Description:
David Boeri reports on expansion plans by the State Street Bank. The bank's activities are focused on mutual funds, pension funds, and informational services, and it has a presence on the international scene. The bank needs approval from the State Banking Commission before opening an office in Tokyo. Critics accuse the bank of abandoning its local responsibilities. State Banking Commission Hearing. State Senator Bill Owens says that the bank does not provide credit to low- and moderate-income neighborhoods. William Edgerly, Chairman of the State Street Bank and Trust says that the bank does not provide a full range of consumer services. Interview with Edgerly, who says that the bank needs to go global in order to be an industry leader. He adds that the bank is committed to the local community. Interview with Diane Strother from the Massachusetts Affordable Housing Alliance, who says that the bank does not do enough for the community. Boeri reports that affordable-housing advocates want the bank to renew its commitment to low-income neighborhoods.
1:00:13: Visual: Shots of the exterior of the State Street Bank building on Franklin Street. David Boeri reports that the State Street Bank has been in operation in Boston since 1792; that the bank has been expanding in the 1980s. V: Footage of William Edgerly (Chairman, State Street Bank and Trust) saying that the bank needs to go global in order to be a leader in the industry. Shots of the exterior of the bank; of the entrance to the bank. Boeri reports that loans are a small part of the bank's business; that the bank's focus is on mutual funds, pension funds, and informational services. V: Shots of the floor of the New York Stock Exchange (NYSE) on October 13, 1989; of a NYSE official banging a gavel. Footage of Edgerly saying that the bank is no longer a regional bank; that the bank is now a national and international bank. Shots of the floor of the stock exchange in Tokyo; of business workers on a busy street. Shots of Japanese workers at the Tokyo stock exchange; of a screen listing stocks at the Tokyo stock exchange. Boeri reports that State Street Bank has a presence on the international scene in London, Luxemborg, and Hong Kong; that the bank is planning an office in Tokyo. Boeri reports that advocates of affordable housing have challenged the bank's plans. V: Footage of William Owens (State Senator) at a hearing of the state banking commission. Owens says that poor urban neighborhoods remain in the "backyards" of the multinational banks. Shots of attendees and audience members at the hearing of the banking commission. Boeri reports that State Street Bank needs approval from the banking commission before it opens an office in Tokyo; that the bank remains a state bank. Boeri reports that critics say that the bank has abandoned its local responsibilities. Boeri notes that critics say that the bank has shut down branch offices in Dorchester, Roxbury, and other neighborhoods. V: Shots of audience members at the hearing. Footage of Owens addressing the banking commission. Owens says that the State Street Bank is responsible for a decrease in access to banking services in minority neighborhoods. Boeri stands in front of the State Street Bank building. Boeri reports that the Community Reinvestment Act (CRA) requires banks to provide credit to their local communities. Boeri notes that a bank can have its applications denied if it does not provide credit to low- and moderate-income neighborhoods. Boeri adds that critics want the State Street Bank to take care of business in Boston before opening up a Tokyo office. V: Footage of Edgerly addressing the banking commission. Edgerly says that the State Street Bank is a wholesale bank; that the bank does not provide a full range of consumer services. Shots of audience members at the hearing. Boeri notes that State Street Bank officials say that the bank does not do home mortgages. V: Footage of Edgerly being interviewed by Boeri. Edgerly says that the State Street Bank is devoted to helping the local community become successful. Shot of Edgerly at the bank commission hearing. Boeri reports that Edgerly helped to form the Boston Housing Partnership and the Boston Compact. V: Footage of Diane Strother (Massachusetts Affordable Housing Alliance) saying that the bank does not do enough for the community. Shots of the exterior of the State Street Bank building. Boeri reports that housing advocates want the approval of the bank's Tokyo office to be linked to a renewed effort by the bank to provide banking services and loans to low-income neighborhoods.
Date Created:
10/13/1989
