Newsflash Feb. 20, 2013

CDBANewsflash - Low Rez For Email 2

February 20, 2013

Member News

Daniel Koehler Joins Board of Southern Bancorp Inc.
Southern Bancorp, Inc.
(2-12-13)

Daniel Koehler, president of Koehler Software, Inc., and former Chief Financial Officer of Union National Bank of Little Rock, has joined the board of Southern Bancorp Inc., a family of a community development banks and a nonprofit affiliate that work in concert to revitalize underserved communities in the mid-South. Along with serving on the board, Koehler will chair Southern’s audit committee. “The dual mission of Southern is unique in banking, and I greatly appreciate the opportunity to work with my fellow directors and officers in making a worthwhile contribution to communities in Arkansas and Mississippi,” said Koehler. Prior to his banking career, Koehler was a certified public accountant with Arthur Young & Company in New York, where he divided his time between the firm’s audit and tax practices.

Of Interest

Pastor-Run Covenant Bank Fails
Crain's Chicago Business
(2-15-13)

Covenant Bank, the small West Side lender run by mega-church pastor Bill Winston, was closed late Friday by bank regulators, wiping out the investments of more than 3,000 members of Rev. Winston's Forest Park church. Liberty Bank & Trust Co., an African-American-owned bank in New Orleans, assumed $58 million in Covenant Bank assets and $54 million in deposits, the Federal Deposit Insurance Corp. announced. The failure brings to a bad end the $3 million acquisition more than four years ago of the former Community Bank of Lawndale by the group led by Rev. Winston, with much of the cash supplied by members of his 20,000-member congregation, Living Word Christian Center.

Financial Services Panel OKs Oversight Plan After Testy Markup
CQ Roll Call
(2-15-13)

The House Financial Services panel on Friday agreed to its oversight agenda for the next two years, finishing a marathon session that turned a typically routine procedural matter into a testy political posturing exercise. The committee voted along party lines, 33-27, to approve its oversight plan, which is meant to lay out specific priorities for the Congress but also offers the majority an early opportunity to outline its overall message. The vote ended a two-day markup that featured dozens of Democratic amendments to alter the document, most of which were accepted. Highlighting a number of controversial issues on the committee’s plate this year, the 21-page Financial Services plan renews familiar GOP attacks on the effectiveness of the Dodd-Frank financial regulatory overhaul (PL 111-203), the design and work of the Consumer Financial Protection Bureau and government support of the housing finance system. Chairman Jeb Hensarling, R-Texas, said committee leaders worked out a dozen changes to the document before the markup. But Democrats offered more than 40 amendments during the five-hour meeting Thursday, with the panel adopting all but the most controversial proposals.

Warren Takes Center Stage in Grilling Prosecutors on Bank Prosecutions
American Banker
(2-14-13)

Sen. Elizabeth Warren (D-MA) turned up the heat Thursday at a Senate Banking Committee hearing on the implementation of Dodd-Frank, demanding to know why regulators are not tougher in pursuing banks in court. The hearing was a chance for several members to question seven top regulators on a range of financial services issues, including the Volcker Rule, qualified residential mortgages, and Basel III. But Warren's exchange with agency officials was one of the tensest, with the freshman senator raising the prospect that many banks can settle charges of wrongdoing but pay a fine that is well below the profits they reaped from their improper actions. She suggested regulators were afraid to take banks to court, giving them leverage in settlement negotiations. "I know there have been some landmark settlements, but we face some very special issues with big financial institutions," Warren said. "If they can break the law and drag in billions in profits, and then turn around and settle, paying out of those profits, they don't have much incentive to follow the law."

Jobs

Neighborworks America - Director of Public Policy and Legislative Affairs (Washington, D.C.)
Reporting to the Chief Executive Officer, the Director of Public Policy and Legislative Affairs provides leadership, vision, and strategic direction for the organization’s public policy and legislative affairs division. This position is responsible for overseeing and managing a wide range of issues, deliverables, and relationships related to public policy, Congressional appropriations, and legislative intergovernmental affairs. The Director will partner with NeighborWorks’ key stakeholders and customers to ensure relationship-based collaboration and development of annual and long-term objectives, as well as actively plan for, address, and forecast future PPLA needs, executing accordingly.

National Credit Union Administration - Director of Consumer Affairs (Alexandria,VA)
This position is located in the Office of Consumer Protection is is responsible for directing, maintaining and innovating the agency’s consumer financial protection complaint management system. This system includes the NCUA consumer assistance center which processes complaints and inquires via the web, telephone, U.S. mail, and fax. It also involves overseeing a staff responsible for responding to federal credit union member complaints and Congressional inquiries and maintaining the agency’s consumer website.

The CDBA Newsflash is a service of the Community Development Bankers Association (CDBA). For more information on 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 info@cdbanks.org.

Contact Name: Dana Weinstein; weinsteind@pcgloanfund.org; 202-689-8935 x32

Date:

Wednesday, February 20, 2013