News

Westmoreland News | Wednesday, April 16, 2014

Virginia Community Capital Vice President of Community Investments and Impact Teri Lovelace and Small Business Manager Wayne Waldrop were keynote speakers at the Colonial Beach Virginia Chamber of Commerce Annual Membership Dinner and Awards Ceremony. Waldrop explained that Virginia Community Capital is willing to take on more risks than a traditional bank in order to serve the needs of the community. Ms. Lovelace stressed that VCC believes, “Small businesses are the economic engine of a community,” which is why the bank is committed to providing advisory services which support economic expansion in the state. 

Urban Partnership Bank | Wednesday, April 16, 2014

Urban Partnership Bank partnered with Mercy Hospital and Roseland Senior Center in support of Money Smart Week, a nationwide event aimed at helping consumers learn to better manage their personal finances. Information Security Manager Donna Pfeil was on hand at the Mercy Hospital event, sharing information about identity theft. Marcus Bennett, Urban Parnership's Pullman Financial Center Manager, spoke with members of the Roseland Senior Center about recovering from financial disasters. The bank also provided a document disposal service, inviting community members to shred and dispose of waste documents containing sensitive information.

American Banker | Tuesday, April 15, 2014

CDFI data and analysis nonprofit CARS Inc. is launching a financial reporting system for CDFI loan funds. The nonprofit intends the ratings to simplify CDFI finances for investors, including banks looking for credit under the Community Reinvestment Act. CDFI loan funds are unregulated and investors often struggle to gain timely and accurate data, a major obstacle to attracting non-philanthropic capital. CARS currently has ratings and data available for institutions that manage 55% of all CDFI assets. Jeannine Jacokes, CEO of loan fund Partners for the Common Good (and CDBA Senior Policy Advisor) commented, "The more CDFIs that participate in the reporting system makes the whole system stronger."

Chicago Tribune | Tuesday, April 15, 2014

Chicago Mayor Rahm Emanuel has announced a new $26 million loan pool led by Community Investment Corp. and backed by lenders including First Eagle Bank. The fund seeks to increase the supply of affordable units in Chicago communities by enticing local investors to buy abandoned rental buildings. Community Investment Corp. will vet developers with proven track records to take on projects in which renovation costs far outweigh property value. When the rehab is complete the investor will receive a 10-year loan. 11 area banks, including First Eagle, back the loans. "It's hard to get conventional money into the neighborhoods... We've done some (loans), we'd like to do more," said Andy Salk, president and CEO of First Eagle Bank.

American Banker | Monday, April 14, 2014

Senate Banking Committee leaders may delay the April 29 vote on their mortgage finance reform bill as they struggle to secure additional votes. Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho) are said to be trying to attract as many as four more votes. The situation has even sparked rumors about whether the original coalition of committee members from both political parties remains intact. Johnson and Crapo's bill would eliminate Fannie Mae and Freddie Mac and create a new housing finance system. But the bill, which would preserve a government guarantee for the mortgage market in the event of catastrophic losses, needs more support from Democrats to have enough momentum to make it to the Senate floor this year ahead of the November elections.

Financial Times | Sunday, April 13, 2014

Facebook is readying itself to provide financial services in the form of remittances and electronic money in Europe. The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook, using it to pay and exchange money with others. Facebook would issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe. Facebook has also discussed potential partnerships with at least three London start-ups that offer international money transfer services online and via smartphones.

American Banker | Friday, April 11, 2014

Regulators' recent signals that they are planning changes to Community Reinvestment Act exams have reignited speculation about possible alterations. Comprehensive refor appears unlikely, but observers see potential for limited action. Changes may include crediting community-related activities done outside a bank's market and broadening the section of the exam focused on branch offerings. Regulators may also heighten the focus on products that specifically benefit low income borrowers and expand the list of community service activities eligible for CRA credit. Other reforms may include awarding credit for initiatives that improve healthcare in low income areas and adding more detailed data to exams about how products benefit low income customers.

Finance & Commerce | Friday, April 11, 2014

Finance & Commerce has named Sunrise Banks among the recipients of their Progress Minnesota Award. The award recognizes Minnesota businesses that have shown exemplary creativity, drive and commitment to their causes. Sunrise focuses on economic development in the Twin Cities’ underserved communities with a concentration on Hmong and Somali neighborhoods. “Our brand, from that standpoint, has grown from specifically serving a geographic area to more of a people-based and place-based strategy,” said Sunrise CEO David Reiling.

Washington Post | Friday, April 11, 2014

Payday lenders say big banks are denying them service at the behest of federal regulators. The banks, they contend, are threatening to cut them off unless they stop offering payday loans. In one e-mail publicized by Sen. David Vitter (R-La.), a banker cited regulatory action in a decision to deny credit to a payday lender: “Based on your performance, there’s no way we shouldn’t be a credit provider. Our only issue is, and it has always been, the space in which you operate. It is the scrutiny that you, and now that we, are under.” Federal regulators deny compelling banks to sever ties with the lenders, although regulators have told banks that doing business with companies that inflict such harm could damage a bank’s reputation and leave it vulnerable to litigation. 

Washington Post | Wednesday, April 9, 2014

A newly discovered security bug nicknamed Heartbleed has exposed millions of usernames, passwords and credit card numbers — a major problem that hackers could have exploited during the more than two years it went undetected. Unlike most security breaches, which affect a single website or organization, this flaw affects code used across the web to keep servers secure. The bug could affect thousands of websites including online banking portals, marketplaces and social media sites. A fix has been circulated, but it is unclear how quickly and widely it was being implemented. Use this page to test whether a website is at risk. Technical information can be found here.

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