Public Meeting Regarding NationsBank and BankAmerica - Panel 6
Thursday, July 9, 1998
Transcript of Panel Six
191 1 MS. SMITH: I think our court reporter is 2 ready to go, and someone is going to fill in for our 3 timekeepers until our timekeepers return. We'd like to 4 go ahead. Our panel is all here and we will start with 5 Ms. Cincotta. 6 MS. CINCOTTA: My mike is on. Thank you 7 very much. 8 It's nice to be in San Francisco, but I 9 would like to really urge you that the Federal Reserve 10 Board did not end it at a one-day hearing here. People 11 all over the country want to comment on this. This is a 12 very important issue for everybody and people can't all 13 afford to get out here. Three of us shared a room 14 together to help cut down to cost last night. 15 National Training Information Center, 16 which I am Executive Director of, and National People's 17 Action, who I am chairperson of, have worked on getting 18 home mortgage disclosure passed, CRA, and then went into 19 whatever else it takes to make the market work in our 20 communities such as the Jessie Legislation, going after 21 the MI companies, insurance partners, that bring 22 together all the necessary pieces in lending. 23 When we got CRA passed, we did not think 24 the burden of making it work was going to go on all the 25 neighborhood organizations. We thought we got it 26 passed, we have disclosure and this is what regulators 192 1 all should take care of. 2 To our dismay, most financial institutions 3 in the United States get a passing grade. I think most 4 of them get -- about 95 percent of them or more get a 5 passing grade. If they all deserved it, we wouldn't be 6 in this room today, we wouldn't be arguing about banking 7 or loans, et cetera. They don't deserve it. Maybe four 8 percent, and the other 95 don't deserve it. 9 In Chicago we have monitored agreements 10 with our large downtown lenders for 12, 14 years 11 following through, following through, following through. 12 They said they would do more but the secondary market 13 wouldn't buy their loans and we heard this from 14 institutions around the country. We took it to 15 Washington to make sure that Fannie Mae and Freddie Mac 16 would work for them. 17 So we have dealt with pieces of pieces of 18 pieces. And, if we ever hear an excuse of why loans 19 can't go in, be it the MI companies -- we went after the 20 MI companies to get them as part of the lending 21 community also. 22 So I want to make sure you know we don't 23 just pick on banks. If they say they'd like to do it 24 but they need help, we're willing to do that. 25 What we're facing in Chicago, which was a 26 major -- had major banks -- some of the major banks in 193 1 the country, Chicago owned and operated. After all 2 these mergers and acquisitions take over, we're going to 3 have one bank that's Chicago owned and operated only. 4 One of the financial institutions we lost 5 years ago was Continental Illinois Bank. They wouldn't 6 loan in the community, but they lost a ton of money 7 speculating in Oklahoma in oil wells. 8 They went under, Bank of America took it 9 over. That was our first experience with Bank of 10 America. So this large institution all of a sudden 11 became a non-bank bank. 12 So any programs, anything with BankAmerica 13 had to be through NHS, through different groups doing 14 development, et cetera. But we're losing this big 15 institution you could walk in to talk to, argue with 16 about will they make loans, was lost. 17 Part of that decision was that would be 18 the non-bank bank, but the control would stay in 19 Chicago. As soon as the intra/interstate banking went 20 through, the control was moved to California. To 21 appease the regulators at that time, Bank of America 22 said they would open branches in all the Jewel Food 23 Stores. They did. It lasted two months until they got 24 approval to move the control to California. 25 So that was -- that's our experience. We 26 can work with some of the folks who were left in the 194 1 building. Again, it's all putting special programs 2 together, not walking in, making deposit, getting a 3 loan. 4 One minute remaining. Thank you. 5 All we have from Nations in Chicago is 6 something called Nations Credit which receives a 7 predatory lender, if you could find your way downtown 8 and you are willing to pay maybe 15 percent for a loan. 9 They do not have a presence of regular lending, but just 10 through a loan kind of company. So that our experience 11 with Nations and what we're hearing from the groups 12 across the country that they're interested in 13 communities or lending is pretty bad. 14 We tried getting meetings with NationsBank 15 when we were having our national conference in 16 Washington this past year. Sent letters, made calls, 17 couldn't -- our style with NPA is we had a demonstration 18 at the bank until we got to talk to somebody, because we 19 will not take no for an answer for the community. It 20 ended up that they said they would meet with us in 30 21 days in St. Louis. 