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,
In contrast to large Wall
Street banking and investment firms, local community banks and credit
unions invest directly in the communities in which they operate,
oftentimes focusing on underserved neighborhoods, first time home buyers
and non-profits. Unfortunately, the government funding that provides
some of the capital needed by these banks to carry out their mission is
in jeopardy. Read below for the full story and how you can help save
these important institutions.
One of the most important leverage points we have as SRI investors is shareholder engagement. As actual shareowners of the companies we invest in, we are able to put our collective weight behind environmental, social and governance issues that we care about and encourage companies to adopt policies that are supportive of building a healthier world. Read an update below on how Goodfunds Wealth Management has joined other SRI investors to dialogue with Costco regarding their sustainable seafood practices.
Finally, let us know what's on your mind these days. It is our pleasure to serve you and
we look forward to speaking with you soon!
Best Regards,
Eric Smith, CFP®, AIF®
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 Community Banks and Credit Unions: Call/Email your Senator to Save Them
Some of the country's major commercial banks, including those that helped cause the worldwide financial crisis, have been bailed out by the U.S. government.
Now it's time to rescue community development financial institutions (CDFIs). For years, these banks and credit unions have been investing directly in underserved communities, helping people buy homes and start small businesses. But some Senators are threatening to cut off the funding they've been promised through the Community Development Capital Initiative.
Seventy-five community development banks and 100 community development credit unions have applications pending with the Treasury Department to receive federal funds. This money is already allocated, and the CDFIs have earned it by raising private equity.
Time is running out for some of these banks and credit unions. Please write or call your Senator today to urge that funding be released. Visit http://www.senate.gov to contact your Senator by email.
Use the following sample Email:
Sample Email
Re: Community Development Capital Initiative
Dear Senator:
I urge you to release funds to community development banks and credit unions that have been promised through the Community Development Capital Initiative.
Unlike the major commercial banks that have received TARP funding, America's CDFIs have been investing directly in underserved communities, helping people buy homes and start small businesses. They played no part in the worldwide financial crisis, and they have earned the funds allocated for them by raising private equity.
Please let me know what actions you intend to take on this issue.
Yours sincerely,
[name]
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Sustainable Seafood at Costco: Updated
Last month Goodfunds Wealth Management joined many other SRI investors by signing on to a letter written by our colleagues at Green Century Capital Management asking the CEO of
Costco Wholesale Corp to improve its disclosure and policies regarding seafood
sustainability.
In response, Costco agreed to have a phone dialogue on the topic of sustainable seafood. Last week we met with Costco's head fresh seafood buyer, legal counsel, and director of sustainability and reiterated our desire for Costco to take the following proactive steps towards improving its seafood sustainability:
- First, adopt a clear and effective seafood
sustainability policy that applies to both wild and farmed seafood
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Second, take steps to stop selling threatened
species by committing to remove at least one species from your product
offerings
- Third, form a relationship with a third-party
organization such as an aquarium or an NGO that can help guide the company
toward best practices.
While Costco stopped short of agreeing to implement the group's requests, they did commit to spending some time gathering their thoughts and formally responding via a letter in the coming weeks. We'll keep you updated as the dialogue continues.
Read the original letter from SRI investors to Costco here.
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Eric Smith, CFP®, AIF®, Senior Wealth Officer
Alice Smith, CRPC®, Financial Planning Specialist
Ryan Jones-Casey, MBA, AAMS®, Financial Services Specialist
Goodfunds Wealth Management
Sustainable and responsible investing services since 1986
206.782.1205 | 800.940.1747 | www.goodfunds.com | Seattle, WAMember, First Affirmative Financial Network
Securities & investment advisory through KMS Financial Services, Inc.Although
the materials referenced in this email may contain investment advice or
recommendations, they are the opinions of the author, fund, or manager
and do not necessarily reflect our opinions or recommendations. E-mails to and from this address are subject to archiving and to review by regulating authorities and supervisory personnel. E-mail is subject to transmission failures or delays so please do not rely on it for time-sensitive matters. Such orders or instructions are best conveyed, or at least confirmed, in a two-way telephone conversation to clarify important details and confirm our ability to act within the relevant time frame. This message may contain material protected under privacy policies and is intended only for the use of the individuals and entities named as recipients. If you are not an intended recipient you are required to notify the sender immediately and delete the material. |
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