News Archives » About
Top US Banks Disappoint in Investor Study November 22nd, 2013
Five years after the crisis that rocked the financial world, seven leading U.S. banks scored a disappointing 60 or fewer out of 100 possible points in a benchmarking study released today by the Interfaith Center on Corporate Responsibility (ICCR), which represents 300 faith-based and socially responsible institutional investors with $100 billion in assets under management. The top banks were evaluated in terms of four key shareholder concerns: executive compensation, risk management, responsible lending and investing, and political contributions.
The financial institutions included in the ICCR report are: Goldman Sachs (60, which scored highest on responsible lending and investment and tied for highest on political contribution practices); Bank of New York (59.02, which scored highest on risk management and tied for highest on political contribution practices); JP Morgan Chase (56.5, which tied for highest on political contribution practices); Morgan Stanley (55.40); Bank of America (55.35); Citi (54.90, which tied for highest on political contribution practices): and Wells Fargo (50.73, which scored highest on executive compensation practices.).
You can find the full report on the ICCR website or download directly here.
Rev. Séamus Finn, director, Justice, Peace and Integrity of Creation for the Missionary Oblates of Mary Immaculate and ICCR board vice chair, said: “Five years after the U.S. financial meltdown, some of the banks are beginning to address their risk management protocols, but have much more work to do when it comes to responsible lending and investment. Overall disclosures are also weak, particularly related to both executive compensation and political contributions. What we see in these findings is a somewhat timid group of banks clustered in the average-to-below-average range with no single institution distinguishing itself as a leader for shareholders in the post-financial crisis era.”
Click here to read more »
United Nations Opportunities November 4th, 2013
Through the Missionary Oblates of Mary Immaculate and the VIVAT International NGO Office, persons in our network are able to participate in major UN meetings in New York City. There is no fee to attend these sessions, but participants are responsible for their own transportation and room and board. If you are interested in attending a major UN meeting in New York in 2014, contact Daniel LeBlanc OMI as soon as possible at dlkomijpic@yahoo.com
February 11 – 21, 2014: 52nd Commission on Social Development (CSocD 52)
March 10 – 21, 2014: 58th Commission on the Status of Women (CSW 58)
May 12 – 23, 2014: 13th Permanent Forum on Indigenous Issues (UNPFII 13)
Helpful Resource: Action Through Words
Action through Words is an online study course that helps users deepen their knowledge of the history and workings of the United Nations while expanding their knowledge of the English language and communication skills. This program is designed for anyone wanting to explore the work of the UN, especially those working where access to formal language training is limited. Go to: www.unepd.info/index.html
Solar Cooker Sets Technology Trend at the OEI in Godfrey November 3rd, 2013
The JPIC Committee learned about the efficiencies of solar cooking after their semi-annual meeting in Godfrey last week.
Fr. Antonio points to the temperature gauge. This cooker gets hot quickly in the sun!
Congress Urged to Protect Humanitarian Assistance and Poverty-focused Programs November 1st, 2013
The US Region of the Missionary Oblates was one of 140 non-governmental and faith-based organizations that urged members of the Congressional Budget Conference Committee to protect international humanitarian assistance and poverty-focused development programs. The groups also urged that the blunt tool of sequestration be replaced with a balanced deficit-reduction plan.
InterAction, a coalition of groups working on international relief and development, was responsible for organizing the letter. An identical letter was sent to all members of the Budget Conference Committee, which is responsible for reconciling the significant differences between the budget bills passed by the House and the Senate.
Letter to Rep. Paul Ryan, House Budget Chair (Download PDF)
Letter to Sen. Patty Murray, Senate Budget Chair (Download PDF)
Isaiah Fund Certified as a Community Development Financial Institution October 31st, 2013
Low-income housing in New Orleans built through the Isaiah Fund
The Isaiah Fund recently became a certified Community Development Financial Institution (CDFI), an important milestone for the interfaith initiative. The Isaiah Fund is a multi-faith-based permanent disaster response loan fund that provides long-term investment in the revitalization of disaster-torn communities.
The OMI USP is an investor in the Isaiah Fund, which targets rebuilding in low-income communities. The Oblate US Province Sharing Fund has also supported their work.
With CDFI certification, the Fund should be able to grow, attracting new investors, which will enable it to broaden its reach to the poor and marginalized, who suffer most when natural disasters occur.
Certification by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is an important milestone for the fund and has been many years in the making. It will now make Isaiah eligible to apply for competitive Financial Assistance funds from the CDFI Fund as well as investments and equity from banks, insurance companies, and other investors.
The need for rebuilding after major disasters continues – in New Orleans, more than eight years following Hurricane Katrina, and in New Jersey and New York one year following the destruction caused by Hurricane Sandy. The Isaiah Fund continues its work to deploy loans and mission deposits where they are needed most in these communities.
