The European Crisis on Greek government bonds has puzzled the big audiences especially in Northern Europe. Many citizens bombarded by irresponsible tabloids assumed that their governments have lent enormous amount of money to Greece which these people are not willing to repay because they are either too lazy or too corrupt or just showing a mentality of irresponsible... [mehr...]

Housing bubble and supply side factors are found to be the main reasons for the crisis. E.g. house price expectations led lenders and buyers to buy into an unfolding bubble based on inflated asset values. The paper finds that distribution of mortgage debt originated in 2002 and 2006 is concentrated in middle and high income borrowers, not the poor. Middle and high income... [mehr...]

Our partner in the USA the National Community Reinvestment Coalition with whom we intentionally share the abbreviation CRC (Coalition for Responsible Credit) defends the rights of especially poor people in the USA to have fair, responsible and equal access to financial services. It was once born out of misuse banks provided when redlining whole areas of cities in which... [mehr...]

La réponse du nouveau Président de la France, François Holland donnée avant son élection suppose que l’initiative portée par le Laboratoire de l’Economie Sociale et Solidaire (Labo ESS) pourra porter des fruits. Cette réponse donne espoir à ceux, comme de nombreux partenaires de l’ECRC, qui veulent voir plus de transparence bancaire et, un meilleur développement du tissu... [mehr...]

In France, coalition partners and others have been actively calling for bank greater transparency and the benefits of having a data collection infrastructure on the extent and nature of bank lending and presence in serving consumers and their communities. The best example available for such a possible system is still the US Community Reinvestment Act from 1977 and the... [mehr...]

Passed in 1977, the Community Reinvestment Act was landmark legislation requiring financial institutions to serve the lending, investment and financial service needs of their communities. Despite the broad power given to the federal regulators to implement CRA regulations, it has increasingly failed to oversee financial institutions in a manner that would protect... [mehr...]

ECRC global partner NCRC has released its comments on the new Financial Regulatory Reform Bill which the Conference Committee has passed today. Below are the press releases. Financial Regulatory Reform Bill Passed by the Conference Committee Washington, DC- Early this morning, 28th June 2010, the Conference Committee passed the Financial Regulatory Reform Bill. John... [mehr...]

Below is an article analyzing the what-ifs of Royal Bank of Scotland's U.S. subsidiaries Charter One and Citizens Banks being sold off, now that the UK government owns more then half of RBS. While listing the big banks which probably won't make it bid, it hypes Capital One, Morgan Stanley, Suntrust and Regions, saying that the last two might use their US government TARP... [mehr...]

Hi -- even during summer subprime melt-down here in the U.S., big subprimers HSBC (Household) and AIG continue to grow overseas. And in Australia, moves to make credit histories more detailed. One day, the U.S. merger market will revive... Stay cool, -Matthew Matthew Lee, Esq., Executive Director Inner City Press / Fair Finance Watch NCRC Board member - Global - NCRC blog... [mehr...]

NOTE: the impacts of the U.S. subprime implosion continue to spread, including in Africa, where as reflected below, lending is decreasing (but unlike in the U.S. right now, mergers continue). Meanwhile, Citigroup for example has re-affirmed its commitment to consumer finance in emerging markets like India, see below, while it has laid off subprime employees in the UK --... [mehr...]

WILL "ZYPRIES DEN SCHUTZ VON KREDITNEHMERN VERBESSERN“? In der Pressemeldung des BMJ vom 11.12.2007 will Bundesjustizministerin Zypries „den Schutz von Kreditnehmern bei einem Verkauf ihrer Darlehensforderungen verbessern.“ Es dürfe „nicht plötzlich ein Finanzinvestor vor der Tür stehen und Rückzahlung verlangen, mit der Zwangsvollstreckung drohen oder sogar die... [mehr...]

DREI UNTERSCHEIDUNGEN SIND WICHTIG! Kreditverkäufe, „Geierfonds“, Zwangsversteigerungen und dubiose Anlagen beherrschen die öffentliche Diskussion. Die Parteien wollen mit Gesetzen und Maßnahmen Abhilfe schaffen. Dabei gerät häufig einiges auch bei Verbraucherschützern durcheinander. Hier eine kurze Klärung der Begriffe „UNGEKÜNDIGTE KREDITE“ U. „GEKÜNDIGTE KREDITE“ -... [mehr...]

