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Rebel A. Cole | |
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Born | Rebel Allen Cole August 25, 1958 Asheville, NC |
Occupation | Professor |
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Genre | Finance |
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Spouse | Caroline Lee |
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rebelcole |
Rebel A. Cole is the Lynn Eminent Scholar Professor of Finance in the College of Business at Florida Atlantic University in Boca Raton, Florida, where he has taught since August 2016. He teaches graduate-level classes in corporate finance and financial institutions.
Cole was born in Asheville, North Carolina on August 25, 1958 to Frank Allen Cole and Kathleen Krahenbuhl Godwin Cole. He attended St. Genevieve-Gibbons Hall for primary school, the Asheville School and Asheville High School for high school, and the University of North Carolina at Chapel Hill for college and graduate School. From UNC, he received an A.B. in Economics, Industrial Relations, and Political Science in May 1981 and a Ph.D. in Business Administration with specialization in Finance in May 1988. His sister is the lawyer Franchelle Millender, and his half-sister is the author Gail Godwin. In 2006, he married the author Caroline Lee in Nashville, TN. They lived in the Chicago Loop from 2006 until 2016, when they moved to Delray Beach, Florida.
After receiving his PhD in Business Administration from the University of North Carolina at Chapel Hill, Cole began his career in late 1987 as a financial economist at the Federal Home Loan Bank Board, during the height of the savings & loan crisis. Here, he began a series of scholarly articles on the failures of thrift institutions, which he continued from 1989 - 1991 as a financial economist at the Federal Reserve Bank of Dallas. Cole returned to Washington in 1991 as a supervisory financial analyst in the Division of Banking Supervision & Regulation at the Federal Reserve Board where he led the development of SEER—the Fed's statistical early warning system for bank failures. [1] After completing development of SEER in 1993, Cole transferred to the Board's Division of Research & Statistics, where he was the co-principal investigator of the 1993 National Survey of Small Business Finance. [2] In this position, he began what has become more than 25 years of research on the availability of credit to small firms. After completion of the survey in 1997, Cole spent one year as Chief Economist of the Employment Policies Institute in Washington D.C. before returning to academia as a professor of finance at the University of Auckland in New Zealand. After two year, Cole moved to Sydney, Australia to take a professorship at the University of New South Wales—One of Australia's most prestigious universities. He remained at UNSW until July 2003, when he moved back to the U.S. for a professorship at DePaul University in Chicago, where he remained until August 2016. In August 2016, he took his current position at FAU. Since leaving the Fed in 1997, Cole also began a second career as a special advisor to the International Monetary Fund, the World Bank, and the Asian Development Bank, providing training to central bankers primarily on issues related to banking supervision. In this capacity, he has led or participated in more than 70 international missions to central banks in more than 50 countries.
Cole is a prolific author who, according to Google Scholar, has written more than 100 articles that have been cited by other scholars more than 13,000 times [3] and have appeared in such leading academic journals as The Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Financial Intermediation and the Journal of Corporate Finance. [4] He is best known for his works on agency costs & ownership structure and the access to credit by privately held firms. His research interests focus on corporate governance, entrepreneurship, financial institutions and real estate. [5] [6]
In addition to academic pursuits, Cole has been a frequent commentator in the media about the Covid-19 pandemic. [7] [8] [9] [10] [11] [12] [13]
He is a co-developer of a popular Covid-19 tracker website for the state of Florida, which provided comprehensive and intuitive charts on Florid Covid-19 testing, hospitalizations and deaths during 2020 - 2021. [14] [15] [16]
Cole also has been an active commentator in the media. During his career, he has been interviewed for and cited in stories in the Wall Street Journal, [17] [18] [19] [20] [21] the Financial Times, [22] [23] the New York Times, [24] [25] the Washington Post, [26] [27] Forbes Magazine, [28] [29] the American Banker, [30] Bloomberg, [31] the Chicago Tribune, the Huffington Post, NPR's All Things Considered, [32] Voice of America News, the Washington Times, and Yahoo Finance.
He has appeared in television interviews on CNN, [33] First Business News, Fox Business News, [34] the PBS Nightly Business Report, NBC's Today Show, as well as on local Chicago and Florida stations. [35] [36]
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution:
A financial intermediary is an institution or individual that serves as a "middleman" among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, insurance and pension funds, pooled investment funds, leasing companies, and stock exchanges.
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held, meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans—their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.
The savings and loan crisis of the 1980s and 1990s was the failure of 32% of savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members.
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.
Money creation, or money issuance, is the process by which the money supply of a country, or an economic or monetary region, is increased. In most modern economies, money is created by both central banks and commercial banks. Money issued by central banks is a liability, typically called reserve deposits, and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by making loans to account holders, purchasing assets from account holders, or by recording an asset, such as a deferred asset, and directly increasing liabilities. However, the majority of the money supply used by the public for conducting transactions is created by the commercial banking system in the form of commercial bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits.
The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment.
Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research on real estate trends focuses on the business and structural changes affecting the industry. Both draw on partial equilibrium analysis, urban economics, spatial economics, basic and extensive research, surveys, and finance.
Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. Whilst a standalone second mortgage is opened subsequent to the primary loan, those with a piggyback loan structure are originated simultaneously with the primary mortgage. With regard to the method in which funds are withdrawn, second mortgages can be arranged as home equity loans or home equity lines of credit. Home equity loans are granted for the full amount at the time of loan origination in contrast to home equity lines of credit which permit the homeowner access to a predetermined amount which is repaid during the repayment period.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
Government policies and the subprime mortgage crisis covers the United States government policies and its impact on the subprime mortgage crisis of 2007-2009. The U.S. subprime mortgage crisis was a set of events and conditions that led to the 2007–2008 financial crisis and subsequent recession. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under TALF, the Federal Reserve Bank of New York authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. As TALF money did not originate from the U.S. Treasury, the program did not require congressional approval to disburse funds, but an act of Congress forced the Fed to reveal how it lent the money. The TALF began operation in March 2009 and was closed on June 30, 2010. TALF 2 was initiated in 2020 during the COVID-19 pandemic.
The credit channel mechanism of monetary policy describes the theory that a central bank's policy changes affect the amount of credit that banks issue to firms and consumers for purchases, which in turn affects the real economy.
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
MultiFunding is a national business leverage advisor and brokering firm that helps small- and medium-sized businesses across America find debt financing for their companies. MultiFunding has placed over 700 loans in 47 states. It has financing capabilities in excess of $25 million. In addition to conventional bank loans, MultiFunding provides businesses with alternative loan options such as SBA-guaranteed loans, asset-based loans, equipment loans, real estate loans, and mezzanine loans, among others. MultiFunding was founded by Ami Kassar in 2010. They mostly broker SBA-guaranteed loans and asset-based loans.
A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loans, including bank loans, mezzanine financing, asset-based financing, invoice financing, microloans, business cash advances and cash flow loans.