22 We pulled back on any protest, anything 23 until we could have that meeting. Talked to a gentleman 24 on the phone who said he would be speaking for -- was it 25 McCoy, who is head of Nations. 26 When we got down there, and we had groups 195 1 from 12 cities, Cathy Bessant was the person who was 2 sent to represent the bank and we did not have the 3 person who I talked to on the phone, and we had 4 presented them with what we thought would be a good 5 agreement that they could do for ten years. 6 They laughed, they threw it away and 7 Ms. Bessant said -- at some point said, "We do not deal 8 with people like you," going like this (indicating). 9 "And, if you think we're ever going to deal with people 10 like you, you are mistaken." 11 And at the same time, they were touting 12 their agreement. I know I'm short of time, one more 13 sentence. 14 If you take their agreement and look at 15 their housing lending, what they say they want to do in 16 the next ten years is less than they've done in the last 17 ten years. 18 I would not believe one single word that 19 NationsBank told you, one single word of what they said 20 they're going to do. And, when you hear the experiences 21 of how they treat people in a lot of the local community 22 organizations, you wouldn't want them as your lender and 23 you wouldn't want them in your communities either. 24 So, please, have more hearings, deny them, 25 deny them, deny them until they learn how to deal with 26 people instead of being as obnoxious as they are. 196 1 I mean, I've met a lot of bankers and 2 they're not all perfect, and neither am I. This tops 3 the cake, and you would agree if you'd been there. 4 Thank you. 5 MS. SMITH: Thank you very much. 6 MS. WEBB: My name is Margaret Webb, and 7 I'm from Wichita, Kansas. I'm here today representing 8 National People's Action and Sunflower Community Action 9 from Wichita, Kansas. 10 Before I begin, I would like to tell you a 11 little bit about myself. I'm a single parent working 12 two jobs. I am live in a low-income area, am very proud 13 of my community. I'm a volunteer at our local school 14 and leader with Sunflower Community Action. 15 I'm not getting paid to be here today. In 16 fact, I took the day off from work without pay because I 17 feel in my heart that we need a national CRA agreement 18 with NationsBank. 19 I am new to this part of the banking 20 process. In May Sunflower Community Action asked me if 21 I would be interested in looking into redlining at 22 NationsBank. I wanted to see if it was happening in 23 Wichita. Just getting to see a copy of the HMDA was 24 hard work. I went to NationsBank in downtown Wichita. 25 The bank alone covers two city blocks and is seven 26 stories high. To my understanding it was always a main 197 1 bank in Kansas. 2 Anyway, I asked Marilyn Polly, the bank 3 president, if I could look at the HMDA. After some 4 stalling I found out our big beautiful downtown bank was 5 just a branch bank. 6 The only NationsBank that had the HMDA 7 information, according to Ms. Polly, was in the home 8 office in Charlotte, North Carolina. For some reason, 9 Ms. Polly had called Dallas, Texas, not Charlotte, for a 10 copy of the HMDA. 11 Now, remember, I just asked to look at a 12 copy of the information. To my understanding, CRA 13 regulations state that anyone should be able to walk in 14 the bank and look at the HMDA. 15 After more stalling, they did give me a 16 notebook with small business and farm loan data. But 17 the home loan section was empty. At first I was told 18 the bank had given us seven days to get the information. 19 Then, as I continued to press, Ms. Polly arranged to 20 have it overnighted. Imagine my surprise, when I 21 received it a few days later, on just how bad the 22 redlining is. 23 You all have a copy of it that I turned in 24 this morning, plus there is a bigger picture behind me 25 with Bank Four and Boatmen's. 26 NationsBank keeps saying that bigger is 198 1 better, but we have small to medium sized banks that do 2 a whole lot better job of home loans than NationsBank. 3 NationsBank just isn't giving home loans to low and 4 moderate income people. 5 NationsBank says that it makes pledges, 6 but an executive of NationsBank also told me that those 7 pledges aren't legally binding. 8 On May 21st, I was with a group of people 9 that sat down with NationsBank, Bank of America, in St. 10 Louis. This meeting opened my eyes to NationsBank. 11 First of all, I felt it was nothing but a stalling 12 tactic on the part of NationsBank. 13 Catherine Bessant told us at that meeting, 14 and I quote, "We, NationsBank/Bank of America will never 15 work with people like you," end of quote. I feel that 16 we people is what made NationsBank what it is today. 17 NationsBank also says that they don't sign 18 contracts, they make pledges, not contracts or 19 agreements. How can they be held accountable without a 20 mutually signed agreement? 