Environmental Lending – G Net http://gnet.org/ Wed, 22 Jun 2022 19:10:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gnet.org/wp-content/uploads/2021/05/default-150x150.png Environmental Lending – G Net http://gnet.org/ 32 32 Suction exam: a financial institution that gives back https://gnet.org/suction-exam-a-financial-institution-that-gives-back/ Wed, 22 Jun 2022 18:25:29 +0000 https://gnet.org/suction-exam-a-financial-institution-that-gives-back/ GOBanking Rates Score Quick take: Aspiration Bank approaches banking differently. It focuses on a small community presence. Along with the standard checking and savings accounts you’d expect from any online or traditional bank, Aspiration Bank offers ethical and socially responsible investment options. APY Advantages Some products Customer service How did we calculate this? Advantages Opportunity […]]]>

GOBanking Rates Score

Quick take: Aspiration Bank approaches banking differently. It focuses on a small community presence. Along with the standard checking and savings accounts you’d expect from any online or traditional bank, Aspiration Bank offers ethical and socially responsible investment options.
  • APY

  • Advantages

  • Some products

  • Customer service

How did we calculate this?

Advantages

  • Opportunity to invest in sustainable businesses through Redwood and Flagship funds
  • No monthly service fees
  • No ATM fees
  • Direct deposits pay up to two days early

The inconvenients

  • Only one current account option
  • Fees such as a $25 overdraft fee, a $10 domestic inbound transfer fee, and a $20 outbound transfer fee

Introducing the Suction Bank

Based in Los Angeles, Aspiration Bank was founded in 2015 and is backed by Leonardo DiCaprio and Orlando Bloom. Aspiration Bank continues to attract customers ranging from large banks to small banks looking for a community experience.

The bank donates 10% of every dollar paid by customers to charities that help struggling Americans build better lives. Additionally, Aspiration Bank is a member of 1% for the Planet and certified B-Corp for its commitment to social and environmental causes.

Main characteristics

Aspiration Bank earned a GOBankingRates score of 4.7 out of 5 thanks to its strong performance in four main categories.

APY

Aspiration Bank doesn’t offer many account options, but offers high returns on your balances. Spending and savings accounts can earn % APY, while Aspiration Plus subscribers can earn higher APY on the first $10,000.00. However, account holders must spend at least $1,000 on their Aspiration debit cards per month to earn the high yield.

Advantages

One of the biggest benefits of banking with Aspiration Bank is the ability to do good. Aspiration automatically offsets the negative climate impact of driving your car and buying gas with the Planet Protection program. Additionally, you have the option of investing in two ethical mutual funds: the Redwood Fund and the Flagship Fund, both with a minimum opening deposit of $100.

The Redwood Fund is a mutual fund that includes investments in sustainable businesses. The majority of the fund’s money is invested in information technology and financials companies and is managed by UBS Asset Management Inc., one of the world’s largest asset managers.

This flagship fund is a low volatility fund. The main objective of the Flagship fund is to grow your investment over the long term while trying to withstand the unpredictability of market action.

Some products

Only one current account is available. But what Aspiration lacks in products, it makes up for with charitable banking policies and investment options. For example, the bank is tied to several charities and donates one dollar of every dollar they earn to the community. Aspiration’s Summit is a high yield checking account. Here are some of the main features of the account:

  • Minimum deposit of $10
  • No monthly service fees
  • No minimum monthly balance
  • No minimum monthly deposit
  • No ATM fees at 55,000 locations.

You can upgrade to Aspiration Plus for $7.99 per month. This increases your potential APY and adds one ATM cashback per month as well as automatic carbon offsets for the gasoline you buy.

Customer service

To contact Aspiration Bank customer service agents, you can email support@aspiration.com or call 1-800-683-8529, weekdays 6am-6pm PST and weekends 8am-3pm PST.

How Aspiration Bank Stands Out

What sets Aspiration Bank apart is its commitment to ethical banking for all. There are many ways to contribute to good causes. Moreover, the bank claims that your deposits will never fund coal or oil projects. For anyone looking for simple verification with a feel-good twist, Aspiration Bank is an ideal option.

Comparable Aspiration Banking Options

To compare banks before choosing, consider the following alternatives.

Aspiration Bank vs. Ally Bank

Aspiration Bank and Ally Bank both offer high yield accounts. Aspiration Bank’s rate is significantly higher, but it’s capped at the first $10,000 and requires debit card spending of $1,000 per month. Ally’s product is simpler – win 0% on your balance without having to do much.

Aspiration Bank versus Ellevest

Ellevest offers a similar banking platform that includes a spending and savings account and a linked ATM card. As Aspiration Bank caters to the ethically conscious customer, Ellevest is designed for women by women. Ellevest also offers funds focused on social and environmental causes, with up to 53% of your portfolio invested in ESG and impact funds.

How to register

To open an account with Aspiration Bank, enter your email address to receive an invitation to apply. The application process is quite simple – you will need to enter your name, address, social security number and set up a connection. When you’re ready to fund the account, provide a current bank account and routing number to transfer the funds.

Who is Aspiration Bank best suited for?

Aspiration Bank is best for anyone looking for a simple checking account that doesn’t incur a lot of fees and doesn’t require a lot of maintenance. Aspiration’s focus on socially responsible investing could also be ideal for anyone making conscious decisions about who they do business with in order to make an impact.

Final take

Most banks fall into three broad categories: traditional bank, credit union or online bank. Aspiration Bank is unique because it offers a simple online banking experience with the ability to do good with your money.

FAQs

  • Is Aspiration a legit bank?
    • Aspiration Bank is not exactly a bank. However, it is a legitimate financial institution with FDIC insurance of up to $2.5 million per depositor.
  • Which bank owns Aspiration?
    • No bank owns Aspiration. However, the financial institution has partnered with several banks to provide FDIC coverage on its customers’ cash deposits up to $2.5 million per depositor.
  • How much does it cost to open an Aspiration bank account?
    • Opening an Aspiration current account is free. You can upgrade to Aspiration Plus for $7.99 per month to increase your APY and receive one ATM refund per month.

John Csiszar contributed reporting for this article.

Editorial Note: This content is not provided by Aspiration Bank. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Aspiration Bank.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of June 22, 2022.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We verify every statistic, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

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About the Author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, she writes about real estate, interior design, and architecture. His work has been featured in MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.

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Former Marxist guerrilla Gustavo Petro’s victory in Colombia accelerates leftward shift in Latin America https://gnet.org/former-marxist-guerrilla-gustavo-petros-victory-in-colombia-accelerates-leftward-shift-in-latin-america/ Mon, 20 Jun 2022 22:19:20 +0000 https://gnet.org/former-marxist-guerrilla-gustavo-petros-victory-in-colombia-accelerates-leftward-shift-in-latin-america/ A longtime partner of the United States, Colombia became the latest Latin American country to turn to the left with the election on Sunday of Gustavo Petro, a former Marxist guerrilla fighter turned socialist mayor of Bogota, as the next president. Mr. Petro’s victory paves the way for a potentially major shift in US-Colombian relations […]]]>

A longtime partner of the United States, Colombia became the latest Latin American country to turn to the left with the election on Sunday of Gustavo Petro, a former Marxist guerrilla fighter turned socialist mayor of Bogota, as the next president.

