Indianapolis Recorder, Indianapolis, Marion County, 8 September 2000 — Page 30

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THE INDIANAPOLIS RECORDER

FRIDAY, SEPTEMBER 8,

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Less redlining Mortgage increase shows power of enforcement

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when a civil rights law is enforced consistently and universally in the sunlight of public

disclosure.

The Congressional Black Caucus fought throughout the early 1970s for a Community Reinvestment Act. When President Jimmy Carter signed it into law, the banking industry fumed about paperwork burdens. But the segregated communities around the country indicated the permanence of redlining, which scholars Melvin Oliver and Thomas Shapiro found to cost Black homeowners $50 billion since

the 1950s.

Like most other civil rights laws, the Community Reinvestment Act and the Home Mort-

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gage Disclosure Act do not re- jected, according to the Fed-

ally force anyone to do anything except file records on their performance. It is then left up to the media and community based organizations to take advantage of the information. At the Winston-Salem Chronicle in 1978, I was the

three largest banks in North Carolina — then Wachovia, First Union and N.C.N.B. Not one of the banks had a branch in a Black neighborhood state-

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His Dreams Led To Inventions. Find Out Where They Can Lead Your Company.

Where can Garrett Morgans dreams lead your company? To NASA technology designed to help improve your business. To low-cost/no-cost business assistance resources full of the practical knowledge you need to keep your company growing. Even to capital access and financial aid. Like to find out more?

Gome to the Garrett Morgan Commercialization Conference, September 27. 2000. 1 his special workshop lor minority, women-owned and small businesses, will feature Lt. Governor Joe Kernan. plus a host of presenters that can help make your business dreams a realitv.

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Garrett Morgan, Inventor, Dreamer 'and Entrepreneur. (I877‘I963) (iiinrtl Morgan's dreams led to inventions including the forerunner of todays traffic lights, the first gas masks worn hy U.S. soldiers during World War /. the creation of the Cleveland Call newspaper and many other products.

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Ford Motor Co. holds entrepreneur symposiunl

wide; Wachovia still maintained its colored branch in the rear basement of its headquar-

The news of an 11 percent ters in Winston-Salem and the increase in mortgage loans to data reflected that neglect. African Americans from 1998 Now, 22 years later, Ken to 1999 shows what can happen Lewis, president of Bank of

America (the successor to N.C.N.B.), is the new chairman of the National Urban League. Diversifying their mortgage and lending portfolios helped each of those banks expand nationally. Yet, many bankers and their allies in Congress still oppose anti-redlining laws. U.S. Sen. Phil Gramm, R-Texas, almost succeeded in taking the CRA out of the banking restructur-

ing act.

In the past six years, the most dramatic results have been seen. For African Americans, there was a 91 percent increase in mortgages from 1993 to 1999. Yet there is still much work to do, because 49 percent of all African Americans are still re-

eral Financial Institutions Examination Council, which includes the Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration, Comptroller of the Currency and the Department of Housing and Urban

Pictured above left to right: Ford dealer Fred Warner, keynote speaker George Fraser, Rev. Taylor T. Thompson, former Congressman Rev. Floyd Flake, Hensley Jernmott of thd

UniWorld Group, and Rev. Cecil Murray.

Effective entrepreneurial strategies and tactics for African Americans and other minorities was the focus of Ford Motor Co.'s “Empowerment Through Entrepreneurship: Symposium 2000'' at the African Methodist Episcopal Church (AME) General Conference held

‘■i i

in Cincinnati last month. j. ; e i The Ford symposium, touring)’^, major minority conferences and 1 j conventions nationwide through •: January 2001, explores various. ', opportunities for minority.-'ij owned business in the automdr-.K live industry. “W 341 i !."* c l L.f.l.

MILLIONAIRES)

first journalist to analyze Development.

HMDA data, reviewing the Bringing those numbers

down further will require applying the CRA approach to other regulatory agencies. All 7,000 banks, credit unions, thrifts, and mortgage brokers fill out the forms and make copies available at each of their

branches.

