Tuesday
Nov202012

Black Economic Council President Provides Testimony to CFPB Director Cordray 

San Francisco, CA – On his most recent “Listening Tour,” CFPB (Consumer Financial Protection Bureau) Director Richard Cordray at the invitation of Greenlining Institute listened to the disheartening stories representing the thousands of minority community representatives who responded to his questions and inquiries as to the impact and achievements if any of the Independent Financial Review (IFR) Process.

Speaking from personal experience and those of several clients, Yolanda Lewis, the recently elected President of the Black Economic Council, a leading community and economic development non-profit serving the minority community in Bay Area gave first hand testimony to Director Cordray. Mrs. Lewis testified, “Just this past Sunday, one full page ad ran promoting the IFR, and only one radio spot – nothing more. With less than 45 days remaining, so little of our community is aware of the IFR and for those of us who did seek out a refinance out of our “exotic loans, the best we were offered was a balloon payment into another adjustable rate mortgage. Compounding this issue is that those of us who did apply had to reach out to the Market Presidents – a venue not available to the thousands of minority community members who have already lost their homes or are trying to refinance into a 30-year fixed mortgage not another ARM.

 

I ask you today to encourage that the IFR process be extended and that of the 14 banks do more to support the IFR process.”  “What shocks me is that of the three largest banks serving California, all of which are a part of the Department of Justice and recent Attorney General Settlements, the recent HMDA (Home Mortgage Disclosure Act) for 2011 reflects that of the 183,761 Home Refinancing Loans provided to Californians by these three banks, only 3,581 were made to Black Americans – that is less than 2%.[1] Yet again, our community is being steered away from conventional 30-year fixed loans into ARM’s that will begin re-setting in 2013 and once again place our community on the precipice of default and foreclosure,” reported Mrs. Lewis.

 

To learn more visit www.IndependentForeclosureReview.com for more information about the review and claim process which must be done by December 31, 2012.

 


[1] 2011 HMDA data results for owner-occupied home refinancing loans in the State of California. 

Tuesday
Jan102012

The Black Economic Council Hosts our First ever Bridge Builders and Game Changers Awards Ceremony

Greetings from the Black Economic Council

On December 8, 2011 the Black Economic Council (BEC) hosted our first "Bridge Builder and Game Changers" Award Ceremony Luncheon.  Excitement surrounded the event which provided an opportunity for the BEC to pay tribute and present awards to individuals and organizations that have championed the causes of people of color through their advocacy and leadership.

The "Bridge Builder and Game Changers" Award Ceremony Luncheon gave the BEC the opportunity to publicly recognize those who are truly making a positive difference for minority owned businesses and people of color on a nationwide scale.  We feel honored to be in a position where we can recognize and commend the leadership and efforts that the awardees continually make day to day.

President of the California Public Utilities Commission, Mike Peevey, received the 'Dolores Huerta Economic Freedom' Award, named after the female leader who fought diligently for the rights of others while raising 11 children.  President Peevey in fact while serving as research director for the California Labor Federation in the late 60s, marched with Cesar Chavez who along with Delores Huerta co-founded the United Farm Workers Union.

While accepting the award, President Peevey was quoted to have said "It was a distinct pleasure to be honored by the Black Economic Council at its first Bridge Builders and Game Changers award ceremony.  The BEC performs a vital function---helping to improve the economic well- being of a vital portion of our population through its programs and efforts to enhance economic opportunity."

Director of Supplier Diversity for PG&E, Joan Kerr received the 'Eleanor Roosevelt Economic Development' Award, named after the former First Lady because of her demonstrated leadership and advocacy for people of color, the poor, and women during a period when reportedly few others reached out to help.  Joan Kerr is a long- time supporter and advocate for the BEC and although not known when she was selected to receive the award, Eleanor Roosevelt was a hero and role model personally to Ms. Kerr, which she announced when receiving the award.

The BEC awarded Robert Gnaizda, General Counsel for the BEC the 'Maverick Award' for his out of the box strategies and tactics for promoting a more level playing field for communities of color on key issues directly related to economic stability and growth.  Robert Gnaizda helped co-found three major public interest institutions: California Rural Legal Assistance (1966), then the nation's largest legal service program; Public Advocates (1971), the first public interest law firm in the West; and the Greenlining Institute (1993), the largest multiethnic public policy and advocacy center in the West.  Robert Gnaizda is unlike any other and his work continues to transform, redefine and level the playing field.

AT&T Corporation was awarded 'The Game Changer' Award, created to recognize visionary leaders, organizations and corporations who are changing the way we look at the world.  AT&T has led the industry by example, encouraging suppliers to embrace the established goals set by AT&T to increase the number of diverse suppliers in the supply chain.  AT&T continues to extend the windows of opportunity for diverse businesses.  Eric Batongbacal  accepted the award for AT&T.

