The Origins of the Financial Crisis. Crash Course. (From Economist.com | Sep 7th 2013)
The effects of the financial crisis are still being felt, five years on. This article, the first of a series of five on the lessons of the upheaval, looks at its causes.
The collapse of Lehman Brothers, a sprawling global bank, in September 2008 almost brought down the world’s financial system. It took huge taxpayer-financed bail-outs to shore up the industry. Even so, the ensuing credit crunch turned what was already a nasty downturn into the worst recession in 80 years. Massive monetary and fiscal stimulus prevented a buddy-can-you-spare-a-dime depression, but the recovery remains feeble compared with previous post-war upturns. GDP is still below its pre-crisis peak in many rich countries, especially in Europe, where the financial crisis has evolved into the euro crisis. The effects of the crash are still rippling through the world economy: witness the wobbles in financial markets as America’s Federal Reserve prepares to scale back its effort to pep up growth by buying bonds. [Read More...]
October 31, 2012
CONSUMER FINANCIAL PROTECTION BUREAU REPORT FINDS SERVICEMEMBERS FACE HURDLES IN ACCESSING STUDENT LOAN BENEFITS
CFPB Partners with Department of Defense to Educate and Protect Members of the Military
WASHINGTON, D.C.-The Consumer Financial Protection Bureau (CFPB) released a report outlining the unique servicing obstacles reported by servicemembers seeking to pay off student loan debt. The report, ³The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform,² describes servicemember complaints regarding the difficulties they have accessing the protections granted to them under federal rules. The hurdles they describe range from not being able to get the information they need, to being met with roadblocks when they do try to pursue their benefits. Read More
CONSUMER FINANCIAL PROTECTION BUREAU REPORT FINDS SERVICEMEMBERS FACE HURDLES IN ACCESSING STUDENT LOAN BENEFITS
CFPB Partners with Department of Defense to Educate and Protect Members of the Military
WASHINGTON, D.C.-The Consumer Financial Protection Bureau (CFPB) released a report outlining the unique servicing obstacles reported by servicemembers seeking to pay off student loan debt. The report, ³The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform,² describes servicemember complaints regarding the difficulties they have accessing the protections granted to them under federal rules. The hurdles they describe range from not being able to get the information they need, to being met with roadblocks when they do try to pursue their benefits.
We are concerned that our men and women in uniform are not being given the opportunities they have earned under federal law,² said CFPB Director Richard Cordray. ³For all the service our military members give us, the least we can do is protect them from this kind of disservice.²
Many servicemembers have student loan debt, including both federal and private student loans. The average cumulative amount of student loan debt for active-duty servicemembers graduating from college in 2008 was about $26,000, according to the National Center for Education Statistics. Student loan default can be particularly troubling for active-duty servicemembers because it can affect their security clearance and military career. Burdensome debt can also be distracting and difficult to deal with, especially if serving overseas.
Congress put in place laws and programs to grant additional protections to servicemembers with student loan debt. The Servicemembers Civil Relief Act (SCRA) gives an interest rate reduction to men and women in uniform who acquired student loan debt before they went on active duty. The Income-Based Repayment program reduces monthly payments based on income and family size. And, among other choices, there are special loan deferral programs, principal reduction options on certain loans for service in hostile areas, and loan forgiveness on certain federal loans for public service.
Todays report, based largely on complaints filed with the CFPB, as well as input from military borrowers at dozens of town halls and forums across the country, looks at how servicemembers are handling both their federal and private student loans. It considers servicemembers who entered the military with debt and those who acquired it while serving. The report found that from trying to get good information to trying to take advantage of the benefits, servicemembers said they run into trouble. Specifically, servicemembers say that they:
Receive incomplete or inaccurate information: A common theme the CFPB heard from servicemembers was that they relied on their loan servicers to properly inform them of their repayment options – but that servicers were not providing clear and accurate information. According to servicemembers, this was particularly true for military deferment and forbearance. By relying on this information and choosing less favorable repayment plans, servicemembers may be setting themselves up for tens of thousands of dollars in excess debt over the life of the loan.
