Housing Bubble
Rev Al Sharpton leads demo against Charter One Bank lending practices
March 14, 2003
Reverend Al Sharpton, founder of the National
Action Network (NAN) will join demonstrators this morning, outside
of the headquarters of Charter One Bank (1215 Superior Avenue) in Cleveland,
Ohio.
Ministers that represent some of the nation's largest
African American churches, The National Association of Black Organizations
(NABO) and the Michigan chapter of the National Action Network (NAN)
say that Charles "Bud" Koch, the CEO of Charter One Bank and Michael
D. Williams, the president of Charter One of Michigan (formerly First
Federal of Michigan) have not complied with commitments to significantly
diversify bank staff, management and significantly improve minority
lending practices.
SCLC president Martin Luther King III,
traveling in Lowndes County, Alabama with Sam Riddle, crisis management
consultant to NABO/NAN, says that Charter One donations to the Cleveland
chapter of SCLC will not muzzle him when issues demand that King speak
out.
"I traveled to Washington, D.C. last year to speak
with banking authorities about Charter One's banking practices. I will
not be muzzled because Charter One Bank has made donations to SCLC.
My integrity is not for sale. Discriminatory banking practices must
be challenged across the nation including Cleveland," said King.
Reverend Horace Sheffield III, the president of the Michigan
Chapter of NAN says that the meetings with Koch and Williams last year
were encouraging but Charter One has not communicated a statistically
significant improvement in the bank's staffing and lending policies.
Sheffield believes that Charter One's lending practices for
minorities seeking mortgage loans and loans for minority owned businesses
are still rampant with institutional racism.
"Today, we will demonstrate in front of the headquarters of Charter One to display our concern that Charter One must do more than make token moves designed to merely appease. Fundamentally unfair lending practices will not be tolerated. The top management team of Charter One is still virtually lily white. Charter One must make good on a commitment it made to NAN and leadership in the African American community in Cleveland if they are to conduct unfettered business in Detroit or Cleveland. We still need state and federal investigations of these banks," said Sheffield.
Source: National Association of Black Organizations / National Action Network
