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Saints’ Renewed Focus on Fundamentals Seems to Pay Off | KTVE


NEW ORLEANS (AP) — Saints coach Dennis Allen has focused on the fundamentals over the past week of practice and it seemed to pay off.

New Orleans didn’t turn the ball over, didn’t have many missed tackles and was only called for two penalties in a 27-20 win over the Los Angeles Rams on Sunday that kept the Saints are less than a game and a half from first place in the NFC South, where neither team has a winning record.

“Our tackle was really good,” Allen said Monday after reviewing video of the game. “Our fundamentals on both sides of the ball were pretty good.

“A lot of times penalties are the result of using bad fundamentals or bad technique and then you get caught in a bad position,” Allen noted.

Playing with a patchwork offensive line that lacked three starters, the Saints kept star Rams defensive lineman Aaron Donald from getting fired or making a game-changing play.

Right tackle Ryan Ramczyk, who along with right guard Cesar Ruiz was the only regular starting offensive lineman to play in the game, said New Orleans’ success likely stemmed in part from a “sense of ‘shared emergency’ that forces players to hold each other accountable.

With six games to play, the Saints have a diminishing margin of error if they want to catch up with first-place Tampa Bay (5-5).

“There’s no time for mishaps, miscommunications, none of that,” Ramczyk said. “We have to be locked down every week and I think that is known. There’s a huge sense of urgency right now in this locker room.

Allen said the premium the Saints have placed on character and leadership leaves him certain that if the Saints falter, it won’t be because players mentally checked in as a tough season continued.

“Everyone faces adversity at some point, in life or in football,” Allen said. “How you respond to it says a lot about who you are as an individual.

“I never wondered if this team was going to come out and fight,” Allen continued. “I don’t know if we always executed as well as we would like and so, therefore, we probably didn’t get as good results as we would like, but there is no giving up in this team.”


Beyond giving up a long TD Rams pass, the Saints didn’t give up another 20-plus-yard reception in the game and ranked eighth in the NFL against the pass in games of sunday. It helps that the Saints have been effective lately in pressuring the quarterback with 10 sacks over the last two games.

“I know we didn’t start the season putting pressure on the quarterback as well, but now we’re getting to the point where we’re getting pretty good pressure on the quarterback and affecting the quarterback,” said Allen.


The Saints’ defense had to improve its ability to create turnovers all season — and that still hasn’t changed after the unit forced no turnovers in Week 11. New Orleans didn’t only two interceptions and five fumble recoveries in 11 games and has an NFL-worst turnover differential of minus-12.


Linebacker Kaden Ellis had to play more because linebacker Pete Werner was injured. He was on 10 tackles and credited with a 1 1/2 sacks against the Rams. … Tight end Juwan Johnson has five touchdowns in the last five games.


Defensive back Chris Harris, who was brought in for depth but pressed into a bigger role due to injuries to cornerbacks Marshon Lattimore and Bradley Roby, was beaten deep on the left sideline on Sunday by Tutu Atwell for a 62-yard touchdown.


The Saints lost three defensive ends after Payton Turner injured his ankle on Sunday. Cameron Jordan (eye) and Marcus Davenport (calf) completely missed the Rams game. The Saints defense was also without Lattimore for a sixth consecutive game. Werner missed two games. Left tackle James Hurst is trying to recover from a concussion that sidelined him last weekend.


1 — The number of times the Saints have won this season on the road, where they will play their next two games.


The Saints will travel to San Francisco hoping to win back-to-back games for the first time this season. If they do, that sets up a potentially pivotal game in the NFC South in Week 13, when the Saints visit division leader Tampa Bay in a Monday night game.

DOE’s Highly Requested Loan Officer


Jigar Shah is a popular guy. He was mobbed at a Stanford University conference last month by companies interested in securing more than $100 billion in clean energy loans.

He is responsible for the Department of Energy’s Office of Lending Programs, which received a huge boost last year. Its existing programs for advanced vehicle manufacturing, tribal energy projects, and innovative clean energy projects, as well as new programs to modernize energy infrastructure and carbon dioxide transportation infrastructure, are being developed. ‘be mostly juice by the bipartisan Infrastructure Act and the Inflation Reduction Act.

But with great power comes great responsibility. Republicans are watching the money closely, preparing to take advantage of anything that goes south, like the DOE’s infamous $535 million loan guarantee for Solyndra in 2009.

This interview has been edited and condensed for clarity.

Compare the office to what it was under the Trump administration, both in terms of the amount of money you have to donate and in terms of the speed of the process. Will it be fast enough to make it worth it for people?

In terms of comparing the program to previous administrations, what I would say is that what this program really needed from the start was the confidence that it had the support of the entire government. You can imagine there was a lot of walking on eggshells after Solyndra, etc.

Now we average at least $7 billion in new loan applications per month. Let’s call it about 200 requests that we know people are in active dialogue with our office. I would say that today people are very comfortable believing that we are going to process their application fairly and that we will process it in a timely manner.

Do you have any specific plans to try to avoid another Solyndra? Or because there was only one failure, do you think the DOE was too conservative and should have made more bad bets?

There are several ways to answer this. In the first portfolio of projects that we approved from 2009 to 2011, we have about $32 billion in loans that we have made, and we have lost about $1.07 billion. So, in general, the loss rate was less than 3.4%, which is in line with commercial banks. And we separately earn $533 million a year in interest for US taxpayers. The program is now profitable. So there are a lot of people who tell me that we are not taking enough risks.

The second thing I would say is that after Solyndra, there was an extraordinary amount of feedback provided to the loan programs office. And we’ve implemented each of those suggestions, to the point that people inside are now telling us that we now have risk management practices that are as good or better than any other government lending agency.

Then as [DOE] secretary [Jennifer Granholm] suggests, we still have to take a lot of swings at bat. We will get wrong loans. There will be losses on some of the loans we make, but if the losses are around 3.4% of the portfolio, we think that’s very much in line with expectations.

What are the areas that you think are really well placed to address that the private sector would not?

Many coal and natural gas power plants are at the end of their life. And ESG funds don’t want to own those coal plants for even a week, even if what you’re doing is converting a coal plant to solar plus storage or a nuclear plant or a manufacturing plant. We therefore have a unique ability to finance this conversion in this new program 1706 That we have.

In general, our feeling is that all this energy infrastructure that we have built over the last 100 years and which supports a modern way of life for all of us, can almost all be reused within the framework of the energy transition to provide resources and additional income to these local communities and for these workers.

What kind of funding, whether by technology or by type of funding, IRA or bipartisan infrastructure law, do you think the public will notice first?

I don’t know if I’m qualified to answer the question politically, but what I would say is that for a long time we’ve been told here in this country that you can’t do great things, that you can we’re not building big things, that we can’t actually commercialize the technology here.

The purpose of the Lending Programs Office, but also of the DOE at large, with the resources it has received from [the Bipartisan Infrastructure Law] and [the Inflation Reduction Act], is to prove to mayors, to county commissioners, to policy makers that America can do great things, that we can build here, that we can market here, that we can create manufacturing jobs. And I think it takes time for people to gain that level of trust.

We obviously have some successes, but I think the more you see these factories being built, the more people are being hired, the more people are being trained for these high-skilled jobs, the more you see a lot of things in your community, I think the more people will trust that we can really do great things here.

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Pressure to withdraw from Russia could reduce the dividends of International Paper Co., which is heavily invested in Siberia, WSJ reports.

— More than half of Hawaii experiences unusually dry conditionsraising concerns about forest fires, reports the Washington Post.

The New York Times has the profile of Les Knight, a man who believes the planet would be better off without us. All of us!

Student loan forgiveness: Biden’s program remains stalled, but here are more ways to get debt relief



of President Joe Biden student loan forgiveness program is at the mercy of the courts, and student borrowers could wait weeks or even months to find out if the program is allowed to go into effect.

About 16 million people have already been approved for up to $20,000 in federal student loan forgiveness – and some have been notified by email but no debt is currently allowed to be canceled as the litigation unfolds. The Biden administration has asked the Supreme Court to intervene.

But there are several other ways that many of the 43 million federal student loan borrowers may qualify for student debt relief.

The Civil Service Loan Cancellation Program allows certain government and nonprofit employees to apply for federal student loan forgiveness after making 10 years of qualifying payments.

An eligible borrower’s entire remaining balance is canceled regardless of the amount.

Teachers, social workers, some nurses and doctors, and government lawyers are some of the types of borrowers who may be eligible.

There are several eligibility restrictions. First, a borrower must work full-time for a government or qualifying non-profit organization for at least 10 years. Second, a borrower must have federal direct loans and have made 120 monthly loan payments under an income-based repayment plan, which sets payments based on income and family size.

If all of these requirements are met and a borrower has submitted the PSLF form to the Ministry of Education, the government will cancel its remaining federal student loan debt.

A one-year waiver that expands eligibility for the PSLF program expired on October 31, but some of these temporary changes will become permanent starting in July 2023.

Under the new rules, borrowers will be able to receive credit to PSLF on payments made late, in installments or in a lump sum. Previous rules only counted a payment as eligible if it was made in full within 15 days of its due date.

In addition, time spent in certain adjournment or abstention periods will count towards the PSLF. These periods include deferments for cancer treatment, military service, economic hardship, and time in the AmeriCorps and National Guard.

Starting in July, borrowers will receive some credit for past payments when they consolidate older loans into federal direct loans to qualify for the program. Borrowers previously lost any progress toward forgiveness when consolidating. After July, they will receive a weighted average of existing eligible payments to PSLF.

The new rules will also simplify the criteria for meeting the requirement that a borrower be a full-time public sector employee. The new standard will consider full-time employment at 30 hours per week. In particular, the change will help adjunct professors at public colleges qualify for the program.

The Teacher Loan Forgiveness Program forgives up to $17,500 in federal student loan debt for certain full-time teachers who have worked at a qualifying low-income elementary or secondary school for at least five consecutive years.

Mathematics and science teachers considered as highly qualified at the secondary level, as well as special education teachers at the elementary and secondary levels, are eligible for the full $17,500 in federal student loan forgiveness. Those considered highly qualified and teaching other subjects can receive up to $5,000 in loan forgiveness.

Federal Direct Loans and Federal Home Education Loans are eligible for this rebate program.

The defense of the borrower against the repayment program offers student debt relief to people who have been defrauded by their college.

Generally, students who attended large, for-profit colleges like Corinthian Colleges and ITT Tech that misled students with inflated placement numbers will be eligible for the indulgence under the federal program.

The Department of Education has already determined that certain groups of students are automatically eligible for Borrower Defense Until Repayment, such as those who attended Corinthian colleges from its creation in 1995 to its closure in April 2015.

But other students may have to seek debt relief, showing how schools misled them or engaged in other misconduct.

Borrowers enrolled in one of the four types of income-based repayment plansknown as IDRs, are eligible for loan forgiveness after 20 or 25 years of payments, depending on the specific plan.

These repayment plans can help struggling borrowers avoid defaults by lowering their monthly payments based on their income and family size.

Generally, borrowers are eligible for an income-driven plan as long as their federal student loan debt is greater than their annual Discretionary Income and, therefore, will pay less each month than they would under a standard 10-year payment plan.

But the Department of Education and its student loan managers have struggled to keep up with borrower payments. To address these issues, the Biden administration is conducting a recount, expecting to bring many borrowers closer to forgiveness. The recount began this month.

The Biden administration has also proposed a new income-driven payment plan that aims to make repayment more manageable for borrowers, though it’s unclear when it might take effect.

The new rule is expected to cap payments at 5% of a borrower’s discretionary income, down from the 10% offered in most current plans, as well as reduce the amount of income considered discretionary. It would also forgive remaining balances after 10 years of repayment, instead of 20 or 25 years, as well as cover the borrower’s unpaid monthly interest.

The federal government is canceling federal student loan debt — including direct loans, federal family education loans and Perkins loans — for borrowers who are totally and permanently invalid. Borrowers must provide documentation from a doctor, the Social Security Administration, or the US Department of Veterans Affairs to show they qualify.

Last year, the Biden administration changed the rule so that the Department of Education could grant automatic discharges to borrowers with disabilities who are identified through matching administrative data with the Social Security Administration — without the borrowers do not submit documents.

It has always been very difficult to get student loan debt forgiven in bankruptcy. But the Biden administration released new guidelines earlier this month, which aims to facilitate the provision of debt relief to borrowers in financial difficulty.

Unlike credit card, medical, and other consumer debt, student borrowers must demonstrate that paying off the debt would cause them “undue hardship.”

But the new guidelines aim to simplify the tedious process of demonstrating undue hardship and make it easier for government lawyers to recommend to a bankruptcy court that the debt be discharged.

Freedom Credit Union of Massachusetts opens its first branch in Connecticut | Credit Union Journal


Freedom Credit Union in Springfield, Massachusetts, recently opened its first location in Connecticut.

The $683 million credit union has opened a loan origination office in Enfield dedicated exclusively to mortgages and businesses, at least for now.

Freedom Credit Union President and CEO Glenn Welch said the company recently opened a loan origination office in Enfield, Connecticut.

“We are excited to expand our footprint beyond the state line into Connecticut to better serve the needs of our members there. This new location has both a full-time mortgage originator and an on-site commercial lender,” said Glenn Welch, the credit union. president and chief executive officer, said in a press release.

In 2020, Freedom expanded its charter to people who live, work, or attend school in Hampden, Hampshire, Franklin, and Berkshire counties in Massachusetts to also include people in Hartford and Tolland counties in Connecticut.

“We have a significant number of members who come and go across the state line for work and other pursuits, so this expansion makes sense,” Welch said. “We plan to offer additional services in Connecticut in the future.”

Freedom has 10 branches in Pioneer Valley, Massachusetts to serve over 32,000 members.

Freedom Credit Union earned $1.8 million in the first nine months of 2022, down 40% from a year earlier, according to data from the National Credit Union Administration’s call report.

Local Focus: Rising stars take on the music at the NZ Aria Awards in Rotorua


Aria is back for her 75th birthday at the Sir Howard Morrison Performing Arts Centre.

“The quality of singers we have in New Zealand is just amazing,” says Jo-Anne La Grouw, event coordinator and chair of the Lockwood New Zealand Aria Competition.

She was delighted with the return of the prestigious Rotorua singing competition.

“We are the first competition, or the first event, in the renovated and reinforced Howard Morrison Performing Arts Center. And before it closed, we were the last event there.”

The finishing touches in the center were completed just in time for the Aria competition, which boasts alumni such as Dame Malvina Major and Dame Kiri Te Kanawa, to open up to the world again on Saturday evening.

READ MORE: NZ Aria Award Winners Announced

La Grouw says the competition is unique.

“It’s the only singing competition in the world, where there’s no upper age limit…and you can come from any part of the world.”

Music teacher and former Aria Prize winner Elisha Hulton knows the importance of music and its impact on rangatahi.

“Music is life,” she said. “It helps you get through all the tough times.

“It’s my passion. It’s something you can share with anyone and everyone.

“It’s a universal language, and personally, I really fill my heart and my soul.”

Hulton sees a connection between opera and another popular form of musical performance.

“In Rotorua here in particular, that’s the heart of kapa haka. So as a music teacher here at boys’ high school, for example, I have a lot of students from that kapa haka background and I’ve the opportunity to teach them vocal techniques through classical music, and they are able to put this into practice in singing kapa haka.”

Several Hulton students competed in the under-21 class. Mathieu Boynton-Rata, 17, comes from a kapa haka background.

“Once I was introduced to this kind of singing style, it was like it completely changed my perspective on opera. I really thought it was like people were shouting, and now it’s something really beautiful,” he said.

For Nikau Chater, 14, another student from Hulton, the long wait was worth it.

“It’s cool because we put in a lot of work to be able to do this last year and now it’s gone and our hard work is going to pay off.”

Adults were also competing, including Maria Kapa, ​​who played classical music in her whakapapa.

“A lot of our nannies here in Rotorua, in kapa haka, they all sang beautifully high and so we all grew up watching them and singing with them.”

Kapa studied opera at the University of Waikato where she learned the ropes, including breathing techniques and ways to stay calm on stage.

“It’s wairua, the spirit too, and you share that with people. It’s kind of like a spiritual experience, out of the body.”

Emmanuel Fonoti-Fuimaono performs with the Auckland Philharmonic Orchestra at the NZ Aria Awards at the Sir Howard Morrison Center in Rotorua.  Photo / Tony Whitehead, Wildlight Photography
Emmanuel Fonoti-Fuimaono performs with the Auckland Philharmonic Orchestra at the NZ Aria Awards at the Sir Howard Morrison Center in Rotorua. Photo / Tony Whitehead, Wildlight Photography

With nearly 800 people at the new Sir Howard Morrison Theatre, excitement reached a crescendo.

The Grouw was straight back to work this week, looking for sponsors to secure another competition next year, and they know what they will say.

“The answer for me is, what do you want now?” she laughs. “Because I always come to them asking for money or something.

“I know some people in Rotorua really appreciate having the Aria in Rotorua. I don’t know if the wider community realizes how lucky we are to be able to keep it here.”

Derry Credit Union pays over £1m in dividends and interest refunds


Commenting at St. Mary’s College, the Caisse Populaire’s external auditor, Mr. John Bradley, praised the work of the Board of Directors in confirming impressive financial figures for the past year.

Northern Ireland’s largest credit union, Derry Credit Union currently has 35,339 adult and 5,107 child savers, and continues to grow with assets now reaching £114m.

Mr Bradley praised the credit union’s committed staff for choosing to remain open during difficult times such as Brexit, Covid-19 and the current cost of living crisis. He also praised the members of the credit union who remain loyal to the local organization.

Derry Credit Union Board of Directors. Seated left to right are newly elected Treasurer Carmel Bradley, outgoing President Sean Hegarty, Secretary Patricia Doherty and newly elected President Colm McCauley. Standing, left to right, directors Leo Simpson, Arthur Duffy, Laurence Arbuckle, Brigid McCarron, Jennifer Turner and CEO Joan Gallagher. Not pictured are Vice President Delma Boggs and Director Rosemary O’Doherty.

Members approved the proposed dividend of 0.4% and the reduction of interest rates on applicable loans by 25%. This equates to over £1million in dividends and interest rate subsidies now available to members.

In the Board Report, delivered by Board Secretary Patricia Doherty, members were informed that the merger with Claudy Credit Union was successfully completed in November 2021 and that the first sub-office of Derry Credit Union had opened on Main Street, Claudy, in December.

The meeting ended with the Board thanking members for their continued use of Derry Credit Union.

They also urged them to make the benefits of membership known to those who had not yet joined.

Colm McCauley, chairman of Derry Credit Union.

A raffle followed the closing of the deals with 26 members winning prizes ranging from £100 to £500.

Meanwhile, at the credit union’s organizational meeting held after the AGM, Colm McCauley was elected president by his fellow directors.

Assuming his new role, the new President paid tribute to outgoing President Sean Hegarty for his leadership, direction and professionalism throughout his tenure.

Colm McCauley was born and raised in Aranmore Avenue, Creggan Estate, and was one of ten children. He witnessed firsthand the extreme poverty, large-scale unemployment, impact of social injustices and lack of access to affordable credit facilities within the community in which he lived – the very circumstances that prompted the creation of Derry Credit Union.

Colm attended Holy Child Infant School and Long Tower Primary School and St. Columb’s College. He graduated from university with an honors degree and is a qualified accountant with the Chartered Institute of Public Finance and Accountancy.

Now retired from a long career in public sector finance, he was co-opted to the board of Derry Credit Union in 2016. Since then, he has served as Treasurer of Derry Credit Union for the past for the past four years, Chairman of the Caisse’s Finance Committee and Nominating Committee and composition of the Caisse Populaire’s Audit and Management Committees.

Colm believes that Derry Credit Union remains a vital asset to the local community, providing its members with affordable loan products. In addition, Derry Credit Union provides insurance benefits such as savings cover, loan cover and death benefit cover, and is also a place where savings play an important role in daily life. .

Colm is a strong supporter of the credit union’s request for approval to provide mortgages in order to remain competitive with other financial institutions and explains that such new services can be undertaken because Derry Credit Union is in a very stable financial position to move forward strategically.

In the role of President, he looks forward to continuing the excellent achievements to date.

Colm paid tribute to the dedicated workforce and members of the Credit Union and he acknowledged the tremendous continued support of the Derry Credit Union from the local community.

Board of Directors of JVS: a positive balance helping to pay the bill | News, Sports, Jobs


BLOOMINGDALE — The Jefferson County Vocational School Co-educational Board is looking at positive balances for the duration of its five-year forecast, and now officials are looking to pay off a 2010 upgrade project.

At Tuesday’s regular school board meeting, District Treasurer Karen Spoonemore shared good news that the JVS would remain financially solvent through 2027. She added that some levy renewals would fall, but she hoped to clear the books by handing over the remainder of a $1 million note for energy updates completed over a decade ago.

“I was very conservative on revenue and a bit high on expenses, but we will have a cash balance at the end of the five years,” Spoonemore commented. “We have bond funds for building quality schools from renovations in 2010 and we still owe $162,000. I think with these great predictions, we should pay.”

The QSCB note, worth more than $1,078,000, helped cover energy conservation improvements such as updated lighting, heating and air conditioning, entrances and sealing doors and replacing faucets to save water while Johnson Controls served as contractor. Spoonemore said the district will not incur any penalties and the council should take action. The council then approved the move as well as the forecast.

“Part of the conditions was that we had an advance payment without penalties and I think it’s time to do that,” she said later.

“It’s good that we have been able to benefit from the improvements over the last 15 years” Superintendent Todd Phillipson said, also scoring the most with the positive outlook. “We are financially strong, and with the continued support of the community, we will continue to be.”

Among other topics:

– Supervisor/Principal Andy Long said staff assessments are winding down and teachers are using student data to improve learning growth. Deputy Supervisor/Principal Gabrielle Wilson added that perfect attendance incentives have been put in place with prizes given to individuals and junior and senior labs competing for the trophies. She said it was well received and attendance was over 89.5%, with a further 10.4% reported no-shows;

– Board of Trustees Chairman Steve Bezak III said he’s been on the eighth grade tours with Buckeye Local students and has heard nothing but positive feedback;

– Phillipson discussed the Ohio School Boards Association’s annual Capital Conference in Columbus and JVS leaders spoke with representatives from Coral Reef and other solar companies. Coral Reef officials recently visited the council with a proposal to install solar panels on site, but the council is still seeking information before making decisions;

— Andrew Connor was permitted to perform administrative duties in the absence of supervisors while serving as headteacher;

— Council approved the purchase of a new high bay air compressor from Eaton Compressor and Fabrication for $13,683; a replacement engine from Cattrell Cos. Inc., for $4,500; and AV Lauttamus Communications’ MARCS radios for $1,904;

– Officials said parent-teacher conferences were scheduled for Monday from 3:15 p.m. to 6:15 p.m.;

— The next regular session of the school board was scheduled for December 20 at 5 p.m.

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Average 401(k) balances are down more than 20% this year. Here’s what the experts say you should do to navigate a volatile market


Saving for retirement is one of the most important financial tasks, but the transition from a zero balance to a comfortable savings you can live off of later isn’t always linear. According to latest data from Fidelity, the average 401(k) balance fell for the third straight quarter and is now down nearly 23% from a year ago to $97,200. Some of the main culprits? A rising inflation rate and massive stock market fluctuations.

“Many 401(k) account balances are shrinking because major asset classes (stocks and bonds) have seen double-digit declines this year,” says Herman (Tommy) Thompson, Jr., certified financial planner at Innovative. FinancialGroup. “Furthermore, economic difficulties, including rising inflation and job cuts, have forced some participants to take out loans and distributions at the worst possible time…when the markets are down.”

The Do’s and Don’ts of Investing in a Volatile Market

So how do you manage fluctuations that could affect your retirement savings balance? Here’s what the experts suggest:

  1. Stay steady and keep saving. Yes, even when things are bumpy, you should continue to save for your retirement, and most savers take note. According to Fidelity, the average 401(k) contribution rate, including employer and employee contributions, held steady at 13.9%. In fact, the majority of workers (86%) kept their savings account contributions unchanged and 7.8% even increased their contribution rate.

    Invest in your 401(k) is a form of purchase average, which is an investment strategy that requires you to invest the same amount at regular intervals, no matter what. One of the main benefits: this approach takes the emotion out of investing and ensures that you don’t make sudden moves that could end up costing you even more. “It’s best not to panic in the face of short-term weakness: it gives the long-term investor the opportunity to invest future contributions at lower prices,” says Karl Farmer, CFA, Vice President and Manager portfolio at Rockland Trust. Another advantage of staying the course: employer contributions. By continuing to invest regularly over time, you are guaranteed to benefit from employer contributions and grow your balance.

  1. Do not borrow money from your 401(k). If you can help it, you should try to avoid borrowing from your 401(k). While only 2.4% of savers initiated a new loan in the third quarter, major changes in your balance or changes in your financial situation in a difficult economic climate could prompt you to dip into your 401(k) funds. Most experts would agree that this is not the wisest long-term plan. Borrowing from your future self comes with its own set of risks, like taxes, penalties, high interest rates, and loss of potential. growth you would have seen if you had left your money alone.
  2. Avoid making impulsive changes to your asset mix. You may want to wait before making major changes to the mix of assets you invest in. “Savings from retirement plans such as 401(k) accounts should be managed with an eye to the long term,” says Thompson. “Reducing risk after your portfolio has already suffered a double-digit decline usually results in insufficient risk in the portfolio when markets recover.”

The take-out sale

If your investments are making you feel uncomfortable, take a break. Fixating on the daily short-term fluctuations of the market could cause you to act impulsively and make a move that you will later regret. Continue to save for your retirement and periodically check your portfolio to track your progress.

“At least annually or in volatile markets, investors should review their allocations to ensure they are still in line with their objectives,” says Farmer. “For example, many investors in the spring of 2020 had the opportunity to reduce exposure to bond funds and re-enter weakened equity allocations. Rebalancing should be done at least once a year.

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This state has the best personal finance education in the US – you can tell by its average credit score


By Zoe Han

Over 99% of Tennessee high school students must take a personal finance course to graduate

Financial literacy is key to managing money, but how well are states preparing their students?

Tennessee tops the list of US states that offer the best financial education to its residents, according to a new report from financial services firm OneMain Financial. More than 99% of public high school students in Tennessee have what is called a “gold access” education, attending a school where they must take a personal finance course to graduate.

The OneMain Financial report examines four things for each state: the number of active bills promoting some form of financial education in public schools, the status of economic education in public high schools, the level of education in personal finance offered and required; and the proportion of high school students in schools accessing gold.

New York, Utah, Alabama and Virginia followed Tennessee in the rankings. Although only 2% of New York City high school students are in gold access schools, 11 financial and economic education bills have been proposed in the state this year. In the other three states, more than 97% of students are in gold access schools. (Tennessee, however, has a higher poverty rate than at least 30 other states)

“We believe that understanding budgeting, saving, loans and credit cards, and credit scores can prepare people for a life of financial well-being,” OneMain Financial said in the report. “So we took a closer look at the latest legislation and conversations to assess how we as a nation are giving people access to financial knowledge.”

In total, elected officials had introduced 69 bills focused on financial education in 27 states this year by the end of October, according to the Next Gen Personal Finance Financial Education Bill Tracker. NGPF is a non-profit organization that aims to bring personal financial education to all students. Of these bills, 12 had been signed into law in 10 states and 8 were still pending in 3 states.

About two dozen states require students to learn about personal finance, either in a dedicated course or integrated into other subjects, in order to graduate from high school, according to the Survey of the States report from the Council for Economic Education. A few states, including Florida, passed bills in the summer of 2022 making personal finance courses an individual requirement.

According to the Council for Economic Education report, Alaska, Wyoming and the District of Columbia have no personal finance education requirements in K-12 schools and have not seen any new bills. California has no such requirements in place either, but the state passed a bill in July to create a statewide task force to look into the matter.

(OneMain Financial declined to offer a rating of the states with the poorest performance in personal finance education. However, the researchers said that 68% of US high school students did not understand credit scores and also noted that auto loans rank behind mortgages and student debt accounts for the largest share of adult household debt.)

Americans consistently score poorly in financial literacy survey

According to the 2022 report by the non-profit TIAA Institute and the Global Financial Literacy Excellence Center at George Washington University, American adults answered only 50% of personal finance questions correctly in an annual survey. on financial literacy over the past six years.

Financial literacy tends to be lowest among young Americans, according to the TIAA Institute and GFLEC’s Personal Finance Index, a list of 28 core questions in the annual survey. On average, some 54% of Baby Boomers answer all questions correctly, while 42% of Gen Z respondents answer all questions correctly. The questions cover everything from saving, investing and borrowing to earning, consuming and understanding risk.

Financial literacy levels have been “stubbornly resistant to progress,” according to analysts at the Milken Institute, a nonprofit think tank based in Santa Monica, Calif. “This result is particularly worrying for young people, who are likely to face greater financial challenges. than previous generations,” the researchers concluded in a 2021 report.

Money management skills needed

Over the past two years, the pandemic has caused many states to consider requiring financial literacy training in schools. The pandemic has disrupted the jobs and incomes of many households and especially low-income families. The push to promote financial education in schools appears to have paid off in Tennessee: the state’s average credit score rose 4 points to a “good” FICO (FICO) score of 701 the year last.

Americans continue to face an uncertain economic outlook. Although inflation fell to 8.2% in September, according to the latest government data, it was still at 7.7% in October compared to a year ago. The rise in the cost of living finally showed signs of slowing down after inflation hit a 40-year high of nearly 9% this summer more than a year ago. However, high inflation has already taken its toll on millions of cash-strapped households.

Federal Reserve Vice Chairman Lael Brainard indicated earlier this month that the Fed may slow its pace of raising interest rates. It has raised rates six times this year and raised its policy rate by 0.75 percentage point in November for the fourth time. That pushed the short-term borrowing rate into a target range of 3.75% to 4%, making car loans and credit card debt more expensive.

Consumers also said they had to dip into their emergency savings to cover their monthly bills. At the same time, American households have become more dependent on credit cards and personal loans. Total bank credit card balances hit a record $866 billion in the third quarter of 2022, up 19% from a year ago, according to TransUnion (TRU).

-Zoe Han


(END) Dow Jones Newswire

11-17-22 1838ET

Copyright (c) 2022 Dow Jones & Company, Inc.

FHLBank Pittsburgh Announces 2022 Board Election Results


PITTSBURGH, November 17, 2022–(BUSINESS WIRE)–Federal Home Loan Bank of Pittsburgh (FHLBank) today announced the results of its 2022 election. Two new member directors from Delaware and West Virginia were elected, one outgoing member director was deemed re-elected in Pennsylvania and an Independent Director was re-elected. These newly elected directors will begin their four-year terms on January 1, 2023.

Newly elected directors

Delaware Member Director

From Delaware, a new Member Director was elected, Blanche L. Jackson, General Manager, Stepping Stones Community Federal Credit Union (Stepping Stones). Located in Wilmington, Delaware, Stepping Stones is a Designated Depository Institution for low-income minorities and a Community Development Financial Institution (CDFI). Ms. Jackson has over 20 years of experience in leading financial institutions, including ensuring access to affordable credit for members and the adequacy and strength of the credit union’s financial structure. She is also Treasurer of the Board of Inclusiv, a CDFI Certified Intermediary, and previously worked at the Delaware State Police Federal Credit Union, where she became Executive Vice President. Ms. Jackson holds a bachelor’s degree in finance from Wilmington University and holds several certifications, including Certified Chief Executive (CCE) – Credit Union Executive Society and Nationally Certified Compliance Officer (NCCO) – National Association of Federal Credit Union. Ms. Jackson was also recently elected to the board of the Cooperative Credit Union Association (CCUA), which represents credit unions in Delaware, Massachusetts, New Hampshire and Rhode Island.

West Virginia Membership Director

From West Virginia, a new member director was elected, H. Charles “Charlie” Maddy, III, CEO and President of Summit Community Bank. Summit Community Bank operates 45 full-service bank branches in West Virginia, Virginia and Kentucky. Mr. Maddy is also President, Chief Executive Officer and a member of the Board of Directors of Summit Financial Group, Inc., headquartered in Moorefield, West Virginia. With over 35 years of financial services experience, Mr. Maddy began his career as an accountant with Arnett & Foster. Since then, he has held leadership positions for numerous financial organizations, including the American Bankers Association, West Virginia Bankers Association, and Community Bankers of West Virginia. Mr. Maddy also served on the board of directors of FHLBank Pittsburgh. He earned his bachelor’s degree in business administration from Concord University and is a certified public accountant.

Re-elected outgoing directors

Pennsylvania Membership Director

The re-elected outgoing director is Jeane M. Vidoni, President and CEO, Penn Community Bank, Perkasie, Pennsylvania.

Independent Director

The re-elected outgoing Independent Director is Glenn R. Brooks, President, Leon N. Weiner & Associates, Inc. located in Wilmington, Delaware.

Other directors serving on the FHLBank Pittsburgh Board of Directors

In addition to the elected directors listed above, the FHLBank Pittsburgh Board of Directors for 2023 also includes: Barbara Adams, Pamela C. Asbury, Thomas Bailey, Romulo L. Diaz Jr., James V. Dionise, Angel L. Helm , Louise M. Herrle, Joseph W. Major, William C. Marsh, Brendan J. McGill, Thomas H. Murphy and Dr. Howard B. Slaughter Jr.

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and thrift banks, community development financial institutions, credit unions, and insurance companies in Delaware, Pennsylvania, and Virginia. -Western. FHLBank products and resources help support community lending, housing, and economic development. As one of 11 federal home loan banks created by Congress, FHLBank has been an integral and trusted part of the financial system since 1932. To learn more, visit www.fhlb-pgh.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221116006041/en/


Eric M. Slomer, FHLBank Pittsburgh, 412-288-7694, [email protected]

Credit card debt hits two-decade high as US economy slumps


Americans are racking up credit card debt at historic levels as they battle soaring inflation.

Credit card balances rose 15% in the third quarter from a year ago, according to the Federal Reserve Bank of New York, marking the biggest jump in more than 20 years.

“With prices more than 8% higher than they were a year ago, it’s perhaps unsurprising that sales are on the rise,” Fed economists said in the report. “Notably, credit card balances have grown at nearly double that rate since last year.”

Total credit card debt reached $930 billion in the third quarter.

Paying off that debt is harder right now, CNBC reported:

Meanwhile, “high inflation and high interest rates are making it harder than ever to pay off credit card debt,” said Ted Rossman, senior industry analyst for CreditCards.com.

Not only have credit card balances returned to pre-pandemic levels, but consumers are also carrying balances for long periods of time.

Among Americans who have month-to-month credit card debt, 60% have had credit card debt for at least a year, according to CreditCards.com.

As the Federal Reserve raises its target federal funds rate, credit card annual percentage rates are also rising.

The news comes as credit card interest rates hit record highs: the current rate of 19.04% is the highest rate recorded by financial services firm Bankrate since started tracking in 1985.

FGLI students defend calculator loan pilot program


A new YFAM program launched Oct. 9 lends calculators to students in need, in a bid to reduce academic costs that students often describe as onerous — a particularly acute problem in STEM courses.

