Michelle A. Avan is a trailblazer and one of the most highly respected business women across multiple local and national groups serving the larger community.
Michelle’s career in the financial services industry spans over 25 years. In her current role, Michelle is part of the Global Diversity & Inclusion Organization leadership team as Head of Global Women’s and Under-represented Talent Strategy. In this role, Michelle will be responsible for the comprehensive strategy and enterprise efforts to attract, hire, retain, develop and advance female and under-represented talent across the company.
In her previous role at Merrill, Michelle was a Managing Director, Division Supervision Executive overseeing regulatory, financial and reputational risk to ensure that 2,500 Financial Advisors in 98 offices across nine states and Guam adhered to regulatory and company policy compliance for Merrill in the west.
Michelle began her financial services career in 1994 with Morgan Stanley in Delaware, quickly rising in the ranks to an account executive at their New Orleans office. She joined Merrill Lynch in 1998 at New Orleans as a registered client associate, becoming a vice president when she arrived in Los Angeles in 2000. She has been the West Division Supervision Executive since 2011.
In addition to her community contributions and board involvement, Michelle also contributes in multiple ways to her employer and colleagues, starting with being a member of the company’s Black Executive Leadership Council to provide insights and recommendations to better serve Black employees, customers, and business owners. Among her accomplishments, Michelle was a recipient of Bank of America’s Global Diversity & Inclusion award as well as a co-chair of the company’s Black Executive Leadership Council business initiative.
In 2019, Michelle was selected as one of Los Angeles’ Powerful & Influential Black Woman Leaders by the Los Angeles Sentinel, and has been recognized as one of Black Enterprise Most Powerful Women in Business – an exclusive listing of the highest-ranking and most influential African American female executives. She was also featured in ESSENCE magazine as well as a speaker at ESSENCE Festival Path 2 Power.
She has received numerous distinct acknowledgements to include the Regalettes, Inc., President’s award, Greater Los Angeles African American Chamber of Commerce Community Service Award, as well as being a ‘We See You’Awards honoree from the International Black Women’s Public Policy Institute in addition to selection in the Los Angeles Business Journal 40 In Their 40s List.
Michelle earned a bachelor’s of Arts in Business, with a concentration in management, from the University of Phoenix. She also is studying at the Securities Industry Institute at the Wharton School of the University of Pennsylvania.
Michelle is committed not only to helping clients grow their wealth and giving back to the community, but also to empower young people, particularly Black women and girls. Her passion is working with youth to help them realize their full potential through financial acumen, higher education, determination and drive.
New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries – Fintech Bitcoin News
New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries
A new Bank of America (BOA) research study has found that both central bank digital currencies (CBDCs) and private digital currencies hold “a lot of potential” for increasing financial inclusion in developing countries. In the report, the bank also argues that such “digital currencies could reduce transaction costs and allow more economic activities in emerging market economies.”
Digital Currencies and Financial Inclusion
Still, the study findings show that while digital currencies are likely to “boost economic growth” in developing countries, their adoption will carry some risk. In addition, the study also finds that the rise of digital currencies “could lead to inflation and dollarization.”
Meanwhile, a separate report quotes David Hauner, the BOA’s head of emerging market cross-asset strategy and economics for EMEA, explaining why digital currencies could be pivotal in emerging market countries where more than 50% of adults lack a bank account.
“Digital currencies have the potential to address many practical constraints on financial services in poor countries,” said Hauner.
The report also lists the reduction of cross-border payment costs as well as the reduction of corruption and other illegal activities as some of the constraints that can be addressed by digital currencies.
Risks to Physical Currency
The BOA research study found that the rise of digital currencies could potentially “undermine a country’s physical currency,” however. Expanding on these findings, Hauner stated:
Easier access to alternative digital currencies is also likely to increase the volatility of domestic money supply and the exchange rate. Easier access to alternatives also raises the risks of rapid shifts of liquidity out of (or into) the currency and the banks which can magnify macro volatility in already less stable countries. Higher macro volatility would then reduce the effectiveness of policies and undermine the long-term rate of growth.
Despite these risks, Hauner suggests that more central banks are “likely to issue a general purpose CBDC in the next three years.” As previously reported by Bitcoin.com News, several countries — including a few in Africa — are currently at different stages of developing or piloting their digital currencies. Several more countries are likely to join the race as more studies show that digital currency benefits outweigh the risks.