Have difficulty navigating the system of benefits: The patchwork of options for military student loan borrowers can be confusing. Some laws and rules apply only to federal loans. Some benefits have specific eligibility requirements or conditions attached. Some require loan consolidation which might exclude borrowers from other protections. And other options vary greatly depending on the private student loan lender. Servicemembers who have multiple loans from multiple lenders say that it can be particularly difficult figuring out which loans are eligible for benefits.
Face roadblocks when they try to get their benefits: Even if they navigate the maze of options, servicemembers report that they are often met with loan servicer roadblocks. For example, the CFPB has heard from military borrowers, including those in combat zones, who have been denied interest-rate protections because they failed to resubmit unnecessary paperwork. These kinds of servicing obstacles prevent servicemembers from taking advantage of the full range of protections they have earned through their service to this country.
The report, The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform, is available at: http://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf
The problems that servicemembers report are typically on top of the problems civilian borrowers report in loan servicing as outlined in the CFPB Student Loan Ombudsman¹s Annual Report issued this week. That report – which focuses specifically on private student loans – described complaints received from private student loan borrowers, including surprises, customer service runarounds, and dead-end loan terms.
Today, the CFPB is also announcing a new partnership with the Department of Defense to create better awareness of the rights and options for servicemember student loan borrowers. The partnership, announced at the Pentagon, will be multi-pronged. It will include training Judge Advocate Generals, Education Service Officers, and working with personal financial counselors on military bases. CFPB staff, for example, will be visiting the Judge Advocate General¹s Legal Center and School in Charlottesville, Va., to train legal assistance attorneys from all branches of the military about issues raised in the report, and to ensure they know about repayment options for servicemembers.
In an effort to educate military consumers and the advisors seeking to assist them, the CFPB has developed a guide for servicemembers with student loans with information on the various student loan repayment options, as well as frequently asked questions commonly posed by military student loan borrowers at Ask CFPB.
Servicemembers can also use the CFPB¹s online web tool, the Student Debt Repayment Assistant, to navigate their options.
More information about how the CFPB is helping servicemembers is available at: www.consumerfinance.gov/servicemembers
More information about how the CFPB is helping students is available at: www.consumerfinance.gov/students
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.
Urban Financial Services Coalition Announces 39th Annual International Summit
WASHINGTON – The Urban Financial Services Coalition (UFSC) will hold its 39th Annual International Summit on June 13-14, 2013 in St. Louis, MO. The summit will give hundreds of members and constituents an opportunity to convene and discuss the ongoing changes in the financial services industry that affect their personal and professional lives.
The summit will be a collaborative initiative of the St. Louis and Kansas City UFSC chapters and will include information sessions for small businesses and business professionals, a CEO Symposium led by leaders of major businesses and Intercollegiate Oratorical and Youth Business Plan competitions. These summit components will be held at the headquarters of the Federal Reserve Bank of St. Louis, St. Louis, MO 63102. The summit will culminate with a Community Empowerment Day event that is free to the public.
The Urban Financial Services Coalition, formerly the National Association of Urban Bankers, is a nonprofit organization of diverse professionals in the financial services industry and related fields. Affiliation with UFSC offers a unique opportunity to influence the shape of the banking and financial services industry. UFSC promotes the personal and professional growth of its members and collectively articulates concerns and marshals resources to improve the economic development of under-served communities.
UFSC supports programs that offer practical benefits for diverse financial services professionals, banks and financial institutions. UFSC’s underlying goals and objectives are to foster the interest and increase the number of minorities in the financial services industry; strengthen the financial fitness of low-income communities; and provide scholarship programs for minority youth pursuing financial services careers.