1:42 a.m., November 16, 2022

Staff reporter

Creative Commons

Low-income students in STEM courses can now borrow calculators for their exams and studies thanks to an initiative of the Yale First-Gen and Low Income Advocacy Movement, or YFAM.

The program is part of an ongoing effort by campus administration and student groups to increase the accessibility of technology and equipment for everyone. The calculator loan is part of a new wave of programming announced by YFAM, along with a pen-pal mentorship program and a freshman lunch etiquette that connects students from similar socioeconomic backgrounds for conversation.

“[The effort was] worn by students [who] feel like they constantly have to catch up due to lack of access to learning technologies like calculators,” wrote Hedy Tung ’24, Co-Chair of YFAM. “This project was motivated by the need to [those] who can’t afford to pay $120 to buy a graphing calculator…or replace their calculator the night before their exam.

To request a graphing or scientific calculator, students complete a Google form, and shortly thereafter are put in touch with a YFAM agent who will provide you with additional information. The calculator pickup and drop-off location is on the second floor of 55 Whitney Ave., and there are options to borrow a device for one-time use before an exam, monthly use, or semi-annual use.

A $10 deposit fee is charged when acquiring a calculator, but the money is returned to students when the device is returned.

The discourse on spending on studying STEM is not new. A 2019 Ax Item found that STEM course materials at George Washington University cost up to 85% more than their humanities counterparts – and K-12 educators report that even for younger students, developing STEM curricula in particular is an expensive undertaking.

Another 2018 report from the National Bureau of Economic Research said the cost is a two-way street: The administration also typically pours more funding into STEM courses, with the exception of math, citing equipment, research and extracurricular opportunities for students.

Although Yale subsidizes summer study abroad and research through the one-time Summer Experience award, small costs and equipment are generally not covered. For STEM courses in college, this can range from calculators to Achieve number problem set apps to organic chemistry model kits.

“Even with full financial aid, students are often not informed of the additional costs of books and devices needed for them to be successful in their courses,” said Kayla Wong ’25. “Lab coats are currently required for students in STEM courses, and many have had to pay upwards of $50 for them.”

YFAM Co-Chair Jean Tobar ’24 noted that these challenges were exacerbated during the pandemic, when students lacked access to a physical campus for immediate resources.

“I think COVID-19 and virtual learning have made us more aware of how inequitable learning is for many students,” Tobar wrote. “Calculators are just one of the ways low-income students are disadvantaged in STEM courses, but the list goes on and on.”

Tung thanked the FGLI Community Initiative for helping to fund the calculators and stressed that this was not the first or only loan program the FGLI campus groups and administration plan to offer.

There is an ongoing collaboration between the Asian American Cultural House and the Yale College Dean’s Office called Career Closet that allows students to borrow work attire for interviews and formal recreation, although services have been interrupted this semester for security reasons related to COVID-19. she says.

For Andrew Tran ’26, it’s the little things like access to a calculator that make a big difference. He noted that while technology might not seem like a “huge deal” to others, having the right devices is one of the first academic hurdles faced by financially disadvantaged Yalies.

Currently, the dean’s office supports a laptop loan through Safety Net, but Joanna Ruiz ’25 noted that these loans are usually made for emergencies – and there is no option to borrow iPads.

By increasing the bandwidth of people eligible for devices and the diversity of devices offered, more individual situations can be accommodated, such as when computers are slow or the unique demands of specific academic assignments, she said.

Yale College Dean Pericles Lewis did not respond to a request for comment.

“There is also a one-time technology grant of approximately $3700 for those who receive full assistance [and] also receive additional scholarships, but would like to see expanded and more continuous options, especially for scenarios [where] his device is not working properly,” Tran added.

According to Tran, having a multi-year technology grant that allows students to apply for more than one purchase allows for flexibility that would accommodate device malfunctions and allow students to experiment with technology features and resources that suit them best.

Still, the calculator program is a step toward supporting the transition to a relentless and fast-paced Yale learning environment, he said.

According to Tung, YFAM is currently in conversation with department heads, faculty and administration to explore the possibility of adding the Calculator program to the official list of services on the Yale FGLI Community Initiative website. Some professors have already offered to add this program to their curriculum for the next semester, she said, but she hopes that eventually more students will be made aware of this resource.

“Why not even the playground?” asked Ruiz.

The Yale FGLI Community Initiative has an office in 55 Whitney Avenue, Suite 240.


Brian Zhang covered student life for the University office, and previously housing and homelessness for the City office. He is a sophomore at Davenport College.

High school students learn about finances with a free program


Local students are careful with their money in online courses. Sponsored by Kitsap Credit Union.

BREMERTON, Wash. — Kitsap Credit Union Outreach Coordinator Cathy Brorson loves reading feedback from high school students who take financial literacy classes she coordinates with local teachers.

“Probably one of the most touching for me is this,” Brorson read aloud: “It made things very scary and adult understandable, even for kids who have no one else to explain to them. life.”

Kitsap Credit Union offers free online financial literacy classes to local high schools. They teach subjects kids might not learn at home, and kids walk away with a certification they can add to a resume.

“In many families, money is a taboo subject, we just don’t talk about finances with our kids, which is a shame because they really need that exposure,” Brorson explained.

Lisa Egenes, a home science teacher, has seen the impact of classes on her students at Lincoln High School in Tacoma.

“Kitsap Credit Union and Cathy have been incredible supporters of our students here at Lincoln,” Egenes said. “I think it really helps with basic knowledge, what they need to move around, and be independent and really understand the fast-paced world around them.”

Courses cover topics such as credit cards, insurance, interest rates, and investing. There’s even a section on filling out a FAFSA form for financial assistance.

Sometimes this program will even kick-start a career.

“We have employees who are here at the credit union because they took this course, and it changed their lives,” Brorson said.

Colin Freeze, a 2022 graduate, took the courses – he now works in customer service at the credit union.

“Everything fell into place and it was fine with me at the time,” Freeze said. “It was interesting to see how I learned so much from this program and now I am able to pass it on to members of the company and tell them about what I learned so that they can learn too. is truly gratifying.”

Educating high school students about money is an investment where a payoff is guaranteed.

“What we see through this program is that after they go through it, they take it back to their parents, share that information, and now together they sit down with their family and budget , they save, they start investing,” Brorson said.


Sponsored by Kitsap Credit Union. KING 5 party celebrates the North West. Contact us: Facebook, TwitterInstagram, Email.

TikTok video helps 81-year-old Walmart employee pay for his house


HACKETTSTOWN – This could be the plot of a Hallmark Christmas movie.

A TikTok video of an 81-year-old woman looking crestfallen in a Walmart break room that went viral led to a GoFundMe page that helped her pay her mortgage to retire.

In a series of videos on his TikTok page, 18-year-old Devan Bonagura shows how the video he took of Nola Carpenter in the Hackettstown Walmart break room without her knowing it with the caption “Life shouldn’t be so hard” accompanied by melancholy music that has gone viral.

The video has received 27 million views, 4 million likes and questions about people could help. Bonagura created a GoFundMe page to help her retire.

How can we help?

Bonagura posted a second video of him approaching Carpenter in the parking lot with the news and asking if she would accept the money. He also found out why she continues to work.

“I would accept it but I would still have to work until I got the remaining $70,000 or $60,000 to pay for the house,” Carpenter told Bonagura. “That’s what keeps me from working, that’s home.”

Carpenter said she worked at Walmart for 20 years, mostly to pay her mortgage. His daughter Kathy Carpentier told NJ.com that her father was in a car accident several years ago and couldn’t work.

The video ends with Kathy Carpenter transferring administrative rights to the page to her mother.

As of early Monday afternoon, the fund had more than $183,000 in donations.

Bonagura, who works for another company selling phones at Walmart, said in another video that a Walmart official asked him to take down the video and page because of threats the store received. The director also threatened to involve the police.

“I told them ‘do what you have to do because I’m giving this woman the money somehow,'” Bonagura said in another video. His own company put him on suspension with pay.

Mission accomplished

The story has a happy ending as Carpenter said in the latest video posted on Sunday that she will be retiring in January.

“I’m going to retire on the first of the year. I’ll help them with the holidays and then it’ll be nice to stay home,” Carpenter said. “I will miss my clients because they are looking for me every day.”

On Monday morning, Walmart did not respond to New Jersey 101.5’s request for comment.

@dbon973_ :/ I feel bad. #fyp #blowthisup #sad #walmart ♬ Jocelyn Flores – XXXTENTACION

Dan Alexander is a reporter for New Jersey 101.5. You can reach him at [email protected]

Click here to contact an editor about a comment or correction for this story.

How much does an average house cost in NJ? Median prices by department

Everything costs more these days – and housing is certainly no exception in New Jersey.

Data for 2022 from January through August, compiled by New Jersey Realtors, shows South Jersey saw homes come on the market and sell in less than a month, on average.

Median single-family home prices hit $500,000 and above in nine counties in north and central Jersey.

All but two counties have seen homes cost more than list price, on average, this year.

RANKED: Here are the 63 smartest dog breeds

Is the breed of your faithful pup on the list? Read on to see if you’ll be bragging to the neighbors about your dog’s intellectual prowess the next time you walk your fur baby. Don’t worry: Even if your dog’s breed isn’t on the list, it doesn’t mean he’s not a good boy – some traits just can’t be measured.

NJ residents captured the spectacular fall foliage

China’s ‘most comprehensive’ bailout for real estate sector lifts stocks and bonds


HONG KONG, Nov 14 (Reuters) – Chinese real estate stocks and bonds soared on Monday as the market applauded Beijing’s “most comprehensive” support measures aimed at boosting liquidity in the sector in its latest attempt to stabilize the economy. a key pillar for the world’s second largest economy.

The package, which sources say provides multiple funding measures for the cash-strapped industry, has been hailed by analysts as a “turning point”, with one even describing it as the equivalent of “soggy rain after a long drought”.

China’s property sector, which accounts for a quarter of the economy, has struggled with defaults and stalled projects, undermining market confidence and weighing on growth.

Earlier efforts by policymakers to help ease the liquidity crunch did little to bolster the real estate market.

The plan comes nearly a month after Chinese President Xi Jinping secured his third term as leader of the ruling Communist Party at a time when the economy is facing a series of headwinds, including China’s zero COVID strategy. , a housing crisis and the risk of a global recession.

“We think real estate will be a much smaller drag on GDP (gross domestic product) growth in 2023,” said Tao Wang, chief China economist at UBS Investment Bank Research.

The Hang Seng Mainland Property Index (.HSMPI) jumped more than 13.5% to close at a two-month high, with the stock prices of many Chinese property developers posting double-digit gains.

country garden (2007.HK) rose 45.5% to a high of more than three months. Logan Group (3380.HK)KWG Group (1813.HK)Agile group (3383.HK) and R&F properties (2777.HK) all increased by more than 30%.

A Yango Group dollar bond in default due 2023 rose 1.787 cents on the dollar to 2.712 at the start of trading, according to data from Duration Finance. Powerlong Real Estate’s April 2025 bond traded at 9.275 cents, up 3.055 cents from Friday. Their ties also increased on land.

Two sources told Reuters on Sunday that a notice to financial institutions from the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 measures to support the real estate sector, including loan repayment extensions.

The PBOC and CBIRC did not respond to Reuters requests for comment.

Meanwhile, the CBIRC issued a notice on Friday allowing commercial banks to issue letters of guarantee to property companies for blocked pre-sale housing funds.


Citi said the package signals a major shift in regulators’ policy stance toward developers, moving from “imposing restrictions” to “providing support,” and “saving projects, but not developers” to “saving both developers and projects”.

The notice “introduced by far the most comprehensive package of support measures for the struggling property market”, he said.

Jefferies estimated that the package, along with other recent policies, would inject about 1.3 trillion yuan ($183.83 billion) of credit into the real estate sector, largely covering government bonds and developer fiduciary products. which will expire by the end of 2023.

Last week, the National Association of Capital Markets Institutional Investors announced it would expand a program to support about 250 billion yuan in debt sales by private companies, including real estate developers.

Some investors, however, remained cautious about the impact of the latest policy as regulators have already made numerous attempts to revive the real estate sector and the macro environment remains weak amid the country’s COVID restrictions.

China’s real estate sector has slowed sharply this year as the government seeks to limit excessive borrowing by developers.

The crackdown sparked a slump in house sales and prices, bond defaults and the suspension of home construction, angering homeowners who threatened to stop mortgage payments.

Private data released earlier in November showed home prices in 100 cities fell for a fourth month in October, while real estate sales by square footage fell about 20% year-on-year.

“Ultimately, the rebound in home sales is still necessary for an ultimate industry comeback,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd.

Li Gen, CEO of Beijing BG Capital Management Ltd, which specializes in credit investing, said developers who did not default would benefit the most, but the aid would be “less meaningful” for bonds. offshore real estate, as it is still unclear how offshore financing could be improved.

Citi said the package should also help banking stocks as it eases investor concerns about developer credit risk.

Banks more exposed to developers, including Ping An Bank (000001.SZ)industrial bank (601166.SS) and China Merchants Bank (600036.SS)would particularly benefit, added Citi.

($1 = 7.0718 Chinese yuan renminbi)

Reporting by Clare Jim; Editing by Bradley Perrett and Ana Nicolaci da Costa

Our standards: The Thomson Reuters Trust Principles.

Scottish engineer held in Iraqi prison faces extradition to liberated Qatar | UK News


A Scottish engineer who was being held in an Iraqi prison and faces extradition to Qatar over a bank debt has been freed, according to a human rights charity that campaigned for his freedom.

Brian Glendinning, 43, who had been hired to work at a BP oil refinery in Iraq, was arrested on an Interpol red notice at Baghdad airport on September 12.

Glendinning, of Kincardine in Fife, was told during his arrest that the Interpol notice had been issued by Qatar for an alleged debt to the National Bank of Qatar.

Radha Stirling, founder of the Interpol and Extradition Reform (Ipex) initiative, said Glendinning’s family were currently arranging flights and he hoped he could return home as soon as Monday evening.

“Mr Glendinning’s lawyer, Tahseen Alchaabawi, told us the good news this morning. It was an emotional moment for her family and I couldn’t be happier for the Glendinnings,” she said.

However, Stirling said Qatar had not confirmed whether the Interpol red notice had been removed, so there could be a risk the 43-year-old could be caught en route to Scotland.

Stirling had previously said that Qatar has a history of abusing the Interpol system and that the use of a red notice in the Glendinning case should be seen as a warning to football fans visiting the country to the World Cup this month.

Glendinning’s brother John said he had lived in ‘despicable’ conditions in the Iraqi prison and his beard had grown because ‘there was only one common razor in the prison and he didn’t wasn’t going to use it.”

He added: “He is at the hotel. I saw a picture of him with a beer and I’m so glad he’s free.

“It was really emotional for the family. Even our dad cried and he never cries. Kimberly (Brian Glendinning’s girlfriend), the children can breathe again. Now there are only a few hours left until that they are together.

A class action lawsuit will now be launched against Interpol for what Ipex calls a “constant and repetitive” abuse of power, Stirling said.

She added: “Iraq received evidence last week from the Qatar National Bank to prove that the extradition was for a bank debt.

“The consumer debt does not meet the criteria for extradition, but it was highly likely that Iraq would have bowed to pressure from Qatar and handed him over anyway.

“Brian is free through a combination of lobbying and media efforts, negotiation and debt settlement with QNB, and strong diplomatic representations.”

A spokesman for the Foreign and Commonwealth Development Office confirmed that it was providing consular support to Glendinning.

Nationals looking to add starter, corner fielder


As a team that finished 55-107 in 2022 and faces an uncertain ownership picture, the Nationals are unlikely to buy big free agents this winter, but general manager Mike Rizzo said he will remain active for seek to improve the list. According to The Washington Post’s Jesse Dougherty, Rizzo specifically mentioned rotation, as well as first, third and outside corner spots as positions he might be looking to add.

The rotation is no surprise, considering the Nats ranked 29th in ERA starting pitcher majors last season. Given that the team is still in the midst of rebuilding, they are more likely to seek out a cheap veteran or two to stabilize the rotation than make any splashy moves. To begin with, a few of the pivot points are already sewn. Veteran Patrick Corbin has struggled mightily lately, posting 5.82 and 6.31 ERAs over the past two years, but owes $24.4 million next season and then $35.4 million in 2024. Then, there is Stephane Strasbourg, who owes $140 million over the next four seasons, but has pitched just 31 1/3 innings over the past three seasons as he struggles to come back from a mountain of injury problems. It’s possible there’s a bad contract swap to be made, but it’s more likely the Nationals will try to restore Strasbourg to health and see if they can both rebuild their worth in 2023.

Beyond those two, the team could look to fill the bottom three spots with youngsters Josiah Gray, Cade Cavalli and mackenzie gore, but that raises a lot of questions in itself. Gray gave up 38 homers in 148 2/3 innings in his rookie year after running through the Dodgers in the Max Scherzer OK. Cavalli had shoulder problems and Gore never pitched for the team after arriving in the Juan Soto treat due to inflammation of the elbow. All three have a lot of promise and will have plenty of opportunities in 2023, but it sure wouldn’t hurt for the Nats to solidify things a bit by adding a veteran pitcher or two.

On the side of the player position, Keibert Ruiz, JC Abrams, Luis Garcia and Lane Thomas form a promising young core in the middle, so it’s no surprise that it’s the edges that Rizzo is looking to improve there.

In the infield, Carter Kieboom will be looking to bounce back from Tommy John surgery and claim the team’s long-term third baseman title. Kieboom hasn’t hit much in the big leagues, posting wRC+s of 18, 68 and 69 over his three seasons. Rebuilding the Nats gives him a bit more time to find his feet, and Rizzo has already stated he will have spring training to compete for the position. At first, the team will surely give the 30-year-old rookie Joey Meneses a chance to show off his surprise 2022 season was no accident. He hit .324/.367./.563 with 13 homers in 240 plate appearances, and while that sample size is still small, there’s no real reason Washington wouldn’t give him plenty of look in 2023.

washington has Luke Sees under control for 2023 as well, and there’s a chance they’ll use it with Meneses as their first base/DH division. However, Voit owes an umpire salary of $8.2 million per MLBTR contributor Matt Swartz predictions, and given that he was just around the league average last year (102 wRC+), the Nats may choose not to offer it and look for a cheaper alternative. Speculatively, perhaps a low cost bounce candidate such as Miguel Sano Where Jesus Aguilar could appeal.

Rizzo also mentioned outside corner spots as possible places to add. Thomas spent most of last year in right field with Victor Robles placement center. Robles is the top defenseman and Thomas is the top hitter, so there’s every chance the roster will continue through 2023. Both are expected to earn modest officiating salaries ($2.1 million for Thomas, 2 $.5 million for Robles), but given Robles’ struggles at the plate, there’s a chance they’ll trade him or not submit him and let Thomas take over at center, where he still is. more than enough. Waiver request Alex Call and veteran Yadiel Hernández hits well enough this season to suggest they’ll be back, and maybe Washington will look to field them on the left.

Given all of that, there’s definitely room for the Nationals to add another outfielder to the mix, and it wouldn’t be surprising to see Call or Hernandez relegated to a bench spot. The Nats added Nelson Cruz on a $15 million deal last winter when they were far from contested, and while that particular move didn’t pay off, it shows they’re willing to put in some paycheck to players in hopes that they will turn into something. trade deadline. Again, speculatively, this might put people like Tommy Pham, Andrew McCutchen and Corey Dickerson on their radar, especially if they’re still available later in the offseason.

Any change in ownership is sure to shape much of the conversation about what Rizzo can do in free agency. All he could offer about it was that they were told to continue “business as usual”.

Judy Garland Museum meets deadline to purchase land in Grand Rapids


The Judy Garland Museum of Northeast Minnesota will be able to purchase land adjacent to its property with a donation from a credit union in Superior, Wis.

A $125,000 bid on the green space next to Garland’s first home – part of a larger museum on the highway. 169 — has been on sale in recent months. The museum, which has long had permission from the landowners to use the tree property, had the right of first refusal. It had raised 65% in the first week of November, and Superior Choice Credit Union said last week it would donate the rest, helping the museum meet a deadline.

“This land purchase and strong partnership will allow the museum to expand its offerings and allow more children to experience interactive learning,” credit union president Tim Foster said in a statement. A press release.

The museum includes the Children’s Discovery Museum.



Morrison Co. renews request for information on Brisk homicide

The Morrison County Sheriff’s Office this week renewed a call for the public’s help in the investigation into the murder of Terrence “Terry” Brisk, who was shot with his own gun while hunting on Nov. 7 2016, about 10 miles north of Little Falls.

“According to evidence at the scene, the suspect was in close proximity to [Brisk] and we believe that [Brisk] and the suspect allegedly interacted before the homicide took place,” Morrison County Sheriff Shawn Larsen said in a news release. “Our office continues to review the physical evidence gathered and, with the changing technology, we continue to look for ways to keep this business active. “

The Minnesota Bureau of Criminal Apprehension is participating in the investigation. Officials are asking anyone with information — even if they’re not sure the information is important to share — to call the sheriff’s office at 320-632-9233 or share the tip online at crimestoppersmn .org.

Authorities are offering a $30,000 reward for information leading to an arrest and conviction.



Olmsted housing director joins national task force

Olmsted County Housing Director Dave Dunn has been named to a national housing affordability task force.

More than 30 county officials from across the United States are joining the National Association of Counties’ Housing Task Force to examine local government efforts to address the cost of housing.

“When Olmsted County residents struggle to find affordable housing, they are unable to fully contribute to our community,” Dunn said in a statement. “…I hope we can bring innovative ideas to our community and help other counties across the country learn from our experiences.”


judge cancels student loan relief program


SPRINGFIELD, MA (WGGB/WSHM) – Millions hoping to benefit from President Biden’s student loan forgiveness program will now have to wait indefinitely after a Texas federal judge struck down the program and ruled it illegal .

“It’s definitely something we’ve been looking forward to. It’s a decent amount of money and mostly because all my loans are paid by me, my parents don’t help me, so I was counting on it a bit… Without having that extra money, it pushes that dream further to achieve,” said Christian Heredia, a student at Springfield College.

Heredia told Western Mass News he is now worried about the cost of getting a degree.

“Hearing this definitely affects how I was going to plan my future,” Heredia added.

Heredia’s reaction came just a day after a Texas federal judge declared Biden’s student loan forgiveness program illegal. Western Mass News gets answers on the legal process and the road ahead.

“It’s a charming, old-fashioned notion of politics. It’s not someone attacking the Capitol. It’s just saying, ‘What can the president do? What can the federal government do?’ and it’s up to the courts to decide if the law isn’t absolutely clear,” said John Baick, professor of history at Western New England University.

Baick explained to Western Mass News what is at the heart of this debate.

“The Biden administration is trying to say we should give some of these activists, some of the most vulnerable, a break, and conservatives are saying, ‘No, this should be in private hands and if you’re in debt, go for it. in college, it’s your choice,” Baick explained.

The federal judge said that type of loan forgiveness was outside of Biden’s power as president. In the meantime, Baick told us how students are affected.

“I think there’s a lot of confusion and a lot of anxiety about student loans. I think there are students who believe this will cover them in the future. It really affects the most vulnerable students. This affects students who, without these Pell grants, would have no chance of going to school,” Baick added.

He said all hope was not lost for borrowers, but there was a long way to go.

“Over the next few months there are going to be a lot of lawsuits and there are a lot right now. Most have been thrown out… This will likely end up in the hands of the Supreme Court,” Baick noted.

The Biden administration tells the candidates they are disappointed with the decision, but continue to work on canceling long-term student debt.

Indian 10-year bond yields have likely already peaked – strategists


BENGALURU, Nov 11 (Reuters) – India’s benchmark 10-year government bond yield may have already peaked, according to market strategists who say the Reserve Bank of India’s imminent move from the fight against inflation to support the economy is not far off.

While Indian government debt markets have remained relatively calm compared to other major sovereign debt markets, yields are still more than 75 basis points higher so far this year, the biggest rise since the start. of the year 2017.

Currently around 7.26%, Indian benchmark yields have only partially tracked the 190bps repo rate tightening announced by the RBI since May.

The repo rate currently stands at 5.9% and according to a poll published by Reuters last month, the RBI’s bull run will have run its course by the first quarter of 2023.

The 10-year yield will rise slightly to 7.43% in six months, below its three-year high of 7.62% set on June 16, according to the median forecast of a Reuters poll of 22 analysts conducted from June 7. to November 10.

Less than a third expected it to surpass this year’s peak at some point in the coming year.

“Fiscal risks remain contained, domestic inflation is expected to moderate going forward and the RBI terminal rate close to 6.50% has already been priced in,” said Sakshi Gupta, senior economist at HDFC Bank.

She expects the 10-year yield to trade in a range of 7.35-7.50% over the next few months.

But she added that “any indication of a higher terminal rate in India or the US…and upside inflation surprises could push the yield up to 7.60%.”

Indian consumer price inflation likely slowed in October to 6.73% but has remained stubbornly well above the upper 6% limit of the RBI’s tolerance range, a separate poll predicted. Reuters.

The rise in Indian yields so far this year has been moderate compared to US 10-year Treasury yields, which have risen more than 230 basis points as the US Federal Reserve raised its benchmark rate more aggressive than the RBI.

Strategists said that after rising over the next six months, India’s benchmark yield will return to 7.25% in a year.

Asia’s third-largest economy is set to grow well below its potential over the next two years, and underscoring this concern, the spread between two- and 10-year government bond yields has recently narrowed. to reach its lowest level since 2019.

A few strategists have warned that the spread could turn negative, which in the US is a reliable sign of an impending recession.

“An inversion does not actually reflect a recession, but it does highlight that the Indian economy will slow significantly over the next few months,” said Kunal Kundu, Indian economist at Societe Generale.

“It will slow down considerably next year, but 4-5% growth in a country like India is actually a recession.”

Some fund managers share similar concerns, worried foreign investors were unlikely to enter the Indian government debt market, despite attractive valuations. So far this year, foreign investors have sold nearly $2 billion of Indian debt.

(For an article on major government bond yields and money market rates: read more)

Reporting by Indradip Ghosh and Vivek Mishra; Poll by Veronica Khongwir and Vijayalakshmi Srinivasan; Editing by Hari Kishan, Ross Finley and Simon Cameron-Moore

Our standards: The Thomson Reuters Trust Principles.

HOMAG: Advanced woodworking solutions pay off with Jager and HOMAG



The rise of Industry 4.0 or the Fourth Industrial Revolution has changed the face of the manufacturing field with the use of autonomous systems driven by data and machine learning – Internet of Things (IoT), cloud computing, analytics and artificial intelligence (AI), among others. It creates greater value with data from production and operations. It sheds light on information about areas such as supply chain, customer service, and other business systems that would have remained hidden in the past. These smart factories are characterized by greater automation, predictive maintenance, self-optimization in terms of processes as well as greater efficiency and responsiveness to customers. Production flexibility is also a highly valued effect of Industry 4.0.

Advanced woodworking solutions pay off with Jager and HOMAG

With automation, understanding production metrics can help companies set and achieve KPIs, increasing efficiency

Jager aims to create a labor-independent business, thus making use of HOMAG automated products

Industry 4.0 ensures greater value through data from production and operations

This is especially true for small, medium and large enterprises in Southeast Asia.

Common manufacturing trends in the industry

Many of these manufacturing plants cater to interior designers, fit-out contractors and end users, and focus on the design and manufacture of wood products: flooring, windows, doors and other types of furniture.

Although these factories have proliferated, some common problems exist in the industry. Many processes involved in manufacturing are still labor-intensive with little or no machine assistance, resulting in production bottlenecks, defective products, and lack of skilled workers.

HOMAG, a global provider of integrated woodworking solutions, has provided machinery and software that has helped many Asian companies reduce reliance on labor and shift to automated processes. This is also useful for manufacturers, as many prefer to access data recorded by their machines; understanding production metrics helps them set and achieve KPIs, thereby increasing efficiency.

Another emerging industry trend is the move away from mass production, forcing manufacturers to move to size-one batch production. Consumers value personalization – after all, who wouldn’t want a product designed just for them? Furniture is no different. Order volumes have gone from 100-500 pieces over the past 10 years to 5-20 pieces.

With size one batch production, manufacturers have flexibility. Automated machines allow for a less cluttered factory and encourage skilled workers who might otherwise leave for other manufacturing industries.

Finally, as Asian companies envision gradual growth, HOMAG presents itself as an industrial partner. Jager, a Vietnamese furniture manufacturer, is one such company that has partnered with HOMAG, trusting the woodworking machinery manufacturer to guide them through their business expansion and journey towards advanced automation. woodworking.

Proudly Vietnamese

Jager uses technology that allows customers to determine how their space is designed and furnished without spending too much time in communication between the furniture manufacturer and the customer. With this, the company aims to lead the national furniture market and export to other countries. Their clientele includes real estate companies, designers as well as individuals.

While maintaining its production, Jager strives to incorporate “Vietnamese values ​​and pride” into every piece of furniture it makes. They place great importance on beauty and perfection, especially since the company promises its customers a “premium place to live” and a “high quality of life”.

Modernization of manufacturing

In addition to their company’s goals and vision, Jager is committed to and invests in woodworking automation. Le Quon Khanh, CEO of Jager, recognizes the need for technology in this sector. Jager’s first factory was equipped with a panel saw, edgebander and computer numerical control (CNC), but when he was planning his new factory he knew he had to invest in a new more automated production to meet the lower batch environment. This commitment paid off.

“In 2009, I started researching and learning about the industry from my experiences doing business with clients and managing past projects,” Khanh explained.

HOMAG helped them on their technology journey, which Jager’s CEO described as a “key partner” and “one of the best decisions” the company has made to successfully develop its products. He’s proud to call Jager
a “new generation modern manufacturer”.

When Khanh set out to build his business, he made his decisions based on two key goals: to create a business that does not depend on labor and to nurture one that promotes efficiency and sustainability. HOMAG machines and solutions have helped him achieve these goals.

Among the HOMAG products that have improved their manufacturing processes are the STORETEQ S-200, a horizontal storage system; SAWTEQ B-300, an integrated panel saw; CENTATEQ N-300, an integrated CNC nesting center and another SAWTEQ B-300 as an external panel saw. Other machines used by the Vietnamese manufacturer are the HOMAG EDGETEQ S-380 edgebander with LOOPTEQ O-300 return conveyor belt; and the routing and drilling processing center, CENTATEQ P-110 and DRILLTEQ V-200.

Jager’s ongoing transformation not only reflects the impacts of Industry 4.0, but also the potential that technology and automation have on manufacturing, production and distribution across various industries.

Grow with customers

HOMAG strives to design its machines and solutions with the Asian markets in mind. Jager’s continued success and progress is not only a reflection of how HOMAG is committed to helping its customers grow, but also proof that manufacturers can grow and prosper when they make the right investments in technology. automation and advanced woodworking solutions.

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Firms rush to avoid rate shock by paying down debt


Executives are aggressively paying down debt as higher interest rates increase the cost associated with debt and businesses face the prospect of a recession.

Finance chiefs across industries are feeling the pinch of rising borrowing costs as the Federal Reserve continues to hike interest rates to fight inflation still high. The U.S. central bank last week raised its benchmark federal funds rate by 0.75 percentage points for the fourth time this year, bringing it within a range between 3.75% and 4%.

The London three-month interbank offered rate, a benchmark rate used for commercial lending, stood at 4.56% on Tuesday, down from just under 0.15% a year earlier, according to the data provider.

set of facts.

The costs of the one-month shorter duration Libor also increased. The three-month guaranteed overnight rate – the Libor replacement favored by US regulators – traded at 4.22% on Tuesday, down from 0.04% a year earlier.

Against this backdrop, companies across all industries and credit ratings are accelerating their preparations for a potential economic downturn, analyzing how a shortfall could affect their finances. As a result, some are taking steps to rein in spending and reduce interest charges, while others are looking to grow their cash reserves as their bank deposits continue to generate minimal returns.

chemical company

DuPont de Nemours Inc.

on Tuesday announced plans to retire $2.5 billion of senior notes due in 2023, resulting in annualized pre-tax savings of $100 million. Additionally, the company expects to pay off its outstanding commercial paper balance of $1.3 billion during the fourth quarter. “Prepayment reduces rollover risk in a rising rate environment,” Edward Breen, chief executive of the Wilmington, Del.-based company, said on an earnings conference call.

cosmetics company

elf beauty Inc.

expects to repay approximately 25% of its outstanding term loan during the quarter. The Oakland-based company had $88.3 million in long-term debt on its balance sheet as of Sept. 30, all of which was a floating-rate term loan.

Mandy Fields is the Chief Financial Officer of elf Beauty Inc.


Nicholas Kern

Prior to the Fed’s latest rate hike, elf Beauty was paying an annual interest rate of 4.9% on the loan, according to Mandy Fields, the company’s chief financial officer. That rate, which adjusts quarterly, is expected to increase to nearly 6% in the current quarter, she said. “It was a good time to step back and say, ‘We’ve built up this great cash balance. How can we best use it?'” Ms Fields said.

Elf Beauty’s had $85.3 million in cash and cash equivalents on its balance sheet as of September 30, more than double from a year earlier. The company’s sales were strong despite fears of a slowdown as the company, whose consumer products include $3 lipstickenjoyed strong demand.

Lower-quality companies, and especially those with variable-rate debt, are more urgently looking for ways to reduce interest costs than higher-rated companies, which have ample liquidity and access to markets. capital, said David White, a senior managing director who advises CFOs at

FTI Council Inc.

“If I’m closer to an undesirable rating, that’s a game-changer. It’s a matter of the here and now,” Mr White said, describing the sense of urgency among these companies.

Total debt for S&P 500 companies that reported third-quarter earnings through Nov. 4 remained roughly flat in the quarter from a year earlier, rising 0.3% at the median to reach just over $9.3 trillion, according to S&P Global Market Intelligence. Sectors such as healthcare, consumer staples and information technology reduced their total debt by median values ​​of 5%, 2% and 1%, respectively. Others, including consumer discretionary and real estate, increased their leverage, S&P said.

KAR Auction Services Inc.,

which operates a digital marketplace for used cars, used the net after-tax proceeds of $1.7 billion it generated from the May sale of its ADESA wholesale auction business in the United States to pay off its debt ahead of schedule.

KAR, which has an junk rating, is looking to cut spending as it forecasts a macroeconomic slowdown and aims to operate as a lean digital business, said Eric Loughmiller, the company’s chief financial officer. “I would much rather, given the choice, reduce my interest load and keep my technology team at full capacity,” he said.

During the third quarter, KAR completed a tender offer, buying $600 million of its $950 million of outstanding bonds. The debt bore a coupon of 5.125% and was due in 2025. In addition, KAR three months earlier had repaid a term loan of approximately $900 million. About two-thirds of the loan carried an interest rate of 5% fixed by a swap, which was due to expire in 2025. The rate was expected to rise to at least 7%, according to Mr Loughmiller.

The two transactions reduced KAR’s annual interest costs by $70 million, to about $15 million a year, Loughmiller said.

