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The motivation to serve underserved communities

first_img 41SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Sarah Marshall Sarah Marshall is a consultant in the credit union industry, and can be reached for partnership and speaking opportunities through Your Credit Union Partner. Her background in community development includes … Web: https://yourcupartner.org Details Low loan rates.  Personal service. Cooperative.  Democratic and member controlled. Flexibility. Dividends. These are a few of the words we use to describe credit unions in our marketing and in our shared institutional language. Here is another important word: access. Because all these previous words are true about us as credit unions, the industry is in a uniquely strong position to provide access to underserved communities. The definition and face of underserved communities is changing. In Chicago, 49% of households don’t have three months of savings to live above poverty level if necessary. 25% have a bank account somewhere but still access payday loans, and 16% don’t have any bank account. The numbers are similar in urban areas such as Los Angeles, Sacramento, Boston, and Washington DC. (Data from familyassetscount.org; a project of CFED and CitiCommunity Development).  So far this sounds like an urban problem, but it’s not. Between 2000 and 2011, the poverty rate in the Chicago suburbs grew by 99%, in suburban Atlanta by 159%, and in the metro region surrounding Philadelphia by 40% (www.confrontingsuburbanpoverty.org; Brookings Institute).  The reasons for these statistics are complex, but they are reality.  The underbanked are already your members.  Half of the members you meet in the course of transacting probably do not have the money to survive a job loss. A quarter of your members might bank with you but take out a small dollar, high interest loan with a balloon payment elsewhere. And there are more individuals in your community who aren’t using any traditional financial institution.Credit unions have a reputation for being trustworthy financial institutions, and failing to serve the underserved is missed opportunity. Your members won’t come through the door of your credit union and tell you they are the underbanked, and they won’t necessarily fit a visible stereotype for asset poverty (if such a stereotype should even be accepted as true). The most important reason for your credit union to think about financial inclusion is that by definition, you exist for their membership, and not for profit.Here are several strong reasons to think about adding financial inclusion to your strategic plan:Mission:  Credit unions have the mission statement of ‘people helping people.’ What better example of this than people with excess personal liquidity depositing their funds at a credit union to be lent out to individuals who don’t have access to capital? Credit unions that solely focus on community development work can cite case after case of members who use loans for personal emergencies, to start small businesses, to cover the costs of medical bills, to help a child afford school supplies, to purchase a vehicle to get them to work, and a number of other worthwhile reasons. Some credit unions have developed socially responsible investment products to remind members to think about mission when they invest their money. Each member of your credit union has one vote, and although most of your members may not show up to your annual meeting or contact your board on a regular basis, each vote is equal. At one point you were chartered to serve a common bond, not just the best of the best borrowers within that charter.Money: You don’t have to become a low-income designated credit union to think about expanding your product line. You just have to think about a double bottom line – both the financial impact and the social impact when tweaking your products. An 18% auto loan to a credit challenged borrower will yield you a much stronger return than a 1.9% loan to an A+ borrower, and with appropriate supports in place your credit union can reduce its lending risk. Borrowers you truly help are often loyal and do repay their loans. Don’t overlook the important of simply being accessible either – a community partner once shared a story of an immigrant client that had their entire savings account in a mattress that was burned up in a house fire. Offering depository accounts with low fees and low barriers to entry is an often-overlooked means of serving the underserved. However, if you do decide to significantly expand access to underserved or low income markets, money is available to help you. Federally insured low income designated credit unions can raise capital and liquidity in ways  not available to traditional credit unions, and the US Treasury’s CDFI Fund provides grant dollars to support lending in low income communities. Other grant opportunities can open up as well. The credit union industry has many talented consultants who can help with these processes.Members: If mission and money aren’t strong enough reasons to consider lending to underserved communities, member growth is another reason your credit union should think more closely about the underserved market local to you. Members who receive credit from you when others won’t lend are returning members. They will come back to you for other products because they understand you provide opportunity. Any financial institution can offer money to those who can afford it; strong financial institutions fairly lend money to those who need it while managing risk. Word of mouth referrals are the best organic growth strategy, and the members you serve when you are the only fair option will refer others to you.There are products you already offer to serve these markets; it is matter of digging into your policies and procedures to reach a wider net of potential members. Because we are cooperatives of people helping people, we can go back and make a difference in the lives of those who are most in need.last_img read more

