07-29-2021  11:50 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Unemployed Oregonians to Lose Pandemic Benefits in September

The state will stop paying the 0 weekly unemployment bonus after Labor Day

Statue of Black hero on Lewis & Clark trip toppled in Oregon

A statue in Portland, Oregon, commemorating York, an enslaved Black member of the Lewis and Clark expedition, has been toppled and damaged

Cannabis Chemical Delta-8 Gains Fans, Scrutiny

A chemical cousin of pot’s main intoxicating ingredient has rocketed to popularity over the last year. The cannabis industry and state governments are scrambling to reckon with it amid debate over whether it’s legal.

Report: SPD Stops Black People, Native Americans More

A newly-released report shows Seattle police officers continue to stop and use force against Black people far more often than white people.

NEWS BRIEFS

Portland Bars Camping in Forested Areas During Fire Season

The move aims to protect protect individuals experiencing homelessness and people in nearby homes from potentially deadly wildfires ...

OSF Presents Free Virtual Reading of Emilia

The event streams live on Wednesday, July 28 at 5:30 p.m. ...

Summer Bike Events to be Held at El Centro Milagro

This summer the streets around Milagro will host a cycle of fun activities. ...

SPLC Urges Department of Education to Prevent Racial Disparities and Discrimination in School Discipline

Research shows that Black students receive more severe disciplinary outcomes for the same behaviors as white students ...

Contractor Selected for Two-Year Morrison Bridge Painting Project

This will be the first time the Morrison Bridge river spans have been painted since the bridge opened 63 years ago in 1958. ...

Seattle homelessness initiative qualifies for ballot

SEATTLE (AP) — A campaign to alter Seattle’s city charter and force it to handle homelessness differently, known as Compassion Seattle, has officially qualified to appear on the November ballot. The King County Department of Elections confirmed Wednesday morning that the...

Judge allows Nevada tribes to join fight over lithium mine

RENO, Nev. (AP) — A judge has cleared the way for two tribes to join an ongoing legal battle over plans to build a Nevada mine at the largest known U.S. deposit of lithium and seek a temporary ban on digging for an archaeological survey they say would desecrate sacred tribal lands near the Oregon...

Drinkwitz, Pittman back for Southeastern Conference encores

HOOVER, Ala. (AP) — Missouri and Arkansas both had some encouraging signs, if not great records, in their first seasons under new coaches. Now, the Tigers’ Eliah Drinkwitz and Razorbacks’ Sam Pittman are among four second-year Southeastern Conference coaches trying to...

OPINION

Services Available for Victims and Survivors of Community Violence in Multnomah County

The number of incidents of community violence — domestic violence, sexual violence, trafficking, person-to-person violence and gun violence — is devastating ...

Black America Needs a ‘New Normal’: Equitable Credit Access to Build Wealth

The rippling effects of a massive economic downturn has caused the nation to lose 9.5 million jobs - more losses than even those of the Great Recession ...

The President Needs to Pull Out All Stops

Majority Whip Clyburn, Democratic leader in the U.S. House of Representatives, made the observation that the filibuster currently being used in the U.S. Senate to block the Voting Rights Bill as well as the George Floyd Bill, is a matter of tradition and not...

NAACP Vancouver Letter to the Community: Police Accountability

NAACP Vancouver reacts to the descision in the case of Jonah Donald, a Black man shot and killed by a Clark County deputy ...

AFRICAN AMERICANS IN THE NEWS

New Yorkers say they've been ignored in stop-and-frisk fight

NEW YORK (AP) — Eight years after a judge ruled New York City police violated the constitution by stopping, questioning and frisking mostly Black and Hispanic people on the street en masse, people in communities most affected by such tactics say they've been shut out of the legal process to end...

Ex-police chief who rescued baby pleads guilty to assault

KANSAS CITY, Mo. (AP) — A former suburban Kansas City police chief who helped rescue a baby from an icy pond and later assaulted the man accused of trying to kill the infant has pleaded guilty in the case. Greg Hallgrimson, 51, pleaded guilty in federal court Wednesday, the...

Violent arrest in Colorado reignites anger over policing

AURORA, Colo. (AP) — A video showing a police officer pistol-whipping and choking a Black man during an arrest in a Denver suburb has reignited anger over policing in the community, with activists decrying what they say is just the latest example of the mistreatment of people of color. ...