21 There are serious problems with allowing 22 this merger to take place without making the spirit of 23 CRA -- without making sure that spirit of CRA is 24 implemented at the level they plan to grow. 25 The rebuilding of my low-income community 26 is dependent on such an agreement. National Bank, 199 1 national agreement. 2 NationsBank/Bank of America recently made 3 a promise of -- a ten-year promise. Part of that 4 promise was that they would loan money to rural America. 5 But last year, in Kansas alone, they closed ten 6 branches. Again, their talk isn't following what they 7 are doing. 8 Even if they give money to America, what 9 is it to stop them from redlining? To me it sounds like 10 they're dangling a carrot in front of us, look at the 11 money, not the redlining. 12 America wouldn't be what it is today 13 without people taking risks. The bank thinks it's a 14 risk to work with us, but in reality it's not. 15 I'm not asking for a handout. I am asking 16 to stop the redlining and give out home loans to low and 17 moderate income people. Our communities must be rebuilt 18 and the only way to do this is with a written national 19 CRA agreement 20 MS. SMITH: Thank you. 21 MR. ORTEGA: Buenos Tardes. Mi nombra es 22 Erneto Manuel [phonetic] Ortega. I forgot I'm in 23 California, English only. Sorry. 24 My name is Ernest E. Eugene Ortega. I 25 live in Albuquerque New Mexico. I have been involved in 26 low-income housing and community development work in 200 1 rural and urban New Mexico for over 30 years. I would 2 support this merger if the bank made specific written 3 and enforceable commitments that New Mexicans would be 4 better served by this merger. As Bank of America's last 5 CRA evaluation shows, national commitments don't always 6 translate into better lending for New Mexico. 7 I am alarmed by the overall trend towards 8 national -- nationwide institutions. A national 9 approach will not work in New Mexico. New Mexico has 10 what is known as the Lou Wallace effect; if it works 11 somewhere else, it doesn't work in New Mexico. 12 The Federal Reserve has a responsibility 13 to ensure that a merger of this magnitude does not 14 adversely affect the consumers in New Mexico. 15 My support for the merger would be 16 contingent on the banks: 17 Presenting specific implementation plans 18 for the 350 billion as it relates to New Mexico. 19 Presenting a specific plan for monitoring 20 the 350 billion commitment as it would impact New 21 Mexico. 22 Continuation and expansion of Bank of 23 America's Rural 2000 initiative. 24 Continuation of a Bank of America's CRA 25 Advisory Committee Structure. 26 Assurances that the divestiture does not 201 1 dilute CRA activities in New Mexico's rural communities. 2 Development of specific CRA initiative for 3 New Mexico's native American Pueblos and reservations. 4 Presentation of a plan which addresses 5 closing of the branches due to the overlapping of the 6 two banks. New Mexico is one of the states where there 7 is overlapping of the two banks. 8 What happens to minority personnel this 9 those branches? What happens to the minority consumers 10 in those communities? The other thing is how will those 11 consumers actually be served once those branches are 12 closed and how they actually occur. 13 Assurance the bank charges would not 14 escalate for moderate and low and rural consumers. 15 The CRA does not mean that New Mexicans 16 can be neglected because Californians or North 17 Carolinians are better served. We need a CRA commitment 18 for New Mexico based on New Mexico's needs, not its 19 market share as the banks have proposed. 20 The Federal Reserve and all other bank 21 regulators must find a way to make sure that national 22 banks serve small markets like New Mexico. In 1997 Bank 23 of America received an outstanding CRA rating, largely 24 based on its efforts in California, Washington and 25 Portland. But, as the OCC says, "Bank of America 26 historical commitment to the CRA has not been fully 202 1 exported to the bank's other areas. The OCC gave Bank 2 of America's lending and investments in New Mexico a 3 grade of low satisfactory. Will this always be true in 4 an era of nationwide banks? 5 The question for all of us is how can we 6 assure that we get the best of both banks from this 7 merger. 8 We don't know if Bank of America's 9 eight-month-old Rural 2,000 community development 10 initiative has produced much in New Mexico, but we 11 should honor its goals. Also, I am proud to serve on 12 Bank of America's CRA Advisory Committee, which I think 13 provides a better relationship between advocates, 14 consumers and the bank than does NationsBank's annual 15 CRA forums. 16 This allows us, as consumers and 17 advocates, on a periodic basis to come and kick their 18 nuggats [phonetic]. For those of you, nuggats is 19 glutius maximus. 20 Both NationsBank and Bank of America need 21 to create specific sub-goals for serving Native 22 Americans in New Mexico. 23 If we get a specific, enforceable 24 commitment for New Mexico, as I previously stated, then 25 I could support this merger. 