The Technical Assistance Video Program is a series of educational videos designed to provide useful information to bank directors, officers and employees on areas of supervisory focus and regulatory changes.
New Director Education Series
The first release of videos provides information to new bank directors about their fiduciary role and responsibilities as well an overview of the FDIC’s Risk Management and Compliance Examination processes. These videos are available on the FDIC's YouTube channel.
Virtual Director's College Program
A second series of videos is a virtual version of the FDIC’s Director's College Program that regional offices deliver throughout the year. The initial training program will consist of six modules to be released by June 30, 2013.
Virtual Technical Assistance Program
A third group of videos to be released by year-end will provide technical training to bankers on a range of regulatory issues. The initial training program will consist of six modules.
Proposed Rulemaking Videos
Lastly, the FDIC will continue the model introduced as part of the capital rulemaking process to provide overviews and instruction in a variety of formats, including videos, for more complex rulemakings.
In an article entitled "Small Banks Developing Ways to Compete Against Payday Lenders," the American Banker featured CDBA member One PacificCoast Bank. The article states, "More community banks are preparing to fight payday lenders and technology upstarts for a bigger share of short-term, small-dollar loans. For smaller institutions such One PacificCoast Bank in Oakland, Calif., and National Bank & Trust of Sycamore in Illinois, the battle isn't about booking loans. Rather, the goal is to win back fee income that community banks have ceded to others in recent years."
The article continues to describe One PacificCoast's innovation, stating "One PacificCoast also has an alternative to paycheck advances. The $282 million-asset bank offers a service to employers that lets workers take out small-dollar loans."
Read the full coverage of these alternatives to payday loan products below.
Final Date Set for Charles Street Bankruptcy Hearing
Bay State Banner
After a year of startling disclosures by Charles Street AME church officials, including an estimated $400,000 in misappropriated funds designated for a church pastoral program, U.S. bankruptcy Judge Frank Bailey set a final hearing date in the increasingly bitter trial pitting the historic church against OneUnited Bank. The April 12 confirmation hearing will determine whether the court will accept the church’s plan to repay nearly $5.2 million in loans to the nation’s largest black-owned bank as well as additional funds to outstanding creditors. Charles Street attorneys have argued that once the bankruptcy hearings are completed, the church can then finish building its Roxbury Renaissance Center and start generating money by holding wedding receptions and community meetings to repay its debts over a 30-year period. OneUnited attorneys have opposed such repayment plans in large part because of what they have discovered are significant problems with the church’s financial statements that are being used to determine the repayment plan.
Bank2 CEO and President Ross Hill to Give OBU's Minter Lecture
Ross A. Hill, Founder and CEO of Bank2, will present Oklahoma Baptist University’s 2013 Minter Lectureship in Business, Leadership, and Christian Ministry on Monday, April 8, at 10 a.m. in Bailey Business Center’s Tulsa Royalties Auditorium. The community is invited to attend. The title of Hill’s lecture will be “Leadership Essentials for the 21st Century.” In the 10 years since he founded Bank2, Hill and his team have helped thousands of people and firmly established the institution as a national star in the banking industry. In 2009 and 2010 the American Banking Journal ranked Bank2 as the first and third community bank in the nation, respectively, as measured by the banking industry’s gold standard of return on equity. The Minter Lectureship in American Business Practice is intended to add a sound understanding of the business world to the educational experience of church ministry majors to broaden their ability to minister effectively. The Minter Lectureship was underwritten by 1940 OBU graduate Lloyd G. Minter of Bartlesville. The annual series began in 1991.