Big Tech will push deeper into finance this year — but avoid the ‘headache’ of being a bank

first_img continue reading » It’s somewhat similar to a move from once of its Silicon Valley peers. In 2019, Apple debuted a credit card that created in partnership with Goldman Sachs. Like Google, the company has left much of the financial legwork to its bank partner while designing the card itself and integrating it with its digital wallet app.Though their products are different, both firms share something in common: they have no plans to become regulated financial institutions like Citi or Goldman. While Big Tech — a group of companies that includes Google, Amazon, Facebook and Apple — will undoubtedly push deeper into finance this year, their progress in banking will be “more of a slow creep than big strides,” said Sarah Kocianski, head of research at fintech consultancy 11:FS. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img Big Tech may want to get into banking this year, but it doesn’t want to be your bank.Google plans to introduce consumer bank accounts later this year in collaboration with Citibank and a California-based credit union. The company wants to piggyback off the financial know-how of its partners, while providing the digital layer through Google Pay.last_img read more

Denmark’s Lægernes rejects deeper investment link with JØP, DIP

first_imgThe Danish pension fund for doctors, Lægernes Pension, has decided against merging its investment operations with those of two other professional pension funds that are already merged, citing differences in processes that have proved to be too great.Lægernes Pension, which has DKK115m (€15.5bn) in assets, said it had hired an external consultancy to find out whether it made sense to merge its investment with that of JØP, the lawyers and economists’ pension fund, and DIP, the civil and academic engineers’ pension fund.DIP and JØP merged their investment operations in 2013 and followed this in 2015 by amalgamating their administrative operations.Chresten Dengsøe, chief executive at Lægernes Pension, said: “In conjunction with the consultancy Oliver Wyman, we have discovered what we could gain by having an actual joint investment operation, which we don’t already benefit from in the current cooperation. “In the course of this, we found out that the differences in our processes are too significant for it to be to the advantage of all parties.”The three pension funds had therefore chosen to keep the current form of their cooperation, which is based on, inter alia, JØP and DIP’s investing via Lægernes Pension’s subsidiary Lægernes Invest.Lægernes Pension said it set up Lægernes Invest in 2004 to make its investment simpler and cheaper and also to reap economies of scale by investing alongside others.In the last few years, the three pension funds had also linked up on larger alternative investments – in wind energy and logistics properties, for example.The pension fund said it had been investigating the possibility of deepening its cooperation with JØP and DIP for the last few months and that this exploratory work was now at an end.“To be competitive, it is important you question your business model now and then,” Dengsøe said.Having someone else look at its affairs had been a healthy thing to do, he said, and added that the consultancy’s analysis had resulted in a series of recommendations about the best way the pension fund could operate.“We are now in full swing implementing these recommendations in our investment processes,” he said.The doctors’ fund said it cooperated with various different pension funds over investment.Apart from the link-up with JØP and DIP, Lægernes Pension said it worked with Nordea Pension, Danica and Lønmodtagernes Dyrtidsfond on certain investments.last_img read more

Polish LNG terminal receives Qatari cargo

first_imgImage courtesy of Polskie LNGPolish sole liquefied natural gas (LNG) import facility, the President Lech Kaczyński terminal in Świnoujście, has received a new cargo on Monday. It was the 88th delivery since the project started operation, Polskie LNG said in a brief statement through its social media channels.It was also the tenth delivery of 2020, the operator said.The operator further noted that the facility is operating without any restrictions as measures have been introduced to protect employees.Polish Oil and Gas Company (PGNiG), in charge of all the LNG supplies coming to the import terminal, added in its statement that a total of 90,000 tons of LNG have been delivered onboard the Al Ruwais LNG carrier.The was loaded at Qatar’s Ras Laffan LNG complex and will equal 120 million cubic meters of natural gas after regasification. LNG World News Stafflast_img read more

