FMCRC PRESS RELEASE For Further Information Contact Sharon Lewis (941)284-0688
FOR IMMEDIATE RELEASE May 22, 2009
“Enough is Enough with Bank of America's lack of social responsibility in Florida. Next week, I am closing my Bank of America accounts and switching bank. We will ask the veterans in our association to do the same. Wells Fargo YES Bank of America NO” Raul Espinosa Founder and President Fairness in Procurement Alliance
FMCRC ANNOUNCES LAUNCH OF Wells Fargo YES/Bank of America NO FMCRC CHAIR AL PINA PLANS HUNGER STRIKE JUNE 15TH
TAMPA/MIAMI – The FMCRC Bank of America Florida Boycott Planning Committee, dozens of Florida community, and business organizations will hold a press conference on May 27th at 1pm (Sheraton Sand Key Hotel-Island Room 1- Clearwater Beach, FL) to announce the launch of the “Wells Fargo YES/Bank of America NO” campaign. The Bank of America Florida Boycott will request that all Americans protest Bank of America's policy of continuing to foreclose on the homes of thousands of Americans, raise credit card interest rates, fail to increase credit to struggling businesses, while accepting millions in federal bail-out money. FMCRC Chair Al Pina states “Bank of America remains as the last survivor of the Big 3 Florida banks yet they continue to practice the dangerous policies that led to the historic highs in foreclosures, present credit crunch, loss of jobs, business closures, failure to provide funding that benefits low and modest income individuals. They have taken federal funding, but have not developed any programs to ease the suffering of everyday Americans. It seems the acceptance of federal funding was simply a dividend they accepted to increase their reserves. This is an issue that affects all of Florida and not only our minority communities, businesses and organizations” Over 50 community and neighborhood organizations have joined FMCRC in the Bank of America Florida Boycott to ensure that change comes to Florida. States City of Jacksonville Councilwoman Glorious Johnson “The past banking practices of Bank of America in Florida are unacceptable. Significant Foreclosures, lack of lending and increasing of credit card rates to not only minority communities but Florida in general must no longer be accepted of Bank of America. I support this Bank of America initiative by FMCRC and call on all of Florida's elected officials to send a message to Bank of America that is heard loud and clear” FMCRC notified Bank of America CEO Ken Lewis in a letter dated April 6, 2009 in an attempt to mediate growing concerns with Bank of America in Florida. The letter highlighted the following concerns: Bank of America has a serious lack of lending to minority and small businesses Lending to African Americans is only .02% (less than 1%) of its conventional home loans. Over 65% of all home loans to minority families in LMI communities were subprime Less than 5% of philanthropy funds go to minority non profits Lack of overall investments into Florida minority organizations or communities There complete lack of a specific community commitments in Florida. Credit card rates have been increased even for consumers with good credit Home loans necessary to jump start the economies are at historic lows for all groups In a continued pattern of arrogance by Chairman Ken Lewis, a local Bank of America executive responded to the letter sent by FMCRC. FMCRC is now calling on newly elected Chairman Dr. William Massey to meet with FMCRC and 20 Florida minority community leaders to discuss resolutions. National minority organizational leaders are responding to the call for Dr. Massey to meet with FMCRC leaders, states the Director of Greenlining Institute Orson Aguilar “Given its history and brand name, Bank of America should be America's most cherished bank in all communities. It's a shame that Bank of America has not been able to work out an agreement to serve Florida's diverse communities and we hope that Bank of America's new Chairman, Dr. Walter Massey, will fly to Florida soon to resolve this situation.”. In addition, Washington DC based Minority Business Round table President Roger A. Campos echoes similar support “We support and join FMCRC efforts to expand opportunities in underserved communities to create economic viability.” And states National Association of Minority Automobile Dealers President Damon Lester “NAMAD encourages Bank of America Chairman Dr. William Massey to meet with leaders of NAMAD and FMCRC to find resolution to increased access, funding and opportunities for Florida minority communities, businesses and organizations” Florida has witnessed one of the highest foreclosure rates in all of the United States, with Bank of America as a key to this negative trend. “Bank of America must be held accountable for the success of its home loans. Financial Literacy is critical to building our families. Bank of America in Florida has treated our communities in Florida as an Absentee landlord. There must be change in the behavior and lack of social responsibility with Bank of America. We call on BofA to meet with FMCRC and its leaders to discuss how to bring about this change” states Sylvia Alvarez Director of Housing and Education Alliance. FMCRC and supporting organizations will use the power of the internet to engage Florida's minority families and businesses. According to Florida Puerto Rican/Hispanic Chamber of Commerce President Sam Lopez “We at the Florida Puerto Rican/Hispanic Chamber of Commerce support this boycott against Bank of America in Florida by FMCRC. The lack of lending to Latino small businesses in Florida is not acceptable. The lack of philanthropy to Florida Latino business organizations is not acceptable. We will engage our families and businesses in the Puerto Rican community that Wells Fargo Yes and Bank of America NO via the internet and community events” States Florida Minority Chamber of Commerce President Doug Mayorga “The Florida Minority Chamber of Commerce support both Al Pina and FMCRC in this boycott of Bank of America in Florida. Their lack of lending to minority businesses in Florida is not acceptable. They are absent in support of Florida minority business organizations and small business lending. We will continue to email our members that it is Wells Fargo YES and Bank of America NO” The FMCRC Bank of America Florida Boycott Planning Committee will announce at the Press Conference actions needed by Bank of America: 1) Immediate meeting with the new Chairman Dr. Massey (20 FMCRC selected minority leaders) 2) Annual meeting with CEO and FMCRC Community Reinvestment Review Committee 3) Annual CRA review to ensure that there is adequate reinvestment into our communities, families, organizations and businesses. To also ensure minimum subprime loans are being directed to Florida minorities. 4) Increased Home lending program to help all Americans 5) Increased Foreclosure prevention programs to help struggling Americans 6) Freeze on all interest increases of credit cards 7) Provide loans for automobile purchases 8) Increase lending to Florida minority small businesses 9) A minimum of 30% of all philanthropy to go to Florida minority organizations 10) A minimum of 25% of all procurement spent goes to Florida minority businesses 11) Equity investments into Florida minority funds or businesses 12) Launch of a capacity building fund for Florida minority organizations
Concludes Dr. Bessie Fletcher, President of Mothers & Daughters Inc. “With the affects of our economy on our families, especially on minorities, I agree that we need Chairman Dr. Massey to work out an agreement to better serve Florida's diverse communities. This situation needs to be resolved as soon as possible. We support FMCRC on Wells Fargo YES and Bank of America NO” Our goal is to empower low-income and minority communities by attracting investments for health, education, homeownership, employment, and minority entrepreneurship using a holistic advocacy approach. 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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