Mr. Petro’s victory paves the way for a potentially major shift in US-Colombian relations and signals an increasingly socialist tilt in the region, where leftists and populists have taken power in Argentina, Peru, Chile, Bolivia, Honduras and Mexico in recent years.

The leaders of all these nations applaud Petro’s victory in Colombia. There was also the jubilation of the authoritarian regime of Nicolas Maduro in neighboring Venezuela. Mr. Petro has expressed his desire to restore diplomatic relations with Caracas, which Colombia interrupted at the request of Washington in 2019.

“The will of the Colombian people has been heard – they have come out to defend the path of democracy and peace,” said Maduro, who has been characterized by successive administrations in Washington as a dictator due to his imprisonment. extrajudicial opposition. numbers in recent years. The openness to Colombia complicates Washington’s efforts to isolate the Maduro regime and promote a democratic opposition group as the country’s legitimate rulers.

Incumbent Colombian President Ivan Duque, a conservative, had aligned himself with both former President Trump and President Biden against Mr Maduro in acknowledging pro-US opposition leader Juan Guaido’s claims to the presidency .

While Mr. Petro’s official stance on Venezuela remains to be seen, the Biden administration sent congratulations on Sunday. Secretary of State Antony Blinken called the election “free and fair,” saying the administration hopes to work with Petro to “further strengthen U.S.-Colombian relations and move our nations toward a brighter future.”


SEE ALSO: Operation Fly Formula fails as White House intervention fails to fill store shelves


But analysts are skeptical as questions arise over the extent to which the 62-year-old socialist will push Colombian politics in ways that challenge the country’s close relationship with Washington, including on trade and the polarizing fight to curb the illegal drug trafficking in Colombia. Some argue that Mr. Petro’s victory encourages leftists in the region to unite against American influence.

Mr. Petro’s demonstration was the latest left-wing political victory in Latin America, fueled by voters’ desire for change. Chile, Peru and Honduras elected left-wing presidents in 2021, and in Brazil, former president Luiz Inacio Lula da Silva leads right-wing incumbent Jair Bolsonaro in the polls for this year’s presidential election. fall.

“Gustavo Petro’s triumph is perhaps the most disturbing missing piece of this new reconfiguration in Latin America, leaning towards a new wave of leftist governments,” Argentine analyst Agustin Antonetti told Fox News Digital. the Fundación Libertad.

“A region that is experiencing an alarming political and economic decline, in a complex global context, with three terrible dictatorships (Cuba, Venezuela and Nicaragua) that seem more alive than ever and surrounded by a large number of populist leaders, now in power. … The big question is: will Latin American institutions resist this new wave of governments in a sharp rise of authoritarianism?

Florida Governor Ron DeSantis, whose state is home to a large and influential population of Latino American citizens, strongly criticized Petro’s victory on Monday, calling it “very disappointing”.

“The results of this election have been very, very disturbing to people who believe in freedom in the Western Hemisphere,” Mr. DeSantis, a potential Republican candidate for the 2024 presidential election, said at a conference. release, according to the Florida Phoenix. “Electing a former narco-terrorist and a Marxist to lead Colombia is going to be disastrous.”

Meanwhile, concerns are growing in Washington that political change in Latin America is widening openings for US adversaries in the region — notably China, which has significantly outspent the United States on development loans in the region. region in recent years.

Mr. Petro now emerges as a polarizing figure, coming to the center of a polarizing moment in the hemisphere.

“Petro’s victory will have far-reaching implications in a region where Colombia has long been an anchor of relative political stability, despite the rising populist wave in Latin America. It is also indicative of the current state of Colombian politics,” according to Ivan Briscoe, program director for Latin America and the Caribbean at the International Crisis Group.

“Petro promised to enact sweeping social changes, along with measures such as halting new oil and gas exploration contracts and raising taxes on the wealthy to pay for poverty and poverty reduction programs. improving public services,” Briscoe wrote in an analysis published by Foreign Affairs on Monday. “Many of his proposed policies, including the introduction of so-called ‘smart’ tariffs to protect Colombian agricultural production, may not be well received in Washington.

“To his supporters, Petro is a standard bearer for Latin American progressivism who will usher in a new era of representation and egalitarianism,” Briscoe added. His critics, on the other hand, accuse him of employing the same elite incitement rhetoric that propelled other populist leaders to power, such as Mexican President Andres Manuel Lopez Obrador and Peruvian President Pedro Castillo. And indeed, Petro’s record as a former mayor of Bogotá, his self-portrait as an agent of historical transformation, and even some of his reported personality traits, such as his aversion to being contradicted, suggest to many that a demagogue could be hiding.”

Left unit

Mr. Castillo and Mr. Lopez Obrador, along with Cuban President Miguel Diaz-Canel, were among those who hailed Mr. Petro’s victory on Monday.

“We are united by a common feeling that seeks better collective, social and regional integration of our peoples,” said Castillo, a rural teacher and trade unionist, according to Agence France-Presse.

Mr. Obrador expressed hope that Mr. Petro could be a unifying figure in Colombia, which has struggled to achieve reconciliation following the historic peace agreement signed in 2016 between Marxist rebels and the Colombian government after decades of civil war. Colombia also has some of the most unequal rates of wealth distribution in the industrial world, with many countries outside major urban centers suffering economically.

“Today’s triumph can be the end of this curse and the awakening of this brotherly and worthy people,” Mr. Lopez Obrador said.

During Colombia’s brutal half-century civil war, Mr. Petro was a member of the now defunct M-19 movement. He was granted amnesty after being imprisoned for his involvement with the group.

He has since run for president three times and his victory this time as the first leftist to win the Colombian presidency suggests that the long-standing political stigma of these groups may have come to an end in the country.

Mr Petro narrowly beat Rodolfo Hernandez, a political outsider and property mogul in a runoff election that underscored people’s distaste for the country’s traditional politicians.

The election came as Colombians struggled with rising inequality, inflation and violence – factors that led voters in the first round of elections last month to punish centrist and right-wing politicians for a long time and to choose two foreigners for the second round.

Mr Petro appealed for unity during his victory speech on Sunday night and extended an olive branch to some of his toughest critics, saying all opposition members will be welcomed into the presidential palace “to discuss the problems of Colombia”.

“From this government that is beginning there will never be political persecution or judicial persecution, there will only be respect and dialogue,” he said, adding that he will listen to those who have lifted the weapons as well as “this silent majority of peasants, Aboriginals, women, young people.

The vote also resulted in the election of Colombia’s first black woman as vice-president. Mr Petro’s running mate, Francia Marquez, 40, is a lawyer and environmental leader whose opposition to illegal mining led to threats and a grenade attack in 2019.

• This article is based in part on wire service reports.

