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“Let Us Rise Up and Build” -- June 2005
“When banks compete, you win.” You’re right; I stole that line from a television commercial. But it’s so true; I couldn’t resist using it. I wish more Black people would take the statement to heart. After all, it was coined by a lending institution that understands its truth all too well. The Collective Banking Group (CBG) understands it too, and the folks who established and support the CBG demonstrated that truth in a monumental way during the weekend of June 3, 2005 when they convened their 10th annual Community Economic Empowerment Conference in Glenarden, Maryland. The theme for this year’s conference, “Church and Community … Growing Together, was taken from Nehemiah 2:18 – 20, in which the people said to Nehemiah, “Let us rise up and build.” The people boldly stepped forward to do the work they knew had to be done, after Nehemiah reminded them, “You see the bad situation we are in, how [our community is wasted] and lies in ruins.” How appropriate for Black people today. How profoundly true of the places in which we live.x0Dx0A x0Dx0AThe good part about that particular passage is that a genuine “authentic” leader stepped forward, shared his vision and obligation, and then the people took the next step by replying “Let us rise up and build.” What a story! A great example of that story was demonstrated by Pastor Jonathan Weaver, visionary, founder, and President of the CBG, and the brothers and sisters who came together to form and sustain the CBG. Their action begs the question, especially for religious people, “Why aren’t there more CBG chapters throughout this country? After all, when banks compete, for your business, you win.x0Dx0A x0Dx0AHow does the CBG work? What does the CBG do? You can get information from the website, collectivebankinggroup.com; I have a chapter on the CBG in my book, and there are many articles available on the Internet. In brief, the CBG collectively leverages the spending power of more than a quarter of a million members of various churches in the Washington, D.C. – Maryland - Virginia area to obtain not only fair treatment from banking institutions but also to assure the accrual of prime interest rates, reciprocity, and development opportunities to CBG members.x0Dx0A x0Dx0AYou may remember an article titled, “Legal Bank Robbery,” in which we discussed the ways many banks are ripping-off Black and poor people. Well, the CBG learned more than a decade ago how to overcome that kind of mistreatment; through its collective action, they now “allow” banks to compete for their business. Every three years or so the CBG “selects” the banks with which they will do business, and then through a covenant relationship, that’s right, I said, “covenant,” a formal, solemn, binding agreement with biblical implication, they do business only with the selected banks.x0Dx0A x0Dx0ADuring the conference, among the many fantastic inspiring points made by the speakers, Pastor Weaver recognized the five Covenant Banks, and after introducing their presidents and officers, he said, “These are our current covenant banks, and we will support them.” He paused and then said, “But only if they support us!” Now that’s what I’m talking about. Reciprocity. Weaver didn’t bow and scrape, and scratch and shuffle; he did not patronize and offer condescending platitudes; he made it as plain as could be. The CBG relationship with its covenant banks is one of reciprocal benefits. Wouldn’t it be great if all of us could say that – and then back it up with our dollars?x0Dx0A x0Dx0AI’m so tried of folks complaining about the way we are treated by banks and others but refusing to do anything about it. I’m so proud of the CBG (which is why I write about it so much) and how it has refused to be mistreated and then took steps, practical steps, business steps, economic steps, to resolve the issue. No, the CBG is not perfect; it’s not a panacea for all of our ills, but it sure beats what many of us have in our communities when it comes to doing business with local banks.x0Dx0A x0Dx0AI would be remiss if I did not mention Industrial Bank, a 70 year-old Black owned bank. No intention of slighting any of the other banks in the CBG, but anyone who knows me understands why I am singling out this one. Not only was it a pleasure to see a Black bank in the mix, it was a special treat to meet brother Jeffery Banks, Vice-President, Business Development Officer, who just happens to be from my hometown, Cincinnati, Ohio. Jeffery is involved in several development projects in the D.C. area, and I am proud of him as well.x0Dx0A x0Dx0AIn addition to facilitating two workshops, I was also a luncheon speaker along with Jesse Jackson. My role was to respond to Jackson’s remarks, which was an easy task because of several points he made. He said we need to “have a sense of what is important” and that economics should be our top priority. He also said something I have been saying for some time now: White folks have us looking at crime, while they are doing development deals. I responded with my “Amen” so loudly it made Jackson turn to see where it came from. x0Dx0A x0Dx0AI emphasized the importance of the CBG and the role it plays in the lives of its members, those who sit in the church pews every Sunday, because when banks compete, they win. As I spoke, I also thought about Nehemiah and the people: “Let us rise up and build.” x0Dx0A
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