Small businesses make similar calculations. Toy and Costume Company

JAKKS Pacific Inc.

during the third quarter, made a $17.5 million prepayment on its floating rate term loan, Chief Financial Officer John Kimble said. The interest rate on the loan was around 7.5% in June, when the company refinanced, and in the current quarter it has increased to 10.2%, Mr Kimble said.

Sales for the Santa Monica, Calif.-based company rose 36% in the quarter ended Sept. 30 from a year earlier to $323 million, in part due to the early purchase of inventory by retailers, as well as the popularity of movie-related toys, including Disney’s Encanto. Profit fell 16% to $30.3 million.

It made sense to use cash to pay off the debt, since the company was not earning interest on its bank deposits. It was also worth incurring the $525,000 reimbursement fee, as the company found additional savings that could be spent elsewhere internally, Kimble said.

Three years ago, JAKKS was recapitalized after struggling following the bankruptcy of Toys ‘R’ Us, one of its biggest suppliers at the time. As JAKKS increases sales and builds its business on a solid footing, it aims to improve the quality of its balance sheet, Kimble said. “We’re kind of like a consumer household that has too much credit card debt,” he said.

—Nina Trentmann contributed to this article

Write to Kristin Broughton at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Credit unions bow blue, banks bow red for Congress

Source: Shutterstock

CUNA and NAFCU gave Democrats a bit more, while two major banking groups tipped Republican, but the difference between credit unions isn’t as wide as some might think.

CUNA, NAFCU, the American Bankers Association (ABA), and the Independent Community Bankers Association (ICBA) together donated to 767 candidates for the United States House and United States Senate in the 2022 election cycle.

Of these 767 applicants, 576, or 75% of applicants, received donations from at least one credit union group and at least one banking group.

The data comes from OpenSecrets.org, a Washington, DC-based 501(c)(3) tax-exempt charity that provides campaign donation data to the public, most of it for free.

For these 576 candidates, CUNA and NAFCU gave 76% of their donations and the banks gave 88%. This group was made up of 240 Democrats and 336 Republicans.

Democrats received $886,500 from credit union groups and $799,000 from banks. The Republicans received $1.1 million from CUNA and NAFCU and $1.4 million from the banks.

Two examples of consensus were in Nevada and Florida.

U.S. Sen. Marco Rubio (R-Fla.) received $7,500 from CUNA, $2,000 from NAFCU and $14,000 from banking groups. He is running for re-election against U.S. Rep. Val Demings (D-Fla.) D’Orlando. She received $5,000 from CUNA, but none from the banking groups.

U.S. Sen. Catherine Cortez Masto (D-Nev.) received reelection donations from credit unions and banking groups. CUNA gave him $10,000, NAFCU $1,000 and banking groups $6,000. She is in a tight race with her Republican challenger Adam Laxalt, who received no donations from banking groups or credit unions.

Trey Hawkin Trey Hawkin

Trey Hawkins, CUNA’s Deputy Advocacy Director for Political Action, named Cortez Masto as one of the races that CUNA was heavily invested in during CUNA’s call with the media on Monday.

Hawkins said the CUNA and state and regional leagues have paid more than $6.6 million to pro-coop candidates in the current election cycle.

That included 398 congressional candidates on the ballot Tuesday who received at least some support from CUNA’s federal political action committee: 367 U.S. House candidates and 31 Senate candidates.

“Most importantly, it includes 61 open seats, 56 in the House and five in the Senate,” Hawkins said. “We believe these are particularly important opportunities for credit unions to enter the ground floor with a potential future champion.”

OpenSecrets data showed that 128 applicants had received money from CUNA or NAFCU, but not from banking groups. Credit union groups gave $510,000 to 105 Democrats and $113,500 to 23 Republicans.

They included:

  • Tim Ryan, the Democratic candidate for the open Senate seat from Ohio, who received $5,000 from CUNA. His opponent, Republican JD Vance, received no donations from the credit union or banking groups.
  • S.Sen. Raphael Warnock (D-Ga.), who received $5,000 from CUNA for his close re-election bid against Republican Herschel Walker, who received no donations from the credit union or banking groups.
  • S.Rep. Liz Cheney (R-Wyo.), who received $10,000 from CUNA in her unsuccessful attempt to retain her House seat in the Republican primary. The banking groups did not contribute to any candidate in the race.

There were 63 applicants who received donations from banking groups, but not from credit union groups. The banks gave only $24,500 to five Democrats, but $274,000 to 58 Republicans. Two examples were:

  • Arizona Democratic challenger Mark Kelly, who received $5,000 from banking groups but none from credit union groups in his bid to unseat U.S. Senator Martha McSally (R-Arizona). The former astronaut and husband of former Arizona congresswoman Gabrielle Giffords leads McSally in most polls. McSally, who received no support from banking groups or credit unions, was nominated to her seat in 2019 and is running for the remainder of John McCain’s unfinished term.
  • U.S. Sen. Ron Johnson (R-Wis.), who received a combined $15,000 from the ABA and ICBA in his re-election bid. He is running against Mandela Barnes, a Democrat who is Lieutenant Governor of Wisconsin. Barnes received no support from banking groups or credit unions.

Of the 767 congressional candidates receiving donations from at least one of the four groups, the 350 Democrats received $1.4 million from credit union groups, accounting for 54% of their donations, and $823,500 from banking groups. , representing 32% of their donations. .

The 417 Republicans received $1.2 million from credit union groups, representing 46% of their donations, and $1.7 million from banking groups, representing 67% of their donations.

Fantasy Football: Ollie talks about 3 QBs who could pay off in Week 10


by: Olivier Stevenson

Job :


(WGNO) – It was tough for quarterbacks in Week 9 if you didn’t have one of the best gunslingers.

So this week, there are a few second- or third-tier QB fantasy leaguers who should be targeted in trades.

First, Kirk Cousins ​​(Minnesota Vikings) finally got his safety cover from TJ Hockenson, who caught all nine of his targets. We mentioned Hockenson last week and the 25-year-old from Iowa should give the entire Vikings offense a boost going forward.

Next is Jalen Hurts (Philadelphia Eagles). You might have to give up a lot to get it, but the Eagles have a cupcake schedule for the rest of the regular season.

Finally, Justin Fields (Chicago Bears) has been one of the best fantasy players the past three weeks despite not throwing much – or particularly well. But he did it on the field.

Good luck for week 10, and remember, tip your bartender!

Oliver Stevenson is a bartender at MRB located at 515 St Philip Street in New Orleans, and a two-time Gold Rush Fantasy Football League champion and co-host of “The USFL Show” podcast. MRB was voted best ‘Bar Food Establishment’ by Where Y’at Magazine in 2021.

Webinar: How Credit Unions Can Better Serve Indigenous Communities | 2022-11-06


The heritage, culture and experience of Indigenous peoples both historically and in American life today will be observed during National Native American Heritage Month in November.

CUNA and Inclusiv will co-host a free webinar for CUNA members on November 16, showcasing the strategies of credit unions that successfully provide targeted financial services to Native Americans in the continental United States, Alaska and Hawaii.

Presenters of “How CUs Can Better Serve Indigenous Communities” will include:

  • Shayna Ferguson, Lakota FCU loan manager/loan officer

  • Helen Mickel, Chief Executive Officer of Tongass FCU

  • Ron Moorhead, President/CEO First Financial CU

  • Robyn Miller, Branch Manager, Black Hills FCU

About one million Native Americans live in the 567 federally recognized tribal reservations, according to Inclusiv. Today, there are 16 Native Credit Unions, 74 Native Community Development Financial Institutions (CDFIs), and 18 Native Banks serving largely unbanked and underbanked reservation communities.

The 16 Native Credit Unions stretch from Hawaii to the Seneca Nation in New York, hold collective assets of approximately $300 million and serve 57,000 members. Although few in number, their impact is substantial and highlights the transformational impact of Community Development Credit Cooperatives (CDCUs) and CDFIs on local communities.

UNA News covered Ferguson and Lakota FCU’s innovative idea to bring credit union services to its members on the Pine Ridge Indian Reservation — more than two million acres — by bus last year. Earlier this year, Mickel explained the unique ways Tongass FCU serves natives in rural areas near Ketchikan, Alaska.

Webinar attendees will have the opportunity to share, ask questions, and learn how to be better advocates for financial equity and inclusion.

Should we consolidate our credits in 2023?


Image source: Getty Images

Here’s why you might want to consolidate your loans.

Key points

  • Loan consolidation generally consists of taking out a consolidated loan in order to pay off several small debts.
  • Loan consolidation can also help you save money in the long run by reducing interest rates or extending repayment terms.
  • Consolidating your loans will likely extend the life of your debt, which means you’ll end up paying more interest over time.

If you’re like most people, you probably have several different loans that you pay off each month. From your mortgage to your car loan to your credit cards, it can be difficult to keep track of everything and make sure you’re making your payments on time.

Wouldn’t it be nice if there was a way to consolidate all those loans into one easy payment? Well, there’s — it’s called loan consolidation. As 2022 draws to a close, is this the right move for you next year? Here are some of the pros and cons of consolidating your loans.

The benefits of credit consolidation

There are a few key benefits to consolidating your loans. First, it can help you save money on interest. When you consolidate your loans, you are essentially taking out a new loan with a lower interest rate and using it to pay off all of your other loans. This can result in significant interest savings over time.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Second, consolidating your loans can make it easier to keep track of your payments since you only have one to worry about each month. This can allow people to streamline their finances and focus on managing one monthly payment.

And finally, if you have high-interest loans, consolidating them can give you some much-needed breathing room if you’re struggling to make ends meet each month. Consolidating your loans can even improve your credit score. Paying off your other debts can lower your credit utilization rate, which is 30% of your credit score.

Overall, credit consolidation offers many benefits to people struggling with high levels of debt. Whether you’re looking to get out of debt faster or just want to manage your financial commitments more simply, loan consolidation may be the right option for you.

The disadvantages of credit consolidation

Of course, there are also some downsides to consolidating your loans. First of all, it’s important to remember that consolidating doesn’t necessarily mean you’ll get a lower monthly payment – it just means you’ll only get one payment instead of many. Consolidating a loan usually means you’ll have a longer period of time to pay it back, which means you could end up paying more interest in the long run.

Additionally, consolidating your debts can cause you to accrue additional fees and charges for missed payments. You may not get a better interest rate, especially if you have a low credit score. This means you pay additional fees and more interest over the life of the loan. Finally, if you have a spending problem, loan consolidation can make matters worse. You could end up in more debt if you are not disciplined with your money.

As with any major financial decision, there are pros and cons to consolidating your loans. Ultimately, whether consolidation is right for you will depend on your particular financial situation. If you’re struggling to make ends meet each month or paying high interest rates on multiple loans, consolidation might be a good option for you. However, if you’re comfortable with your current monthly payments and don’t mind having several different payments each month, consolidation may not be necessary.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

Moving Forward: Student Debt Relief


The United States Department of Education currently offers federal student debt relief. The program offers eligible borrowers full or partial loan release of up to $20,000 for Federal Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. Pell grants are available to low-income students based on their FAFSA.

Applications can be completed at studentaid.gov/debt-relief. The application takes about five minutes to complete. This is one-time debt relief. Applications opened earlier in October and will close on December 31, 2023. You do not need to provide any documents when applying, but the Department of Education may contact you for more information.

Not everyone is eligible for student loan forgiveness. First, there is an income limit. A person must have earned less than $125,000 in 2021 or 2022, from your IRS Form 1040. For families, the maximum income limit is $250,000 in 2021 or 2020.

People also read…

Private loans (from financial institutions, not the federal government) are not eligible for debt relief.

Debt relief only applies to loan balances you had before June 30, 2022. This includes Direct Loans (William D. Ford), FFEL Loans (Federal Family Education Loans), Perkins Loans, and Parent or Graduate PLUS Loans. Loans may or may not be subsidized by the government.

Any new loans disbursed (when loan funds have been received) on or after July 1, 2022 are not eligible for debt relief.

Federal loans in default (overdue) are also eligible.

Consolidation loans are a bit more complicated. This means that several loans have been combined so that a person only has to make one monthly payment. Federal student loan consolidation combines multiple federal loans into one federal loan through the Department of Education. These loans are eligible for the debt relief program.

Private lenders offer private student loan consolidation, also known as student loan refinancing. It’s a good idea to bundle private loans into one of these programs to lower interest rates and move to one monthly payment. These loans are NOT eligible for the debt relief program.

Private loans cannot be transferred to the federal government, but federal and private loans can be consolidated with a private lender. If you did this, you lost the opportunity to get debt relief on the federal loan. The Department of Education is still negotiating with private lenders to see if this can be changed, so people who have this type of consolidated loan should be careful that this is resolved.

Another complication is that there was a pause in payments during the COVID pandemic. From March 13, 2020 to December 31, 2022, borrowers did not have to make student loan repayments. If you made payments on your federal student loans during this time, the government will refund what you paid and forgive your loan up to the maximum amount of debt relief.

StudentAid.gov can provide assistance in completing the online form or answering questions related to a borrower’s specific situation. Contact the agency at 1-833-932-3439.

The Department of Education has issued several warnings about scams from companies offering to help you manage your loans or application for a fee. You NEVER have to pay for aid with your federal student aid. As with all scams, you would be asked for personal information and passwords. DON’T! If the government tries to contact a borrower, it will send an email from [email protected], [email protected]Where [email protected].

With soaring credit card rates, will logic or emotion help you reduce your debt?


Halloween marks the start of the holiday season, and if the surrounding blocks in my neighborhood were any indication, people were planning on having a good time. Excellent!

I don’t want to spoil the party spirit. But two pieces of information suggest people should embrace frugality this holiday season. (Frugality doesn’t mean being cheap; it means being mindful of your spending.)

First, the average credit card interest rate is 18.91% and new card rates are higher than they’ve ever been, according to CreditCards.com. Rates are heading even higher since the Federal Reserve raised its benchmark interest rate last week.

Second, more people are concerned about debt. The 2022 survey on well-being at work by the Employee Benefits Research Institute and Greenwald Research reports that six in 10 employees say they are at least moderately concerned about the financial well-being of their household. Eight in 10 employees surveyed describe their level of debt as a problem, with the biggest concern being credit cards.

How can you eliminate credit card debt? Stop using your cards and create a budget. You can switch to a lower rate card if possible or consolidate your debt if the numbers make sense. Many people get out of debt by budgeting and spending wisely. Sometimes stronger action is needed.

There are two basic methods. The logic of finance dictates that it is best to pay off the debt at the highest rate first. This is your most expensive loan. (That’s the Spock method, for Star Trek fans.)

Make a list of your credit card debt, starting with the highest rate card and working your way down to the lowest rate card. Pay the minimum on all your cards except the one with the highest rate. This is where you target the additional savings. Eventually, the card is refunded. You move into debt at the highest remaining rate, paying the minimum on the others, until all loans are paid off. Etc.

The logic of math doesn’t always work. Many of us need a psychological and emotional boost when trying to stick to a debt repayment plan. (This is Dr. McCoy’s approach.)

We need a sense of accomplishment to continue. The trick here is to ignore the interest rate and attack your smaller bill first. Eliminate it as fast as possible and pay the minimum on everything else. Hit! Now move on to the next smaller debt.

Congratulations whichever method you choose.

Farrell is a business contributor to the Star Tribune, Minnesota Public Radio and the US Public Media Marketplace.

SchoolsFirst FCU Named Among Top Financial Services Organizations


TUSTIN, Calif.–(BUSINESS WIRE)–SchoolsFirst Federal Credit Union, the largest credit union serving school employees and their families, was recently recognized by American banker and CNET as a leading credit union for its outstanding service experience and products. American banker is one of the oldest and largest news outlets covering the financial services industry, and CNET – owned by CBS Interactive – is one of the premier sites online to provide expert advice and advice.

American banker ranked SchoolsFirst FCU among the top 50 institutions for customer service experience, ranking 13th. The ranking was based on a survey of 5,000 consumers who were asked to rate their experience with their primary financial institution. The research drew on a social science-based framework that assesses the most important human elements of the experience to predict customer satisfaction and loyalty. SchoolsFirst FCU scored in the top 15 in three of the four dimensions.

“It is an honor that our members who were included in this survey responded with such positive advocacy, ranking us among many national financial services organizations,” said Bill Cheney, CEO of SchoolsFirst FCU. “We are proud to serve as trusted advisors to our members, as an organization they can turn to for help throughout their many life events and economic cycles. »

CNET, one of the 400 most popular websites in the United States, ranked SchoolsFirst FCU among the best credit unions in its 2022 ranking. The ranking is based, in part, on annual percentage returns (APY) the higher for one-year terms. CNET noted that SchoolsFirst FCU offers a full suite of deposit accounts along with access to 28,000 ATMs across the country.

“Both of these recognitions would not be possible without the dedication of our incredible ‘Dream Team’ dedicated to providing world-class personalized service,” added Cheney. “While it’s always an honor to be recognized by our members, it’s even more of an honor to help our members improve their financial well-being every day.

The American banker and CNET rankings follow several other recent recognitions received by SchoolsFirst FCU, including the #1 Best Credit Union in California by Forbes; No. 1 Best Credit Union in Orange County Register‘s (California) annual “Best of OC” readers’ choice awards; top three credit unions in The Press-Company‘s (California) Annual Best of Inland Empire (North and South) Readers’ Choice Awards; and one of the top three credit unions in style magazine (California) Annual “Readers’ Choice Awards Best of”.

For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org.

About SchoolsFirst Federal Credit Union

SchoolsFirst FCU is the fifth largest credit union in the country. Serving school employees and their families, the organization is dedicated to providing world-class personal service and improving the financial lives of its members. Today, they serve over 1.2 million members with a full range of financial products and services – from savings and loans to investment, retirement and insurance products. SchoolsFirst FCU was founded in 1934, when 126 school employees pooled $1,200 and created a member-owned cooperative to help improve everyone’s life. In 2022, Credit Union reported nearly $28 billion in assets and remains California’s largest credit union. For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org.

Refinancing rate for November 4, 2022: rate advance


15-year and 30-year fixed refinancing saw their average rates increase. The average 10-year fixed refinancing rate also increased slightly.

Like mortgage rates, refinance rates fluctuate daily. With inflation at its highest level in 40 years, the Federal Reserve raised the federal funds rate six times in 2022 in an attempt to slow the surge in inflation. Although mortgage rates are not set by the central bank, its rate hikes increase the cost of borrowing and ultimately impact mortgage and refinance rates and the housing market in general. Whether refinancing rates continue to rise or fall will largely depend on the evolution of inflation. If inflation slows, rates will likely follow. But if inflation remains high, we could see refinancing rates maintain their upward trajectory.

If a refi’s rates are currently lower than your current mortgage rate, you could save money by fixing a rate now. As always, consider your goals and situation, and compare rates and fees to find a mortgage lender that can meet your needs.

30-year fixed rate refinancing

For 30-year fixed refinances, the average rate is currently 7.35%, up 25 basis points from a week ago. (One basis point equals 0.01%.) Refinancing a 30-year fixed loan from a shorter loan term can lower your monthly payment. For this reason, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. However, the interest rates for a 30 year refinance will generally be higher than the rates for a 15 or 10 year refinance. It will also take you longer to repay your loan.

15-year fixed-rate refinancing

The current average interest rate for 15-year refinances is 6.52%, up 13 basis points from a week ago. A 15-year fixed refinance will most likely increase your monthly payment compared to a 30-year loan. But you’ll save more money over time because you pay off your loan faster. Interest rates for a 15-year refinance also tend to be lower than a 30-year refinance, so you’ll save even more in the long run.

10-year fixed rate refinancing

The current average interest rate for a 10-year refinance is 6.75%, an increase of 26 basis points from what we saw the previous week. You’ll pay more each month with a 10-year fixed refinance compared to a 30- or 15-year refinance, but you’ll also get a lower interest rate. A 10-year refinance can help you pay off your home much faster and save on interest. Just be sure to carefully review your budget and current financial situation to make sure you can afford a higher monthly payment.

Where are the rates going

At the start of the pandemic, refinance rates fell to historic lows, but have been rising steadily since the start of 2022. The Fed recently hiked interest rates another 0.75 percentage points and is poised to raise them again to slow the economy. While it’s unclear exactly what will happen next, if inflation continues to rise, rates are likely to rise. If inflation slows, rates could stabilize and start to fall.

We track refinance rate trends using data collected by Bankrate, which is owned by CNET’s parent company. Here is a table with the average refinance rates reported by lenders in the United States:

Average refinancing interest rate

Product Assess A week ago To change
30-year fixed refi 7.35% 7.10% +0.25
15-year fixed refi 6.52% 6.39% +0.13
10-year fixed refi 6.75% 6.49% +0.26

Rates as of November 4, 2022.

How to find personalized refinance rates

It is important to understand that prices advertised online may not apply to you. Your interest rate will be influenced by market conditions as well as your credit history and demand.

Having a high credit score, a low rate of credit utilization, and a history of regular, on-time payments will generally help you get the best interest rates. You can get a good idea of ​​average interest rates online, but be sure to speak with a mortgage professional to see the specific rates you qualify for. To get the best refinance rates, you must first make your application as strong as possible. The best way to improve your credit rating is to get your finances in order, use your credit responsibly, and monitor your credit regularly. Remember to speak with several lenders and shop around.

Refinancing can be a good decision if you get a good rate or can pay off your loan sooner, but think carefully if it’s the right choice for you right now.

Is it the right time to refinance?

Generally, it’s a good idea to refinance if you can get a lower interest rate than your current interest rate or if you need to change the term of your loan. When deciding to refinance, be sure to consider factors other than market interest. rates, including how long you plan to stay in your current home, the term of your loan and your monthly payment amount. And don’t forget fees and closing costs, which can add up.

As interest rates have risen steadily since the start of the year, the pool of applicants for refinancing has shrunk considerably. If you bought your home when interest rates were lower than today, you probably won’t see any financial benefit from refinancing your mortgage.

Ottawa and Kent counties aim to maximize ARPA with revolving loan funds for housing


Both Ottawa and Kent counties are considering using federal stimulus funds to create revolving loan funds to help ease the area’s housing shortage by providing continuity of funding instead of funding individual projects.

The two counties have sifted through hundreds of American Rescue Plan Act (ARPA) project funding proposals since the summer. Affordable housing, along with the desire to create a revolving housing loan fund that could help projects on an ongoing basis, was identified as an ARPA spending priority in both counties.

Many municipalities have also considered dedicating at least a portion of ARPA funding to create a revolving loan fund for housing, said Ali Mooney, management consultant at Guidea national consulting firm helping cities and counties through the ARPA process.

“Creating a revolving housing fund is a long-term vision instead of just using the funds for finished projects every now and then,” Mooney said. “It’s a good use because it also allows people to take those funds and leverage them to continue to help produce affordable housing in the future.”

A housing loan revolving fund could provide additional financing in the form of low-interest loans to developers of affordable housing projects. Typically, these funds are maintained by principal repayments and increased through interest payments.

Under recent ARPA-supported housing revolving loan fund proposals, organizations or private donors could also contribute to the fund, and developers could apply for funding through an application process.

The Kent County Board of Commissioners will vote Nov. 14 to select which projects will receive a portion of the county’s $127 million in ARPA funds. The Ottawa County Finance and Administration Committee will consider projects that would share $57 million in ARPA funds on Nov. 15.

“In general, (a revolving loan fund) is a concept that has had a lot of support, but a government cannot invest in housing with general funds in Michigan, so it would have to be funds somewhere, which could be ARPA money,” Kent County Administrator Al Vanderberg said.

In Kent County, several specific housing projects have submitted applications for a share of the county’s federal stimulus funding. Vanderberg taking a revolving loan fund approach could support these and other projects in the future.

He added that the county would not manage the revolving loan fund if created, although county funding would initiate the process to create it. A community development financial institution (CDFI) would potentially receive the public funding, and some CDFIs could provide “significant matching potential” to extend other financial contributions to the fund, Vanderberg said.

“A CDFI partner would underwrite and administer the loans and also support private investments,” Vanderberg said. “If that is the direction the board wants to take, we would probably set up a committee to advise what we would like to happen with the fund.”

Interest in housing increases

David Sernick, who is a management consultant for state and local governments at Guidehouse, noted that many of his municipal clients were already considering setting up a housing revolving loan fund before the ARPA process. Housing in general has been a more recent priority for his clients, he said.

“It’s very clear that housing is one of those things that seems to be bipartisan in nature at this point, which is really nice in our current political climate,” said Sernick, who consulted with Kent County in the as part of its ARPA process. “It’s something that interests everyone.”

Over the summer, the Ottawa County ARPA task force recommended using $8 million in ARPA funds to create a revolving loan fund for housing. The county council also gave final approval to two affordable housing projects Aug. 23 to meet a tight schedule from project developers, county tax services director Karen Karasinski said.

Ottawa County Board of Commissioners Approved $1.5 Million in ARPA Grants for Nonprofit Social Services Samaritans for the construction of 43 affordable one-bedroom units and 10 affordable two-bedroom units in Spring Lake. Additionally, the county council also approved the non-profit developer Dwelling placerequesting $2 million in ARPA grants for a 46-unit apartment project in downtown Holland.

Both ARPA grants are contingent on Dwelling Place and Samaritas receiving low-income housing tax credits from the state in the April 2023 application round.

“A number of lenses have been considered by the (Ottawa County ARPA Working Group), and affordable housing is an area that cuts across multiple sectors,” said Karasinski, who is also a member of the ARPA Working Group. “It’s important for business and it kind of touches on a lot of the priority areas that we’re looking at.”

It was also not always clear that ARPA funding could be used for revolving loan funds for housing. In July 2022, the US Treasury Department announced a rule change to give municipalities more flexibility over how funds are used for housing projects, Mooney said.

The use of ARPA funding to create housing loans comes with certain restrictions, including establishing an affordability period of at least 20 years for housing and prices for rental housing that must be equal to or less than 65% of the region’s median income, with some exceptions. , Mooney said.

Other ARPA-funded housing uses that municipalities are considering include building new units or supportive housing for the homeless, down payment assistance programs for new homeowners, and home repair programs for help preserve existing units, Mooney said.

“I noticed there was an openness to discuss other possible ways to impact long-term affordability and housing in general, which is good,” Mooney said. “In the past, housing was something that maybe wasn’t in the forefront as much. Certainly during the pandemic it has become even more apparent that housing stock is very important, especially when it is where people needed to stay to be safe. Talking about how to impact larger communities in a holistic nature is something more communities are willing to discuss.

Federal Reserve raises interest rates, hurts consumers and retail stocks


The Fed has never raised the target interest rate four times in a row by 75 basis points each time – until today. They still have to fight inflation.

Today, they have hurt retail stocks, consumers and falling real estate values.

Granny Retail was gaining strength and showing demonstrated leadership on Triple Play momentum and positive price action until the Fed announced its news. This will put retailers and consumers under pressure.

On Tuesday, retailers sold off strongly, along with the rest of the market. Granny Retail (XRT), or SPDR S&P Retail ETF, was down 4% and crossed the 50-day moving average.

I will assess the impact of the rise on consumer behavior by looking at Granny Retail (XRT), discuss high levels of consumer debt, and dig deeper into the components of the CPI.

Click the link to learn more about CPI, consumer spending and exploitable ETF levels.

There is uncertainty about the effectiveness of these rate hikes in reducing inflation since they are still far from 2%. The economic data is mixed.

Corporate earnings are holding up for now; however, given the uncertain economic environment, investors need to exercise risk governance.

Housing accounts for a third of the CPI, which was 6.6% last month. Rents will continue to rise while food and energy will remain high and are also important CPI weights.

Mortgage rates have gone from 3.5% to 7%, preventing some families from buying property.

People who cannot afford to buy have to live somewhere, which will continue to put pressure on rental prices.

Additionally, the US savings rate is also at 3%, the lowest in 15 years. Consumers are aggressively dipping into their savings, charging up their credit cards, racking up debt, and all while real income growth is stagnating.

Total US consumer credit outstanding reached record highs as shown below.

total US consumer debt by year up chart up year 2022

Total outstanding consumer credit in the United States from the 3rd quarter of 2006 to the 2nd quarter of 2022.

Homeowners also access home equity credit at variable loan rates.

There is little evidence to support the Fed’s claim that it is making major progress in fighting inflation.

ETF trading analysis and summary:

S&P 500 (SPY) 370 support and 377 resistance

Russell 2000 (IWM) 174 support and 181 resistance

Dow (DIA) 318 support and 324 resistance

Nasdaq (QQQ) 261 support and 269 resistance

KRE (Regional banks) 62 support and 65 resistance; same as before

SMH (Semiconductors) 182 support and 189 resistance

IYT (Transportation) 204 support and 210 resistance

IBB (Biotechnology) 127 support and 132 first resistance; same as before

XRT (retail) 61 support and 65 resistance; same as before

Twitter: @marketminute

The author may have a position in the titles mentioned at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.

The 2022 WYCUP Scholarship offers recipients a choice of destination events


MADISON, Wis.—For the first time in the history of the World Young Credit Union Professionals (WYCUP) Scholarship Program, recipients can choose between two all-expenses-paid education and networking events hosted on different continents.

WYCUP scholarships will be awarded to credit union professionals 40 and under who recognize the potential of credit unions to make the world a better place.

The WYCUP scholarship includes airfare, hotel and registration fees to attend one of the following events:

  • The Sicredi Youth Summit, April 15-22 in Iguazu, Brazil, or
  • The WYCUP Global Youth Summit and the World Conference of Credit Unions 2023July 21-27 in Vancouver, Canada.

The Sicredi Youth Summit will bring together representatives of an inspiring youth empowerment initiative in one of the world’s greatest natural wonders, Iguazu Falls. The power of collaboration is evident throughout Brazil’s Sicredi credit union system, which connects more than 100 credit unions under a shared brand and technology platform. Fellows will experience the impact of community engagement and product innovation made possible through this unique model of cooperation.

The World Conference of Credit Unions (WCUC) 2023, co-hosted by the World Council of Credit Unions (WOCCU) and the Canadian Credit Union Association (CCUA), will feature renowned speakers and more than 30 training sessions focused on solving global challenges for credit unions. . And new for 2023, WCUC will also present the first-ever WYCUP Global Youth Summit, designed to allow Fellows to be at the center of our global movement and build new relationships with their international peers over five full days of learning, networking and exchanges.

“The future of the global credit union movement rests on our ability to engage with young people. Our success as a sustainable, forward-looking movement depends on emerging young leaders, and WYCUP is raising the voices of young people to ensure they are part of the solution to help us meet global challenges through the model cooperative,” said Elissa McCarter LaBorde. , President and CEO of WOCCU.

A year of opportunities

Along with choosing destination events, fellows will be able to engage with peers around the world at other virtual and in-person events throughout the year as WYCUP explores opportunities for greater collaboration on challenges. global shared credit unions.

“Receiving the 2021 WYCUP scholarship has opened both personal and professional doors for me that I never knew existed,” said Sara Maharajh, Business Relations Manager for CCUA. “Our network of passionate, like-minded young professionals strengthens our movement, one connection at a time, and without borders! »

Young Credit Union Professionals interested in applying for the WYCUP Fellowship 2022 can download an application form here.

WYCUP – the World Council’s Young Professionals Credit Union Program – empowers emerging leaders with a global perspective to be part of the solution. Join us and enrich career paths through financial cooperatives everywhere. www.wycup.org.

The World Council of Credit Unions is the global trade association and development platform for credit unions. The World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to affordable, high-quality financial services. The Global Council represents the interests of the global credit union system with international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen the financial performance of credit unions and increase their reach.

The World Council has implemented more than 300 technical assistance programs in 90 countries. Worldwide, 87,914 credit unions in 118 countries serve 393 million people. To learn more about the impact of the World Council around the world, visit www.woccu.org.

#6 Union Stuns #3 William Smith advances to LL Semis


GENEVA, NY – In the first season the Liberty League tournament expanded to six qualifiers, the Union College women’s volleyball team made sure the last team in the playoffs made their presence felt.

Backed by 17 first year kills Shannon McGrath and 15 junior kills Keara’s PageSixth-seeded Union fought to the bitter end and knocked out third-seeded William Smith College 3-2 (25-20, 15-25, 25-20, 23-25, 17- 15) in the first round of the Liberty League Tournament on Tuesday night at Bristol Gymnasium.

With the win, Union advances to the semi-finals of the Liberty League tournament, where the team will face second seed Clarkson University. The match, which takes place at top-seeded Ithaca College, is scheduled to start at 4 p.m. Friday. The winner will advance to the conference championship game Saturday at 2 p.m.

When these two teams played 10 days ago, Union only managed 31 points in total in a three-set sweep. But the return of the first year Shannon McGrath appeared to energize the visitors, who received significant contributions from nearly everyone who stepped onto the pitch in an overall team victory.

McGrath finished the game with a team-leading 17 kills and added eight digs and two aces, followed by Page with a career-high 15 kills on .270 hits. Senior Haley Kresch led the offense with 32 assists, ranking 10th in Union career assists, and added 12 digs and three aces for his second straight double-double and third of the year.

Defensively, first year Georgia Pool was all over the court with 22 digs and six assists, while senior middle blockers Julia Webster and Denesha Lafontant chipped into six kills and five blocks, respectively.

“I couldn’t be more proud of the way the team presented itself today,” said the first-year head coach. Annie Deloid. “From the minute they walked into the gym they were locked in and ready to fight. Our pre-season motto was ‘prepare to compete’ and they were certainly ready for that moment tonight.”

Host Herons took an early 7-3 lead in the first set, but Union was unfazed and raced 8-1 to take their first lead at 11-8. Still leading at 13-12, the visitors made another decisive push, scoring seven of the next eight points to take their biggest lead at 20-13 behind three junior kills. Mya Deleslast.

Union had their worst frame of the night in the second set to allow William Smith to level the score, but the visitors responded with another good set in the third. McGrath started with a kill and an ace as part of a 6-1 opening run, and Kresch served three straight aces as part of a 7-0 stretch that extended the lead to 11 at 17-6. The visitors managed to hold on to take a 2-1 lead.

The fourth set was a home and away game, with four lead changes and 14 deuces. Kills by McGrath, Lafontant and sophomore Farah Elgala gave Union its biggest lead at 16-13. The visitors still led 19-17 after a junior kill Nikki Newcomer before the Herons went on a quick 5-1 run to reclaim the lead for good and force a final frame.

With the momentum seemingly in favor of William Smith, Union started the final set strong with kills from Page and Webster in a 6-1 run. The home side fought back to tie the score at 10, but a WSC service error and an ace by Pool made it a 12-10 lead for Union. The visitors couldn’t convert on a pair of match points at 14-13 and 15-14, but Page made another kill to bring in a third match point and junior Brooke Fleming served an ace to give Union the win.

Next up for Union is a Clarkson team that swept them on senior day in mid-October. But with the pro-Union momentum, that might be enough to reverse another result in favor of the Union.

DeLoid added: “We’ve been building all season and it’s so fun to see the hard work pay off, but we’re not done yet!”

Student borrowers are targeted by a dangerous new scam


Photo (c) Creator 491 – Getty Images

Ever since the White House announced its student loan debt forgiveness program, scammers have come out of the woodwork, seeking to convince borrowers that they should be paying for useless and non-existent services related to loan forgiveness.