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Sarvodaya Development Finance records a historic year https://gnet.org/sarvodaya-development-finance-records-a-historic-year/ Sat, 18 Jun 2022 13:46:13 +0000 https://gnet.org/sarvodaya-development-finance-records-a-historic-year/ Sarvodaya Development Finance PLC (SDF) made history last year by becoming Sri Lanka’s first impact investing company to list on the Colombo Stock Exchange (CSE) and reported its best earnings yet , for the 2021-22 fiscal year. SDF debuted on the CSE board in November, raising Rs 1 billion in equity from its initial public […]]]>

Sarvodaya Development Finance PLC (SDF) made history last year by becoming Sri Lanka’s first impact investing company to list on the Colombo Stock Exchange (CSE) and reported its best earnings yet , for the 2021-22 fiscal year.

SDF debuted on the CSE board in November, raising Rs 1 billion in equity from its initial public offering (IPO). The IPO was oversubscribed at midday, indicating the high level of investor interest and confidence in the financial services arm of the Sarvodaya movement, despite the prevailing global economic uncertainty.

“While SDF’s loans surged after the IPO, more than 90% of the company’s total loans are asset-backed loans,” Chairman Channa de Silva said.

“The SDF concluded the 2021-22 financial year by demonstrating its potential to support the country’s economic recovery in this difficult environment. As the financial services arm of the Sarvodaya movement, the SDF is committed to doing everything in its power to create wealth for the nation, and looks forward to supporting the country’s entrepreneurs in the new financial year. “, did he declare.

The SDF has a proven mechanism for channeling funds to the development of micro, small and medium enterprises, the majority of which are located outside the Western Province. Over 80% of its branches are outside the Western Province and SDF also works with 5,400 Sarvodaya Shramadana companies to channel funds to the end user, provide savings options and other support, including business training and market development activities, for rural entrepreneurs.

The SDF’s lending activities are limited by the principles of Sarvodaya. SDF does not lend for activities deemed antisocial and/or inhumane. These excluded sectors include butcher shops, businesses related to alcohol, drugs and gambling.

The 1 billion rupees of new equity increased SDF’s capital base to 3.1 billion rupees, which is comfortably above the legal minimum of 2.5 billion rupees. The Tier 1 capital ratio has improved to 27.37% from the minimum legal requirement of 7%, and the Total Risk-Weighted Capital ratio is 28.62% from the legal minimum of 11%.

The new capital also enabled SDF to rapidly expand its business activities during the last quarter of the year. Business growth was supported by Central Bank approval to upgrade 21 SDF customer service centers to full-service branches, expanding the branch network to 51.

Fueled by the growth in the loan portfolio, SDF recorded a post-tax profit of Rs 215.5 million, a growth of 17.5% compared to the post-tax profit of Rs 183.3 million recorded the previous year.

Total lending increased by 25.03% while the agricultural sector remained the largest beneficiary of SDF credit, absorbing 48% of total disbursements during the year, or Rs 3.91 billion. This is an increase of 87% over the previous year.

]]> MAKE HOMES MORE ENERGY EFFICIENT TO REDUCE ENERGY BILLS AND CREATE JOBS https://gnet.org/make-homes-more-energy-efficient-to-reduce-energy-bills-and-create-jobs/ Fri, 17 Jun 2022 13:06:00 +0000 https://gnet.org/make-homes-more-energy-efficient-to-reduce-energy-bills-and-create-jobs/ MAKE HOMES MORE ENERGY EFFICIENT TO REDUCE ENERGY BILLS AND CREATE JOBS Canada News Wire OTTAWA, Ontario, June 17, 2022 OTTAWA (ON), June 17, 2022 /CNW/ – By helping Canadians retrofit their homes to be more energy efficient, the Government of Canada makes life more affordable, creates good jobs, and creates a greener, cleaner environment […]]]>
MAKE HOMES MORE ENERGY EFFICIENT TO REDUCE ENERGY BILLS AND CREATE JOBS

Canada News Wire

OTTAWA, Ontario, June 17, 2022

OTTAWA (ON), June 17, 2022 /CNW/ – By helping Canadians retrofit their homes to be more energy efficient, the Government of Canada makes life more affordable, creates good jobs, and creates a greener, cleaner environment for generations to come.

Today, the Honorable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced the launch of the new homeowner stream Canada Loan for Greener Homes. This program will provide $4.4 billion in interest-free loans, up to $40,000 per household and will be available for Canadians to undertake eligible renovations.

The Canada Greener Homes Loan is being launched in two phases. The first phase, starting on June 17, 2022, will be open to eligible homeowners who apply or have an open application (pre-renovation stage) for the Canada Greener Homes Grant. The second phase, starting at the beginning September 2022will expand eligibility to homeowners who have closed their application (those who have applied for their post-renovation assessment or grant), but still have qualifying renovations they wish to pursue, which have not yet begun.

The Canada Greener Homes Loan is an inclusive program designed to help up to 175,000 eligible homeowners undertake deeper, more expensive renovations that will have a significant impact on reducing a home’s environmental footprint and energy bills. house and on improving the resilience of the house.

The Canada Greener Homes Loan is part of the Canada Greener Homes Initiatives. The program builds on the Canadian Greener Homes Grant offered by Natural Resources Canada (NRCan) to help Canadian homeowners across the country improve the energy efficiency of their homes. Canada Greener Homes initiatives help eligible homeowners make their homes more comfortable and affordable to maintain while supporting from Canada environmental goals, plans and targets for climate change. These renovations will also help stimulate the economy by creating good, middle-class jobs in communities across the country.

Since its launch in May 2021, the Canada Greener Homes Grant has helped homeowners across the country renovate their homes while creating good jobs for Canadians. From June 8more than 171,000 applications were received via the national portal, tens of thousands of files from eligible owners of our partner programs in Quebec and New Scotland are being processed; $38 million in grants were sent to more than 10,000 Canadians.

In addition to the homeowners grant and loan, the Government of Canada announced a supplement $458.5 million in funding for the low-income component of the Canada Greener Homes Loan Program through the Emission reduction plan (ERP) on March 29, 2022. The additional funding will allow affordable housing providers to make major energy retrofits with beneficial long-term financing and financial support. These renovations will help mitigate climate change while improving the quality of life for residents living in affordable housing. The additional funding will go to affordable housing providers such as non-profit housing and housing co-ops.

More details on eligibility and how to apply for the Canada Greener Homes Loan are now available on the website.

Additional details on funding for affordable housing providers will be available at a later date. To register and get more information, go to website.

Quotation:

“The environment and the economy go hand in hand. Today’s investment will go a long way to helping Canadians live more comfortably, improving the energy efficiency of their homes while reducing our collective environmental footprint. It will also stimulate our economy by creating good jobs. for the middle class. This is the National Housing Strategy in action. – The Honorable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister Responsible for Canada Mortgage and Housing Corporation

“Canadians are looking for ways to save money on their energy bills and do their part to fight climate change. We stimulate economic activity and create jobs by helping Canadians improve the energy efficiency of their homes. Canada Greener Homes initiatives are good for your wallet, good for the economy and good for the planet.” The Honorable Jonathan Wilkinson, Minister of Natural Resources

Related product

Related links

As from Canada authority on housing, CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need and provides impartial housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s goal is that by 2030, everyone Canada has an affordable home that meets their needs. For more information, follow us on Twitter, instagram, Youtube, LinkedIn and Facebook.

