The DCRAC Story

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The DCRAC Story
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The Crew

• Paid,
• Unpaid,
• Universally dedicated.

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Executive Director

• Rashmi

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Director, Economic Impact Campaign

• Chelsea

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Director, Fair Housing Initiative Project

• Rony

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Jessica
Money Matters! Instructor
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Julia
Public Ally Economic Impact Campaign
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Lori

• Director, Special Projects
• Like this one!

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Kwamir Mims

• Intern
• Howard High School
• of Technology

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Thank You!

• . . .to dedicated supporters of the Community
  Reinvestment Act. . .
• and welcome to those new to this critical and
  evolving issue!

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• The best things in life are free
• but you can keep them for the birds and bees
• give me money
• thats what I want.
• (The Beatles)
• (re-recorded by The Doors, and almost everyone
  else!)

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Since 1977. . .

• The US National Debt increased from less than 2
  billion dollars to upwards of 10 billion.

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• Average consumer debt in 2005 reached
  approximately 9,800 (excluding mortgages) and
  has increased by a whopping 65 since 1977 in
  some areas.

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• The price of milk has doubled!

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• The price of bread has tripled!

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• Price of gas and the average home increased
  about 500.

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On the National level. . .

• Lenders and community organizations have signed
  CRA agreements totaling more than 4.7 trillion
  in reinvestment dollars.

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Here in Delaware. . .

• We have
• Taught thousands of Delawareans Money Matters!
• Aired over 400 television and radio shows on
  Money Matters!
• Published over 40 newsletters (circ. 10,000)

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A Look Back. . .
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Before 1977. . .

• Banks routinely excluded low-income and
  minority communities from access to many of their
  financial services. The areas that were shut out
  were so easy to identify geographically that it
  could be done by drawing a red line around the
  area on a map. Thus, the practice became known
  as redlining.

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Then. . .

• National pressure, led by Chicago activists like
  Gail Cincotta
• The Home Mortgage Disclosure Act was passed in
  1975.
• HMDA helped expose redlining, but work lay ahead

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1977
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Jimmy Carter is President
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The U.S. faces a major energy crisis. . .
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Star Wars opens in theaters
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On the National level. . .

• Proxmire leads the passage of the Community
  Reinvestment Act.
• Insured depository institutions must
  affirmatively meet the credit needs of their
  ENTIRE community.

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Where Were You?

• Rashmi begins undergraduate while her yet to meet
  husband begins his sailing career
• Bob begins the best year of his life he and
  Alice decide to jump the broom and he starts his
  insurance business
• Anthony is in kindergarten at St. Anthonys
• Joe moves from the Mississippi Delta to help
  start NCALL
• Michelle is a 3rd grader in Philly
• Dom is old enough to teach at Hogson Vo Tech

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1987
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Dow drops on Black Monday
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Alan Greenspan becomes Chair of the Federal
Reserve Board
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Senator Biden ends presidential candidacy
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• Homelessness becomes a national crisis

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In 1987

• The Delaware General Assembly enacts legislation
  enabling banks to take full advantage of federal
  regulations.
• The first CRA agreement is signed in 1988 by
  Delaware Trust, followed by the Bank of Delaware
  and the Wilmington Savings and Fund Society
  (WSFS) in 1989.

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The Color of Money

• Bill Dedman receives the Pulitzer Prize in
  investigative reporting in 1989 for "The Color of
  Money," a series of articles published in the
  Atlanta Constitution and the Atlanta Journal.

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Meanwhile. . .

• Professor James Sills, Jr. calls a citizens
  meeting. DCRAC is born.
• We monitor CRA agreements and serve as a
  watchdog.
• We challenge bank mergers during the next few
  years.

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• In 1992, James Sills, Jr. is elected as the
  first black mayor of Wilmington.

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Where Were You?

• Rony is 5
• Chelsea is a 4-year old in Cincinnati, OH
• Dom is dad to Mark and Leanne and begins his
  career as a counselor at Howard High
• Rashmi is sailing with Ravi and Artika and will
  come to the U.S. a year later

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1997
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DVD players and digital cameras are new
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Scientists clone sheep
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Hussein expels weapons inspectors
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At DCRAC. . .

• 1995
• Hard at work we transition to a staffed
  organization.
• Launch our signature Money Matters!

. . .and anyone is allowed to work at DCRAC!
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• 1999
• We launch our television program. By 2001 the
  program is statewide.
• (Great camera work!)

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• We continue aggressive outreach and add Fair
  Housing Initiative Program and the Low-Income Tax
  Clinic.
• We continue advocacy, tackle predatory lending
  and comment on bank mergers.

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Where Were You?

• Susan is still white water rafting
• Anthony begins in retail banking
• Chelsea starts High School
• Michelle is in Delaware with her husband and son
  and working for the IRS
• Dom gets his MPA and completes 20 years with the
  State

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2007
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Everyones A Star on You Tube!
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Campaigning underway for 08 Presidential election
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Biden for President?(. . .déjà vu)
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Average Prices of Common Goods from 1977 - 2007
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DCRAC Goals Targeted in 1997. . .

• Assess Delawares housing and small business
  needs
• Monitor lending institutions
• Analyze HMDA data
• Participate in CRA Performance Evaluations

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And Accomplished in 2007

• Assess Delawares housing and small business
  needs
• Monitor lending institutions
• Analyze HMDA data
• Participate in CRA Performance Evaluations

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Thanks for all your hard work!

• Bob has brought us here.
• Thanks Bob!

Robert Watson Outgoing Chair, DCRAC Board of
Directors
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Come See Me!

• In his 31st year as an educator with the New
  Castle County Vo-Tech School District, Dom is
  currently the Career Guidance Counselor at Howard
  H.S. of Technology and a part-time instructor for
  Wilmington University.

Dom Pedanti Newly Appointed Chair, DCRAC Board of
Directors
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Where do we go from here?
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• We will open the Stepping Stones Community
  Federal Credit Union to provide important and
  reasonable financial services to the local
  community.

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• We will continue to serve as the advocate for
  Delaware communities with regard to credit,
  banking, lending, and other financial services.

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• We will continue to offer our educational
  services to all Delawareans, promoting sound
  financial planning and tools to help achieve
  economic stability.

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• Today we launch Delawares Economic Impact
  Campaign to continue our work with key partners
  throughout the state to bring its principles into
  fruition.

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• We will PERSEVERE IN OUR MISSION to achieve
  equitable access to credit and capital for all
  Delawareans!

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• Thank you for making our work possible and
  helping us achieve our goals in the future, and
  especially. . .

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• Associates
• The Allen Hilles Foundation
• Bank One
• Catholic Campaign for Human Development
• Citigroup
• City of Wilmington
• Commerce Bank
• Delaware Housing Coalition
• Delaware State Housing Authority
• Discover Bank
• Disney
• FCC National Bank
• First USA
• The Freeman Foundation
• The Gannett Foundation
• GMAC Bank
• Housing Capacity Building
• HSBC
• Household

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Is Proud to Support Celebrate CRA 2007 and
the Delaware Community Reinvestment Action
Council GMAC Bank A bank of great
interest. www.gmacbank.com
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The End.