the greenlining institute’s annual economic summit 15th April 25, 2008 30 the community years reinvestment act (CRA) Three Decades of the Community Reinvestment Act: Is it Time to Expand it? welcome Friends and Colleagues Dear Friends, Welcome to the Greenlining Institute’s 15th Annual Economic Summit entitled Three Decades of the Community Reinvestment Act: Is it Time to Expand it? Fifteen years ago Greenlining hosted its first Economic Summit in How can we carry the spirit of CRA to other industries, some that San Francisco. Greenlining was then a very small organization with big have closed the door to diverse communities? This year, 2008, is turning ideas and an even larger vision. The vision of multi-ethnic unity and out to be an ideal year for this discussion. Most notably the foreclosure wealth creation in underserved communities created a new framework for crisis has sparked a national debate on the need for federal oversight of civil rights and equal justice. This framework is based on the premise that Wall Street companies. Greenlining has long argued that investment firms, coalition building across racial/ethnic lines leads to bigger gains, and that hedge funds, and pension funds should also be guided by the spirit of CRA. diversity is in the best interest of corporate America’s long-term growth. The big ideas generated by the Greenlining Coalition led to numerous We have also witnessed the growth of a national debate on how foundations successes including approximately $1 trillion in community reinvestment can better serve communities of color thanks to the courageous work agreements for underserved communities. of Assemblymembers Coto, Dymally, and Lieu. Perhaps it is time that Congress weigh in on this important issue and instill the spirit of CRA One major piece of federal legislation, The Community Reinvestment Act into the halls of philanthropy. (CRA), created the leverage for much of our success. CRA was enacted by Congress in 1978 to combat the discriminatory practice of “redlining” by We are also in the middle of a healthcare crisis with universal healthcare banks. Many agree that CRA wasn’t perfect. Some would argue that being debated among our presidential candidates and state leaders. Despite CRA alone didn’t create the $1 trillion in CRA commitments. And California’s failure to create significant change last year, the discussion some would say that CRA missed the mark by allowing banks to has opened the door for us to examine the role that the health care industry operate in a color-blind regulatory world. Perhaps all of this is true. plays in impacting economic outcomes that are considered major determinants of health. But most leaders agree that CRA opened the doors for grassroots leaders to have collaborative discussions with CEOs of the largest banks in the A CRA approach can do much to create win-win partnerships with the world. These discussions, and sometimes debates, have led to innovative emerging green industry, insurance companies, energy companies, law approaches for increasing homeownership rates, strengthening small firms, telecommunications companies, biotech firms, and other industries. businesses, and encouraging investments in underserved communities. Although these industries are not bound by the law of CRA, they certainly can CRA created the spirit of collaboration that led to many innovative asset be moved by the spirit of CRA. Today’s discussions will center on how we building approaches we see today. In summary, CRA created the atmosphere move non-bank entities into CRA like partnerships and how we can for public-private partnerships to flourish. strengthen our CRA activities with our current partners. The same vision that started 15 years ago is still thriving today. Only with your help can we fulfill this vision and move towards a more prosperous and equitable society. Sincerely, Orson Aguilar Executive Director Designee th THE G R EENLINING INSTITUTE ’S 1 5 A NNUAL ECONO M IC S UMMIT 3 summit program Friday April 25, 2008 8:00 a.m. – 9:30 a.m. I breakfast with FDIC Chairwoman Sheila Bair (By Invitation Only) 9:30a.m. – 10:15 a.m. I opening session (Gold Room) Welcoming: Orson L. Aguilar, Greenlining Institute Winning Initiatives for Change Presentations by Greenlining Institute Fellows 10:30 a.m. – 11:45 a.m. I concurrent morning sessions Profitable Pathways: How a Strategic Focus on Diversity Yields High Impact Results for Corporations and Communities (Gold Room) The Business of Building Healthy Communities: Expanding the Spirit of CRA to the Health Industry (Emerald Room) 12:00 p.m. – 1:45 p.m. I summit lunch program (Biltmore Bowl) Invocation: Rev. Dr. John J. Hunter Senior Minister First A.M.E. Church, Los Angeles, California Master of Ceremonies: Orson