FAIR LENDING INFORMATION FORM APPENDIX 6(b) THIS ASSOCIATION IS PROHIBITED FROM USING NEIGHBORHOOD FACTORS AS A BASIS FOR IF YOU BELIEVE YOU MAY HAVE BEEN UNFAIRLY DISCRIMINATED AGAINST, YOU MAY FILE A COMPLAINT WITH THE CALIFORNIA DEPARTMENT OF SAVINGS AND LOAN AT EITHER OFFICE BELOW, ASKING FOR A REVIEW OF THE ASSOCIATION'S DECISION. 600 SOUTH COMMONWEALTH AVENUE LOS ANGELES, CALIFORNIA 90005 TELEPHONE: (213) 736-2798 150 SANSOME STREET SAN FRANCISCO, CALIFORNIA 94104 IN ADDITION, IT IS ILLEGAL TO DISCRIMINATE BECAUSE OF RACE, COLOR, RELIGION. SEX, MARITAL STATUS, NATIONAL ORIGIN OR ANCESTRY. IN DETERMINING WHETHER AND UNDER WHAT TERMS AND CONDITIONS (e.g.. AMOUNT, DURATION, INTEREST RATE, ETC.) YOU RECEIVE A LOAN. IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU HAY FILE A COMPLAINT WITH THE DEPARTMENT OF SAVINGS AND LOAN AT ANY OF THE ABOVE ADDRESSES OR TELEPHONE NUMBERS, OR WITH THE FAIR EMPLOYMENT PRACTICES COMMISSION AT ANY ONE OF ITS OFFICES IN LOS ANGELES, SAN FRANCISCO, SAN DIEGO, SACRAMENTO, FRESNO, SAN BERNARDINO, OR SANTA BARBARA. Date Name of Applicant Name of Spouse or Other Applicant Application No. Address of Property which is Subject of this Application (Street and No., City, State and IP Code) THE STATE OF CALIFORNIA, NOT THIS ASSOCIATION, REQUESTS THAT YOU PROVIDE THE FOLLOWING INFORMATION FOR REVIEW BY GOVERNMENT AUTHORITIES TO ASSURE FAIR TREATMENT OF ALL LOAN APPLICANTS. Please check the box below which you believe best describes your ethnic identification ("Spanish descent" includes persons of Mexican, Cuban, Puerto Rican, and Central and South American descent). THIS ASSOCIATION HAS AVAILABLE FOR PUBLIC DISTRIBUTION A PAMPHLET EXPLAINING ITS CRITERIA FOR DECIDING ON LOAN APPLICATIONS. ASK FOR THIS PAMPHLET IF YOU ARE INTERESTED. YOU ARE ALSO ADVISED THAT YOU HAVE A RIGHT TO FILE A WRITTEN APPLICATION FOR A HOME MORTGAGE LOAN. PLEASE READ ENTIRE FORM AND SIGN BELOW Signature of Person Ainistering Form APPENDIX 7 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO SECTION 1. Pursuant to the provisions of the Illinois Constitution of MUNICIPAL DEPOSITORIFE 7.10. Such bids shall be reported by the Comptroller to the City Council for Such swards shall be made to the highest and heat responsible bidder or 7 31. In advertising for bids from regularly established banke and 7. 32. It shall be the duty of the Comptroller to ask for special bide for Interest upon time deposits and/or certificates of deposit of City and school funda. 7.3). It shall be the duty of the Comptroller to obtain with each bid for interest upon City and school funds copies of the last two sworn statements of resources and liabilities of the bidding bank or savings and loan association as reported to the state or federal authority charged with the supervision of such banks or savings and loan associations and to present said statements to the City Counc11 with such bid. When requested to do so 7.-36. With each bid for Interest upon City and school funds, the a) Residential lending Information! The following informa- 1) The number and total amount of all loans made on residential property within the City of Chicago. 111) The weighted average effective interest rate for The weighted average effective interest rate for The weighted average down payment as a percent of vi) The following data on conventional and FHA-VA residential loans shall be reported for each census tract within the City of Chicago: b) vii) c) The weighted average down payment as a percentage of: - conventional real estate loans - FHA/VA real estate loans The number and total amount of all construction loans made on residential properties within each consus tract in the City of Chicago. viii) The number and total amount of all home improvement or Consumer lending information: 1) 11) The number and total amount of all consumer loans made within the City of Chicago. The number and total amount of all consumer loans made The number and total amount of all commercial loans made c) 1) d) The number and total amount of all commercial loans made within the City of Chicago. 11) The number and total amount of all commercial loans made within each census tract in the City of Chicago. 111) The number and total amount of all commercial loans made outside Chicago but limited to the six county SMSA. Savings and checking account information: The number of savings accounts and checking accounts and the total dollar balances in the savings and checking accounts, stated separately, as of December 31 for each census tract within the City of Chicago. e) 7-34.1. OPTIONAL Each bidder may submit such additional material that is deemed relevant to consideration of his bid. For example, such additional material may include specific information as to the activity during the preceding calendar year of the bidder and its corporate affiliates in: The purchase of City of Chicago, Board of Education, With each bid for interest upon City and school funds, the Comptroller We pledge not to arbitrarily reject mortgage loans for residential properties within a specific geographic area in Chicago because of the location and/or age of the property, or in the case of proposed borrower to arbitrarily vary the terms of those loans or the application procedures for those loans because of race, color, religion, national origin, age, sex or marital status. In addition, we pledge to make loans available on low and moderate income residential property in the neighborhoods of the City of Chicago within the limits of our legal restrictions and prudent financial practices. 