The ev. Je L Jackson
that Democrats mu t now
fmd some common nd
. th President Elect George
Bu b.
Jackson made bis
tements the momiDa after
h too a solid lead in the
ov. election. to become. the
bon 9 41 president
Throupout the presiden­
tial campaign, Jackson had
attacked the record of Bush
and that of hi vice presiden-
tial runnin mate. Indian
Sen. Dan Qu yle. But Wed­
n�y mOnUn& �ring
on ABC "IVs Good Momin
America program. Jackson
The Association of Com­
unity Organization (or
Reform (Aoorn) set in
·00 the of justice to
red-·· by local banks.
I The organizatioo ys it i fed up
ith the b ' poor lending
polici in predominately Blac
neigbborb .
Acor 's Co-Chairp rson
Joan Cato ended a meet"
held trarstOfAmerica(FOA)
B 00 October 5, to secure an
agreement guar nteei loans
to I d r te income
neighbor
Bank official refused to
p y Acorn' demands
t . a similar ling
on October 19, eight me
of Acorn di red tha VII" t
Amu· d over $1
I I
talon cooperati
poli� in lieu of maintainilll
an ttitude of defeat
"When be b) sPeaks �f
a. ki der, tler D tion, it
seem to me on th point,
democra and Republicans
alike elp in ret·
der and gentler as-prenatal
care for women, dayure for
child n and raising the
minimum wage for orking
people," Jackson said- I
In response to • question
concerning ether the
Democratic I in the pre-
identia! elec . on due to a
fl. d . campaign by
Ma chusetts Gov. Micha •
Dub· Jackson aDS red:
"Well it i ignifacant tbat in
billion in .
FOA Vice Pre ident in
char of B· and Market
Planning, David Stickel says
FOA· in process of acquir­
ing two banks in Quad-cities, 11-
. oi . He says FOA 52 out-
of-state b and 70 branches
in and around the Detroit area.
He ys FOA's business plans
call for it to take deposits and
make reinvestment loans
an ere in order to further th
banks' business. .
Acorn thought it no more
than fair that if FOA bank wants
to purchase other banks and
diver iCy themselve in other
cities and state that i should
fir rein so of its capitol
back into the base city.
Acorn pointed out that in
1986, Fit Of America made
II
the 1 couple of Gov.
. Dukatis did two b ic thin -
one be rolled up bis leeves,
came up from be ind the net­
wor cameras. giving them 30
second sound bit each
nipt- kin to. the people,
. d or .. em -H II
Harry" =come-at-the-people
spiJjt He said Ibat yes I am a
libetal-and defined . liberal
as fi.,ghting for working people.
I ani on the side of the people
who have lost their farms, on
the side of those bo want
opportunity," Jackson aid
He added that it was at this
poi t that Oukakis decided to
move up rei "The reason I
DO tha it is valid. is
C 12
only six loans in the city of
Detroit, and in 1987 19 loans.
The bank made 1,483 loans in
the uburbs during that same
. time period.
�to said the bank managers
again refused to ta with Acorn
officials on this matter until
Acorn threate ed to go to the
State Banking CoQl.Dl&ion. On .
Ocotber 21, 32 members of
Acorn re granted a hearing
with the Banking Commission
and pointed out these deficien­
cies
. Cato s id Acorn told the
Banking Commission that they
wanted • Apples for apples" .
the agreement Co rica gave
tbe community. When Acorn
pproached Comerica, the
bank had already proposed a
written greement to aIloca
$153 million over a three-year
period in the inner-city.
. Cato said First of America
claimed they were reinvesting
S69 million into only two Detroit
neighborhoods over a three year
. period. \
Sh ys the two neighbOr-
hoods are Ravendale, bordered
by Rosa Parks Blvd to North of
the Lodge freeway to the
Univer ity of Detroit area. The
other area is bounded by Coo­
ner on the West, Harper on the
South, Chalmers on th East,
and Elmdale 0 the orth,
Acorn asked FOA y only
two neighborhoods were
selected when th ban is lo­
cated all over the city.
FOA's Stic el . d h has no
idea why Acorn is insistant on a
new lending policy. He y
Acorn and ADHOC lition
for Fair Ban ing Practices,
began their action against FDA
in th late su r.
Stickel said as a result of
community input, FOA
developed a vi le lending plan
and preseoted t to the co li­
tion . He said ADHO wa
atisfied wit the policy
devel ped and acked off, but
nol Acorn.
The Bankin Cornrni ion
has requested tri- monthly
report (rom FOA to insure
proper lending policies are
being practical.
Meanwhile, t deci i n on
FOA' requ t 10 purch
tw ban in d- itj . n
awaiting Acorn approval or'
F A lending practices in the
inner city.