South Dakota Democrat Tim Johnson’s decision to retire from the Senate rather than seek re-election in 2014 will likely trigger a scramble for the chairmanship of the Banking, Housing and Urban Affairs Committee at the beginning of the next Congress. Charles E. Schumer, D-N.Y., appears most likely to succeed Johnson if Democrats retain their Senate majority — a task that Johnson’s departure will make more difficult. A Schumer-led Banking Committee might not differ much from what the industry has grown to expect. Although Schumer has cultivated the support of the financial industry, he’s also been a strong backer of the 2010 financial regulatory overhaul. Schumer tends to be a more partisan Democrat than Johnson, who was always politically vulnerable since he hails from a Republican-leaning state. The clearest loser as a result of Johnson’s departure might be the credit card industry, which has found favorable treatment in South Dakota and counts Johnson as one of its most important allies on Capitol Hill.
Governor Bloom Raskin began by discussing the types of jobs being generated in the current recovery. She stated that the pace of recovery in employment has improved, but that it is important to look at the types of jobs that are being created because those jobs will directly affect the fortunes and challenges of households and neighborhoods as well as the course of the recovery. She then suggested that we think about how the absence of a substantial number of new high-paying jobs, when combined with changes in the landscape for financial services, affects access generally to affordable, sustainable credit. Finally, she explored some of the monetary, supervisory, and regulatory touchpoints in which the situation and prospects of low- and moderate-income working Americans can be addressed.
The Wall Street Journal hosted Sen. Dick Durbin (D., Ill.) at the second Seib & Wessel breakfast last Wednesday. The senator answered questions from Gerald F. Seib, Washington bureau chief, David Wessel, global economics editor, and other members of the media. Senator Durbin responded to questions concerning the federal budget, Social Security, drones, and the current political climate in Washington.
Members of the House Financial Services Committee raised concerns last Wednesday about the current business environment for small banks, pressing regulators about the lack of bank charters in recent years and the effect of new rules on the industry. Lawmakers from both sides of the political aisle cited the lack of de novo banks, asking Federal Deposit Insurance Corp. officials when the industry might start to see a turnaround. "No new banks were charted in 2012, according to the FDIC. We've seen all the closures, we've talked about how important the fabric of lending is to small businesses and farmers … and all these institutions do for our constituents," said Rep. Shelley Moore Capito, the chairman of the financial institutions subcommittee, which conducted the hearing. "When you see everything closing and nothing opening, that to me is a red flag that we need to monitor." Others raised similar worries, arguing that new rules could be dampening start-up activity. But officials from the FDIC and the agency's inspector general instead pointed to the cyclicality of the market, which continues to recover from the financial crisis. The FDIC also said they hoped to see renewed charter activity in the near future.
Economic and Community Development Institute - Relationship Manager (Columbus, Ohio)
A non-profit 501(c)(3) economic development organization based in Columbus, Ohio seeks an experienced Relationship Manager who will work with startup and existing companies to provide funding opportunities and technical assistance to ensure the success of our clients. The candidate will be responsible for gathering, reviewing, and analyzing all pertinent information, such as financials and business plans, relating to approving a commercial loan application. The perfect candidate should have an existing network of referral sources, five years of experience working in the financial sector, and a passion for seeing entrepreneurs succeed!
Insight Center for Community Economic Development - President and Chief Executive Officer (Oakland, CA)
The Insight Center for Community Economic Development is seeking an outstanding, respected leader to serve as its next President. Insight is a national research, consulting, and legal organization with a mission of helping people and communities become, and remain, economically secure. The position offers the opportunity to provide significant leadership to address the economic insecurity and inequities faced by many in our increasingly diverse country.
Natural Capital Investment Fund - Credit Analyst/Loan Closing Assistant (Winston-Salem, NC)
The Credit Analyst/Loan Closing Assistant reports to and assists the NCIF Director of Lending in building and supporting NCIF's portfolio of triple bottom line businesses. S/he gathers and analyzes financial and business information to determine worthiness of loan or equity applicants, including the identification of risks (market, economic, financial, etc) and strengths. The Credit Analyst/Loan Closing Assistant helps maintain data and files relating to loan applications and portfolio companies and assists in the monitoring and servicing of NCIF's loan and investment portfolio. The Credit Analyst/Loan Closing Assistant will also assist in loan closings and generating closing documents. The Credit Analyst/Loan Closing Assistant would also be responsible for assisting in the risk rating of the loan portfolio and in making annual site visits to portfolio companies. Opportunities exist to take on additional responsibility and authority based on performance.
