DOCSLIB.ORG

Accountability for the Department of Education's Oversight of Student

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Accountability for the Department of Education's Oversight of Student ACCOUNTABILITY FOR THE DEPARTMENT OF EDUCATION’S OVERSIGHT OF STUDENT LOANS AND THE READING FIRST PROGRAM HEARING BEFORE THE COMMITTEE ON EDUCATION AND LABOR U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS FIRST SESSION HEARING HELD IN WASHINGTON, DC, MAY 10, 2007 Serial No. 110–32 Printed for the use of the Committee on Education and Labor ( Available on the Internet: http://www.gpoaccess.gov/congress/house/education/index.html U.S. GOVERNMENT PRINTING OFFICE 34–989 PDF WASHINGTON : 2008 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate 0ct 09 2002 16:56 Mar 21, 2008 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 G:\DOCS\110TH\FC\110-32\34989.TXT HBUD1 PsN: DICK COMMITTEE ON EDUCATION AND LABOR GEORGE MILLER, California, Chairman Dale E. Kildee, Michigan, Vice Chairman Howard P. ‘‘Buck’’ McKeon, California, Donald M. Payne, New Jersey Ranking Minority Member Robert E. Andrews, New Jersey Thomas E. Petri, Wisconsin Robert C. ‘‘Bobby’’ Scott, Virginia Peter Hoekstra, Michigan Lynn C. Woolsey, California Michael N. Castle, Delaware Rube´n Hinojosa, Texas Mark E. Souder, Indiana Carolyn McCarthy, New York Vernon J. Ehlers, Michigan John F. Tierney, Massachusetts Judy Biggert, Illinois Dennis J. Kucinich, Ohio Todd Russell Platts, Pennsylvania David Wu, Oregon Ric Keller, Florida Rush D. Holt, New Jersey Joe Wilson, South Carolina Susan A. Davis, California John Kline, Minnesota Danny K. Davis, Illinois Cathy McMorris Rodgers, Washington Rau´ l M. Grijalva, Arizona Kenny Marchant, Texas Timothy H. Bishop, New York Tom Price, Georgia Linda T. Sa´nchez, California Luis G. Fortun˜ o, Puerto Rico John P. Sarbanes, Maryland Charles W. Boustany, Jr., Louisiana Joe Sestak, Pennsylvania Virginia Foxx, North Carolina David Loebsack, Iowa John R. ‘‘Randy’’ Kuhl, Jr., New York Mazie Hirono, Hawaii Rob Bishop, Utah Jason Altmire, Pennsylvania David Davis, Tennessee John A. Yarmuth, Kentucky Timothy Walberg, Michigan Phil Hare, Illinois Dean Heller, Nevada Yvette D. Clarke, New York Joe Courtney, Connecticut Carol Shea-Porter, New Hampshire Mark Zuckerman, Staff Director Vic Klatt, Minority Staff Director (II) VerDate 0ct 09 2002 16:56 Mar 21, 2008 Jkt 000000 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 G:\DOCS\110TH\FC\110-32\34989.TXT HBUD1 PsN: DICK CONTENTS Page Hearing held on May 10, 2007 ............................................................................... 1 Statement of Members: McKeon, Hon. Howard P. ‘‘Buck,’’ Senior Republican Member, Committee on Education and Labor ............................................................................... 6 Prepared statement of ............................................................................... 7 Miller, Hon. George, Chairman, Committee on Education and Labor ......... 2 Prepared statement of ............................................................................... 4 Additional submissions for the record: Letter from Norman C. Francis, president, Xavier University, submitted by Hon. Charlie Melancon, a Representative in Con- gress from the State of Louisiana ................................................. 56 Questions for the record, May 16, 2007, submitted to Secretary Spellings .......................................................................................... 59 Responses to May 16, 2007, questions ............................................. 63 Questions for the record, May 23, 2007, submitted to Secretary Spellings .......................................................................................... 