Boston Celtic Jaylen Brown named
“most interesting rookie of the playoffs”

Jaylen Brown LeBron James Freedman's Bank Dos Equis NBA Playoff Rookie AwardFOR IMMEDIATE RELEASE

JUNE 25, 2017

By a vote of fans, media, and former players, Jaylen Brown of the NBA’s Boston Celtics has been selected Freedman’s-Dos Equis “Most Interesting Rookie of the Playoffs.”

Brown led all playoff rookies in scoring (points per 36 minutes), and was among the top 3 in rebounding and effective field goal percentage. His defense, sometimes matching up against NBA stars like LeBron James and Jimmy Butler, also drew praise.

“I like that kid Jaylen Brown,” Stephen A. Smith commented during a recent broadcast of his show, “First Take,” on ESPN. “He’s gonna be special.”

Fans of other teams commenting on Reddit.com/r/NBA and their team pages had high praise for Brown as well, writing:

“I love [Spurs guard Dejounte] Murray but Jaylen Brown was on a whole another level,” one Spurs fan wrote.

“For the playoffs [it] is definitely Jaylen Brown, kid stepped up big time — I’d have Pat [Warriors guard Patrick McCaw] behind him in 2nd though,” a Warriors fan added.

Jaylen Brown vs. Raptors Freedman's Bank Dos Equis NBA Playoff Rookie AwardThe award was created in 2017 by the Freedman’s Foundation, in association with the 5/7 Club, Freedman’s Bank, Reddit.com, Strawpoll.com, and Heineken USA (owners of the Dos Equis trademark.)

Brown earned 47 percent of the votes in the final round, Thon Maker of the Milwaukee Bucks 32 percent, and Taurean Prince 20 percent in the final round. Patrick McCaw and Denounte Murray received less than 20 percent of the votes in early rounds and were not included in round 3.

Votes by fans (50 percent) and media and former players (50 percent) were weighted as a percentage in the 3-round balloting, which began with five nominees on April 25 and continued through the final votes on three finalists on June 10.

Approximately 50,000 fan votes were tabulated during the survey period.

For more information, contact:

DONALD ANDERSON
info@freedmansbank.com
202-380-9654

Make *real* banking reform work for communities

Freedman's Bank Texas bank US bank reforms Charles Cooper

Texas bank regulator Charles Cooper discusses the plight of community banks and small-business lending in a cogent article for the Express-News, reprinted by permission.

AS A STATE REGUATOR, [I've found] nothing is more evident than how community banks impact Main Street America — in Texas and across the country. They are deeply invested in the community where their customers live and work, helping local businesses and residents, and generating economic growth from the bottom up.

Collectively these banks are responsible for almost half of all small business lending and three-quarters of all agricultural lending in the United States. At a time when the big banks offer cookie-cutter solutions and some are pulling back on their local presence, it is good to know that our citizens can rely on the local community bank that better understands their needs.

But in recent years, community banks have been hampered by regulations defined at the federal level. After the U.S. financial crisis nearly a decade ago, federal policymakers focused on how regulation could head off future crises. And so, a large number of new regulations and procedures were adopted.

Texas banking regulation Charles Cooper US bank reform Dodd-FrankThere was just one problem: Many new rules addressing too-big-to-fail institutions also applied to community banks that posed no systemic risk to taxpayers.

Due to this increased complexity, compliance costs have increased for community banks. A recent study by the St. Louis Federal Reserve Bank estimates community banks spend about $4.6 billion every year in regulatory compliance. These higher costs have been a contributing factor to a decline in the number of banks, in turn limiting access to credit and banking services for consumers.

IN TEXEAS, WE HAVE gone from 644 banks in 2009 to 464 today.

Fortunately, there is an opportunity to solve this problem. In the U.S. House of Representatives, the Financial Services Committee chairman is Texas’ own Jeb Hensarling, who has jump-started congressional efforts to right-size regulation for a post-crisis environment.

As Texans, we should be proud one of our own is playing such a critical role at the federal level.

In addition, similar reform efforts are underway in the Senate. Combined, these developments offer hope that regulatory reforms just might make their way into law.