What are your thoughts on the latest BOA research report on digital currencies? You can share your views in the comments section below.
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In Case You Missed It
Why a HELOC might be right for you | Core Bank Personal
A home equity line of credit (HELOC) is a good way to utilize the equity you have in your home to make a large purchase that otherwise is difficult to save up for. A credit limit will be established based on your home’s current valuation. With a HELOC you not only get great flexibility by being able to access your money whenever you need it, but you also only pay interest on how much you actually use.
Let’s run through a few scenarios where taking out a HELOC would make sense.
One of the most popular reasons homeowners take out a HELOC is to fund renovation projects. Renovations can be a great use of money since they not only make your house more enjoyable to live in, they also generally increase your home’s value.
Tired of paying a high-interest rate on your debt? You’re not alone. Using a HELOC to consolidate other forms of debt is a popular choice among homeowners. Credit card debt, for example, has a much higher interest rate than a HELOC would. The key to using this method of debt reduction is to plan ahead and make sure you know how you’ll pay off the loan.
We’ve said it once, and we’ll say it again – having an emergency fund is always a good idea. Your home’s equity can be that emergency fund for you. If you find yourself faced with a medical emergency, job loss, or any other unexpected emergency, know that your equity is there to help.
Looking to further your education? A HELOC might be a good alternative to student loans since they tend to offer a lower interest rate. Another benefit to a HELOC is that you may have more money available to you.
Federal student loans have borrowing limits which can make it hard to pay for an education if you still have a balance due even after utilizing other forms of aid, such as financial ad and scholarships.
Traveling is always fun, but paying for it is another story. While you can fund some trips with your everyday budget, some trips require a little more money. Using your HELOC can be a lifesaver when it comes to making your dream vacation a reality. No need to pull out the credit card or overextend your budget.
Equity is one of the many benefits of homeownership and can play a big role in helping you achieve financial wellness. Learn how to make the most of your home today
De-Banking! Former GOP Candidate Witzke Says Wells Fargo Shut Down Her Account: Report
First liberal corporations attacked conservative speech, but now they are destabilizing the finances of those they disagree with, as former Senate candidate Lauren Witzke has reportedly discovered.
American bank Wells Fargo has reportedly shut down the bank account of Lauren Witzke, a 2020 Delaware Senate GOP candidate and outspoken activist. An account purporting to represent Witzke claimed via Telegram that her bank account had been shut down, leaving her penniless in Florida: “Wells Fargo has shut down my bank account, taking all of my money and leaving me with a zero balance.” The Witzke account torched Wells Fargo for leaving her in the lurch and causing her to rely on the charity of her friends:
“When I called Wells Fargo told me that it was a ‘business decision’ and that they have the right to close my account at any time. Had I not been surrounded by friends in Florida, I would be completely stranded. Use this as a warning and get your money out of Wells Fargo if you are a conservative. This is so evil.”
Wells Fargo responded to inquiry from MRC Free Speech America by denying any political motivations:
“Wells Fargo does not consider political views or affiliations in making account decisions. An account may be closed for a number of reasons based on individual facts and circumstances. While we cannot discuss customer accounts because they involve confidential customer information, we can report that we have reviewed this situation, gave ample notice of our decision and it was handled appropriately.”
Conservative firebrand Michelle Malkin wrote in a commentary on CNSNews that Witzke’s “entire life savings of roughly $15,500 had been transferred to ‘loss prevention.’” Malkin further asserted that “[Witske] would be barred from retrieving her funds at any branch office and that they would ‘mail a check.’”
Malkin reportedly heard from Witzke directly, the former candidate stating, “The current weaponization of corporations and banks against conservatives and Christians is terrifying.” Witzke reportedly recounted how sudden her ousting was from Wells Fargo:
“I have banked with Wells Fargo for years, using it as savings when I was working in ministry. Only when I was given a platform to share my Christian views on the national stage did Wells Fargo decide to shut down my account. The Evil Oligarchs at Wells Fargo left me, a young woman, with a balance of zero dollars, stranded, and a thousand miles away from my home with no explanation…Christians and Conservatives, get your money out of Wells Fargo, NOW!”
Conservatives are under attack. Contact your local representative and demand that Big Tech be held to account to mirror the First Amendment while providing transparency, clarity on “hate speech” and equal footing for conservatives. If you have been censored, contact us at the Media Research Center contact form and help us hold Big Tech accountable.
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