Gold and Bitcoin are falling! I’d rather buy UK shares ahead of the stock market recovery

first_imgGold and Bitcoin are falling! I’d rather buy UK shares ahead of the stock market recovery Harvey Jones | Wednesday, 26th August, 2020 I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Image source: Getty Images. Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” 2020 has been a rotten year for UK shares so far, but a great one for gold and Bitcoin. While the FTSE 100 is down around 20% since its mid-January high of 7,674, the gold price is up almost 25% to $1,920 an ounce, at time of writing. Cryptocurrency Bitcoin has done even better, soaring an incredible 58% this year.Despite this, I would ignore both of them and aim to build my long-term wealth by investing in UK shares. I reckon today could be a good time to buy them, ahead of the next leg of the stock market recovery.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The FTSE 100 is becalmed right now. No doubt catching its breath, after a tumultuous year that saw it crash by a third to below 5,000 in March, then rebound by a fifth to today’s level of just over 6,000. Where it goes next will largely depend on how quickly we emerge from the Covid-19 pandemic.I’d beware gold and BitcoinThere’s also the small matter of Brexit. Many global investors are watching the FTSE 100 and waiting to see how bumpy our separation with the EU is going to be, before buying UK shares.In the short term, it’s impossible to second guess stock markets. However, in the longer run, history shows equities beat almost every other rival investment. UK shares have delivered an average annual return of 12.5% a year since 1925, according to Global Financial Data, easily beating cash at 4.9%, and gold at 7.7%.UK shares will rebound again, as they’ve always done after every single crash, given time. The best time to invest in the stock market recovery is before it happens, when you can still pick up UK shares at bargain prices. If you wait until afterwards, then everything will be more expensive, and you’ll have missed your chance to load up on bargains.I prefer to buy assets when they’re out of favour, rather than in fashion. The same goes for gold and Bitcoin. Anybody who bought the precious metal after it hit an all-time high of $2,000 will have been disappointed to see that it’s fallen back since. Gold may well recover, but you should always beware of a bandwagon.Here’s why I’d buy UK shares todayThe same goes for Bitcoin. It briefly touched $12,000 a week or so ago, but is also sliding. As always, this hyper-volatile asset goes down as quickly as it goes up. It is better to buy during a trough rather than a peak.UK shares also go up and down as well, as we’ve seen this year. They’re down now, and that’s why I’d buy them. They also offer something neither gold nor Bitcoin ever will – income from dividends. This will keep flowing into your portfolio, regardless of what happens to share prices. Dividends have fallen this year, but are on their way back.As history shows, UK shares should beat all-comers in the longer run. I’m buying while they still look cheap. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!center_img Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. See all posts by Harvey Joneslast_img read more

Irish charity promotion campaign begins

first_img The One Percent Difference campaign, which aims to increase the level of charitable giving in Ireland, today kicked off its advertising programme with a series of radio advertisements. Described as phase one by the campaign, the initial advertisements are designed to rally the public to get involved with charities. Phase two will explain how The One Percent Difference will work and how it can make a difference. Plans are underway for a series of mini-documentary style TV ads, each one featuring a different member of the community who is implementing The One Percent Difference in their life. The organisers of the campaign say the purpose of documentaries is to imbue The One Percent Difference ‘with heart’. Advertisement The campaign will also feature charity from the business perspective with advertisements showing the value to small businesses of getting involved in charity. A National Giving campaign was one of the four principal recommendations made in the 2012 Report published by the Forum on Philanthropy and Fundraising, the aim of which is to increase giving levels in Ireland across the board.So far 508 charities have registered to be involved in the campaign.  31 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Irish charity promotion campaign begins AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 19 June 2013 | Newslast_img read more

