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Encyclopedia > Inner City Press


Inner City Press is a non-profit public interest organization best known for its investigations of the banking industry's treatment of low-income communities of color, at first within the United States and more recently around the world.


History

Inner City Press was founded in 1987 in the South Bronx of New York City. Its first projects involved under-housed people fixing up abandoned buildings. The Bronx is one of the five boroughs of New York City in the United States. ... Nickname: The Big Apple, The Capital of the World Official website: City of New York Government Counties (Boroughs) Bronx (The Bronx) New York (Manhattan) Queens (Queens) Kings (Brooklyn) Richmond (Staten Island) Mayor Michael Bloomberg (R) Geographical characteristics Area Total 468. ...


By the 1990s, Inner City Press began working on issues of exclusion of financial services, overburdening with environmental toxins, and lack of accountability by government and corporations to low-income areas. In 1994, Inner City Press' challenges using the Community Reinvestment Act resulted in four banks opening new branches in the South Bronx. By 1998, Inner City Press' challenges had resulted in over $7 billion of commitments in new lending to low income people. Some in the banking industry opine that Inner City Press' challenges are indiscriminate. The Community Reinvestment Act, or CRA, requires banks and savings and loans to offer credit throughout their entire market areas and prohibits them from targeting only wealthier neighborhoods with their lending and services, a pracice known as redlining. ...


In 1998, Inner City Press took the lead in opposing the merger of Citicorp and Travelers to form Citigroup. Inner City Press spoke at both companies' shareholders' meetings, commented to the Federal Reserve, and ultimately initiated litigations against the merger, the largest in the financial services industry. Since then, Inner City Press has pursued Citigroup as it has made acquisitions in Mexico and elsewhere, while initiating similar campaigns regarding HSBC, JPMorgan Chase, Bank of America, Wachovia, General Electric, Deutsche Bank, Royal Bank of Scotland, AIG, Wells Fargo and others. The global work is done through the Fair Finance Watch. Inner City Press' executive director is Matthew Lee. Citigroup, Inc. ... For other uses, see HSBC (disambiguation). ... J.P. Morgan Chase & Co. ... Bank of America (BofA) NYSE: BAC TYO: 8648 , based in Charlotte, North Carolina, is the third largest commercial bank in the United States of America, measured in assets, and the fourth-largest company in the world by the 2005 Forbes Global 2000. ... Wachovia Corporation NYSE: WB, based in Charlotte, North Carolina is one of the largest banking chains in the United States. ... GE redirects here; for other uses, see GE (disambiguation). ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... The Royal Bank of Scotland (LSE: RBS) is one of Scotlands four national clearing banks and one of the oldest in the UK, founded in Edinburgh in 1727 by Royal Charter. ... American International Group, Inc. ... A typical Wells Fargo store, located in Berkeley, California Wells Fargo & Co. ... Fair Finance Watch is a non-governmental organization known for its investigations of the banking industrys treatment of low-income communities of color, around the world. ...


External links

  • InnerCityPress.org
  • "Wading through the Home Mortgage Disclosure Act Muck," US Banker, November 2005

 
 

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