Just the knowledge that anyone can ask to see their data, combined with far-sighted leadership from such persons as the former and current CEOs of Fannie Mae. James Johnson and Franklin Raines, causes banks to make an effort to reach out, almost most would agree it is still not enough. There is no escaping the fact that African Americans make less money than other groups, a symptom of continuing discrimination in the economy. However, the agencies that enforce employment discrimination like the Labor Department, Justice Department, EEOC and the contract compliance officers in various federal departments do not have a shared protocol that can be applied across the economy although the Civil Rights Act of 1964 gives them clear authority to require record keeping by every employer with more than 15 employees. To root out business discrimination, new laws like the CRA will be needed. Currently, banks have no obligation to examine their business lending as they do their mortgage lending. The federal contract compliance program has been in disarray since court challenges to affirmative action. However, we must applaud one civil rights law that has worked once it has been fairly and evenly applied. It is a model for improving the climate for all Americans. John William Templeton is executive editor of Blackmoney.com. More than 7 million African-American students need an on-ramp to the information superhighway. Books and Bytes: the technology alliance for African-Ameri-can students is the link. Read the African-American Students Guide to the Internet and World Wide Web to discover how you can help. Register for Save Our Students Saturdays at JobCAFE in http://www.Blackmoney.com

Continued from D1 •'!’ direct stock purchase plans. network, GOBI was founded The conference will also in- 1997 by investment prof^- n elude an investment club sional Duane Davis to impr<?j^„ roundtable, as well as sessions financial literacy and fosj^j on financial education for stu- communication among AT|;>-., dents and financial ministries can-American investors. Basej|. for churches. The exhibit hall in Winston-Salem, N.C., thcor^j will host*financial services ganization aims to link 1 miJ^ firms and publicly-traded com- lion African-American inves-^ panics. tors and focus its membershigj To register for the confer- on investing rather than spehdjjj ence visit www.cobinvest.com ing. COB! advocates finanfji^ or call 1 -888-4 L1 -COBJ. planping to help Africap Ampjf fn A 7.000-me.mber, ecpnptpjc, c^achieye econojnic pawt’^ "Jot , •« ob

BRIEFS

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. j !■> Minority business development meeting “ 1 ‘ The governor’s commission on minority business development' 1 will hold its next meeting on Sept. 12 at 1:30 p.m. The meeting Wilf 1 * be in Conference Center Room B located in the Indiana Govefrt-' 3 ment Center South, at 402 W. Washington St. The public is invited/'! J '..ni Key Small Business to launch online solution ' ‘ ’! center on Key.com/Smallblz In a continuing effort to provide small business owners with thej ’ resources they need to grow and manage their businesses, Kfjy ^ Small Business is introducing a new feature to its Key .copy smallbiz Web site. The Key Solution Center is designed to proviejp small business owners with instant access to a variety of tools ana services, all geared toward helping them run their businesses moffe T efficiently. The Solution Center is the latest element in an increas- * ing array of online tools and services available on the Key.com [ Web site. “This is a one-stop solution center for small business ownfr) looking for help with accounting, sales, marketing, e-commero human resources. They'll find it all on Key.com," said Mi&:i Butler, vice chairman of Key Small Business. “When a custonjlrl logs onto the Solution Center, they'll immediately be linked tfntK growing number of our e-commerce partners who will provrdeJ ! them with the necessary services, tools and solutions to meet their business goals and save them both time and money.” “We understand that small business owners wear multiple hats — not only are the owners the president of their company but also the-. CEO. CFO and marketing director," said Butler. “We know they^re. . pressed for time and that's why we've done some of the work for them by locating the right resources to create the right solutions for , their business." • More than 100 companies line up to get crack at 1 IUPUI students, alumni at job fair More than 100 companies will vie for the attention of IUPUI* students and alumni when the doors to the 12th IUPUI Career^ Focus Job Fair open at noon on Sept. 21. Today’s job market, where employers often must go to great lengths to find good employees, is reflected in the IUPUI job fair.*; says Alexine Smith, career counselor and placement officer with, the IUPUI Career Center. The job fair will be held at the University Place Confererjcr; Center, 850 W. Michigan St. The fair will run until 3:30 p.m.- _ More information about the job fair, including the names-oTJ companies that will participate in the job fair, is available^ST www.iupui.edU/~focusday.