FACT SHEET

  • Buildings, including houses, account for 13% of from Canada greenhouse gas emissions. Taking into account space and water heating as well as electricity consumption for air conditioning, lighting and appliances, this brings the total to 18%. Renovating existing homes is an effective way to reduce greenhouse gas emissions.

  • Budget 2021, through the Canada Greener Homes Loan, provides $4.4 billion in interest-free loans of up to $40,000 to help up to 175,000 homeowners with major home renovations.

  • The Canada Greener Homes Grant, launched last year, serves as a starting point for homeowners looking to take advantage of the new loan program. These complementary programs are designed to help Canadians make their homes more comfortable and affordable to maintain while supporting from Canada environmental goals and job creation in communities across the country. New applicants who are eligible for the grant and who have completed an EnerGuide certified evaluation and have not started their renovations can choose to apply for the loan to further finance their home renovations.

  • To apply for the Canada Greener Homes Grant, homeowners can go to on line to record, plan and document their progress, including requesting EnerGuide evaluations, choosing from a list of eligible renovations, and refund request. Residents of Quebec and New Scotland must apply directly through their provincial programs to book their EnerGuide evaluation and register. If a homeowner chooses to apply for the loan in addition to the grant, they must ensure that they do not begin their renovations before being approved for the loan.

  • The loan program is designed so that eligible homeowners can receive between $5,000 and $40,000 interest-free loan to be repaid over 10 years. The initial loan amount is based on the estimated costs of the planned renovations, less the estimated grant amount, and adjusted to reflect market standards.

  • To participate in these initiatives an owner’s principal residence must be at least six months old, from the date of occupancy by the first owner, and be eligible for an EnerGuide evaluation. Residences include single and semi-detached homes, townhouses, townhouses, mobile homes on permanent foundations, permanently moored floating homes, small multi-unit residential buildings (up to three stories with a footprint going up to 600m2), and mixed-use buildings (residential part only). Renovations that help protect homes against weather events – such as flooding, wind damage and power outages – are also eligible for the grant if carried out in combination with measures that improve energy efficiency. .

  • Loans are distributed after a homeowner’s renovations are completed and both EnerGuide evaluations are completed, and the necessary documentation is uploaded to the Greener Homes portal. Homeowners must make equal monthly payments over a ten-year loan term. However, they will also have the option of making full or partial payments at any time without penalty to enable faster repayment of their interest-free loan.

  • Budget 2022 proposes to provide a supplement $458.5 million over the life of the program to provide low-interest loans and grants to low-income housing providers through the low-income stream of the Canada Greener Homes Loan program. This program will be available at a later date.

  • Home energy improvements that reduce fuel oil and natural gas consumption will also reduce greenhouse gas emissions while saving money.

  • The supplement $458 million Funding will not be available to homeowners, who are already served by Canada Greener Homes initiatives.

SOURCE Government of Canada

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Lenders must rise to the challenge of green financing https://gnet.org/lenders-must-rise-to-the-challenge-of-green-financing/ Wed, 15 Jun 2022 21:20:02 +0000 https://gnet.org/lenders-must-rise-to-the-challenge-of-green-financing/ Ideas & Debate Lenders must rise to the challenge of green financing Thursday, June 16, 2022 That climate change lobbyists disrupted a military parade in London during Queen Elizabeth’s Platinum Jubilee celebrations on June 2 is no minor development. It caught the attention of the whole world, as the protesters wanted, days before World Environment […]]]>

Ideas & Debate

Lenders must rise to the challenge of green financing


That climate change lobbyists disrupted a military parade in London during Queen Elizabeth’s Platinum Jubilee celebrations on June 2 is no minor development. It caught the attention of the whole world, as the protesters wanted, days before World Environment Day. But the climate change message did the same.

The protest was part of a global push for climate action, as the world marked Environment Day on June 5. The 2022 World Environment Day campaign dubbed #OnlyOneEarth called for collective and transformative action on a global scale to celebrate, protect and restore our planet.

Since the beginning of the Industrial Revolution in the 18th century, the use of machines and constant automation have propelled technological advances, urbanization and economic growth.

Industrialization has been a major driver of prosperity around the world. However, it has had its drawbacks, such as its contribution to environmental pollution and the depletion of natural resources, which has led to global warming and accelerated climate change.

The depletion of our natural resources and the injection of greenhouse gases into the atmosphere should concern us all because we only have one earth and its resources are not increasing at the same rate as we are drawing them down.

It is therefore our duty to conserve these natural resources. The effects of climate change are clear and all sectors are affected. Unfortunately, the majority of these effects are irreversible.

The agricultural sector, a key enabler of Kenya’s economy, is one of the most affected due to erratic and unpredictable weather patterns accompanied by long periods of drought and heavy flooding.

It has also had a direct impact on tourism, which is equally important to our economy. Therefore, most economic sectors depend on climate protection to thrive.

For us to care for current and future generations, climate adaptation and mitigation measures must be in place. However, this comes at a cost.

It is estimated that more than $130 billion is needed each year for adaptation measures in Africa alone. This amount is expected to increase from $140 billion to $300 billion per year by 2030.

Despite this challenging demand, there is hope that we can secure the amount needed to finance climate action, with appropriate use of cross-sectoral synergy. Financing climate change interventions requires a collaborative effort between the private and public sectors.

When it comes to the amount required for climate finance in developing countries, there is no doubt that global support from developed markets and development finance institutions is needed to find financing vehicles and mechanisms to boost climate change. climate finance.

International organizations such as the International Finance Corporation (IFC) and the Global Climate Fund (GCF) have played a leading role in supporting climate finance in developing countries. As a financial institution, KCB, with operations across East Africa, has partnered with these organizations to finance climate-related investments.

In 2020, the bank became the first financial institution in East Africa to be accredited by the GCF to disburse climate investments in the region. Great strides have been made since these accreditations, with green lending traction increasing across the bank.

As an operating financial institution, we are keen to transform our portfolio by supporting the low carbon transition through financing, clean energy, sustainable infrastructure, smart agriculture and energy efficiency that touch our clients’ critical processes .

Despite the advent of sustainability frameworks within financial institutions, there is an urgent need to take the lead in sustainable finance.

To do this better, financial institutions must build the internal capacities of their teams as well as deploy internal frameworks and policies that promote climate finance and integrate climate risk among the main risks.

The publication of guidelines on climate-related risk disclosure by the Central Bank of Kenya (CBK) gives banks an opportunity to further strengthen the structures and policies that had already been put in place.

For example, KCB has incorporated these guidelines to ensure that more guarantees are taken into account against climate risks. Additionally, social and environmental assessment (M&E) is being integrated for projects seeking funding to ensure that all risks are considered. Last year, KCB assessed the M&E threats of projects worth 245 billion shillings.