For additional information regarding UFSC, please visit www.ufscnet.org
Urban Financial Services Coalition (UFSC) is proud to announce their partnership with Johnson C. Smith University to host the 2012 Community Empowerment Day on the university campus on Saturday, June 30, 2012. Johnson C. Smith University is Charlotte’s premier independent urban university. A half day of activities are planned to deliver financial literacy education and information to citizens in the community. Community Empowerment Day provides individuals with free consultations regarding their financial circumstances and workshops to develop personal finance skills. Training will be available for local participants on how to use tools provided by UFSC and university partners (e.g., FDIC). Informative sessions are planned to understand consumer protections and mortgage refinancing options. A Resource Fair will introduce the community to organizations that provide financial information and support. The day is designed with the entire family in mind. Financial literacy activities are incorporated into the youth Basketball Challenge, the Wii Bowling Tournament and the Children’s Activity Center. It’s a family affair from 9:00am – 2:00pm. The quest is to deliver financial literacy programming to individuals and organizations in the greater Charlotte, North Carolina metropolitan area. Click Here to Download the Press Release
March 28, 2012
Operation Hope of DC and Urban Financial Services Coalition has joined forces to begin preparing for their 12 week Entrepreneurship Program.
Our Partners at Operation Hope have asked us to reach out to our members, and offer you an exciting opportunity to join their speaker panel.
If this interests you, please submit a resume showcasing your public speaking experience and qualifications directly to Jahi Davis at firstname.lastname@example.org by March 28, 2012.
Operation HOPE is America’s leading nonprofit social investment banking and financial literacy empowerment organization.
Through several global initiatives and its three principal programs: Banking on Our Future (teaching school children about money), HOPE Coalition America (financial emergency preparedness and disaster recovery), and the HOPE Center Banking Network (loans, bill pay, computer literacy, understanding banking principles) HOPE is leading the “silver rights” movement towards making free enterprise and capitalism relevant to all underserved communities.
March 17, 2012
UFSC Leaders Prepare for Visits with Washington Leaders & Visit to the White House – March 19-20
A delegation of Urban Financial Services Coalition will meet in Washington, DC March 19th and 20th for the 2nd Annual African American Briefing for Financial Professionals. The executive leaders of the organization will also attend the American Bankers Associations Government Relations Summit. What awaits the 40 professionals when they arrive in Washington, DC?
Monday, March 19th:
1. Morning reception from 9:00 to 9:45 a.m. EST SunTrust Washington DC Headquarters
2. American Bankers Association Briefing on Dodd-Frank Bill by Senior Counsel Denyette DePierro, at 10:00 a.m. EST at SunTrust Washington DC Headquarters.
3. White House Briefing with Jonathan McBride, Special Assistant to the President and Deputy Director of the Presidential Personnel Office, at SunTrust Washington DC Headquarters at 11:30 am. EST
Lunch at SunTrust Washington DC Headquarters
4. Treasury Briefing with Don Graves, Deputy Assistant Secretary, U.S. Department of the Treasury and Executive Director, President’s Council on Jobs and Competitiveness for the White House will give a brief at SunTrust Bank Washington DC Headquarters at 1:30 pm. EST.
5. ABA Government Relations Summit Reception and Dinner: Speaker, Rep. Shelley Moore Capito, at the Omni Shoreham 6:00 p.m. to 9:00 p.m. EST – (ABA registered invitees only)
Tuesday, March 20th
6. A Tour of the East Wing of the White House on Tuesday morning between 7:00 am and 10:00 am.
7. ABA General Sessions at the Omni Shoreham
Buffet Lunch with ABA at the Omni Shoreham (ABA registered invitees only)
8. Visits with American Bankers Association and meetings with the Congressional Black Caucus Tuesday afternoon – Capitol Hill.
March 12, 2012
UFSC Mourns the Death of Former Western Region Vice-President
It is with deep sorrow and great regret that we announce the passing of James Jackson of the San Francisco Chapter of Urban Financial Services Coalition on Tuesday, February 28, 2012. James has been a member of the organization for over 20 years. During his time with the organization he has served in numerous leadership positions, to include President and Vice President of the local San Francisco Chapter and as the Western Region Vice-President and Regional Representative. He has been part of many important projects, such as the establishment of the Puget Sound Chapter of Urban Financial Services Coalition and working with the International Oratorical Competition.
