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Can we bank on your support?

20 Dec 2009 - Preaching the News for Sunday

The infant in Elizabeth's womb "leaped for joy" when Mary approached, we hear in this Sunday's gospel. Small businesses that approach banks for loans are not getting a similar reaction. On Monday President Barack Obama told Wall Street bankers who were bailed out last year they have a moral obligation to make more loans. "One year ago--when many of these institutions were on the verge of collapse, a predicament largely of their own making, oftentimes because they failed to manage risk properly--we took difficult and, frankly, unpopular steps to pull them back from the brink," Obama said. Obama said that because taxpayers provided "extraordinary assistance" to save bankers from the financial crisis, "now that they're back on their feet, we expect an extraordinary commitment from them to rebuild our economy." Banks should not be required to make bad loans, the president said after meeting with executives of financial firms, but "I'm getting too many letters from small businesses who explain that they are credit worthy" but cannot get loans. In related news Federal Reserve Chairman Ben Bernanke was named Person of the Year by Time magazine this week. Time credited Bernanke with leadership that helped set the U.S. economy on a path to recovery, even if bank bailouts have proven unpopular. "Bernanke . . . knows the economy would be much, much worse if the Fed had not taken such extreme measures to stop the panic," Time said. Source: Articles by Henry J. Pulizzi for the Wall Street Journal, David Jackson for USA TODAY, Mark Felsenthal and Caren Bohan for Reuters, and the Associated Press

barack obama ben bernanke federal reserve small business banks loans bankers person of the year time magazine

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The smart money is on student aid

28 Mar 2010 - Preaching the News for Sunday

The psalmist this Sunday calls on the Lord to "hasten to aid me." Tucked into the health-care reconciliation bill on its way to the Senate this week is a major revamping of federal student aid programs that will eliminate fees paid to banks who loan to students. Instead, the government will expand a direct-lending program, and much of the projected savings will be routed to Pell grants for students. The student loan bill is a centerpiece of President Obama's education agenda, and it was included in the budget reconciliation measure that also made final revisions to the Senate-passed health-care bill. Private banks lobbied against the student loan changes, which eliminate a long-flowing source of revenue for them. The new initiative also includes $13.5 billion to cover a shortfall caused by the steep rise in the number of Americans enrolling in college and seeking financial aid during the recession. Representative George Miller (D-Calif.), chairman of the House Education and Labor Committee, said the measure represented a landmark shift in education policy that was getting overshadowed by the larger health-care fight. He called the budget reconciliation measure "truly historic legislation that addresses two of America's greatest troubles: the crushing costs and high obstacles of obtaining both quality health care and a college education." Source: An article by David M. Herszenhorn for the New York Times

health care reform banks student aid pell grants george miller

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Money that walks is money that talks

06 Nov 2011 - Preaching the News for Sunday

The “foolish” virgins in this Sunday’s gospel story are turned away from the wedding feast because of their poor judgment. Individuals, community groups, and even some churches are beginning to turn away from some of the nation’s largest banks because they believe these financial institutions have acted foolishly with their money and callously toward those who are struggling economically. Just as wisdom, according to this Sunday’s first reading, “makes her own rounds, seeking those worthy of her,” individuals and groups are looking around at their investment options, and a movement is gaining traction, labeled the “Move our Money” campaign in some quarters. The nationwide campaign aims to move at least $1 billion from large banks such as Bank of America, JPMorgan Chase & Co., and Wells Fargo & Co. to community banks and credit unions that make small business loans, help create jobs, and invest in the community. Tuesday, as part of the launch of the Move Our Money campaign, clergy representing 30,000 Los Angeles families divested congregational funds from Bank of America and Wells Fargo. They called on the Los Angeles City Council to vote on a pending resolution that would require the city to divest from banks that have not cooperated with efforts to prevent foreclosures among other responsible banking measures. Most Holy Trinity Catholic Church in San Jose, California is among the churches involved, closing its $3 million accounts with Bank of America and moving the money to a community credit union. Father Eduardo Samaniego, S.J., pastor, made the announcement several weeks ago during a press conference organized by PACT (People Acting in Community Together), an interfaith organization of 25 congregations in Santa Clara County. Standing in the church sanctuary and surrounded by 17 other PACT members, Samaniego said momentum is building to hold banks accountable for their behavior in local communities. At issue is the banks’ slow pace of loan modifications for qualifying homeowners as well as the high bonuses big banks continue to pay their top officials. This week Bank of America backed off a highly unpopular move to add a $5-a-month fee for debit card purchases, saying “our customers’ voices are most important to us.” "When I heard about the fee, it was the last straw for me," said Molly Katchpole, a 22-year-old nanny who had started a popular online petition calling on the bank to drop the debit fee. "I'm living paycheck to paycheck and one more fee was just too much." Katchpole said it was exciting that customers were able to sway a big corporation to rethink its decision, but she already had closed her account a few weeks ago and said the bank's decision won't win her back. She plans to stay with her new community bank in Washington, D.C. Sources: Articles by Monica Clark for National Catholic Reporter, Candice Choi for the AssociatedPress via Businessweek.com, and a press release from NewBottomLine.com

