NBCI Investigating 35,000 Complaints

Washington DC – The National Black Church Initiative (NBCI), a coalition of 34,000 churches spanning 50 denominations and representing 15.7 million African Americans, is outraged at the lack of support that BB&T Bank has shown the African American community.  Therefore, we are declaring a national boycott against BB&T over the next seven years and we are going after 40% of their profits.

As of September 30, 2010, BB&T Corporation is the 10th largest U.S. financial services holding company, with $157.2 billion in assets.  As a leader in banking, their responsibilities are amplified – BB&T can and should address the issues American investors and customers are experiencing due the negligence and fraud financial institutions have committed.  BB&T has created a hostile service environment toward its customers. It seems to have directed some of that hostility toward ignoring the African American community totally. BB&T has demonstrated time and again that they are not a friend to the African American community, said NBCI.

Reverend Anthony Evans, President of NBCI, says “BB&T is getting away with murder in our community.  They are destroying our families, ignoring our businesses and have a program to undermine any Black economic development.  This can easily be understood when you look at the assets of BB&T Bank and the percentage of businesses that they engage in with the Black community.  They have never funded a Black development project over 50 million dollars.  They have foreclosed on more African American homeowners than White homeowners according to our internal statistics.  They are a heartless corporation who hates the Church.  They have foreclosed on hundreds of African American churches throughout the South such as the Higher Ground Employment Center among many others.  We consider BB&T’s banking practices to be racist and that is why we are going after 40% of their profits over the next seven years.  Our campaign will be systematic, hard hitting and without mercy.  But everything we do will be legal and non-violent.”

NBCI is an organization committed to eradicating the disparities so prevalent in the American economy and our current financial landscape and we intend to do something about it. This is why we are asking all of our members to not bank at BB&T, close your BB&T accounts and join the Black Church in this movement.

According to NBCI, “We exhaustively researched BB&T, reviewed online complaints against BB&T, engaged our membership, and reviewed company facts. We were truly dismayed at what we discovered.  While we acknowledge that any company of the size of BB&T will have complaints, we feel that our research indicates that BB&T has a higher than normal percentage of unhappy customers with numerous complaints that are outrageous, particularly within the African American community.”

http://www.consumeraffairs.com/finance/bbt_bank.html 

http://www.complaintsboard.com/bycompany/bbampt-a7979.html 

“BB&T has completely failed the Black community in every respect. They do not sponsor any major African American community events. This is systematic on their part. Ask BB&T to answer the following questions:

What percentage of loans do they give African American businesses?

What percentage of loans do they give Latino businesses?

What percentage of mortgages does BB&T hold in the Black community?

What technical assistance does BB&T offer the Black community?

How many Black developers use BB&T as their primary bank?

“The answer to these questions is little or nothing because African Americans, no matter how well they do economically, are not a focus of their profit margin approach.  Given that the African American community has suffered disproportionately during this mortgage crisis we cannot partner with an organization with so many legitimate complaints of mortgage fraud – it simply goes against the basic teachings of what is morally right and wrong because lying and stealing are against the teachings of the Church. In addition, we will never partner with an organization that systematically targets our community for inappropriate business practices. BB&T simply tolerates us.  BB&T will never make a long term commitment to any Black developer, home owner or business. 

“While we were in the process of completing our research, we analyzed the offers that BB&T made to NBCI in reply to our invitation to form a valuable relationship within the African American community. We consider their offer disrespectful and we are certain that they would not have made the same of $10,000 to a white financial literacy program that represents 15.7 million people.  This is a clear indication that BB&T lacks any commitment to the African American community and does not take either our institutional or consumer power seriously.

“BB&T has shown exactly how banks should not treat minority organizations.  As of right now, we are informing the entirety of our membership plus the balance of our sister churches – 100,000 strong – that BB&T is not a friend of the Black Church.  NBCI has launched a nationwide boycott of BB&T banks and all of its related businesses to spur this giant organization to more fairly address the needs of the minority population and right the wrongs done to the African American community. It is clear that words alone will not work. We need action that impacts the only thing that matters to them more than their racism: money.”

