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The battle for new credit union charters

first_imgWhen there are no startups in an industry, the question has to be raised: is the sector dying?Here’s the worrisome question about the credit union movement: is the comparative lack of new charters a sign that the movement is floundering?  Proof of the difficulty is that since 2008, per NCUA data, just 28 new credit unions were chartered. “That is as close to zero as you can get,” said Paul Stull, CEO of the Credit Union Association of New Mexico.In the years since, eight of the group vanished, either through merger, liquidation, or charter cancellation.The inescapable reality: it isn’t easy to get a new credit union going.But that does not mean it is impossible. It also doesn’t mean people aren’t out there, struggling to launch new credit unions—below we’ll look at two such efforts.First, however, why is it so hard to charter a new credit union? The NCUA’s Federal Credit Union Charter Application Guide is a dense 114 pages. There’s even a 28-page NCUA document on the costs involved in a new charter. Don’t ignore that costs guide. A few years ago, Thad Moore, a longtime Self-Help Credit Union leader and a participant in a number of chartering efforts, told me that in many instances capital is the biggest hurdle. “It’s gotten harder,” Moore told me.NCUA gives the daunting math: “The actual amount necessary [for a charter] will not be able to be fully determined until completion of the pro-forma financial statements and plans for operating independently. However, if you wish to estimate the amount of funding required, we suggest using, at a minimum, the lesser of $300,000 or $100,000 per $1 million in projected assets during the first five years of PFCU’s operation. For example, if you expect the PFCU to grow to $5 million in assets by the end of year five, the organizers should obtain, pre-charter, at least $500,000 in commitments for start-up donated capital.”  It’s not easy to raise that kind of capital for a start up that likely will take years to reach its goal.That’s a big reason why many would-be credit unions—nobody knows exactly how many—wave the white flag of surrender before they get a charter.And yet the intrepid keep trying.Up in Maine, Maine Harvest—a would-be credit union that I first reported on a couple years ago—continues to make steady progress. In mid-March, the Portland Press Herald declared it “a big step closer” to a charter. Maine Harvest, which is intended to serve businesses involved in Maine’s food economy, nonetheless remains $1 million shy of the amount it probably needs to open. But it has now gathered support from many luminaries, including a grand-daughter of Franklin Delano Roosevelt.A key driver for this credit union charter attempt is the need for access to capital by Maine’s small business food producers—blueberry farmers, fishermen, and the rest of the local food producers. No established financial players are tripping over themselves to make these loans, but Maine Harvest believes the loans are good business and good for Maine.Scott Budde, slated to become CEO of Maine Harvest when it gets its charter, recently said, “We are still at it but with significant progress.”Note: a key is Maine Harvest fills a real need that nobody else wants to fill. It’s not alone.In north Minneapolis, a different kind of credit union is coming together, with the hope of winning a charter by 2019. That’s where members of a group called Blexit are working to create a black focused credit union in a neighborhood that activist Me’Lea Connelly told KARE TV is a bank desert. The City Pages newspaper reported that this would be MInnesota’s first black union.Connelly told City Pages: “We have communities that are underserved and also taken advantage of by the most predatory businesses in our state. Regular banks don’t give them chances.”Credit unions aimed specifically at low-income communities have access to grant monies earmarked for that purpose, and Connelly has pursued that funding.A campaign on Facebook also has won a strong response, Connelly told City Pages.Bottomline: both Maine Harvest and Blexit are fledgling credit unions driven forward by people who passionately believe in the need and the mission, and they also believe that credit unions are the only real way to provide the resources the target membership needs.But isn’t that exactly how and why the first credit unions took root? Their founders saw a need, and they also saw nobody else wanted to fill it. And so they did.In New Mexico, Stull said: “Many have forgotten why credit unions exist. They exist to help people, not to serve people with the lowest possible risk.”His point: across large chunks of America, a lot of people are very much in need of the kind of financial services a credit union is intended to provide.At least some look to be in line to be served—farmers in Maine and the underbanked in north Minneapolis.And that’s good news for the credit union movement. 34SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Robert McGarvey A blogger and speaker, Robert McGarvey is a longtime journalist who has covered credit unions extensively, notably for Credit Union Times as well as the New York Times and TheStreet, … Web: www.mcgarvey.net Detailslast_img read more

