Insights From Michelle Singletary: Diversity in Financial Services

Author, writer of The Color of Money column in The Washington Post, and TV and radio guest Michelle Singletary addressed a critical subject in the finance industry during her interview on The Long View. Along with the coronavirus pandemic, there is another force plaguing the world with long-lasting economic impacts: the lack of diversity in financial services.  

Singletary’s message is simple: We need diversity. Without it, the racial wealth gap will continue to widen and a diverse population of investors will remain underrepresented, underserved, and underappreciated.  

Here are excerpts from Singletary’s conversation:  

The Disproportionate Impacts on People of Color During Crisis 
Singletary: I wrote about a report out of the Urban Institute Housing Policy Center. They were looking at past crises and storms and how they impacted homeownership for African Americans. In all these storms–the Great Recession, Hurricane Katrina, and now even COVID-19–the frontline workers, those low-income workers, many

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Provident Financial Services, Inc. Completes Merger with SB One Bancorp

ISELIN, N.J., Aug. 03, 2020 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE: PFS) (“Provident”), the parent company of Provident Bank, announced today that the acquisition of SB One Bancorp (Nasdaq: SBBX) (“SB One”) and its subsidiary, SB One Bank, closed effective July 31, 2020.

Under the terms of the merger agreement, each outstanding share of SB One common stock will be exchanged for 1.357 shares of Provident common stock together with cash in lieu of any fractional shares. The combined organization will have approximately $12 billion in assets and will rank as the 3rd largest bank headquartered in New Jersey. The merger brings together two high-performing companies with complementary geographies and business lines.

“We welcome the customers, employees, and shareholders of SB One to the Provident team. We also welcome Edward Leppert, Robert McNerney and Anthony Labozzetta to our Boards of Directors. I especially look forward to Tony joining

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Elavon Financial Services DAC — Moody’s affirms U.S. Bancorp’s ratings (A1 long-term senior unsecured), changes outlook to negative from stable

Rating Action: Moody’s affirms U.S. Bancorp’s ratings (A1 long-term senior unsecured), changes outlook to negative from stable

Global Credit Research – 05 Aug 2020

New York, August 05, 2020 — Moody’s Investors Service (Moody’s) has affirmed the ratings of U.S. Bancorp (USB) and its rated subsidiaries, including the group’s main bank operating entity U.S. Bank National Association (USBNA), and Elavon Financial Services DAC. USB is rated A1 for long-term senior unsecured and subordinate debt.

Moody’s has also affirmed the aa3 standalone baseline credit assessment (BCA) of USBNA as well as the bank’s Aa1 long-term deposit rating and A1 long-term senior unsecured rating. The Aa2(cr)/Prime-1(cr) Counterparty Risk Assessments and the Aa3/Prime-1 Counterparty Risk Ratings of USBNA were also affirmed.

The rating outlooks on USB and its subsidiaries were changed to negative from stable. “The change in outlook reflects the bank’s weaker capital position as it continues to face coronavirus pandemic challenges”,

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Here’s Why It Marks A Paradigm Shift In Financial Services

On Wednesday evening, Detroit-based Rocket Companies (NYSE: RKT), home to Quicken Loans, the nation’s largest retail mortgage lender, priced its 100-million share IPO offering at $18 per share. This would value the company at about $36 billion.

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The stock is expected to make its NYSE debut on Thursday morning. Underwriters include Goldman Sachs, Morgan Stanley and Credit Suisse.


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Last month, Rocket Companies said it had planned to raise as much as $3.8 billion by selling 150 million shares at a target offering price range of between $20 and $22. The highly-anticipated debut comes after the IPO market cooled down since the spring.

The IPO’s proceeds will be used to finance business purchases and stock from Rocket’s existing holding company, Rock Holdings Inc., owned by founder and majority shareholder Dan Gilbert. The company’s CEO will continue to be Jay Farner, who’s been with Quicken for

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New program to study financial hardship, food poverty within the Armed Forces Community

The UK’s oldest national tri-service charity, in partnership with Northumbria University has today announced the launch of a programme of research into financial hardship and food poverty within the Armed Forces Community.

Over a two-year period, the Northern Hub for Veterans and Military Families Research and the Healthy Living Lab at Northumbria University will work closely with SSAFA and their volunteer network to collect and analyse a range of anonymized data from serving personnel, veterans and families from all three branches of the Armed Forces community.