About NBCI

The National Black Church Initiative (NBCI) is a coalition of 34,000 African American and Latino churches working to eradicate racial disparities in healthcare, technology, education, housing, and the environment. NBCI’s mission is to provide critical wellness information to all of its members, congregants, churches and the public. The National Black Church Initiative’s methodology is utilizing faith and sound health science. The National Black Church Initiative’s purpose is to partner with major organizations and officials whose main mission is to reduce racial disparities in the variety of areas cited above. NBCI offers faith-based, out-of-the-box and cutting edge solutions to stubborn economic and social issues. NBCI’s programs are governed by credible statistical analysis, science based strategies and techniques, and methods that work. Visit our website at www.naltblackchurch.com.

Olumide Emmanuel, author of “How to Establish Financial Security”

San Diego, CA (BlackNews.com) — Every investor has a certain mindset that guides decisions as to where to put their money, why, and when. “Optimally, this ‘investment mentality’ is not concerned with consumption or waste, but rather is focused on how to minimize risk and multiply hard earned dollars,”notes global businessman and wealth creation expert Olumide Emmanuel, author of How to Establish Financial Security. “This mindset is focused on the acquisition of assets over liabilities so that money works for you instead of you working for money.”

It would seem that employing an investment mentality – one that leads to only wise and prudent decision making – would be commonplace. But, the opposite can sometimes be true. Below, Emmanuel offers 5 key toxic investment mentalities to know and avoid at all costs:

1. Nomadic Mentality: The nomadic mentality reflects a kind of vagabond spirit that controls people. Just as nomads do not have a fixed location, people with a nomadic mentality move from job to job, place to place, business to business, and investment to investment without focus or consistency. They lack the staying power and resolve to realize term-based results. Nomadic investors pilfer monetary resources from one vehicle to quickly move on to the next.

2. Consumer Mentality: To always consume without producing is a grave investment error. Many people spend their entire lives consuming everything they can without any investment provisions or savings to secure their financial future. The result of such unrestrained spending is often shame, family strife, financial hardship and even poverty. All too often, those that consume more than they produce find themselves at the bottom rung of the economic ladder.

3. Victim or Entitlement Mentality: This is the mindset of always feeling victimized, marginalized, or that someone owes you something. Giving excuses and shifting blame for losses are trademarks of this investment attitude. Ultimately, no one can make us fail without our permission, so whatever we allow or permit to happen is the result an investor must take ownership of – and learn a lesson from. Those with this mentality often find themselves languishing in the same place without making real progress relative to asset proliferation.

4. Civil Service, Salary, or Wage Mentality: Many don’t realize their full investment potential because they live their entire life expecting their employer benefits, the government, or their salary to make them rich and wealthy. None of these are a source of wealth – they are merely a resource. It is important to move from a salary mentality to an income mentality. Salary, as a result of labor, is fixed and set by someone else. Income, however, can vary over time, is not determined by anyone else, and can come to you even when you do not “work”for it. Income can reflect your true worth, value, and abilities. With a salary, you work for the money. With income, the money works for you.

5. Prosperity or Materialism Mentality: While there is nothing inherently wrong with prosperity, sometimes this investment goal is nothing more than materialism and ego-driven self-centeredness. If your only reason for wanting to be rich and wealthy is so that you can acquire material possessions and establish comfort for yourself alone, then your mindset is fallible. Successful investors must move from prosperity-mindedness to posterity-mindedness such that your wealth will not only positively affect you and your family’s generation, but also serve as a legacy and support for future generations.
“In order to develop an effectual investment mentality that best helps you achieve financial goals and become truly wealthy, it’s important to self-assess and recognize if you have any of these adverse mindsets,”Emmanuel asserts. “If so, ‘detoxify’ and make a concerted effort to shift mental gears to establish a more productive perspective on wealth building. Only then will you have the right frame of mind to acquire real wealth and value in your life, and the lives of those around you.”
About the Expert
Global businessman, inspirational speaker and investment wealth creation expert Olumide Emmanuel is the founder and president of Success, Business and Leadership School (SBLS), a training platform for future leaders and entrepreneurs. Also a bestselling author, Emmanuel has 20 books in print, including How to Establish Financial Security, along with numerous audio CDs and DVDs on entrepreneurship, investment, and business development issues. His venture www.MyRealMission.com is the Web’s leading destination for people to develop their life’s mission and discover their purpose.