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Laurent Koscielny in full training ahead of Arsenal vs Spurs

first_imgPochettino and Emery will clash on Saturday (Picture: Getty Images)Stephan Lichsteiner is also available after a minor back concern but Danny Welbeck, Hector Bellerin and Rob Holding remain long-term absentees.AdvertisementAdvertisementThe Gunners currently occupy the fourth and final Champions League spot ahead of Manchester United and Chelsea, and a win over their London rivals away from home would further boost their chances of returning to Europe’s premier competition.Spurs are looking to halt a two-match losing streak after suffering defeats to Burnley and Chelsea.Their seventh and eighth league losses this season saw them slip nine points between leaders Liverpool and their title challenge feels effectively over.However, a defeat to Arsenal would see them potentially be dragged into the top-four melee, with the Gunners moving to within a point of their rivals with a victory.More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errorsWho will win at Wembley?Arsenal0%Spurs0%Draw0%Share your resultsShare your resultsTweet your results Koscielny is in contention (Picture: Getty Images)Laurent Koscielny has returned to full training ahead of the north London derby on Saturday, Arsenal’s medical team have confirmed.The French defender came through the 90 minutes against Bournemouth in a 5-1 win in midweek but took a heavy knock and was a potential doubt for the trip to Wembley.Unai Emery said after the Bournemouth clash: ‘I hope all it is, is one kick. We have three days between today and Saturday and I hope he can be okay.’While the Arsenal boss is yet to confirm if Koscielny will be in the starting line-up for the crunch Premier League match against their bitter rivals, it has been announced that he is in full training and therefore should be in contention for the matchday squad.ADVERTISEMENT Advertisement Metro Sport ReporterFriday 1 Mar 2019 11:12 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link430Shares Comment Advertisement Laurent Koscielny in full training ahead of Arsenal vs Spurslast_img read more

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Pennsylvania Submits Nominations for Qualified Opportunity Zones to U.S. Department of Treasury

first_img SHARE Email Facebook Twitter Economy,  Infrastructure,  National Issues,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced that his administration has submitted the commonwealth’s allotted 300 census tracts across the state as Qualified Opportunity Zones, as created by the federal Tax Cuts and Jobs Act (TCJA) in December 2017. The U.S. Treasury Department is in the process of developing the Opportunity Zones program, and the IRS is expected to provide further information regarding opportunities for investment in zones in the coming months.“After gathering input from individuals and organizations throughout the state and examining where the areas of need intersect with potential investment, I have submitted nominations for Pennsylvania’s Qualified Opportunity Zones,” Governor Wolf said. “We are hopeful this new incentive will bring much-needed investment to many distressed areas across the commonwealth.”Pennsylvania had 1,197 census tracts eligible for Qualified Opportunity Zone status, and was given the opportunity to designate 25 percent, or a maximum 300 low-income community tracts as zones. The list of nominated tracts, additional data, evaluation criteria, and an interactive map can be found at DCED’s Qualified Opportunity Zones website. Final approval from the Department of Treasury is expected in May.The TCJA created the Qualified Opportunity Zones as a tool for promoting long-term investment in low-income communities. Through this program, investors are provided tax benefits for investing capital gains in low-income community census tracts, as well as certain tracts adjacent to low-income tracts. The new tax incentive is for private investors making private equity investments in funds that will then invest in businesses, real estate, and other ventures in low-income communities. The incentive offers deferral, reduction, and potential elimination of certain federal capital gains taxes.U.S. investors currently hold trillions of dollars in unrealized capital gains in stocks and mutual funds alone, making it a potentially significant untapped resource for economic development. Opportunity funds that invest in Qualified Opportunity Zones provide investors the chance to put that money to work rebuilding the nation’s distressed communities. The fund model will enable a broad array of private equity fund managers and investors to pool their resources, increasing the scale of investments going to under-served areas. Pennsylvania Submits Nominations for Qualified Opportunity Zones to U.S. Department of Treasurycenter_img April 20, 2018last_img read more