NCB Capital Impact - Loan Officer (Oakland, CA)
NCB Capital Impact, a not-for-profit lender and technical assistance provider in low-income communities nationwide, seeks a Loan Officer to strengthen its community lending. The Loan Officer is responsible for representing NCB Capital Impact in its lending in underserved communities, focusing in five key sectors --education, health care, healthy foods, housing, and aging-- building on our long history of lending within these sectors. The ideal candidate will have a passion for work in low-income communities, 2-5 years of experience in lending or consulting to not-for-profit organizations, ideally with organizations serving low-income populations, and a track record of relationship development and management. Knowledge of New Markets Tax Credits (NMTC) and Community Development Financial Institutions (CDFIs) is helpful.
Agreement with Highland Community Bank Paves Way for Launch of Generations Community Bank
Generations Community Bank
Generations Community Bancorp, Inc. has reached a definitive agreement with Highland Community Company for the acquisition of its subsidiary, Highland Community Bank. This transaction will enable Generations Community Bancorp to complete its goal of opening a minority-led and locally managed community bank, under the name of Generations Community Bank, in the Chicago South Side locations where Highland Community Bank operates today. Generations Community Bank expects to be certified as both a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI). "The acquisition of Highland provides an entree for Generations Community Bank to expand access to credit and other financial services to businesses and individuals across the South Side. Many of these communities have been hit hardest by the recession and tightening of credit," said Matthew Roth, proposed president and CEO of Generations Community Bank. "Highland Community Bank has been a positive presence in the community for four decades and we intend to build upon that tradition, creating a seamless transition for Highland's loyal current customers as we seek to increase the flow of capital to both the commercial and consumer sectors in Auburn-Gresham and the broader South Side community."
CDBA Members Mentioned in NerdWallet's PayDay Alternatives Feature
The article states that "through payday loan alternatives, credit-building loans or other short-term loan options, community banks provide a variety of services to reduce your financial problems. These loans not only get you the funds you need, but they also serve the important purpose of improving your credit. If you have little to no credit, or bad credit, these loans will help you get back on track. Check out one of these short-term loan options at a community bank near you for a quick cash alternative." Included on the list are ABC Bank's "Ready Cash" unsecured line of credit, BankPlus's "Credit Plus" short-term loan, and One PacificCoast Bank's "One Pac Pal Loan."
ILCC, a Native American owned and managed Community Development Financial Institution (CDFI) based in Montana and the Kashia Band of Pomo Indians of Stewarts Point Rancheria (“Tribe”) recently negotiated an innovative financial agreement to help the Tribe purchase 510 acres of wooded land adjacent to its remote rancheria about 30 miles north of Bodega Bay. The purchase of additional fee lands, which closed on March 1st, expanded the Tribe’s land holdings from just 42 to roughly 550 acres. Until the land is in trust it will not be under complete tribal jurisdiction and control, but the sale is an important first step for the federally-recognized tribe of 860 citizens whose ancestral lands once encompassed most of northwest Sonoma County. ILCC was ILCC was created in 2005 as a collaborative effort between the ILTF of Little Canada, MN and the Native American Community Development Corporation (NACDC) of Browning, MT. NACDC is the nonprofit affiliate of Native American Bank, N.A.
Chicago Bank Looks to Craft Identity Through Community Development
Medill Reports - Chicago
Urban Partnership Bank is in the process of defining itself ----a bold attempt to stand out in an intensely competitive industry dominated by institutions that offer almost exactly the same interest ratesand strikingly similar consumer products. The extent to which Urban Partnership Bank masters the classic young-business identity conundrum will depend on how successful l the bank is in conveying its deeply local focus to Chicago consumers. But those at Urban Partnership are confident that their brand has staying power in the Windy City. “Our product pricing now competes very well with the big banks and small banks,” said Daryl Newell, a former ShoreBank employee who now serves as the director of consumer banking at Urban Partnership Bank. “As long as we can get the word out, we’ll be ok. We’ll figure out how to get to the people. That’s what we are good at doing.”
