20 SUN members protested today at the main branch of JP Morgan Chase downtown at 1 Lincoln Center. SUN wants JP Morgan Chase to live up to its obligations under the federal Community Reinvestment Act–if you take deposits from neighborhood residents, you must make loans in those neighborhoods.
This action is part of a coordinated Day of Action against JP Morgan Chase during its attempts to buy Bank One and become the nation’s second largest bank. Over the next three days groups affiliated with National People’s Action (N.P.A.) in cities like Cincinnati, Chicago, Cleveland, Springfield (IL), Des Moines and Wichita will all be confronting JP Morgan Chase and demanding a meeting with President Bill Harrison.
At one time, JP Morgan Chase was the number one lender in SUN’s neighborhoods on the south and near-wet sides of the city. But in the fall of 2003, JP Morgan Chase decided to eliminate salaried mortgage officers from their Community Development department. Since this change, JP Morgan Chase has not made a single loan in the ten census tracts that make up SUN’s area.
At a March 5th meeting with SUN and other N.P.A. groups, Mark Willis, the head of JP Morgan Chase’s Community Development department stated that it is against the bank’s corporate policy to sign CRA agreements with community organizations to increase lending in low-income neighborhoods.
SUN and N.P.A. never give up. We need good banks that are committed to making loans in low-income neighborhoods. Right now, JPMC means “Just Pimps Moochers & Crooks”