NCRC on HR 10 Bank Wal-Mart

Dear Amanda and Other Friends of Community Reinvestment:


Please call us, the National Community Reinvestment Coalition (NCRC), on
(202) 628-8866 to discuss the huge loophole in current banking law in which
thrifts can own and be owned by insurance companies, commerical firms, and
other non-depository institutions. NCRC and its 700 member organizations
have commented on these applications to the OTS, and have met with OTS
senior staff on several occasions about the erosion of community
reinvestment that often results after these thrift-nondepository
conglomerates are created.

You have all probably heard that H.R. 10, the Financial Services Act of
1999, passed overwhelmingly yesterday in the House. NCRC posted an alert
about this earlier this week. We invite all organizations to join us in a
strong coalition against legislation like H.R. 10 that ultimately makes the
financial industry more monopolistic (oligopolistic) and less inclined to
adhere to community reinvestment obligations.


John Taylor and Josh Silver
NCRC



>Given this week's rather disturbing news about Wal-Mart, the nation's
>favorite neighborhood emporium, applying for a thrift charter, I was
>wondering if there's a movement afoot and/or campaign underway to counter
>Wal-Mart's attempt to enter the financial services industry?
>
>>From this week's "Credit Union Times" (more below): "In its application,
>Wal-Mart said it could fill a void for its customers because about 20% of
>them do not have a relationship with a financial institution."
>
>Are there CED/CDFI/CRA folks out there who are beginning to address this
>issue? If so, please share the info with this list.
>
>Many thanks,
>Amanda Joseph
>
>




This post transferred from the cdb-l mailing list

Good work friends!

Keep at it,

xx's

j

*********************
----------
>From: Josh Silver <jsilver@essential.org>
>To: Community Development Banking <COMMUNITYDEVELOPMENTBANKING-L@cornell.edu>
>Subject: NCRC on HR 10 Bank Wal-Mart
>Date: Fri, Jul 2, 1999, 6:54 pm
>

>
>
>Dear Amanda and Other Friends of Community Reinvestment:
>
>
>Please call us, the National Community Reinvestment Coalition (NCRC), on
>(202) 628-8866 to discuss the huge loophole in current banking law in which
>thrifts can own and be owned by insurance companies, commerical firms, and
>other non-depository institutions. NCRC and its 700 member organizations
>have commented on these applications to the OTS, and have met with OTS
>senior staff on several occasions about the erosion of community
>reinvestment that often results after these thrift-nondepository
>conglomerates are created.
>
>You have all probably heard that H.R. 10, the Financial Services Act of
>1999, passed overwhelmingly yesterday in the House. NCRC posted an alert
>about this earlier this week. We invite all organizations to join us in a
>strong coalition against legislation like H.R. 10 that ultimately makes the
>financial industry more monopolistic (oligopolistic) and less inclined to
>adhere to community reinvestment obligations.
>
>
>John Taylor and Josh Silver
>NCRC
>
>
>
>>Given this week's rather disturbing news about Wal-Mart, the nation's
>>favorite neighborhood emporium, applying for a thrift charter, I was
>>wondering if there's a movement afoot and/or campaign underway to counter
>>Wal-Mart's attempt to enter the financial services industry?
>>
>>>From this week's "Credit Union Times" (more below): "In its application,
>>Wal-Mart said it could fill a void for its customers because about 20% of
>>them do not have a relationship with a financial institution."
>>
>>Are there CED/CDFI/CRA folks out there who are beginning to address this
>>issue? If so, please share the info with this list.
>>
>>Many thanks,
>>Amanda Joseph
>>
>>
>
>
>


This post transferred from the cdb-l mailing list

<x-flowed>

Dear Amanda and Other Friends of Community Reinvestment:


Please call us, the National Community Reinvestment Coalition (NCRC), on
(202) 628-8866 to discuss the huge loophole in current banking law in which
thrifts can own and be owned by insurance companies, commerical firms, and
other non-depository institutions. NCRC and its 700 member organizations
have commented on these applications to the OTS, and have met with OTS
senior staff on several occasions about the erosion of community
reinvestment that often results after these thrift-nondepository
conglomerates are created.

You have all probably heard that H.R. 10, the Financial Services Act of
1999, passed overwhelmingly yesterday in the House. NCRC posted an alert
about this earlier this week. We invite all organizations to join us in a
strong coalition against legislation like H.R. 10 that ultimately makes the
financial industry more monopolistic (oligopolistic) and less inclined to
adhere to community reinvestment obligations.


John Taylor and Josh Silver
NCRC



>Given this week's rather disturbing news about Wal-Mart, the nation's
>favorite neighborhood emporium, applying for a thrift charter, I was
>wondering if there's a movement afoot and/or campaign underway to counter
>Wal-Mart's attempt to enter the financial services industry?
>
>>From this week's "Credit Union Times" (more below): "In its application,
>Wal-Mart said it could fill a void for its customers because about 20% of
>them do not have a relationship with a financial institution."
>
>Are there CED/CDFI/CRA folks out there who are beginning to address this
>issue? If so, please share the info with this list.
>
>Many thanks,
>Amanda Joseph
>
>





</x-flowed>

This post transferred from the cdb-l mailing list