HUMBA Alum, John McCargo is now the Vice President, Portfolio Manager at City First Bank

City First Bank Taps John McCargo as VP, Portfolio Manager

Howard MBA Alum, John McCargo c/o'98 has joined City First Bank of DC. The Washington, DC commercial bank focused specifically on community development. As Vice President, Portfolio Manager, he will focus on relationship management and commercial lending.

Most recently McCargo served as a Vice President and Commercial Lender at Millennium Bank in Sterling Va.

With nearly 15 years of banking experience, he has also held positions at PNC/Mercantile Bank, Chevy Chase Bank and Wachovia/Wells Fargo Bank. McCargo holds a BS in Finance from Hampton University and an MBA from Howard University.

While other banks may focus on larger deals, City First Bank focuses on small business and start-ups with a legal lending limit of $3 million. Much like Silicon Valley bank, City First Bank grows with their clients. The bank finances dozens of small companies, non profit and social service agencies, charter schools and real estate developers, particularly those involved in developing or renovating affordable housing.

City First Bank work very creatively with socially responsible investors, public agencies and financial intermediaries to provide a double bottom line – permitting their depositors to earn a superior return while their deposit goes to work in the DC neighborhoods that need financing most.

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Source: City First Bank

Whose Watching The Banks?

Fiscal Times wrote; Banks are complicated, and especially in this age of too-big-to-fail, they often house a number of thorny practices under one roof – practices that, as we learned the hard way in the fall of 2008, can be difficult to regulate. When the Dodd-Frank Act was passed a year ago, lawmakers and citizens hoped it would usher in a more robust and effective system of oversight. The law created several new regulatory agencies to deal with the challenges of keeping the most complex financial industry in the world in check. These intricately named agencies include the Financial Stability Oversight Council and Consumer Financial Protection Bureau and join a lineup that already boasts the Office of Thrift Supervision and Bureau of Competition.The convoluted system was made more so, and today it can be nearly impossible to keep track of who exactly is overseeing what. To help decode this web of oversight, The Fiscal Times created this infographic, “Who’s Watching the Banks,” to illustrate which agencies – and which agencies within agencies – keep an eye on which aspects of the financial industry.

Do you know whose watching the banks? Do you think there is enough oversight, or is further regulations needed?
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Source: The Fiscal Times