Perhaps the best place to start is where there is bipartisan support. In my recent visit to Washington, D.C., I met with members of the Texas delegation and others in Congress. The one unifying topic — regulatory right-sizing for community banks.

WHAT COULD REFORM look like?

The Conference of State Bank Supervisors, whose members regulate 78 percent of all U.S. banks, supports creating a common definition for a community bank, and then exempting all those that qualify from federal rules aimed at bigger and more complex banks.

Such a definition — based on a combination of factors such as assets, local ownership and lending in the community — would enable legislators and regulators alike to create a regulatory regime tailored for community banks.

This idea of a community bank definition, and the accompanying right-sized regulation, is not a novel one.

US bank failures by state FDIC mapThe Federal Deposit Insurance Corp. uses a common definition to perform its community bank research.

Governors at the Federal Reserve Board support applying different rules for big and small banks.

In an executive order, President Donald Trump recently directed his administration to make sure that regulation is “effective, efficient and appropriately tailored” for financial institutions.

When folks head in the same direction, you tend to get results. With the political winds in Washington favoring community banks, I am optimistic we can achieve common-sense regulation that permits community banks to do what they do best — serve their communities.

Charles G. Cooper is commissioner of the Texas Department of Banking and chairman of the Conference of State Bank Supervisors.

June 16-18 – Freedman’s and genealogy event in Atlanta

Freedman's Bank genealogical records history Atlanta eventThe Celebration of Juneteenth is coming to the Atlanta area June 16, including a look at the Freedman’s Bank records on African-American genealogy:

Atlanta Daily World writes:

On Saturday at 2 p.m., “Tracing History with Emma Davis Hamilton” will take place in McElreath Hall, Member’s Room. Hamilton, past president of the Metro Atlanta chapter of the Afro-American Historical and Genealogical Society (AAHGS), will lead a detailed 90-minute session designed to help participants work with the important records of Freedman’s Savings Bank. This Washington, D.C., institution was created after the Civil War, to assist newly emancipated enslaved and African-American soldiers. Its records contain valuable genealogical information such as birthdate, birthplace, where raised, former owner, employer, occupation, residence, and relatives. The bank not only provided services for African Americans, but white citizens as well. Hamilton has 26 years’ experience as a genealogy researcher.

“The most interesting rookie in the playoffs” — nominees

Freedman's Bank Dos Equis NBA Playoff Rookie Award

FOR IMMEDIATE RELEASE

April 24, 2017

Nominees for the Freedman’s-Dos Equis “Most Interesting Rookie in the (NBA) Playoffs” award” were announced today:

Thon Maker,
Milwaukee Bucks

Taurean Prince,
Atlanta Hawks

Jaylen Brown,
Boston Celtics

Dejounte Murray,
San Antonio Spurs

Patrick McCaw,
Golden State Warriors

(The Freedman’s Foundation is issuing the award in association with The 5/7 Club, Reddit.com, Freedman’s Bank, Strawpoll.com, and Dos Equis (a trademark and subsidiary of Heineken USA.)

Fan voting will begin soon at Reddit.com/r/nba, Strawpoll.com, Yahoo.com, and at other polling and social media sites.

Background on the award:

http://www.freedmans.net/wordpress/freedmans-award/announcing-the-freedmans-dos-equis-most-interesting-rookie-in-the-playoffs-award-nba/

For more information, contact:

DONALD ANDERSON
info@freedmansbank.com
202-380-9654

April 15… per capita tax payments to USG by state/district

US per capita tax payments by stateLast year, the District of Columbia paid Uncle Sam $37,000 per person in federal income, payroll and estate taxes.

So says the Associated Press in its annual look at how much people from different states, on average, are paying.

The next closest was Delaware, at $16,000 per person, followed by Minnesota, Massachusetts, and Connecticut.

“It’s where the money is,” said Roberton Williams, a fellow at the Tax Policy Center.

“The reason the District pays so much in taxes is that there are a lot of high-income people there.”

Sixteen states and the District topped the overall U.S. average…

Announcing the Freedman’s-Dos Equis “Most Interesting Rookie in the Playoffs” Award (NBA)

Freedman's Bank Dos Equis NBA Playoff Rookie Award

FOR IMMEDIATE RELEASE

April 10, 2017

The Freedman’s Foundation is pleased to announce the first annual “Most Interesting Rookie in the (NBA) Playoffs” award….

in association with The 5/7 Club, Reddit.com, Freedman’s Bank, Strawpoll.com, and Dos Equis (a trademark and subsidiary of Heineken USA.)

