Monday, August 31, 2020
Sunday, August 30, 2020
Response to Proposed Department of Labor ESG Rule
On June 23, 2020, "the U.S. Department of Labor proposed a rule that would 'update and clarify' the Department of Labor's investment duties regulation. According to the news release issued announcing this proposed rule,
"Private employer-sponsored retirement plans are not vehicles for furthering social goals or policy objectives that are not in the financial interest of the plan," said Secretary of Labor Eugene Scalia. "Rather, ERISA plans should be managed with unwavering focus on a single, very important social goal: providing for the retirement security of American workers."
Our 135 page response, filed on July 26, 2020, concerned the social impact of the proposed rule, and stated that:
"With this proposal, we believe the Administration and, by extension, the Secretary, have violated their oath to protect the public and should resign or be removed. Of course, we understand how committed these specific individuals are to self-promotion, as evidenced by their willingness to damage the public.
We provided a complete listing of all violations of law and custom that the Administration has committed over the past few years, including and leading up to 200,000+ deaths from the COVID 19 crisis.
The letter can be downloaded at: https://drive.google.com/file/d/126T-F0dwZLTdArOyduYZVcLD36Xtlqj_/view?usp=sharing
Thursday, August 27, 2020
The largest Black-Led (but not Black-owned) bank in the U.S.
Black-Owned Broadway Financial Corporation and “Black-Led” CFBanc Corporation announced a merger of equals that may lead to the creation of the largest Black-led (but not Black-owned) bank in the U.S. The resulting institution will have more than $1 billion in combined assets and approximately $850 million in total depository institution assets (as of June 30, 2020).
(Also see: BLACK BANKS MERGE TO CREATE NATION’S FIRST BLACK-LED BANK WITH OVER $1 BILLION IN ASSETS. https://www.blackenterprise.com/black-banks-merge-to-create-nations-first-black-led-bank-with-over-1-billion-in-assets/
Black-Owned Banks in LA, DC Announce Merger.
https://mynewsla.com/business/2020/08/27/two-black-banks-merge/
Merger of two Black-led banks aims to help break a painful cycle https://www.latimes.com/business/story/2020-08-27/black-banks-broadway-federal-bank-city-first-merger )
Broadway is one of the best Black banking institutions in the US, based on their longevity and positive impact on Black homeownership in the Los Angeles area.
A number of questions remain:
Black-Led versus a Black-Owned. Being Black-owned implies a higher degree of control, and, thus, a higher level of concern for Black economic interests. As a Black-led, but not Black-owned financial institution, how well the partnership with CFBanc actually reflects Black economic interests remains to be seen. In 2002, the Federal Deposit Insurance Corp. expanded the definitions of what constitutes a "minority bank" claiming the old definition "ambiguous." Now a bank that does not meet the ownership test can be designated an MDI (minority depository institution) if 51% or more of the directors on the board are members of those minority groups and the community the bank serves is primarily minority. This change did not lead to an increase in lending to the Black community on the part of Black banks. (See: https://www.americanbanker.com/opinion/minority-bank-designation-has-become-meaningless and https://www.blackenterprise.com/executives-working-to-create-black-owned-holding-company/)
Impact Investors? With Community Development Financial Institution (CDFI), Minority Depository Institution (MDI) and Benefit Corporation designations, the bank is positioned to take advantage of funding from impact investors to Black firms. How well the firm will use these designations and any resources that come about because of them is another question. The ability of the resulting institution to actually increase their commercial lending as opposed to simply increasing “capacity” will be critical.
Other transactions? The financial advisors are Keefe, Bruyette & Woods and Raymond James & Associates, Inc. Mega white shoe law firms Arnold & Porter Kaye Scholer LLP and Covington & Burling LLP are serving as legal counsel to the parties. These firms are the major financial institution transaction advisors in the US. They are also very expensive. We suspect they are engaged as part of their contributions to Black Lives Matter. This implies there may be other Black bank transactions in the works.
Cooperation and collaboration across ethnic lines. This crisis may force us to the realization, finally and literally, that we must "live together as brothers or perish together as fools." What would be of more impact and relevance would be cross ethnic group (Black and Asian, Black and Hispanic) mergers and cooperative agreements.
The one positive impact of centuries of racism may be to have exposed massive opportunities for cooperation and collaboration across ethnic lines.
Thursday, August 13, 2020
Monday, August 10, 2020
Wednesday, August 5, 2020
Six (6) Companies Are 70% of Black Lives Matter Pledges
For the summary report, see: https://www.linkedin.com/pulse/six-companies-account-70-corporate-black-lives-matter/
Also see: https://youtu.be/t7aqn7oGGj0 via @YouTube
Creative Investment has launched a crowdfunding campaign to pay for the development of a BLM Corporate tracker: https://www.gofundme.com/f/tracking-corporate-donations-to-blm?rcid=r01-159828617213-f92f83fc925f4b9a&pc=tw_co_campmgmt_w&utm_medium=social&utm_source=twitter&utm_campaign=p_lico+share-sheet To donate directly, please contribute at paypal.me/cirm
Tuesday, August 4, 2020
CRUZN COZY has started a kickstarter campaign
Here at CRUZN COZY, we understand that everybody has been affected in some way by this quarantine period. Whether that be emotionally, physically, mentally, or socially. It's been hard for all us, but if you can find in your heart to give just a small token, that will be greatly appreciated. Any amount helps. No amount is too small or too big. A percentage of generated sales from merchandise or the campaign will be given to organizations who help people that are in need of shelter, food and clothes during quarantine. Any backer who gives $100 dollars or more will receive free merchandise from our new collection, and backers who give $200 or more will receive 2 VIP tickets to the SBFW New York Fashion Show Tour 2021.
Thank you so much for your time. One small act of kindness can touch the hearts of many.
Best Regards,
CRUZN COZY Team
Sunday, August 2, 2020
Media Partner for Reuters' Free "Delivering Net Zero Virtual Week" (4th – 5th August 2020)
We are pleased to be the Media Partner for Reuters' Free "Delivering Net Zero Virtual Week" (4th – 5th August 2020)
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For many majority-owned institutions, the concepts of "monetary gain" and "social good" have long been regarded as mutu...
