Episode 14 – February 22, 2017

HOPE Inside – A Model for Financial Inclusion and Increased Business for Banks / Regulatory Relief?

        • Host: Sharon Lorman, Vice President
          Panel: Jeff Marsico, EVP; Jill Pursell, VP
          Guest: John Hope Bryant, Operation HOPE CEO and Founder

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      • Podcast Show Notes:

      • Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and Apple and Droid podcast apps for your listening enjoyment. Join us on your commute or at your desk.
      • Topic 1: HOPE Inside

      • Start time 2:45
      • John Hope Bryant was TMIB’s guest for the first topic. Mr. Bryant was honored as American Banker’s 2016 Innovator of the Year for developing the HOPE Inside model that promotes financial inclusion, generates business for banks and gives branches a new purpose at a time of declining foot traffic. HOPE Inside is a financial empowerment program of Operation HOPE that provides free credit and money management, homeownership and small business counseling. Financial counselors are inside bank branches, grocery stores, city offices, colleges and police departments providing access to everyone in locations they already frequent. The counselors offer free unbiased financial advice to current and prospective customers including those with credit problems that might preclude the banks from approving them for loans or other services. Customers can obtain advice on how to build their credit, start a business, prepare to buy a home or avoid foreclosure.
      • Mr. Bryant founded Operation HOPE, the nation’s first nonprofit financial services network for the underserved, in 1992. Since its inception, Operation HOPE has served more than 2.5 million individuals and directed more than $1.8 billion in private capital to America’s low-wealth communities. Mr. Bryant is an advisor to business and government and author of bestselling books on economics and leadership. He served U.S. President Barack Obama as Chairman of the Subcommittee on the Underserved and Community Empowerment and was a Member of the U.S. President’s Advisory Council on Financial Capability. Prior to this, Mr. Bryant served U.S. President George W. Bush as Vice-Chairman of the U.S. President’s Advisory Council on Financial Literacy, and Chairman of that Council Committee on the Underserved as well. Operation HOPE’s work led then President Bush to sign an Executive Order in 2008 establishing financial literacy as federal policy for the first time in U.S. history.
      • In November 2016, Sun Trust Banks in Atlanta agreed to expand the number of financial counseling locations of Operation HOPE Inside from seven of its branches to 200 by 2020 increasing the number of individuals served from 6,000 to 150,000. HOPE Inside also has financial literacy centers inside branches at First Tennessee Bank in Nashville and Synovus Financial in Columbus, Georgia.
      • How can the HOPE Inside Model work for your bank?
      • Listeners can connect with John Hope Bryant’s team via Operation Hope’s HQ office 404.941.2919
      • See the FB Live “Silver Rights” Series and listen to a new podcast on itunes: Straight talk with John Hope Bryant
      • Topic 2: Regulatory Relief?

      • Start time 30:20
      • On February 3rd, President Trump signed an executive order which he said would dramatically scale back the Dodd Frank Act. The President’s order directs the Treasury Department to review whether existing laws and regulations follow what the President identified as “core principles” of his administration. He directed the Treasury secretary to file a report within 120 days on possible regulatory changes or legislative recommendations.
      • What will be the impact of this executive order?

Watch for episode 15 of This Month in Banking to be released on Wednesday, March 29, 2017 and a new episode on the last Wednesday of every month.

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