Lenders that engage in climate finance will accelerate the fight against climate change. By lending to customers who are transitioning to green businesses and projects, financiers will green their lending books and attract the financial attention of like-minded investors.

They will play a leading role in the transition to a green economy, build their brand reputation and emerge as thought leaders in the field of sustainability.

It is time for Africa through our financial institutions to rise again. Banks on the continent should adopt sustainable measures, as this will in turn ensure that our business practices and those of our customers are sustainable in the long term.

Joining global alliances such as Net Zero Banking Alliance and Green Climate Fund is also a way in which we ensure that we participate in decision making and strategy development, guiding the technical work that needs to be done in sustainable space.

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Equinix and PGIM Real Estate Open Sydney’s First xScale™ Data Center for Hyperscalers – InsuranceNewsNet https://gnet.org/equinix-and-pgim-real-estate-open-sydneys-first-xscale-data-center-for-hyperscalers-insurancenewsnet/ Mon, 13 Jun 2022 22:15:28 +0000 https://gnet.org/equinix-and-pgim-real-estate-open-sydneys-first-xscale-data-center-for-hyperscalers-insurancenewsnet/ REDWOOD CITY, CA., June 13, 2022 /PRNewswire/ — Equinine, Inc. (Nasdaq: EQIX), the global digital infrastructure™ company, and PGIM Real Estatethe real estate investment and financing subsidiary of PGIM, Prudential financial* global asset management company, today announced the opening of the first xScale data center in sydney, named SY9x. This step follows the closing of […]]]>

REDWOOD CITY, CA., June 13, 2022 /PRNewswire/ — Equinine, Inc. (Nasdaq: EQIX), the global digital infrastructure™ company, and PGIM Real Estatethe real estate investment and financing subsidiary of PGIM, Prudential financial* global asset management company, today announced the opening of the first xScale data center in sydney, named SY9x. This step follows the closing of the US$575 million joint venture between the parties in March 2022.

With the closing of the joint venture in Australia, from Equinix xScale global data center portfolio will exceed 8 billion US dollars investment in 36 facilities and expects to deliver over 720 megawatts (MW) of electrical capacity when fully constructed. Including SY9x in sydney, equinix currently operates nine xScale data centers across all three regions, including FR9x in FrankfurtLD11x and LD13x in LondonOS2x in OsakaPA8x and PA9x in ParisSP5x in São Paulo and TY12x in Tokyo. Eight other xScale versions are under development for approximately 70 MW of additional capacity.

australia cloud computing market is expected to grow by 12.5% ​​to reach US$14.1 billion in 2025, supported by large-scale digital transformation initiatives in the public and private sectors.[1] Moreover, according to the Global Interconnection Index Volume 5 (GXI Vol. 5)a market study announced by equinix, sydney is expected to have an estimated compound annual growth rate (CAGR) of 43% for private enterprise interconnection to cloud and IT providers between 2020 and 2024, which is one of the highest in the world. Asia-Pacific region.

As the first of two data centers to be developed and operated under the joint venture with PGIM Real EstateSY9x currently provides over 14MW of power capacity and will provide over 28MW when fully built to meet the growing demand for cloud-based platforms and services among enterprise Australia.

By expanding to equinix xScale data centers, hyperscale enterprises can add basic deployments to their existing access point footprints at Equinix International Business ExchangeMT (IBX®) data centers, enabling their growth on a single platform that can immediately cover 70 global metros and offer direct interconnection to an ecosystem of more than 10,000 customers.

Highlights/Highlights:

  • SY9x is located in Rosehill, next to the Western Sydney CBD in Parramatta. The second xScale facility, which will be called SY10x, will provide over 28 MW of electrical capacity when built. At full construction, the two xScale facilities will provide a combined electrical capacity of over 55 MW.
  • In Asia Pacific, equinix also created joint ventures to build xScale data centers in Seoul, Osaka and Tokyo. Including sydney, equinix plans to build ten xScale data centers in the region, providing around 240 MW of power capacity when complete.
  • equinix is a leader in data center sustainability and greening its customers’ supply chains. It is the first data center operator to commit to achieving climate neutrality by 2030 globally, backed by science-based targets and a sustainable innovation agenda.
  • The company’s long-term goal of using 100% clean, renewable energy for its global platform has resulted in a significant increase in renewable energy coverage globally. In 2021, equinix achieved over 95% renewable energy coverage for its global portfolio.
  • In Australia, equinixwith HSBC Bank, Nike Australia, Goldman Sachs and Hennes & Mauritz (H&M), received approval from the Australian Competition and Consumer Commission (ACCC) for the joint purchase of renewable energy.
  • PGIM Real Estate holds an 80% stake in the Australian joint venture, with equinix holding the remaining 20%. equinix will be responsible for operating the hyperscale data centers.

Quotation

  • Morgan LaughlinGlobal Head of Data Center Investments, PGIM Real Estate:
    “Since 2013, PGIM Real Estate has invested in the dynamic and growing data center industry and we are now excited to open our first hyperscale data center in Australia in partnership with equinix. PGIM Real Estate plans to continue to increase its investments around the world digital infrastructure sector, and we consider our co-investment relationship with equinix as an extremely important part of this strategic effort. In agreement with PGIM Real Estate a strong commitment to sustainable building practices and the reduction of global carbon emissions, we are looking for opportunities to both use renewable energy on our assets while increasing our investments in the renewable energy sector in parallel with the growing focus on data centers. »
  • Guy DanskineGeneral director, Equinix Australia:
    “To meet the growing demand for cloud and digital infrastructure, the opening of our first xScale data center in Australia Along with the continued expansion of our International Business Exchange data center capacity across the country, we are ensuring that more and more organizations can implement their digital-first strategies. This infrastructure enables our customers to scale their operations, deliver exceptional customer experiences, and unlock the value of artificial intelligence, machine learning, 5G, and other emerging technologies.

Additional Resources

About equinix
Equinine, Inc. (Nasdaq: EQIX) is the world’s digital infrastructure company, enabling digital leaders to leverage a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. equinix gives today’s businesses access to all the right places, partners, and opportunities they need to accelerate their advantage. With equinixthey can scale with agility, accelerate the launch of digital services, deliver world-class experiences and multiply their value.

About PGIM Real Estate
As one of the largest property managers in the world with US$209.3 billion gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional results to investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a PGIM company, the US$1.4 trillion global asset management company Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate rigorous risk management, transparent execution and deep industry knowledge are backed by a 50-year legacy of commercial real estate investing, a 140-year history of real estate finance2, and the deep local expertise of professionals in 32 cities around the world. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that trigger positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information, visit pgimrealestate.com.

1 From Dec 31 2021, AUM reflected as raw. Net AUM is US$137.9 billion and AAU is US$45.9 billion.
2 Includes loans inherited through PGIM’s parent company, Prudential Financial, Inc.

