National Cooperative Bank
The National Cooperative Bank is a congressionally chartered cooperative bank in the United States created by the National Consumer Cooperative Bank Act of 1978 (Pub.L. 95-351). National Cooperative offers banking products and services to cooperatives, their members and social organizations nationwide.[1]
The bank was created to address the financial needs of an underserved market. NCB is an advocate for America's cooperatives and their members, placing special emphasis on serving the needs of communities that are economically challenged.[2]
NCB has focused on community revitalization. The employment of the cooperative model in the development of business contains access to affordable health care and affordable housing.
Capital Impact Partners was the non-profit community development financial institution subsidiary of the NCB. It became a stand-alone organization in 2014.[3]
Board of Directors
[edit]The Bank is governed by a Board of Directors which consists of 15 members. All members serve for terms of three years. Twelve members of the board are elected by the holders of class B stock and class C stock. The remaining three members are appointed by the President, by and with the advice and consent of the Senate. Of these three members one shall be selected from among proprietors of small business concerns, as defined under section 632 of title 15, which are manufacturers or retailers; one member shall be selected from among the officers of the agencies and departments of the United States; and one member shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank.[4]
After the expiration of the term of any member, such member may continue to serve until their successor has been elected or has been appointed and confirmed. Any member appointed by the President may be removed for cause by the President.[4]
The board annually elects from among its members a chairman and vice chairman, and selects a secretary who need not be a member.[4]
Board members appointed by the President
[edit]The current members of the board that are appointed by the President, as of September 12, 2024:[5]
| Name | Group | Confirmed | Term expires |
|---|---|---|---|
| Janis Lynne Herschkowitz | Small business manufacturers or retailers | May 25, 2007 | May 25, 2010 |
| Vacant | Officers of U.S. agencies and departments | ||
| Vacant | Experience representing low-income cooperatives |
References
[edit]- ^ John Curl (2012). For All the People: Uncovering the Hidden History of Cooperation, Cooperative Movements, and Communalism in America. PM Press. pp. 530–. ISBN 978-1-60486-582-0.
- ^ Dubb, Steve (14 August 2018). "Historic Federal Law Gives Employee-Owned Businesses Access to SBA Loans". Nonprofit Quarterly. Retrieved 2018-08-16.
- ^ Field, Anne (24 June 2017). "Will Impact Investors Embrace Employee-Owned Companies?". Forbes. Retrieved 2018-08-16.
- ^ a b c 12 U.S.C. § 3013
- ^ "Board of Directors". NCB.coop. National Cooperative Bank. Retrieved September 13, 2024.
External links
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