Community Reinvestment Association of North Carolina

Advocacy for Change to End Predatory Lending

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SunTrust - Where is the Love?


Fall, 2004 - Now that SunTrust has bought CCB, Durham’s hometown bank, the Community Reinvestment Association of North Carolina has some questions: Will SunTrust shine in North Carolina?  Or will it leave us cold in the dark shadows of neglect?  Our questions are reflected in the mural we commissioned to be placed directly opposite CCB’s office tower in downtown Durham:  Where is the Love?

Where is the love when National Commerce decreased lending to African American borrowers in North Carolina since it bought CCB four years ago?

Where is the love when National Commerce decreased the number of community development partnerships?

Where is the love when National Commerce has a tiered pricing system that charges higher interest rates on smaller mortgage loans – a practice that disproportionately affects poor and minority neighborhoods?

Where is the love when National Commerce executives will receive more than $17 million in cash bonuses for this performance?

Where is the love when SunTrust has not been willing to develop a plan and set goals to make things right with our community?

We ask SunTrust/CCB to show North Carolina the love:

©                 Value all borrowers and treat them fairly;

©                 Nurture partnerships with community organizations;

©                 Increase diversity in all levels of the bank.

 

LINKS TO COMMENTS REGARDING THE CCB/SUNTRUST MERGER:

CRA-NC's CRA Comment Letter

CRA-NC's Fair Lending Complaint

Additional Fair Lending Comments

SunTrust Comments

CRA-NC's Response to SunTrust Comments

Federal Reserve Order to Approve the Merger