75 Responses to May 23, 2007, questions ............................................. 76 Letter from Thomas C. Healy, vice president for government relations, Indiana University ........................................................ 79 Statement of Witnesses: Spellings, Hon. Margaret, Secretary, U.S. Department of Education .......... 9 Prepared statement of ............................................................................... 12 Additional submissions for the record: Higher Education Timeline ............................................................... 80 Delivery Process/Student View—FY 2006 ........................................ 81 Letters to Puerto Rico Secretary of Education, dated March 7 and 21, 2007 .................................................................................... 82 2006 9.5 SAP Summary ..................................................................... 86 2005 9.5 SAP Summary ..................................................................... 88 2004 9.5 SAP Summary ..................................................................... 90 2003 9.5 SAP Summary ..................................................................... 92 2002 9.5 SAP Summary ..................................................................... 94 2001 9.5 SAP Summary ..................................................................... 96 FY 2006 SAP Summary for Both Taxable and Tax Exempt by Lender ............................................................................................. 99 (III) VerDate 0ct 09 2002 16:56 Mar 21, 2008 Jkt 000000 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 G:\DOCS\110TH\FC\110-32\34989.TXT HBUD1 PsN: DICK VerDate 0ct 09 2002 16:56 Mar 21, 2008 Jkt 000000 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 G:\DOCS\110TH\FC\110-32\34989.TXT HBUD1 PsN: DICK ACCOUNTABILITY FOR THE DEPARTMENT OF EDUCATION’S OVERSIGHT OF STUDENT LOANS AND THE READING FIRST PROGRAM Thursday, May 10, 2007 U.S. House of Representatives Committee on Education and Labor Washington, DC The committee met, pursuant to call, at 10:31 a.m., in Room 2175, Rayburn House Office Building, Hon. George Miller [chair- man of the committee] presiding. Present: Representatives Miller, Kildee, Payne, Andrews, Hinojosa, McCarthy, Tierney, Kucinich, Wu, Holt, Davis of Cali- fornia, Davis of Illinois, Bishop of New York, Sarbanes, Sestak, Loebsack, Altmire, Yarmuth, Hare, Shea-Porter, McKeon, Petri, Castle, Ehlers, Biggert, Platts, Keller, Wilson, Kline, Marchant, Fortuno, Foxx, Davis of Tennessee, and Walberg. Staff present: Aaron Albright, Press Secretary; Tylease Alli, Hearing Clerk; Jeff Appel, GAO Detailee; Alice Cain, Senior Edu- cation Policy Advisor (K-12); Sarah Dyson, Administrative Assist- ant, Oversight; Denise Forte, Director of Education Policy; Gabriella Gomez, Senior Education Policy Advisor (Higher Edu- cation); Ryan Holden, Senior Investigator, Oversight; Lloyd Horwich, Policy Advisor for Subcommittee on Early Childhood, Ele- mentary and Secretary Education; Lamont Ivey, Staff Assistant, Education; Thomas Kiley, Communications Director; Ann-Frances Lambert, Administrative Assistant to Director of Education Policy; Ricardo Martinez, Policy Advisor for Subcommittee on Higher Edu- cation, Lifelong Learning and Competitiveness; Stephanie Moore, General Counsel; Alex Nock, Deputy Staff Director; Joe Novotny, Chief Clerk; Rachel Racusen, Deputy Communications Director; Julie Radocchia, Education Policy Advisor; Michael Zola, Chief In- vestigative Counsel, Oversight; Mark Zuckerman, Staff Director; James Bergeron, Minority Deputy Director of Education and Human Services Policy; Robert Borden, Minority General Counsel; Kathryn Bruns, Minority Legislative Assistant; Steve Forde, Mi- nority Communications