Comptroller of the Currency Discusses Community Reinvestment Act
Office of the Comptroller of the Currency
Comptroller of the Currency Thomas J. Curry yesterday discussed the Community Reinvestment Act during a speech before the National Community Reinvestment Coalition. He remarked that since its enactment in 1977, the Community Reinvestment Act has served as a bridge that links financial institutions with community stakeholders. However, it became apparent to the banking regulatory agencies that in they could make significant improvements and address concerns being raised by providing clearer guidance in the interpretive Interagency CRA Questions and Answers. Last week the agencies sent to the Federal Register a set of proposed revisions to the CRA Questions and Answers. The goal in proposing revised guidance is to provide more clarity so that banks will look into more opportunities to lend and make investments in rural and underserved areas in their broader statewide and regional areas. As the new guidance is adopted, the agencies will revise examination procedures and introduce examiner training, to ensure that the rules will be applied consistently within and among the three agencies. See the notice published in the Federal Register here.
Study Explores Why Some Families Return to Poor Neighborhoods
The Baltimore Sun
When it was introduced in 1994, the federal housing experiment Moving to Opportunity was, to some, a means to rectify poverty. To others, it was a way for cities to dump their poorest residents on the suburbs. Many deemed it a failure, and officials pulled the plug on it in 1999. The program transplanted families from impoverished neighborhoods to wealthy ones, with mixed results, and the moves weren't permanent for most. But a study published last year and ongoing research are seeking to glean more nuanced lessons on why it worked for some families but not others. While some adapted to their new surroundings, most were drawn back to poor areas to accommodate growing families or to access public transportation. "Critics were suggesting this was about racial preferences and preferences to be around family," said Stefanie DeLuca, an associate professor of sociology at Hopkins and co-author of the research. "The reality is more complicated than that."
Small Banks Can Manage C&I Risk Without Apeing Megabanks
American Banker - Feedback
The author's of this Op-Ed argue that while offering many helpful risk management tips, last week's American Banker article "How Small Banks Can Manage Commercial Lending Risk" by Jackie Stewart was a bit disconcerting from an industry perspective. Among other points, the article implied the only way for a community bank to effectively manage its Commercial & Industrial credit portfolio is to incur a disproportionately large expense and effort from copying methods and analytics used by bigger banks. Advanced analytic systems developed for big banks are needlessly expensive, data-intensive and not really the answer for most community banks. Instead, using the data commonly available on most core systems, a relatively simple, inexpensive concentration stress testing model can bring value. Through the application of sound credit concepts, using accessible borrower and loan financial data, a community bank can apply stress testing models successfully with a spreadsheet or a simple, inexpensive web-based tool. Advanced "big bank systems" will not automatically provide advanced useful results. Applying simple stress testing models to the C&I portfolio can result in meaningful and insightful credit information for bank management, the board and regulators.
Innovations for Poverty Action - Director, US Household Finance Initiative (New Haven, CT)
Innovations for Poverty Action (IPA) seeks a qualified applicant for the position of U.S. Household Finance Initiative Director. The position offers an opportunity to manage and lead a growing research initiative which supports cutting-edge development research. The position will be based out of New Haven, CT and will travel frequently within the United States. The position reports to the Deputy Executive Director for Research and Policy, and works closely with the researchers that lead the initiative. The Director will lead the development and growth of the Initiative, by working with partners, representing the initiative and IPA in public forums, growing the research network, fundraising and disseminating results and informing policy. The Director will also initiate and supervise ongoing impact evaluations, and work with Principal Investigators to generate a body of evidence on the comparative impact and cost effectiveness of a variety of programs and financial products to help people increase savings, manage debt, and improve overall financial decision making. Submit applications through J-PAL’s common application, indicating that you are interested in applying for a "Type 3" position.
