Beneficial State Bank, Sunrise Banks and Virginia Community Capital were recognized by B Lab's Best for the World 2015 List in both the Overall and Best for Communities categories. The list honors companies that create the most positive impact for their environment, their communities and their employees. Virginia Community Capital was commended for its commitment to local, sustainable and fair trade suppliers. Beneficial State Bank was noted for its dedication to environmental sustainability and for giving more than 50% of its corporate profits to charity. Sunrise Banks was praised for its local majority ownership and its excellence in tracking impact lending performance.
The New York Times this week featured a debate on the role of social goals in the profit-oriented corporate environment. David Yosifon of the Santa Clara University School of Law writes that Delaware corporate law holds that directors must make stockholder welfare their sole end, a premise which Lynn Stout of Cornell Law rebuts. She writes that the malleability of “shareholder interest” affords directors ample leeway for incorporating social goals. Stephen Bainbridge of the U.C.L.A. School of Law writes that enforcing shareholder wealth maximization is the only concrete way to ensure accountability. But Tamara Belinfanti of the New York Law School and Jean Rogers of the Sustainability Accounting Standards Board argue that the division between profit and social good is an illusion, as social goals can produce positive business outcomes.
A Federal Reserve Board report finds that use of mobile phones to access bank accounts, credit cards and other financial accounts continued to increase last year. As of December 2014, 39 percent of adults with mobile phones and bank accounts reported using mobile banking—an increase from 33 percent a year earlier. The most common use of mobile banking is to view account balances and recent transactions, followed by transferring money between accounts. Fifty-one percent of mobile banking users reported depositing a check using their mobile phones, up from 38 percent a year earlier. While the underbanked make up 14 percent of consumers, 90 percent of that group has access to a mobile phone. The unbanked make up 13 percent of consumers and 67 percent have access to a mobile phone.