Sustainable Development is essential to achieving more peaceful and just societies and the United Nations counts on the private sector to help in this effort. The BBVA Microfinance Foundation (BBVAMF) has contributed its experience in the finance sector to the report entitled “Business and SDG 16: contributing to peaceful, just and inclusive societies,” drawn up by the Sustainable Development Goals Fund and the University of Pennsylvania.

Hurricane Harvey, one of the most damaging hurricanes in U.S. history, might have put on a show during its destructive performance across Texas, but the philanthropic efforts of BBVA Compass employees also took center stage. Although the storm made a costly appearance, the bank's team members demonstrated how the invaluable impact of helping others could be enough to outlast the the storm's moment of fame.

A complete picture of the damage wrought by Hurricanes Harvey and Irma is still coming into focus, but what is clear is that among the hardest hit are homeowners.

For these homeowners, many without flood insurance, starting the rebuilding process can be an overwhelming task, and just knowing where to begin to get the money needed to rebuild may seem complicated. According to BBVA Compass Insurance Agency Managing Director Analicia Geisen, a good place to start is with the homeowner’s insurance company.

Known as one of, if not the, oil and gas hub of the United States, the East Texas region suffered another dire consequence of Hurricane Harvey’s ripple effect: the interruptions to the energy companies who had set up shop in the affected areas.

As flood waters caused by Hurricane Harvey receded, thousands of south Texas residents  found themselves left with damaged homes, cars and other property in the historic storm’s wake.

Hurricane Harvey slammed into the South Texas coast in late August, bringing with it historic and unprecedented flooding and leaving a path of destruction in its wake, the exact toll of which will take weeks, months and likely even years to determine.

BBVA Compass, with nearly a quarter of its branches located in South Texas and its holding company headquarters located in Houston, felt the full force of Harvey’s lashing, with employees’ personal lives impacted, administrative buildings closed, branches closed and some flooded and ATMs knocked offline. But, as one of the top 25 largest U.S. commercial banks based on deposit market share, it was critical that operations continued with minimal interruption to serve all communities and clients.

One of the consequences of the latest financial crisis for banks has been the so-called non-performing loans or NPLs. Loans regarding which the borrower has either already failed to meet his payment obligations or is showing signs of having difficulties meeting them. Some financial systems, such as Spain’s, have already done their homework clearing their balance sheets. However, for other systems credit quality is still a matter that needs to be addressed. A recent case are Italian banks, which still bear a burden of over €300 billion in this type of assets.

2015 saw a number of key events in Latin America; but perhaps the most important occurred in the political arena with the change of government in Argentina, the National Assembly election results in Venezuela, and the progress made in the peace process in Colombia. These marked out a new direction for the countries in question and could have possible repercussions on the region's economy.