Alexandria, VA (BlackNews.com) — In his new book, Exiting the Matrix: How Conventional Wisdom is Ruining Your Financial Future, author and financial strategist Brian J. Fischer looks to turn the financial services world upside down. How you might ask? By asking Americans one simple question – if the stock market did not exist, would you ever be able to retire?

The world of personal finance continues to be one in which millions of people grabble with everyday attempting to find out which investment will lead them to their retirement oasis albeit with one simple problem – it does not exist. Wall Street and financial institutions have trapped people in a financial matrix by telling them what they should be doing with their money as opposed to educating them. To this day people believe that the stock market is the best way to make money – a notion and belief brought about by a mass media marketing machine that is revealed in this new book.

“Americans have lost nearly half their money twice in the past 10 years yet they continue to believe that everything will be okay if they just hold on. Meanwhile, Wall Street continues to make billions of dollars off unsuspecting and uneducated investors. All of this continues to happen despite the fact that we have all sat and watched both banks and corporations receive trillions of dollars from the federal government with little relief for the average American. This is just further proof our financial system is broken and our priorities are out of whack,” explains Fischer.

The Federal Reserve System, mounting national debts, television gurus, financial planning and qualified retirement plans (like the 401k) are only some of the topics discussed in the book as contributing to the declining prospect of a true retirement. While Exiting the Matrix seeks to both reveal and dispel the misconceptions at the root of the problems, it takes these issues one step further by offering guaranteed solutions that most people can incorporate into their current financial plans to help get back on track.

Fischer touts two financial vehicles he views as the “scorn of the mass media” as being part of the financial solution to what ails many people but warns that an open mind and change in mindset is required. There’s an old adage that says, “If you keep doing what you’re doing, you’ll keep getting what you’re getting.”

To learn more about the book or to purchase visit: www.exitingthematrix.com or Amazon.com.

ISBN-10: 0-7414-6783-6
ISBN-13: 978-0-7414-6783-6

ABOUT THE AUTHOR:

Brian J. Fischer is president of Fischer Financial Group, a nontraditional financial services firm located in Alexandria, VA. He has worked in the financial services field for nearly a decade and uses unconventional planning strategies in steering individuals towards their financial goals and dreams. His motto is that wealth can be created without risk so you can retire without worry.

Photo: Brian J. Fischer

New York, NY (BlackNews.com) — Inner City Media Corporation (the “Company”) announced that it has reached an agreement in principle with its senior lenders, pursuant to which the Company will implement a consensual pre-negotiated financial restructuring that will result in a restructured balance sheet.

The agreement provides that the Company and the senior lenders will file a chapter 11 plan of reorganization by mid-October, which is anticipated to, among other things, provide for the payment in full of all allowed administrative and general unsecured claims, subject to confirmatory due diligence by the senior lenders. The Company expects to emerge from bankruptcy protection by the end of 2011 and looks forward to working with the senior lenders in its emergence from bankruptcy.

More information about the reorganization may be found at www.gcginc.com/cases/ICBC.

“Hope: The New Financial System Emerging After The American Economic Crisis” by Brenda J. Isom shows readers how to recover from the economic crisis and regain their wealth.

Interested ones can order and/or preview the book at www.brendaisombooksstore.com

To arrange a book signing or interview, contact Brenda Jackson-Isom at (408) 799-9384 or brenda.isom@yahoo.com

Conference focused on credit, budgeting and financing higher education

Illinois State Treasurer Alexi Giannoulias’ office held a free money management conference Thursday in Chicago geared toward helping women take control of their finances.  

Smart Women Smart Money aims to empower women financially by providing practical advice and real-life examples of how women can budget, save and invest wisely. The 10^th annual conference, held at the UIC Forum, featured financial experts who led seminars on credit management, budget basics and paying for college. More than 500 people attended the conference.

 State Treasurer’s Chief of Staff Robin Kelly, who spoke during the conference, said it’s important that women help each other further their professional and financial goals. 

 “I’m a huge advocate for education that’s by women and for women. No offense to the guys, but to be a successful woman, you need to stand on the shoulders of other women,” Kelly said. “It’s something I try to do in my life, empower the women around me to be leaders, to make sure they always have a seat at the executive’s table.”

