1)NPA Co-Chair Brenda La Blanc (left) and National Training and

Information Center board Chairwoman Marilyn Evans prepare for a meeting.

2) Representatives from Bank One and JP Morgan Chase met in March

with NPA leadersto discuss the companies commitment to communities.

Bank One and JP Morgan Chase officials from around the country flew to Chicago in March to meet with National People’s Action. The meeting was in response to community organizations' concerns about the proposed merger between the two corporations because of both banks' home loan records for minority borrowers.

JP Morgan Chase is trying to purchase Bank One for an estimated $58 billion by mid-2004. The combined company would be the second biggest bank in the world with assets estimated to be $1.1 trillion Citigroup is the largest bank with assets of $1.26 trillion.
NPA signed an agreement in May 2003 with CitiFinancial, a division of Citigroup.

Recent research shows that JP Morgan Chase and Bank One have a poor record when it comes to making loans to African-Americans and Hispanics compared to whites of similar income. For example, in Chicago, JP Morgan Chase denied 24.9% of white low-income applicants, whiled denying 45.9% of low-income African-Americans and 66.7% of low-income Hispanics in 2002. In that same year in Chicago, Bank One denied 47% of African-Americans and 21 percent of whites.

After discussing the issues of predatory lending, servicing, lending to low- and moderate- income communities and farm and ranch management with the two banks, bank officials proved that the groups had something to be concerned about by refusing to sign a written agreement with NPA.

“We have heard the line about not signing a written agreement before,” said NPA Co-Chair Brenda LaBlanc. “If they won’t put their name to this agreement, it shows that they are not serious about it.”
Eight groups including Central Illinois Organizing Project, East Side Organizing Project, Communities United for Action, National Housing Services of Chicago (Englewood), Syracuse United Neighbors, South Austin Coalition Community Council, Pittsburgh Community Reinvestment Group, and Creston Neighborhood Association attended the meeting. 

Groups followed up the meeting by informing the federal banking regulators about Bank One/JP Morgan Chase’s refusal to sign into a written agreement and asked them to extend the public comment period on the merger. They also sent a formal letter protesting Bank One and JP Morgan Chase’s application to merge.

Groups will continue the discussion on how to deal with the banks' refusal to sign a CRA agreement at NPA in the CRA workshop on Sunday, March 28.

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