Lennon wants to bring in new faces

first_imgNeil Lennon is looking to add to his squad for the second leg of their Champions League qualifying clash with Cliftonville next week but admits he is not yet close. Press Association Goals from Mikael Lustig, Georgios Samaras and James Forrest gave the Hoops a comfortable win over the part-time Irish side at Solitude and ensured there is little chance of an upset when the part-time Irish side travel to Parkhead for next Tuesday’s return. The Hoops boss claimed striker Gary Hooper’s mooted move to QPR is not yet complete but it is believed some money from the sale of midfielder Victor Wanyama to Southampton, reported to be £12.5million, will be available. He said: “I just asked in there, if we don’t turn up, will it be just a 2-0 deficit? But they weren’t buying it. It was always going to be an important part of preparation for our league season which starts in a month’s time. “We will go over, lick our wounds, have another week’s training under our belt and will try to put on a credible performance and not try to concede too many. It is disappointing. I thought the three goals were preventable and at this level you get punished. They are a class act and that’s the bottom line. “Given we were only back a couple of weeks, and we are a part-time team, I thought we performed credibly. I think Celtic would have had a couple of gears to go up if we had scored, so I have no complaints about the result.” He said: “Talks are still ongoing between Gary and his representatives but no bid has been accepted by us yet. “Hopefully we’ve negotiated the tie but we need new bodies in for the next round and we’re going to do that. We’re actively looking at strengthening the squad as there’s money available from the Wanyama transfer. I’d like someone in before the second leg next week if I can so we can bed them in as quickly as possible. “If we could get one in early next week, I’d be delighted but at the moment we aren’t close to anything.” Lennon was pleased with his side’s professionalism during a tie which he believed “had banana skin written all over it.” The Northern Irishman said: “That’s just what I wanted, it was a perfect evening. There was a real sense of occasion going into the game and I wanted a good performance. “I’m just delighted with the way everything went, the atmosphere and the performance. It gives us a bit of breathing space now ahead of the second leg. “I got that because the attitude was right. There was a lot of negativity going into the game on the back of results in Germany but I’m delighted because we showed a lot of quality.” Cliftonville boss Tommy Breslin conceded the tie was over and joked about not making the journey to Glasgow next week. last_img read more