7-35. No money shall be deposited in any bank or savings and loan association until it has been designated by the City Council as a depositary. The City Treasurer shall deposit, daily, all monies received by him as City Treasurer during the banking hours and all such monies as he may have received on the day previous after banking hours, in one of the banks or savings and loan associations which may have been designated by the City Council as depositaries prusuant to law. 7-36. The Comptroller may designate from time to time, for such period of the fiscal year as he deems advisable and for the best interest of the City, one or more of the depositaries selected in accordance with law as an active bank or active banks and to rescind such selection or selections at any time when in his judgment such change should be made, but no bank shall be selected as an active bank unless its aggregate capital stock and surplus at the time it is accepted as a City depositary is five hundred thousand dollars or more. 7-37. During the period for which any such depositary of City and school funds shall be designated as the active bank under the provisions of Section 7-36, the Treasurer shall deposit all monies received by him in such active banks and shall draw his checks upon such active bank to pay warrants drawn upon him. School funds may be deposited in any such bank in an account separate from City accounts and the title of the account so established shall appropriately describe the same as school funds. 7-38. The Treasurer shall make a monthly report to the Comptroller, under oath, for each calendar month, of all interest monies received by or credited to the Treasurer or to the City by any depositary in which is deposited any interestbearing monies of the City, including trust funds and special deposits. Such report shall show the name of the depositary where any interest-bearing monies are deposited, the average sum of money on deposit in each depositary during the calendar month, the interest paid or credited thereon by each depositary, and the average rate of interest paid or credited. Such report shall be made and verified to the Comptroller on or before th fifth day of the month next succeeding the month for which the report is rendered. SECTION 2. Chapter 7 of the Municipal Code of Chicago is amended in Section 7-41 by inserting new language as underscored below, and deleting therefrom language as contained in brackets below so that Section 7-41 reads as follows: 7-41. The Comptroller and Treasurer jointly shall have authority to use any and all funds in the City Treasury which are set aside for use for particular purposes and not immediately necessary for such purposes, for the purchase of the following classes of securities: a) Interest bearing general obligations of the United States, b) United States treasury bills and other non-interest bearing c) d) e) Tax anticipation warrants issued by the City of Chicago. Short term discount obligations of the (Federal National Certificates of Deposit in banks located within the City All securities so purchased, excepting tax anticipation warrants, shall show on their face that they are fully payable as to principal and interest, where applicable, if any, within one year from the date of purchase. SECTION 3. This ordinance shall be effective upon passage and due publication. The CHAIRMAN. Thank you, Dr. Naparstek. Our next witness is Mr. Carl Holman, National Urban Coalition. STATEMENT OF CARL HOLMAN, PRESIDENT, NATIONAL URBAN Mr. HOLMAN. Thank you. COALITION Mr. Chairman, Senator Garn, I'm president of the National Urban Coalition and I'm pleased to be able to testify on this legislation and I'd like to say one or two things briefly about it. I think it's an important step in the right direction. I happen to come from spending some 12 or 14 years in a city called Atlanta, Ga., and I used to hear people come by and remark on what beautiful homes black people had in the city of Atlanta. One of the chores I took on was to try to see how this state of affairs came to be and lo and behold it did not come about out of some benevolence nor did it come about because people naturally have a tendency to do good things, but because it just so happened that a very extraordinary entrepreneur came out of Oklahoma and came into Atlanta and established a number of institutions, among them a black bank, a black Federal savings and loan, an ex-barber established a black insurance company. It was through those three institutions that blacks who were able toshould have been well able to secure home loans were able to get the first loans that made it possible for the building of Northwest and Southwest Atlanta. It was only after it had been seen that these so-called-these greenline areas, because they're cornfields in many cases where some of them originally were only after the bias in practices supported I must say by the Federal Government in many cases, because it didn't ask certain hard questions-only after these three institutions had proven that you could make loans to these black people did those other major institutions which are still there begin. So I would say about the present law that one of the problems we find as we talk with bankers, savings and loan people, our own local coalitions, that this law itself seems to be one of the best kept public secrets of our time. There must be clear requirements it seems to me that financial institutions more aggressively advertise the availability of market placement information. Now any suggestion I make is not going to be liked by somebody or other and I will only pass on that some of our local coalitions have suggested that a brief notice accompanying monthly statements to depositors might be one way of doing it. In Newberg, where we have a new coalition, one of our coalition board members works for a savings and loan which has put its information out in supermarkets, libraries, community centers. Whatever way is found to do it, we ought to have something which will create a situation which would destroy the shyness of the lending institutions in some cases. Now one of our Detroit board staff members tried to get this kind of information and as he went from bank to bank he found it very difficult to secure the information. He was treated almost as though he were some sort of spy trying to get information which supposedly was not-he called the suburban savings and loan and they said you have to come here in person and then I suppose go through a kind of clear |