WASHINGTON - Bucking up an audience worried that the Community
In a speech at a NationsBank-sponsored conference here last week, the
While his position is not new, Mr. McColl's words reassured community
Mr. McColl's answer: Don't worry about it.
Banks should not make CRA loans because the government is forcing them,
"The business of building better communities is not sustainable if it is
Mr. McColl also said that because government is now likely to get
"With the shift toward less government and more local responsibility,
Mr. McColl also criticized the government for changing affirmative
Like CRA, Congress has targeted that law for overhaul, or possibly,
"(Affirmative action) opponents claim that it has fulfilled its mission,
But, he said, he is encouraged to see an upsurge in voluntary diversity
"Businesses understand they must have a more diverse employee base to
He did compliment the government on a shift in emphasis from process to
When banks generate more loan applications in certain communities, both
"Bankers grew more frustrated and the data grew more flawed," Mr. McColl
The conference, which ran through Sunday, brought 400 community leaders
John Taylor, president of the National Community Reinvestment Coalition
"We are about to have this all undone," Mr. Taylor warned.
In a panel discussion on community development strategies, Mr. Taylor
"It amazes me how many people don't understand what we do," Mr. Taylor
When people do understand, he said, community reinvestment is something
"We're not talking about the supercollider here, we're talking about
Charles M. Kamasaki, senior vice president of the National Council of La
"Use CRA as a tool, but a tool to an end that has a larger goal," Mr.
In a suggestion that drew a round of applause, Mr. Kamasaki said those
Rather than focusing so narrowly on low-income borrowers, banks must
"We've almost made moderate-income people the enemy," he said.