Der Bundestag hat sich jetzt zum zweiten Mal mit „Kreditverkäufen“ beschäftigt. In Großbritannien stehen die Menschen vor der Northern Rock Bank Schlange, Zentralbanken pumpen Milliarden Euro zur Stützung der Liquidität ins Bankgewerbe und der Staat bürgt (Berliner Bankgesellschaft, WestLB, SachsenLB), verschleudert Vermögen zum Nulltarif (IKB Bank/Sparkasse Berlin) und... [mehr...]

Note: Below are cross-border articles, for example Australia is considering requiring the Federal registration of mortgage brokers, a step still not taken in the United States despite the U.S.'s predatory lending crisis. Also, two articles about merger approvals (like the Federal Reserve's approval today of Bank of America to buy LaSalle) -- antitrust waivers in Russia... [mehr...]

COMMUNITY REINVESTMENT ACT En 1977, suite aux revendications des associations de quartier qui se plaignaient des pratiques bancaires de refus de prêts à des résidents défavorisés, a été voté le Community Reinvestment Act (CRA). Celui-ci s'intègre dans le contexte politique et juridique de la lutte contre les discriminations qui s'est traduit en textes de loi dans des... [mehr...]

Quand ta main droite ignore ce que fait ta main gauche… On lisait, il y a peu dans le Los Angeles Times un article sur la Fondation Bill et Melinda Gates. L’organisme pèse aujourd’hui plus de 60 milliards de dollars, un capital supérieur au produit intérieur brut de près de deux tiers de la planète. Comme la plupart des fondations, celle du magnat de l’informatique... [mehr...]

Note: Just after scaling back its consumer finance in Japan, due to tightening of consumer protection laws, Citigroup announced a propose purchase of what it calls the largest online bank, Egg. Also below, a Greek bank buying into Serbia -- at a discount, it seems clear, due to recent Kosovo status proposal release. And many banks trying to get into Vietnam, including the... [mehr...]

En réponse au rapport de la Banque de France sur les incidences de la reforme de l'usure sur les modalités de financement des PME, L’ECRC demande que ceux qui s’y connaissent donnent leurs points de vues et surtout leurs connaissances de faits dans les pays étrangers. * (Les commentaires en Anglais qui suivent, seront disponibles bientôt en français une fois traduits) ... [mehr...]

In response to a recent report by the French Central Bank on alleged outcomes for SME's as a result of lowering usury ceilings, we encourage experts to give ECRC (and the French Parliament) their opinion on this research, including experiences from outside of France. USURY CEILINGS IN FRANCE In France usury ceilings limit the interest banks can charge to consumers and... [mehr...]

A recent report by one of ECRC’s many supporting organisations nef (new economics foundation) will reinvigorate the debate on bank disclosure in the UK and help create a better understanding of why it should be demanded of banks. In a country like the UK where income disparities and social vulnerabilities are significant, a focus on improving the publicly available... [mehr...]

With the radical changes in demographics in this country, a new batch of de novo banks has cropped up to reach out to both recent immigrants and multi-generational ethnic markets. Though the strategy of niche marketing is by no means new, the execution is increasingly innovative as these ethnic and relationship-focused banks respond to the needs of their customers.... [mehr...]

NOTE: In the below, community- (and/or religious-) based groups call on banks to open branches in areas without them, not dissimilar to the Community Reinvestment Act process. What's best or most effect, it seems, is the naming-of-names of the banks... Matthew Lee, Esq. Executive Director Inner City Press / Fair Finance Watch NCRC board member; NCRC blog =... [mehr...]

Based on a report by Elaine Kempson from the PFRC, pawnbroking figures speak of a revival in this simple (but backward) way of borrowing money. The number of sub-prime borrowers in the UK is rising again as the 9m British being denied access to mainstream credit resort to desperate measures. The lack of alternatives available to the poor and indebteded is shocking, as they... [mehr...]

KEEP OUT: CONGRESS TRIES TO STRENGTHEN THE BARRIER BETWEEN COMMERCE AND BANKING (July 13th 2006, from The Economist) WAL-MART has a way of upsetting people. So it was no surprise that the giant American retailer's plan to set up a bank, announced last year, met noisy opposition. Now debate may be turning to action. On July 10th a bill was introduced into the House of... [mehr...]

Ci-dessous un compte-rendu du voyage d’étude du 5 au 11 novembre intitulé BANQUES ET « BANQUES SOCIALES » AUX Etats-Unis établi par Georges Gloukoviezoff. Du 5 au 11 novembre 2005, Patricia Lemoine et Kent Hudson ont organisé pour la French-American Foundation, un voyage d’étude sur les « nouveaux marchés » bancaires aux États-Unis et ce dans les villes de Baltimore... [mehr...]