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Financial Reporting Council unveils upsized investor advisory group

first_imgFaith Ward, Brunel Pension PartnershipDaniel Summerfield, co-head of responsible investment at USS Investment Management, the in-house manager for the £60bn (€68.1bn) Universities Superannuation Scheme;Faith Ward, chief responsible investment officer at the Brunel Pension Partnership, a £30bn local government pension scheme (LGPS) asset pool;Janice Turner, founding co-chair of the Association of Member-Nominated Trustees;Michael Marshall, director of responsible investment and engagement at LGPS Central, another of the new LGPS asset pools; andSimon Siu, deputy head of finance at the BT Pension Scheme.Asset managers are represented by:Amra Balic, managing director in BlackRock’s investment stewardship team for the Europe, Middle East and Africa region;Andrew Cave, head of governance and sustainability at Baillie Gifford;Ben Yeoh, senior portfolio manager of global equities at RBC Global Asset Management;David Gorman, head of research at Castlefield Partners, a Manchester-based investment group;Leon Kamhi, head of responsibility for Hermes Investment Management; andNatasha Landell-Mills, head of stewardship at Sarasin & Partners. The group is intended to serve several related purposes. The FRC said it would provide a regular forum for it to engage with representatives from across the investment chain on various issues, including its strategy, new policies and standards, on governance, stewardship, reporting and audit matters.The watchdog said the group would also help it “to better understand the investment community’s views of FRC effectiveness”.The establishment of the investor advisory group comes as the FRC faces a government-commissioned independent review following criticism of its role in the collapse of contractor Carillion. Some parties – including the Local Authority Pension Fund Forum – have called for the organisation to be shut down.The FRC is due to publish a revised version of the UK’s corporate governance code this summer. It is also reviewing the stewardship code, and a formal consultation on changes to this could be published later this year.Who’s who?The five pension fund representatives include public and private sector schemes: Carine Smith Ihenacho, Norges Bank Investment ManagementCarine Smith Ihenacho, chief corporate governance officer at Norges Bank Investment Manager, the manager of Norway’s sovereign wealth fund, has also been appointed to the group.The other members, from rating agencies, proxy advisory firms and the sell-side, are:Kazim Razvi, global head of accounting research and policy at Fitch Ratings;Laurie Fitzjohn-Sykes, corporate governance lead for HSBC’s global research;Paul Marsland, senior analyst in the environmental, social and corporate governance team at broker Kepler Chevreux;Nathan Leclercq, head of UK research at proxy advisory firm Institutional Shareholder Services; andMohammed Amin, representing retail investor associations UKSA and ShareSoc.The membership can be viewed here.center_img The UK’s audit regulator has appointed a 17-strong committee of investors to help inform its future work on issues such as governance and stewardship.The Financial Reporting Council (FRC) initially intended to appoint 12 members, but expanded the size of the investor advisory group after receiving more than 30 applications.The FRC, which is also responsible for the UK’s corporate governance and stewardship codes, said it would use the group as “a formal way of understanding key areas of concern and emerging risks from the perspective of investors”. Its first meeting is next month.The advisory group includes representatives from five pension funds, six asset managers, and the corporate governance chief of Norway’s giant sovereign wealth fund.last_img read more

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H4Living sees demand for high-performing passive homes