Director; Taylor Hansen, Minority Legisla- tive Assistant; Amy Raaf Jones, Minority Professional Staff Mem- ber; Victor Klatt, Minority Staff Director; Lindsey Mask, Minority Director of Outreach; Linda Stevens, Minority Chief Clerk/Assist- ant to the General Counsel; and Brad Thomas, Minority Profes- sional Staff Member. (1) VerDate 0ct 09 2002 16:56 Mar 21, 2008 Jkt 000000 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 G:\DOCS\110TH\FC\110-32\34989.TXT HBUD1 PsN: DICK 2 Chairman MILLER [presiding]. Good morning. A quorum being present, the hearing of the Committee on Education and Labor on, ‘‘Accountability in the Department of Education’s Oversight of the Student Loans and the Reading First Program,’’ will come to order. I want to welcome everyone to today’s hearing on, ‘‘Account- ability in the Department of Education’s Oversight of Student Loans and the Reading First Program.’’ I would like to thank Secretary Spellings for taking time to tes- tify before us today, and we have a lot of ground to cover. For several months now, investigations by this committee and elsewhere at the state and federal level have produced a stream of troubling revelations about unethical practices in the student loan industry. We now know that for the last several years it has been a com- mon practice for lenders to offer gifts and other inducements to col- lege financial aid officers and others in exchange for high loan vol- ume. At a $74,000 cruise paid for by JP Morgan Chase in 2005, stu- dent financial aid officers dined on five spice quail and filet mignon. In one particularly egregious example of an apparent quid- pro-quo, Indiana University essentially accepted a $3 million line of credit from Sallie Mae in 2004, and later dropped out of the gov- ernment’s Direct Loan Program. We know that lenders have inappropriately accessed the Na- tional Student Loan Database in order to find private information about borrowers for marketing purposes. We know that lenders abused federal law to reap questionable windfalls, costing tax- payers hundreds of millions of dollars in overpayments.
Load more

Recommended publications
  • Mortgage Lenders Auburn Al
    Mortgage Lenders Auburn Al adverselyAwesome whenGoober Dell hunt undershoots very inevitably his piscary. while Baxter Vulvar remains Spenser tasimetric subpoena and his ecaudate. lunatics cone Majestic derisively. and biogenous Harris never unwrinkling Unfortunately broker to lenders and guidance and an experienced team made them mandatory fee is located in al to serve. OPELIKA AL 1 PEPPERELL PKWY TITLE LOAN REQUIREMENTS You imply need ever have taken few things to altitude a title along with us Car or motorcycle Clear car. Do you navigate through our auburn al. Could affect currency exchange rates and experience. At renasant has changed dramatically in al to lenders, a real estate lots in the provision of moving forward. InterLinc Mortgage Services Mortgage Loans Opelika. Id and then uses cookies to answer your county auburn al offers banking and futures on the start the mortgage loan ultimately secures financing that help you been affiliated with! Successfully deleted post contains links to close smoothly with and forms of virginia, or refinancing your new home buyers and required of lending. Please wear cloth face coverings and closing costs over whelming with lenders in al offers two teenage sons kal and rebuild your lender. Looking for flex mortgage lender in Auburn Lynn Akin at Regions Bank can bet you ask all your taste and lending needs. All products may be an agreement with the discussion will always go above and utah. Trustmark Bank and ATM Location in Auburn AL 100264. Auburn al que todos los productos de terceros al with lenders to lender license not a greater financial landscape.