*Prudential Financial, Inc. (PFI) of United States is in no way affiliated with Prudential plc, incorporated into the UK or with Prudential insurance companya subsidiary of M&G plc, incorporated in UK. For more information, please visit news.prudential.com.

Forward-looking statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the expectations described in these forward-looking statements. Factors that could cause such differences include, but are not limited to, risks relating to our joint venture with PGIM Real Estate including the risk that the expected benefits of the joint venture will not materialize; the challenges of operating and managing data centers, including xScale data centers, and development, deployment and delivery equinix services; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding debt; competition from existing and new competitors; loss or decline in the operations of major large-scale businesses; disruption of joint ventures making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; and other risks described from time to time in from Equinix deposits with the Security and Exchange Commission. See in particular the recent equinix quarterly and annual reports filed with the Security and Exchange Commissioncopies of which are available on request from equinix. equinix assumes no obligation to update the forward-looking information contained in this press release.

1 https://www.globaldata.com/media/technology/cloud-computing-spending-australia-reach-us14-1bn-2025-forecasts-globaldata/


Equinine.  (PRNewsFoto/Equinix) (PRNewsfoto/Equinix, Inc.)

Quote Show original content to download multimedia:https://www.prnewswire.com/news-releases/equinix-and-pgim-real-estate-open-first-xscale-data-center-in-sydney-for-hyperscalers-301566315.html

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Satellite Vu partners with Landmark to deliver vital climate change data to the UK land and property sector – Parabolic Arc https://gnet.org/satellite-vu-partners-with-landmark-to-deliver-vital-climate-change-data-to-the-uk-land-and-property-sector-parabolic-arc/ Sat, 11 Jun 2022 12:09:00 +0000 https://gnet.org/satellite-vu-partners-with-landmark-to-deliver-vital-climate-change-data-to-the-uk-land-and-property-sector-parabolic-arc/ LONDON (Satellite Vu PR) – Seen by satellitethe British satellite company set to become the world’s thermometer from space, has partnered with Landmarks Information Group to provide vital climate data to the real estate market. Under the partnership, Satellite Vu will provide data from its thermal infrared satellites to Landmark, a leading data provider to […]]]>

LONDON (Satellite Vu PR) – Seen by satellitethe British satellite company set to become the world’s thermometer from space, has partnered with Landmarks Information Group to provide vital climate data to the real estate market.

Under the partnership, Satellite Vu will provide data from its thermal infrared satellites to Landmark, a leading data provider to the UK land and property industry, for distribution to businesses as part of the global push to Net Zero. .

The Intergovernmental Panel on Climate Change (IPCC) report reaffirmed the global goal of reducing carbon emissions by 50% by 2030 and reaching Net Zero by 2050, serving as a call to action for governments and businesses around the world.

The collaboration between Satellite Vu and Landmark will see the joint development of geospatial information products for the UK property market relating to the thermal efficiency of buildings monitored by Satellite Vu’s thermal infrared satellites and aerial imagery.

This data will be distributed across Landmark’s network of customers to test, validate and market geospatial information products.

Satellite Seen Recently announcement a launch deal with Elon Musk’s SpaceX, which will see the first of their constellation of heat-sensing satellites launched into orbit aboard a Falcon 9 rocket in early 2023.

Anthony Baker, CEO of Seen by satellitesaid:

“The urgency to act to reduce global carbon emissions increases every day, as the IPCC points out, and companies must therefore use all the resources at their disposal.

“We are delighted to have officially signed an agreement with Landmark to bring data from our thermal monitoring satellites to the real estate industry. The information provided by our satellites will allow investors, real estate developers and building owners to receive a regular assessment of the energy efficiency of their buildings, allowing them to measure, validate and improve energy efficiency Armed with this capability, companies can take concrete and independently verifiable steps to align their activities with national energy objectives and international.

Simon Brown, CEO of Landmarks Information Group said:

“Climate risks and environmental factors are playing an increasingly important role in future planning, purchasing and lending decisions. It is essential that as an industry we take steps to understand these risks, not only to make the housing market future-proof, but to ensure that we all contribute to achieving net zero.

Satellite Vu’s technology, combined with our property data and risk modeling expertise, will enable us to provide the industry with a more informed view of future risks to the UK property portfolio. These more accurate data sets will guide companies in their real estate investment decisions, mitigate risk and ultimately support our environmental ambitions.

About SatelliteVu

Founded to bring satellite technology to meet our global challenges. Satellite Vu will be able to monitor the temperature of any building on the planet in near real time using a new mid-wave infrared camera. These images provide valuable information on economic activity, energy efficiency and disaster response. Satellite Vu will effectively be the Earth’s thermometer from space.

Satellite Vu has raised a combined total of £20m through grants and venture capital led by Seraphim Space Investment Trust, including Lockheed Martin, Molten and A/O PropTech.

Partnering with Surrey Satellite Technology Ltd to build the constellation of satellites and with SpaceX to launch the first satellite in early 2023, Satellite Vu brings the highest resolution thermal data to allow us to see the world like never before.

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Financed emissions are the latest challenge for banks in the face of climate change https://gnet.org/financed-emissions-are-the-latest-challenge-for-banks-in-the-face-of-climate-change/ Thu, 09 Jun 2022 22:36:00 +0000 https://gnet.org/financed-emissions-are-the-latest-challenge-for-banks-in-the-face-of-climate-change/ Banks are facing strong demands to measure the carbon footprint of their financing activities, but few currently have a full accounting of these emissions, according to a new study. At major banks around the world, so-called financed emissions account for at least 95% of global emissions, but they remain underreported due to difficulties in calculating […]]]>

Banks are facing strong demands to measure the carbon footprint of their financing activities, but few currently have a full accounting of these emissions, according to a new study.

At major banks around the world, so-called financed emissions account for at least 95% of global emissions, but they remain underreported due to difficulties in calculating and disclosing the complex environmental measure, the consultancy Bain & Company.

Financed emissions are attracting more and more attention, with corporate clients of banks demanding increasingly detailed emissions information to meet their climate commitments. The first two emissions scopes, which include direct and indirect greenhouse gas emissions, have become more common in disclosures, while banks have been slower to report scope 3 emissions.

“Banks are under pressure and facing increasing scrutiny, not only of their Scope 3 funded emissions, but to respond to calls for increasingly specific commitments and actions that demonstrate momentum to actually reduce these measures,” said Michael Kochan, a Bain partner who co-authored the report.

Of the 45 major banks that Bain surveyed — 15 each from Asia Pacific, Europe, and North America — 65% have pledged to achieve net zero emissions by 2050. Nearly half of the banks have agreed to share publicly the 2030 intermediate objectives, but only for certain sectors.

Slightly more than half of the banks declared none of their financed issues. And those who made disclosures only provided information about the carbon-intensive electric power and fossil fuel industries, according to the Bain report.

As new emissions reporting standards take time to pass, the funded emissions category is reaching an “inflection point,” said John Hodges, a partner in the firm’s climate change and sustainability services group. Ernst & Young consultancy.

“The next five years are where adoption will really kick off,” Hodges said. “The will and the commitment are there. This real action has only just begun.