Lately a new scam has emerged which appears to be among the most dangerous reported so far. Instead of randomly targeting people who may or may not have student loans, these scammers have gathered specific information about their victims.

Some victims of this scheme have reported that the scammer has their name, the date they graduated, their social security number, and even their FAFSA (Free Application for Federal Aid) information.

Contact is usually made by telephone. A call comes out of nowhere from someone claiming to be associated with the Department of Education’s loan forgiveness program. Because they know their victim’s name and have information about them, the caller can have increased credibility.

How it works

However, no one from the Ministry of Education or any part of the government’s loan forgiveness program is cold calling borrowers.

After gaining credibility with the victim, the caller says the borrower has to pay an upfront fee of several hundred dollars and then a monthly fee until the loan forgiveness is complete. This is another sign of a scam, as charging upfront fees for services is illegal.

The scammer also tells the intended victim that their services can result in the removal of up to $60,000 in student loans. Not true. The White House plan can forgive up to $10,000 in student loan debt and $20,000 for borrowers who took Pell Grants.

What to do

Student borrowers contacted in this manner with these kinds of promises should assume from the outset that this is a scam. If in doubt, contact StudentAid.gov directly to verify the information.

Never pay a fee to participate in a free government program. A legit agency will not ask for payment, only scammers will.

Beware of phone calls that come out of nowhere. Government agencies, in particular, do not make unsolicited phone calls.

If the caller is aggressive or pushy and warns you that you’re going to miss out if you don’t act immediately, that’s yet another red flag. The hallmark of a scam is to close the net quickly before the victim has time to think rationally.

While all scams are scary, this one seems to be particularly dangerous. The scammer targets specific individuals using sensitive information they obtained either from a data breach or from the dark web.

Student borrowers should consider changing their FAFSA account passwords and taking other steps to protect their personal information.

Improving digital account opening must be a top priority for 2023


Improving digital account opening must be a top priority for 2023

NCC Bank offers training and loan facilities to new entrepreneurs


TBS Report

October 30, 2022, 5:40 p.m.

Last modification: October 30, 2022, 5:43 PM

Bangladesh Bank organized “Entrepreneurship Development Program and Open Loan Disbursement Ceremony” under “Skills Investment for Employment Program (SEIP)” to disburse loan facilities for New Entrepreneurs of NCC Bank.

Bangladesh Bank Governor Abdur Rouf Talukder handed over the dummy check to the new entrepreneurs of NCC Bank in a ceremony organized by the Project Implementation Unit, SEIP and the Department of SMEs and special programs at the Bangladesh Bank Training Academy on Saturday, October 29 as the chief guest, a press release said.

Bangladesh Bank Deputy Governor Abu Farah Md Nasser, Project Executive Director of SDCMU, SEIP Md Ekhlasur Rahman and Managing Director and CEO of NCC Bank Mohammad Mamdudur Rashid were present at the ceremony.

In addition, Deputy Managing Director Mohd Rafat Ullah Khan and Head of CMSME Division Md Solaiman-Al-Raji of NCC Bank and Co-Director of Bangladesh Bank Md Zahid Iqbal along with other senior officials of the Bangladesh Bank were also present on the occasion.

NCC Bank is working on creating a new entrepreneurial spirit under the “SEIP” project implemented by the Finance Department of the Ministry of Finance.

Empire (TSE:EMP.A) seems to be using debt quite wisely


Howard Marks said it well when he said that, rather than worrying about stock price volatility, “the possibility of permanent loss is the risk I worry about…and that every practical investor that I know is worried”. So it seems smart money knows that debt – which is usually involved in bankruptcies – is a very important factor when you’re assessing a company’s risk. Above all, Empire Company Limited (TSE:EMP.A) is in debt. But should shareholders worry about its use of debt?

Why is debt risky?

Generally speaking, debt only becomes a real problem when a company cannot easily repay it, either by raising capital or with its own cash flow. Ultimately, if the company cannot meet its legal debt repayment obligations, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity at a low price, thereby permanently diluting shareholders. Of course, many companies use debt to finance their growth, without any negative consequences. The first step when considering a company’s debt levels is to consider its cash and debt together.

Check opportunities and risks within the CA Consumer Retailing industry.

What is Empire’s debt?

The image below, which you can click on for more details, shows that Empire had C$866.5 million in debt at the end of August 2022, a reduction from 1.23 billion Canadian dollars over one year. On the other hand, it has C$371.5 million in cash, resulting in a net debt of approximately C$495.0 million.

TSX:EMP.A Debt to Equity October 29, 2022

How healthy is Empire’s balance sheet?

The latest balance sheet data shows that Empire had liabilities of C$3.89 billion due within one year, and liabilities of C$7.22 billion falling due thereafter. In compensation for these obligations, it had cash of 371.5 million Canadian dollars as well as receivables valued at 763.7 million Canadian dollars maturing within 12 months. Thus, its liabilities total C$9.98 billion more than the combination of its cash and short-term receivables.

When you consider that this shortfall exceeds the company’s C$9.26 billion market capitalization, you might well be inclined to take a close look at the balance sheet. In the scenario where the company were to quickly clean up its balance sheet, it seems likely that shareholders would suffer significant dilution.

We use two main ratios to inform us about debt to earnings levels. The first is net debt divided by earnings before interest, taxes, depreciation and amortization (EBITDA), while the second is how often its earnings before interest and taxes (EBIT) covers its interest expense (or its interests, for short). In this way, we consider both the absolute amount of debt, as well as the interest rates paid on it.

While Empire’s low debt to EBITDA ratio of 0.27 suggests only modest debt utilization, the fact that EBIT only covered interest expense by 5.0 times last year makes think. But the interest payments are certainly enough to make us think about the affordability of its debt. We have seen Empire increase its EBIT by 7.7% over the last twelve months. It’s far from amazing, but it’s a good thing when it comes to paying down debt. When analyzing debt levels, the balance sheet is the obvious starting point. But it’s future earnings, more than anything, that will determine Empire’s ability to maintain a healthy balance sheet in the future. So if you are focused on the future, you can check out this free report showing analyst earnings forecasts.

Finally, while the taxman may love accounting profits, lenders only accept cash. We therefore always check how much of this EBIT is converted into free cash flow. Fortunately for all shareholders, Empire has actually produced more free cash flow than EBIT over the past three years. This kind of high cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.

Our point of view

Empire’s conversion of EBIT to free cash flow was a real benefit in this analysis, as was its net debt to EBITDA. On the other hand, its level of total liabilities makes us a little less comfortable about its indebtedness. When we consider all the factors mentioned above, we feel a bit cautious about Empire’s use of debt. While we understand that debt can improve return on equity, we suggest shareholders keep a close eye on their level of debt, lest it increase. Of course, we wouldn’t say no to the extra confidence we’d gain if we knew Empire insiders bought stock: if you’re on the same page, you can find out if insiders are buying by clicking on this link.

In the end, it’s often best to focus on companies that aren’t in debt. You can access our special list of these companies (all with a track record of earnings growth). It’s free.

Valuation is complex, but we help make it simple.

Find out if Empire is potentially overvalued or undervalued by viewing our full analysis, which includes fair value estimates, risks and warnings, dividends, insider trading and financial health.

See the free analysis

This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts only using unbiased methodology and our articles are not intended to be financial advice. It is not a recommendation to buy or sell stocks and does not take into account your objectives or financial situation. Our goal is to bring you targeted long-term analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price-sensitive companies or qualitative materials. Simply Wall St has no position in the stocks mentioned.

Affinity Plus celebrates the merger of White Earth Credit Union with the opening of a new branch in Mahnomen


Earlier this year, Mahnomen’s White Earth Reservation Federal Credit Union merged with Affinity Plus, and the culmination of this merger came yesterday with the grand opening of Affinity Plus Federal Credit Union’s new Mahnomen site.

“There are so many good things coming,” said Affinity Plus Mahnomen Branch Manager Amanda Jaeger. “Now they have grown from 2 staff members to nearly 600 staff members and 30 branches across the state of Minnesota.”

The grand opening began with a drumming ceremony to officially open the new Mahnomen Federal Credit Union.

“It’s part of our traditions here on the reservation,” former White Earth Reservation Federal Credit Union board chair Christie Haverkamp explained, “We’re doing this to honor the new things that are happening here. and the great things that will happen for our people.”

In addition to the opening, Affinity Plus provided a $2,700 grant to Mahnomen Public Schools for a financial literacy course.

“They want to open their own school store within the school and be able to have this store run and run by this class of students. So that’s where our donation went,” Jaeger said.

At the opening there was also a raffle for a new television as well as a host of door prizes for guests.

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16 money rules you need to follow if you want to get ahead


Most people want to get ahead financially, but it can be difficult to know what to do, how to invest, and what pitfalls to avoid. Maybe you’re looking for easy ways to grow your bank account or tips for spending less money in general.

There’s no surefire way to build your wealth, but these are some of the most commonly accepted and proven ways to get ahead.

Warren Buffett Loves These 3 Dividend Stocks That Print Over $1.5 Billion A Year

1. Start saving for retirement early

Retirement may seem a long way off, but that doesn’t mean planning for now is any less important. Saving now allows you to put smaller amounts aside to help pay for your retirement years.

If you start saving at age 25, you’ll probably have enough to retire early. If you start saving now and use the wide range of tax-efficient plans, you might have enough for retirement at age 50.

Be sure to invest wisely, control your expenses and maximize the tax benefits available to you.

2. Track your expenses

Where does your money go each month? You might have a good idea of ​​how much you’re spending on your mortgage or rent, but what about coffee, restaurants, and visits to your favorite boutique?

The best way to know where your money is going is to track your spending regularly. You can write down what you spend in a notebook or use an app on your phone.

Be sure to include all purchases. Then review this information to see where you could save more money.

3. Spend less than you earn

Although this advice is obvious, it is not easy to do. One way to start is to switch to an all-cash budget. If you only buy what you have money for, you will have to give up what you would have put on a credit card.

A cash-only budget forces you to decide if any purchases you make during the month are worth the investment. If you can’t pay off your credit card, those purchases will cost you much more than the original price after adding 15% or more interest.

4. Never carry credit card balances

Consider the cost of credit. If you put money in a bank savings account, you’ll probably earn less than 1% back on that money. However, if you borrow money from a bank, for example when using a credit card, you will be charged a fee of 15% or more.

Credit is expensive. The best way to avoid accumulating debt is to avoid using it or paying off the entire balance each month.

5. Buy car insurance every year

There is no downside to buying car insurance every year. You can save money by finding a policy that still meets your financial needs, but is a fraction of the cost.

Some insurance companies may offer a significant discount if you become a new customer. Or if you’re armed with a quote from a new insurance company, you may be able to negotiate with your existing company for a better rate.

Check out these other creative ways to help you save money on car insurance.

6. Earn money while you sleep

It may seem like a dream, but there are ways to do it. This is called creating passive income, which means you don’t have to work to earn money.

There are different ways to do this. Create a product and sell it online based on your knowledge or experience in a field. If you have a specific skill, create a course and sell it online. You may also be able to earn passive income by owning real estate or investing wisely.

7. Set aside at least 15% for retirement

As you work to manage your budget and increase your income, you should also try to increase your retirement savings to 15% or more of each paycheque.

Setting aside at least that much for retirement can allow you to see a significant increase over time thanks to compound interest.

As your income increases, be sure to increase your pension contributions.

8. Ask for raises the right way

Many people assume that their employer will offer a fair raise, but you can influence the value of a raise if you are prepared. Do some research to show your employer that you should be paid more and by how much.

Using information from job postings for a similar position, show your boss what a competitive salary is in your field with your experience. Be sure to describe your accomplishments over the past six months.

It’s also a good idea to create a formal, written request for a raise so you can make your case clearly. Now is a great time to roll up your sleeves, be confident, and use the research skills you developed in college.

9. Don’t be afraid to change jobs if necessary

There may be times when you should ask for a raise and other times when it is best to look for a new employer. If the market shows you’re not being paid a fair rate and your employer isn’t willing to budge (perhaps the company can’t afford it), it’s time to stretch your legs. .

Or you may want to consider changing jobs to continue developing and improving your skills. New positions may offer greater challenges, more opportunities for advancement, or more interesting tasks. See job changes as a good thing and a way to achieve your career goals.

11 Legit Ways to Earn Extra Money

10. Budget using the 50/30/20 rule

When creating a budget for yourself, focus on this rule. Spend 50% of your income on your needs, spend 30% of your income on the things you want, and save 20%.

It sounds simple, but when you go this route, you create a way to save a significant amount of money, pay your bills, and not feel deprived of the things you really want to buy or enjoy.

11. Don’t Spend All That Bonus

Getting a raise or a bonus means you get extra money that isn’t built into your current budget. If you are already living comfortably, think about how to use the new money in the way that will benefit you the most.

Sure, a vacation or buying a giant flat-screen TV sounds great, but putting some of that money aside could help you achieve other goals, like building up your emergency fund or saving for a down payment on a house.

Use the new money to pay off debt or invest more in your retirement savings.

12. Start investing

Investing is a great way to grow your money. This can allow you to grow your nest egg and create some financial wealth.

One way to do this is to hire a financial advisor who can assess your level of risk tolerance and suggest investment vehicles. You can also use a robo-advisor or online brokerage to help you get started investing.

13. Create an emergency fund

Using credit can be a serious and costly mistake, but in an emergency you may have no other alternative. One way around this is to have an emergency fund.

Put three to six months of your salary into a savings account or money market account to help cover your expenses if you lose your job, get sick, or just need your car repaired.

14. Make savings automatic

Manually transferring money into your savings account or retirement fund may be a good intention, but you may be forgetting or finding another use for the money.

Instead, automate this process by authorizing your bank to regularly transfer funds to specific accounts. By automating the process, there is less risk of those funds not getting to where they need to go.

Warren Buffett Loves These 3 Dividend Stocks That Print Over $1.5 Billion A Year

15. Deposit at least 20% when buying a house

There are many loan programs where you don’t have to pay 20%, but if you can, you’ll save money over time.

First, if you’re paying less than 20% of the purchase price, you’ll need to purchase private mortgage insurance. Second, you risk having your house “under water” for a few years, which means you owe more than the house is worth. A larger down payment also means that you reduce your debt.

16. Buy a used car

Buying a used car means you pay a lot less than buying a new vehicle off the lot. New vehicles lose 20% of their value in the first year.

If you simply must own a new car, plan to drive it for at least 10 years to get the most out of that investment.

At the end of the line

There are also plenty of things you can do to save money on day-to-day expenses. When you go shopping, have a weekly menu plan based on what’s on sale and always make a list, so you’re not tempted to overbuy.

While some of these money rules are easier to practice than others, being mindful of the money you’re making, saving, and spending will help you move forward.

More from FinanceBuzz:

This article 16 Money Rules You Must Follow If You Want To Get Ahead originally appeared on FinanceBuzz.

San Jose hotel development site faces foreclosure after default


SAN JOSE — A San Jose hotel development site where hundreds of rooms could sprout has sunk into default and faces foreclosure, a grim turn of events that leaves the future of the project cloudy.

As currently approved, the proposed hotel could bring 200 rooms to the Alviso neighborhood of North San Jose, according to plans filed with city officials. The hotel was also to contain 15,400 square feet of retail space.

This development project is now in the air. A lender filed a notice of default against a loan secured by the land where the hotel was to be built, according to documents filed Oct. 26 with the Santa Clara County Recorder’s Office.

The hotel was offered as a Shilla stay. Shilla Stay is one of the brands of Shilla Hotels & Resorts, a subsidiary of the South Korea-based Samsung Group.

Hotel development site at 7 Top Golf Drive in the Alviso neighborhood of North San Jose, shown in outline. The limits are approximate. (Google Maps)

A South Korea-based company, doing business as Mirae San Jose, bought the 3.2 acres of land for the hotel site in 2019, paying $22.5 million for the land, files show. county public.

Pine Tree Specialized Private Investment Trust and KEB Hana Bank provided a $26.4 million loan to Mirae San Jose when the land was purchased.

Now, the loan consortium says real estate company Mirae owes $34.4 million as a result of the loan default. The higher amount owed stems from factors such as interest and late fees.

Pine Tree Specialized and KEB Hana Bank are threatening to seize ownership of the land through a foreclosure process, according to county records.

The lending group could force the borrower to repay the loan in full to avoid foreclosure and foreclosure.

The 2020 coronavirus outbreak has rocked travel and hospitality markets around the world, including in the Bay Area.

As a result, hotel occupancy levels have plunged in this region and around the world. The economic repercussions of the coronavirus have made the construction of new hotels less viable.

The site of the Shilla Stay hotel, which faces a threat of foreclosure, is one of two hotels that have been proposed in the area.

A 214-room hotel that is planned for a nearby six-acre site is owned by a different group and has nothing to do with the defaulting accommodation property.

The hottest new development in the area is the bustling and popular Topgolf San Jose resort, which opened in 2021.

Topgolf has been a constant draw as a center for entertainment, sports and dining. Topgolf operates high-tech driving ranges that allow people to hit golf balls equipped with microchips that record distance and accuracy. Venues typically also include food and drink establishments.

Despite owning the 3.2 acres of land at 7 Topgolf Drive for more than three years, the Mirae San Jose Group has yet to begin construction on the 200-room hotel.

San Jose officials gave the hotel final approval in 2019, about a month before Mirae Group purchased the land.

Advantages and disadvantages of filing for bankruptcy – Forbes Advisor – Forbes Advisor


Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Bankruptcy has long been stigmatized in the United States. People who file for bankruptcy protection have been stereotyped as irresponsible, unethical, or lazy. But many Americans find themselves facing bankruptcy due to an unexpected crisis, such as job loss, medical emergency or divorce.

Bankruptcy is designed to give debtors a fresh start and relieve creditors. But declaring bankruptcy is a complex decision, and while it may be the best path for some, it’s not ideal for all situations.

Should you file for bankruptcy?

If you’re overwhelmed with debt you can’t pay off, or maybe your mortgage is underwater and you’ve exhausted all other options, bankruptcy filing can be a wise decision.

Keep in mind that the degree of financial assistance you receive in the event of bankruptcy will largely depend on the type of debt you incur. Bankruptcy will not discharge child support debt, most back taxes, or other debts resulting from legal obligations. And, student loan debt is notoriously difficult to service, although the Department of Education recently indicated that it is considering making bankruptcy an option for student borrowers.

A credit counselor can help you assess your current financial situation and determine if bankruptcy is the best solution. Meeting with a credit counselor may be necessary anyway, as anyone filing for bankruptcy is required to receive credit counseling from a government approved agency as part of the process.

You should also consult a bankruptcy lawyer whether to file. A lawyer can advise you on which of your debts can be settled in bankruptcy and whether to file Chapter 7 Bankruptcy (known as liquidation bankruptcy) or Chapter 13 Bankruptcy (known as a reorganization bankruptcy).

If you decide to file Chapter 7, you must demonstrate your eligibility through a means test, which assesses your debt, expenses, and income to determine if you really cannot afford to repay what you owe. .

Advantages and disadvantages of filing for bankruptcy


  • Bankruptcy offers a break from creditors. An important benefit of bankruptcy is that it provides temporary and permanent relief to creditors. An “automatic stay” prevents them from attempting to collect money from you while the bankruptcy is pending and provides temporary protection against seizure, eviction, and car repossession. Later, if a debt is discharged by bankruptcy, debt collectors are no longer allowed to collect it.
  • It protects future wages. Wages earned after you file for bankruptcy are not considered “ownership of the bankruptcy estate”, which means that your future earnings cannot be seized to repay creditors for any debt discharged. However, your future wages may still be vulnerable to undischarged debts, such as child support or earnings committed to a Chapter 13 payment plan.
  • It can bring emotional relief. Juggling creditors can be exhausting, and financial stress can have a big impact on your health and your family. Bankruptcy can give you leeway and a clean slate
  • You can keep certain assets. Bankruptcy may require you to sell certain assets to pay off your debts. But you won’t lose everything, because bankruptcy exemption laws protect your home, car, clothes, and other valuables up to the amounts listed below.

Federal bankruptcy exemptions

The inconvenients

  • Bankruptcy destroys your credit. Your credit score indicates how likely you are to pay off your debts, so bankruptcy can do huge damage to your credit. A bankruptcy will stay on your credit report for up to 10 years, but you can start rebuilding your credit immediately. You can start by removing a secure credit card. If you file for bankruptcy, your credit is probably not in good standing, so the hit to your credit score may not be huge. If you still have decent credit, there may be alternatives to bankruptcy available to you.
  • It can be expensive. Bankruptcy filing fees range from $313 for Chapter 13 to $338 for Chapter 7. Attorney fees vary but start at $1,300 for Chapter 7 bankruptcy and $3,000 for Chapter 13.
  • You may have to give up luxury items. While bankruptcy protects exempt assets, like your home and clothes, a Chapter 7 filing requires that all ineligible assets be sold, to help you pay off your debts. In Chapter 13 bankruptcy, you can keep your assets, but the value of non-exempt luxury assets is used to negotiate a repayment plan with your creditors.
  • It will be more difficult to borrow again. Having bankruptcy on your credit report will deter lenders from extending credit in the future. You may not be able to get a loan until the judge clears your debt. If you have filed Chapter 7, you must wait two to four years after your discharge before applying for a mortgage.

Alternatives to filing for bankruptcy

Sell ​​assets

Before a non-exempt asset is liquidated in a Chapter 7 bankruptcy, you may consider selling it yourself. You could get a higher price and use the extra funds to pay off the debt.

Negotiate with creditors

It may seem counter-intuitive, but you can contact your creditors directly. This option works best early in the process before you get too delinquent, but later you can negotiate directly with the collection agency. Explain the circumstances and try to reach an agreement, which could provide you with a lower interest rate, reduced payments, a lump sum payment or a monthly payment plan.

Lenders are often ready to negotiate, because they are likely to recover more money than if you went bankrupt or your account was sent for collection. And debt collectors may be eager to negotiate because they’ve usually bought your debt for pennies on the dollar. Whichever method you choose, be sure to get your consent in writing. Keep a log of your conversations and detailed records of all payments made to your lenders.

You can negotiate on your own or turn to professionals for help. Nonprofit credit counselors can walk you through the process, but they rely on you to contact your lenders. Debt settlement companies, also known as debt relief agencies, will speak for you, but often charge high fees, and not all creditors are willing to work with them. Many encourage you to stop making payments during negotiations, but this can get in the way of discussions.

Consolidate debt

Lowering your interest rate could have a huge impact on your ability to pay off debt, especially if you’re paying off high interest credit cards or loans. If you are early in the process and still have fair credit, you may be able to get a debt consolidation loan to reduce your interest and consolidate your debts into a single payment.

Consider the scenario below where the borrower has a high interest car loan and two credit card balances that have been slapped with high interest rates due to missed payments:

The above borrower makes $695 in minimum debt payments each month. A 72-month debt consolidation personal loan could reduce the total monthly cost by $239 and save over $4,909 in lifetime interest:

If our borrower continues to pay $695 a month, not $456, he could be debt free in just over three years and save about $11,000 in interest.

When consolidating debt, you may want to avoid secured loan options like a second mortgage or home equity line of credit (HELOC) because loans that use your home as collateral put your home at risk.

Find out if you qualify for debt relief

Free and non-binding estimate

Frequently Asked Questions (FAQ)

Can student loans be canceled by bankruptcy?

Some student loans can be canceled through the regular bankruptcy process, including: loans paid directly to the student that have exceeded the cost of attendance; loans granted to students attending school less than half the time; and loans for schools not eligible for federal Title IV student aid funding. But in most cases, you’ll also need to prove “undue hardship” – which can be difficult – and take legal action called “adversarial proceedings”. The US Department of Education is considering a policy change that would make it easier to forgive federal student loans in bankruptcy.

What is the difference between chapter 7 and chapter 13?

Chapter 7 bankruptcy is designed for consumers with little or no income, and you must prove you are eligible to file by passing the means test. Many types of debt are erased completely by Chapter 7. Chapter 13 bankruptcy is available to most filers with regular incomes and requires you to agree to a debt repayment plan that typically lasts three to five years. Once the repayment period is over, any remaining debt is often forgiven.

Can I declare bankruptcy if I have already done so?

If you have declared bankruptcy and your case has been rejected, you must wait 181 days before you can file again. If you have already filed for Chapter 7 bankruptcy, you cannot file again for eight years. If you filed for Chapter 13, you cannot file again for six years.

Biz Buzz: New Veterinary Clinic Will Cater to Eastern Idaho’s Exotic Pet Population


Do you want to know what’s going on in the eastern Idaho business scene? We have what you need. Here is an overview of this week’s economic news in the valley.



Woman opening a veterinary clinic to take care of animals of all kinds

Eagle Rock Veterinary Clinic at 3630 South 25th East, Ste. 7 in Idaho Falls is scheduled to open Nov. 5. | Rett Nelson, EastIdahoNews.com

IDAHO FALLS — Not everyone can say they operated on a goldfish or cured a tiger. But Nicole Seda-Boone can.

The Idaho Falls woman worked as a veterinarian at the Idaho Falls Zoo and East Idaho Aquarium for several years, and in a few weeks she will celebrate the grand opening of her new veterinary practice, Eagle Rock Veterinary Clinic. .

It opens Nov. 5 at 3630 South 25th East, St. 7 inside Kingwood Plaza in Idaho Falls. Seda-Boone tells EastIdahoNews.com that the clinic will provide care for all companion animals or “pets” and will be the only clinic in eastern Idaho to house exotic animals.

“I love seeing dogs and cats, but we don’t really have a dedicated area for lizards, birds, snakes, rabbits, chinchillas (and other less common pets) and their care, and I wanted to offer that to the community,” says Seda-Boone.

The company also has a separate council for exotic animal specialists to coordinate care for these types of patients.

Another unique feature of the clinic is a horizontal x-ray beam that can take images from any angle. It will also have the latest equipment for blood tests and other services.

Seda-Boone has worked as a veterinarian for 11 years and is thrilled to have a clinic that allows her to “provide the best care the way (she) wanted to.”

She has loved animals since she was little and although she cannot pinpoint a specific experience that drew her to this profession, she says “the puzzle of what goes on in the body has always intrigued”.

“I took all the biology-related classes I could in high school and went from there,” she says. “Learning all of this has been fascinating and knowing how to solve (health problems) as I get older has (increased) this interest as I have continued in this field.

Building relationships with clients and being part of the human-animal bond is a rewarding experience for her, and she looks forward to meeting new patients and continuing to grow as the clinic begins to operate.

The community is invited to visit the clinic during an open day on November 5th. from 10 a.m. to 3 p.m. People can dress up in surgical clothes and take pictures. There will also be a coloring contest and drawings for raffle prizes. Refreshments will be offered.

“We put a lot of thought into the design of the clinic to streamline the process and make it efficient and functional for patients,” says Shannel Guzman, Practice Director. “We have tons of room to spread out, tons of room (to grow).”

The Eagle Rock Veterinary Clinic will be open 8 a.m. to 5:30 p.m. Monday through Friday.


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Here’s how to protect your wallet

Andrey_Popov / Shutterstock.com

A new report from Moody’s Analytics highlights the pain inflation inflicts on us, month after month – and drops a number that puts the harsh reality into perspective.

“The typical U.S. household must spend $445 more per month to purchase the same goods and services as a year ago,” the report says, based on an overall annual inflation rate of 8.2 percent. in September.

Many of us can’t afford the extra $445 a month and have had to make financial sacrifices this year, just hoping things don’t get worse.

It’s good to know that there are specific things you can do to protect your finances against inflation. Here are some proactive steps you can take to soften the blow.

Buy bonds I

treasury bonds
Larry1235 / Shutterstock.com

Normally, investors focus on investing what they can afford – and sometimes more – in the stock market, which over the past century has averaged an annual return of around 10%. Investing in bonds to diversify is an afterthought for many, as they generally don’t offer similar returns. Their value is to be predictable.

Series I federal savings bonds, often referred to as I bonds, are more predictable than ever. But because of inflation, they also currently offer something much more appetizing: a 9.62% yield, risk-free.

But if you want that rate, you need to act now. It changes on November 1, like every six months, and experts believe it will fall below 6.5%.

Find out how to buy I bonds and more in our article “7 things to know before investing in I bonds”.

Plan around the most inflated categories

Woman looking at meat in grocery store
Naty.M / Shutterstock.com

You’ve probably noticed at the grocery store that prices haven’t gone up evenly on everything. Some items seemingly get more expensive every month, while others don’t really move. It is possible to identify the most inflated shopping categories and start planning meals with substitutions or cutbacks in mind.

To do this, just take a look at the inflation data that the federal government publishes each month in the Consumer Price Index. Or you can let the USDA do it for you – it publishes a monthly summary of changes and predicts price changes in several months.

Check out our story “10 Simple Grocery Swaps That Can Save You Big Money” for ideas.

Don’t close the inflation gap with credit cards

Woman with a lot of credit card debt
P Stock / Shutterstock.com

It can be tempting to use credit cards to keep buying things the same way you’re used to, even if the prices keep jumping, jumping, jumping.

You can intuitively recognize that it’s not sustainable, but less obvious is how inflation drives up borrowing costs, at least when inflation prompts the Federal Reserve to raise the federal funds rate. When that happens — as the Fed has done several times so far this year — variable interest rates on most credit cards go up.

This means, in effect, that you are hit twice by inflation – first when you put inflated priced items on the card, and again if you don’t pay it back in full each month.

Credit reporting company Experian explains:

“Credit card issuers typically pass these higher interest rates on to their cardholders by increasing the annual percentage rates (APR) on their credit cards. APR increases translate to additional interest charges on all balances you carry from month to month.

Focus on paying off debt

Woman shopping online
Kite_rin / Shutterstock.com

Since inflation makes debt even more expensive than usual, it pays more to work hard to pay it off. While it’s hard to make progress when your budget is already tight, stories like “How to Pay Off $10,000 in Debt Without Breaking a Sweat” can help. And fortunately there are other steps you can take to fight debt inflation.

One idea is to consider whether a balance transfer from one credit card to another could save money. A balance transfer is more than just rearranging the deck chairs on the Titanic – the 0% APR period, which can last up to 21 months on some cards, can be a life raft to keep you afloat until until the sea of ​​inflation calms down.

But if the thought of another credit card makes you seasick, a second option is to seek out a fixed rate loan with an interest rate below the APR of your current cards. This could consolidate several variable payments into one stable and manageable payment. However, you still need to do some math to make sure the upfront costs don’t outweigh the benefits.

In general, for those who can, it is best to postpone borrowing until interest rates come down.

Biden’s student loan forgiveness plan divides Americans ahead of midterm election


Katelyn Umholtz still owes nearly $25,000 in college debt. Umholtz said when she first heard the news that President Joe Biden was ordering partial forgiveness of student loan debt like hers, she immediately texted her family in celebration.

“This is a big and exciting deal for us,” Umholtz told VOA. “My sister also has a lot of student debt. We came from a low-income family and our father told us that taking out loans was the only way to go to college.

According to US government data, Americans owe a combined total of $1.6 trillion in college debt, nearly equivalent to the size of the entire Australian or Brazilian economy.

In August, President Biden gave hope to tens of millions of these borrowers. He announced that the government would forgive $10,000 in federal student loan debt for any American who earns less than $125,000 a year. Loan recipients who received a Pell grant — typically for low-income students who demonstrate financial need — would have an additional $10,000 forgiven in the president’s plan.

The excitement came to a head last week when the program’s online application went live. Already more than 22 million people have registered via the digital form.

For borrowers like Umholtz, there is hope that partial student debt forgiveness could provide critical relief as the crippling cost of living rises and record inflation hampers Americans still trying to recover from the economic ramifications of the coronavirus pandemic.

“I’ve never missed a student loan payment,” Umholtz said, “but the payments are high, as are rent, health insurance, and other living expenses. I’ve incurred medical debt and I have incurred credit card debt I hope that canceling my student loan will give me space to pay off these expenses and then, maybe one day, to think about starting a family or buying a house. I haven’t been able to save for it yet.

Despite progress in Biden’s plan becoming a reality, student loan forgiveness is not yet guaranteed. Six conservative-leaning states filed a lawsuit arguing that the president’s program would hurt businesses handling federal loans.

On Friday, a federal appeals court temporarily blocked the write-off of any debt until it deliberates on whether writing off student loan debt falls within the president’s authority.

In fact, for all Americans celebrating Biden’s push, many others scoff at it as an example of wasteful spending during a time of mounting national debt and economic turmoil.

“I think this could all potentially be a publicity stunt to help the president’s Democratic Party in the midterm elections in a few weeks,” said Angelica Garcia, a Republican voter from Saginaw County, Michigan. “If we want to help the economy, this is not the right way to do it. These are unnecessary expenses and will have disastrous consequences for the future of our country.

Expected Divisions

Political analysts say disagreement over the wisdom of partially canceling student debt is being split the same way as many issues in the United States — along political lines.

“The distribution is really exactly as one would expect,” explained Robert Collins, professor of urban studies and public policy at Dillard University in New Orleans. “The vast majority of Democratic voters — who are also the most likely to go to college and support economic aid for those in need — favor canceling student debt. The majority of Republican voters are against it.

A poll last month by Economist/YouGov confirmed this, showing that 80% of Democrats supported canceling college debt while 72% of Republicans opposed it. Independent voters — particularly significant because they are less likely to have voted for one of the two main political parties — were split almost exactly in the middle with 44% in favor of Biden’s student debt plan and 42% against.

At the heart of the argument of many college debt relief proponents is the belief that student loan providers act in a predatory manner against borrowers — many of whom are just children when they agree to terms. of the loan.

“When you take out a loan for a car or a house, you are an adult,” Liz Skelding, a teacher in Glastonbury, Connecticut, told VOA. “But I was 17 when I signed my student loan papers. No one explained the terms to me. No one explained how the interest will accrue so I can never get out of debt. I was 17!”

Natalie Krusemeier, a middle school teacher in Ethete, Wyoming, took on $70,000 in student debt to earn associate’s, bachelor’s and master’s degrees. She agrees that the current interest rate structure makes it difficult to repay university loans.

“I’ve made my student loan payments every month, but what do I need to prove?” she asked. “After the tens of thousands of dollars I paid, I kind of owe $12,000 more than when I started paying back. Everything I paid goes toward interest. It does not work. We need help.”

A matter of fairness

For many who have already paid off their student loan or who never took out a loan to begin with, it seems unfair that taxpayers’ money is used to partially ease the debt burden of others while they themselves are not. have not received such help.

“I paid for my entire education myself,” Denver Mullican, a resident of Natchez, Mississippi, told VOA. “I worked while in college, then had three jobs every summer to pay for my education. Nine of my closest college friends worked and went to college at the same time.

In last month’s Economist/YouGov poll, a majority of respondents (56%) said they felt student debt cancellation was unfair to Americans who had already paid off their debt.

Collins, of Dillard University, said he believed a false narrative was to blame for the division on this issue.

“There’s this idea that canceling student loans is going to have a huge impact on the national debt or on increasing inflation,” he said, “but that’s not true. Your cost of gas, eggs and milk does not increase because a small student debt is forgiven.