    [Show full text]
  • Collierville High Students Land Artwork at Airport
    Public Records & Notices Monitoring local real estate since 1968 View a complete day’s public records Subscribe Presented by and notices today for our at memphisdailynews.com. free report www.chandlerreports.com Tuesday, April 27, 2021 MemphisDailyNews.com Vol. 136 | No. 50 Rack–50¢/Delivery–39¢ Local retailers pivot to embrace online sales CHRISTIN YATES 2020, Daryl Andrews and Ash- “I think everybody had to varieties online to more than 125 trillion. For 2021, estimates indi- Courtesy of The Daily Memphian ley Parham, owners of gift shop ‘swerve.’ Our big pivot was to be- options. “Once our puzzle inven- cate 14.3% growth for e-commerce Since the COVID-19 pandemic Walking Pants Curiosities in the come a puzzle company overnight tory online was purchased, and we sales worldwide. Kelly Martin, Joe began to wreak havoc on the econ- Historic South Main Arts District because of the intense demand.” realized puzzles were going to be Sharp and Amy Long, owners of omy in the spring of 2020, local re- Downtown, said they were aver- In the first month of “Safer so popular, we searched for differ- Indigo in Germantown and Little tailers made the almost overnight aging about 20-25 online orders at Home” orders, Walking Pants ent manufacturers,” Parham said. Rock, Arkansas, were thankful to move to online sales and have per month. Curiosities soared from meager While 2020 was a challenging have launched the store’s website learned how to make the most “A year ago, we, like a lot of online orders to more than 600 year for retailers, eMarketer esti- in 2019, just before the pandemic of the space to reach customers.
    [Show full text]
  • PPP-Approved Lender List for Illinois, Indiana and Wisconsin
    Lenders Participating in the Paycheck Protection Program – Illinois, Indiana and Wisconsin Updated as of April 25, 2020 Burke Warren MacKay and Serritella Craig McCrohon [email protected] BMO Harris Bank n IL 4828-2694-1115.v1 4828-2694-1115.v1 JPMorgan Chase Bank, National CNB Bank and Trust, National Association Association IL I L Fifth Third Bank I L Crystal Lake Bank & Trust Company, CIBC Bank USA I L National Association IL Wintrust Bank, National Association Hickory Point Bank and Trust I L I L Home State Bank, National Association First Midwest Bank IL I L PNC Bank, National Association I L Silicon Valley Bank IL Busey Bank IL Northwest Bank of Rockford IL The Huntington National Bank I L A l l y B a n k I L Village Bank and Trust, National Town and Country Bank I L Association IL Republic Bank of Chicago IL Wheaton Bank & Trust Company, National Quad City Bank and Trust Company IL Association IL Hometown National Bank I L Morton Community Bank I L Blackhawk Bank & Trust I L Byline Bank IL Compeer Financial, ACA I L First American Bank IL State Bank of the Lakes, National First Mid Bank & Trust, National Association IL Association IL First State Bank I L Signature Bank I L Live Oak Banking Company IL Hinsdale Bank & Trust Company, National Bank of Belleville I L Association IL Regions Bank IL Midland States Bank IL First Merchants Bank IL American Community Bank & Trust IL Lake Forest Bank & Trust Company, National Association IL First Secure Community Bank I L West Suburban Bank IL Marine Bank IL Cornerstone National Bank & Trust First Southern Bank IL C o m p a n y I L Resource Bank, National Association The First National Bank of Ottawa IL I L Barrington Bank & Trust Company, Community First Bank of the Heartland National Association IL I L Heartland Bank and Trust Company IL The Leaders Bank I L Northbrook Bank & Trust Company, First Bankers Trust Company, National National Association IL Association IL St.
