FDIC

Jan 3 2013

Prepaid debit card usage rising

According to a new report by the Federal Deposit Insurance Corp. (FDIC), in 2011 more than 37 million American households were either unbanked or under-banked. African American households represent 34 percent of all under-banked consumers, the highest percentage among demographics surveyed. When under-banked African American and Latino households are combined, these two communities of color comprise more than 60 percent of the nation’s under-banked households.

Harry C. Alford  |   OW Guest Contributor
Sep 27 2012

Beyond the Rhetoric

Ignorance is not bliss. However, there are too many of us who are ignoring the discussion about a legislative maneuver known as “Sequestration.” This is also known by a more descriptive term, “fiscal cliff.” (Federal Reserve Chairman Ben Bernanke coined the phrase.) Unless this is updated, all financial rules and budgeting will come to a halt on Dec. 31, 2012. Let me tell you about a few of the programs that are at risk.

Sep 15 2011

Closures set for Nov. 7

Broadway Federal Bank will soon close its Wilshire Boulevard and Leimert Park branches as part of “a broad recapitalization plan,” according to a statement released by its parent company, Broadway Financial Corp.

“The recapitalization will strengthen the bank’s capital base and lower fixed cost, which in turn will position the company for future growth and improved profitability,” said Paul C. Hudson, chairman and CEO.

The two branches, which are the least busy of its five retail offices, are set to end operation on Nov. 7.

Joseph Wright  |   OW Senior Staff Writer
Aug 26 2010

Groups want banks held accountable

Federal financial regulators recently held the final meeting about the Community Reinvestment Act (CRA) in downtown Los Angeles. It culminated the first public opportunity to assess reforms left out of the recent financial reform legislation passed by Congress.

Across Black America

Here’s a look at African American people and issues making headlines throughout the country.
 

Alabama
Freeman A. Hrabowski, president of the University of Maryland, Baltimore County, will address the annual African American Business Council luncheon on June 28. Hrabowski, who is chairman of President Barack Obama’s Advisory Commission on Education Excellence for African Americans, has a national reputation for his work studying the performance of minority students in math and science. Hrabowski, named one of the 10 best college presidents in the country by Time magazine, was a child leader in the Civil Rights Movement in Birmingham in the 1960s.
 

Arkansas
The Liberty Counsel filed a motion and a brief in United States District Court for the Eastern District of Arkansas seeking to intervene on behalf of a Concepts of Life crisis pregnancy center to defend against a suit filed by the American Civil Liberties Union and the Center for Reproductive Rights. The groups seek to impose a permanent injunction before the Human Heartbeat Protection Act goes into effect July 18. Liberty Counsel also filed a brief opposing the ACLU’s request for an injunction. The “Heartbeat” bill states that when a woman seeks an abortion at or after the 12th week, doctors must test for a fetal heartbeat before an abortion is performed and inform the pregnant mother that the child in her womb has a heartbeat. If a heartbeat is detected, a woman cannot have an abortion, except in cases of rape, incest, and if a mother’s life is in danger. “As we promised when the legislation was introduced, Liberty Counsel will defend this law without reservation for the people of Arkansas, born and pre-born,” said Matt Staver, founder and chairman of Liberty Counsel. “No right is more foundational than the right to life. Without life, all other rights are irrelevant,” concluded Staver.