HMRC launches further Gift Aid consultation

first_imgHMRC launches further Gift Aid consultation AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis20 HMRC has published the results of its consultation into Gift Aid rules and launched a further consultation, ending on 3rd February 2017.The government received 61 responses to its consultation, which set out its proposals for the simplification of Gift Aid rules: the removal of monetary thresholds altogether or reducing the number of thresholds.However, the consultation failed to deliver a clear consensus around any single reform proposal. As a result, the government has stated that it does not believe that it would be right to proceed with implementing any of the reforms proposed at this stage. As such, it has developed a further set of reform proposals aimed, it says, ‘at reflecting more specifically the preferences and concerns expressed by respondents’, and has raised further questions under the new consultation.The initial consultation revealed a majority disagreement with the proposal for removing the thresholds altogether.Respondents felt that calculating a ‘net’ amount of donations on which Gift Aid could be claimed instead would not simplify the rules. Comments and concerns regarding this proposal included that the process for notifying donors of the amount of Gift Aid claimed in respect of their donation was not clear, and the process appeared administratively complex. Nearly half of all respondents questioned whether donors would be able to calculate how much of their gift would be eligible for Gift Aid when completing a Gift Aid declaration.The proposal for extending the split payments approach and removing the relevant value test and aggregate value test was also not welcomed by the majority with more than half disagreeing that this would simplify the rules.More than half of respondents explicitly said that removing the monetary thresholds altogether and replacing them with an alternative would not mitigate the administrative burden on charities.Reducing the number of thresholds from three to one received more support, with nearly twice as many respondents feeling that this would be a simplification as those who disagreed; however the majority of respondents did not express a clear preference. More than a third of respondents also said that a single percentage would disadvantage those charities that are heavily reliant on small donations.There was also significant support for moving to a percentage-based threshold system, with almost three-quarters of respondents supporting this proposal. However, support here was tempered hy a number of caveats including the level at which the threshold should be set and the methods used to value benefits.However, overall the responses showed that while both proposals received some support, the weight of opinion is against either of them being welcomed as simplifications.The new consultation seeks views on the following questions:Would any, or all, of the three relevant value reforms – three thresholds with an adjustment to the upper limit for the £25 threshold, two thresholds operating to a ‘sliced’, or cumulative, design, or a single threshold – represent a useful simplification of the current thresholds? If so, which one(s)? Please explain why.Which of these relevant value reforms do you consider would be simplest for the charity sector overall? Please explain your reasons.Would you consider a low value disregard a welcome simplification if the government does not move to a single threshold but instead either retains three thresholds or moves to a two threshold system? Please explain your answer. In your opinion, what is the minimum level at which a low value disregard would be useful to charities? Please give reasons for your answer.The consultation document can read in full on the .gov.uk site, and responses should be emailed by 3rd February to: [email protected]  117 total views,  1 views today Advertisement About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com. Tagged with: Finance Gift Aid governance Melanie May | 22 November 2016 | News  118 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis20last_img read more

CFRE Certification accredited by American National Standards Institute

first_img Tagged with: Fundraising Qualifications About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2 The American National Standards Institute (ANSI) has accredited the Certified Fund Raising Executive (CFRE®) certification under the ANSI/ISO/IEC 17024 standard for personnel certification programmes.ANSI accreditation is recognised internationally and means that the CFRE® credential’s global significance is recognised by other worldwide accrediting bodies with which ANSI has established multilateral recognition agreements.  The ISO in ANSI/ISO/IEC stands for International Organization for Standardization, a worldwide federation of national standards bodies from 163 countries.Accreditation of the CFRE® programme under ANSI/ISO/IEC 17024 confers independent, international validation of both the CFRE® programme and credential, verifying the competence, credibility, and ethical commitment of an increasingly mobile and global workforce of CFRE® certified fundraising professionals.Marnie Hill, CFRE International Chair, said:“Achieving ANSI/ISO/IEC 17024 accreditation for the CFRE® represents a big step toward increased recognition of the CFRE® credential as the international standard for certification of fundraising professionals. It affirms that the CFRE® programme and certification development process meets widely recognized international quality standards for personnel certification programmes.”“The accreditation provides independent global validation for the CFRE® credential, helping donors, fundraising professionals and nonprofit organisations to distinguish reliable and meaningful professional certifications like the CFRE® from other offerings.”  105 total views,  1 views today Advertisement Melanie May | 21 July 2017 | News CFRE Certification accredited by American National Standards Institute  106 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2last_img read more