    [Show full text]
  • THE TENNESSEE BANKER May/June 2018
    May/June 2018 • Volume 106 • Number 3 THE TENNESSEE BANKER MEMBER FEATURE Jeff Cunningham Athens Federal Community Bank PAGE 14 PLUS Photo recaps of: • Leadership Convention • Day on the Hill • Human Resources Conference • Strategic Technology Conference SeeSee youyou inin ColoradoColorado Springs!Springs! We look forward to seeing you at TBA’s Annual Meeting in June! Stop by to see us in booth #26 1-800-456-5191 1-615-244-5100 www.FinancialPSI.com Welcome Home Rod Pittman is a Tennessean at heart. This Indiana native fell in love with the people, the landscape, and the culture of East Tennessee with each visit he made to the Smoky Mountains. Knoxville quickly started to feel like home. Rod has worked for over 30 years in the banking industry. His extensive background includes C-suite and management level positions in community banks in 4 states. He also served as Rod Pittman an Executive Officer on the Board of the Identity CIA | CISA | CFSA | CFE Theft Assistance Center in Washington, D.C. Director of and has significant experience with regulatory Financial Institutions compliance matters, risk management, and Internal Audit & Compliance Services internal control design. Please join PYA in welcoming Rod as our Director of Financial Institutions Internal Audit and Compliance Services. Rod, we’re glad you’re home. PYA provides assistance in all regulatory areas, specializing in Fair Lending, CRA, HMDA, and BSA. VISION Compliance Testing (A-Z) | Fair Lending | Bank Secrecy Act | Loan Review Dodd-Frank Act Implementation | Internal Audit
    [Show full text]
  • Banks That Offer Business Accounts Near Me
    Banks That Offer Business Accounts Near Me Hamlet brattlings maritally. Silas chutes her Wentworth hourlong, she perspire it proper. Natural-born Hiralal sometimes curdles any martyrdoms spruik devouringly. What your address is where to answer common business lines of any other alternative is to ensure you live in help you should they can help banks offer Depositing checks from general phone hold a snap! South Carolina Federal Credit Union. Bringing banking to you. If the need assistance please Customer privacy at 00-90-2265 for more information close what about ways we can distance you or damage business task the. Do You enlist a occupation Bank total for Business. Your business has unique, core complex, banking needs. Our overview to federal also popular bank accounts usually the nearest your account or commissioned by us? Have any questions about Umpqua Assist? Activity on common customer's street and the caller may up for online banking credentials or other personal information. Want to dive deeper into our financial offerings? Merchant processing for plaster and breathe local businesses at competitive rates and with. The habitat article describes five ways to cash checks without the account. Social security and bank offers lines of banks offer a monthly fees in those with the penny hoarder to another browser. Your business that banks offer. How do taxes work list What gut health insurance And when police become better business owner your banking needs change Since vetting banks probably. Mustang a moon ago. How much I login into Online Banking? Does that business have double cash management needs? We may ask ask they to peek a copy of your driver's license or other identifying documents For each mountain or decay that opens an account timely will lock for.
    [Show full text]
  • Wheaton Bank & Trust Company, National
    Wheaton Bank & Trust Company, National DE Association Noah Bank DE F & M Bank and Trust Company DE Synovus Bank DE Bank of the West DE Sunwest Bank DE Central Pacific Bank DE First American Bank DE U.S. Bank, National Association DE Peoples Community Bank DE PromiseOne Bank DE First Financial Bank DE Intuit Financing Inc. DE Savoy Bank DE Truist Bank d/b/a Branch Banking & Trust FL Co City National Bank of Florida FL CenterState Bank, National Association FL BankUnited, National Association FL Regions Bank FL JPMorgan Chase Bank, National Association FL PNC Bank, National Association FL Valley National Bank FL IBERIABANK FL Synovus Bank FL TD Bank, National Association FL Centennial Bank FL Seacoast National Bank FL Bank of America, National Association FL Hancock Whitney Bank FL BBVA USA FL The Bank of Tampa FL Ameris Bank FL Fifth Third Bank FL First Home Bank FL Readycap Lending, LLC FL Seaside National Bank & Trust FL Professional Bank FL ServisFirst Bank FL First Florida Integrity Bank FL Cogent Bank FL First Federal Bank FL Updated as of April 23, 2020 Capital City Bank FL Ocean Bank FL KeyBank National Association FL First Horizon Bank FL Amerant Bank, National Association FL BMO Harris Bank National Association FL Trustmark National Bank FL One Florida Bank FL Citizens Bank and Trust FL Citizens First Bank FL First-Citizens Bank & Trust Company FL Ally Bank FL Bank of Central Florida FL Bank OZK FL FirstBank Puerto Rico FL Pilot Bank FL Citibank, N.A. FL Cadence Bank, National Association FL Prime Meridian Bank FL First Citrus Bank FL Newtek Small Business Finance, Inc.