investment pact eduardo samaniego wells fargo bank of america move our money lending jpmorgan chase co banks people acting in community together

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Recess appointment sidesteps Republicans

08 Jan 2012 - Preaching the News for Sunday

The gospel recounts the magi’s trip to Bethlehem to pay homage to the newborn leader who would shepherd the people of Israel, while the psalmist pledges the Lord will help those who have no one to help them. President Barack Obama sidestepped Republican opposition in the U.S. Senate to appoint the first director of the Consumer Financial Protection Bureau (CFPB), tasked with protecting the public from the abuse of unscrupulous financial institutions. Obama used a recess appointment to place nominee Richard Cordray in the leadership post. “When Congress refuses to act and as a result hurts our economy and puts people at risk, I have an obligation as president to do what I can without them," Obama said. "I will not stand by while a minority in the Senate puts party ideology ahead of the people they were elected to serve." The CFPB was created by the 2010 Dodd-Frank financial oversight law, enacted in response to the 2007-2009 financial crisis to police the market for consumer products such as credit cards and mortgages. Democrats have heralded the bureau, which opened its doors in July, as a way to protect consumers from abusive lending practices like the type of home loans that were made in the years leading into the financial crisis. Republicans have charged the agency is a virtually unchecked government body that will hurt lending and put small banks out of business. "President Obama, in an unprecedented move, has arrogantly circumvented the American people," said Senate Minority Leader Mitch McConnell in response to the appointment, which sharpened tension between the White House and Republicans who had vowed since May to block confirmation of any director unless they get structural changes to the bureau. Consumer advocacy groups ranging from Public Citizen to the Consumer Federation of America praised Obama's move. So did Elizabeth Warren, the Harvard University professor and Democrat running for the Senate in Massachusetts. Warren gave original shape to the proposal for a consumer bureau and was once a leading candidate to run it. "President Obama's decision to overrule the big banks and the Senate Republicans who are protecting them gives consumers a strong ally and advocate in Washington," Warren said in a statement. Sources: Articles by Jennifer Liberto for CNN Money and Dave Clarke and Matt Spetalnick for Reuters

barack obama recess appointment richard cordray cfpb consumer financial protection bureau lending mitch mcconnell banks republicans senate elizabeth warren

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Banks profit dishonorably from rate-rigging

08 Jul 2012 - Preaching the News for Sunday

In this Sunday’s gospel Jesus responds to the hostile reaction he received from those in Nazareth who “took offense” at his prophetic message. In a parliamentary meeting Wednesday, furious British politicians took offense at American-born Bob Diamond, former chief executive of London-based Barclays, one of the world’s largest banks, charging he imported a quick-profit culture that brought dishonor on the venerable British institution. Diamond resigned Tuesday in the wake of revelations that the bank schemed to rig a key interest rate during the financial crisis. Diamond’s departure, along with that of the bank’s board chairman and chief operating officer, came on the heels of a U.S.-British investigation that resulted in a $450 million fine levied on the bank for manipulating the inter-bank lending rate known as Libor between 2005 and 2009. At the committee hearing Diamond refused to take all the blame, however, saying regulators on both sides of the Atlantic are partly complicit in the scandal because government watchdogs had failed to act after Barclays informed them of industry-wide irregularities during the U.S. financial crisis.Documents released by Barclays on Tuesday night said the bank had “raised concerns” with British regulators, the Bank of England, and the U.S. Federal Reserve that other financial institutions were not being honest about inter-bank lending rates during the financial crisis that peaked in September 2008. Other banks, Diamond said, were routinely underreporting the rates at which they were borrowing, afraid that revealing just how high their costs had soared would spark an investor panic or government nationalizations.Barclays is only one of a number of global banks being investigated for tainting the credibility of Libor, the benchmark figure that largely determines the adjustable lending rates for U.S. credit cards, student loans, and some mortgages. The scandal touched off a firestorm engulfing the London financial world, with British Prime Minister David Cameron this week announcing a broader inquiry into banking standards that will haul some of the globe’s most powerful financiers before the parliamentary committee. Sources: Articles by Anthony Faiola, Ylan Q. Mui, and Dylan Matthewsfor the Washington Post, and Mark Scott for Dealbook

interest rates parliament banks bob diamond barclays libor

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Free checking? Don’t bank on it