The proposed data collection methods have been carefully designed to ensure minimal impact on beneficiaries during the initial steps they would normally go through to during SSAFA’s caseworking process. SSAFA supports the welfare needs of over 85,000 veterans, families and service personnel, with more than 41,000 cases and visits completed alone in 2019, in local communities

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iAnthus Reports Fiscal 2019 Financial Results and Provides Additional Business Updates

NEW YORK and TORONTO, July 31, 2020 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, reports its financial results for the year ended December 31, 2019. The Company’s Financial Statements for the year ended December 31, 2019 and the related Management’s Discussion & Analysis can be accessed on the Company’s SEDAR profile at and on the Company’s website.

Additional Business Updates

Mutual Termination of Acquisition

The Company and WSCC, Inc. (“Sierra Well”) announce the mutual termination of the merger agreement previously announced on September 19, 2019. As a result of the prolonged timeline to achieve the necessary conditions to close combined with the adverse market conditions surrounding the industry and broader economy, the Company and Sierra Well agreed that it was in the best of interest

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Royalty Tax & Financial services helps minorities across America obtain business and home ownership through financial understanding

Ohio-based company is now accepting clients nationwide

July 30, 2020 – Cleveland, OH – Purchasing a home is one of the biggest steps a person will take in their lifetime. Although many minority Americans aim to own their own home, they are ultimately unable to purchase their dream house due to poor credit. Royalty Tax & financial services, a Cleveland-based company focused on repairing credit for clients from minority groups, aims to help individuals understand their credit and become financially literate. By gaining more knowledge on one’s credit, a person can achieve their dream of owning their own business or home.

Royalty Tax & financial services is now accepting clients across the United States. The company helps people take control of their finances thanks to its highly trained staff that help individuals manage their debt, tax issues and finances. All services provided to clients are specific to each situation and

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True Link taps $35M for financial services tailored for elderly, disabled and recovering consumers

A lot of tech is built on the premise of services that can target the widest or most lucrative pools of users (and they’re a blockbuster when they can do both). But that leaves out a number of consumers, who fall into the margins for all kinds of reasons, be they physical, age, financial or other circumstances. Today, a startup building financial services specifically aimed at three typically marginalised markets — elderly, disabled people and those who are recovering from addiction — is announcing some funding on the back of strong growth of its business, and plans to do more.

True Link Financial, which provides financial services — specifically, today in the form of prepaid Visa cards and investment management — aimed at the three demographics, is announcing that it has closed a Series B of $35 million, led by Khosla Ventures with strong participation from Centana Growth Partners, an

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Discover Financial Services: The Worst Is Yet to Come

Credit card lender Discover Financial Services (NYSE: DFS) reported its second-quarter results on Thursday, and they were ugly. Total revenue fell 7%, while net income swung from a $753 million profit a year ago to a $368 net loss. The company set aside a whopping $2 provision for loan loss, or a net $1.3 billion reserve build after accounting for $767 million in charge-offs last quarter.

Unfortunately, Discover increased its reserve even over the large build taken in the March quarter during the early days of the pandemic, admitting to a worsening outlook compared with three months ago. Management also forecast charge-offs increasing later this year and into 2021.

On the other hand, Discover’s balance sheet and customer base also seem in much better shape compared with the last financial crisis in 2008. And if the government comes through with another round of stimulus, things may not be turn out

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Finance office goes virtual with launch of AF Comptroller Services Portal

The 88th Comptroller Squadron went virtual recently after the Air Force Comptroller Services Portal launched. The CSP now serves as the primary route for finance customers to submit pay requests.


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Tech Sgt. Jackie Summers, 88th CPTS Financial Operations NCO in charge, said they’ve been working on the CPS program since receiving the results of a 2018 survey conducted at 29 bases.

According to Summers, the majority of the survey’s participants said they wanted better communication with their finance offices and preferred for that communication to be in an electronic format.

Finance customers can access the portal and submit accounting, budgeting, civilian, military and travel pay inquiries by going to The only user exceptions are reservists and traditional guard Airmen.

Summers said those Airmen should be able to access the portal sometime next year.

To access the site, customers will not need VPN access, but they will

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