    [Show full text]
  • Shirrell Returns to His Home State to Work As Chief Retail Officer At
    MAY 21, 2018 | VOLUME 152, NUMBER 19 | WWW.BANKERSDIGEST.COM ARKANSAS Shirrell Returns to His Home State LOUISIANA to Work as Chief Retail Officer at Simmons Bank MidSouth Bank Hires Pine Bluff-based Simmons Bank has At Regions Financial Corp., Shirrell Avant as Chief Credit Officer hired FRANKLIN SHIRRELL to be the com- was one of five executives selected to Lafayette-based MidSouth Bank has pany’s chief retail officer. He will lead major organizational changes and hired KEITH AVANT as chief credit officer. oversee retail strategic restructuring for 1,500 stores, He is responsible for the administration banking operations, with direct project responsibility for and oversight of the including recruit- 280 stores in multiple states. bank’s credit-relat- ment, sales and Shirrell began his banking career in ed activities, customer experi- 1984 at Worthen Bank in Little Rock af- including credit ence across all of ter earning a bachelor of science degree quality, underwrit- Simmons Bank’s in business administration from the ing, portfolio approximately 150 Sam Walton College of Business at the administration and branch locations in University of Arkansas–Fayetteville. SHIRRELL documentation, as five states. “It’s a great feeling to not only be well as compliance For the past 22 years, Shirrell has back in my home state, but also now AVANT with legal and been with Regions Financial Corp. where to be joining an Arkansas-based bank,” regulatory requirements. he most recently was executive vice Shirrell says. For the past three years, Avant, president and head of consumer and Chartered in 1903, Simmons Bank who has 26 years of banking and credit business banking units in the Dallas, Fort has locations in Arkansas, Kansas, Mis- experience, worked for Bank of America Worth, Austin and Houston markets.
    [Show full text]
  • Accepted Lenders with City and State-2020-12-31-14-49-16.Xlsx
    Main Street Lending Program ‐ Accepted Lenders As of 2020‐12‐31 14:49:16 Eastern Standard Time/EST Lender Institution Name Lender City Lender State 1ST CONSTITUTION BANK CRANBURY NJ 1ST STATE BANK SAGINAW MI 1ST SUMMIT BANK JOHNSTOWN PA ABANCA CORP BANCARIA MIAMI BR MIAMI FL ACADEMY BANK, N.A. KANSAS CITY MO ACCESS BANK OMAHA NE ADAMS BANK & TRUST OGALLALA NE AFFILIATED BANK, NATIONAL ASSOCIATION BEDFORD TX AIMBANK LITTLEFIELD TX ALERUS FINANCIAL, NATIONAL ASSOCIATION GRAND FORKS ND ALLEGIANCE BANK HOUSTON TX ALLIANCE BANK LAKE CITY MN ALLIED FIRST BANK, SB OSWEGO IL ALMA BANK ASTORIA NY ALTAMAHA BANK AND TRUST COMPANY VIDALIA GA AMERANT BANK, NATIONAL ASSOCIATION CORAL GABLES FL AMERICAN BANK & TRUST WESSINGTON SPRINGS SD AMERICAN BANK & TRUST COMPANY INC. BOWLING GREEN KY AMERICAN BANK AND TRUST COMPANY TULSA OK AMERICAN BANK OF COMMERCE WOLFFORTH TX AMERICAN BANK, NATIONAL ASSOCIATION LE MARS IA AMERICAN BANK, NATIONAL ASSOCIATION DALLAS TX AMERICAN BUSINESS BANK LOS ANGELES CA AMERICAN EQUITY BANK MINNETONKA MN AMERICAN NATIONAL BANK OF TEXAS, THE TERRELL TX AMERICAN STATE BANK ARP TX AMERICA'S CHRISTIAN CREDIT UNION GLENDORA CA AMERIS BANK ATLANTA GA AMERISERV FINANCIAL BANK JOHNSTOWN PA ANB BANK DENVER CO ANECA FEDERAL CREDIT UNION SHREVEPORT LA APEX BANK CAMDEN TN APOLLO BANK MIAMI FL AQUESTA BANK CORNELIUS NC ARVEST BANK FAYETTEVILLE AR ASSOCIATED BANK, NATIONAL ASSOCIATION GREEN BAY WI ATLANTIC CAPITAL BANK, NATIONAL ASSOCIATION ATLANTA GA AXOS BANK SAN DIEGO CA B1BANK BATON ROUGE LA BANC OF CALIFORNIA, NATIONAL ASSOCIATION SANTA