30 Sep 2012 - Preaching the News for Sunday

The accumulation of worldly riches comes in for heavy criticism in Sunday’s reading from the Letter of James. Many consumers today have a similarly low opinion of banks, especially as ATM fees hit record highs and free checking accounts become harder to find.The financial research firm Bankrate.com announced this week that ATM surcharges rose for the eighth straight year. While banks traditionally provide ATMs for free to their own customers and cover their costs by charging consumers who use out-of-network machines, people are getting smarter about using only in-network ATMs, which means that the companies are trying to make up for that lost revenue through other fees, according to Greg McBride of Bankrate.com.And there is more bad news for consumers. Bankrate.com also found that only 39 percent of non-interest checking accounts provided by U.S. banks are free of charge to all customers this year. That's compared to 45 percent last year and a peak of 76 percent in 2009.The banking industry has become more selective in offering free checking accounts, usually providing them only to preferred customers such as those with direct deposit accounts. The cutbacks are affecting customer loyalty, the report found.Some 72 percent of customers now consider switching accounts if their fees are raised, up from 64 percent last year. Higher-income customers with at least $75,000 in their accounts are most likely to switch, with 82 percent saying they would consider changing banks if fees were raised.Homily hint: In an economic climate that seems increasingly hostile to “the little person,” how can cash-strapped believers balance the need to earn a living and provide for loved ones with a well-developed spiritual life that keeps the pursuit of wealth in healthy perspective? Source: An article by Aaron Smith for CNN Money

banks consumers bank fees checking accounts greg mcbride bankratecom atm fees

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Homily stories

03 Jun 2018 - Solemnity of the Most Holy Body and Blood of Christ (Corpus Christi), Cycle B

A local blood bank has the name LifeSource. Blood indeed is what keeps us alive as it courses through our veins bringing in oxygen and taking out carbon dioxide. A simple transfusion of a pint of blood can mean the difference between life and death. Infections carried in the bloodstream can be deadly. How our blood works appears so simple yet is very complex. Giving someone blood that is not their identified type causes layers of problems and could even result in death. Meanwhile we go on living and let the blood in our veins do its work. No wonder before the advent of modern medicine, blood had almost magical qualities to it. There were ritual bloodlettings. Exchanging blood made people “brothers” or “sisters.” Blessing with blood of sacrificial animals provided strength or purification. Covering oneself with the blood of an enemy made you stronger. To say that we become the Body and Blood of Christ takes a leap of faith that many are not able to make. To be transformed into the mysterious source of life that being the Body and Blood of Christ in our world demands is much more than many want to take on. Yet as Christians we must embrace and consume the Body as we bring our lips to the cup and pray “Amen.”

Authors Father Dominic Grassi

blood banks

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Homily stories

08 Sep 2019 - Twenty-third Sunday in Ordinary Time, Cycle C

The famous graffiti artist known as Banksy pulled quite a stunt on the auction house Sotheby’s in 2018. As soon as his iconic image “Girl with a Balloon” sold for $1.4 million, it self-destructed—shredded by a mechanism he had hidden in the frame. The surprise created a sensation—and made a statement by the artist about the absurdity of attaching so much monetary value to art. (Although, ironically, the shredded remains of his image are now worth more than before. In the act of destroying the artwork, it seems, a new one was created.) Banksy's sneaky spectacle is reminiscent of Buddhist monks who make elaborate mandalas out of colored sand. The artwork is intricate, painstaking, as dense sand is applied to a geometric pattern using small tubes, funnels, and scrapers. Often an entire team of monks will work on one together. Once finished, the mandala is ritually destroyed, all the sand wiped away and collected for transport back to nature. The exercise is meant to reinforce that life is transitory, all things ephemeral. Detachment from material things is central to Buddhism, and to Christianity too, as we are called by Jesus to loosen our tight grip on possessions, and even relationships, so that we might be freer to follow him.

Authors Jennifer Tomshack

Banksy Possessions Materialism artwork mandalas

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