Chicago, July 7: Cuban unions as the voice of the workers

first_imgOver 60 people came out in Chicago on July 7 to greet Cuban labor leader Victor Manuel Lemagne Sánchez.  A reception was held at the hall of the Chicago and Midwest Joint Board of Workers United, with Service Employees Union Local 1 and the Latino Caucus. Lemagne Sánchez described how unions in Cuba serve as the voice of workers both with regard to control over their workplaces and in making their views known to relevant levels of government. He also explained the adverse impact on the Cuban economy from the U.S. economic blockade and called for renewed efforts to end it. His remarks were greeted enthusiastically by an audience made up largely of union and community group members, who then presented him with a Cuban flag cake.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Housing assignments announced for Greek Village

first_imgprintThe housing assignments for the new Greek Village were released Monday morning.Director of Fraternity and Sorority Life Brooke Scogin and Vice Chancellor for Student Affairs Kathy Cavins-Tull sent an email to chapter presidents, advisers and corporation board members with the projected layout Monday.The email included some of the factors that went into assigning housing locations and pairings.“We wanted a true Greek Village, not an old row and a new row, but a village that was cohesive,” Scogin and Cavins-Tull wrote. “You’ll see that we paired long-established chapters with newer [ones].”Scogin and Cavins-Tull added that chapters with similar names were not placed near each other to prevent confusion. They also included that the chapters’ housing choices were a factor in the assignment process.“We took into account your preferences,” Scogin and Cavins-Tull wrote, “and were able to assign all chapters somewhere between their third and sixth choice.”The village will replace the current Greek housing in Worth Hills and is projected to be finished by fall 2018. The construction of the sorority houses is expected to begin in May 2016, and the fraternity houses will follow. Fall semester brings new assistant vice chancellor for public safety, assistant chief of police Jocelyn is a senior journalism, political science and French major from Nashville, Tennessee. She is a managing editor for TCU360. She’s rarely seen without a Diet Coke and has been known to spill a few near her computer in the convergence center. Linkedin Twitter Jocelyn Sittonhttps://www.tcu360.com/author/jocelyn-sitton/ Jocelyn Sittonhttps://www.tcu360.com/author/jocelyn-sitton/ The College of Science and Engineering Dean, Phil Hartman, retires after 40 consecutive years ReddIt Jocelyn Sittonhttps://www.tcu360.com/author/jocelyn-sitton/ TCU places second in the National Student Advertising Competition, the highest in school history OPINION: Brite Divinity students’ response to Ben Shapiro event Previous articlePaschal falls to Arlington Martin at AT&T StadiumNext articleTCU to faculty and staff families: BOO! Jocelyn Sitton RELATED ARTICLESMORE FROM AUTHOR Linkedin + posts TCU receives $20,000 grant to become smoke-free ReddIt Facebook TCU Christmas tree lighting 2016 Facebook Twitter The projected housing assignments for the new Greek village were released Monday. Jocelyn Sitton Jocelyn Sittonhttps://www.tcu360.com/author/jocelyn-sitton/ TCU Frog Camps returning to more traditional look this summerlast_img read more

TCU Rowing Team is training for an intense spring season

first_imgReddIt Previous articleMuslim Student Association focuses on community after Paris attacksNext articleFort Worth’s Heritage Tree Program adds two more Rachel Tiede RELATED ARTICLESMORE FROM AUTHOR Linkedin ReddIt TCU rowing program strengthens after facing COVID-19 setbacks TCU Values and Ventures competition grows to largest in school history TCU baseball finds their biggest fan just by saying hello Is TCU’s firework obsession because of Boschini? ‘It doesn’t hurt.’ Rachel Tiedehttps://www.tcu360.com/author/rachel-tiede/ Rachel Tiedehttps://www.tcu360.com/author/rachel-tiede/ Facebook TCU’s diversity falls middle of the road compared to peer institutions Rachel is a senior multimedia reporter for TCU360.com. She creates in-depth packages and stories for the website, TCU News Now, and the Skiff.Rachel is also on the TCU Triathlon Team, a member of Eta Iota Sigma, the Order of Omega, and the John V. Roach Honors College. She enjoys exploring Fort Worth–seeing plays, trying new restaurants, and cheering on the Horned Frogs!center_img printShe wanted to start a rowing club from the minute she stepped on campus.Junior movement science major Rachel Bynum started the rowing club her first year and, after only three semesters, it is holding its own against larger and older programs.“Last year was our novice year,” the team’s coach Peter McIntosh said. “But we’re really starting to increase our competitiveness.”The team just finished its fall season and will now move into more land training. In the spring, the team will compete in sprint races—where the club usually has a good showing, McIntosh said.The team recently purchased new boats for the shorter races.Bynum said they use boats from the Fort Worth Rowing Club, but members of the TCU rowing club wanted boats for themselves.“We wanted boats to use that were for us, so we could have our people get used to how they feel,” Bynum said.Bynum started rowing after an injury in high school ended her volleyball career.“I really wanted to do something that was very team-oriented and was low impact because of my joints,” Bynum said. “Rowing is the perfect sport even though it’s mostly sitting down.”Bynum said the rowing club is still a small program, but she is proud of the progress they’ve made over the past two seasons.McIntosh agreed.“Even though we’re a club, we think of ourselves as the team – the rowing team – that represents TCU,” McIntosh said. “No matter what you do, you go to a regatta, you’re wearing that TCU on your back.” Twitter Another series win lands TCU Baseball in the top 5, earns Sikes conference award TCU Office of Admission to add new programs to attract and keep diversity Linkedin Rachel Tiede Facebook Rachel Tiedehttps://www.tcu360.com/author/rachel-tiede/ Website| + posts Twitter Rachel Tiedehttps://www.tcu360.com/author/rachel-tiede/last_img read more