first_imgFrom the outside this Georgian-inspired home at Bridgeman Downs blends seamlessly in with its elegant neighbours, but on the inside it’s one of Australia’s few high-performing passive homes.From the outside this Georgian-inspired home at Bridgeman Downs blends seamlessly with its elegant neighbours, but on the inside it’s one of Australia’s few high-performing passive homes.And that’s exactly the point, according to Jorge Guerreiro of the design and building company, H4Living.“Beautiful homes can have passive design principles,” Mr Guerreiro said.“It comes down to the finer details of the construction and the products used, and together these offer a wholistic approach focusing on ‘build better to live better’.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:05Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:05 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenInside Kyle Sandilands $3 million country retreat01:05 H4Living has completed a number of high-performance homes in Australia. Inside the Georgian-inspired home at Bridgeman Downs.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoMr Guerreiro noted 80,000 high-performing passive homes have been constructed worldwide.“A home built to the Passivhaus standard is a highly energy efficient home which achieves high thermal comfort and exceptional indoor air quality with minimal energy consumption,” Mr Guerreiro said.Some of the materials used include windows that are double glazed, continuous wall and ceiling insulation and air sealing barriers that envelop the home.When fitted with features like solar panels, passive homes can also easily achieve nett zero energy consumption.Mr Guerreiro conceded state-of-the-art homes cost more, adding around 7 to 10 per cent to the price of a build, but said the reduced energy consumption and lifestyle benefits mitigated the initial outlay.H4Living has completed a number of high-performance homes in Australia, with further homes currently in the design process.“Demand for high-performing passive homes is increasing as knowledge spreads,” Mr Guerreiro said.center_img Completed late last year, the property is airtight, includes super insulation to eliminate heat loss or gain, and has an energy recovery ventilation system.These features allow the home to remain at a stable and constant temperature, with no temperature variation between floors, and up to 90 per cent less energy required for heating and cooling.The home was designed to meet high-performance Passivhaus design principles, now starting to be recognised globally. The Georgian-inspired home at Bridgeman Downs.last_img read more

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OPT Gets $15.7M from Public Offering

first_imgOcean Power Technologies (OPT) has closed its public offering of common stock, pre-funded warrants and common warrants, raising approximately $15.7 million in net proceeds.The New Jersey-based wave energy conversion specialist issued 900,000 shares of common stock, pre-funded warrants exercisable for close to 3.39 million shares of common stock, along with common warrants exercisable for about 4.29 million shares of common stock.In addition, OPT issued 642,000 shares of additional common stock and common warrants exercisable for 642,000 additional shares of common stock as the underwriter of the offering exercised in full its over-allotment option.A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering.last_img

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Greens Guilty of Gross Discrimination (Aust)

first_imgCultureWatch 21 May 2012Shame on those intolerant, bigoted and hate-filled Greens. They are a disgrace. Instead of being open, inclusive and tolerant, they are just redneck haters who are denying lovers their dreams. How dare they exclude so many people from their basic right to love and marry?They have come out and made it perfectly clear that they are not at all into real marriage equality. They want to use the ugly arm of the law to push their narrow and reactionary agenda. They actually say they will prevent loving and committed polyamorists from marrying. Unbelievable! And in this day and age! We have so far moved beyond the 1950s, yet we still find this bigoted and ugly intolerance to real love.This is 2012 for heaven’s sake. When will the fundamentalist, archaic and clearly fossilised Greens get with the times? How dare they prevent those in love from their full rights? This is just such a horrific case of irrational discrimination and despicable bigotry.As the press reports today, they are living in prehistoric times: “The Greens have declared they have a clear policy against support for polyamorous marriage as they pursue their case for same-sex marriage. Greens marriage equality spokeswoman Senator Sarah Hanson-Young has declared the Greens have a clear policy against support for polyamorous marriage. ‘Our bill clearly states marriage “between TWO consenting adults” and that is the Greens’ position. No, we don’t support polyamorous marriage – the only person who seems to want to talk about this is Senator Cash.’http://www.billmuehlenberg.com/2012/05/21/greens-guilty-of-gross-discrimination/last_img read more