 Keynote speaker Rosie Rios, United States Treasurer, discussed the importance of financial empowerment for women and shared her secrets for success. In addition, two Chicago businesswomen were recognized for their professional accomplishments and community service.

 Leticia Velez-Hudson received the Woman on the Rise Award for her success as President/CEO of Chicago Mini Bus Travel and for her work with civic organizations such as Mujeres Latinas En Accion and A Safe Haven Foundation.

 Merri Dee, President/CEO of Merri Dee Communications, received the Woman of Excellence Award for a career in broadcasting that spanned four decades and for her work as an advocate for children and education.

 SWSM is presented by Dollars and Sense Inc., a nonprofit organization. Major sponsors include COUNTRY Financial, State Farm and VISA.

Recession has worried Pittsburgh residents making long-term changes to manage their finances

Pittsburgh, PA (BlackNews.com) — Pittsburgh residents say the economic recession and choppy recovery have changed for the long term how they handle their finances. Diminishing optimism for the recovery has forced many to take a more hands-on approach to planning for a brighter financial future. To help, Nationwide Insurance is partnering with author and broadcaster Tavis Smiley to bring its On Your Side Tour with Tavis Smiley, a free financial empowerment workshop, to Pittsburgh on October 9 at the David L. Lawrence Convention Center.

The need to address financial literacy and financial planning – including African-American households in Pittsburgh – is highlighted in a new survey commissioned by The Smiley Group and Nationwide Insurance that shows the recession has impacted how Americans are preparing themselves for the future.

Positive Changes

According to the survey, African Americans in Pittsburgh have made more positive changes in the past year than the general population as a result of the economy, including creating a household budget (40 percent to 24 percent), cutting back on eating out and entertainment (67 percent to 55 percent), and delaying non-essential purchases (60 percent to 45 percent).

Hard Times in the Steel City

Eighteen percent of African Americans in Pittsburgh surveyed say they are unemployed, compared to 8 percent of the general population. Nearly half of African Americans in Pittsburgh (47 percent) say they have a household income less than $35,000 a year before taxes, compared to 18 percent of the city’s general population.

The majority of African-American (87 percent) and general-population (94 percent) respondents in Pittsburgh remain at least somewhat worried about the economy. Twice as many respondents believe their financial condition has worsened in the past year than those who feel it has improved. Many don’t believe it will improve over the next 12 months (47 percent African Americans and 58 percent general population).

Other survey findings of concern in Pittsburgh:

* 38 percent of African Americans are unable to pay all household bills (compared to 19 percent of general population).
* 18 percent of African Americans say their employer has reduced their hours (12 percent of general population).
* 11 percent of African Americans took a loan from their 401(k) (6 percent of general population).
* 35 percent of African Americans are struggling with credit card debt (28 percent of general population).
* 41 percent of African Americans are not confident they will have enough money to live comfortably throughout their retirement years, compared to 33 percent of general population.

“The results of the survey underscore that Americans in Pittsburgh – black and white – are struggling to emerge from this downturn on their feet,” said Tavis Smiley. “As the world continues to recover from the recession, Black America has the highest unemployment rates, was heavily impacted by the housing crisis and was hit hard by the credit crisis. These sessions are as timely today as they were when we started the tour two years ago.”

Work To Be Done

When it comes to financial goals, African Americans say paying monthly expenses (34 percent to 21 percent) and paying rent/mortgage (33 percent to 15 percent) are significantly more important to them than the overall general population responded. However, only 4 percent of African Americans say their most important goal is saving for retirement (compared to 18 percent of the general population).

Eighty nine percent of all Pittsburgh residents who plan to build up an emergency savings fund over the next 12 months and say they will continue to do so for the long term.

The free event at the David L. Lawrence Convention Center is open to the public and will focus on economic empowerment and financial planning. It will feature a general session with Smiley as the keynote speaker and two informational seminars with breakout sessions for group participation, and provide other information – including financial basics, employment opportunities and more.