Nominees will be announced on approximately April 28, coinciding with the end of the first round of the NBA playoffs.

Fan voting will take place beginning during the second round of the playoffs, and end not later than the end of the NBA Finals.

Following the fan vote, a panel of former NBA players and former and current sports journalists will make their vote. The two votes will be combined on a percentage basis and a winner announced approximately June 25.

“The award is designed to recognize outstanding rookie performance in the playoffs,” said FF chairperson Ronald Brown, “with a special focus on the player that shows intriguing promise for the future.

“That is, it is not necessarily intended to be a ‘MVP Rookie’ award, but a selection of the first-year player that demonstrates both performance and potential.”

For more information, contact:

DONALD ANDERSON
info@freedmansbank.com
202-380-9654

Casualty rates slow, but casualties mount (an update)

US banking failures Freedman's Bank Bankrate.com

The good news is, big banks have been bailed out (cc: US Taxpayer, $700 billion), and small bank failure rates slowed in 2016 and so far in 2017….

the bad news is, U.S. policy drove nearly half such banks out of business from 2009 to 2016, and there appears to be no relief in sight for the institutions that supply most of the capital to small businesses.

Click here for Bankrate.com’s list
of the banking casualties since 2009

.

Freedman’s “still retains assets”

Freedman's Bank ClevelandElizabeth McIntyre from Crain’s Cleveland Business filed a notable piece on the legacy of Freedman’s Bank recently, as the 150th anniversary works its way across the midwest. A brief excerpt:

“The Freedman’s Bank became one of the first multi-state banks in the nation, comprising 37 branches in 17 states and the District of Columbia. Tens of thousands of former slaves deposited more than $57 million, most in small amounts. The bank fell victim to mismanagement, fraud and the “Panic of 1873.” It closed. Most lost their savings. More than $3 million in deposits, uninsured, were gone. And historians say it may have been the genesis of a deep distrust of banks by African-Americans.

“The Freedman’s Bank still retains valuable assets more than 150 years later: the records of depositors. At the time, former slaves provided details about their addresses and a record of spouses, children, siblings and parents. The records from 29 branches still exist at the National Archives and they’re a treasure trove for 10 million African-Americans today whose ancestors were depositors. The database also is accessible online for free at FamilySearch.org.”

Read the full article at Crain’s Cleveland Business

Dodd-Frank turns 6

This summer (July 21) will mark the sixth anniversary of Dodd-Frank…

with what critics say is “no end in sight” to the squeeze on small businesses served by the small community banks the bill — sponsors originally said — was designed to help.

(At 22,000 pages, and having spawned 27,000 pages of new regulations, the act certainly had a major impact.)

Research out of the Minneapolis Federal Reserve suggests that adding just two members to the compliance department to process these regulations makes a third of small banks unprofitable.

At the end of 2014, there were 20 percent fewer community banks today than there were before this legislation took effect, and they continue to disappear at a rate of one per day.

In a typical year in recent American history, 100 new banks are created, but since Dodd-Frank passed, only three have been created in total.

Meanwhile, the big banks are now 80 percent larger than before the financial crisis.

Small banks, it’s true, have only 10 percent of the banking industry’s assets, but make one-quarter of the country’s commercial loans, two-thirds of its small business loans, and three-quarters of its agricultural loans.

Freedman’s and mistrust

St. Louis City treasurer Tishaura O. Jones on the legacy of mistrust not just of banks, but of government, sewn by the Freedman’s Bank….

“The mere existence of the Freedman’s Bank answers the age-old question of why generation after generation of African Americans do not trust government institutions.

“In a 2014 survey of low income communities of color and their banking habits, it was discovered that over 50 percent of people of color learn lessons about finances, good or bad, from family. If your parents kept their money in their mattress or used money orders to pay all of their bills, then you are more likely to as well.

“The history of the Freedman’s Bank gives African Americans an all-too-poignant lesson about trusting banks and the federal government….”

Continued at The St. Louis American…