Community Reinvestment

Bankers group names presidentThe newly formed Anne Arundel Bankers Community Reinvestment Group has elected Cheryl A. Anderson-Neff as the group's president. The group is made up of representatives from several area banks.Ms. Anderson-Neff is director of marketing and community reinvestment at Farmers National Bank in Annapolis.According to Ms. Anderson-Neff, the goal is to "educate ourselves and our local citizens about current community issues and look for ways to work together for the betterment of Anne Arundel County neighborhoods."

A community activist group said yesterday that it plans to challenge M&T Bank Corp.'s proposed acquisition of Allfirst Financial Inc. The group, known as the Association of Community Organizations for Reform Now (ACORN), said Allfirst's lending record to African-Americans and low-income individuals is inadequate. ACORN plans to hold a news conference today. "We have met with Allfirst on numerous occasions to ask them to expand their community lending," said Mitch Klein, ACORN's head organizer in Baltimore.

In a move to reinvigorate his community development programs, Mayor Martin O'Malley announced yesterday the appointment of a director of "community investment" who will work with banks to redevelop Baltimore neighborhoods. Gary M. Brooks, a former vice president and unit manager with Bank of America for 7 1/2 years, is charged with building a program similar to those in Pittsburgh and Cleveland, which have tapped banks for billions of dollars for redevelopment of neighborhoods. The banks have provided the funds through the federal Community Reinvestment Act, intended to ensure that banks provide lending in hard-hit neighborhoods.

In a move to reinvigorate his community development programs, Mayor Martin O'Malley announced yesterday the appointment of a director of "community investment" who will work with banks to redevelop Baltimore neighborhoods. Gary M. Brooks, a former vice president and unit manager with Bank of America for 7 1/2 years, is charged with building a program similar to those in Pittsburgh and Cleveland, which have tapped banks for billions of dollars for redevelopment of neighborhoods. The banks have provided the funds through the federal Community Reinvestment Act, intended to ensure that banks provide lending in hard-hit neighborhoods.

Two mayoral candidates said yesterday that if elected to lead Baltimore, they would make better use of the federal Community Reinvestment Act to renew city neighborhoods.Speaking before members of the Center for Poverty Solutions, City Council President Lawrence A. Bell III and Councilman Martin O'Malley said the city has failed to adequately tap into funds provided through the federal statute requiring banks to lend money to businesses in hard-hit neighborhoods.The comments were made as 10 candidates in the Sept.

The Federal Reserve Board yesterday approved the acquisition of MNC Financial Inc. by NationsBank Corp., the next-to-last regulatory hurdle to clear before the two companies can merge, possibly within the next month.NationsBank, based in Charlotte, N.C., is the fifth-largest banking company in the country, with $124 billion in assets, and stands to claim fourth place by acquiring MNC, which has $17 billion in assets.NationsBank has offered $1.4 billion, or $15.17 a share, in nearly equal parts stock and cash for MNC. In June, MNC's shareholders overwhelmingly approved the deal at what was likely the Baltimore company's last annual meeting.

A community activist group said yesterday that it plans to challenge M&T Bank Corp.'s proposed acquisition of Allfirst Financial Inc. The group, known as the Association of Community Organizations for Reform Now (ACORN), said Allfirst's lending record to African-Americans and low-income individuals is inadequate. ACORN plans to hold a news conference today. "We have met with Allfirst on numerous occasions to ask them to expand their community lending," said Mitch Klein, ACORN's head organizer in Baltimore.

The proposed merger between MNC Financial Inc. and NationsBank Corp. could take at least a month longer than expected because two community groups have filed formal protests about the deal with federal regulators.The Maryland Alliance for Responsible Investment (MARI) and the Virginia Coalition for Community Reinvestment (VCCR) sent letters June 3 to the Federal Reserve Bank of Richmond, which is evaluating NationsBank's application to buy MNC.MNC's shareholders are scheduled to meet tomorrow morning to vote on the deal.

Mortgage lenders are making a practice of approving marginal loans to meet reinvestment requirements in the inner city, leading to high default and foreclosure rates and deterioration of once-stable Baltimore neighborhoods, housing advocates say.Instead of reducing their risk by putting borrowers into federally insured mortgage programs, lenders should help buyers get extensive pre-purchase counseling, approve conventional loans or reject the application, said...