Celebrate the Year of the Dog at the Storrier Stearns Japanese Garden

first_img Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Events Previews Celebrate the Year of the Dog at the Storrier Stearns Japanese Garden From STAFF REPORTS Published on Wednesday, January 24, 2018 | 4:48 pm HerbeautyPriyanka Chopra’s 10 Year Challenge Pic Will Surprise YouHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeautyHerbeautyThe Most Obvious Sign A Guy Likes You Is When He Does ThisHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeauty Top of the News Business News Your email address will not be published. Required fields are marked * In anticipation of the Lunar New Year, the Storrier Stearns Japanese Gardens has planned the last Sunday in January (January 28), for the whole family with music, crafts, art, and treats from Japan, China, and Korea.The Japanese New Year (Shogatsu) is an annual festival with its own customs. Since 1873, the official Japanese New Year has been celebrated according to the Gregorian calendar on January 1st, New Year’s Day ( Ganjitsu). However, the celebration of the traditional Japanese New Year–the Lunar New Year–still takes place and, in January, Storrier Stearns plans to celebrate them all.The fun-filled day includes:10am – 4pm Chinese Lantern-Making: Learn how to make different kinds of traditional Chinese paper lanterns with members of the garden’s Asian Arts Council.10am – 4pm Japanese Origami-Making: Fold cranes, dogs and other forms to celebrate the New Year with members of the garden’s Asian Arts Council.12pm – 3pm Korean Minhwa Folk Painting Workshops: Enjoy a rare chance to learn to create traditional paintings and tapestries with trained instructors. (Sponsored by the Korean Cultural Center, Los Angeles, www.kccla.org)2pm – 2:45pm Japanese Koto Musical Performance: Enjoy uplifting melodies performed by Kozue Matsumoto and the Calarts Japanese Music Ensemble.Tickets are $7.50/online and $10.00/gate. The event is scheduled from 10:00 a.m. – 4:00 p.m.The Japanese Gardens are located at 270 Arlington Drive, Pasadena. For tickets or more information call (626) 399-1721 or visit www.japanesgardenpasadena.com.The City of Pasadena prohibits visitors from parking on the surrounding residential streets. Please follow the signs to park on-site. On Open Day Last Sunday, parking is also available in the lot at Westridge School on Madeline Drive. It is accessible from Pasadena Avenue. Look for the driveway on the right at the end of the street. First Heatwave Expected Next Week More Cool Stuff Community News 14 recommendedShareShareTweetSharePin it center_img Community News Name (required)  Mail (required) (not be published)  Website  faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Subscribe Make a comment Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m.last_img read more

What To Do This Weekend in Pasadena

first_img Name (required)  Mail (required) (not be published)  Website  Herbeauty15 Beauty Secrets Only Indian Women KnowHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeauty10 Easy Tips To Help You Reset Your Sleep ScheduleHerbeautyHerbeautyHerbeauty10 Special Beauty Tips That Make Indian Women So BeautifulHerbeautyHerbeautyHerbeauty10 Of The Most Notorious Female Spies In HistoryHerbeautyHerbeautyHerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeauty Subscribe Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Your email address will not be published. Required fields are marked * Here are our carefully culled top picks from dozens of Pasadena events the very best things to taste, watch, listen to, and experience, all presented weekly in our e!Pasadena email newsletter: Business News First Heatwave Expected Next Week Top of the News center_img 2 recommendedShareShareTweetSharePin it Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Community News top box 5 What To Do This Weekend in Pasadena Published on Thursday, February 7, 2019 | 2:35 pm More Cool Stuff Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment Community Newslast_img read more

