe that most other banks in Louisiana are willing to provide banking services and begin adhering to CRA. Chase Bank’s Vice President of CRA Mike Scott stated African Americans were not included in The Civil Rights Act CRA, created due to banks’ predatory, and discriminatory practices in minority communities, the majority of that minority being African Americans.
An effective BOYCOTT of Chase may influence other banks in Louisiana and else where to negotiate reasonable agreements as suggested under the COMMUNITY RE-INVESTMENT Act of 1977, CRA. It is apparent that Congress, the OCC/FDIC is not going to assist most African Americans. See:


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