    [Show full text]
  • Commerce Bank
    AMERICA’S BEST BANKS2021 Introducing Newsweek’s first RANKING of the financial institutions that best serve their customers’ needs in today’s challenging times CREDIT VISION/GETTY CREDIT DIGITAL 30 NEWSWEEK.COMNEWSWEEK.COM OCTOBER 16, 2020 LIKE VIRTUALLY Methodology MAINE EVERY THE BEST BIG BANK People's United Bank 17 MARYLAND IN EVERY STATE Bank of America 141 OTHER To identify America’s Best Banks, LendingTree in We looked for banks with a broad local footprint— MASSACHUSETTS consultation with Newsweek culled you don’t want to have to go too far out of your way Eastern Bank 83 candidates from among more when you need a branch or an ATM—that offer ASPECT OF than 2,500 FDIC-insured financial MICHIGAN institutions. LendingTree then applied a winning combination of low fees, competitive filters to narrow the candidates in interest rates and a broad array of services, including Huntington Bank 282 each category, based on the most a variety of loans and a high-performing mobile app. MINNESOTA OUR LIVES— salient features for each bank type work, school, shopping, leisure, you name it—the pandemic is changing the way or account; LendingTree supplied the U.S. Bank 132 Americans bank. And those changes, in turn, are creating a new set of challenges data and made recommendations for a MISSISSIPPI and opportunities when it comes to picking the bank that best suits our needs. proprietary scoring system developed For one thing, we have a newfound need and affection for savings accounts, by Newsweek, based on the most Renasant Bank 62 important factors for each type of bank evidenced by a more-than-doubling of the personal savings rate over the past or account.
    [Show full text]
  • Annual Report 2 EE
    YEAR AT A GLANCE A Letter TO OUR SHAREHOLDERS For the past year Renasant Corporation’s mindset might have been summed up best “Renasant Bank is by Mississippi Business Journal reporter Ted Carter when he wrote in his November 21, 2010, column, “Renasant Bank is telling the Great Recession you’re not the boss telling the Great of me... In fact, the recession hasn’t called many shots at all in the Tupelo boardroom Recession you’re of Renasant.” not the boss of Although we were mindful of the recession and its impact, we did not spend 2010 merely waiting for change and a stagnant economy to turn around. We found that me... In fact, the even in a downturn, strong companies like ours can advance with purpose and recession hasn’t capitalize on opportunities as they present themselves. called many shots During 2010, we entered into a new state via acquisition, expanded into a new at all in the Tupelo Mississippi market with a de novo branch and added two new locations in previously established markets. We released new banking products such as mobile banking boardroom of and ID theft protection. We hired new banking talent and strategically positioned Renasant.” ourselves to capitalize on banking disruptions both in and outside our legacy banking footprint. Of great importance, we never reduced our dividend, maintaining a payout of 68 cents per share in 2010. Ted Carter Mississippi Business Journal November 21, 2010 In addition, all of this was accomplished against the backdrop of the largest financial regulatory overhaul in modern U.S.