In einem Brief an die ECRC hat George Gloukoviezoff von der Universtität Lyon sich dagegen verwahrt, dass sein Foto ebenso wie das Foto von Jacque Pierre sowie zwei Sätze aus einem längeren Interview so gebracht wurden, als ob sie die Deregulierungsoffensive dieser französischen Bankengruppe unterstützen würden. George Gloukoviezoff legt seinen Bericht über seine Reise... [mehr...]

Cofinoga/Cetelem/BNP seems to have misused the reputation of a reknown researcher on overindebtedness to promote its deregulation policies in France George Gloukoviezoff in a letter to ECRC has clarified that the impression which the article Cofinoga/Cetelem/BNP has published with his photo as well as the photo of Jacques Pierre from social finance in the context of its... [mehr...]

Que les banques aient un devoir de desservir les pauvres en besoins de crédit est la base fondamentale de la « Community Reinvestment Act » américaine, vielle de presque 30 années aujourd’hui. Dans la décennie passée il s'est avéré évident qu'un adjectif supplémentaire devait entrer en jeu : crédit JUSTE. Les banques et autres établissement de crédit sont devenus de plus... [mehr...]

Nous presentons ci-dessous, un article de l’édition trimestrielle « Audience » de COFINOGA, mai 2006, sur la CRA. (Veuillez voir notre analyse critique de cette édition en suivant le lien ci-dessous) LES ÉTATS-UNIS, MODELE BANCAIRE POUR NOS BANLIEUES ? ALORS QUE LA FRANCE S’INQUIETE DE L’EXCLUSION QUI FRAPPE SES BANLIEUES, LES ÉTATS-UNIS DEVELOPPENT DES RESEAUX... [mehr...]

Es gehört zu den Grundlagen des 30 Jahre alten Amerikanischen Community Reinvestment Gesetzes, dass den Armen Kredit gewährt wird. Dabei ist im letzten Jahrzehnt deutlich geworden, dass wir ein zusätzliches Attribut brauchen: FAIR oder verantwortlich. Banken haben in den USA vor allem in Vierteln mit hohem Farbigenanteil mehr Geld verliehen aber meist zu überhöhten... [mehr...]

Die französische Tochter des Kaufhauskonzern Galerie Lafayette sowie der großen Konsumkreditbank CETELEM haben bei einem banknahen Institut eine Studie in Auftrag gegeben, die behauptet, dass die Franzosen vom Kredit durch überzogenen Verbraucherschutz ausgeschlossen seien. Gemeint ist der Ratenkredit, weil offensichtlich Kontoüberziehung ihnen nicht reicht. Ähnlich wie... [mehr...]

L’ACCES AUX PAUVRES POUR LES PRETEURS ou L’ACCES POUR LES PAUVRES AUX CREDITS RESPONSABLES Le prestataire de services financiers français LaSer Cofinoga (appartenant aux group Galeries Lafayette et Cetelem (elle-même partie du group BNP Paribas) fais campagne pour une dérégulation des marchés de credit en France, et l’ouverture de l’économie aux pratiques de l’octroie du... [mehr...]

The Dangers of the New English Disease - In the May edition of Audience, LaSer Cofinoga contend that the French system of consumer credit regulation is holding back the growth of the economy by restricting access to credit for many low income households – particularly young people – and restraining the consumption of capital goods. The edition particularly references a... [mehr...]

La concessione del credito a persone con basso redito, è un principio che fa parte delle fondamenta della legge americana sui Community Reinvestment. Negli ultimi anni è emersa però la necessità di un ulteriore condizione: la responsabilità. Negli Stati Uniti le banche hanno dato in prestito più denaro, soprattutto nei quartieri ad alta percentuale di popolazione di... [mehr...]

Not Only to Lend, But Lend Fairly: Neither Alone Is Enough, in the U.S., France or Elsewhere That banks should have a duty to serve the credit needs of poor people is the foundation of the U.S. Community Reinvestment Act, now nearly 30 years old. In the past decade it's become clear that an extra adjective is needed: FAIR credit. Banks and their affiliates have been... [mehr...]

ACCESS TO POOR PEOPLE FOR LENDERS or ACCESS FOR POOR PEOPLE TO RESPONSIBLE CREDIT? The French financial services provider LaSer-Cofinoga (owned by the Group Galeries Lafayette and Cetelem (itself part of the group BNP Paribas) campaigns for deregulation in France and an open door to Anglo-American practices of credit extension. Usury ceilings and central database... [mehr...]