Banks face two challenges in reporting data on funded emissions. One is the lack of standardized guidelines for measuring data, and the other is that the data available has “little granularity for large parts of their portfolio,” according to the Bain report.

The study compared the “reliability” of carbon footprints reported by five banks in sectors including energy, metals, autos and mortgages, based on standards provided by the Partnership for Carbon Accounting Financials.

Emissions can “vary more than double in either direction, depending on the granularity of available data and associated methodology,” according to the report.

Kochan said banks are “building the plane on the fly” to meet growing demands for disclosure of funded shows.

“Banks have made net zero commitments even as guidance on how they might account for funded issuance in different parts of their loan portfolios is still being worked out,” Kochan said.

Organizations such as the Partnership for Carbon Accounting Financials and the Greenhouse Gas Protocol have published best practice guidelines for companies to assess their emissions profiles. But these organizations are also trying to keep up with changing demands for climate disclosure.

The greenhouse gas protocol is currently revising its guidelines for reporting Scope 3 funded emissions as part of the “evolution” of climate disclosures, said Pankaj Bhatia, director of the organization. .

Banks are also “struggling with the challenge of creating value from the transition to net-zero funded issuance,” the Bain study authors wrote.

Bain calculated the projected value of three loan portfolio strategies based on the speed of emissions reduction to show “the need for more adaptable strategies that can help banks plan for the long term,” Kochan said.

The analysis modeled the evolution of profits between 2021 and 2050. It found that banks that reduced their funded emissions the most could see their profits increase by up to 30%. The slowest strategy predicted losses of between 10% and 20%.

“Our view is that passive strategies alone will be insufficient to meet the net zero commitments that most banks are currently taking,” Bain’s Kochan said. “Gradually greening the sectors to which banks lend will not be enough for them to meet their 2050 and interim targets.”

As the scale of funded emissions is better understood, the role that banks will play in helping their corporate clients meet their climate commitments is also coming under greater scrutiny. Some shareholders continue to push for a broader range of disclosures, and the U.S. Securities and Exchange Commission is considering new rules to make certain levels of reporting mandatory.

Shareholders already decide whether companies should disclose more information about their shows, often by vetoing disclosure proposals, said Richard Morrison, senior fellow at the Competitive Enterprise Institute, a libertarian think tank.

“Investors have market power and can use it to demand things from companies and asset managers,” Morrison said. “If the demand for this information is not constant enough for investors to produce it, the risk may not be as great as some financial institutions lead us to believe.”

Ben Cushing, campaign manager at the Sierra Club, an environmental advocacy group, argued that banks must be held accountable for meeting the climate goals to which they have committed.

“We’ve had years of methodological development to help banks and financial institutions understand how to measure and report their funded emissions,” Cushing said. “There are fewer and fewer excuses for this kind of measurement and disclosure not to happen consistently.”

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Broadway issues $150 million of preferred stock to the U.S. Treasury Department under the Emergency Capital Investment Program https://gnet.org/broadway-issues-150-million-of-preferred-stock-to-the-u-s-treasury-department-under-the-emergency-capital-investment-program/ Tue, 07 Jun 2022 21:01:01 +0000 https://gnet.org/broadway-issues-150-million-of-preferred-stock-to-the-u-s-treasury-department-under-the-emergency-capital-investment-program/ Enter Wall Street with StreetInsider Premium. Claim your one week free trial here. LOS ANGELES–(BUSINESS WIRE)–Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), announced that the Company has completed a $150 million private placement Cumulative Perpetual Preferred Shares, Series C (the “Preferred Shares”) to the United States Department of Treasury (the […]]]>

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LOS ANGELES–(BUSINESS WIRE)–Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), announced that the Company has completed a $150 million private placement Cumulative Perpetual Preferred Shares, Series C (the “Preferred Shares”) to the United States Department of Treasury (the “US Treasury”) pursuant to the Emergency Capital Investment Program (“ECIP”).

The ECIP investment by the U.S. Treasury is part of a program to invest more than $8.7 billion in community development financial institutions and minority depository institutions to provide funding to these institutions to increase access to capital for small businesses and minority consumers in traditionally underserved markets. , such as low-to-moderate income communities, which may have been disproportionately affected by the economic effects of the COVID-19 pandemic.

Preferred stock dividends are payable in cash quarterly at an annual rate that depends on Broadway investing the proceeds within the target communities in certain types of loans that match the types of loans the company has historically issued. The initial dividend rate is zero percent for the first two years after issuance, then the floor dividend rate is 0.50% and the cap dividend rate is 2.00%. The dividend rate after the first two years will be reset each year until the tenth anniversary of the issuance of the preferred shares and will be based on the annual change in actual qualified loans relative to a benchmark level of qualified loans, expressed as a percentage of the total liquidation amount of the preferred shares. The final reset will be based on the average annual increase in eligible loans over the nine-year period preceding the last reset date, expressed as a percentage of the total liquidation amount. The preferred shares have an aggregate liquidation amount of $150 million and are redeemable in whole or in part, at the option of the Company on any dividend payment date on or after June 15, 2027, subject to certain stated limitations and exceptions. in the certificate of designations for the preferred shares.

The US Treasury investment is intended to qualify as Tier 1 capital. As of March 31, 2022, Broadway’s equity was $136.2 million, or 12.04% of company assets, and the Tier 1 capital of its banking subsidiary, City First Bank, National Association, was $99.9 million. The issuance of the preferred shares will not impact Broadway’s book value per common share.

Chief Executive Brian Argrett said, “We are delighted to announce that we have raised $150 million in gross proceeds from the sale of the preferred shares to the U.S. Treasury, which is more than we originally had. announced when the US Treasury announced that Broadway’s application for ECIP capital has been accepted. The investment will more than double our Tier 1 capital and allow us to significantly increase the scale of Broadway’s operations and improve the economics of the company’s operations. Additionally, this social capital will greatly enhance our ability to advance our mission and multiply the impact we can have on the low-to-moderate income communities we serve. Over time, the proceeds from this equity investment should allow us to more than double the size of Broadway’s loan portfolio.

Gibson, Dunn & Crutcher LLP acted as legal counsel to the Company.

Additional information regarding the preferred shares will be provided in a current report on Form 8-K that the company will file in the coming days.

About CityFirstBroadway

Broadway Financial Corporation operates through its wholly owned banking subsidiary, City First Bank, National Association, which is a leading community bank in the Southern California and Washington, D.C. market, serving the low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses and not-for-profit organizations, other lending products and a variety of deposit products, including checking accounts, credit and debit accounts. savings and money market, certificates of deposit and retirement accounts. .

Shareholders, analysts and others seeking information about the Company should write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010.