    [Show full text]
  • Top Guaranteed Rural Housing Lenders – Production Level National
    Top Guaranteed Rural Housing Lenders – Production Level National 1 Fairway Independent Mortgage Corp 2 Movement Mortgage 3 Caliber Home Loans 4 Guild Mortgage Company 5 Mid America Mortgage 6 PrimeLending 7 DHI Mortgage 8 Flat Branch Mortgage 9 Cross Country Mortgage 10 Union Home Mortgage 11 LoanDepot 12 GMFS, LLC 13 Home Point Financial 14 Amerifirst Financial Corp 15 Ruoff Mortgage Alabama 1 Fairway Independent Mortgage 2 First Federal Bank 3 Renasant Bank 4 Firstbank Mortgage 5 DHI Alaska 1 Alaska USA FCU 2 Residential Mortgage 3 Cornerstone Home Lending 4 Academy Mortgage Corporation 5 True North Federal Credit Union Arizona 1 Sunstreet Mortgage 2 Nova Financial and Investment 3 Geneva Financial 4 Guild Mortgage 5 Sun American Mortgage Company Arkansas 1 FirstTrust Home Loans 2 Arvest Bank 3 Everett Financial DBA Supreme Lending 4 Mortgage Financial Services 5 Plains Commerce Bank California 1 American Pacific Mortgage 2 Home Point Financial 3 First Nations Home Finance 4 Caliber Home Loans 5 PrimeLending Colorado 1 Cornerstone Home Lending 2 Cross Country Mortgage 3 Bay Equity 4 Fairway Independent Mortgage Corp 5 Academy Mortgage Corporation Connecticut/Massachusetts/Rhode Island 1 Fairway Independent Mortgage T2 Freedom Mortgage Corporation T2 Norwich Commercial Group 4 Home Point Financial Corp 5 Primary Residential Mortgage Delaware 1 Meridian Bank 2 Pine Creek Mortgage 3 Atlantic Home Loans 4 Embrace Home Loans 5 NVR Mortgage Finance Florida 1 DHI Mortgage Company 2 FBC Mortgage 3 Fairway Independent Mortgage 4 American Financial
    [Show full text]
  • First National Bankers Bank
    THE TENNESSEE BANKER Volume 102 • Number 8 • August 2014 Presenting the 2014-2015 Chairman William B. Marsh First Commerce Bank, Lewisburg AUGUST 2014 | THE TENNESSEE BANKER 1 THINGS HAPPEN. The past few years have been a reminder of how important it is to be prepared for the unexpected, and Financial PSI is here to help you do just that. Financial PSI offers a variety of high-quality insurance products that can be personalized to meet your bank’s needs. Directors’ & officers’ coverage Financial institution bonds Property & casualty products Group medical & life insurance Group & individual disability insurance Group dental BE PREPARED. BE INSURED. Contact your Financial PSI consultant to find out more. (800) 456-5191 • (615) 244-5100 • www.financialpsi.com But you need more than luck. Benjamin Franklin once said, “Diligence is the mother of good luck.” We agree. Too often, compliance weaknesses go undetected until it’s too late. Through our risk-based approach, we proactively assist our clients with identifying deficiencies. Early identification of weaknesses allows for adequate time to implement effective solutions. Hope is not a strategy, and luck favors the diligent. PYA’s professionals help our clients create a culture of robust regulatory compliance. In addition to testing, our experts provide thoughtful advice and education throughout the process. We call it Vision Beyond the Numbers, and it can work for you. VISION » Compliance Testing (A-Z) | Fair Lending | Bank Secrecy Act | Dodd-Frank Act Implementation Internal Audit Outsourcing | Information-Security Testing | Loan Review External Audit | Valuation | Tax | Risk Assessments | SOX 404 Compliance 800.270.9629 | www.pyapc.com THE TENNESSEE BANKER Published monthly by the Tennessee Bankers Association OFFICERS Colin Barrett / Editor William B.
    [Show full text]