|By Marketwired .||
|July 14, 2014 05:03 PM EDT||
LOS ANGELES, CA--(Marketwired - July 14, 2014) - Citing concerns about potential community impacts, the California Reinvestment Coalition is urging the Office of the Comptroller of the Currency to hold public hearings and extend the comment period for Banc of California's proposed acquisition of 20 Banco Popular branches located in Southern California. The California Reinvestment Coalition (CRC) is a membership organization whose mission is to advocate for fair and equal access to banking and financial services for California's low-income communities and communities of color. CRC's members consist of over 300 organizational members working in these communities across the state of California.
The 20 Banco Popular branches serve a largely Latino, Asian and immigrant customer base in Southern California, and advocates are concerned about the impact on these customers given Banc of California's business model focused on a more affluent and less diverse customer base. Further fueling concerns by community groups, the bank has refused to provide the public with a CRA plan, and their application to regulators lacks any details about how Banc will serve the populations served by Banco Popular.
Paulina Gonzalez, executive director of the California Reinvestment Coalition, explains: "The Latino, Asian, and immigrant communities served by Banco Popular have been historically underserved by banks. In these communities, where trust of financial institutions is already low, a public CRA plan can provide the foundation for the building of trust, partnerships, and ultimately a successful business model. To that end, we've asked Banc of California to release a community reinvestment plan and engage in a meaningful public review process. So far the bank has refused."
Community leaders in Los Angeles are concerned about the differences in the two bank's record of investment in communities.
Maria Cabildo, president of the East LA Community Corporation explains: "While Banco Popular has a strong track record of community development lending in neighborhoods of color, these are not communities that Banc of California has traditionally prioritized. Given these dynamics, we're worried about what could happen if the OCC approves the acquisition, especially since the bank won't provide a public community reinvestment plan."
Hyepin Im, president and CEO of Korean Churches for Community Development comments: "The leadership at Banc of California has been very public about their ambitions to grow in California. We are urging the OCC to make sure that if the bank does grow, it also engages meaningfully with the communities it will be serving. In nine zip codes where Banco Popular branches are located, anywhere from 10-55% of the population is Asian. We urge the OCC to ensure that the financial services needs of these communities are met in an affordable, equitable, and sustainable manner."
The coalition's letter to the OCC outlining its concerns can be viewed here: http://bit.ly/CRClettertoOCC
The Banc of California Acquisition application can be downloaded here: http://bit.ly/bancofcaapplication
Background on Community Reinvestment Plans: CRA plans are detailed documents that banks can use to articulate their commitment to communities through small business lending and technical assistance, philanthropic commitments, investments in affordable housing via tax credits and loans, community development, supplier diversity programs and more.
Example of a Community Reinvestment Plan: Union Bank has a public reinvestment plan that details meaningful commitments to lend, invest, and provide financial services to low income communities. Union's current plan expires next year, and the bank is working with CRC and other community groups to renew its commitments. In addition, Union, like many other banks, meets regularly with independent organizations to monitor and adjust its efforts as needed. Click here to view Union Bank plan.
---------------------------------------------------------------------------- Banco Popular Banc of California ---------------------------------------------------------------------------- Percent of branches located in majority minority zip codes 85% 25% ---------------------------------------------------------------------------- Percent of deposits from branches located in low income census tracts 7% 0% ----------------------------------------------------------------------------
Note:Latinos represent 37% of Banco Popular's deposits in the 20 branches that Banc of CA seeks to acquire.
The California Reinvestment Coalition advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of over 300 nonprofit organizations and public agencies across the State.
The following files are available for download:
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 20, 2017 07:45 AM EST
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Feb. 20, 2017 07:30 AM EST Reads: 121
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Feb. 20, 2017 07:30 AM EST Reads: 1,378
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
Feb. 20, 2017 07:15 AM EST Reads: 3,376
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
Feb. 20, 2017 07:15 AM EST Reads: 664
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 20, 2017 07:15 AM EST
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Feb. 20, 2017 07:00 AM EST Reads: 1,444
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 20, 2017 06:45 AM EST Reads: 238
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
Feb. 20, 2017 06:30 AM EST Reads: 1,083
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Feb. 20, 2017 06:00 AM EST Reads: 1,611
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin, ...
Feb. 20, 2017 05:30 AM EST Reads: 4,578
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 20, 2017 03:30 AM EST Reads: 6,152
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 20, 2017 03:15 AM EST Reads: 1,340
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Feb. 20, 2017 02:00 AM EST Reads: 6,117
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Feb. 20, 2017 02:00 AM EST Reads: 4,167