Self-Help - Special Assistant to the CEO (Durham, NC)
The Special Assistant to the CEO will provide critical, high-level project support to Martin Eakes, the CEO of Self-Help and the Center for Responsible Lending (CRL). The Special Assistant will work in a social justice, activist organization on projects that involve complex business, financial, and operational issues. The position provides a unique opportunity to be intimately involved in cutting-edge work that impacts the financial services industry and community development. As Self-Help has increasingly been recognized as an expert in and key advocate for responsibly increasing access to capital in low-income communities, demand for the CEO's time to help mobilize the public, private and nonprofit sectors has grown significantly. The multifaceted role of the Special Assistant to the CEO will include a range of responsibilities that will enable more effective leveraging of the CEO's time.
Self-Help Federal Credit Union - President, Second Fedearl Divison (Chicago, IL)
The President of the Second Federal Division is Self-Help Federal Credit Union's leader and institutional representative in the Chicagoland market, with overall leadership responsibilities for the Second Federal division. This position reports to the Self-Help's EVP/CFO and works closely with Self-Help's national leadership team. The President directs Second Federal activities in accordance with the vision and strategic direction set for the institution. This leader is responsible for ensuring that the division meets its member service, lending, growth, operational and financial performance goals.
On March 19, 2013 the Community Development Bankers Association (CDBA) submitted formal comments to the Consumer Financial Protection Bureau (CFPB) in response to the Bureau’s proposed amendments to the Ability to Repay Standards under the Truth in Lending Act (Regulation Z), as published in the Federal Register on January 10, 2013.
In summary, CDBA supports the CFPB's recognition of the important contribution made by Community Development Financial Institutions (CDFIs) in serving underserved urban and rural markets. We fully appreciate the CFPB for recognizing the regulatory burden that could be imposed upon mission‐focused lenders. We urge the CFPB to proceed with the proposed exemption for CDFIs and other proposed exempted organizations from the Ability to Repay Standards under the Truth in Lending Act. CDBA believes the CFPB's proposed exemptions are a reasonable approach, which balance the protection of consumers with the need for an appropriate level of regulation of the mortgage market. While most CDFI banks are already exempt from the Ability to Repay Standards under other small or rural bank exemptions, not all meet the qualifications for these exemptions. All CDFIs are focused on serving the toughest most credit starved communities and should be exempt from the Ability to Repay Standards under the Truth in Lending Act. We urge the CFPB to be inclusive of all CDFIs under this exemption.
We do, however, urge the agency to address some drafting discrepancies that create confusion about how the CDFI exemption is to be applied. Specifically, the rule contains inconsistencies as to which CDFIs are covered by the proposed § 1026.43(a)(3)(v) exemption. On balance, it appears that the intent of the exemption is to apply to all organizations that are certified CDFIs. Yet, the language in some parts of the proposed rule are inclusive of all CDFIs, while others only reference a narrower group of “nonprofit” CDFIs or “nonprofit creditors.” To date, there are nearly 1,000 organizations that have been certified by the U.S. Department’s Community Development Financial Institutions (CDFI) Fund. While the large majority of those entities are nonprofit organizations, a significant number are for‐profit banks and for‐profit loan funds.
Read the full comment letter for the specific recommendations proposed by the Community Development Bankers Association.