Congress, the banks and the bank regulators are about to complete another skirmish in their Bosnia-like campaign to save the older neighborhoods in cities like Baltimore.It all began in 1977 when Congress enacted the Community Reinvestment Act, which in effect said to the banks: "We [the federal government] tried to save the cities and have failed. You do it!"Of course, the banks and especially the bank regulators (the Federal Reserve, Federal Deposit Insurance Corp., Federal Home Loan Bank Board and Comptroller of the Currency)

Two mayoral candidates said yesterday that if elected to lead Baltimore, they would make better use of the federal Community Reinvestment Act to renew city neighborhoods.Speaking before members of the Center for Poverty Solutions, City Council President Lawrence A. Bell III and Councilman Martin O'Malley said the city has failed to adequately tap into funds provided through the federal statute requiring banks to lend money to businesses in hard-hit neighborhoods.The comments were made as 10 candidates in the Sept.

ATLANTA -- Pledging to spark more economic growth and prosperity among African-Americans, Vice President Al Gore yesterday announced a goal of $1.4 billion in new loans for black small-business owners nationwide, including developing a Baltimore center.The new loan initiative, to be administered by the Small Business Administration, will be buttressed by seven community development centers to educate black entrepreneurs. The announcement is timely for Baltimore, where City Council President Lawrence A. Bell III has spent months prodding area banks for more business capital in black neighborhoods.

IF THE Republicans believe that people ought to be able to make it on their own, why are they proposing to destroy a program that, at practically no cost to the government, gives everyone a fair chance to participate in the capitalist system?The Community Reinvestment Act was adopted in 1977 to underscore what U.S. banking laws have traditionally held -- that financial institutions granted unique privileges by the government have an obligation to serve their communities, including low- and moderate-income areas.

Mortgage lenders are making a practice of approving marginal loans to meet reinvestment requirements in the inner city, leading to high default and foreclosure rates and deterioration of once-stable Baltimore neighborhoods, housing advocates say.Instead of reducing their risk by putting borrowers into federally insured mortgage programs, lenders should help buyers get extensive pre-purchase counseling, approve conventional loans or reject the application, said...

Bankers group names presidentThe newly formed Anne Arundel Bankers Community Reinvestment Group has elected Cheryl A. Anderson-Neff as the group's president. The group is made up of representatives from several area banks.Ms. Anderson-Neff is director of marketing and community reinvestment at Farmers National Bank in Annapolis.According to Ms. Anderson-Neff, the goal is to "educate ourselves and our local citizens about current community issues and look for ways to work together for the betterment of Anne Arundel County neighborhoods."

Congress, the banks and the bank regulators are about to complete another skirmish in their Bosnia-like campaign to save the older neighborhoods in cities like Baltimore.It all began in 1977 when Congress enacted the Community Reinvestment Act, which in effect said to the banks: "We [the federal government] tried to save the cities and have failed. You do it!"Of course, the banks and especially the bank regulators (the Federal Reserve, Federal Deposit Insurance Corp., Federal Home Loan Bank Board and Comptroller of the Currency)

IF THE Republicans believe that people ought to be able to make it on their own, why are they proposing to destroy a program that, at practically no cost to the government, gives everyone a fair chance to participate in the capitalist system?The Community Reinvestment Act was adopted in 1977 to underscore what U.S. banking laws have traditionally held -- that financial institutions granted unique privileges by the government have an obligation to serve their communities, including low- and moderate-income areas.

ATLANTA -- Pledging to spark more economic growth and prosperity among African-Americans, Vice President Al Gore yesterday announced a goal of $1.4 billion in new loans for black small-business owners nationwide, including developing a Baltimore center.The new loan initiative, to be administered by the Small Business Administration, will be buttressed by seven community development centers to educate black entrepreneurs. The announcement is timely for Baltimore, where City Council President Lawrence A. Bell III has spent months prodding area banks for more business capital in black neighborhoods.

The Federal Reserve Board yesterday approved the acquisition of MNC Financial Inc. by NationsBank Corp., the next-to-last regulatory hurdle to clear before the two companies can merge, possibly within the next month.NationsBank, based in Charlotte, N.C., is the fifth-largest banking company in the country, with $124 billion in assets, and stands to claim fourth place by acquiring MNC, which has $17 billion in assets.NationsBank has offered $1.4 billion, or $15.17 a share, in nearly equal parts stock and cash for MNC. In June, MNC's shareholders overwhelmingly approved the deal at what was likely the Baltimore company's last annual meeting.

The proposed merger between MNC Financial Inc. and NationsBank Corp. could take at least a month longer than expected because two community groups have filed formal protests about the deal with federal regulators.The Maryland Alliance for Responsible Investment (MARI) and the Virginia Coalition for Community Reinvestment (VCCR) sent letters June 3 to the Federal Reserve Bank of Richmond, which is evaluating NationsBank's application to buy MNC.MNC's shareholders are scheduled to meet tomorrow morning to vote on the deal.