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.

California
San Diego college students and volunteers will carry out their sixth home restoration project on Wednesday, July 10 through Sunday, July 14. as part of the “Healing our Heroes’ Homes” (H3) program created by the nonprofit Embrace. The five-day effort will take place at the home of medically retired Marine Corps Capt. Sarah Bettencourt. Bettencourt served with many different units across the country during the Global War on Terrorism and developed a rare neurological disorder in 2008. With a focus to restore the homes of disabled veteran homeowners, H3 falls in line with Embrace’s mission to mobilize college-student volunteers and community members to serve less fortunate members of civilian and veteran communities. The project for the Bettencourts’ home includes kitchen and bathroom remodeling, building ADA-compliant disability ramps, widening their driveway to ADA standards, widening doorways and landscaping.
 
District of Columbia
The 2013 Smithsonian Folklife Festival will showcase its five-year community research project on African American identity with the program “The Will to Adorn: African American Diversity, Style, and Identity.” This multicity collaboration examines the history and culture of the aesthetics of African Americans. The festival will be held June 26-30 and July 3-7, outdoors on the National Mall between Seventh and 14th streets. “Whether we realize it or not, we are all dress artists. The way we compose our look is a creative expression of our ideas about who we are and who we aspire to be,” said Diana N’Diaye, program curator. “This program explores the diversity of African American traditions of style, but also teaches young people the importance of documenting their own culture and saving that information for themselves and future generations.”