March 14, 2013
Twin Cities Business
Three locally-owned Twin Cities banks will be rebranded as one, allowing their parent company to expand offerings both here and nationally. St. Paul-based bank-holding company Sunrise Banks announced Monday that it will consolidate its three Twin Cities bank brands—Franklin Bank, Park Midway Bank, and University Bank—under the Sunrise brand, effective April 1. Sunrise has received regulatory clearance for the merger, and the combined bank will have more than $750 million in assets, eight Twin Cities branch locations, and an office in Sioux Falls, South Dakota. The consolidation comes shortly after Sunrise Chairman Bill Reiling transferred ownership of the business to David Reiling, his son and the company’s CEO. David Reiling, who has served as CEO of Sunrise since 2004, told Twin Cities Business that the ownership succession and bank consolidation plans had been a long time in the making, and the fact that they occurred around the same time was mostly coincidental. Apart from the new name, Sunrise’s local branches will see little change. But the consolidation is meant to allow Sunrise to increase its focus on national products, which will in turn generate capital and allow it to invest further in the Twin Cities, where it may eventually acquire additional banks, Reiling said. The consolidation will also help Sunrise focus on its mission of social responsibility, according to Reiling. Sunrise focuses on what he describes as “under-banked” customers and primarily serves urban communities. Increasing revenue through national products will allow it to reinvest in its Twin Cities operation and the community, he said.
The national law firm of Quarles & Brady LLP hosted a luncheon symposium, entitled “The Theology of Community Development: Building a 21st-Century Ministry,” at its Chicago offices on Monday, February 25. In attendance were ministers from some of the largest and most influential African- American churches in the city and surrounding area. The ministers and their staffs were part of the first in an ongoing series of meetings focusing on service to God through community development. Urban Partnership Bank and Urban Ministries partnered with Quarles & Brady for the informative luncheon meeting, the first of its kind offered by the firm, to add investment and planning intelligence to the law firm’s transactional knowhow.
Best Banks for Women? Examining the Banking Industry on International Women’s Day
The Office of the Comptroller of the Currency manages a directory of minority-owned financial institutions, including women-owned banks, as well as resources for learning more about these institutions that are often more sensitive to the specialized needs of the communities they serve.In fact, one of the OCC’s recommended resources is MinorityBank.com, which published a listing by Creative Investment Research, Inc. of the top five women- and minority-owned financial institutions, naming the Central Bank of Kansas City as the best bank for women. According to MinorityBank.com, the top five listing was compiled “using 2009 financial, demographic, HMDA and CRA information from a database maintained by Creative Investment Research.” The list was ultimately based on “social needs in the area the financial institution serves; responsiveness of the financial institution in meeting those social needs; and financial performance of the institution.”
Santa Clarita Valley International Charter Schools to Hold Dinner Honoring Key Contributor
Santa Clarita News
Santa Clarita Valley International Charter Schools (SCVi) is inviting the community to honor a key figure in their success at a benefit dinner March 16. Marti Heinbaugh, regional manager for Mission Valley Bank, has greatly helped SCVi offer students an interactive learning experience by convincing the bank to donate funding and offer her insight on the SCVi Board of Directors, said Carol Stevenson, a parents volunteer at SCVi. “She’s contributed through advocacy with her employer and vouching for the school,” Stevenson said. “Also on the board, she, like other members, has brought other perspectives and offers her experience.”
This position works nationally and reports to the Senior Underwriter, Financial Services to provide critical support to the Financial Services team, particularly in the delivery and management of a diverse set of financial products and services. The position entails client communication, financial analysis, market research, and data management. In addition the analyst assists in the preparation of reports and presentations and supports senior staff in a variety of functions related to delivery of financial products. The position may be based in either New York City at National Headquarters or Philadelphia, PA.
Opportunity Finance Network - Vice President, Policy (Philadelphia, PA)
The VP, Policy serves as OFN’s primary liaison to federal policy makers, representing the organization’s positions on issues affecting Community Development Finance Institutions (CDFIs) as well as responsible for developing and implementing OFN’s policy advocacy strategies. The VP, Policy represents OFN with national policy coalitions and other ally organizations and cooperates as part of the OFN Policy team to implement policy communications with OFN Members. The VP, Policy participates in national policy outreach through involvement in the OFN Annual Conference, OFN Regional Member meetings, and other CDFI policy leadership events. The VP will coordinate with other departments within OFN including Strategic Communications, Consulting, and Knowledge Sharing.