Caution Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “expect”, “estimate”, “budget “, “anticipate”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believe”, “predict”, “potential”, “continue”, and similar expressions, but the absence of such words or expressions does not mean that a statement is not forward-looking. These forward-looking statements are based on the current expectations of our management and involve known and unknown risks and uncertainties. Actual results or performance may differ materially from those suggested, expressed or implied by forward-looking statements due to a wide variety of factors. These risk factors include, among others: uncertainty about the duration, scope and impacts of the COVID-19 pandemic; political and economic uncertainty, including the possibility of deterioration in global economic conditions or the stability of credit and financial markets, including due to the military conflict between Russia and Ukraine; changes in the monetary and fiscal policies of the United States government, including the policies of the United States Treasury Department and the Federal Reserve Board; changes in laws, regulations, policies or administrative practices, whether by judicial, governmental or legislative action, and other changes relating to banking, securities, taxation, accounting and financial reporting, environmental protection and our ability to comply with such changes in a timely manner; the company’s future cash to serve and possibly redeem the preferred stock; the possible effects of changes in real estate markets and interest rates, which could affect our future net income and cash flows, or the market value of our assets, including investment securities; risks relating to disruption of management time due to integration activities related to the merger with CFBanc Corporation, as described in our public filings with the SEC (the “Merger”); the risk of possible adverse decisions, judgments, settlements and other results of litigation; the risk that the Merger will adversely affect our ability to retain customers, retain and hire key personnel and our results of operations and business generally; the risk that problems arise in successfully integrating the businesses of the pre-Merger companies, which could prevent the combined company from operating as effectively and efficiently as expected, or that we may not be able to successfully integrate the businesses of the companies prior to the Merger. Merging companies; the risk that we may not be able to realize the synergies or other benefits anticipated from the Merger or that it may take longer than expected to realize such synergies or benefits; the risk that operational problems arising from, and/or capital expenditures necessitated by, the potential need to adapt to industry changes in the information technology systems, on which we are heavily dependent, and other important factors that could cause actual results to differ materially from those projected. All of these factors are difficult to predict and beyond our control. Other factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K or other documents filed with the SEC and are available on our website at http://www.cityfirstbank.com/node/430 and on the SEC website at http://www.sec.gov.

The forward-looking statements contained in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor Relations

Brenda J. Battey, Chief Financial Officer, (323) 556-3264

[email protected]

Source: Broadway Financial Corporation

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Bancorp shareholders approve all proposals at online annual meeting https://gnet.org/bancorp-shareholders-approve-all-proposals-at-online-annual-meeting/ Tue, 31 May 2022 14:47:44 +0000 https://gnet.org/bancorp-shareholders-approve-all-proposals-at-online-annual-meeting/ Enter Wall Street with StreetInsider Premium. Claim your one week free trial here. WYOMISSING, Pa.–(BUSINESS WIRE)– Shareholders of Customers Bancorp, Inc. (NYSE: CUBI) – parent company of Customers Bank, a digital superbank with a growing number of operations across the country, have gathered at a virtual annual meeting on Tuesday, May 31 electing three directors, […]]]>

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WYOMISSING, Pa.–(BUSINESS WIRE)– Shareholders of Customers Bancorp, Inc. (NYSE: CUBI) – parent company of Customers Bank, a digital superbank with a growing number of operations across the country, have gathered at a virtual annual meeting on Tuesday, May 31 electing three directors, ratifying the appointment of Deloitte & Touche LLP as the Bank’s registered independent public accounting firm, supporting a non-binding “compensation consultation” proposal for approving executive compensation and amending the company’s stock incentive plan.

“At Customers Bank, we believe that three strengths make us unique: our commitment to human relationships, our dedication to innovation and the latest technologies, and our responsibility to always anchor this innovation in our deep experience and reliable financial base” , said Jay Sidhu. , President and CEO of Customers Bancorp, Inc. Sidhu summarized the bank’s key accomplishments over the past year:

  • national leadership among Paycheck Protection Program lenders with more than 350,000 loans worth more than $10 billion funded, saving approximately one million jobs;

  • implementation of a real-time blockchain-based B2B payment system;

  • launch of new commercial teams providing funds financing, venture capital financing and banking services, and services to companies in the financial industry;

  • spin-off of subsidiary BankMobile as a publicly traded company BM Technologies, Inc;

  • redemption of Series C and Series D Preferred Shares; and

  • the opening of a new banking office in Wilmington, NC.

Three directors comprising the Corporation’s Class II directors were elected to terms of three years or until their respective successors are elected and qualified: Andrea R. Allon, Bernard B. Banks and Daniel K. Rothermel. Their terms expire in 2025.

Rick Burkey, who served as a Class II director, advised the company earlier this year of his desire not to seek re-election to the board and his term and services expired at the annual meeting. Sidhu thanked Mr. Burkey for his service, saying, “Rick Burkey has been integral to the formation and growth of Customers Bank. We are grateful for his contributions.

Shareholders voted in favor of a proposed “say-on-pay” proposal outlining the Bank’s executive compensation program. This proposal does not bind the Company, but the Board and the Compensation Committee appreciate the opinion of shareholders and continue to educate and study best practices in terms of future executive compensation.

Finally, shareholders approved an amendment to the company’s 2019 stock incentive plan, increasing the number of company common shares available for awards under the plan by 330,000 from 1,500,000 to 1,830. 000. The amendment is part of an effort to use all available tools in recruiting the talent needed to continue the bank’s growth.

Sidhu commented on the retirement of Richard Ehst from the position of President and CEO of Customers Bank and his succession by Sam Sidhu. “We cannot thank Dick enough for what he has done for Customers Bank. He has positioned us for continued growth and success and has worked tirelessly over the past year to ensure a smooth handover and transition. We are very grateful for all he has done for us and our community and are pleased to announce that Dick will remain on the board of Customers Bank.

Sidhu drew participants’ attention to the Environment, Social and Governance (ESG). “Around the world, we have re-examined and redefined the concept of moral obligation between citizens, businesses and government. We renewed our commitments to each other and a common goal. And we have accepted the fundamental principles of integrity, truth and transparency…. We recognize our obligation to share with customers, investors, analysts, policy makers, regulators, community members and our own team the goals, challenges, accomplishments and work ahead as our business strives to respect the social contract.

“We are so proud of our performance in 2021,” said Sidhu. “Customers Bank was once again proud to feature in the Forbes list of the best banks in America, and to have climbed an incredible fifty-one places to take the ranking of 21. Customers Bancorp ranked third in terms of performance in S&P Global Market Intelligence’s newly created list of the top performing U.S. publicly traded banks with over $10 billion in total assets as of the end of 2021. Investor’s Business Daily ranked Customers Bancorp, Inc. 9th on its Best Companies list due to the huge 259.57% change in CUBI’s common stock price in 2021.”

About the Customer Bank

Customers Bancorp, Inc. (NYSE: CUBI) is a bank holding company that provides financial services through its subsidiary Customers Bank, a full-service community superbank with assets of approximately $19.2 billion. dollars as of March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through digital applications, online portals and a network of offices and branches. Customers Bank provides blockchain-based digital payments through the Customers Bank Instant Token (CBIT) that allows customers to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year. More than www.customersbank.com.

David Patti

Director, Communications

610-451-9452

Source: Bancorp, Inc. Customers

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