“There’s also a narrative among conservatives that canceling student loans helps spoiled brats, wealthy graduate elitists,” Collins said. “As a university professor, I can tell you that is not true. Most of the people this will help are not from wealthy families, because then they wouldn’t need loans. This relief will go to people who can actually use the aid.

Impact on elections

While the current lawsuit of six Republican-led states has prevented the Biden administration from wiping out any debt, that hasn’t stopped them from continuing to encourage borrowers to submit their applications online.

“Amid Republican efforts to block our debt relief program, we are moving full speed ahead to be ready to provide relief to borrowers who need help,” the US Secretary of Education tweeted. Miguel Cardona.

“[It will not] prevent us from reviewing the millions of applications we have received,” he added in another tweet.

The last time the federal government launched a high-profile online presence was a decade ago, when passage of the Affordable Care Act (also known as “Obamacare”) necessitated the creation of an online market. The website crashed frequently and did not work in its early days, angering voters and embarrassing Democrats.

While some feared that the same could happen with online student loan application, so far this has not been the case.

“It took about two minutes,” Colleen LaFlamme, a musician from Lawrenceville, New Jersey, told VOA. “Incredibly easy. Simple. User-friendly. It was great.”

As the fate of the presidential order to cancel student loans awaits a ruling from the courts, many Americans are wondering how the plan will affect the midterm elections, just two weeks away.

“I think Biden is trying to falsely portray Republicans as heartless,” Michigan’s Garcia said. “He wants to force Republican politicians to block his measure. They’re blocking it because it’s bad for the economy, but it looks like they don’t want to help people in debt.

Although Dillard University’s Collins doesn’t think the student loan forgiveness will change anyone’s mind on who to vote for, he thinks it could have an impact on the election.

“This election is going to be about who can excite their base enough to show up and vote,” he said. “Student debt isn’t going to overturn anyone’s vote, but it could excite more Democratic voters to get out and vote. Whether that will be enough to have an impact on the election – we will find out soon.

Prop. 209 would protect Arizonans from crippling medical debt


Too many Arizona families are suffering because of emergency medical debt or predatory debt collection practices. I should know – my own family is one of them.

When I was 15, I was a passenger in a car that had an accident. I woke up in the hospital after several days in a coma and my life changed. I had suffered severe neurological and muscle damage, which required treatment into adulthood.

I ended up with tens of thousands of dollars in medical bills – with no way to pay them. My credit rating suffered and I ended up relying on Habitat for Humanity for housing.

You may think your family is economically secure, but an unexpected diagnosis of a chronic illness or a sudden medical emergency can cost you tens of thousands of dollars, even if you have insurance.

Proposition 209 could save your house, your car

According to a 2019 study published in the American Journal of Public Health, almost two-thirds of all bankruptcies are related to medical debt.

This is why am i voting yes on Proposition 209, the law on protection against the collection of predatory debts. It protects the people of Arizona by further protecting our assets and property from debt collectors and by limiting the interest rate on medical debt to 3% per year.

The measure limits outrageous interest rates on medical debt so families aren’t trapped in an endless cycle. In addition to limiting the interest rate on medical debt, it also protects families from losing their homes by increasing the homestead exemption, already in Arizona lawat $400,000.

This means that your primary residence will be protected from debt collectors. Proposition 209 also increases the value of household assets protected from creditors to $15,000, protects a vehicle worth up to $15,000, and protects up to $5,000 held in a bank account.

Another view:Misleading Proposition 209 Goes Far Beyond Medical Debt

The measure would also adjust these amounts annually for inflation and add protection against wage garnishment on all debt collections. This is because people who incur medical debt may also be behind on credit card bills, mortgages, and other debts.

Arizona has few consumer protections

The truth is that a chronic illness or sudden medical emergency can cost families tens of thousands of dollars, even with insurance.

When someone can’t pay right away, medical debt collectors can raise interest rates up to 10% a year, take out a family’s home or car, and lower credit scores to make debt repayment more difficult.

The National Consumer Law Centerwhich assesses state debt collection laws, gives the laws of Arizona a letter grade of D for consumer protection.

People shouldn’t have to worry about losing their homes if they get sick or face heavy medical bills. Especially when about two-thirds of all bankruptcies are related to debts related to health care costs, we should strive to do better.

The Predatory Debt Collection Protection Act is a common-sense policy designed to fix a broken medical debt system — and help anyone who may one day need more expensive care than they can afford.

Liz Gorski is a small business owner and a member of Healthcare Rising Arizona, which is the lead supporter of Proposition 209. She lives in Prescott. Join her at [email protected].

Former UC New York employee allegedly involved in identity theft ring

Source: Shutterstock.

A former employee of the $5.5 billion Broadview Federal Credit Union (formerly SEFCU) in Albany, NY, has been arrested for her alleged involvement in an identity theft ring that stole $100,000, investigators say of the font.

The employee, Caeshara J. Cannon, 34, of Watervliet, was charged with four crimes. The charges included robbery, identity theft, possession of counterfeit instruments and falsification of business documents, the Bethlehem Police Department said in a prepared statement Friday.

Caeshara J. Cannon (Image courtesy of Bethlehem Police Department). Caeshara J. Cannon (Image courtesy of Bethlehem Police Department).

Three other people were also arrested and charged.

The suspects allegedly visited Broadview branches and used fraudulent documents to steal money from accounts and open loans using other people’s identities.

An investigation was opened when BPD officers responded to verify a person at a Broadview branch in Slingerlands who was attempting to withdraw $20,000 from an account using a fake ID. Officers arrested the suspect and his accomplice.

Bethlehem Police detectives, with the help of SEFCU Fraud Prevention, identified other suspects, including Cannon who worked at the Glenmont branch, located more than six miles west of the Slingerlands branch in the Albany metropolitan area.

During one of the suspects’ arrest warrant executions, an illegal handgun was recovered, police said. They have not identified the owner of the handgun.

“Broadview FCU’s dedicated team of financial crime professionals identified fraudulent activity occurring at one of our branches and immediately began working with law enforcement to resolve the issue. Recent fraud was very limited and has been contained. This does not affect existing member accounts,” Broadview said in a prepared statement. “While the fraud committed against our organization was only a small part of this network’s criminal activity, Broadview is pleased to play an important role in stopping it. Maintaining the safety and security of our employees, our members and their assets is our top priority. We will continue to cooperate with law enforcement to ensure this situation is resolved quickly and justice is served. Out of respect for their ongoing activities, Broadview will not be commenting more for now.

Cannon’s job title was not released by either police or the credit union.

In Bethlehem City Court, Cannon was arraigned on her felony charges. Davon T. Parsons, 19, of Albany, Evan E. Cutler, 23, of Menands and Dnauticah Taylor-Sherman, 20, also of Menands, were also charged with robbery, identity theft and falsification of commercial documents.

They are due to make a second court appearance on November 15.

“This is an ongoing investigation and at this point there is approximately $100,000 in theft related to these individuals,” the Bethlehem Police Department said in a prepared statement.

The NCUA lists the SEFCU formerly named as Broadview FCU. The name change took place on August 1, after SEFCU legally merged with CAP COM FCU. Although both credit unions currently operate under their original brand and as a division of Broadview FCU, the renaming of the two organizations is expected to become official after the months-long integration process is complete.

Sidley Sees Life Sciences Venture Pay With $700M Practice

Sidley Sees Life Sciences Venture Pay With $700M Practice

Sidley Austin had spent years expanding his transactional expertise in life sciences when he hired Ropes & Gray’s private equity partner Christopher Rile and Cravath Swaine & Moore’s capital markets partner Johnny Skumpija.

The 2021 moves have paid off. This year, the pair helped French private equity firm Eurazeo invest $200 million in Cranial Technologies, which treats babies who develop flattened skulls, a condition known as plagiocephaly.

Five years after deciding to build it, Sidley has grown its life sciences practice into a $700 million business with more than 200 attorneys. Since 2019, the firm has brought in 30 side partners, two-thirds of them in the transactional space, as Sidley rode a wave of investment in the sector during the coronavirus pandemic.

The company wanted to merge what it saw as a strength in life sciences regulatory work with its mergers and acquisitions practice to create something “unique”, said Sharon Flanagan, co-head of the practice of life sciences, in an interview.

“It’s the convergence of growth in the industry, and then the investments that are made, and then our ability to put those two pieces together,” she said.

The company turned to its own life sciences playbook, employing the same strategy it used a decade ago to build a $550 million private equity practice through to lateral hires.

Sidley had long been a top life sciences firm, particularly for high-stakes regulatory work and complex board-level litigation, said Zeughhauser Group consultant Kent Zimmermann, who advised Sidley.

The company has used the “halo effect” — its reputation for excellence in one area to influence the views of other practices — to develop the transactional side of its life sciences practice, Zimmermann said.

Sidley is “smart” in focusing on all aspects of the life sciences, said Christina Sautter, a professor at Louisiana State University Law School and a former mergers and acquisitions lawyer at Shearman & Sterling.

Traditionally, M&A teams have outsourced transaction regulatory functions to other firms. “If you have everything in-house, it changes the ball game and obviously generates a lot more revenue for the business,” she said.

good timing

The life sciences sector has been and continues to be one of the “hot” areas, Sautter said.

Pharmaceutical giants such as Pfizer Inc. acquired smaller companies and made investments to further develop research and development pipelines, while private equity focused more on investments in life sciences and pharmaceuticals. Health care.

Private equity investment in biotech has reached nearly $190 billion, including about $319 billion in healthcare products and services since 2019, according to Bloomberg data.

Sidley ranks among the top 20 law firms advising on such transactions, according to the data. The firm has worked on 103 deals worth $15.7 billion over the past three years.

The firm has worked on more than 370 mergers and acquisitions transactions worth $77 billion and more than 145 capital markets transactions worth $98 billion in three years in the field of life sciences. life, Sidley said.

Last month, the company helped acne treatment Hero Mighty Patch be acquired by Church & Dwight Co., owner of the Arm & Hammer and OxiClean brands, for $630 million in cash and restricted stock. The company also represented Walgreens Boots Alliance Inc. in its August acquisition of a majority stake in home health platform CareCentrix for $1.37 billion.

Companies are ‘aggressively trying to expand private equity and M&A, especially where it intersects with technology and life sciences, simply because there has been and will be so much’ activity , said Zimmermann.

California-based companies Cooley, Wilson Sonsini Goodrich & Rosati and Fenwick & West have been mainstays in the life sciences industry, as have Boston-based Goodwin Procter and Ropes & Gray and Washington-based Covington & Burling. But, like its private equity, the historical strength of some rival companies in the sector has not hindered Sidley’s ambitions.

“We continue to see partners in other businesses trying to follow their customers and recognizing that their customers are looking for a place where the customer won’t overtake the business,” Flanagan said.

All the pieces

Sidley made lateral hires to bolster its life sciences strategy.

The company added a group from McDermott Will & Emery that included the head of its global healthcare real estate practice, Ankur Gupta. Sidley chose co-head of Hogan Lovells’ global life sciences industry practice, Asher Rubin, whose clients include Exact Sciences Corp., Galera Therapeutics Inc. and NextCure Inc., as well as Jim Johnson, who led the proper manufacture of Hogan with the FDA. practice.

Sidley also landed Cooley’s Frank Rahmani to help build his emerging business capabilities, which through early 2022 saw a record number of life sciences companies go public.

“You work really hard to nurture emerging businesses, fund them, take them to the next level, and then that business, it grows, and invariably that business will have requests,” Rahmani said, whether it’s advice complex regulatory issues across multiple continents, litigation, or the work of the FTC’s public companies.

Some companies miss out on those capabilities by adding just a few people here and there, he said. “You want a company that has all of those pieces,” Rahmani said.

Life sciences and healthcare was a driving force earlier this year in opening Sidley’s Miami office, which has grown to more than 30 lawyers and will continue to be an investment hub, even as the firm invests in other areas, such as restructuring, said Yvette Ostolaza. , chairman of the firm’s management committee.

“We’re just one of the few companies with annual revenue over $3 billion,” Ostolaza said. “As you can imagine, having that kind of income allows you to not have a zero-sum game.”

What Borrowers Need to Know About Student Loan Forgiveness – NBC Connecticut


Patrick Gourley, an associate professor of economics at the University of New Haven, has important information for borrowers looking to get their student loans forgiven under the new federal program.

Mike Hydeck: Would you like to get rid of a debt of around $10,000 fairly quickly? Well, depending on how much you earn, your college loan could be forgiven in the near future, thanks to President Biden’s student loan forgiveness program. But it may not be as easy as advertised. Joining me now is Patrick Gourley, an associate professor of economics at the University of New Haven, to help us dig into some of the details on this. Mr Gourley. Welcome to Facing the Facts.

Mike Hydeck: So let’s start with who is eligible for federal loan forgiveness. Who can register for this?

Patrick Gourley: Yes, so first of all you must have had a federal loan that was issued by the United States government. If you got a loan and went to graduate school through a private bank or something like that, you won’t be eligible. And then the other big eligibility criteria is that you must have earned less than $125,000 in a recent tax year. So if you earned more than that, as an individual, you wouldn’t qualify.

Mike Hydeck: So when President Biden started announcing this, there was a lot of tussling. People who have already paid off their loans, maybe looking for a break, like, look, we did it the right way over time, we paid off our loans. And U.S ? Does the president say anything about this?

Patrick Gourley: Yeah, so we’ll see what happens in the future. For the time being, this is a program that targets people who have student debt. I know there has been talk of possibly extending it. But the big difference is that if you were to get a refund for a debt that you’ve already paid, it’s actually the government writing a check, as opposed to canceling an existing debt that the government is already the lender.

Mike Hydeck: So there are lawsuits, as we know, in many places to try to stop that saying that lenders could be negatively affected here. Do you think these lawsuits will actually delay any debt relief in some of these states? Or maybe here in Connecticut?

Patrick Gourley: It’s interesting for me to see. There are a lot of legal issues and I’m more on the economic side of things. But there’s certainly some concern about whether the president has the power to cancel that and cancel a student loan against a delay or some of the other programs that were originally launched under the Trump administration and then ended. prosecuted under the Biden administration.

mike hydeck: So now you are in economics, as you say, you are also in education. So let’s take that with a grain of salt when I ask this next question. Tuition and fees have outpaced inflation for decades, even at places like UConn. The saving could be in the tank, and UConn gets a 6% raise. Is this program just putting a band-aid on a bigger solution that still needs to be supported?

Patrick Gourley: I wouldn’t even give him that much. I think there is a real problem here because you don’t really address the underlying problem which, as you mentioned, is the increase in tuition fees. This, if at all, would actually incentivize schools to raise their tuition even faster, because they could tell prospective students, hey, take out all the debt you want, it’ll just be forgiven later. So I’m really concerned about the long-term impact this will have on tuition fees and higher education.

Mike Hydeck: So how do we change that from a perspective, you know, nationally. Should things be reconfigured at the college level or at the public university level to get the government out of trying to fund the college?

Patrick Gourley: Well, I think the system would be better if we went back in time 50 years when states basically funded their public university systems. And here in Connecticut, you would expect UConn tuition to be very low in the 1970s. And that’s because the state of Connecticut would have funded the system. When they backed down, and that’s across the country, almost every state backed down, it meant that public universities had to raise their tuition and private universities because it also raised their tuition.

Mike Hydeck: Is it possible to roll out such a system? And how could you even take the first step? It seems so intertwined in our society, as you were saying, in every state. How can we, we can’t just turn the clock back 50 years, can we?

Patrick Gourley: Now, well, that would be a major change in the state budget, but again, it would go back to what it was before. We would therefore probably need cuts elsewhere or tax increases. But again, it was the norm in every state for the state government to fund its flagship and its university, the public university system. So we could definitely come back to that. But yes, that would require sacrifices elsewhere.

Mike Hydeck: So my producer Katherine says there was a change that happened last month. Do you know this?

Patrick Gourley: Was it, there was a select group of people, I think the last eligibility that were private loans.

Mike Hydeck: Right. It’s one of the things she was talking about. So private lending is also going to be a target, apparently, of President Biden moving forward. Do you think this will help level the playing field or is this just another little group helper?

Patrick Gourley: Well, from what I understand, there are actually private loans that are not eligible for loan forgiveness. So that would make him less likely to do all of that.

mike hydeck: From what I understand, that encompasses about 800,000 Americans who are now protesting and preparing a petition to try to manufacture some sort of relief. Do you think that has a chance?

Patrick Gourley: It’s hard to say. I think with any of these programs there are winners and losers within the original plan. If you had already paid off your debt, you’re out of luck. Now, if you’ve paid off your debt or have this type of private loan, you’re out of luck. So no matter what, there have always been people who want to be included in some sort of debt cancellation.

mike hydeck: Patrick Gourley, a very difficult subject to broach. We appreciate your expertise, associate professor of economics at the University of New Haven. Thank you for joining us in the face of the facts and giving us your opinion.

WeDevelopment Federal Credit Union aims to stop predatory banks


KANSAS CITY, Mo. — A project that was first discussed in 2007 came to fruition on Saturday.

A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri.

Dozens of community members and local leaders celebrated the new credit union which aims to help KC’s most financially challenged areas.

“I think it shows persistence, you don’t change the world all at once, sometimes these things are tough,” said KCMO Mayor Quinton Lucas.

Gwendolyn Washington, CEO of WeDevelopment, told KSHB 41 that the credit union will help keep people out of predatory lending companies, especially since the poverty rate near the location is around 30. %.

“When you have people on fixed incomes or who don’t make a lot of money, their emergencies might just be a $500 loan, that’s why they go to payday loans, but when they can go to a financial institution like WeDevelopment and they can take out a $500 loan with less than 20% interest, you know that’s where they need to come,” Washington said.

With priorities set on expanding access to banking services while educating members on how best to manage their finances, Mayor Lucas said the credit union is just the start of a better community. and safer.

“You see more businesses filling that intersection,” he said. “I think what you’re going to see is more people going back to the core of our city, more people developing, and in the long run a place that in 10 to 15 years looks very different. Having a lot more stores, having a lot more business and a lot less crime.”

There is still work to be done, but the credit union is scheduled to open to the community on December 5.

In the Acme Owners Sale, where is the Grocers Cut?


If the Federal Trade Commission clears Acme Markets owner Albertsons’ $20 billion sale to Kroger on schedule next month, the private investors who control this collection of U.S. grocery and drug store chains will have realized profits nine times greater than what they have since invested. 2006.

That’s about triple what you and I and our pension plans (if any) would have gotten if we had put our money in the S&P 500 stock index over the same period. And that’s far more than rising wages for grocers, even with pandemic-era gains caused by labor shortages and competition to hire from Amazon and other grocery operators. warehouses and delivery.

These investors, led by private equity giant Cerberus Capital Management, brought together the 2,300 stores that now make up Albertsons in a series of complex transactions. Besides Acme, they include Safeway, Jewel-Osco, Vons, Shaw, and over a dozen other brands.

Cerberus doesn’t always hit the home runs: The 30-year-old company lost $2 billion in Chrysler’s 2009 bankruptcy. For the grocery bet, it spread its risk by partnering with four big investors real estate, including Lubert-Adler, the Philadelphia-based real estate partnership whose clients include Pennsylvania’s public pension plans.

After years of merging, consolidating and upgrading stores, these pros took Albertsons public last year but still control more than 50% of the shares and will be the biggest beneficiaries of the Kroger deal.

For example, Lubert-Adler owns about 10.9% of Albertsons and is expected to turn its $300 million investment into $2.7 billion if everything goes according to schedule. (With the government still reviewing the sale, founders Ira Lubert and Dean Adler wouldn’t speak when I called last week.)

There’s also a big kiss goodbye: Although Albertsons used its pandemic-era profits to pay off much of the old debt, the company agreed to pay out to private equity funds and others current investors an additional $4 billion — $6.85 per share — as a “special dividend” on Nov. 7.

That’s more than two years of profits for the company, which means Albertsons will have to borrow at today’s rapidly rising rates, or use the profits from the sale of assets, which the government should demand as condition of the deal in the Midwestern and Western states where Kroger and Albertsons stores compete.

The payout stokes critics, who see private equity investors like Cerberus and Lubert-Adler as scavengers who squeeze target company employees and weaken the companies they buy and sell when they’re done turning a profit and payments.

“This will significantly weaken the indebted grocery chain. Regulators must step in and stop this corporate plunder,” wrote Eileen Appelbaum, a Penn and Temple-trained economist, author of Private equity at workand co-director of the Center for Economic and Policy Research, a think tank in Washington, D.C.

“It’s a very big concern for the unions: what financial situation is this company going to be in when you take $4 billion out of these companies? We’ve had some discussions about this, our international union is hiring financial experts and law firms, and I think you’re going to see attempts to block or block this payment,” says Wendell Young IV, President of United Food and Commercial Workers Local 1776, based in Philadelphia, which represents workers at Acme and 100 other companies, primarily in Pennsylvania.

The union and other locals at both chains in 34 states fear the cost of reimbursing Cerberus, Lubert-Adler and other private investors “will come to the bargaining table to drive down wages and benefits.” , Young added. Merger-related debt is as common as mergers in grocery chains.

Young notes that his union had a series of “ugly fights with Acme” even before its former owner, Sam Skaggs’ American Stores, was bought out by Albertsons in 1999.

When Skaggs’ company hired Wall Street bankers and threatened to sell Acme stores, the syndicate hired its own investment bank and tried to buy them (as it did former A&P stores for form the former SuperFresh chain).

In the late 2000s, when Albertsons merged with the SuperValu group of stores and executives demanded cuts, the union waged a “walk and work” picket campaign to pressure the company to she continues to pay benefits without breaking her contract.

Young said similar tactics could pressure Kroger to commit to funding store salaries, benefits and needs before paying investors — and that the worker-friendly Biden administration, or even the state antitrust regulators, could help persuade employers to change their agreement so that it is more favorable to workers.

But it would be unusual for the FTC, Securities and Exchange Commission or any other federal agency to step in and block Albertsons from paying investors a large dividend, says Charles Elson, a corporate governance consultant based in Newark, Del.

That’s because Kroger, the buyer, agreed to accept the Albertsons even without the $4 billion, he added. “If Kroger thought taking the money would ruin the Albertsons, they wouldn’t buy it,” Elson added. “Kroger must deliver results for its own investors.”

UAW wants US to ban loans and grants to Hyundai for labor issues


Oct 21 (Reuters) – The United Auto Workers (UAW) union on Friday called on the Biden administration not to provide any grants, loans or other taxpayer support until Hyundai Motor (005380.KS) agrees to solve problems in the workplace.

On Wednesday, Hyundai’s global chief operating officer, Jose Munoz, told Reuters that Korea’s biggest automaker was investigating child labor violations in its U.S. supply chain and planned to “sever ties” with Hyundai suppliers in Alabama who relied on underage workers.

A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama called SMART Alabama, LLC.

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The UAW said Friday that Hyundai’s decisions to sever ties with some suppliers “will likely result in job losses for hundreds of workers, with nothing done to address what appears to be a systemic problem.” The union called on Hyundai to “improve working conditions for American workers who make Hyundai vehicles.”

Hyundai said it “does not condone illegal employment practices at any Hyundai entity. Our investigation is ongoing and we are working with the authorities in their investigation of this matter.”

The White House did not immediately comment.

Hyundai Motor Group plans to inaugurate its $5.5 billion electric vehicle (EV) and battery manufacturing facility in Georgia on Tuesday — and Biden administration officials are expected to attend.

The automaker is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units.

Hyundai is lobbying the Biden administration to revise a law approved in August that immediately barred electric vehicles outside North America from receiving $7,500 consumption tax credits. This made all Hyundai electric vehicles currently on sale in the United States ineligible.

The law provides tens of billions of dollars in new loan, tax credit and grant programs for automakers to build cleaner vehicles.

The UAW has previously argued with Hyundai and unsuccessfully sought to organize workers at its Alabama plant and other foreign auto plants.

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Reporting by David Shepardson; Editing by Aurora Ellis

Our standards: The Thomson Reuters Trust Principles.

After the Fifth Circuit decision, prepare for more challenges to the authority of the CFPB, is Reg F. next?


On October 19, the United States Court of Appeals for the Fifth Circuit ruled that the federal Bureau of Consumer Financial Protection’s payday loan rule was invalid because it was enacted using a unconstitutional funding scheme.

The result of the decision of Community Financial Association of America v. CFPB is that, although the CFPB itself is validly organized, the three-judge panel concluded that the unique method of funding the CFPB’s activities violated the Appropriations Clause of the U.S. Constitution. Thus, any activity that used these ill-gotten funds “deprived the Bureau of the legal money necessary to fulfill these responsibilities”. Because there was no other way for the CFPB to have made the payday loan rule other than by using unconstitutional funding, the rule is invalid.


From its conception, the CFPB was criticized for its unique structure. After all, it was designed to be immune to political pressures while wielding enormous power over the country’s consumer financial services environment, consolidated in the hands of one person, its director.

Another interesting feature is the mode of financing of the CFPB. The Appropriations Clause of the Constitution grants Congress exclusive control over “the federal purse” and this control is a necessary apparatus of checks and balances between the three branches of the federal government. The appropriations clause is there to verify “the executive [branch] . . . to spend funds unilaterally,” and allowing Congress to keep control of the purse strings. The CFPB’s funding scheme takes those purse strings away from Congress and is therefore constitutionally flawed, the opinion argues.

Six other district courts as well as the DC Circuit Court of Appeals have reviewed the matter and found the funding program to be sound, the court noted. But the Fifth Circuit disagreed.

Unlike most other federal agencies, the CFPB does not seek funding from Congress. Instead, it obtains its funds by making a request to the Federal Reserve, and this request cannot exceed 12% of the Federal Reserve’s “total operating expenses”.

The Federal Reserve itself does not get funding from Congress, rather its expenditures are paid, according to the opinion, by assessments made on banking institutions. The Federal Reserve will tell you that its expenses are mainly paid from “interest on government securities it has acquired through open market operations”. After paying its expenses, the Federal Reserve remits the rest of its income to the US Treasury, so it is also sheltered from the appropriations clause. However, the opinion points out that because the Federal Reserve must return its excess funds to the Treasury, it remains “tethered” to the Treasury. And ever since the Treasury gets its appropriations from Congress, the “checks and balances” are at work.

Because the CFPB derives its funds from segregated Federal Reserve funds, the Fifth Circuit has concluded that it is not “tied” to the Treasury. The result, the opinion explains, is that the CFPB is “doubly insulated” from congressional control over its funding and removed from “checks and balances,” making it unique among all federal agencies. Admittedly, this funding scheme was intentional, is contained in Section 1017 of the Dodd-Frank Act that created the Bureau in 2010, and that is exactly what was explained to Congress in hearings in 2011: “Congress has provided the CFPB with a source of funding outside of the appropriations process. . .”


This decision poses a difficult challenge to the CFPB. Contrary to the decision of the Supreme Court of the United States in Seila Law, no easy solution is available to preserve the CFPB’s corporate activity during the period of unconstitutional funding, at least in the Fifth Circuit. The reasoning of the decision suggests that it is not at all possible to “unbundle” the funding regime as a possible solution that would preserve the past activities of the Office.

Rulings in similar cases, the Court wrote, consider whether the unconstitutional provision caused compensable harm. Although the Bureau had the authority to create the payday loan rule, it required “funding which would allow the exercise of this power. And because the funding came from an unconstitutional scheme, “without its unconstitutional funding, the Bureau had no other means of enacting the rule. The plaintiffs were thus harmed by the Bureau’s misuse of unrestricted funds to engage in the development of the rules at issue. »

A slew of new rules and changes to pre-Bureau rules were enacted under the invalidated funding scheme, including Regulation F, a unique federal rule covering consumer debt collection. CFPB’s other regulatory activities cover nearly every other aspect of consumer credit, from mortgages to credit reports. They are all subject to the same challenge in the courts sitting in the Fifth Circuit.

The CFPB also plays a law enforcement role and has ongoing prosecutions and investigations across the country. Similarly, in addition to rulemaking and enforcement, the Bureau conducts reviews of certain covered entities. These too are in question, at least in the Fifth Circuit, which covers Louisiana, Mississippi and Texas.

In other words, you can insert any of these activities into the Fifth Circuit decision and get the same result.


The decision creates significant confusion and risk for the Bureau, covered entities and consumers. Individuals subject to CFPB enforcement actions in the Fifth Circuit are likely preparing motions to dismiss lawsuits against them. And those on the Fifth Circuit who are responding to a CFPB investigation are likely to ask a court in the coming days to bar the Bureau’s investigations.

As for the rules, all we can say for sure is that the payday loan rule sucks in the Fifth Circuit. No other rules have been addressed, but there will be more challenges for other rules, and these are likely to be introduced in the Fifth Circuit.


The Bureau could request that the decision be reconsidered either by reconsideration or bench by all the Fifth Circuit judges. And of course, he could ask the Supreme Court of the United States to take the case – which he should do if he has any concern for avoiding the confusion and uncertainty resulting from this decision. Again, the Office could do nothing. Even then, another litigant who loses on the same issue in another circuit will likely ask the Supreme Court. Don’t expect Congress to fix this issue in the short term, so the likely outcome is that the matter winds up in the Supreme Court even though it’s not brought by this decision.

As for those outside of the Fifth Circuit, remember that the DC Circuit Court of Appeals found four years ago that “[t]he method of financing the CFPB is in line with the tradition of independent financial regulators. This decision was made in bench. But three justices filed lengthy dissents, one of which was written by Associate Justice of the United States Supreme Court Kavanaugh, who expressed serious concerns about the Bureau’s single-director structure, but did not not talked about its funding.

New Filene Research Reiterates Impact of DEI on ROA and Net Income

Slide showing CU performance with different levels of DEI practices from the Filene Research Institute’s DEI Practices and Policies Survey.

The similarities between the results of the Filene Research Institute’s first and second annual DEI Practices and Policies Survey confirmed that the results of its 2021 research – which found a strong link between diversity efforts, d credit union’s equity and inclusion and financial performance — weren’t just a fluke, the Madison, Wisconsin-based think tank said during a webinar on Tuesday.

In the webinar, “Effectiveness of DEI in Driving Organizational Change: DEI Survey Read-Out,” Dr. Quinetta Roberson, Professor of Management and Psychology at the University of Michigan and Filene Scholar, presented preliminary findings from practices and policies Filene’s DEI 2022 survey, which Filene says is the only research of its kind to be conducted so far in the credit union industry. Full results will be presented at Filene’s big.bright.minds. conference, a hybrid event scheduled for October 25-26 online and in Denver.

Consistent with last year’s trends, research found that credit unions focusing their DEI efforts in the following three areas had the largest impacts on their bottom line: Strategy, which includes actions such as hiring a diversity director, appointing a DEI committee, and implementing a written DEI policy and strategic plan; targets, which encompasses setting targets resulting from DEI-related efforts, such as hiring underrepresented people; and monitoring, which refers to collecting data as the credit union works toward its goals.

And as they did last year, the researchers measured financial performance by grouping credit unions into three groups: credit unions without DEI practices, credit unions with tactical DEI practices (high levels monitoring and targets and low levels of strategic practices) and credit unions. with strategic and tactical DEI practices.

They found that when comparing the return on assets (ROA) of credit unions in each of the three groups, those that had no practices and tactics performed similarly (with 86.77% and 89.71 % average ROA, respectively), while credit unions with strategy and tactical practices recorded an average ROA of 112.63%. “It was higher out of the three [practices] it really drove return on assets, which means that by putting these practices in place, credit unions were able to extract more value from their assets,” Roberson said.

Comparing the net income of credit unions in each of the three groups, it was found that credit unions with tactical practices and credit unions with strategic and tactical practices saw little difference in their results, the first group with an average net income of $18,572,367 and the second group with an average net income of $18,647,640. Credit unions without DEI practices fared less well with an average net income of $15,410,234. “What this suggests is that through its goals and tracking, it can help the credit union leverage its DEI practices in a number of ways, which creates efficiencies,” Roberson noted.

Filene made several changes to its DEI Practices and Policies survey this year, the most notable being the addition of an Employee Experience Survey, an optional survey that participating credit unions could distribute internally to get the employee perspective on the credit union’s DEI efforts.

In a panel discussion during the second half of the webinar, Miguel Polanco, director of the Office of Minority and Women’s Inclusion for the NCUA, said Filene’s research is consistent with how the agency structures its credit union diversity self-assessment program, but went further by assessing performance results — something the NCUA’s DEI assessment tool does not.

Polanco also spoke about the power of conducting formal DEI assessments, noting that 84 credit unions have participated in the Credit Union Diversity Self-Assessment for the past two consecutive years, all of which have recorded improvements of 3 to 5 percentage points in each DEI domain. explored in the second year assessment. “This suggests that evaluating how well you are doing reinforces the intention behind the practice,” he said.

Jupiter CEO says institutional push paying off as outflows slow to £600m


Jupiter Fund Management’s new chief executive said the company’s strategy of targeting institutional clients had started to pay off, with outflows from the FTSE 250-listed company slowing in the third quarter.

Matthew Beesley, who took over from Andrew Formica in early October, also singled out thematic funds as a potential growth area for the business, with plans to launch a range of products in this sector in early 2023.

Third quarter results announced by Jupiter on October 20 showed the company’s net outflows slowed to £600 million in the three months to the end of September, an improvement from £2 billion. pounds released in the second quarter.

Institutional clients were tasked with generating £500m of fresh money, including a large mandate from a sovereign wealth fund that gave Jupiter a mandate for UK equities.

“The improved net flows picture has been driven by our institutional businesses, and we continue to see strong momentum in this area,” Beesley said. Financial news.

LILY Jupiter veers to an all-time high just as new boss Beesley prepares to take charge

“What is encouraging here is that we are recognized as a respected player in the institutional market. The flow picture shows that the diversification strategy in this channel is the right one.

Exits on Jupiter’s retail and wholesale channel also slowed, with investors withdrawing £1.1bn in the three-month period, compared to £1.9bn in the previous quarter. .

However, Jupiter’s £47.4bn in assets under management is down more than 20% from the £60.7bn it oversaw at the end of the third quarter of last year. .

Since taking over as CEO, Beesley has taken steps to streamline Jupiter’s fund lineup and restructure the management team, including splitting the chief investment officer role.

Jupiter earlier this year also launched a formal consultation with staff, which could see up to 80 jobs cut. The cuts will come from a combination of removing existing vacancies and making some existing roles redundant.

In addition, around 25% of Jupiter’s funds will be merged or closed, representing around £1.6 billion of the group’s total assets.

LILY New Jupiter boss axes up to 80 roles in asset manager overhaul

While Beesley had taken steps to streamline Jupiter’s lineup of funds, he identified thematics as an area the firm would focus on in the coming months.

“Customers increasingly want more global or thematic products. We believe we can use some of our existing resources to take advantage of this opportunity,” he said.

Thematics, which emphasize areas such as clean energy, technology and artificial intelligence, have proven to be a significant growth area for asset managers. According to Morningstar data, 589 new funds were launched globally in 2021, more than double the previous year’s record high of 271.

Assets under management for these funds reached just over $800 billion at the end of last year, a nearly three-fold increase in three years.