Azhar unbeaten on 74 as Pakistan crawl towards Sri Lanka total

first_imgSKIPPER Azhar Ali led by example with a typically gritty innings as Pakistan made laborious progress towards Sri Lanka’s first-innings total on day three of the first Test in Abu Dhabi.Having begun Saturday on 64 without loss in reply to Sri Lanka’s 419 all out, Azhar’s men crawled to 266-4, with the skipper passing 5,000 Test runs on his way to 74 not out from 200 balls.Every member of Pakistan’s top five spent significant time at the crease in the team’s first Test since the retirements of key batsmen Misbah-ul-Haq and Younis Khan.Openers Shan Masood and Sami Aslam made 59 and 51 respectively, sharing 114 for the first wicket, while Asad Shafiq (39) and Babar Azam (28) also dug in on a day that provided little entertainment.Babar’s dismissal in the final over before stumps provided a welcome boost to Sri Lanka, but a draw appears the most likely outcome unless a generally lifeless surface deteriorates significantly on days four and five.Masood and Aslam batted out the majority of the morning session without alarm, before two wickets in quick succession left Pakistan wobbling.Aslam was lbw on review to a Dilruwan Perera delivery that kept low, while Masood – who had been dropped on 51 – threw his wicket away, missing an ugly sweep to be bowled by Rangana Herath (2-47).In between those dismissals, Azhar was adjudged lbw to Perera second ball, but a review revealed an inside edge and Pakistan’s skipper was barely troubled thereafter.Shafiq proved a willing ally between lunch and tea, as Azhar brought up his 5,000-run milestone in his 115th Test innings. Only Younis (106), Javed Miandad (107) and Mohammad Yousuf (108) have made it to the landmark in fewer innings for Pakistan.After Shafiq had been caught at slip off Herath, Azhar finally hit his first boundary from the 126th ball he faced and it appeared both he and Azam would make it to the close.There was to be late drama, however, as Azam was caught down the leg side off an innocuous Nuwan Pradeep delivery in the day’s last over. (Omnisport).SRI LANKA 1st innings Dimuth Karunaratne run out (Abbas, S. Ahmed) 93Kaushal Silva b H. Ali 12Lahiru Thirimanne lbw b Shah 0Kusal Mendis c S. Ahmed b Shah 10Dinesh Chandimal not out 155Niroshan Dickwella b H. Ali 83Dilruwan Perera lbw b Sohail 33Rangana Herath c B. Azam b Shah 4Suranga Lakmal lbw b Abbas 7Lakshan Sandakan lbw b Abbas 8Nuwan Pradeep b Abbas 0Extras (lb-11 nb-3) 14Total (all out, 154.5 overs) 419Fall of wickets: 1-34 K. Silva,2-35 L. Thirimanne,3-61 K. Mendis,4-161 D. Karunaratne,5-295 N. Dickwella,6-387 D. Perera,7-396 R. Herath,8-408 S. Lakmal,9-419 L. Sandakan,10-419 N. PradeepBowling: Mohammad Amir 27 – 5 – 63 – 0, Mohammad Abbas 26.5 – 0 – 75 – 3(nb-2), Yasir Shah 57 – 11 – 120 – 3, Hasan Ali 27 – 6 – 88 – 2(nb-1), Shan Masood 1 – 1 – 0 – 0,Haris Sohail 13 – 0 – 51 – 1,Asad Shafiq 3 – 0 – 11 – 0.PAKISTAN 1st innings Shan Masood b Herath 59Sami Aslam lbw b D. Perera 51Azhar Ali not out 74Asad Shafiq c Thirimanne b Herath 39Babar Azam c Dickwella b Pradeep 28Extras (b-4 lb-9 nb-2) 15Total (for 4 wickets, 112.4 overs) 266Fall of wickets: 1-114 S. Aslam,2-116 S. Masood,3-195 A. Shafiq,4-266 B. AzamTo bat: H. Sohail, S. Ahmed, M. Amir, Y. Shah, M. Abbas, H. AliBowling: Suranga Lakmal 15 – 3 – 30 – 0(nb-1),Nuwan Pradeep 16.4 – 1 – 44 – 1, Dilruwan Perera 27 – 7 – 58 – 1(nb-1),Lakshan Sandakan 26 – 6 – 68 – 0, Rangana Herath 25 – 6 – 47 – 2Dimuth Karunaratne 3 – 1 – 6 – 0last_img read more

Romney slip generates reactions

first_imgJust miles from campus, Republican presidential candidate Mitt Romney made national news Monday after characterizing President Barack Obama’s supporters as believing they are “victims” who are dependent on government benefits.The Romney campaign spent much of its Tuesday defending his comments, which were recorded at a private fundraiser in Los Angeles and released by the news organization Mother Jones.“All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it,” Romney said in the video. “That, that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what … These are people who pay no income tax.”Almost immediately after Mother Jones posted the story, his remarks were picked up on Twitter accounts and posted to Facebook pages, including those of many students.Hyehyun Bahng, a sophomore majoring in biology, said she felt that the implications of Romney’s 47 percent comment could hurt his electoral chances.“I definitely think it can negatively affect him because people often turn these little mistakes into something bigger,” Bahng said. “In the case of presidents, people don’t want them to make little mistakes because they could turn into a big problem if the candidate was talking to ambassadors or powerful people.”According to presidential politics veteran Dan Schnur, director of the Jesse M. Unruh Institute of Politics,   the Romney campaign’s response to his remarks will determine the speech’s affect on the election.“Romney is going to need to spend some time in the very short term explaining the point he was trying to make,” Schnur said. “The degree to which he is successful with that explanation is going to determine how much this impacts the campaign going forward.”Presidential gaffes are nothing new. Ironically, Schnur said, Mitt Romney’s father, Michigan governor George Romney, made one of the most notable gaffes in modern political history during his 1968 presidential bid.“He was talking about the Vietnam war and talking about how he had been ‘brainwashed’ by generals when he was there,” Schnur said. “The point he was trying to make was that he had been given an unduly optimistic report by generals, but because he used the term ‘brainwashed,’ it caused such a backlash that he was ultimately forced to withdraw from the campaign.”The simple fact of the mistake, not necessarily what is said alone, can be the problem, other students said.“The mistake Romney made last night within itself is not a problem, but I think the fact that people pick it up and talk about it makes it a bigger deal,” said Ronell Firouz, a senior majoring in business administration. “The way the media compounds upon it can have an effect on his candidacy.”Santiago Fernandez, a junior majoring in environmental studies, agreed that the media portrayal of gaffes can be the primary factor in determining voters’ responses.“The 47 percent commment could throw him off, depending on how the media will portray it to voters,” Fernandez said. “I don’t think the people he is trying to get on his side will appreciate it.”When covering gaffes, however, the media typically focuses on the opposing candidate’s response, Schnur said, citing Romney’s 47 percent gaffe as well as remarks from Obama earlier in the campaign about businessmen receiving help in creating companies.“Whether it is Obama and businesses, or Romney and the 47 percent, the media reports on what the candidate said,” Schnur said. “But it’s not until the other side goes after it hard that the coverage tends to saturate.”last_img read more

