Banks and low-income neighborhoods
Description:
Christy George reports that poor Boston neighborhoods lack access to banking services. Banking leaders met with community leaders today to announce an agreement that will provide better banking services to poor neighborhoods. George reviews the details of the agreement, which will provide bank branches, loans, and increased investment to poor neighborhoods. At the meeting Richard Pollard (Massachusetts Bankers Association) says that redlining did not take place in the 1980s. Charles Stith (Organization for a New Equality), Bruce Bolling (Boston City Council), Willie Jones (Community Investment Coalition), John Hamill (Shawmut Bank),Ronald Homer (Boston Bank of Commerce), and Michael Dukakis all speak out in favor of the proposal.
This edition of the Ten O'Clock News also included the following items: Julian Bond at Harvard University and Christopher Lydon interviews Sarah Small
1:00:06: Visual: Aerial shot of Somerville. Shot of residents walking on a street in Roxbury. Shots of street signs for Blue Hill Avenue and Dudley Street; of a Western Union office in Roxbury; of signs in the window of the Western Union office. Shot of a man walking into the Western Union office. Christy George reports that poor communities lack access to banking services. George reports that Boston banks have few branches in poor communities. V: Footage of Michael Dukakis (Governor of Massachusetts) at a gathering of Massachusetts bankers. Dukakis shakes hands with meeting attendees. George reports that Dukakis outlawed the practice of redlining in the 1970s; that bankers and business leaders were upset about the law. George says that poor communities still lack banking services in spite of the law. George reports that Dukakis has supported a program to get banks to give better service to poor communities. V: Footage of Dukakis standing with banking leaders and community leaders at the meeting. Footage of Richard Pollard (Massachusetts Bankers Association) saying that he will not admit that redlining has been taking place in the 1980s; that redlining is illegal. Shots of banking leaders and community leaders socializing. George says that banking leaders met with community leaders today. George reports that banking leaders have agreed to open 10 to 15 new branches of downtown banks in poor neighborhoods over the next five years; that banking leaders have agreed to open 20 to 35 new ATM machines in poor communities. George reports that banking leaders have agreed to restructure mortgage programs; that the new program will grant mortgages to families earning as little as $27,000 per year. George reports that the banks will participate in a $100 million affordable housing pool to finance renovation and construction of affordable housing. George reports that bank leaders will support a $10 million corporation which will direct investments to minority-owned businesses. V: On-screen text details the specifics of the agreement between bank leaders and community leaders. Footage of Charles Stith (Organization for a New Equality) at the meeting. Stith encourages the leaders to join hands and raise them in the air. The leaders raise their hands and say "Amen." Stith stands next to Bruce Bolling (Boston City Council). Shots of Dukakis and other leaders. Shots of the media; of Stith. George reports that the leaders need to decide how to monitor progress; that both sides were optimistic about the plan. V: Footage of Stith speaking at the meeting. Stith says that it has taken a long time to reach an agreement. Footage of Bolling speaking at the meeting. Bolling says that the agreement is like "a Catholic marriage"; that there is no divorce. Footage of John Hamill (Shawmut Bank) speaking at the meeting. Hamill says that the agreement is not like a new marriage; that the agreement is "a renewal of vows." Footage of Ronald Homer (Boston Bank of Commerce) speaking at the meeting. Homer says that "the only way to say 'I love you' in business is with money. Footage of Dukakis saying that the agreement is "fantastic." George says that the agreement was reached when communication between the two sides improved. V: Footage of Pollard speaking at the meeting. Pollard says that the community used to have the feeling that the banks had unlimited funds with which to provide mortgages. Pollard says that the banks needed to explain their business model to the community. Footage of Willie Jones (Community Investment Coalition) speaking at the meeting. Jones says that the banks have realized that poor communities are looking for basic services instead of "bells and whistles." George stands in a residential neighborhood. George reports that banking rules have made it difficult for poor people to qualify for loans and mortgages. George reports that banks have restructured their rules to allow access for poor people. George notes that the banks will make money in poor communities; that they will not make as much money as in wealthy communities.
1:00:06: Visual: Aerial shot of Somerville. Shot of residents walking on a street in Roxbury. Shots of street signs for Blue Hill Avenue and Dudley Street; of a Western Union office in Roxbury; of signs in the window of the Western Union office. Shot of a man walking into the Western Union office. Christy George reports that poor communities lack access to banking services. George reports that Boston banks have few branches in poor communities. V: Footage of Michael Dukakis (Governor of Massachusetts) at a gathering of Massachusetts bankers. Dukakis shakes hands with meeting attendees. George reports that Dukakis outlawed the practice of redlining in the 1970s; that bankers and business leaders were upset about the law. George says that poor communities still lack banking services in spite of the law. George reports that Dukakis has supported a program to get banks to give better service to poor communities. V: Footage of Dukakis standing with banking leaders and community leaders at the meeting. Footage of Richard Pollard (Massachusetts Bankers Association) saying that he will not admit that redlining has been taking place in the 1980s; that redlining is illegal. Shots of banking leaders and community leaders socializing. George says that banking leaders met with community leaders today. George reports that banking leaders have agreed to open 10 to 15 new branches of downtown banks in poor neighborhoods over the next five years; that banking leaders have agreed to open 20 to 35 new ATM machines in poor communities. George reports that banking leaders have agreed to restructure mortgage programs; that the new program will grant mortgages to families earning as little as $27,000 per year. George reports that the banks will participate in a $100 million affordable housing pool to finance renovation and construction of affordable housing. George reports that bank leaders will support a $10 million corporation which will direct investments to minority-owned businesses. V: On-screen text details the specifics of the agreement between bank leaders and community leaders. Footage of Charles Stith (Organization for a New Equality) at the meeting. Stith encourages the leaders to join hands and raise them in the air. The leaders raise their hands and say "Amen." Stith stands next to Bruce Bolling (Boston City Council). Shots of Dukakis and other leaders. Shots of the media; of Stith. George reports that the leaders need to decide how to monitor progress; that both sides were optimistic about the plan. V: Footage of Stith speaking at the meeting. Stith says that it has taken a long time to reach an agreement. Footage of Bolling speaking at the meeting. Bolling says that the agreement is like "a Catholic marriage"; that there is no divorce. Footage of John Hamill (Shawmut Bank) speaking at the meeting. Hamill says that the agreement is not like a new marriage; that the agreement is "a renewal of vows." Footage of Ronald Homer (Boston Bank of Commerce) speaking at the meeting. Homer says that "the only way to say 'I love you' in business is with money. Footage of Dukakis saying that the agreement is "fantastic." George says that the agreement was reached when communication between the two sides improved. V: Footage of Pollard speaking at the meeting. Pollard says that the community used to have the feeling that the banks had unlimited funds with which to provide mortgages. Pollard says that the banks needed to explain their business model to the community. Footage of Willie Jones (Community Investment Coalition) speaking at the meeting. Jones says that the banks have realized that poor communities are looking for basic services instead of "bells and whistles." George stands in a residential neighborhood. George reports that banking rules have made it difficult for poor people to qualify for loans and mortgages. George reports that banks have restructured their rules to allow access for poor people. George notes that the banks will make money in poor communities; that they will not make as much money as in wealthy communities.