26 Sunwest, NationsBank predecessor in New 203 1 Mexico, was a market leader in small business community 2 development lending, but its level of service to our 3 community appears to have declined recently. We need to 4 make sure that NationsBank, at a minimum, maintain 5 Sunwest's level of lending and investment. 6 In New Mexico, some divestiture of assets 7 would be necessary to reduce the monopoly power if the 8 merger were approved. Let's set criteria for 9 divestiture of those assets. I propose that any 10 institution assuming those assets must have a New Mexico 11 CRA rating higher of either that of Sunwest or Bank of 12 America in New Mexico. 13 If the past is any guide, the proposed 350 14 billion CRA commitment won't mean much to New Mexico. I 15 urge the Federal Reserve and other regulators reviewing 16 this application to help us create a financial system 17 that truly addresses New Mexico's credit and community 18 development needs. 19 I made some comments and my 20 recommendations in my written statement is elaborated a 21 little more. 22 MS. SMITH: We will be glad to have that 23 statement. 24 MR. ORTEGA: (In Spanish unintelligible.) 25 Thank you. 26 MR. TODEA: Good afternoon. Yati 204 1 [phonetic] from Navajo country. My name is Rockling 2 Todea. I was born and raised on the Navajo Reservation 3 in northwest New Mexico. Today I live in Albuquerque, 4 New Mexico. I have been working in community-based 5 economic development since the early '70s, and I started 6 in San Francisco then. And now I'm working in New 7 Mexico. 8 I am representing the Community 9 Reinvestment and Development Task Force, a consortium of 10 community-based organizations concerned about low-income 11 housing, community development and fair access to 12 capital. Members of our coalition have been working on 13 CRA-related issues for decades now. 14 The question before us is this: How can 15 we ensure that New Mexicans obtain the best outcome from 16 this merger? 17 First, the Federal Reserve and other CRA 18 regulators must devise a way to ensure that nationwide 19 banks serve better small markets like New Mexico. 20 Consider the following: According to the 21 Office of Controller of the Currency's recent CRA 22 evaluation of Bank of America, Bank of America made few 23 community development investments during the period of 24 study in New Mexico. 25 Bank of America's overall housing lending 26 to low income and other traditionally underserved groups 205 1 in New Mexico was substandard when compared to that of 2 other lenders. 3 Between 1994 and 1996, Hispanos, American 4 Indians and African Americans all experienced mortgage 5 application denial rates significantly higher than did 6 Anglo buyers, by all banks, even when controlling for 7 income levels. 8 Second, we strongly support a written, 9 enforceable commitment that the banks are committed to 10 changing the status quo in New Mexico. We believe that 11 approval of this merger and support from the public 12 should be based on the following conditions: 13 A written commitment to traditionally 14 underserved people who live in rural areas, inner cities 15 and who are members of groups neglected by lenders. 16 The establishment of a sub-goal for Indian 17 country that will spell out how the merged entity would 18 better serve Indian country. 19 And a divestiture plan that would assure 20 that the assets are sold to lenders with a superior 21 record and meeting the needs of traditionally 22 underserved New Mexicans. 23 Small business lending decisions are 24 usually based on relationships between a lender and a 25 small business or small farm owner. Nationwide banks 26 using national strategies cannot be depended on to focus 206 1 on New Mexico's special business circumstances. 2 In his inaugural address, President John 3 F. Kennedy said, "If a free society cannot help the many 4 who are poor, it cannot save the few who are rich." In 5 the last years since, America has undergone many 6 changes, but poverty has remained unchanged and some 7 would argue poverty has increased. Change has been good 8 for a few, but for the rest it has been the same old, 9 same old. 10 I work with individuals in groups from 11 low-income communities throughout New Mexico to help 12 them make changes in their lives. The biggest problem 13 facing these individuals is the deeply imbedded 14 institutional resistance to change, both public and 15 private. 16 For your information, New Mexico has 17 ranked 50th in the nation for the past three years in 18 level of poverty. 19 I want to share a story that demonstrates 20 an institutional discrimination within New Mexico. A 21 group of Navajo ranchers formed a cooperative on what is 22 referred as the Checkerboard area of the Navajo 23 Reservation. Their research was exceptional, the 24 business plan brilliantly conceived, the financial 25 forecast expertly supported by market research and 26 management capacity beyond question. 207 1 This Bureau of Indian Affairs determined this venture 2 was not on trust lands, therefore, the ranchers could 3 not get a BIE loan guarantee. 