continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Presenting on the history of community development finance at a CommonBound gathering, Melissa Marquez recalled how her mother would come home in tears from her job as a loan officer in San Diego in the 1970s.Marquez’s mother was sick of working for a big bank that refused to lend to the residents of the primarily Mexican-American community of Barrio Logan, even though they were loyal customers. “That really affected me. That’s why I’m running a credit union,” said Marquez, now CEO of $18 million Genesee Co-Op Federal Credit Union, Rochester, N.Y.Marquez and her co-presenters described the roots of credit unions as a means of survival for communities that faced systemic racial and other discrimination from traditional financial institutions. Focusing intensely on members, credit unions continue to specialize in consumer loans like home mortgages, home repair loans, car loans and loans to pay medical bills.While there’s still plenty of discrimination to counter in those spheres, credit unions are increasingly feeling the pressure to venture more into small business lending. Genesee Co-Op FCU recently made its first loan to a worker cooperative, a line of credit to Small World Food Collective, a worker-owned bakery and fermentery in Rochester, N.Y. More broadly, the credit union is part of a city-led initiative to incubate a network of worker cooperatives connected to its anchor institutions.
Categories: Letters to the Editor, OpinionThe mudslide on Nott Terrace was a preventable occurrence. After the mudslide that destroyed the gas station, Catherine Greene, the owner of the house on Barney Street at the time, was interested to know if her property was at risk. She was advised of how to stabilize the property that included the hill that just collapsed. It was more than she could afford. When she approached the city for possible assistance, she was told there was nothing to worry about. The city continued to put up to 12-foot snowbanks in front of the house, despite a collapsing street. The city has had 20 years to avoid this mudslide. What other threats are being neglected in the city? Although Catherine is now passed away, residents and community leaders should still be listened to about needs in their communities.Mark TownsendLaconia, New HampshireThe writer is a former resident and worked with Catherine Greene in the Vale Community Organization. More from The Daily Gazette:EDITORIAL: Thruway tax unfair to working motoristsSchenectady department heads: Budget cutbacks would further stress already-stretched departmentsSchenectady man dies following Cutler Street dirt bike crashSchenectady, Saratoga casinos say reopening has gone well; revenue down 30%Schenectady High School senior class leaders look to salvage sense of normalcy
“We will also supervise these schemes to ensure that they continue to meet the authorisation criteria, are well-run and offer good value for members.“Our policy outlines how we will be collaborative in supervising schemes, but tough to use our powers, including de-authorising schemes, if they drop below the standards outlined in legislation.”#*#*Show Fullscreen*#*# The UK’s Pensions Regulator (TPR) has published its proposed regulatory framework for defined contribution (DC) master trusts.The proposed rulebook will take effect from October, when the multi-employer DC market becomes subject to TPR’s authorisation regime. Providers will have until April to apply for authorisation.The draft rules, published yesterday, set out TPR’s policy for regular monitoring of master trusts, the circumstances in which it would increase its engagement with particular schemes, and what would happen if a scheme was struck off its list of authorised providers.Kim Brown, head of master trust authorisation and supervision at TPR, said: “Authorisation will create a market with better safeguards. To do that we need to set the standards that every master trust must meet to operate once they have been authorised, or set up in the market. Source: Department for Work and PensionsThe government expects the master trust market to shrink by a third after authorisation kicks inTPR outlined its plans to monitor the individuals running a master trust, the financial strength of the trust’s backers, the robustness and quality of its systems and processes, and its continuity planning.Should the regulator decide a trust posed a high risk to its members, it would impose additional supervision measures such as face-to-face meetings with managers and trustees, and in some cases the appointment of a named supervisor to enhance monitoring of risks and mitigation efforts.“New master trusts can expect to receive a higher level of supervision than those who are more established because they will not have an operational track record,” the regulator said. “Higher intensity supervision will give these master trusts the opportunity to demonstrate that they continue to meet the authorisation criteria.”In deciding whether to withdraw a master trust’s authorisation, TPR said it would consider aspects including the frequency and impact of rule breaches, the sustainability of the trust, the “intention and behaviour of individuals involved in running the master trust”, and the impact on members.“We are more likely to withdraw authorisation where the master trust frequently fails to meet the authorisation criteria and/or the impact of any failures are a significant detriment to members,” TPR stated.The UK government has previously estimated that the number of master trusts could shrink by more than a third when the new authorisation regime kicks in.The consultation on the new rules runs until 23 August. The draft rules are available here, and TPR’s feedback form is here.