To contact the author of this story with comments or news, email David Ricketts

Neymar ‘was ready to accept loan from Chelsea but Newcastle were the only club to respond to PSG transfer requests this summer’


NEYMAR was reportedly ready to accept a loan move to Chelsea this summer, but Newcastle were the only club to respond to PSG’s demands.

The Brazilian star looked set to quit the Ligue 1 side after Kylian Mbappe reportedly asked for his sale.


Neymar joined PSG in 2017 for a world record transfer fee of £198millionCredit: The Mega Agency

The Premier League rubs shoulders with Chelsea and Newcastle Both were rumored to be interested in signing Neymar but no decision materialized.

PSG haven’t received any firm offers for the striker.

One move Neymar viewed with ‘good eyes’ was a loan move to Chelsea but no negotiations were successful, according to El Pais via sport.

New Blues owner Todd Boehly has spent more than £250million in the summer window as he seeks to put his stamp on the club.

As the Stamford Bridge club signed Marc Cucurella, Wesley Fofana and Pierre-Emerick Aubameyang, there was little room left for the Brazilian.

Another Premier League approach, this time from Newcastle, fell short of Neymar’s expectations

The report also suggests that the Magpies have ‘all the money in the world but whose project is still the opposite of what the Brazilian wants’.

Newcastle instead signed Real Sociedad striker Alexander Isak for £63m and he has scored two goals in his first three games.

However, the Swedish striker picked up a thigh injury which ruled him out until December.


Newcastle have signed Alexander Isak as an alternative to Neymar


Newcastle have signed Alexander Isak as an alternative to NeymarCredit: Reuters

Although his future is up in the air, the former Barcelona star hasn’t let the distraction affect his effectiveness on the pitch.

This season, the striker has scored 12 goals and assisted nine more in just 16 appearances in all competitions.

Neymar will hope to take this form with him at the Qatar World Cup as he will want to help Brazil claim their sixth triumph in the competition.

Neymar has been in impressive form this season for the Ligue 1 giants


Neymar has been in impressive form this season for the Ligue 1 giantsCredit: The Mega Agency

Medical debt is crushing hard-working American families


We are in the midst of a national crisis that is affecting the lives of more than 100 million Americans, including many coloradans. This crisis is worsening racial disparities in health and wealth.

This prevents some Americans from saving for retirement and others from investing in their children’s education. This forces patients who may only have a few months to live to spend their last days on Earth battling corporations for medical bills and coverage.

It’s America’s medical debt crisis, and it’s crushing millions of hard-working families.

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That’s why October – Health Literacy Month – Consumers for Quality Care is sharing information that Coloradans can use to help lower their healthcare costs and avoid medical debt. Key advice is to avoid tricky health insurance plans and policies, ask good questions about charity care options, and know your rights as a consumer if you’re ever stuck with a surprise medical bill.

Choosing the right health insurance has a huge impact on Americans’ finances. When choosing insurance for you and your family, it is important to pay attention to short-term limited duration insurance plans, or STLDI plans. These so-called “junk plans” have insurance in name only and are exempt from most consumer protections under the Affordable Care Act.

Although they may have lower monthly premium payments, STLDI plans often exclude pre-existing conditions, have dollar value limits on covered services, and are not required to cover preventive medical services at all. In fact, for every dollar you pay in premiums, STLDI plans often spend less than 10 cents on your healthcare — and out-of-pocket expenses can add up quickly on these plans.

The truth is, while nonprofit hospitals are supposed to provide more affordable care to the public in return for big tax breaks, nonprofit hospital leaders are often focused on making big bucks.

But it’s not just junk plans that lead to high out-of-pocket expenses and medical debt. Increasing health insurance plans with high deductibles (the amount you are responsible for before your insurance begins to cover treatment), high copayments (the amount your insurance requires you to pay for treatment ) and high coinsurance (the percentage of the costs of a covered service that you pay even after reaching your deductible) means insured Coloradians seeking care often end up with large bills that they are unable to pay.

Some of these plans also include co-pay accumulators that shift prescription drug costs from insurance companies to patients by blocking any financial assistance you receive — such as a voucher or coupon — from counting toward your deductible. It’s like paying for your groceries with a gift card, but when you swipe the gift card and the store takes all the money from it, they still won’t let you shop until you pay again – for the second time – with money from your own pocket. It’s the double deduction of insurance companies, and it has left many Americans in debt or unable to pay for their life-saving drugs.

Although 14 states have banned copay hoarders, Colorado lawmakers have taken no action to protect patients, emphasizing the need for a nationwide ban on this harmful practice that leaves many patients in our state and at across the country with medical bills they can’t afford. pay.

In addition to researching tricky insurance plans, you should also ask good questions about your options if you’re receiving treatment at a nonprofit hospital. The truth is, while nonprofit hospitals are supposed to provide more affordable care to the public in return for big tax breaks, nonprofit hospital leaders are often focused on making big bucks. For example, IRS rules require nonprofit hospitals to provide financial assistance to eligible patients, but less than half of these hospitals did inform patients that they could benefit from charity care. Worse, 45% of non-profit hospitals send regular invoices to patients eligible for charity care.

To protect yourself, learn about your options if you are being treated at a nonprofit hospital. If you believe you have been wrongfully and unlawfully denied charitable care, file a complaint with the Colorado Department of Public Health and Environment.

Finally, you need to know your rights if you receive a surprise bill from your medical provider. A law called the No Surprises Act came into effect earlier this year to help end the unfair surprise billing practices that have put millions of Americans in debt. Sadly, about 1 in 5 Americans said they had received a surprise medical bill since the law took effect.

If you received a surprise medical bill this year that you think unsurprisingly breaks the law, visit the Centers for Medicare and Medicaid Services website to learn more and file a complaint. Legal aid organizations in your community may also be able to help you.

It’s no secret that we need major reforms to our health care system, reforms that prevent hospitals and insurance companies from viewing patients and their families as sources of profit and nothing more. Until then, Consumers for Quality Care will work hard to make sure Coloradans are in the know by sharing the information they need to make smart health decisions.

Candidates accuse public service credit union management of delaying tactics as election date nears


The Guyana Public Service Co-operative Credit Union’s outgoing management committee is accused of delaying tactics to organize the extraordinary general meeting by October 24.

The Management Committee headed by Karen Vanslyutman-Corbin has designated October 24 as the day for holding the Extraordinary General Assembly and elections.

However, since this announcement, there has been no further public statement on the agenda for the meeting, the polling stations, the voting mechanism to be used and the other systems that should have been in place to organize the elections.

Today, the team of election candidates led by former chairman Trevor Benn accused the current management committee of disregarding the current court order, which dictated the timing of notification and organization of the elections.

Trevor Ben

Management committee vice-chairman Patrick Mentore, who broke ranks with the committee to join Mr Benn’s team, said the management committee’s position appears likely to breach the court order. He accused the Committee members of doing everything in their power to derail the process of successfully hosting the meeting.

“Such a display of intransigence, this outdated refusal to prepare adequately to deal with members leaves a bitter taste in the mouth which will be eliminated by the recall of the current management committee,” Mr. Mentore said during the press conference today.

Lawyer Christopher Thompson, who was recently fired by the management committee as the credit union’s legal counsel, is also a candidate for a position on the management committee.

Thompson said the management committee seems to play with the emotions of members of the organization.

He is of the opinion that since the Court’s order, the Committee has had the opportunity to prepare for the special meeting, but instead it has shown its contempt for the members.

“We haven’t even heard when there will be an appointment date and the time is not our friend at all at this stage. It’s the eleventh hour, we haven’t heard of a nomination day, we haven’t heard of any polling stations in any part of the country, so I think there’s a concern real, sincere about whether or not the court order will be complied with,” Thompson said.

For his part, Trevor Benn said the management committee should understand that the credit union is bigger than any individual.

“It’s bigger than Trevor Benn, it’s not about Trevor Benn, but it’s about the poor and their prosperity. The Guyana Public Service Co-operative Credit Union is here to support, encourage and help the ordinary people who have no other source or opportunity to get a loan elsewhere, most of them are turned down by private sector organizations and that is why we are fighting to make sure this facility remains viable” , Benn said.

Senior Credit Union officials have also been accused of colluding with the management committee to block the process of preparing to hold the elections.

Man tells police he was stealing catalytic converters to pay money orders


MEMPHIS, Tenn. — A man caught with seven catalytic converters in his car told police he stole them to raise money for his previous terms.

Police say an LQK official on Hickory Hill Road called them on Sunday when she noticed two men in a Honda Civic driving through the lot and cutting out catalytic converters on company trucks.

An officer who arrived at the scene spotted Treavor Coop carrying a power saw near a truck. Coop dropped the saw and ran but was caught without incident.

Police say they found seven catalytic converters worth more than $12,000 inside a Honda Civic, which police say was also stolen in September.

Coop told police he and his friend planned to sell the coins and that he “committed the thefts to raise money for the warrants he currently holds,” according to an affidavit.

Coop, 24, is charged with theft of property, theft of vehicle and escape.

Court records show Coop had warrants issued on March 19 for carjacking and possession of a firearm in a dangerous crime.

Coop’s bond was set Monday at $79,000.

Young New Zealand is the first to propose major student loan reform at the upcoming congress.


Young New Zealand First is pleased to announce that three of its policy proposals have been put forward for the 2022 First New Zealand Covenant Debating Session.

Young New Zealand First believes in common sense politics that will improve the lives of our young people, which is why this year Young New Zealand First is presenting policy points aimed at tackling the mental health crisis, the ‘brain drain’ and the cost of living crisis.

This year, Young New Zealand First will present the following three political missions:

That New Zealand First is investigating the reform of the student loans scheme require no repayment for the first three years following the end of study unless the debtor earns more than $56,160 a year or leaves New Zealand.

Let New Zealand First consider an investigation into the effects of digital media such as social media platforms and mass media sites on the mental health, development and education of our young people.

New Zealand First ensure that secondary schools work with youth organizations and relevant sectors to ensure and require the annual administration of the HEEADSSS assessment (home, education/employment, food, activities, drugs, sexuality , suicide/depression and safety) for all students in grades 9-13.

“These policies are an integral part of our mission to make New Zealand a place where young people can thrive. Our flagship student loan reform policy will ease the burden young people face during the crucial transition period following graduation. This is a time when young people face relocation, lower incomes and precarious jobs. This policy would give economic respite to young Kiwis who currently face great uncertainty.

“New Zealand is facing a brain drain, we have young people leaving for better prospects overseas resulting in a labor shortage here at home. Our policy would encourage young Kiwis to plant their roots at home, establish themselves in their community and contribute to the success of our nation in a meaningful way that transcends a 12% tax.

“Our other political missions will focus on the mental health issues that many young people face. Social media companies continually fail to uphold their terms of service and have abandoned their duty of care to their consumers. More often, social media companies are seen to be sacrificing the mental health of our young people for their own profits – New Zealand needs to address this with a thorough investigation. In addition, the expansion of the HEEADSSS assessment program for all students in grades 9-13 will ensure full control of the well-being of our young people and collaboration with relevant youth organizations will address any concerns arising from this assessment – whether it’s mental health, employment issues or issues fundamental to one’s identity.

-Keegan Langeveld, President of Young New Zealand First.

Young New Zealand First will advocate for our policy assignments and represent the views of young Kiwis in all other policy assignment discussions.

© Scoop Media

New hires at Irwin Fritchie Urquhart & Moore, OnPath Federal Credit Union | Economic news


New Orleans

Dr. Nina Hartman joined the Lupo Center for Aesthetic and General Dermatology as a board certified dermatologist.

Hartman will provide medical and cosmetic dermatology care at the New Orleans office with Dr. Mary Lupo.

She completed her medical training at the Cleveland Clinic and was a surgical fellow at the Cosmetic Laser Dermatology Clinic.

Joseph Di Tommaso is the new North Shore Community President for OnPath Federal Credit Union.

DiTommaso has worked in the financial industry for nearly two decades, holding positions ranging from teller to commercial lender.

He is a graduate of Tulane University and the LSU Graduate School of Banking. DiTommaso served in the Marines and is a veteran of Operation Enduring Freedom and Operation Iraqi Freedom.

Irwin Fritchie Urquhart & Moore said three lawyers from Shields Law Partners have joined the firm, expanding its practice in construction, surety, land use, zoning and litigation.

Founder of Shields Lloyd “Sonny” Shields joined Irwin Fritchie as a partner. Elizabeth Gordon and Allison Colon are also now members of the company.

Red Stick

Ricky Sparks joined the Bank of Saint Francisville as Executive Vice President, Commercial Lending.

Sparks has over 28 years of experience in community banking, holding senior positions for Investar Bank, Highlands Bank and American Gateway Bank. Before going into banking, he worked for 10 years as an accountant.

He graduated from LSU.

McKinley Wright IV’s Dallas Mavs Gamble Pays Off, Wins Two-Way Contract


The Dallas Mavericks announced on Saturday that they have converted McKinley Wright IV from a training camp contract to a two-way deal.

Wright’s best opportunity to prove himself in the game came in the Mavs’ preseason opener against the Oklahoma City Thunder in Tulsa. Luka Doncic did not make the trip, opening up significant playing time for the other guards on the list.

Against the Thunder, Wright played 22 minutes and recorded eight points and 10 assists without a single turnover. He was instrumental in the 98-96 win. His production naturally caught the attention of Mavs coach Jason Kidd.

“He led the team well for us,” Kidd said. “Ten assists and no turnovers, that’s positive.”

Wright understood that playing for a team coached by Kidd, he needed to bring energy to the defense, especially when guarding the ball. Given that he’s only 5-foot-11, he has to make up for his height and picking up all the ground is part of the means he felt was necessary to do so.

I know J-Kidd likes guys who can guard,” Wright said. “Me, I like to pick up (and keep) 94 feet (from the basket).

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Wright also knew he had to bring a steady hand to lead the attack. He helped relieve Jaden Hardy, who scored 16 of his 21 points in the fourth quarter as the reserves rallied to defeat the Thunder.

“I can handle the ball, play on the ball, off the ball, whatever it takes to help my team win,” Wright said. “I am a creator.”

Wright had the option of signing with the Charlotte Hornets or the Mavs for training camp. He and his representation felt that going to Dallas would present a favorable opportunity – proving to pay off.

“Me and my agent, we kind of waited a long time to sign anywhere,” Wright said after his preseason debut with the Mavs. “And then we looked at all the options, and it played out in Dallas and Charlotte, and I like the opportunity here.”

The Mavs will now be able to assess Wright for a longer period as he can split his time with the Texas Legends.

Want the latest news and insider information on the Mavericks? Click here.

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Inter Eye Lukaku stay beyond loan


The summer transfer window is closed for major leagues in Europe. However, with one eye on January, there’s a lot of gossip swirling about who’s moving where. Transfer Talk brings you all the latest buzz on rumours, whereabouts and, of course, deals!

TOP STORY: Inter Milan looking to sign Lukaku in summer transfer window

Internazionale looking for ways to sign Romelu Lukaku in summer, according to Calciomercato. The striker is currently on loan at Serie A giants Chelsea, having had a difficult season with the Blues last season. He hasn’t totally had things his way this campaign either, as the Belgium international has struggled with injury issues and has only played the first three games of the Serie A season.

That said, the 29-year-old offered a gentle reminder of what he can do by scoring a goal and providing an assist in these three matches. Late Chelsea manager Thomas Tuchel had a bad relationship with Lukaku, who played on the Belgian’s temporary leave, but even after the German’s departure from Stamford Bridge, Inter are hoping to extend the stay of the attacker.

That’s why, while waiting for Lukaku to return to the pitch, Inter are looking ahead and how to make sure he sticks around. Chelsea and Inter share a positive relationship, so there will be further contacts made at the end of the season with the aim of finding a solution that works for everyone.

In the meantime, Simone Inzaghi hopes to get Lukaku back on the pitch as soon as possible.


09:52 BST: Atletico Madrid boss Diego Simeone has dismissed bullying accusations after reports say Joao Felix wanted to leave the club.

Felix has made just seven starts for Atletico this season and the Portugal international was an unused substitute in his side’s final Champions League game against Club Brugge on Wednesday.

This led to suggestions in Portugal that Simeone was treating Felix harshly, but the Atletico manager told a press conference on Friday that he would select the striker when he starts playing better.

“The team is really good and the reality is something else, the playing field. And in the reality of the playing field there is a manager who chooses the best players based on what he sees,” said Simone. “Do you think I don’t play Joao to lose? No manager does that.

“When he starts playing well again in training, he works, he gets his goalscoring touch back, which we need, he will play. But as long as I’m here, it’s about performance, that’s why his other teammates are playing. It’s clear that whenever he was good, he was playing.”

09:00 BST: Phil Foden has signed a new long-term contract at Manchester City, it was announced on Friday.

The 22-year-old striker has signed a deal which should keep him at the Etihad Stadium until 2027. It represents a five-year contract and a three-year extension of his existing contract, which was due to last until 2024.

Foden is already closing in on 200 appearances for City and has won 11 major trophies with them, including four Premier League titles.

He has started this season in blistering form with seven goals in 13 games and is set to feature in England’s squad at the World Cup in Qatar.

PAPER GOSSIP (by Danny Lewis)

As Jose Felix Diaz told MarcaReal Madrid eyes Bayern Munich left-back closely Alphonse Davies. Los Blancos also wants the Borussia Dortmund midfielder Jude Bellinghambut their current priority is to settle contract renewals, with Luka Modric, Karim Benzema and Toni Kroos being examples of players they want to keep longer than their current offers.

xavier simons told ESPN NL that there is a clause in his contract with PSV Eindhoven which will allow him to join Paris Saint-Germain at the end of the season if he wishes. “It’s true that I have a clause. This clause is between me and PSV, not with PSG,” Simons said. “It’s a clause that if I wanted to go to PSG, I could leave for a certain amount at the end of the season. To be honest, it’s not in my head to move. I just moved here and I feel good here. I think that is also reflected on the pitch. It’s not in my head to change now.”

— In three separate reports, Calciomercato said that Internazionale are looking to sign the Club Brugge striker Antonio NusaEverton centre-back Yerry Mina and the right-back of Salernitana Pasquale Mazzocchi. Inter have sent scouts to monitor 17-year-old Nusa but will face competition to sign him, see Mina as replacement for Milan Skriniar if the captain leaves rather than renewing his contract, while Mazzocchi is seen as a viable option to be signed in winter or summer shop windows.

– Valencia’s Gennaro Gattuso insisted that Nicholas González will see his one-year loan from Barcelona despite a lack of playing time, as reported by Mundo Deportivo. “It’s the first time I’ve heard of it,” said the Italian when asked about the possibility of interrupting him earlier. “No player has spoken to me. He is working very well. He has a one-year contract with us. The player has not come to speak to me.”

“It’s a double whammy”: September retail sales and inflation do not bode well for the holiday shopping season. Here’s why.


By Andrew Keshner

There are warning signs holiday shoppers are already cutting back on spending

The latest retail sales report may have put some coal in the bottoms of holiday shoppers.

Retail sales stagnated in September, the government said on Friday, another sign that the economy is likely to slow in coming months as interest rates rise and consumers cut back on spending. Retail sales represent a significant portion of consumer spending.

Retail sales are expected to rise 0.3% in September, according to economists polled by The Wall Street Journal. Revenue rose 0.3% excluding car dealerships. (Automobile sales can skew the overall pattern of retail spending.)

As September inflation data arrives warmer than expected on Thursday, Federal Reserve watchers now say the central bank is firmly poised to rack up another whopping 75 basis point hike in its influential interest rate. in its efforts to stifle inflation.

The annual inflation rate was 8.2% in September, just above the forecast of 8.1% and slightly down from 8.3% in August, data showed on Thursday. “Core” inflation – removing food and energy costs – jumped 0.6% from August to September; again, expectations were for a slightly lower increase.

If the Fed chooses to raise the key rate at its meeting in early November, closely tied annual percentage rates (APRs) on credit cards should also rise in tandem, just as the holiday season is in full swing. .

“It makes any already costly problem more costly,” said Ted Rossman, senior industry analyst at Bankrate.com. Higher APRs make it more expensive to maintain a balance from month to month.

When the Fed does raise rates, it can take days for new credit card offerings to reflect those rates, he said. It may take a month or two for credit card issuers to apply these higher rates to existing accounts.

On Wednesday, the average rate on new credit card offers was 18.67%, Rossman said. That number is approaching the record average of 19%, set in July 1991, he noted. “We’re probably going to surpass that in the next few weeks,” Rossman said.

At this time last year, the average APR on new offers was 16.16%, according to data from Bankrate.

During the second quarter, Americans had a cumulative balance of $890 billion on their credit cards, according to the Federal Reserve Bank of New York. The annualized increase in debt was the largest in more than 20 years and a potential sign of the consequences of inflation, the researchers said.

“It’s definitely a double whammy for people. Higher balances, higher rates. There’s a cumulative effect to all of this,” Rossman said.

Credit card balances

Credit card balances typically settle until the fourth quarter, then are paid off in the first quarter and slowly climb back up, Rossman said. Last year, the cumulative balance in the first quarter was $770 billion and rose to $860 billion in the fourth quarter, according to data from the New York Fed.

There are some early hints that shoppers may be cutting spending and increasing bargain hunting. Online holiday sales are expected to rise 2.5% to $209.7 billion this year, Adobe (ADBE) said. This is the slowest growth rate since 2012 and pales in comparison to the 8.6% increase in online holiday sales last year.

One feature is offering early October deals and discounts to entice customers, said Patrick Brown, vice president of growth and insight marketing at Adobe.

Retail sales last November and December hit a record $886.7 billion, according to the National Retail Federation. The trade association has yet to release its holiday shopping forecast for 2022, but there are early indications that people are hungry for bargains.

September’s retail sales numbers are another cloud on the horizon, experts say. “Even though people are employed and on paper seem reasonably comfortable, they don’t feel comfortable – and they’re very concerned about what’s next,” said practice chief executive Joel Rampoldt. retailer at AlixPartners, to ABC News.

Nearly six in ten shoppers said sales and promotions were more important to them than a year ago. When pollsters asked the same question last year, nearly half felt the same way.

Whatever happens next with credit card rates, there’s a chance many people won’t face a high credit card bill this holiday season until the festivities are over, says Michael Sullivan , personal finance consultant at Take Charge America, a nonprofit organization. consumer credit counseling and debt management organization.

“You worry about your Christmas debt in January. It’s my busy time of year,” said Sullivan, who has a few individual clients but is mostly focused on financial education and awareness.

Slowly rising credit card debt doesn’t seem to be on most people’s minds right now. Inflation always wins out, he said.

“Most of them feel overwhelmed by the costs,” he said.

Add that to lingering anxiety over a potential recession. It’s a worry shared by people like Jamie Dimon, CEO of JP Morgan Chase & Co., (JPM) who said he thinks a recession could hit America in the next six to nine months.

The specter of a “widespread crisis” where people lose their jobs in an economic downturn and can no longer afford to pay for necessities remains, he said.

If you make a list of all the credit crunches,” he told CNBC

“You can’t predict where they’re coming from, although I think you can predict that this time it will happen,” Dimon added.

-Andrew Keshner


(END) Dow Jones Newswire

10-14-22 1918 ET

Copyright (c) 2022 Dow Jones & Company, Inc.

Building Data Success in 2023: A Practical Guide

Source: Shutterstock

Gartner’s 100 Data Analytics Predictions for 2025 offered a roadmap for data-driven transformation. Data-driven transformation not start by renting or buying a tool. Let me say it again: it is. not start by buying any resource. This Is start by understanding the value of data and selling that value within the organization, then consider the value in order to move on to an assessment, then to training.

Data is one of the strongest assets a business can have and credit unions are in a prime position to have a plethora of it. For a credit union to be successful with data, it must recognize its gaps in organizational data knowledge. It’s hard to move forward when no one speaks the same language. Understanding the basic competency in data literacy will only enhance a credit union’s success in launching a data effort.

The five elements necessary for success

To leverage and leverage their data to improve the lives of their members, credit unions need to have the following:

1. A simple data vision and strategy;

2. A member-centric use case;

3. Data maturity (with rock star data governance);

4. A data-centric culture; and

5. A roadmap for workplace adoption.

To get started, ask these five questions of your credit union leaders:

1. Is the business data vision relevant? Take a moment to review the organization’s data vision. What was the identified business problem that the data would solve? Does this seem relevant to you? How should it fit, or should it just be scraped off completely?

2. What friction do our members experience when doing business with us? Your members are interacting with your organization in ways they may not have had in the past. The iterative changes your organization can make to reduce friction will prove beneficial in the short and long term.

3. What is the current state of our data culture? Taking a moment to identify the good, bad, and ugly of your “new normal” will help clarify the positive aspects of your organization’s culture and what you should continue to encourage, foster, and nurture.

4. What is the current state of our organizational data maturity? Take a moment to review the current state of your organization’s data maturity. What is the current state of your organization’s data? Do you have a formal data governance program? If data maturity seems like a low priority to you, please take a moment to adjust your thinking. Data maturity is the foundation, blueprint, and architectural renderings of your dream data house. Most home building experts will never go to open ground and dig in hopes of building a house. Why would you do that with your data?

5. What does your workplace adoption roadmap look like? What are the time horizons? Do they include strategy, culture, data maturity, and member-centric use case development workflows?

What to pay attention to

There are a number of significant issues that generally limit credit unions’ efforts to make data a more valuable and usable asset in their decision-making processes. Due to these challenges, it is not surprising to find that early results are often not enough to overcome the inherent resistance to change. It then becomes easy for people to focus elsewhere before cultural adoption can occur.

First, it’s helpful to understand that the transition to using data as a key part of decision-making is a multi-phased approach that will extend beyond the strategy development phase. Attention to execution and cultural adoption is key to transforming your data strategy into long-term results that consistently increase member value and give you a competitive edge.

The three critical phases of any data project:

Phase 1: Data Strategy. Set a clear direction for your strategy and determine how you can tie data to member use cases to drive positive growth. It’s critical that teams understand how to leverage data to improve their decision-making processes and drive continuous improvement.

Phase 2: Initiate new processes. New processes for collecting, organizing, maintaining, and using data are required when executing new data strategies. Formal projects usually become a way for the organization to implement strategy. Unfortunately, project delays and unforeseen problems weaken buy-in and fuel resistance to organizational change. It is important to have a solid framework in place for project management to minimize delays and proactively identify and overcome roadblocks.

Phase 3: Cultural adoption. Long-term integration into the culture and daily practices is necessary to obtain recurring benefits in the future. A tremendous amount of time and money can be invested, and without integration into the day-to-day structure of the organization, long-term success will not materialize.

Main challenges

The main challenge is to create and maintain enthusiasm and buy-in throughout the three phases and to avoid the disappointment that usually occurs at critical points in the journey.

Three major issues that prevent long-term success:

1. Impact on culture. The bigger problem is not fully appreciating the huge impact on individuals and organizational culture when data becomes a driving factor in decision-making. The increase in the importance of data is changing the way people do their jobs and has consequences. Failure to address this issue leaves passive and active resistance embedded throughout the organization.

2. Projects that are too narrow in scope. Projects that pilot new data processes, structures, and teams often don’t adequately include the leadership and team development actions needed to cement long-term alignment and buy-in. Post-launch, a drop in focus and attention may occur because a leadership and transition structure has not been fully formed.

3. Inexperience in data mining. At the organizational level, teams may lack experience working together to align when it comes to leveraging data and linking it to growth goals. This makes it difficult for them to go beyond the initial use cases and confidently identify new problems and applicable data solutions.

Considerations for long-term success

Targeted learning: Build the skills of people and teams responsible for applying data in decision-making and determining how to link data to actions that drive business growth. Be able to explain how the use of data supports continuous improvement efforts. Make it a priority to improve group decision-making processes with a better understanding of how group dynamics influence outcomes to minimize misaligned actions.

Improved project delivery: When setting plans to execute your data strategy, make sure the plan is designed to overcome both capacity and motivation barriers. Many projects fail to adequately address motivational barriers to change in organizations, which form a critical foundation for long-term success. Work with the intent to optimize organizational alignment with initiated data projects to create a support structure for the collection, organization, maintenance and use of data.

Best Transition Leadership: Establish a leadership development program for the people and teams who will be responsible for maintaining and building data programs in the future. Create clear responsibilities and accountability for people, and provide support structures and resources to drive long-term success.

Anne Legg is the founder of THRIVE, a data literacy and strategy consulting firm based in San Diego, California.

Anne Legg Anne Legg

Jeff and Holly Karpinske are the founders of LOTUS ADVISORS, a business performance improvement consulting firm located in Mesa, Arizona.

Jeff Karpinsk Jeff Karpinsk
Holly Karpinske Holly Karpinske

Loan forgiveness to relieve debt for some NU students


Ally Reith, a sixth-year learning science doctoral student, currently owes $23,159.86 in student loans. But recently announced student loan relief will soon reduce that number by $20,000.

“This particular program is going to change my life,” said Reith, a former Daily editorial contributor.

Reith is among about 95% of student borrowers who are eligible for loan forgiveness under the student debt relief plan, the Congressional Budget Office estimated in June. The plan is designed to relieve up to $20,000 in student loans for individuals earning $125,000 or less, or couples earning $250,000 or less. Federal Pell Grant recipients, like Reith, will be eligible for $20,000 in assistance.

Although she will receive loan relief, Reif said her debt was smaller than that of other graduate students in the North West. She supports the cancellation of all student debt.

“I don’t think this move on behalf of Biden and (Vice President Kamala) Harris the administration is enough to atone for how broken the system is and how much student loan debt has turned into this absolutely hellish bureaucratic monster,” Reith said.

Imeña Valdes, a third-year plant biology and conservation student, said the $20,000 she will receive from her student loan forgiveness won’t even cover a quarter of her total debt. She said she wanted the government to consider relieving a higher amount of debt.

Valdes said her loans are difficult to repay because her department provides little financial support, unlike some other NU graduate programs.

Some economists, including former university president Morton Schapiro, argued that student loan relief should not apply to graduate students, as they are statistically more likely to have higher incomes after graduation. Reith and Valdes are both at odds.

“There’s very little support for people who just want to get a master’s degree, and I don’t think we’ll necessarily always end up in a higher tax bracket, because many entry-level jobs with base salaries require a master’s degree now,” Valdes said.

However, Kellogg Professor Nicola Bianchi said he believed the student loan forgiveness scheme was not intended for students at elite private institutions.

For-profit schools — often with lower graduation rates — have contributed far more to the student loan crisis than schools like NU, he said.

“I think the real reason this reform was needed was to fix a problem in other parts of the higher education system,” Bianchi said.

Bianchi said the rebate plan could benefit low-income students by making student loan repayments more manageable. Although the plan protects borrowers and taxpayers, he said it’s still unclear how the policy will affect the overall price of a college degree.

Since elite institutions like NU provide significant financial aid, fewer students may be in dire need of student loan forgiveness, Bianchi added. According to the Office of Undergraduate Admissions, 61% of NU students receive financial aid, and the University will allocate $272 million in financial aid to undergraduate students in the 2022-23 academic year. .

However, some undergraduate students receiving financial aid can still take out loans to cover uncovered costs, Bianchi said.

Weinberg’s second student, Elle Jung, is one such student. As an applicant for QuestBridge, a nationwide program linking low-income youth with major universities, Jung did not correspond with NU but was accepted during the Early Decision admissions cycle. Although she received financial aid from the University, she said she also had to borrow from NU.

Jung said she and her mother plan to work to pay off the loans. However, due to the cancellation of the student loan, she said she was less worried about repayment.

“I wasn’t even supposed to get this (loan cancellation),” Jung said. “I had to pay for all that. So anything that can help, I’m grateful.

E-mail: [email protected]

Twitter: @PavanAcharya02

Related stories:

Biden proposes student loan reform but stops short of full cancellation

From Loan Cancellation to Pell Grant Expansion: The Democratic Candidates’ Ideas for Higher Education

The no-loan policy will be fully implemented in 2019-20, but students still grapple with financial aid options

Minority farmers sue US over repeal of government aid program


Black farmers and other farmers of color on Wednesday filed a class action lawsuit against the U.S. government, claiming the recent repeal of a debt relief program that supported them amounts to a breach of contract by the government.

The lawsuit comes as the U.S. Department of Agriculture prepares to roll out a modified debt relief program, passed as part of the Inflation Reduction Act in August, which allocates relief in based on economic need rather than race.

The USDA offers operating and property loans to farmers through its Farm Service Agency. The agency previously said it would cancel loan debt held by farmers it describes as socially disadvantaged, in a bid to make up for decades of discriminatory lending practices that have helped them lose land.

The definition includes black, Native American, Hispanic, and Asian farmers.

The white farmers alleged discrimination and blocked the program with legal action. It was later repealed by the IRA, which instead included a debt relief provision based solely on economic need, angering some groups of black farmers.

Four farmers of color in Virginia argue in the lawsuit, filed in the US Federal Court of Claims, that the repeal amounted to breaking a contract with farmers, some of whom made financial plans or bought new equipment or land awaiting relief.

The farmers are represented by Ben Crump, a prominent American civil rights lawyer known for his work representing the families of black Americans killed by police.

The Justice Department declined to comment on the lawsuit.

About 14,000 farmers of color received letters from the USDA between May and September 2021 promising $2.4 billion in cumulative debt relief, according to previous Reuters reports.

Princess Williams, one of the four plaintiffs, told a news conference in Washington that she had signed and returned one of those letters and taken out new loans in hopes of getting the cancellation of its debt with the FSA.

“We haven’t received that money and now it puts us in a complete financial bind,” she said.

WNEU sets up free legal kiosks to help economically disadvantaged people in Springfield


SPRINGFIELD, MA (WGGB/WSHM) – Kiosks are set to go up all around Springfield to offer legal aid to anyone in need and the Center for Social Justice at Western New England University is on hand. origin of the idea.

For the center, it is a way to help economically and technologically disadvantaged people get answers to legal questions. Director Ariel Clemmer told Western Mass News that this type of computer station will allow for “greater access to justice.”

“Anyone who doesn’t have the necessary technology devices, Wifi or broadband can drop by one of these free kiosks and connect to free legal resources,” Clemmer said.

That’s not all. The kiosks also allow users to get more information on legal issues or cases, as well as use Zoom to connect with their attorneys or the court system. This project is the second phase of the Consumer Debt Initiative, which was established in 2018 to help Springfield-area residents who were dealing with credit card issues and consumer debt. The legal kiosk project lasted two years and was fully funded by the MassMutual Foundation. Dorothy Varon, board member and West New England alumna, said another goal of the project was to help bridge the digital divide.

“During COVID, for example, when all the courts were going virtual, if you didn’t have broadband and you couldn’t get connected virtually, you were really almost unable to participate in the legal process that you were involved in “, Varon noted.

Booths will be in ten locations, including one at the Western New England University School of Law Library. Other sites include the Martin Luther King Jr. Community Center, New North Citizens Council, United Way of Pioneer Valley, and Open Pantry Community Services. The equipment will also be at five city libraries, including Brightwood, Forest Park, Indian Orchard, Library Express at Pine Point and Mason Square.

Dory Welch, Community Outreach and Engagement Coordinator for the Center for Social Justice, is a resident of Springfield. She helped find suitable locations for these booths and is proud to be a great help to her community.