La liberalizzazione dei servizi finanziari e gli effetti sui paesi in via di sviluppo erano le tematiche principali del laboratorio nel quale sono intervenuti esperti dal Brasile, dall’ India, dai Paesi Bassi, dalla Gran Bretagna e dalla Germania, da NGO, dall’ Unione dei Lavoratori, da istituti indipendenti e dall’ autorità di supervisione tedesca BaFin. Paesi come l’... [mehr...]

Liberalisation of financial services and the effect for developing countries were the main issues of the workshop with experts from Brazil, India, the Netherlands, Great Britain and Germany from NGOs, Worker Unions, independent institutes and the German Supervisory Authority BaFin. Especially countries like India are very interesting for the financial market. Therefore... [mehr...]

Note: The article below, concerning social housing and banks in South Africa, is written by the director of France's international development agency, and should be viewed in that light. Still it portrays a situation on the brink of instituting infrastructure for community reinvestment. The author says that "South African banks, through the intermediary of the Banking... [mehr...]

Faudra-t-il aller jusqu'à la contrainte législative pour garantir l'accès à l'emprunt et à l'assurance des malades, ou même des anciens malades ? Depuis septembre 2001, une convention, dite Belorgey, est censée permettre un accès minimal pour ces personnes qui ont déjà subi les épreuves de la vie, en mutualisant leurs risques particuliers. Mais Jean-Michel Belorgey,... [mehr...]

AMERICANS WITHOUT BANK ACCOUNTS Into the fold (May 4th 2006, from The Economist) BANKS IN AMERICA ARE SEEKING OUT PEOPLE THEY ONCE SHUNNED For most of us, banking is a regrettable necessity. For many others, it is an unaffordable luxury. In America at least 12m households have no bank account—are “unbanked”, in the industry's ugly jargon. Once unnaturalised immigrants... [mehr...]

En Europe, il n’existe nulle part une contrainte à l’égard des banques aussi précise et étendue que celle du CRA aux États Unis. Cela s’explique sans doute par des traditions différentes : - pas de retour vers une « communauté » en tant que telle, car les communautés sont moins identifiées - la tradition des banques mutuelles et coopératives (Rafeisen) : historiquement,... [mehr...]

... [mehr...]

The fourth directive on company transparency No 78/660/EWG required a report on the situation of the enterprise. In its Art. 46 which has since been literally transposed into German law non-financial factors have to be taken into account thus approaching the US-American system of community reinvestment information. A research of the recent results on how this has been... [mehr...]

Value chain of the volkskredietbank (a public bank to support overindebted people in the Netherlands) by Harro Norder Putting the primary activities in a value chain, a simplification of the reality is there. The key job is “reallocating money” The first step is the front office department. Individuals or HR-managers of company do make a appointment. At this point... [mehr...]

American Banker
Tuesday, March 28, 2006 By Joe Adler WASHINGTON - Some of the country's largest banking companies - including Bank of America Corp., Wachovia Corp., Citigroup Inc., Wells Fargo & Co., and JPMorgan Chase & Co. - are quietly lobbying to give the Federal Reserve Board oversight of industrial loan companies, sources said Monday. The position was... [mehr...]

American Banker
Thursday, March 16, 2006 By Jody Shenn The lawsuit Eliot Spitzer filed Wednesday against H&R Block Inc. is one in a years-long series of challenges posed by authorities skeptical of the tax preparer's effort to offer financial services to unbanked consumers. Block denied the charges, and it's too soon to tell whether this challenge will force... [mehr...]

Capital One Financial Corporation and North Fork Bancorporation, Inc today announced a definitive agreement under which Capital One will acquire North Fork in a stock and cash transaction valued at approximately $14.6 billion. The combined company will be one of the 10 largest banks in the United States, based on deposits and managed loans, and the third-largest retail... [mehr...]

By RAFAEL GERENA-MORALES and JAMES R. HAGERTY March 10, 2006; Page A2 The rising value of U.S. homes boosted the net worth of American households to a record in the fourth quarter, but higher interest rates could slow home-price appreciation in the months ahead. Meanwhile, new claims for unemployment insurance rose slightly in the week ended March 4. U.S. households'... [mehr...]

American Banker
Wednesday, March 8, 2006 By Joe Adler The House is expected to consider a bill today to ease the regulatory burden on financial institutions. The Financial Services Regulatory Relief Act of 2005 is scheduled to go before lawmakers on the suspension calendar - a status that limits debate and does not allow additional amendments. The bill, which... [mehr...]