Family members, friends and UFSC member’s gathered on Friday, March 9, 2012, at Philips Temple CME Church, in Berkeley, California to celebrate his life and pay their respects.
In memory of James Jackson’s hard work, commitment and dedication to the development of minority professionals in the financial services industry and the empowerment of minority communities, a scholarship will be given in his name at the Urban Financial Services Coalition International Collegiate Oratorical Competition. The first scholarship will be awarded on June 29, 2012, at the Urban Financial Services Coalition International Summit in Charlotte, North Carolina.
We have lost a tireless public servant who embodied humanity, compassion and dignity for all. It has been our honor and privilege to have worked with him. James brought a wealth of knowledge of UFSC and of the issues in which we are engaged. UFSC will carry on his passion for ensuring the equitable participation of the minorities at all levels in the financial services industry. To share reflections, please post to our Facebook page – Urban Financial Services Coalition (Formerly Urban Bankers).
February 10, 2012
UFSC Goes to Washington! – Save the Date 3/19/12
Urban Financial Services will host our 2nd Annual African American Briefing for Financial Professionals on March 19th in Washington, DC. The event will take place at SunTrust Bank Division Headquarters located at 1445 New York Avenue, NW.
What can you expect? The one day event will include the following:
- Welcome and Greetings from Scott Wilfong, President and CEO SunTrust Bank, Greater Washington & Maryland
- Financial Industry Update provided by Virginia Bankers Association – Bruce Whitehurst, CEO
- Economic and Business Updates will be provided by the Department of Treasurer, Small Business Administration and Commerce Department
- Visits and meetings with members of Congress and other political leaders
This year’s briefing coincides with the American Bankers Association Government Relations Summit which takes place March 19th – 21st. UFSC members are encouraged to register and participate in the ABA activities on March 20th and 21st (please note the ABA Government Relations Summit is for bankers only — and does not include credit unions, insurance companies, investment companies). For more information about the ABA’s summit, visit http://www.aba.com/Events/GRS_Schedule.htm.
And, stay tuned for more details about the UFSC African American Summit for Financial Professionals. Get the latest UFSC information by visiting www.ufscnet.org.
January 6, 2012
Urban Financial Services Coalition Mourns The Loss of A Leader
Candace Granberry, President of the St. Louis Chapter, died on Friday, December 30, 2011.
Candace joined UFSC in 2009 and became immediately involved. Her respect at Regions Bank resulted in the bank partnering with the chapter’s public awareness campaign at the 2009 Missouri Black Expo by providing contents for its “FINANCIAL SURVIVAL KIT.” As the chapter was transitioned from an “Interest Group” to a “Chartered Chapter”, Candace produced one of its membership drive “Social Connections” in September 2009. She continued to contribute her leadership skills to many of the chapter’s successful events. In 2010, she was elected Treasurer and spearheaded the chapter’s sound fiscal management strategies. As a relentless champion for community service, she was elected to serve as the chapter’s 2012 President.
Candace will be greatly remembered for her dedication to and support of Urban Financial Services Coalition. She inspired many to give beyond themselves, take action and be the change in the community that they wish to see. Time has once again proven to be our most important resource and we should choose to give it wisely. Let’s celebrate Candace’s commitment by serving our respective communities.
November 22, 2011
UFSC Congratulates Desi Wyatt on his promotion to Complex Business Development Officer for Morgan Stanley Smith Barney
Urban Financial Services Coalition congratulates Desi Wyatt on his promotion to Complex Business Development Officer for Morgan Stanley Smith Barney for the South area. Desi’s responsibilities include assisting the Complex Manager and Regional Business Development Officer to achieve the Region’s challenge goals, supporting all efforts that drive revenue and asset growth process, including coordinating sales and marketing efforts. He is also responsible for leading recruiting and supporting financial advisors with their team building and practice management efforts.