“I love my community. I’ve seen over the years the strengths we have, but also the challenges, so I’m very pleased that we bring such a great and much needed resource,” Welch said.

Aside from those who might be at a disadvantage, Clemmer told us the device can be a boost for the general public.

“It really is a resilience tool to help people empower themselves and connect to the justice system on their terms,” Clemmer explained.

The University of Western New England Center for Social Justice will host a kiosk launch event on Monday, October 17 at the Martin Luther King, Jr. Family Services in Springfield from 5-6:30 p.m. The public will then be able to use the devices the day after.

Falling mortgage market triggers more layoffs at credit unions

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The $1.5 billion Collins Community Credit Union in Cedar Rapids, Iowa, laid off 38 employees Oct. 6 due to declining consumer demand for mortgages and refinancing.

“In the financial sector, industry market trends have changed, and while some services are growing, others are slowing down,” said Mai-Linh Hoang, vice president of corporate strategy and marketing. of Collins Community. “For Collins Community Credit Union, this has resulted in an internal restructuring, which included the elimination of some current positions.”

Most of the layoffs were in the mortgage division of the credit union.

“We’ve taken a very deliberate approach to providing resources to those affected with a separation program and finding new employment opportunities,” she said. “We thank them for providing excellent service to our members over the years.”

Before the layoffs were announced, Collins Community had 319 full-time and six part-time employees, according to its second-quarter NCUA appeals report.

“Iowa tends to be a bit more isolated when it comes to the housing market, but it’s catching up,” Hoang said. “The slowdown will continue into next year or when interest rates stabilize and become more consistent.”

At the end of the second quarter of this year, the credit union posted 7,313 first mortgages for a total of $521 million. That’s up from 5,908 first mortgages totaling $366 million at the end of the second quarter last year, according to NCUA Call Reports.

The credit union’s junior lien mortgages, however, fell from 4,083 for a total of $100 million in the second quarter of 2021 to 3,900 for a total of $106 million at the end of the second quarter of 2022. , according to NCUA Call Reports.

In September, the $10.6 billion GreenState Credit Union in North Liberty, Iowa, laid off 42 employees due to “market corrections and rising interest rates.” Most of the workforce reductions have been in GreenState’s mortgage or commercial banking operations.

On Wednesday, the Mortgage Bankers Association reported that mortgage applications were down 2% from the previous week, according to the organization’s survey of mortgage applications for the week ending Oct. 7.

“Mortgage rates rose again during the first week of the fourth quarter of 2022, with the 30-year conforming rate reaching 6.81%, the highest level since 2006,” said Mike Fratantoni, senior vice president and chief economist of the MBA, in a press release. Affirmation prepared. “Mortgage rates rose for all product types in the MBA survey, the largest, a 20 basis point increase, for 5-year ARM loans. The share of ARM applications remained quite high at 11.7%, just below last week’s level. »

He also noted that volumes of refinance and home purchase applications have declined and continue to fall even further than last year’s record highs.

“The news that job growth and wage growth continued in September is positive for the housing market, as higher incomes support housing demand,” Fratantoni said. “However, he also pushed back on the possibility of a near-term pivot from the Federal Reserve on his plans for additional rate hikes.”

Wisconsin winter heating bills expected to rise $20-$30 per month

Wisconsin winter heating bills expected to rise $20-$30 per month

Wisconsin homeowners and renters may want to set aside more money to cover their heating bills this winter.

A spike in natural gas prices, largely due to Russia’s invasion of Ukraine, is behind a projection that the average home heating bill will be $20-$30 per month higher. to that of last winter for customers of We Energies, Wisconsin Gas and Wisconsin. Public Service Corp. All three are subsidiaries of the Milwaukee-based WEC Energy Group, which covers most of eastern Wisconsin.

This estimate includes the assumption that the Wisconsin Public Service Commission will approve an increase in residential gas costs of approximately $6 per month. The utilities are looking to have the new rates take effect Jan. 1, We Energies spokesman Brendan Conway said.

WEC Energy Group anticipates slight variations in monthly residential heating costs by subsidiary, based largely on temperature differences in service areas:

  • We Energies: Up to $20 to $25. Bills averaged $102.50 per month last winter.
  • Wisconsin Public Service Corp. : Up to $25 to $30. Bills averaged $120 a month last winter.
  • Wisconsin Gas: Up to $25 to $30. Bills averaged $115 a month last winter.

National Energy Aid Directors estimate national home heating costs will be 17.2% higher this winter.

Natural gas prices last month were 52% higher than in September 2021 and have more than quadrupled since the low of the coronavirus pandemic in May 2020, according to the US Energy Information Administration.

Conway said utilities try to manage costs by storing as much fuel as possible in the summer and signing future delivery contracts when prices are low. The price of natural gas is about two-thirds of what the utility charges customers.

Utilities charge customers the same price they pay for natural gas. There is no markup, Conway said.

He encouraged We Energies customers who are worried about paying their bill to contact the company at 800-842-4565 or online at we-energies.com to be connected to heating assistance programs and payment options. of invoice.

WPS customers can call 800-450-7260 or visit wisconsinpublicservice.com.

Related:Here’s what you need to know about energy assistance in Wisconsin

Related:Large parts of Wisconsin could experience a snowier-than-normal winter, according to AccuWeather’s long-term forecast

Tips for preparing your home for winter

Tom Content, executive director of the Citizens Utility Board of Wisconsin, said now is a good time to consider small, even large, projects to improve the energy efficiency of their homes.

He said people might be surprised when bills go up this winter because natural gas prices have remained relatively flat for the past decade.

Unfortunately, he said, the federal incentives for homeowners included in the federal Inflation Reduction Act to improve their home’s energy efficiency won’t be available until next year.

After:How do heat pumps work? What you need to know about the installation, extreme cold

After:These smart home products can make a big difference to your energy and insurance bills

But there are also many small, affordable projects – some even free – that can make a difference.

“I really hope people sit down in their chairs and think about what I can do around my house,” Content said.

“Walk around your house, if your attic seems cooler than the rest of the house or your basement, that’s probably an area you want to consolidate with insulation or air sealing – things which would really pay off now.”

Here are some low-cost recommendations from CUB and Wisconsin Focus on Energy that can lower your bill:

  • Use the power of the sun: This one is free. Just open the blinds or curtains and let the sun warm up. The temperature of a room facing south can rise by up to 10 degrees on a sunny day.
  • Clockwise for winter: Most ceiling fans have two settings controlled by a switch. In winter, a clockwise direction pulls the air upwards, mixing cold and warm air, but keeping the breeze away from you.
  • Get to know your thermostat: Check your programmable thermostat settings to make sure they are still suitable for night and day, home and away. Better yet, says Focus on Energy outreach manager Karl Hilker, get yourself a smart thermostat. They can learn from your behavior and adapt whether you’re home or away. Focus on Energy is offering a $50 discount on smart thermostats.
  • Give the oven some love: Changing filters regularly can make a big difference, and it’s important to have your furnace inspected to make sure it’s operating at its fullest and most efficient capacity.
  • If you feel it, fix it: On a cold, windy day, it’s pretty easy to figure out where leaky windows and doors are letting the cold in. You can stop drafts by caulking windows with silicone and replacing old weatherstripping.
  • Keep hot water hot: Wrapping your water heater and pipes reduces the amount of energy needed to get hot water to showers and sinks.

Find more energy-saving tips from the Citizens Utility Board at cubwi.org. Additional Focus on Energy advice and discount information on everything from LED light bulbs to water-saving showers and sinks can be found at focusonenergy.com.

Contact Karl Ebert at [email protected] Follow him on Twitter at @karlwebert.

AgAmerica Lending joins the Find A Loan program



JERSEY VILLAGE, TX, October 11, 2022 /PRNewswire/ — The Land Broker Co-op Find A Loan program is gaining momentum and continues to gain support from agricultural lending institutions across United States. AgAmerica Lending (“AgAmerica”), one of the largest non-bank agricultural lenders in the United States recently joined our group of sponsors to better serve the fundraising needs of the farming community. The Land Broker Co-op’s cooperative structure allows unparalleled access to land buyers and land brokers, the lifeblood of the land industry. The Co-op’s Find a Loan program efficiently integrates trusted land lenders at the point of search, simplifying the process of buying land.

A shared vision to help land buyers in this challenging new market

AgAmerica Lending joins several agricultural credit banks to benefit from the Land Broker Co-op Find A Loan program. The Find A Loan program is open to rural land lenders across the country, providing exclusive access to land buyers during a transitional market for buyers and lenders. Other sponsors participating in Find A Loan: Alabama Farm Credit, Alabama AgCredit, Capital Farm Credit, Louisiana Land Bank, Mississippi Land Bank, Missouri FCS, River Valley AgCredit, Southern AgCredit and Ag New Mexico.

The Land Broker Co-op supports a level playing field in the land industry by providing services from the smallest to the largest rural land organizations. The Land Broker Co-op is a true cooperative owned by its members – land professionals. Working with lenders focused on rural land and the agricultural industry, the Land Broker Co-op enables land buyers to connect with land professionals and close deals.

“AgAmerica Lending is pleased to partner with the Land Broker Co-op to better serve agricultural landowners across the United States. Through the Find A Loan program, farmers, ranchers, and agricultural landowners will have a better access to AgAmerica’s flexible funding spectrum and best-in-class services.”
Max DavisDirector, Partner Relations

About AgAmerica Loans. As a nationwide, non-bank land lender and the first agricultural mortgage REIT of its kind, AgAmerica takes a common-sense approach to land lending, offering an array of conventional and alternative financing solutions that support the long-term success of farmers, ranchers and landowners without dictating how they operate. Their range of land loans provide access to competitive rates and flexible terms, while leveraging your farm’s strengths and land equity to create a customized solution that grows with your changing needs. Visit AgAmerica.com to learn more about the benefits of working with one of the nation’s largest alternative agricultural lenders.

About Land Broker Co-op. Co-op members own and operate LANDBrokermls.com, the only broker/agent-owned website serving the rural real estate industry. As a true co-op, co-op members receive loyalty checks each year and its website, LANDBrokermls.com, cannot be sold to competitors. The Co-op movement began in 2018 with a mission to empower rural real estate professionals by providing the tools to successfully market your listings and vet your leads without incurring exorbitant marketing costs. Current Co-op initiatives include steadily improving traffic and lead generation for its members, continued access to members-only health insurance options, exclusive discounts and syndication services to many key websites. .

Those interested in learning more about LANDBrokermls.com and Land Broker Co-op can visit the NEW website at https://www.landbrokermls.com/. It’s your single source for all your land needs, whether you’re a broker, buyer, seller or landowner.

David Zawalich
(609) 352-6354
[email protected]

SOURCE Landbroker Coop

High inflation, interest rates increase credit card debt in NH


High inflation, coupled with historic interest rate hikes, has some New Hampshire residents relying on credit cards to get by. According to Wallet Hub, the average New Hampshire household has credit card debt of over $8,400. will have to deal with the increase in the cost of heating. But experts say there are ways to avoid racking up costly credit card debt. The short answer is to spend less or earn more. Another option is to consider a personal loan from a bank. Financial experts have said that an interest rate of 5% is a bargain compared to the 18% or more charged by credit cards. Nonprofit credit counseling agencies can help you analyze your credit situation and budget. Debt consolidation services are chargeable and often promise clients to be debt free within five years. If not, some experts advise considering getting another credit card. Some cards offer interest-free balance transfers, which could mean significant savings. But there are risks to keep in mind. “You’re not paying off your debts,” said Brian Brown of Greenpath Financial Wellness. “You take on new debt to pay off existing debt with the transfer. And most of the time, these balance transfers come with a fee.” The process always starts with a thorough budget review. track record, being able to track your monthly income, your expenses,” Brown said. “Actively monitor what’s coming in and what’s going out. Understanding the prioritization of these expenses, finding ways to potentially reduce them.” According to Wallet Hub, Granite Staters’ household credit card debt has increased by an average of $576 over the past year.

High inflation, coupled with historic interest rate hikes, has some New Hampshire residents relying on credit cards to get by.

According to Wallet Hub, the average New Hampshire household has over $8,400 in credit card debt.

With the onset of winter, Granite Staters will face rising heating costs. But experts say there are ways to avoid racking up costly credit card debt.

The short answer is to spend less or earn more. Another option is to consider a personal loan from a bank. Financial experts said the 5% interest is a bargain compared to the 18% or more charged by credit cards.

Nonprofit credit counseling agencies can help you analyze your credit situation and budget. Debt consolidation services are chargeable and often promise clients to be debt free within five years.

If those aren’t options, some experts advise considering getting another credit card. Some cards offer interest-free balance transfers, which could mean significant savings. But there are risks to keep in mind.

“You’re not paying off your debts,” said Brian Brown of Greenpath Financial Wellness. “You take on new debt to pay off existing debt with the transfer. And most of the time, these balance transfers come with a fee.”

The process always begins with a thorough review of the budget.

“Think of the household budget as a roadmap, able to track your monthly income, your expenses,” Brown said. “Actively monitor what comes in and what goes out. Understand the prioritization of these expenses, find ways to potentially reduce them.”

According to Wallet Hub, Granite Staters’ household credit card debt has increased by an average of $576 over the past year.

Credit Union Business Lending Trends: Demand Accelerates in 2022

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With no PPP lending bogging down corporate lending departments, I told our staff that we were “back to normal.” It was the understatement of the year. Credit union business lending continued at an extremely strong pace in the first half of 2022. Has your credit union seen strong business lending activity this year? If so, you’re in good company as record volumes have been reached across the industry. The rise in the interest rate market accelerated demand compared to previous years. With NCUA Call Report data released for mid-2022, we have an opportunity to dig deeper into the numbers to see how busy credit unions were helping members with investment needs. in commercial and small business real estate.

The Roaring Twenties Continue for Credit Unions

The first six months of 2022 have been the perfect time to set your loan origination goals for the whole year. A total of $28.3 billion in business loans was issued in the first two quarters by credit unions nationwide. That’s up 50% in a single year from the first half of 2021. Even more incredible, those original numbers are up 159% from what credit unions created just a few years ago in during the first half of 2019. The largest credit unions, those with more than $10 billion in assets, funded $5.34 billion in business loan originations, or nearly 19% of total originations of the sector. Not only have credit unions funded large aggregate balances, but they have also increased the number of loans they make to their members. Nearly 5,000 more credit union commercial loans were funded in the first half of 2022 compared to 2021. The average loan size continues to increase. The average reported size of a credit union commercial loan exceeded $600,000 compared to 2019, when the average size was $295,000.

Portfolios grow at credit unions even as rates rise

Credit unions hit a major milestone in 2022 as commercial loan portfolios topped the $100 billion mark at the start of the year and continued to grow at a healthy pace. In just six months, credit unions’ business loan portfolios grew by 12.7%, or $12.4 billion. Balances in business loan portfolios increased by $15.5 billion, or almost 19%, year-on-year. Business loans now represent 5.12% of total credit union assets nationwide. In practice, the number is much higher because many residential investment properties and smaller loans are excluded from official calculations. Even more impressively, since June 2019, credit unions have grown their business loan portfolio by $44.8 billion, or 68%. While the industry sees a decline in residential mortgage volumes, business lending often acts counter-cyclical to residential lending as rates rise. Most business loans will be reset every five years, which will force at least 20% of borrowers to shop around each year rather than sit on their existing loans.

Corporate loan exposures rise with expected slowdown in second half of 2022

The equity market is an area to watch closely in 2022 and could impact loan originations. Unsurprisingly, corporate loan exposures also grew rapidly with $3.4 billion funded in the first half of 2022 compared to $2.8 billion last year during the same period. Rising rates, slowing deposits and strong domestic demand for loans strained credit union liquidity for the first time in many years. The pace of funded equity loans slowed only slightly in the second quarter, but the pace of funded equity loans is expected to slow significantly in the second half of 2022. Credit unions that made larger loans with the strategy of keeping some and selling the rest could see this business model stressed.

Credit quality remains strong

While many try to predict interest rates and the economy in the future, some within the industry view the commercial loan portfolio as a leading indicator of your credit practices and the local economy. The bad news? Crime increases. Five hundred and twenty million dollars in business loans were past due for more than 60 days at mid-year, compared to $399 million at the end of 2021. Nearly 15% of these delinquency figures are related to a old taxi medallion loan portfolio. The good news? Rising delinquency still only accounts for 47 basis points of the overall business loan portfolio. The pace of write-offs also increased, with $44 million of loans written off at an annualized rate of eight basis points. Business loan delinquencies bottomed out during the pandemic and were at unsustainable levels. Credit unions should prepare for delinquencies and charge-offs to drop from the near zero level they have seen in recent years.

Paycheck Protection Program

I’d be remiss if I didn’t mention the one loan commercial lenders in the industry are looking forward to being zero dollars – the SBA’s Paycheck Protection Program. PPP loan balances continue to fall as the forgiveness and repayment process continues. PPP loans have grown from $1.8 billion to $391 million in 2022. It is expected that by the end of 2022, only a tiny amount of loans will remain. Kudos to the SBA staff for continuing to make common sense revisions to the forgiveness portion of this program.

A record year serving local businesses

Congratulations! You are having a great 2022 with everyone when it comes to business loans. Credit unions are able to offset declining mortgage volumes with a steady stream of business loans. Is it sustainable? With incredibly high percentage gains every year and tighter industry liquidity, even an easing or flattening of loan originations will result in very high numbers overall. Many credit unions have not encouraged business deposits over the past two years when they were flush with consumer deposits. However, encouraging business services at your credit union will provide a steady stream of low-cost deposits as other sources come and go. Credit quality is historically low, and with the withdrawal of government stimulus programs, a return to historically normal levels of default and write-offs has arrived. Credit unions continue to be a consistent provider of credit to their local communities and business lending continues to expand. We are approaching the tipping point where credit unions are no longer consumer-focused organizations that also provide business loans, but rather full-service cooperatives that can serve consumers and small businesses equally.

Marc Ritter Marc Ritter

Mark Ritter is CEO of CUSO Member Business Financial Services and its subsidiary, Nu Direction Lending, in Philadelphia, Pennsylvania.

Matt Eberflus gamble doesn’t pay off in Bears loss to Vikings


MINNEAPOLIS — Before Matt Eberflus attempted the boldest move of his budding career as a head coach, he rounded up Bears defensemen on Sunday.

“I said, ‘Listen, we’re going,'” Eberflus said. “There’s a chance we don’t understand. But listen: I want you to answer this if we don’t understand. ”

The Bears had scored two touchdowns in the previous 6½ minutes of play — more than they had in the previous eight quarters — when their kickoff team ran onto the field early in the third quarter.

Cairo Santos sprinted for the ball and launched a dribbler to his right towards the stencil from 50 yards out at US Bank Stadium. Linebacker Matt Adams, the Bears’ special teams ace, dove for the ball 12 yards later, but Vikings cornerback Akayleb Evans pounced on the kick in play a split second earlier.

Eberflus’ gamble to capitalize on a rare moment in the Bears’ momentum didn’t work, and the Vikings won 29-22. But it showed, for the first time this season, that the first head coach will try to manage with cunning.

”It’s exciting for us because we see no doubt about it. “What if we don’t get it?” ” Santos said. “We see so many positive things that could come out of this. ”

Eberflus has proven for five weeks that he will try to win at all costs, even when the game plan does not advance the learning curve of young quarterback Justin Fields. The Bears were in a chase early Sunday, trailing 21-3 midway through the second quarter, and Eberflus tried to find ways to steal an advantage.

“I like it, personally,” Fields said. ”I think he believes in us. If we get that kick in play, it gives us momentum. It shows that if we don’t get it, he trusts the defence. ”

The play leading up to the onside kick was a failed two-point conversion. Down 21-16, the Bears threw a dead screen at the finish to receiver Dante Pettis. Eberflus called the decision to forfeit the extra point a pre-determined analysis by Bears director of research and analysis Harrison Freid and staff based on score and time remaining.

On the Bears’ practice after the onside kick miss, Eberflus started fourth and fourth on the Vikings’ 37. This surprised his bench. DeAndre Houston-Carson, the back of the punt team, ran down the field and had to be hustled on the sideline. Fields went seven yards to convert, and the Bears eventually threw a 43-yard field goal.

”The numbers, where we were for the game in that part of the pitch. . . green light all the way,” Eberflus said.

When the Bears are just beyond field goal reach, Eberflus communicates with point guard Luke Getsy — usually before he calls a first down — if they’re in four-down territory. At the start of the fourth quarter, they decided they weren’t. Down two at the Vikings’ 33, running back David Montgomery was stuffed with third-and-three. The Bears threw a 51-yard field goal to take a short-lived lead.

During pre-season, Eberflus smiled when presented with speculation about his own aggression, saying he planned to trust both the scans and his instincts.

He joked in August that he would go for ‘all four. don’t take risks, had it in him.

“It depends on who you play, depends on the other quarterback, the game situation,” Eberflus said. ”So we want to be aggressive.

”I can’t tell you how many times I said, ‘Green light! Go!’ and [the situation] just hadn’t happened.’

When it did Sunday, the Bears couldn’t capitalize. Eberflus, however, picked up one bright spot: his defense made sure he didn’t pay for the missed kick by blocking a field goal on that Vikings possession.

“A sudden change, you respond to it,” he said. ”They all did.”

Alpine Banks of Colorado: Focus on Loan Quality Pays Off


krblokhin/iStock Editorial via Getty Images


It has been almost two years since my last article on the Alpine Banks of Colorado (OTCQX:ALPIB) was published. This small-cap bank with a balance sheet total of approximately $6 billion operates in Colorado and has a strong history of low provisions for loan losses thanks to a focus on credit quality.

Data by Y-Charts

After the last fundraising in July, the market capitalization is now approximately $505 million based on the current share price of just under $31 and the current number of shares of 16, 37 million equivalent shares. The exchange-traded shares are non-voting shares, while the bank also has just over 52,000 A-shares outstanding. These shares have voting rights and are entitled to 150 times the economic interest of the B shares. In this article, I will only talk about the B shares and I have multiplied the A shares by this same factor of 150.

The first half of the year went well, with loan quality remaining strong

Alpine’s performance in the second quarter was strong as the company reported an increase in net profit compared to the first quarter of the year.

During the second trimester, the Net interest income increased by almost $6 million and that’s the main reason why pre-tax profit increased by a similar amount, ultimately leading to net profit of $17.5 million on EPS of $1.14 per share.

income statement

ALPIB Investor Relations

As you can see in the image above, the bank did not have to record any additional provisions for loan losses, which again speaks to the excellent credit quality of the loan portfolio. Alpine Banks did not release a second quarter earnings presentation, but the first quarter presentation shows that Alpine Banks of Colorado has a long history of outperforming its peers when it comes to asset quality.

Loan quality

ALPIB Investor Relations

The recent capital increase will strengthen the balance sheet

In July, the bank announced that it had completed a $34 million common stock offering by issuing just under 1.2 million class B shares at $28.5/share. Alpine Banks mentioned that the use of the proceeds would go for general corporate purposes and to support organic growth while supporting regulatory capital ratios.

At the end of June, the bank’s capital ratios were quite decent, but the CET1 ratio fell below 10% and the Tangible Common Equity Ratio fell from 6.61% a year ago to just 5.99% end of June this year. This is not necessarily a problem as the regulatory minimum for the CET1 ratio was only 6.5% at the end of last year and I do not foresee any drastic or dramatic changes in this requirement, so Alpine Banks didn’t have a gun to his head to raise the money.

Capital ratios

ALPIB Investor Relations

The capital increase will achieve two important objectives. First, there should be a positive impact on the CET1 ratio. Although the bank did not disclose its total amount of risk-weighted assets used for the calculation, I assume that the CET1 ratio exceeds 10.5% again (excluding the impact of retained earnings and additional losses on the AFS portfolio during the third quarter) . A bond rating document shows the first quarter 2022 RWA at around $4 billion, which means the net proceeds of $32 million could increase the CET1 ratio by up to 80 basis points, so my target of 10.5% is probably conservative .

Second, while it might seem counterintuitive to increase book value by issuing new shares, it was actually a move that made a lot of sense from a balance sheet perspective. From the end of June, the book value per B share was $25.09 while the tangible value per share was $23.93 after deducting goodwill of $17.6M from the equation. This means that the recent increase was valued at a 19% premium to the most recent known tangible book value per share.

Holding all things equal and assuming a 6% total cost of issuing shares for total proceeds of $32 million (total finder’s fees were estimated at $1.655 million, but j ’round that up to $2 million as there will certainly be some as well as legal fees), the tangible book value per share will actually increase by about 20 cents to $24.13 (this again excludes the impact retained earnings and changes in the value of the securities portfolio). Thus, the capital increase made sense on several levels. That being said, Alpine Banks repurchased over 200,000 shares during the second quarter (as the number of shares fell from over 7.5 million shares to just over 7.3 million shares ) and the stock traded above $30/share throughout the quarter. it looks like Alpine raised funds at a lower level than it was buying back its own shares, and that’s not usually something I like to see.

Investment thesis

While underlying results are strong, Alpine’s capital ratios and book value have been impacted by the direct impact of higher interest rates on the value of the available-for-sale securities portfolio. . While I generally support a company’s capital raise because it’s certainly a sign of careful capital and balance sheet management, I’m a bit surprised that the bank issued new shares just weeks after buying out its own shares at a higher price.

Despite this I think Alpine Banks is well ahead and it is unfortunate to see the book value erode due to the declining value of the available-for-sale investment portfolio which has reduced the book value per B share of $3.48 in the second quarter after already recording a hit of $1.97 in the first quarter. The reported book the value fell just over $2/share in the first half thanks to the bank’s policy of keeping most earnings on the balance sheet and ALPIB retained about $1.6/share of earnings in the first half.

Don’t be put off by “buy now, pay later” plans


Like kids of any age, I loved cartoons when I was a kid.

But as a kid interested in money, the quirky comic book character who always intrigued — even though he engendered love-hate feelings that I didn’t recognize until decades later — was J Wellington Wimpy, commonly known as Wimpy, of Popeye fame.

He wasn’t a heavyweight action hero, living up to his drawling image.

I loved his one-liners and quick thinking, always seemingly about money.

Wimpy would be “happy to pay you Tuesday for a burger today.” I watched him scramble to pay for things, get items for free just promising to pay for them eventually.

And then I realized he probably never paid for them down the line; even though his intentions were good, it made him a mooch, a behavior I never admired at all.

Fast forward to today and that’s why I’m understandably skeptical of ‘buy now, pay later’ [BNPL] programs that have become increasingly popular in recent years, with the largest operators seeing their activity increase tenfold or even more since 2019.

What seemed mostly innocuous – most BNPL loans range from $50 to $1,000 – as an alternative form of credit for online purchases looks different in the harsh light of runaway inflation and rising prices. interest rate.

Consumers have easily adopted the Wimpy persona – volunteering to pay soon for the item they want to buy today – without even thinking about the consequences.

Yet BNPL is a Venus flytrap of finance, beautiful to look at, terrible to get too close to, and chances are the upcoming holiday season will prove it. Unlike the old cartoon mayhem, the punch in the mouth that some consumers and the economy more broadly will suffer will be no laughing matter.

Back in the days of Wimpy, buy now, pay later was known as “layaway”, the main difference being that layaway plans [still available today] do not deliver the product until all has been paid for.

BNPL plans are an interest-free form of credit that offers the consumer the product now, with the loan usually repaid in four instalments. The first payment works as a down payment on the purchase, and offers are subject to late fees if subsequent payments are missed.

These programs have been legitimized by retailers pushing them to the point of online payment. Borrowers tend to be younger and lower income, although many users have credit cards and other payment options available, but instead gravitate towards BNPL because they like to know exactly what they owe, how often and for how long.

In addition, this financing is generally easy to obtain and quick; applicable interest rates vary widely, and although consumers tend to think they’re getting a good deal, the fine print is the only place to confirm whether rates are better than those available on credit cards.

But Hugh Tallents, a senior partner at cg42 – a consultancy that studies competitive strategies – says buy now, pay later is “nothing more than a payday lender disguised as something that shouldn’t be in a technology company.

This comparison should make consumers wary, as payday lenders – who give out super short-term loans with easy approvals but outrageous interest rates – are widely seen as predatory, trapping borrowers who can’t pay in a cycle of taking out new loans to repay old ones. Their offers may bridge the gap until the next payday, but often widen the money pit a consumer will face later.

BNPL is particularly dangerous because, according to a recent cg42 survey, almost 80% of consumers do not feel that the programs actually involve debt.

A layaway plan is not a debt because the product is not purchased until the final payment is made. With “buy now and pay later”, borrowers have taken on an obligation.

“People are spending future paychecks that they haven’t earned and have no guarantee of earning, in an environment where inflation is still high, wages are still way below that inflation and we’re starting to see layoffs and hawkish Fed policy that is meant to create additional unemployment,” Tallents said in an interview on my podcast, “Money Life with Chuck Jaffe,” earlier this week. boils down to the idea that this is not going to be a good situation for people, especially young people who depend on it to supplement the way they live their daily lives.”

The problem is that BNPL can be habit-forming. Who doesn’t like Wimpy’s approach when they can get away with no perceived cost?

But if consumers start paying this way now – at a time when they can afford these things – there’s a question of what will happen if they continue to mortgage their future incomes as the environment turns hostile. to such behavior.

Expect to see sellers adding more fees, charges and penalties — just like credit card issuers did when this industry first emerged — and more consumers being denied credit. [If you find yourself having issues with a BNPL service or product, submit a complaint online to the Consumer Financial Protection Bureau at consumerfinance.gov, or call the agency at (855) 411-CFPB [2372].

Since buy now, pay later loans are relatively new and haven’t seen an inflationary period before, their impact on the economy as a whole will be difficult to gauge, but Tallents expects a BNPL’s debt bubble bursts this winter, fueled by heavy use of the programs over the holidays and until regulations control growth “and/or the wheels come tumbling down for the consumer.”

Unfortunately, the people most affected by the problem will be those who can least afford it.

If you haven’t handled credit cards and debt well in the past, don’t be fooled into buying now, pay later.

It’s the wimpy way – literally and figuratively – of managing money, and you better eat your financial spinach and stay strong against anything that would encourage overspending and overextending credit in the market. inflationary today.

Fiber Federal Credit Union supports hospitals and colleges through the Communities First program


As part of Fiber Federal Credit Union’s Communities First program, Lower Columbia College’s Professional Construction Equipment Fund recently received a donation. Pictured left are Heather Snyder, assistant vice president of marketing and community development at FFCU; Kendra Sprague, LCC Foundation Vice President, Human Resources and Legal Affairs; Bailey Roberts, FFCU Community Engagement and Education Coordinator; and Crystal Garrison, FFCU’s Marketing and Community Development Manager.

Fiber Federal Credit Union, contributed

Lower Columbia College’s New Professional Construction Equipment Fund is a 2022 recipient of Fiber Federal Credit Union’s Communities First program. The building will be used by students pursuing careers in information technology, machinery trades, welding and manufacturing, as well as students enrolled in bridging studies, according to a press release from the credit union. popular.

The credit union is continuing multi-year sponsorship of select community colleges and hospitals in the 11 Washington and Oregon counties it serves, according to the press release.

The FFCU places a high priority on supporting services related to education and health care in all of its communities. As a result, this mission became the Community First program in 2018.

Since its inception, the credit union has donated $145,000 to Communities First grantees, including eight hospital foundations and four community college foundations. One of the beneficiaries of the Communities First program is the Lower Columbia College Foundation.

Property taxes rise after four TIF refunds add $36.7 million to Mitchell property values ​​- Mitchell Republic


MITCHELL — Mitchell’s property taxes have felt a big impact because of a handful of tax-raise funding district developments that have been refunded over the past two years.

The four tax increment financing (TIF) districts that brought in a slew of new subdivisions, townhouses and businesses added $36.7 million in assessed property values ​​to Mitchell’s tax rolls, which contributed to soaring property taxes for 2023. The handful of TIFs that have been paid over the past year and a half have increased Mitchell’s property taxes by 5.4%, marking the largest single-year increase in the course of the last decade.

City Administrator Stephanie Ellwein said the latest group of TIFs paid early shows how helpful they can be in bringing growth and more housing options.

“To see 5.4% growth in the city is very unusual for us. We are generally below 2%. All of that TIF revenue now goes back to the tax entity since it was refunded, where the increase is coming from,” Ellwein said. “When these four TIFs were dissolved due to reimbursement of all associated costs, it all resulted in new growth. Thanks to these TIFs, it brought a huge rateable value to the city. »

TIFs were originally created as a tool to help stimulate economic development in targeted areas where developers are looking to build new businesses and income-generating properties.

However, TIFs have now evolved to facilitate other projects, primarily housing estates. As seen in Mitchell, many developers have used FITs to help fund the infrastructure portion of new housing developments.

In a TIF, increased property tax revenue in the area being developed is what funds public infrastructure improvements and reimburses the Town of Mitchell.

Of the four TIFs that have recently been dissolved and repaid, three of them were housing-related developments.

TIF #18 brought a strip of townhouses and apartments to the south side of Mitchell called South Point Village. The TIF started in 2012 with a 20-year time window, but the developers hit their dollar increase figure and paid the city in full that year. In total, TIF #18 added $15.7 million in assessed land values.

TIF #17, The Woods Addition housing development near the Wild Oak Golf Course, also generated $12.8 million in estimated land value, while the Probuild-led housing development in TIF #15 added $7.2 million. The only TIF that was not used to build a subdivision but a steel fabrication business generated an increase of $835,000.

“A lot of these TIFs started around the same time. It’s good that they’re paying, and they’re paying early. It just means that those taxes come back to the taxing entity sooner than the 20 years that they are allowed through,” Ellwein said.

Combining the increases generated by the four recently dissolved TIFs, this equates to $36.7 million in assessed land values.

The city uses property taxes to help fund municipal services. However, revenue from property taxes is minimal compared to sales tax. Property taxes make up only 30% of the city’s annual revenue, while 57% of its revenue comes from sales tax.

While TIFs have helped bring in new industries, businesses, and housing options, some Mitchell residents have criticized the way TIFs are being used. Mitchell resident Steve Sibson told an April city council meeting that TIFs are used by wealthy real estate developers to cut costs for subdivisions and other TIF-related projects. He claimed they were never meant to be used as some are now.

“They were originally intended to restore economic vitality to a degraded area, and what I’ve seen in this community – both at the city level and at the county level – is that they are used to cut costs for wealthy property developers,” Sibson said. at the April city council.

The state permits the use of TIFs for subdivisions, as have many Mitchell developers, per state Department of Revenue guidelines.

Ellwein dubbed TIFs as “one of the only tools” cities have in their arsenal to kick-start economic development, whether in the form of new businesses or housing developments. Some developers have said they would not have been able to develop a property without a TIF, such as a California developer who is converting an old building in downtown Mitchell into apartments and commercial space.

Several new TIFs have sprung up this year, including one for a subdivision near Lake Mitchell and another for the redevelopment of the former Ramada Inn, which is an aging and vacant building.

Since Mitchell began hosting TIFs decades ago, 28 TIF districts have been established in Mitchell. All but one have paid. The only unsuccessful TIF, located near Klock Werks, was disbanded as the city received a multi-million dollar grant to improve the low-lying, flood-prone area.