ENTERTAINMENT

Review: In 'Stillwater,' a red state hero roams chic France

Early on in “Stillwater,” a gruff oil rig worker from Oklahoma is asked what he's doing in the French port city of Marseille. “Visiting my daughter,” he replies. That's only sort of right, it turns out. He left some stuff out. But truth itself gets more than a little...

Review: In 'The Suicide Squad,' an anti-Captain America romp

One little article separates James Gunn’s “The Suicide Squad” from David Ayer’s “Suicide Squad.” But, oh, what a difference a word makes. Just five years after the trainwreck that prompted Warner Bros. to retool its DC Comics universe, James Gunn’s nearly wholesale...

Danticat, Groff among contributors to book 'Small Odysseys'

NEW YORK (AP) — Michael Cunningham, Edwidge Danticat and Carmen Maria Machado are among the prize-winning authors contributing stories to a collection co-sponsored by Manhattan's Symphony Space performing arts center and its nationally aired “Selected Shorts” program. ...

U.S. & WORLD NEWS

In Robinhood's stock debut, a tumble and then sharp swings

NEW YORK (AP) — Robinhood made its own leap into the stock market Thursday, the one it helped reshape by...

'Trying to survive': Wells dry up amid Oregon water woes

MALIN, Ore. (AP) — Judy and Jim Shanks know the exact date their home’s well went dry — June 24. ...

AP PHOTOS: Tears of victory, defeat for Tokyo Olympians

An equestrian hugging his horse. A surfer slumped over his board. A judoka raising her fists in jubilation while...

AstraZeneca to seek US approval of COVID vaccine in 2nd half

LONDON (AP) — AstraZeneca said Thursday that it intends to seek U.S. approval for its COVID-19 vaccine later...

Nightmares, panic attacks: Belgian flood survivors struggle

TROOZ, Belgium (AP) — Visions of cars being swept away in a raging current keep coming back to trouble Eric...

Inquiry into Malta journalist's slaying blames state

VALLETTA, Malta (AP) — An independent inquiry into the murder of investigative journalist Daphne Caruana Galizia...

Jose Pagliery CNN Money

NEW YORK (CNNMoney) -- An Obama administration program is under fire, with federal investigators finding that community banks used the government's funds to pay back recession-era bailouts -- instead of lending the money to small businesses as originally intended.

The watchdog report released Tuesday found that $2.1 billion of the administration's $4 billion Small Business Lending Fund went to repaying bailouts. Many community banks were bailed out by the government in 2008 and 2009 under the Troubled Asset Relief Fund, or TARP, as it was commonly known.

CNNMoney has previously noted that the small business fund had failed to take off -- disbursing only $4 billion of the $30 billion it had originally carved out. The fund was established in 2011 to funnel cash to small firms, who were facing a borrowing crunch.

A significant number of banks used the small business lending program "to exit TARP using government funds... with little resulting benefit for small businesses," according to the report's author, Christy Romero, special inspector general for the Troubled Asset Relief Program.

The program's funds were cheaper -- with annual dividends of 1% for the first four years -- compared to the 5% to 9% for the TARP funds. To get the low rate, all a bank had to do was show a sufficient increase in its small business lending.

Romero found that the bailed out banks used 80% of the money to pay back TARP.

That's no surprise to Cliff McCauley, a banker in Texas who steered clear of both government programs.

"Everyone went in thinking it was one of the ways to pay back TARP," McCauley said. "It was disguised as promoting to encourage business lending."

McCauley, a senior executive vice president of Frost Bank in San Antonio, said the inspector's finding was inevitable. He said banks that had been bailed out were desperately looking for ways to pay back the expensive government bailout funds, especially at a time when the economy had just emerged from a recession and barely limping along.

About 332 banks and community lending groups took part in the small business lending program. Of those, 137 banks used those funds to pay back bailout money.

The Treasury Department said there's nothing wrong with the way the banks used the funds. In a memo last month, Deputy Assistant Secretary Don Graves pointed out that Congress intended that when it set up the fund.

Treasury also took issue with the report's findings that the program was ineffective, noting that 84% of TARP banks increased their small business lending. And their median lending increase was 18%.

However, Romero points out that the TARP banks received $2.7 billion in funds, and they increased small business lending by $3 billion -- or $1.13 for every dollar they received. What's more, 24 bailed-out banks in the program did not increase their small business lending at all.

Meanwhile, the non-TARP banks received $1.2 billion in funds and increased small business lending by $4.2 billion.

 

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