Desi joined Morgan Stanley Smith Barney in 2006 as a Financial Advisor, following nearly eight years at Genworth Financial (formerly GE Financial), where he worked in a variety of roles, to include Six Sigma Black Belt, Project Manager, and Annuity Operations and Sales Manager. Desi, a West Point graduate and former Army aviator, brings a strong operational background and process discipline to his new position. During his military service, Desi flew the CH-47D “Chinook” helicopter and had responsibility for the US Army’s recruiting efforts in the Richmond-Petersburg area. He attained the rank of Major.
In 2000, he earned his MBA from the Virginia Commonwealth University “Fast Track” Executive MBA program. Raised in Portland,OR, Desi and his family currently call Richmond,VA home. He and his wife, Veleska, have two children, fraternal twins (a boy and a girl), born in 2003.
Oct 19, 2011
Save the date! Urban Financial Services Coalition 2012 Annual International Summit for Financial Professionals in Charlotte, North Carolina
Urban Financial Services Coalition (UFSC) invites you to our 38th Annual International Summit for Financial Professionals that will take place June 28-30, 2012, in Charlotte, North Carolina. As the premiere financial services organization for over thirty-seven years, UFSC has stood for professional and academic excellence and leadership in the business community throughout the United States and parts of Canada.
Over the years, UFSC has invested a large extent of its time and resources in the professional development of its members and associates through various local programs and summits. We are certain that our annual summit will be as inspiring and rewarding as our previous annual events. The summit includes outstanding speakers, informative workshops and award presentations.
This year’s annual summit is designed to guide and equip financial professionals with the resources to chart their way through the ever-developing financial services industry and volatile economy. By being well-informed advocates of economic change, the financial professional will be able to utilize the knowledge they receive for their personal advancement and that of their customer/client.
The schedule includes Professional and Economic Development Seminars, High School and College Undergraduate Apprentice Challenge Programs, CEO Symposium Luncheon, Town Hall Meeting, Oratorical Contest, Community Empowerment Day and Diversity Career Expo. For this year’s Town Hall Meeting, we are partnering with Ryan Mack, contributor for CNN, President of The Optimum Institute of Economic Empowerment and author of “Living in the Village”.
The summit will also include an awards reception to recognize outstanding members, chapter and community leaders for their dedication to UFSC and its mission.
Please consider this your personal invitation to join us in Charlotte, North Carolina, June 28-30, 2012.
Oct 19, 2011
Urban Financial Services Coalition partners with Ryan Mack for a Town Hall Meeting during the 38th Annual International Summit
President of Optimum Capital Management, Ryan Mack can be regularly viewed on television networks such as GMTV, CNBC, CNN, Thomson Reuters, and BET discussing economic/social issues that impact American citizens. Ryan has also authored his book “Living in the Village”; has been profiled in Tavis Smiley’s Covenant and Action (a New York Times Bestseller); co-authored a book with Kevin Powell entitled “The Black Male Handbook”; featured in Black Enterprise, African American Family, The Source & NV Magazine; contributes regularly to Huffingtonpost.com, The Network Journal, Fortune, and Black Enterprise; received the Top 40 Ander 40 Achievement Award from The Network Journal; was inducted by Medgar Evers College (where he currently serves as a board member) into its national honor society PI ETA KAPPA as an honorary member; and received Tom Joyner’s “Hardest Working Financial Advisor Award” because of his efforts to empower the community with the crucial life skills of financial literacy. Whether he is counseling a group of doctors at a convention or in Rikers Island providing a free course Ryan Mack’s comprehensive, exciting approach to teaching economic empowerment to all income levels has generated a level of much needed interest in a volatile economy.