“As America continues to see the long-term impact of the Great Recession, our safety nets are slowly diminishing and consumers are becoming more aware that fiscal accountability and responsibility is up to them,” said Brian O’Dell, regional vice president for Nationwide’s Northeast Region. “Consumers are seeking financial information and tools to help them plan for today and prepare for tomorrow. We view our On Your Side Tour with Tavis Smiley as a way to help people help themselves and make a difference in communities like Pittsburgh.”

About the Survey
The online survey was conducted July-August 2010 by the Blackstone Group. A web panel was used to collect data. A total of 325 residents of Pittsburgh were split into two sample groups: general population, ages 18+ (200 people) and African American, ages 18+ (125 people). Significance testing was done at the 90% confidence level. Margin of error is +5.8% for the general population and +7.4% for the African American population.

About Tavis Smiley and The Smiley Group
From his celebrated conversations with world figures to his work to inspire the next generation of leaders, as a broadcaster, author, advocate and philanthropist, Tavis Smiley continues to be an outstanding voice for change. Smiley is currently the host of the late night television talk show Tavis Smiley on PBS and The Tavis Smiley Show from Public Radio International (PRI). TIME magazine honored Smiley in 2009 as one of “The World’s 100 Most Influential People.”

The Smiley Group, Inc. is a communications corporation established in support of human rights and related empowerment issues. TSG serves as the holding company for various enterprises encompassing broadcast and print media, lectures, symposiums and the Internet. For more information, visit www.tavistalks.com.

About Nationwide
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.

Nationwide, the Nationwide Framemark and On Your Side are service marks of Nationwide Mutual Insurance Company.

New law cracks down on debt settlement fraud 

Springfield, IL – A bill pushed by the Illinois State Treasurer’s Office aimed at cracking down on debt settlement companies that make false promises of big savings while sinking consumers further into debt was signed into law Tuesday.

“For far too long, debt settlement companies have operated like it’s the Wild West out there. This legislation will require that debt settlement companies play by the rules and not take advantage of Illinoisans who are struggling during these difficult times,” said State Treasurer Alexi Giannoulias. “It will rein in these unscrupulous practices and protect the financial health of Illinois residents.”

The economic downturn and high unemployment rate have spawned the rapid growth of debt settlement companies nationwide that claim to help distressed borrowers by negotiating to pay off their debt for pennies on the dollar.

The new legislation prohibits all upfront and monthly fees, except for a one-time $50 application charge, and caps fees at 15 percent of the savings achieved from settling a debt. Prior to this law, debt settlement companies were allowed to collect roughly 15 to 20 percent of the consumer’s total debt upfront, so a consumer who owes $15,000 in credit card debt the company could pay $3,000 upfront before a single debt is settled.

Promising savings of up to 60 percent, debt settlement companies typically told clients to stop paying their credit card bills and to re-route that money into an account that would later be used to negotiate a settlement. This accumulation period took anywhere from 12 to 18 months while fees and interest continued to accrue.

As a result, many consumers were sued by their creditors before settlements were reached, leading to judgments, wage garnishments and liens. In most cases, consumers could not obtain refunds if they cancelled their contracts, even if none of their debts were actually settled.

The new debt settlement law, crafted by the Treasurer’s Office in collaboration with Illinois Attorney General Lisa Madigan, prohibits companies from advising consumers to stop making payments to creditors, allows consumers to cancel a contract at any time and prohibits deceptive promises of specific debt reduction results.

It also requires the companies to provide written analysis of a consumer’s financial situation prior to entering into a contract as well as warnings on how a consumer’s credit may be negatively impacted by a debt settlement agreement.

In addition, the Illinois Department of Financial and Professional Regulation will be required to license debt settlement companies for the first time.

State Sen. Jacqueline Collins of Chicago, the Senate sponsor of the bill, said debt settlement companies could no longer be allowed to prey on consumers in crisis.

“This law will curtail the fraudulent, abusive and deceptive practices employed by many debt settlement companies that seek to enhance their bottom line at the expense of working families struggling with substantial personal debt,” Collins said.

State Rep. Karen Yarbrough of Broadview, who sponsored the bill in the House, said the law will provide important safeguards for consumers from dishonest debt settlement tactics.

“Consumers will now have the protections they need to make informed decisions about how best to resolve their debts as well as the tools they need to fight back against unscrupulous debt settlers,” Yarbrough said.