The Greenlining Institute was honored with the 'Bridge Builder Award' in recognition of their commitment to fight redlining, the illegal practice of denying services to communities of color, and institutionalized discrimination over the last eighteen years.  Greenlining has established a legacy for generations to come in the commitment to support communities of color, representing the essence of the Bridge Builders award.

Andree Driskell, BEC Vice President received the 'Unsung Hero' Award for her commitment and service. For over 6 years, Andree Driskell has demonstrated a true passion in improving the lives of minorities through the advocacy of the BEC.

The BEC was also able to highlight "Twelve" Minority Businesses during the luncheon as well as match several businesses with Tier 1 Suppliers for Fortune 500 companies.  We are very grateful for all of the Tier 1 Suppliers that attended the luncheon; it is encouraging to see the level of support and interest that these suppliers have towards assisting minority businesses.  

On Behalf of the BEC we would like to thank all of the attendees for making our first ever "Bridge Builder and Game Changers" Award Ceremony Luncheon truly impactful. A special thank you also goes out the sponsors of this event, AT&T, Wells Fargo, East West Bank, First Republic Bank and HSBC Bank, all of who felt the luncheon was a great success.

To quote two of the corporate sponsors in attendance, Julia Gouw, President of East West  Bank indicated “This is a wonderful opportunity for us to make new acquaintances, share new ideas and forge new paths.” Per Ms. Gouw “East West Bank has a long history of successful partnership with minority and small business owner”, and the BEC looks forward to continuing our partnership with East West Bank.

To quote a longtime supporter of the BEC, Wells Fargo, Peter Lee, VP of Supplier Diversity of Wells Fargo, indicated “Wells Fargo’s partnership with BEC goes beyond dollars…both of us believe that information is key to success for any business. I hope everybody here today will support BEC’s vision and mission of building and growing companies and communities.”

The BEC is blessed to be able to serve the minority community and we would like to wish everyone Greater Success in 2012!

Happy New Year!

Black Economic Council

Saturday
Sep032011

AT&T T- Mobile Merger to Support Local Communities  

September 1, 2011 - The Black Economic Council, Latino Business Chamber of Greater Los Angeles and National Asian American Coalition are working as a collaborative to define key milestones that will benefit local communities as a result of the AT&T T-Mobile merger. The leadership of all three organizations working closely with Ken McNeely, President AT&T California and his key staff members have identified critical opportunities to help build and support local communities as a result of the merger.

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Thursday
Aug252011

Minority Business and Community Leaders Postpone August 27th Rallies in front of Apple in Palo Alto and Facebook in Menlo Park

Due to unforeseen outside circumstances, the Black Economic Council, the National Asian American Coalition and the Latino Business Chamber of Greater Los Angeles have decided to postpone their scheduled rallies and press conferences on August 27th at the Palo Alto Apple Store and at Facebook's new Menlo Park campus.

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Wednesday
Aug242011

FACEBOOK'S STAINED RECORD MOVES TO MENLO PARK

Join the Black Economic Council and several other Black, Latino, Asian American In contrast to other Silicon Valley companies, Facebook has refused to provide their employment data and business practices that affect minorities and women.

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Thursday
Jul282011

August 27th Press Conference & Protest at Apple Inc. Retail Store in Palo Alto, CA SECOND PROTEST TO ADDRESS ANTI-AMERICAN HIRING AND BUSINESS PRACTICES Undermining America's Economic Infrastructure 

On August 27th, the Black Economic Council (BEC) will lead a protest at the Apple Computer Retail Store in Palo Alto, CA. located at 451 University Ave. The protest will begin sharply at 11:45 AM

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Thursday
Jun092011

The Rotten Apple Threatens to Spoil Our Children's Future

Press Conference and Protest at Apple Retail Store in San Francisco - June 10th at High Noon.

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Wednesday
May252011

Too Big to Bite

On June 10th, the Black Economic Council will lead a community protest at the Apple Computer Retail Store located at One Stockton Street in San Francisco, CA 94108 at 12 PM. Apple is the largest technology firm in the United States in terms of market capital and profits. Its pretax profits in 2010 exceeded $25 billion and it is reported to have a cash hoard of $65.7 billion that will be used to gobble up competitors in the near future.

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Friday
May132011

Press Conference and Protest at Apple, Inc at One Stockton Street Store on June 10th at 12 Noon

Thursday
May122011

Congresswoman Maxine Waters Statement for the 5th Annual BEC Urban Economic Conference

Read Congresswoman Maxine Waters Statement Click Here