Spring Newsletter Update – April, 2013

Where possible, we will be providing monthly updates to our quarterly newsletter. This monthly discusses our activities in Sacramento, Washington, DC and the CRA Banking Ordinance Summit in San Diego as well as an update on our October 18th Economic Development Conference.

-Faith Bautista, President and CEO

April Meetings in Sacramento

capitol

  1. Met with the Chairman of the State Republican Party and the Senate and Assembly leaders of the Republican Party on economic development, homeownership and small business issues where the Republican Party can be supportive of Asian American Aspirations. All have agreed to work closely with the NAAC.

  2. Met with the California Asian American Pacific Islander Legislative Caucus to end the exclusion of Asian Americans from Fortune 500 Corporation Boards of Directors and senior management. The Asian Caucus, as a result, will be working with the NAAC on a letter to all fortune 500 corporations urging more Asian Americans and senior managements and on boards of directors. A special emphasis will be placed on Asian American women and under-represented Asian American communities such as Korean-, Vietnamese-, Filipino-, Burmese-, Cambodian- and Laotian-, and Hmong American communities. Also considering a conference with a caucus and more than fifty Fortune 500 corporations headquartered in California.

  3. Met with Democratic members of the legislature to discuss legislative hearings on the failure of federal government homeownership and foreclosure policies on three million Californians in distress.

  4. Provided testimony strongly in support of Assemblywoman Yamada’s bill to create greater small business opportunities for the unemployed (AB 152). The bill is strongly opposed by the California Chamber of Commerce.

  5. Met with key legislative officials on the NAAC’s support for:

    o Restrictions but not abolition on payday loans (SB 515);

    o Strong support for Senator Hernandez’ efforts to expand low-cost, high quality health care through greater opportunities for nurses and pharmacists (SB 491, 492 and 493); and

    o San Diego Assemblymember Weber’s pro micro-business lending efforts that could assist California’s 600,000 Asian-owned businesses;

    o Strongly opposed an assembly bill that would prevent the minority community from effective participating at the California Public Utilities Commission when utilities seek to raise rates by billions of dollars (AB-995)

  6. Met with the senior official for Governor Brown to discuss the NAAC’s position on the five bills referred to and to discuss more cooperative effort between the Governor and the Republican Party and six million California Asian Americans.

April Meetings in Washington, DC

dc

Had eleven meetings with key federal banking regulators, the White House, financial institutions and corporate America on working with the Asian American community on housing, broadband, job creation, financial literacy and more Asian Americans in prominent positions throughout federal government.

  1. Met with ED Demarco, Chief Administrator for the Federal Housing Financing Agency (Fannie Mae and Freddie Mac), to discuss how the NAAC can play a major role in streamlined loan modifications, financial literacy and development of low-to-moderate income homeownership opportunities. We will be working together on all of these.

  2. Met with the new head of the Federal Housing Administration, Carol Galante, to discuss the NAAC ‘s greater role in working with HUD on (a) financial literacy to create future responsible homeownership; (b) acquiring REO properties to sell to low-to-moderate income homeowners rather than investors; and (c) lowering the cost of FHA-required private mortgage insurance required by developing mandatory financial literacy programs. Also followed up on these issues with senior officials at Freddie Mac, Federal Housing Financing Agency and the Office of the Comptroller of the Currency.

  3. Met with the Undersecretary of Treasury for Domestic Finance, Mary Miller, and her senior staff to discuss a broad range of homeownership and foreclosure issues and we will be updating you on the results of this meeting and the meetings with FHFA and FHA over the next few months.

  4. Met with the CEO of Ocwen, our nation’s fifth largest foreclosure servicer, on efforts to work more closely together to ensure expedited loan modifications and preventing foreclosures. Also discussed working together on a broad range of homeownership opportunities including Shared Appreciation Mortgages.

  5. Met with three senior officials at the White House responsible for all Asian American affairs. Discussed the importance of more Asian Americans in the Cabinet and in senior policy roles. [link to faiths oped] Also, discussed the need for an updated census since Asian Americans have now broken the twenty million mark (up from less than two million just forty years ago). Also discussed government exclusionary and often inadvertently discriminatory actions against Asian Americans who have suffered during the financial crisis. [link to asian journal attacks doj] Follow up meetings are planned.

  6. Met with the Co-Chair of the RATE Coalition, a corporate effort to lower corporate tax rates. We may work with corporate America on an equitable lowering of corporate rates that we are guaranteed that the federal government will generate at least as much revenue as it generates from the present corporate tax. We will be meeting with many of the corporations supporting this effort to ensure that Asian Americans have key input on a major national tax policy that could affect job growth and opportunities in America

  7. Met with the Chairman of a very prominent consulting group that is considering initiating with the NAAC a national campaign that could promote widespread financial literacy beginning at the kindergarten level.

  8. Met with the only Asian American commissioner on the Federal Communications Commission, Agit Pai, to discuss spectrum issues, the Softbank and Dish Network battle for Sprint and a greater role for Asian Americans in the broadband revolution.

  9. Met with Congressman Elijah Cummings and his staff to discuss major reforms relating to the housing crisis, including greater accountability of federal regulators and so-called independent consultants.

  10. Met with senior officials at Securities and Exchange Commission (SEC) to discuss implementation of SEC diversity issues that could help promote Asian Americans throughout corporate America.

Good News on NAAC’s 10th Annual Economic Development Conference on October 18th in San Diego

Confirmed speakers include:

Tom Curry, Comptroller of the Currency

Sarah Raskin, a member of the Board of Governors of the Federal Reserve System

Mary Miller, Undersecretary of Treasury for Domestic Finance

Carla Peterman, a newly appointed California Public Utilities Commissioner, who is strongly committed to Asian American diversity and innovative energy conservation efforts that could save rate payers billions of dollars.

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