Remarks of Orson Aguilar: The Greenlining Institute Federal Reserve Board Hearing on Potential Revisions to Regulation

Federal Reserve Bank of San Francisco

A Growing Homeownership and Wealth Gap:  Communities of Color More Likely to Be Underwater

The Greenlining Institute thanks the Federal Reserve for this timely review of the Home Mortgage Disclosure Act (HMDA).  Thank you for inviting Greenlining to address this panel on such an important issue.  I also want to congratulate our very own Janet Yellen for being nominated to be the Vice Chair of the Federal Reserve.   Congratulations Vice Chairman Yellen.
Continue reading “Remarks of Orson Aguilar: The Greenlining Institute Federal Reserve Board Hearing on Potential Revisions to Regulation”

Greenlining’s Petition to Deny the Comcast-NBCU Merger

Comcast Corporation, General Electric Company, and NBC Universal (collectively the “Applicant”) are seeking to merge Comcast’s cable and content holdings with NBC Universal’s vast content library and production facilities into a newly formed joint venture. In order to do so, they must receive approval from the FCC for the transfer of various licenses. However, before the FCC may approve the transaction, the Applicants must have met their burden of showing that the transaction serves the public interest. Applicants have not met this burden because they have failed to show that the transaction will promote diversity, localism, and competition.

Greenlining Letter to Comcast & NBC CEOs

Dear Mr. Roberts and Mr. Zucker:
Since the announcement late last year, the Greenlining Institute has
carefully scrutinized the proposed merger between Comcast and NBC
Universal. Our analysis over the past several months of Comcast’s
corporate practices leaves us with serious concerns over the negative
implications that a vertically integrated media corporation will have on the
nation’s communities hardest hit by the economic downturn.
Continue reading “Greenlining Letter to Comcast & NBC CEOs”

Hearing of the House Financial Services Committee

Orson Aguilar
Orson Aguilar

Testimony of Orson Aguilar
Executive Director The Greenlining Institute
Hearing of the House Financial Services Committee:

September 16, 2009
“Proposals to Enhance the Community Reinvestment Act”

Introduction

The Community Reinvestment Act (CRA) has helped expand economic opportunities for millions of Americans.  For many families, CRA has made the American Dream possible by ensuring that loans for homes, small businesses, and other opportunities for asset building are available and accessible to all communities.

Banks have also benefited from CRA.   Many banks have found new and profitable markets in communities that they might have otherwise overlooked.

In essence, CRA has led to win-win opportunities where banks, customers, and communities have benefited from increased bank investments in underserved communities.  CRA has worked best where true partnerships have formed between banks, community-based organizations, and government agencies.

Overall, CRA has advanced the principles of an ownership society by creating opportunities where people and families can create and own assets. Still, CRA is not perfect.  Despite CRA’s track record of success, more can and should be done to invest in America’s neighborhoods.

As we speak today, too many families are losing their homes and too many small businesses are shutting down.  Too many neighborhoods are decaying due to crime and abandonment.  While CRA is not a sole panacea for addressing these ills, a modernized CRA can do much to advance the economic growth that can alleviate problems at their source and improve life and opportunity in all communities.

Click here to download the full six page testimony (PDF)

Click here to watch a video of this testimony (Windows Media Player)