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Showing posts with the label #BankBlack

New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors

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Article by Jeff McKinney in Black Enterprise describes HR 41, "the Rescue Act for Black and Community Banks. The bill–initiated in January 2019–aims to, along with other measures, bring regulatory relief for black banks from Congress, boost wealth-building for black consumers and businesses, and help save black banks from failing."

See: https://www.blackenterprise.com/new-bill-black-banks-black-investors/

Bill to Support Black and Community Banks

New federal banking legislation,"H.R.41 - RESCUE Act for Black and Community Banks" was introduced by Congressman Bobby Rush (D-Il) on January 3, 2019.

We worked, along with the Financial Services Innovation Coalition (FSIC), to draft this new legislation, which contains many of the ideas we have been working on for some time. Recently, FSIC sponsored a letter of support. To add your name, please see: https://lnkd.in/ejv9Ef6
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The bill is designed to take a focused approach to saving and expanding the number of Black-owned banks operating in the US. This legislation is designed to meet the needs of the Black community, not just serve bankers. Our contributions were part of a collaborative effort in the overall national interest.

The bill, which has just started the legislative approval process, contains the following provisions:

The IMF, BASEL III and Black Banks

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IMF Annual Meetings
Small Is Beautiful – Regulatory
Approaches for Non-Systemic Banks
October 14, 2017

Question about Black banks at a session on: How can a more proportionate approach to regulation of small banks be applied to align more closely with their size and business models?

Questioner:
William Michael Cunningham
Creative Investment Research

Speakers:

David Lipton, First Deputy Managing Director, IMF

Michael Gibson, Director of the Division of Banking Supervision and Regulation, Federal Reserve Board

Black Business Index & Survey

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We are conducting a survey of Black Business Conditions as we prepare for our Texas Talks (see above). Note that you do not have to be either in Texas or a Black-owned Business to fill out this survey. In fact, we prefer to have a range of business owners respond. We are, however, specifically focused on the Black business sector in Texas.

To view and complete the survey, please go to: https://www.surveymonkey.com/r/NCVQLLL

Thank you!

The Problem with OneUnited and #BankBlack

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According to the New York Times,

"WASHINGTON — Top banking regulators were taken aback..when a California congresswoman helped set up a meeting in which the chief executive of a bank with financial ties to her family asked them for up to $50 million in special bailout funds, Treasury officials said.

Representative Maxine Waters, Democrat of California, requested the September meeting on behalf of executives at OneUnited, one of the nation’s largest black-owned banks. Ms. Water’s husband, Sidney Williams, had served on the bank’s board of directors until early last year and has owned at least $250,000 in stock in the institution. Treasury officials said the session with nearly a dozen senior banking regulators had been intended to allow minority-owned banks and their trade association to discuss the losses they had incurred from the federal takeover of Fannie Mae and Freddie Mac. But Kevin Cohee, OneUnited’s chief executive, instead seized the opportunity to plead for special as…

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