The ‘Unclear’ Future of the Community Reinvestment Act

first_img  Print This Post The ‘Unclear’ Future of the Community Reinvestment Act Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The ‘Unclear’ Future of the Community Reinvestment Act Related Articles About Author: Christina Hughes Babb Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A primary goal of 1977’s Community Reinvestment Act (CRA) was to reverse the effects of redlining, a practice by which the federal government and banks actively avoided lending to borrowers from lower-income and minority neighborhoods.Some housing advocates believe pending rule changes will weaken the CRA and that, though it could use some updates, now is not the time.In her piece published earlier this week, Paula Melton from BuildingGreen.com examines both sides of the issue and explores options remaining for entities hoping to halt the trajectory of recently proposed changes.Although it’s not perfect, the CRA has been “a key driver of financial equity and helped spur hundreds of billions of dollars of investments,” Melissa Stegman, Senior Counsel at the Center for Responsible Lending (CRL), told Melton.Seema Agnani, Executive Director at National Coalition for Asian Pacific American Community Development, added that “the CRA is one of the most important tools we have in the community development field to put pressure on the financial institutions to give back in the places where they are making profits—particularly in low-income communities.”Researchers at the Urban Institute’s Housing Finance Policy Center wrote last summer, “Even though the banking industry has drastically changed since the CRA was enacted, the current regulations are working reasonably well. Any modernization efforts should be rooted in data, and…[they added], there is no need for change in the middle of a pandemic.”But prior to the stated changes proposed by the Office of the Comptroller of the Currency (OCC) last May, many agreed the act needed modernization to fit today’s digital environment as well as to better address the racial-equality issue.Josh Silver, Senior Advisor at the National Community Reinvestment Coalition, told BuildingGreen the CRA, in addition to needing updates that take into consideration the proliferation of electronic banking, could do more to benefit struggling communities. He added that the order has not changed at all since 1995.“It has been really important for driving investments,” he told BuildingGreen of the act, “but it hasn’t always reached the communities that are harder hit during times of economic uncertainty and crisis.”And, wrote Melton, “there’s also the grading system, which banks have complained about for years, saying it’s not sufficiently standardized and is therefore too subjective.”Though many were on board with rule changes, many were not satisfied with the OCC’s amendments, which opponents said diminished existing provisions.”Critics argue … the OCC has weakened the law under the guise of modernization, incentivizing large infrastructure projects instead of community needs and potentially bringing full-fledged redlining back,” according to the BuildingGreen article.“It took away the original spirit of the CRA,” Agnani told BuildingGreen. “There is really broad consensus around the nonprofit sector that it does not achieve what CRA is intended to do.”Furthermore, “It would allow banks to ignore 20% of assessment areas and still pass,” Stegman reportedly said. “This could really result in unchecked disinvestment and a return to redlining.” Also, she said, “The rule disincentivizes investment in low- and moderate-income communities and communities of color. The activities of investment don’t have to primarily benefit low- and moderate-income communities.”The outcome remains to be seen.As is pointed out in the article, the OCC is just one of three regulatory bodies that oversee banks and assign their publicly available CRA grades. It is uncertain whether its final rule will hold up. Melton writes that she secured comment from OCC but that the representative did not follow through with an interview.The Federal Reserve Board (the Fed) reportedly recently released a competing Advance Notice of Proposed Rulemaking (ANPR) for the CRA. (The third regulator, the FDIC, hasn’t engaged in rulemaking, according to the report.)The Hosue Financial Services Committee Chair Maxine Waters also has sharply opposed the OCC’s proposed changes.At the time of the article’s publication earlier this week, Melton writes, “it’s unclear how the differences between OCC and the Fed might be resolved.”The article, which can be read in full here, details the ins and outs of the rulemaking and amendment process and where this issue stands.Essentially, Melton concludes, “it’s not too dramatic to say that whole communities are waiting to have their fate decided for them amid this regulatory back-and-forth.” Previous: Missed Payments, Financial Stress Straining Investors & Landlords Next: 30-Day Delinquencies at Lowest Rate Since 1979 November 11, 2020 1,240 Views Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago 2020-11-11 Christina Hughes Babb Subscribelast_img read more