As a renowned public speaker he has provided keynote presentations to organizations across the country such as Harvard University, Columbia University, Princeton University, NAACP, National Association of Real Estate Brokers, Housing Preservation and Development, National Urban League, National Aeronautics and Space Administration, National Black MBA Association and many others, Microsoft Corporation, HSBC, KPMG, Johnson and Johnson, Six Flags, and Deutsche Bank. With a strong sense of philanthropy he flew to South Africa to teach economic empowerment principles to those in need and has partnered with his District Attorney’s office to teach financial literacy to previously incarcerated community residents with the aim of lowering recidivism rates.
UFSC’s STRATEGIC PARTNERSHIP WITH THE WHITE HOUSE- OFF TO A GREAT START! – FEBRUARY 2011
Urban Financial Services Coalition (UFSC) is strategically partnering with the White House’s Priority Placement Personnel Office to source talent for the current administration. A task force has been assigned to conduct periodic conference calls and host on site meetings to discuss career opportunities, application processes and how to present candidates representatives of the organization.
The goal of the partnership is to identify key entry to executive level opportunities and source our membership for interest and viability. With an emphasis on quality versus quantity, UFSC’s goal is to present 15 to 25 candidates per quarter. Toward that end, the task force will educate members on the opportunities, determine interest levels and provide training.
For additional information, please contact Shawntee Reed, Assistant Vice President of Strategic Sourcing at StrategicSourcing@ufscnet.org .
UFSC LAUNCHES 100 JOBS, 100 DAYS CAMPAIGN BEGINNING MARCH 2011
The Urban Financial Services Coalition (UFSC), as part of its vision to “to ensure the full and equitable participation of people of color at all levels in the financial services industry”, will launch its “100 Jobs, 100 Days” campaign beginning in March 2011. The goal of the campaign is to match at least 100 job seekers of diverse backgrounds to 100 new and existing positions listed on UFSC’s online career center. The campaign comes at a critical time as unemployment remains high, particularly among minority job seekers.
The “100 Jobs, 100 Days” campaign will assist minority job seekers in the financial services industry by allowing both UFSC members and non-members to post copies of their resumes to the UFSC career portal, receive job alerts by joining UFSC social networking sites (Face Book and Linked In), and participate in interactive and informative “Who’s Hiring Now” tele-seminars with recruiters and executive search firms.
For additional information, please contact Kara Atkins, Assistant Vice President of Talent Management, or Dianna Williams, UFSC Liaison for Talent Management, via e-mail at TalentManagement@ufscnet.org .
Click Here to Download the Press Release
UFSC 37th ANNUAL INTERNATIONAL CONFERENCE TOOK PLACE – JUNE 8 – 11, 2011 IN BALTIMORE, MD
The conference offerred several Professional Development Tracks for numerous job functions to include Human Resources, Mortgage, Regulatory, Sales, Retail, Credit and Community Development Professionals. We are currently planning our 2012 UFSC 38th Annual International Summit in Charlotte, North Carolina June 28-30, 2012. What can you expect:
The Community Empowerment Day is specifically designed to deliver financial literacy to citizens in the community. This day will introduce the community to the various organizations that provide financial support and educational tools. UFSC will train professionals on how to use the tools provided by UFSC Partners and provide individuals with free one-on-one consultations regarding their financial circumstances.
The Summit will feature a CEO Symposium, which is a UFSC trademark session, where senior leaders from corporations, local municipalities and the non-profit sector provide insights on lessons they have learned from leading their organizations.
The Summit will offer two institutes: Non-Profit Leadership and Entrepreneur Institutes. The Non- Profit Leadership Institute will highlight a series of workshops that will help non-profit and UFSC chapter leaders achieve their organization goals. The Entrepreneur Institute will offer workshops and networking opportunities for new and seasoned business owners.
The Summit will feature the MARK I Emerging Leaders Apprentice Challenge, which is a one year group competition that focuses on the development of critical foundational management and leadership skills for high school and college undergraduate students who have expressed an interest in learning more about the financial services industry.
For Sponsorship Opportunities, email us at email@example.com , or call 202-289-8335