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Salute to the king, fireworks on holiday schedule at Phillips County Raceway

first_imgHOLYOKE, Colo. – A salute to the king and plenty of fireworks accompany three IMCA series for Thursday, July 3 and Friday, July 4 Mid-Summer Nationals shows at Phillips County Raceway. PCR hosts the Salute to the King farewell tour, with Steve Kinser in Holyoke on opening night. Fireworks follow the Independence Day program.The Precise Racing BST Series for IMCA Xtreme Motor Sports Modifieds, Addiction Chassis BST Series for IMCA Sunoco Stock Cars and Leary Racing Products BST Series for Karl Chevrolet Northern SportMods are in action both days, along with IMCA Sunoco Hobby Stocks. All applicable IMCA points will be awarded in all divisions both days. Pit gates and the grandstand open at 3 p.m. both days. Racing starts at 7 p.m. on Thursday and at 5 p.m. on Friday. Spectator admission is $15 for adults and $5 for kids. Pit passes are $30. More information is available by calling 720 404-0400 and at the www.phillipscountyraceway.com and www.bstracing.com websites.last_img read more

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Suarez happy with Anfield progress

first_img The Uruguay international has scored 29 times and is the top flight’s leading scorer with 22. Suarez’s form has regularly seen him linked with clubs who can offer him Champions League football but the 26-year-old has constantly stressed he is happy at Anfield, having only signed an improved contract less than 12 months ago. “I’m having a nice time because the club is growing and I feel I’m helping personally,” said Suarez, who is back in Uruguay preparing for crucial World Cup qualifiers at home to Paraguay on Friday and in Chile on Tuesday. “I do not know if I’m in the best form but I feel like it’s my fate to score and I have to take advantage.” While Suarez has once again been insisting he is content at Anfield, team-mate Jose Reina has been doing the same. The Spain goalkeeper has been heavily linked with a move away this summer with former club Barcelona seemingly top of the list as they are on the look-out for a long-term replacement for Victor Valdes. Reina, who could make a rare start for Spain in their World Cup qualifiers because of injury to Real Madrid’s Iker Casillas, has dismissed the speculation. “I believe that is conjecture. It’s not in my hands and the rumour mill is part of this,” he told Spanish newspaper AS. “It’s a great club (Barcelona) but I’m happy at Liverpool.” Liverpool striker Luis Suarez is happy to have contributed significantly to the progress made under manager Brendan Rodgers this season.center_img Press Associationlast_img read more

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Good performance will automatically improve ranking: Sindhu

first_imgBy Mohammed ShafeeqHyderabad, April 20: India’s star shuttler P.V. Sindhu is focusing on coming championships and aims to give her best to achieve her ultimate goal — becoming World No. 1.After winning the Indian Open Superseries early this month, she was almost there, with a career-best ranking of World No. 2.The 2016 Olympic silver medallist, however, slipped to fifth place last week following a first-round exit from the Malaysian Open. She also lost in the quarter-fil of the Singapore Open Superseries.The double World Championship bronze medallist, however, is not disappointed. “Winning or losing is part of life. Sometimes you will win, sometimes you will lose,” she told IANS.The 21-year-old Hyderabadi also doesn’t want to put extra pressure on herself by bothering too much about rankings.”If you play well and give your best, it automatically gets your ranking up,” said Sindhu.She is now focusing on Asia Badminton Championships to be played in Chi between April 25 and 30. “After that we have the Sudirman cup in May,” said Sindhu, who hopes to do well in the two events.Sindhu, who defeated Spaniard Caroli Marin in the Indian Open fil, lost 11-21, 15-21 to her arch-rival in the quarter-fil of Singapore Open.With this win, two-time reigning world champion Marin has taken a 6-5 lead over the Indian in career meetings.The two had been facing each other in key contests since Sindhu lost to her in Rio Olympics fil.Sindhu had avenged her defeat at Rio by beating the Spaniard in the Dubai Superseries fil last year.”I have beaten her sometimes, I have lost to her sometimes. It’s all part of the game,” said Sindhu.She said off-court they were just normal friends. “On-court we fight each other because only one can win,” she said.The first Indian woman to win a silver medal at the Olympics, Sindhu also achieved another milestone last year by bagging her maiden Superseries Premier title when she won Chi Open. It was the only trophy missing from her cabinet.The series of wins help the 5′ 11″ Sindhu become only the second Indian woman after her illustrious citymate Sai Nehwal to break into the top five of the world ranking.(Mohammed Shafeeq can be contacted at m.shafeeq@ians.in)last_img read more

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