L. Aguilar, Greenlining Institute Community Reinvestment Awards Presentations Sheila Bair, Chairwoman, FDIC Introduced by Assemblymember Ted Lieu (53rd Assembly District) Cynthia Amador, President and CEO, CHARO Community Development Corporation Robert A. McNeeley, Executive Vice President, Union Bank Big Brain Award Presentation Assemblymember Joe Coto, Chair, California Latino Legislative Caucus Big Foot Award Presentation Louise Perez, Executive Director, Community Resource Project th THE G R EENLINING INSTITUTE ’S 1 5 A NNUAL ECONO M IC S UMMIT 4 2:00 p.m. – 3:20 p.m. I concurrent afternoon sessions The Foreclosure Crisis and Future Opportunities to Close the Minority Homeownership Gap (Gold Room) The Emerging Green Movement: How the Spirit of CRA Can Lead to Green Economic Opportunities (Emerald Room) 3:20 p.m. – 3:30 p.m. I break 3:30 p.m. – 4:30 p.m. I community town hall discussion (Gold Room) Addressing Our Nation’s Philanthropic Crisis in an Era of Budget Cuts 4:45 p.m. – 5:45 p.m. I academy alumni association meeting (Moroccan Room) 5:30 p.m. – 6:45 p.m. I reception (Bowl Foyer) 7:00 p.m. – 9:30 p.m. I summit dinner program (Biltmore Bowl) Invocation: Rev. Pastor J. Alfred Smith Jr. Antioch Baptist Church, San Jose, California Mistress of Ceremonies: Leslie Cunningham, Managing Consultant, LJC Management Group Keynote Speaker: Ivan Seidenberg, Chairman and CEO, Verizon Big Heart Award Presentation Faith Bautista, President, Mabuhay Alliance 2008 Lifetime Leadership Awards Presentation Ortensia Lopez, Co-Chair, Greenlining Institute George Dean, Co-Chair, Greenlining Institute Keynote Speaker: U.S. Attorney Joseph P. Russoniello Torchbearer Award Presentation Lindsay Imai, Urban Habitat th THE G R EENLINING INSTITUTE ’S 1 5 A NNUAL ECONO M IC S UMMIT 5 general session panels MORNING GENERAL SESSION PANELS Winning Initiatives for Change: Profitable Pathways: How a Strategic Focus on Diversity Overview of Greenlining’s 2008 Initiatives Yields High Impact Results for Corporations and Communities 9:30 a.m. – 10:15 a.m. (Gold Room) 10:30 a.m. – 11:45 a.m. (Gold Room) Greenlining’s Academy Fellows will provide participants with an interactive As more and more businesses are discovering, a true commitment to and multi-media experience on various issues affecting California’s under- diversity has a direct, positive, and lasting impact on the bottom line. At served communities. Topics include the environment, insurance, consumer this session, academic and private sector luminaries will showcase the protection, college affordability, and banking. The session provides a short ways corporations can increase profits, enhance their reputation, and but thorough overview of Greenlining’s holistic educational and advocacy become increasingly competitive while concurrently promoting economic campaigns for economic empowerment. empowerment in low-income and minority communities. Panelists will discuss such topics as supplier diversity, workforce diversity, pro bono Moderator: legal services, and cultural competency. Danielle Trimiew, Greenlining Academy Director Moderator: Panelists: Thalia Gonzalez, Sr. Legal Counsel, The Greenlining Institute • Elaine Braithwaite, Banking Fellow • Sasha Werblin, Sustainable Development Fellow Panelists: • Kenechukwu Okocha, Insurance Fellow • Alfred E. Osborne, Jr., Senior Associate Dean, • Valeria Rosales-Fike, Higher Education Fellow UCLA Anderson School of Management • Joel Muratalla, Multimedia Academy Fellow • Clayton R. Lloyd, Sr., Vice President and Executive Director of Supplier Diversity, Wells Fargo & Company • Elena Baca, Chair, Paul Hastings’ Los Angeles Office The Business of Building Healthy Communities: • Magda Yrizarry, Vice President, Workplace Culture, Expanding the Spirit of CRA to the Health Industry Diversity and Compliance in Corporate Human Resources, Verizon • Maureen P. Alger, Partner, Cooley Godward Kronish 10:30 a.m. – 11:45 a.m. (Emerald Room) • Luis Diaz, Chief Diversity Officer, Gibbons Recent research reveals something that we have known for decades – your socioeconomic status determines how long you live and how healthy you will be. In fact there is a direct correlation between rising health disparities and rising gaps in economic inequality. Various health problems in our communities are thus related to issues of employment and overall socio-economic opportunities. Health industries will play a growing role in determining what economic opportunities exist in California as corporations are drawn through tax-credits and university programs. This session will explore opportunities for health industries to invest in low-income and minority communities through win-win public-private partnerships. Moderator: Kevin Barnett, Dr. P.H., M.C.P., Senior Investigator Public