Greater Minnesota Housing Fund & Minnesota Equity Fund - Program Officer for Affordable Housing Finance (Twin Cities, MN)
This position is responsible for developing and maintaining relationships with affordable housing developers and determining the viability of multifamily and single-family real estate development projects located in Minnesota. The Loan Officer will be responsible for underwriting, financial structuring, and due diligence, as well as managing, servicing, and helping to close new loan requests and work directly with other professionals, including legal counsel, developers, lenders, and representative of other agencies and organizations in order to assess project viability and bring funded projects to closing. This position is heavily weighted towards financial analysis, deal structuring, and resolving legal and technical issues that requires knowledge and direct experience with affordable housing programs and tools. The Loan Officer reports to the Director of Lending and works closely with both Greater Minnesota Housing Fund financing programs and the Minnesota Equity Fund.
The CDBA Newsflash is a service of the Community Development Bankers Association (CDBA). For more information about other members and the work of CDBA please visit www.cdbanks.org. Or write to us at: 1444 I Street NW, Suite 201, Washington D.C., 20005 or firstname.lastname@example.org.
Contact Name: Dana Weinstein; email@example.com; 202-689-8935 x32
CDBA member Sunrise Banks announced Monday that it will consolidate its three Twin Cities bank brands—Franklin Bank, Park Midway Bank, and University Bank—under the Sunrise brand, effective April 1. Sunrise has received regulatory clearance for the merger, and the combined bank will have more than $750 million in assets, eight Twin Cities branch locations, and an office in Sioux Falls, South Dakota. The consolidation comes shortly after Sunrise Chairman Bill Reiling transferred ownership of the business to David Reiling, his son and the company’s CEO.
David Reiling, who has served as CEO of Sunrise since 2004, told Twin Cities Business that the ownership succession and bank consolidation plans had been a long time in the making, and the fact that they occurred around the same time was mostly coincidental. Apart from the new name, Sunrise’s local branches will see little change. But the consolidation is meant to allow Sunrise to increase its focus on national products, which will in turn generate capital and allow it to invest further in the Twin Cities, where it may eventually acquire additional banks, Reiling said. The consolidation will also help Sunrise focus on its mission of social responsibility, according to Reiling. Sunrise focuses on what he describes as “under-banked” customers and primarily serves urban communities. Increasing revenue through national products will allow it to reinvest in its Twin Cities operation and the community, he said.
Twin Cities Business has the full story.
The CDFI Fund is pleased to have met a critical milestone in the implementation of the CDFI Bond Guarantee Program: the release of the interim rule in the Federal Register on February 5, 2013. Comments are welcomed and are due on April 8, 2013. To ensure that the industry has complete and accurate information about the CDFI Bond Guarantee Program, it posted the PowerPoint presentation used during those information sessions. The presentation can be found on the CDFI Fund’s website. The CDFI Fund hopes the information provided in the presentation will be useful to Qualified Issuer and Guarantee Applicants once the program is fully implemented.
The Office of the Comptroller of the Currency manages a directory of minority-owned financial institutions, including women-owned banks, as well as resources for learning more about these institutions that are often more sensitive to the specialized needs of the communities they serve. In fact, one of the OCC’s recommended resources is MinorityBank.com, which published a listing by Creative Investment Research, Inc. of the top five women- and minority-owned financial institutions, naming the Central Bank of Kansas City as the best bank for women. According to MinorityBank.com, the top five listing was compiled “using 2009 financial, demographic, HMDA and CRA information from a database maintained by Creative Investment Research.” The list was ultimately based on “social needs in the area the financial institution serves; responsiveness of the financial institution in meeting those social needs; and financial performance of the institution.”
March 7, 2013
The Suffolk County Alumni Chapter of Phi Beta Sigma Fraternity is hosting its Annual Tribute to Black Women & Sapphire Awards Ceremony honoring three women dedicated to uplifting others in their communities. The fraternity will present Sapphire Awards to Dr. Nteri Nelson, an adjunct professor at UMass Boston; Teri Williams, president of OneUnited Bank; and Cindy Diggs, founder of Peace Boston. Phi Beta Sigma was founded at Howard University in 1914 by three African-American male students and now consists of over 200,000 members with 700 chapters in the US, Africa, Europe, Asia, and the Caribbean. Its Sapphire Award is the chapter’s highest honor given to non-members in the areas of education, business, and social action.