4 The banks, on the other hand, refused to 5 make the loan because -- simply because the land 6 property was on -- the project was on Indian country. 7 Never mind that these families, ranchers, 8 have been ranchers since the turn of the century and 9 market conditions spelled opportunity in bold capital 10 letters. 11 Banks wouldn't come near this project as a 12 matter of longstanding policy, not because it was a bad 13 deal. The government agency that is mandated to assist 14 Indians refused assistance because of outdated policy. 15 The status quo was maintained. 16 The one-size-fits-all approach to 17 nationwide banks to small business lending and minority 18 development is not the answer. The banks in question 19 have demonstrated, little, if any, capacity to serve New 20 Mexico's native American communities. They have refused 21 to commit to maintaining the level of lending to our 22 state. 23 To add to our problem, the proposed merger 24 will remove lending decisions from the local communities 25 and place it outside the state. How is the loan officer 26 located somewhere in the east or west coast supposed to 208 1 evaluate a proposal coming from New Mexico? Would that 2 loan officer understand that the value and needs of 3 Native Americans are different than their surrounding 4 neighbors? We fear not. 5 What would happen if the banks are to 6 close their branches in rural New Mexico? We are 7 worried too about declining services for traditionally 8 underserved areas and population groups, and we are 9 alarmed by the trend toward hiring freeze that is being 10 led by big banks. We are especially alarmed by big 11 banks anti-competitive practices. 12 That concludes my remarks. 13 MS. SMITH: Thank you very much, and, if 14 you had anything further, then please submit it for the 15 record. 16 MR. TODEA: I will, thank you. 17 MS. SMITH: Are you next? 18 MR. WELLS: Buenos dias. My name is 19 Robert Wells and I live in Chama, New Mexico, population 20 less than 1,000. I am an accountant and self-employed 21 consultant to small businesses in that part of the 22 state. 23 I want to express to this body of my 24 concern regarding the impact of this merger towards 25 rural America of which I believe the America I am from 26 is very typical of. 209 1 I will admit that I am not well-versed on 2 many of the issues of other communities on a national 3 scale, but I will say that I find some very alarming 4 trends in banking practices that are definitely 5 affecting the way we have done business in the past. 6 In Northern New Mexico, especially the 7 Chama Valley, the lending policies, community 8 involvement and benefits are not being addressed fairly. 9 This is of great concern. 10 This geographic area of the state consists 11 of a community bank and a NationsBank branch, which is 12 rumored to be up for sale or subject to closure. 13 The next competitive bank is 90 miles 14 away. This is rural America. Northern New Mexico is 15 also the home to Jicarilla Apache Tribe, one of the 16 wealthiest Indian Nations in the country. Several 17 members of that tribe, not to mention many local 18 businesses, are not being served by our local banks. 19 I will correct myself on a prior statement 20 I just made. I will add a comment, and this is to say 21 that Norwest Bank does have a branch on the reservation, 22 but, to my knowledge, this branch was opened expressly 23 to accommodate casino operation revenues in addition to 24 some tribal transactions. 25 Four years ago, the main bank in town was 26 known to us as Sunwest Bank. Approximately two years 210 1 ago it was purchased by Boatmen's and today it is a 2 NationsBank. 3 Regarding some of the lending practices. 4 I know of a current transaction where a loan for 5 $200,000 that was made with Sunwest Bank carried a 6 15-year amortization with a three-year call and was 7 collateralized by 500-plus thousand dollars of real 8 estate. That was the only way this loan could be 9 transacted. It was normal in the past to renew notes of 10 this automatically, assuming that the payments were 11 current and had never been in default. 12 That is not the case today. That is a 13 loan that I'm involved with right now. 14 Decisions regarding this loan were not 15 only made at the branch level, but it was also made by 16 another person in the Dallas, Texas area to renew it, 17 but somebody above her out of St. Louis, North Carolina 18 said no, despite the fact of spending collateral. 19 Another example, we have very hard winters 20 in this northern part of the state. Some of the small 21 businesses need 5- to $10,000 bridge loans to carry us 22 for the next 90 to 180 days. They require excessive 23 real estate collateral. This is not fair. There are 24 many other examples. 25 It is my understanding that there has been 26 no plan to address the above issues and I don't know if 211 1 one is planned. 2 NationsBank, according to a recent 3 advertisement in the Albuquerque Journal, said that it 4 has committed $350 billion to community reinvestment. 