Rotary Club of Arden Hills/Shoreview

Today's speaker was Michael Grover, Assistant VP of Development for the 9th District Federal Reserve Office in Minneapolis.  The Federal Reserve System is the central bank of the United States. Congress created the Federal Reserve through a law passed in 1913, charging it with a responsibility to foster a sound banking system and a healthy economy.  We learned today that it also serves as a resource to support community development, especially in regard to collaboration between communities and their local financial institutions.  Another somewhat surprising fact was learning of the Fed's role in combating discriminatory practices in home ownership and lending.  They do this by investigating and enforcing provisions of the Fair Housing Act, The Equal Credit Opportunity Act and the Community Reinvestment Act.  Grover provided examples of recent lawsuits involving Wells Fargo Bank and others, where these institutions have been charged with discriminatory lending practices through higher rates, "redlining" certain geographic areas, and similar actions.  Grover's educational background includes a PhD in Urban Studies from the University of Wisconsin.  The Minneapolis Fed is one of twelve in the country and covers the states of Minnesota, North Dakota, South Dakota, Montana, and portions of Wisconsin and the Upper Penninsula of Michigan.