Nobel laureate discusses astrophysics, cosmology

first_imgMany scientists now believe that the universe is expanding at an accelerating pace, but this phenomenon was first discovered by Adam Riess, a Nobel Prize-winning astrophysicist. Riess spoke at Bovard Auditorium on Monday about measurements of distant supernova that led to his discovery as part of the USC Dornsife Irene McCullouch Distinguished Lecture series.“The reason I got into this field was to answer profound questions like when did the universe begin,” Riess said. “I wanted to devise and perform real science experiments to answer these.”Riess has held the Bloomberg Distinguished Professorship, the Thomas J. Barber Professorship of Physics and Astronomy and the Krieger-Eisenhower Professorship of Physics and Astronomy at Johns Hopkins University. He is also a senior member of the science staff at the Space Telescope Science Institute.Along with Brian Schmidt and Saul Perlmutter, Riess received the 2011 Nobel Prize in Physics for providing evidence that supported the phenomenon. The scientists were also awarded the 2015 Breakthrough Prize in Fundamental Physics and shared the $1 million Shaw Prize in Astronomy in 2006. Along with his other awards, Riess was also honored with the Albert Einstein Medal in 2011 and the 2008 MacArthur Fellowship.According to Riess, one of the most important unsolved problems in cosmology and astrophysics is understanding the unexplained and mysterious nature of dark energy. While discussing the discovery of the accelerating universe, Riess explained that the farther away a galaxy is from us, the faster it will appear to recede.“The key is to measure how far away the galaxies are and how fast they recede from us,” Riess said. “In particular, measuring distance is the hardest thing to do in space.”The distances on earth are measured using various methods such as parallax, lighthouses, foghorns and objects of known size. However, these methods involve human creations, so in space, distance measurement uses the standard candle approach.“A galaxy has millions of stars that have known luminosity and can be used as standard candles,” Riess said. “When one of these stars explodes, it could be as bright as 4 billion times the luminosity of the sun. In addition, the inverse square law states that intensity is inversely proportional to the square of the distance from the source of that physical quantity.”The other property that Riess and his team needed to measure is the speed at which the galaxies are rushing away from the earth. They did so by looking at the nature of the light coming from distant objects.“A supernova emits light at known wavelengths, and because of the expansion of space, the wavelengths are stretched [and] it gets redder,” Riess said. “This redshift measures the apparent recession velocity of the galaxies.”The Hubble Constant, H0, which is the measured slope or the linear relation between the velocity and distance, gives the present expansion rate of the universe. If the universe would contract instead of expand, then this slope would be negative.According to Riess, we can measure that expansion rate by using the Hubble Constant. By taking the inverse of the rate, the approximate age of the universe can be calculated.“It is not very likely to stare at one galaxy and find a supernova,” Riess said. “However, if you stare at 100 galaxies for one year, you are likely to see a supernova, and if you stare at 1,000 galaxies, you will see 10 supernovae in a year.”Riess studied four supernovae in his thesis. He discovered accelerating expansion and dark energy in 1998 and confirmed it with more distant supernovae from the Hubble telescope. In 2009, they could find tens of supernovae at greater distances.“The supernovae slowly showed us that the universe was decelerating before it slowly started accelerating,” Riess said. “So we removed both models that we thought we were choosing between and ended up with this new model when the universe began to accelerate five billion years ago.”The reason for the acceleration of the universe remains unknown. Riess and his team have hypothesized that the source is vacuum energy, also known as the cosmological constant, dynamical dark energy or modified gravity. They also expect to learn more about the nature of dark energy in the next decade from a spate of different measurements, including a refurbished Hubble Space Telescope.last_img read more