5 To citizens of my area, we have not seen a mere 6 investment, much less reinvestment. 7 I, therefore, ask this body to require a 8 lending policy with conditions and commitments that 9 address the banking needs of rural America as a 10 condition for this approval. 11 Lastly, I pray that you not only listen 12 but you also hear my comments. Thank you, God bless 13 America. 14 MS. SMITH: Thank you very much. 15 MR. SANCHEZ: (Unintelligible Navine 16 American Language.) 17 I am J. Gilbert Sanchez. I come from the 18 Pueblo San le Fanso, located in the State of New Mexico. 19 I am here representing myself, the Mexico Alliance and 20 those that could not afford to come here today to give 21 testimony. 22 I open in my Tewa [phonetic] Language as 23 my tradition mandates of me, that is to ask permission, 24 that is by requesting permission from the Federal 25 Reserve Board to address or speak to you. 26 I spoke in Tewa to illustrate to you how 212 1 foreign the bank's and Federal Reserve's language is to 2 me and the common people of the State of New Mexico, and 3 especially to Native Americans. 4 In order to preserve time and not to be 5 repetitious, I will state for the record that I too 6 strongly support the recommendations from my fellow 7 panelists from New Mexico. Those that are present here 8 with me at the moment. 9 I also have as many stories of what has 10 taken place since the mega-mergers have come to be and 11 its impact on our state and the communities. 12 The increase in the number of loan stores 13 that loan on vehicle titles, the number of payday loan 14 shops and the decrease in the number of bank loans in 15 our communities complement each other's in many curious 16 ways. 17 The statistics are there which indicate 18 that we, the minorities in our state, are not extended 19 credit. Credit that is deserving and desired by the 20 community to support economic self-sufficiency. 21 In the bank's offer of $350 billion CRA 22 commitment, I would like to know, just like my fellow 23 panelists, how much of this is going to be coming from 24 New Mexico, especially how much of it will be committed 25 to rural New Mexico and the Native American communities. 26 Too, I will bring forth a couple words 213 1 that fears -- that sense fear through any federal agency 2 or agent. I would like to know how the Federal Reserve 3 Board is going to meet basic federal trust 4 responsibility to me and my people, a basic obligation 5 that the president is committed to at the White House 6 Conference with Tribes. 7 I would like to know how this Federal 8 Reserve Board plans to address the negative impacts that 9 mega-mergers will have and are having on Native American 10 people and tribes when mega-mergers are being allowed to 11 continue to happen. 12 As stated, the State of New Mexico, for 13 the last 50 years, enjoyed being 48th in the economic 14 standing of this country. Only recently did it drop to 15 50. When you speak of market-driven decisions, I fear 16 that New Mexico will never be in the running for any of 17 the benefits the Federal Reserve Board's decision might 18 generate. 19 I only have one additional request, and 20 that comes from our communities in North Central New 21 Mexico, the rural Native American communities, the 22 Federal Reserve Board hold a public hearing in New 23 Mexico so truly you can hear the many vast number of 24 stories that are out there pertaining to what is going 25 on in our communities. 26 We being the -- I being part of the first 214 1 Americans that came here are the least to benefit from 2 any of the economic standings or any of the economic 3 impacts from anything. 4 I live next to a colony of Californians. 5 Yes, the State of California does have a colony in the 6 State of New Mexico. The benefits that I supposed to be 7 reaping off of them, I do not see. So, when the 8 mega-mergers happen, I do not see any benefits to myself 9 personally, I do not seek them, but I would hope and 10 pray that our economic level will increase if these 11 things are brought forth. 12 Those are the only comments I have. I 13 thank you for your time. Again, would like to hear from 14 Mr. Greenspan as to how he is going to address trust 15 responsibility. 16 MS. SMITH: Thank you very much. Any 17 questions from the panel? 18 MR. FRIERSON: I would just like to say, 19 Mr. Sanchez, that the board will follow the procedure it 20 does in all of these cases in that it will look at all 21 the facts in the record, and the board will explain its 22 decision to you. Whether you agree with it or not, the 23 board will state how it has applied the statutory 24 factors to the particular facts and you will get a copy 25 of that order 26 MR. SANCHEZ: Thank you. 215 1 Just one more item for the record, I am 2 here representing myself. I do not represent any Native 3 American government or governments at this point in 4 time. 5 MS. SMITH: Thank you. If there are no 6 questions, I thank you again and we'll move on to the 7 next panel.