Charles Street AME Cash Transfers Subject of Bank Hearing
Bay State Banner
Two years ago, the Lilly Foundation awarded Charles Street AME a four-year grant of $875,000 to train young pastors. Its pastor in residency program was expected to be the sole beneficiary of the Lilly grant. It wasn’t, according to both Rev. Groover, Pastor of Charles Street AME, and Rev. Opal Adams, the woman who kept the financial books and authored Groover’s annual reports. The recent depositions of Groover and Adams came to light this week in a hearing before U.S. bankruptcy Judge Frank Bailey to determine if the church’s latest amended financial statements should be used as a basis to repay its debts, including $5.2 million in outstanding debt to OneUnited Bank, the church’s main creditor and the nation’s largest black-owned bank. Characterizing the recent church financial statements as “inadequate and incomprehensible,” bank attorneys said they demonstrate “a false portrayal of its financial circumstances and purposefully overlooks its obligations.” “In light of the debtor’s duplicity, and given the true state of the debtor’s financial affairs — that is so far as discovery has uncovered it — there is plainly no credible prospect that it can present a plan or reorganization which is fair and equitable, offered in good faith and feasible,” bank attorneys wrote in a recent brief.
When you talk to William Farrow III, president and CEO of Urban Partnership Bank (UPB), the conversation eventually finds its way to the importance of establishing meaningful banking relationships. “How do you change the trajectory of an individual’s or family’s life unless you have some sort of responsible banking relationship?” Farrow asks. “A banking relationship could mean the difference between going to college or not going.” “We have hired and retained experienced financial service professionals with roots in our communities who have a passion for our mission,” Farrow says. “They are putting renewed focus on partnering with key stakeholders to help restore the economic vitality of our urban neighborhoods and transforming them into places where more people will want to go to work, live, and to do business.” He’s hoping that UPB will be that resource that “turns the community from gray to gold” through the relationships established and the generation of community wealth.
D2D is looking for an Innovation Strategist to help design, test, and scale D2D's financial product innovations. As an integral part of the D2D team, the Innovation Strategist will support multiple D2D initiatives. The ideal candidate is self-motivated, hard-working, detail-oriented, and able to work in an entrepreneurial environment, taking ownership of various projects, tasks, and/or ideas simultaneously. The candidate must be dedicated to the larger cause of D2D’s mission of improving the lives of financially vulnerable Americans. The candidate must be willing to take on problems as they arise, recognizing the needs of a small organization. This position will preferably be located in Washington, DC.
Federal Reserve Bank of New York - Economic Education Specialist (NY, NY)
Work as senior member of the Economics Education team in its mission to educate and inform the public about macroeconomics, monetary policy, and the role of the New York Fed and Federal Reserve System through an innovative and integrated set of programs and materials meant for school-based and other settings, including the New York Fed’s museum and tours, online, mobile, and other emerging spaces for engaging tudents, teachers, and the public.
Credit Builders Alliance - Executive Director (Washington, D.C.)
The Credit Builders Alliance (CBA) is seeking an Executive Director to guide the next phase of CBA’s growth. The position offers a unique opportunity to take this successful, innovative nonprofit to another level, tapping new markets, shaping new products and services, and carving a place for discussion and change in the credit building field. Working with a board of directors and seven staff, the new CBA Executive Director will have the chance to bring his or her vision and entrepreneurial approach to the social enterprise spirit of the organization.
The CDBA Newsflash is a service of the Community Development Bankers Association (CDBA). For more information about other members and the work of CDBA please visit www.cdbanks.org. Or write to us at: 1444 I Street NW, Suite 201, Washington D.C., 20005 or firstname.lastname@example.org.
Contact Name: Dana Weinstein; email@example.com; 202-689-8935 x32