Racing Post welcomes new Tech leaders in Kryvossidis & Savoy

first_img Share Camelot aims for ‘Big September’ supporting a high street recovery August 26, 2020 Spotlight delivers Racing Post translated services for Pari-Engineering Russia August 26, 2020 Related Articles Submit UKGC launches fourth National Lottery licence competition August 28, 2020 Share Nikos KryvossidisUK betting media group, The Racing Post has confirmed the appointment of Nikos Kryvossidis as its new Chief Technology Officer (CTO). Kryvossidis takes over from Paul Carse who departed the business earlier this year.Kryvossidis joins Racing Post leadership team, from UK National Lottery operator Camelot Group, where he previously served as CTO of Camelot UK Digital properties (2015-2017). Kryvossidis has further industry tech leadership experience have held executive positions at OpenBet (2011-2015).Racing Post continues to invest in expanding its digital capabilities and product portfolio. This investment in digital is evident with the recent appointment of Edgardo Savoy in the newly created role of Director of Software Engineering. Savoy joined from Paddy Power Betfair where he held roles across the retail and digital sides of the business.Edgardo SavoyRacing Post CEO Alan Byrne commented on the appointments: “Having the expertise, flair and skills of both Nikos and Edgardo is a great boost for Racing Post. Both have considerable experience, not only in all technical aspects of our industry but in working for global organisations.”Nikos Kryvossidis commented on joining Racing Post leadership: “I am looking forward to working with such a respected brand as Racing Post and building on the company’s recent successes”.Edgardo Savoy backed Racing Post digital ambitions: “Racing Post is an amazing brand and the company has a great customer culture. The journey ahead is all about using technology to create value for customers, at pace. It’s exciting.” StumbleUponlast_img read more

The Football Pools tasks FSB with delivering new digital portfolio

first_img Dave McDowell, FSB: Hitting the bullseye during the global sports blackout June 8, 2020 Share StumbleUpon FSB powers Goldchip sportsbook October 3, 2019 Related Articles Submit Share David Clifton: Licensing Expert – Puzzle upon puzzle marks the path ahead June 4, 2020 Derek Lloyd – The Football PoolsUK legacy gambling brand The Football Pools has confirmed that it will launch a sportsbook and gaming platform powered by FSB Tech, supporting the firm’s ongoing product and services revamp.Updating the market, FSB has been tasked with deploying a full-service sportsbook solution, which will operate alongside the Football Pools’ ‘classic games’ inventory.‘FSB’s flexible solution will seamlessly integrate the core Classic Pools football score prediction game as well as ‘Footie5’, a brand new free-to-play, five-match predictor game’ details the partnership communication.Moving forward, the Football Pools seeks to significantly expand its digital product offering across all verticals utilising FSB’s ‘best-in-breed platform’.In June 2017, the Football Pools was sold by Sportech Plc to London private equity firm OpCapita for £83 million, who would install Derek Lloyd as new Chief Executive, tasked with redeveloping the operators product proposition.Derek Lloyd, CEO at The Football Pools, added: “FSB enjoys a stellar track record for delivering flexible-yet-reliable performance with effortless speed on all sporting events. So their appeal for this new venture was immediate. However, we were particularly drawn to their unrivalled in-play football betting, which allows our customers the chance to harness the best product on the UK’s sophisticated igaming landscape. Players can find our new site at thepools.com.”Richard Thorp – FSB TechActing as lead platform supplier, FSB will provide the Football Pools with its new betting infrastructure, which will include unique provisions such as ‘real-time algorithmic pricing models’ and ‘reactive in-play odds’.Furthermore, FSB will support Football Pools digital operations with CRM and player bonusing functionalities.Backing the Football Pools as a new partner, FSB’s Business Development Director Richard Thorp said: “We’re thrilled to take the field with The Football Pools, one of the most trusted and respected names in football betting. Our platform is now setting the tone for online sports betting, driving the sector forward via innovative features across online, mobile and retail.”last_img read more