Pennymac TPO Introduces New Lending Platform


Pennymac Financial Services is putting more muscle behind its wholesale operation, Pennymac TPO, announcing on Thursday the launch of a new brokerage platform dubbed “POWER+”.

The lending portal will speed up mortgage processing times by up to 40%, thanks in part to built-in validation that ensures a loan application is accurate before it is submitted, claims the California-based multi-channel lender.

Portal features also include a custom fees screen where brokers can add and edit fees. Additionally, they have the option of using Pennymac’s default fees or aggregated fees from more than 25,000 settlement service providers across the country, the lender said.

In January, Pennymac renamed its wholesale channel, changing its name from Pennymac Broker Direct to Pennymac TPO. The lender said the previous name did not reflect Pennymac’s “growing focus and support” for emerging banking segments.

The rollout of “Power+” is an extension of the lender’s rebranding efforts and its “commitment to supporting wholesalers and brokers in an immense way,” the company said in a statement.

Pennymac entered the wholesale space in 2018 and has been aiming to grow the chain ever since. In the second quarterIn 2022, originations in Pennymac’s direct broker channel totaled $2 billion, up from $2.5 billion in the prior quarter. At the time, the lender said that despite lower margins than the previous quarter, the “channel remains very competitive”.

As mortgage interest rates rose, one of the largest lenders in the segment, United Wholesale Mortgage, announced a aggressive pricing strategy while at the same time a number of lenders including LoanDeposit, Amerisave, West Mountain Financial left the company.

Pennymac CEO David Spector said during the company’s second quarter earnings calculationl that the lender remains “diligent in identifying and implementing additional efficiencies across the business” and commits to “making investments in transformational technology projects”.

During the initial planning phase of the PennyMac platform, the lender had “discussion sessions with key partners and pulled in-depth feedback from various users, such as loan officers, processors, and landlords. of brokers,” said Kim Nichols, senior managing director of Pennymac TPO in early January.

“We also meticulously documented customer feedback on challenges in the loan process. We narrowed down their needs to three main areas: speed, efficiency and communication,” she said.

The platform also enables real-time communication with all parties, eliminating email exchanges and speeding up the closing process.

On the borrower side, Power+ allows home buyers to opt for a hybrid electronic fence. With this option, borrowers only have to sign a few critical documents in person.

How Medical Debt Can Unfairly Ruin Your Credit Score: Hits


Penelope Wingard of Charlotte, North Carolina, survived breast cancer, a brain aneurysm and surgery on both eyes. Over the past eight years, she has also been saddled with tens of thousands of dollars in medical debt.

Aneri Pattani / KHN

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Aneri Pattani / KHN

Penelope Wingard of Charlotte, North Carolina, survived breast cancer, a brain aneurysm and surgery on both eyes. Over the past eight years, she has also been saddled with tens of thousands of dollars in medical debt.

Aneri Pattani / KHN

After a year of chemotherapy and radiation, doctors told Penelope Wingard in 2014 that her breast cancer was in remission. She had prayed for this good news. But it also meant she no longer qualified for a program in North Carolina that provides temporary Medicaid coverage for patients undergoing active treatment for breast cancer.

Wingard became uninsured. She had survived the medical toll, but the financial toll was ongoing.

Bills for follow-up appointments, blood tests and scans quickly piled up. Soon, her oncologist said he wouldn’t see her until she paid off her debt.

“My hair hadn’t even grown back after the chemo,” Wingard says, “and I couldn’t see my oncologist.”

Medical debt caused her credit rating to drop so low that she struggled to qualify for loans, and applying for jobs and apartments became a heartbreaking experience.

“It’s like you’re being punished for being sick,” Wingard says.

Earlier this year, when three national credit bureaus announced new policies to deal with medical debt, consumer advocates celebrated, believing it would bring relief to patients like Wingard. But it turns out the changes aren’t enough to help him or many other black and low-income patients, who are often the hardest hit by medical debt.

“They just take away the little things”

Under the new policies, Equifax, Experian and TransUnion will remove from credit reports all paid debts or individual bills under $500 that have been subject to collections, even if they have not been paid. It doesn’t erase what people owe, but the idea is to remove the black mark of collections from their credit so they can more easily reach milestones like qualifying for a car or home loan.

The changes, which will take full effect in 2023, are expected to benefit about 16 million Americans. But one federal report published this summer suggests that it may not be the people who need it most.

“Although the credit reporting companies have been trumpeting this as a big change, the fact is they’re just cutting out the little things,” said ryan sandler, co-author of the report and senior economist at the Consumer Financial Protection Bureau. “They may not be doing a thing as well as their press releases would have you believe.”

Medical debt highest in southern states that haven’t expanded Medicaid

Those most burdened by medical debt tend to be black or Hispanic, low-income, and in the South. A KFF national survey found that 56% of black adults and 50% of Hispanic adults report having current debt due to medical or dental bills, compared to 37% of non-Hispanic white adults. And one study published in 2021 found that medical debt was highest in low-income communities and in southern states that had not expanded Medicaid.

But, says Sandler, “the population that is going to have all of their collections removed are somewhat more likely to live in predominantly white neighborhoods and higher-income neighborhoods.”

Collections under $500 are often the result of a delinquency share Where coinsurancesays Sandler, and insured people are more likely to be wealthier and whiter.

Someone like Wingard — a black woman living in North Carolina — is less likely to benefit from new credit company policies.

After Wingard’s oncologist cut her, it took almost six months to find another doctor who would see her while leaving the bills unpaid.

North Carolina hasn’t expanded Medicaid, so despite her low income, Wingard, who is 58 and doesn’t have young children, doesn’t qualify for her state’s public insurance program.

She estimates that her total medical debt is now over $50,000. It’s not just about cancer care, but also about bills for unrelated health issues that grew over the following years.

She’s worked as an after-school teacher and tutor, COVID-19 contact tracer, and driver for a ride-sharing service, but none of those jobs come with health insurance benefits. Wingard says she tried to buy private insurance in the market several years ago, but her monthly premium would have been over $200, which she can’t afford.

That left her on the hook for bill after bill after bill. His credit report shows five pages of notices from collection agencies representing doctors’ offices, hospitals and labs.

Nearly 20% of people with medical debt fear they will never pay it off

Wingard is resourceful. She tracked down clinics that operate on sliding scale fees, pharmacy programs that lower copayments, and nonprofits that help cover health care costs. But that wasn’t enough to get her out of debt.

In February, Wingard needed a specialist mammogram to check for cancer recurrence. Prior to the appointment, she contacted a local nonprofit that agreed to cover the costs. But a few weeks after the procedure, Wingard received a bill for nearly $1,900. There was miscommunication between the nonprofit and the hospital, Wingard says. As she tried to fix the problem, the bill went to collections. It’s over $500, so it won’t be removed even when new credit agency policies take full effect next year.

“You fight so hard and go through so much,” Wingard said. “Yet sometimes you don’t see any kind of relief.”

According to the KFF poll, nearly 20% of Americans with medical debt don’t think they’ll ever be able to pay it all back. Wingard resigned herself to living with the ramifications.

“It makes you feel useless, like you can’t do anything”

Her refrigerator and stove have been broken for over a year. She can’t qualify for a loan to replace them, so instead of baking chicken from her favorite family recipe, she often settles for a can of fast food soup or chicken wings.

In an emergency — like when she had to fix a broken tooth this fall — Wingard borrows from her family. But it’s not easy to ask for money, she says. “It makes you feel useless, like there’s nothing you can do.”

A recently published study found that medical debt renders many people unable to afford basic public services, increases their housing and food insecurity, and can “contribute to a downward spiral of poor health and financial insecurity.”

How Bad Credit Reports Hurt Job Prospects

For Wingard, it hurt his ability to find a job. She says two employers told her bad credit shows up as a red flag on background checks and led to her being denied positions.

Employers sometimes use credit reports as a “character proxy,” explained Marc Rukavina, program director of the nonprofit health advocacy group Community Catalyst. If two applicants are equally qualified but one has poor credit or multiple outstanding debts, employers might see that person as less responsible, he says – despite research showing medical debt is not an accurate predictor of a person’s likelihood of paying their bills.

While new policies from credit companies are unlikely to improve Wingard’s situation, consumer advocates say there are signs the company is starting to think differently about medical debt.

The Biden administration has advised federal lenders to stop considering medical debt when evaluating loan applications and asked the Consumer Financial Protection Bureau to investigate whether medical debt should ever show up on credit reports.

A federal law prohibit certain types of surprise medical bills came into force this year, and some states have enhanced protections against medical debt expanding Medicaid or holding nonprofit hospitals accountable for provide financial assistance to low-income patients.

In August, VantageScore, a company that calculates credit scores, said it stop using medical collections in its formula.

Wingard is ready for a faster and stronger change. And she has an idea for doing just that: a march on Washington to demand medical debt relief and universal insurance to reduce future bills.

“For a million people to come together there and say we need better health care, I think that would be historic,” she says. “Maybe then they will recognize that we need help.”

KHN (Kaiser Health News) is an editorially independent national broadcaster KFF (Kaiser Family Foundation).

Moose Fire is 80% contained


SALMON — Moose Fire firefighters are slowly closing in on full containment as growth hits an all-time high.

As of Wednesday morning, the 130,119-acre blaze is 80% contained, according to a news release from the Salmon-Challis National Forest. He has only farmed 7 acres since Saturday’s update. Total containment is estimated for October 31.

Firefighters announced last month that the Moose Fire, which started July 17, was the result of an unextinguished and unattended campfire. It comes after months of investigation and officials are asking for the public’s help in identifying anyone who may have been present in the camping area from the afternoon of July 16 to the morning of July 17. Send your information to [email protected]

Two helicopter pilots were killed in July while assisting with firefighting efforts. An Oregon wildland firefighter died Sept. 20 following a medical emergency. No other injuries were reported.

Favorable weather conditions have contributed to the lack of fire growth in recent weeks. Forecasts call for a transition to warmer and drier conditions, which firefighters will continue to monitor. But they do not anticipate any drastic fire behavior.

“Teams continue to work on repair projects with Forest Resource Advisors, restoring damaged areas to a more stable state. Significant progress has been made on a number of these projects, including completion of repair along Highway 300, completion of repair work in the Jureano Mountain/Trapper Ridge area, completion of fuel removal and repair in the power line corridor and repair work south of Salmon from Old Leesburg Road south towards Gorley Creek,” the press release read.

Temporary closures remain in effect on public lands north of Salmon, south of Wallace Creek and west of Fairgrounds/Diamond Creek Road. Click here for more information.

There are no areas under evacuation at this time.

The Great Basin 5 Incident Management Team will transfer responsibility for fire command operations to the Great Basin 7 Incident Management Team at 8 p.m. Wednesday.

Sunol residents to decide on $10.9 million school bail measure in November | New


It’s been 23 years since residents of Sunol passed the 1999 School Bond Measure, which added more laptops and helped expand the once-only elementary school to a K-8 school.

But now that residents are in the final years of paying those bonds, district stakeholders are asking for another bond to settle some costly items like replacing roofs and updating the otherwise outdated school – projects which they believe are not feasible without bond funds.

“As a resident here, I would hate to see this place go to waste,” said Sunol Glen Unified School District Board Chair Mike Picard. “I mean, it’s so beautiful and now is the time to fix it before it starts to crumble before our eyes.”

Measure J is the $10.9 million general obligation bond the district placed in the Nov. 8 ballot. If more than 55% of Sunol residents vote in favor of Measure J, it would use a tax rate of $52.10 per $100,000 of assessed value for property owners to fund the various projects.

Sunol is the third school district in the Tri-Valley seeking to issue a bond in the amount of for facility repairs and upgrades. The other two school districts are Pleasanton, which is asking for $395 million in bond dollars, and Livermore, which is asking for $450 million.

The official ballot for Measure J on November 8 will read as follows:

“To improve the quality of educational facilities; make safety and security upgrades; renovate electrical, plumbing, and HVAC systems; repair/replace leaky roofs; and build a technology lab, engineering and math; shall the Sunol Glen Unified School District measure pass allowing the issuance of $10,900,000 of bonds at legal interest rates, generating an average of $614,500 per year while the bonds are in circulation, at rates of about 5.2 cents per $100 valuation, with annual audits, citizen oversight, and no money for salaries?”

During a tour of the only school in the district, Sunol Glen School located near downtown Sunol, Picard told the weekly that the school has remained clean and well-maintained over the years, which shows that Everything is going well. But he said most of the problems lie with the facility’s infrastructure, which hasn’t been upgraded in decades.

Picard said if the bail passes, the school has a priority list of projects and will start by replacing the roofs of some of the older buildings like the main one, then focus on creating accessible ramps and entrances to the buildings. and the bathrooms.

“In the main building, we’re concerned about asbestos, lead paint, you know, things that were prevalent at that time,” Picard said. “So when we start to scratch the surface, that’s why the estimate is so high. We might run into some issues, so we don’t want to run out of money.”

The school itself was built in 1925 and since then things have been added and fixed along the way but that has only patched up the bigger problem for things like rotting wood, needs seismic updates and obsolete electrical and plumbing systems.

“The problem is, you keep fixing, fixing, fixing…like the roof,” said Lowell Hoxie, district maintenance and operations manager. “Yes, we did a little section here, we did a little section there, but no, we have to take the roof off and do it all again.”

Hoxie said it had been a while since he knew the school needed major repairs, such as the felt ceiling in the main building which he says is around 40 to 50 years old – he said the duration average felt life was 30 years.

“Just patching doesn’t work…you’re just chasing leaks all the time,” he said.

In addition to the plaster falling from the ceiling, the bond money will fund the construction of more accessible entrances to the ADA for the main building doors, auditorium, and bathroom stalls and entrances.

At present, there is no way for anyone in a wheelchair to get onto the school auditorium stage, access being limited to a short, narrow flight of stairs and on top of that, the only ramp to access the main building is at the back of the school.

“Whether it’s my grandma wanting to come see my kids’ graduation or whether we’re hiring someone who has mobility issues or a kid who comes to school here has issues, it’s not isn’t good,” Picard said of the lack of accessibility at the school.

Picard said the bail will also be for the cafeteria, which doesn’t have air vents or a code-compliant fire suppression system for the ovens in the kitchen, meaning they can’t really cook food in it.

The other big items on the bond list will be; upgrading the laptops in the back of the school, one of which is 40 years old, according to Hoxie; improving overall school security with more fencing and better door locking hardware; and updating the fire sprinkler system – the school currently has the exposed tubes running outside the ceiling rather than inside.

But, much like other school ties in Alameda County, the tie faces opposition from the local Libertarian Party.

Elizabeth Stump, Vice President of the Alameda County Libertarian Party, signed the anti-duty statements that outline how residents shouldn’t be forced to pay more taxes and that the district provides vague reasons in the language of obligation to explain why he needs the money.

“The Measure J at Sunol Glen does not meet the most basic requirements of a Proposition 39 school bond,” Stump told The Weekly. “The first requirement is that the school district draft a list of ‘specific projects’ for the bond before submitting the measure to voters. The district drafted only a vague list that does not include improvement projects. fixed assets.”

She also said most of the projects listed by the district are minor repair projects that can be repaired and there is no need to post a multi-million dollar bond through taxes.

“The promoters’ arguments are misleading,” Stump said. “They say, ‘The tax rate won’t go up.’ The tax rate may not increase, but the amount of residential property taxes will increase significantly to pay off the deposit.”

She also expressed concern about how the money will be spent and did not trust the school board to keep the money local.

However, Picard said that because residents are nearly done repaying the previous 1999 obligation, they realistically won’t see any change in the tax rate they’ve already been paying for several years.

The district attempted to post a bond in March 2020, Measure O of $9.5 million, which Picard said was for the same repairs but was also going to fund the construction of a new multipurpose hall. Measure O obtained a slight majority (50.56%) but did not reach the required threshold of 55% among the 449 participating voters.

After taking surveys of residents in the wake of the Measure O loss, Picard said officials found they didn’t want a multipurpose hall and so the district decided to cut back and wait. the next election cycle so that it will be easier to sell because residents will not have to pay two bonds at the same time.

“Measure J will not increase the current annual tax rate,” according to the district’s website. “Instead, it will extend the old bond program which expires next year and maintain the estimated tax rate that homeowners currently pay.”

Picard said any opposition to the link came from people outside of the Sunol community and guaranteed that all money will go to those projects which he believes are well planned and necessary to continue serving the community.

“If anyone needs anything, we’re neighbors, we help each other,” Picard said. “Our school is kind of at the center of our community. It’s a place where the public gathers, it’s a place where children come to school. All the children from Sunol, who come here, we must, a safe place, a safe environment and the best learning experience they can have.”



Company highlights success of go-to-market strategy and the post-pandemic growth plan to drive growth.

ATLANTE, October 4, 2022 /PRNewswire/ – IOU FINANCIAL INC. (“IOU” or “the Company”) (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), today announced the origination of loans in the third quarter of $74.2 million representing an absolute record in the company’s history.

Loan originations in Q3 2022 of $74.2 million represent an increase of 25.8% over the previous period (US$59.0 million) and 42.1% over the same period in 2021 ($52.2 million). Total loans since the beginning of the year $192.7 million represent an increase of 72.2% compared to the same period in 2021 ($111.9 million).

“IOU’s strong loan originations in the third quarter of 2022 and progress towards its strategic objectives make us cautiously optimistic about achieving the top of our guidance,” said Robert Gloer, Chairman and CEO. “IOU Financial continues to execute its strategy by significantly increasing lending while investing in technology and product innovation.”

The Company continues to execute its post-pandemic growth plan, first announced in May 2021based on three strategic pillars:

  • Technological innovation : The company continues to invest in the development of its proprietary IOU360 platform to better support brokers, traders, investors and internal stakeholders, all designed to support greater efficiency and the long-term scalability of the company.
  • Product extension: The Company is committed to product innovation to meet the changing needs of brokers and small business owners as well as to further differentiate itself in the marketplace. In August 2022 IOU launched its Premier PLUS Term Loan for loans up to $1.5 million with terms of 36 months, preceded by the Cash back loan from IOU Financial, 24 month term loan in 2021.
  • Distribution of products: The Company continues to expand its wholesale (IOU Financial) and retail (ZING Funding) distribution strategies to maximize its exposure to the economic recovery through both channels.

The success of IOU Financial’s post-pandemic growth plan has enabled the company to earn a Silver Stevie® at the American Business Awards® in May 2022and in june IOU has been named one of the 50 Best Workplaces in Fintech for 2022 by American Banker. Further growth in loan originations was enabled by IOU’s transition to August 2021 from a portfolio loan strategy (under which loans were funded directly from IOU’s balance sheet) to a market strategy under which loan originations are primarily sold to institutional buyers.

IOU Financial maintains its outlook for loan originations in the range of $220 million$260 million.

About IOU Financial Inc.

IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital for small businesses through a network of preferred brokers across the United States and Canada. Leveraging its proprietary IOU360 technology platform that connects underwriters, traders and brokers in real time, IOU Financial has become a trusted alternative to banks by disbursing over $1 billion in loans to fund growth small businesses since 2009. IOU has been named one of the 50 Best Workplaces in Fintech for 2022 by American Banker and trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU) and on the US over-the-counter markets under the name IOUFF. To learn more about IOU Financial’s corporate history, financial products, or to join our network of brokers, please visit www.IOUFinancial.com.

Forward-looking statements

Certain information contained in this press release may contain forward-looking statements. Forward-looking statements are statements, other than statements of historical fact, that address or discuss activities, events or developments that IOU expects or anticipates will occur in the future. These forward-looking statements can be identified by the use of words and phrases such as “expects”, “believes”, “estimates”, “expects”, “may”, “plans”, “projects”, ” should”, “will”, “intend”, “seek”, “allow”, “create a path for”, “put in a position to” or the negative of it or other variations of it -this. These forward-looking statements are subject to and involve substantial known and unknown risks and uncertainties, some of which are beyond IOU’s control, including, but not limited to, the impact of general economic conditions, industry conditions , dependence on regulatory and shareholder approvals, uncertainty of obtaining additional financing, risks related to the Company’s inability to execute its business plan, dependence on third-party service providers, competition, reliance on key personnel, security and privacy risk, technology development risk, IT disruptions, customer relationship maintenance and litigation risk. No assurance can be given that any of the events anticipated by these statements will occur or, if they occur, what benefit IOU will derive therefrom. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on any forward-looking statements. IOU undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. Additional information regarding these and other factors can be found beginning on page 20 under the heading “Risks and Uncertainties” in IOU’s MD&A dated May 18, 2022which is available under the IOU profile on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE IOU Financial Inc.

OMNICOMMANDER launches comprehensive new website for Thrive Credit Union


MIRAMAR BEACH, Florida., October 3, 2022 /PRNewswire/ — Thrive Credit Union’s New OMNI-Powered Site Goes Live September 16. It features a number of exclusive OMNICOMMANDER™ content, including CARCOMMANDER; a comprehensive online car buying service, CHATCOMMANDER; a live interactive chat service (no bots) and a fully integrated appointment scheduler.

“We love our new website and all the amazing features we chose when creating the site. Very happy with our choice to partner with the amazing team at OMNICOMMANDER,” said Brittani RichardsCOO at Thrive Credit Union.

The Muncie, IndianaThe credit union wanted the new site to focus on its members and local business partners. “Talking about local businesses, the local events they attend, and their passion for helping their members blossom in life were essential aspects of the website creation strategy,” said Eric Isham, Founder and CEO of OMNICOMMANDER. “The site’s evocative images and videos, brightly colored graphics, and user-friendly navigation effectively execute the client’s vision. I think everyone is extremely proud of how this site has turned out. In just the first week of going live, the new site had over 300 interactive discussions with Thrive Credit Union members that generated 3 loan leads for the client and maintained a 100% satisfaction rating.”

About Thrive Credit Union

Thrive Credit Union was founded in 1940 by Delco Battery employees. These employees have come together to establish a financial department dedicated to serving the dedicated and loyal employees of Delco Battery and their families. For the past 81 years, Thrive Credit Union has been part of the Delaware County Community and evolved into a full service community credit union.


OMNICOMMANDER is a veteran owned and operated website design, marketing and cybersecurity company focused on the credit union industry. With a dedication to the member experience, the company ensures that every touchpoint has a remarkable interface. Besides its amazing design, OMNICOMMANDER builds websites with built-in mobile responsiveness, SSL encryption, and compliance with ADA guidelines.

OMNICOMMANDER provides marketing services including target marketing, branding, SEO, video creation and social media to enhance all aspects of a brand’s digital presence. OMNICOMMANDER’s cybersecurity division, CYBERCOMMANDER, is the industry’s first cybersecurity provider focused on delivering a holistic yet affordable cybersecurity solution for credit unions, offering customized compliance solutions that help our partners stay one step ahead of cybercriminals.

Contact: John Pennycuff
Phone: (800) 807-3109
E-mail: [email protected]


Album Review – Le Famuan

GOD MADE DJ Khaled album. Photo courtesy of Hypebeast.com

August 26e, DJ Khaled has released his fourteenth studio album, “GOD DID”. The album has eighteen starred tracks like any other Khaled album. The first single was a disappointing collaboration from Drake and Lil Baby which sampled The Bee Gees “Stayin’ Alive”.

The promotion of the album was overdone but that’s what people expect from Khaled. DJ Khaled’s social media presence and catchphrases sometimes overshadow his role in rap as a lead curator. Fans and critics alike have wondered what DJ Khaled is actually doing on his album, but he’s delivered some undeniable classics over the years. I believe “GOD DID” has some of those moments.

There are no positive hymns on this album like “All I Do Is Win” or “Higher”, on the album. But there are times when Khaled deviates from his usual formula, like Drake’s intro track “No Secret.” Every time Drake and Khaled have teamed up for a record in the past, it’s sounded like a fun summer song. “No Secret” is a short intro but sets the tone over an OVO SoundCloud-like beat.

“GOD DID” then enters a dramatic rhythm, worthy of legends. The standout track is of course titled “God Did”. In a Complex interview before the album’s release, Khaled was quoted saying “This is one of Jay-Z’s best verses of all time.” Was it? Not for me, but it was a great verse. Lil Wayne was the real star of this song, “dread locks, face tats I’m the apex.” Taking a moment to acknowledge its cultural influence on today’s rap stars.

The album has moments where you wouldn’t mind not hearing that song again or you feel like you’ve heard it before. From the first look at the track list and features, I mentally picked songs that I thought were good, but was disappointed. They just looked good on paper. Bills Paid is the best example. A song by Latto and City Girls should be a new girl’s anthem, but Khaled failed to connect the two acts. This occurs on “Big Time, Keep Going, Fam Good, We Good and Use This Gospel”. Some of these songs feature artists who have had success in the past, but they failed to replicate that success on “GOD DID.”

Going for the home run with big names just doesn’t pay off on most of the album. This pays off on “Beautiful” by Future and SZA. SZA looked like an angel who was followed by Future leaning into her social media persona with lyrics like, “Every night we burn sage because we’re toxic.”

The artist shone on discs where there were only them. “Jadakiss Interlude, Way Past Luck, Juice Wrld Did and Grateful” were among the best songs on the album. Jadakiss added a grimy, boom-bap feel the album needed. 21 Savage floated to the beat as he expressed his feelings. Juice Wrld’s track was a reminder of just how talented he was. And Vory delivered a touching vocal performance on “Grateful,” the album’s final track.

I added eight of the eighteen tracks to my library. “GOD DID” is by no means a classic album but offers some memorable moments. The album feels like a circus act at times, just random things happening. But it’s definitely a better album than Khaled’s last album, “Khaled Khaled”.

What is it and when should you look for it?


By CNBCTV18.com Contributor IST (Released)


The main objective of a debt relief program is to help borrowers repay their debts within a reasonable time. Therefore, once the consumer realizes his need for assistance, the choice of a debt relief strategy follows.

Borrowing money or going into debt doesn’t always have to be harmful. It could be the start of a path to development and financial stability. However, some debts don’t really offer benefits. In a country where consumers have a plethora of options for availing themselves of credit or debt, from traditional financial institutions to new-era fintechs, carrying a lot of debt can be overwhelming, especially if it exceeds the borrower’s ability to repay it.

The general mindset of clearing the minimum amount owed can drive up balances as they grow with interest accumulating over time. However, to protect the interests of consumers who are trapped in such debt, there are debt relief programs available. Although it can take many forms, debt relief can help borrowers get out of debt faster and get closer to financial freedom and a debt-free life.

What is Debt Relief?

Debt relief refers to the act of readjusting a borrower’s existing debts so that they are partially or fully exempted from having to repay their creditors. Moreover, it helps in reorganizing and consolidating scattered loan repayments to settle them at a sum acceptable to both debtor and creditor.

Debt relief doesn’t always include immediate repayment or cancellation of debt, and simple solutions include accepting a few missed payments or a lower interest rate. In an effort to help people find a practical path to debt elimination, debt relief aids restructure debt so that payments are more manageable.

The need for debt relief

Since 2018, consumer debt has steadily increased and the epidemic has made matters worse. At the same time, the advent of new era, easy-to-obtain credit is driving consumers, millennials, and Gen Zers toward the concept of micro-credit and pay-after services. This is where we need to raise awareness about credit caution and avoid falling into the debt trap by managing debt properly. And if it goes up, take advantage of debt relief and credit counseling services.

How does debt relief work?

The main objective of a debt relief program is to help borrowers repay their debts within a reasonable time. Therefore, once the consumer realizes his need for assistance, the choice of a debt relief strategy follows. By analyzing the details of their debt – like how much they owe, interest rates on loans, and their credit score – the consultant can determine the ideal approach and start a conversation with creditors.

As each outstanding debt account is paid off, the borrower continues to make monthly deposits into their special purpose savings account. By reducing expenses or selling items they no longer need, borrowers can speed up the process and get closer to their savings goal. Some debt relief organizations and companies focus on helping clients with more manageable debt issues. They could review the borrower’s debt, offer advice on money management, and negotiate a new payment plan with creditors. They may also be able to work with the borrower to design a repayment schedule that suits their lifestyle.

When to seek debt relief?

There is no single, universal approach to managing debt. Anyone having difficulty paying their debts may find debt relief helpful. A more intensive program, such as debt settlement or debt resolution, might be the best choice if the borrower feels they will not be able to repay their debts within five years, even with strict budgeting. , or if your total unpaid unsecured debt is more than half of gross income. Debt relief may be considered if:

• Failure to pay credit card or other loan installments on time

• Although the borrower is not yet in arrears with payments, he is struggling to make them

• The borrower tried to manage his debt independently, but failed to make progress

• The borrower has considered declaring bankruptcy


The borrower has a wide range of options while seeking debt relief. There are many options to explore, including dealing with lenders, qualifying for special programs, or simply asking a debt relief company to help you get out of debt. Debt relief can help borrowers who are over-indebted see the end of the tunnel. Every situation is unique and knowing what to expect from debt relief and how it might help someone is key to making the right decision.

This article is written by Ritesh Srivastava, founder and CEO of FREED. Opinions expressed are personal

Middle school students learn to budget with real-world expenses


PARKERSBURG, West Virginia (WTAP) –

Seventh-grade students at Jackson Middle School got to see what it takes to balance a budget Friday morning by participating in West Virginia Central Credit Union’s Mad City Money initiative.

Students used their math skills to budget for real-life expenses like buying a home, childcare, groceries, and insurance.

Students were given a character biography telling them whether they were married, divorced, had children, and what their budget was. They went from station to station, writing checks to pay for expenses, and even facing challenges like speeding tickets. In the end, they had to balance their checkbook.

Cindy Turner is the Senior Vice President of WV Central Credit Union.

Turner said if they can reach kids at an early age, it will help them as they get older and have to deal with these real-world issues.

Seventh grader Kendra Richards said today’s program was fun and helped her feel ready to handle the real world.

“Buying for the child was really shocking and very expensive, so it definitely prepared me for how much I would need to buy for a child.”

Cherish George, a 7th grade science teacher at Jackson Middle School, worked with the Credit Union and this program at her previous school. Now that she’s in Jackson, she wanted to bring the program to these students as well.

The Mad City Money initiative has been around for about a decade, according to Turner. They are education partners with Edison Jr High and did the program with them. They also worked with some homeschool. She said the program is available to any interested school in the area.

Cherish George said she would like to make this program a yearly thing for the school.

Pause on student loan repayments ends December 31 – everything you need to know


According to the U.S. Department of Education, the pause on student loan repayment, interest, and collections will end on December 30, 2022, meaning payments will resume in January 2023. And while efforts to cancel loan from president Biden (opens in a new tab) provided some financial relief to university students and graduates, many still find themselves with large sums to repay, especially those who had to take out private student loans and received no forgiveness compensation.

With payments restarting in January 2023 in the face of inflation and rising interest rates, not to mention right after the holiday season, it’s important to start creating an action plan around your loans now. , rather than later. For many, this will mean making their budget even tighter. However, the tips below will give you some insight into how you can pay off your student loans as soon as possible.

How you can pay off your student loans as quickly as possible

Many have already had to make cuts to their finances to account for inflation, and with the pause on student loan repayments ending at the end of this year, paying off student debt can seem daunting. However, there are ways to manage these loans and pay them back, allowing you to use that money elsewhere.

Keep in mind, though, that while paying off student loans is important, it doesn’t have to be a race to the end for everyone. While ultimately paying off student debt is the best course of action, it’s important to consider your other financial goals, responsibilities, or debts in order to decide on the best course of action. for your money.

For example, it might be wiser to prioritize saving for an emergency fund instead of funneling all that money into your student loan payments. Also, if you have another loan with a higher interest rate than your student loans, you can prioritize paying it off instead.

If your student loans are hurting your financial health, the steps below will help you pay off those balances quickly.

Create a successful budget

It’s no surprise that the first tip on this list is to start your loan repayment journey by creating a detailed budget, an important step for any financial goals you might have.

Having an overview of income and expenses will help you visualize how your money is being spent on a daily or monthly basis, whether it’s paying bills, forgotten subscription services, or too much takeout. Going forward with this information, you will be able to identify areas where you have been overspending and could afford to cut costs to save a few dollars. The money you save can then be used to prioritize your loan payments each month.

By downloading a budgeting app (opens in a new tab), like Mint, you can make the process of analyzing your expenses easier, as most do for you. Most also provide expert tips for managing money along with other notable features.

Automatic payment deductions

You’re probably already familiar with automatic bill payment, but did you know you can set it up for student loan payments too? Not only will this prevent you from missing a payment, but most of the time your loan officer will lower your interest rate if you choose to pay this way.

Make additional payments

Although obvious, one of the easiest ways to pay off your student debt as quickly as possible is to pay more each month. This means increasing your payment amount and trying to make payments every two weeks. Increasing the amount of your payments, even slightly, will still help you reduce your debt faster.

Of course, the increase in payments will depend on how much money you can afford to spend. This is where a budget comes in handy, as you’ll likely need to cut spending in other areas for it to work. However, keep in mind when making additional payments to make sure they go to your main balance and aren’t simply rolled over to the next month, resulting in a “paid in advance” status.

Plus, by increasing your payments, it will also help you fight off accrued interest on your loans. Interest rates on loans can be quite high, so the lower your total balance, the less interest you will have to pay. That’s why it’s important to reduce your balance as soon as you can.

Refinance for a lower interest rate

For those struggling to repay their student loan due to an exceptionally high interest rate, refinancing is an option. This could get you approved for a lower rate than you started with, allowing you to pay off that debt faster. When refinancing, you will probably want to have a credit rating (opens in a new tab) in the high 600s, as well as stable income to get the best rates. However, recent college grads generally don’t have very strong credit, so that’s something to consider when determining if refinancing is right for you.

Student Loan Forgiveness Programs

For those who qualify, there are several student loan forgiveness programs available to help take the burden off your college degree. Although not everyone can benefit from these benefits, you should still check if you are eligible for one of these programs.

For instance, Public Student Loan Forgiveness (PSLF) (opens in a new tab) is intended for individuals employed full-time by a U.S. federal, state, local, or tribal government or nonprofit organization. Eligible recipients must repay their direct loans with an income-based repayment plan and have made at least 120 payments. Your remaining balance will then be forgiven.


Overall, while Biden’s plan to forgive $10,000 in student loans for those earning less than $125,000 and $20,000 for those who received the Pell Grant is a step in the right direction, many of us still end up with huge student debt balances. That’s why it’s important to be ready when payments resume at the end of the year. The steps above are intended to help you control your student debt.

LA Times: During retirement challenges, a reverse mortgage could be ‘viable’


Figuring out how to use your home in old age can be a big decision for anyone in or near retirement, especially if a senior is determining whether or not they want to stay there. There may be questions about whether the current home is the right one for them and their situation, whether downsizing is a viable option, or whether or not home equity should be converted into disposable cash.

When deciding how to operate a home during retirement, a reverse mortgage could present a “viable option” under the right circumstances. This is according to a new column published this week by the Los Angeles Times.

Since the home can often serve as the main asset of an older person who holds the bulk of their pre-retirement wealth, deciding how and when to stop working may depend on whether or not an older person continues to work. payments on a traditional term mortgage. according to a financial planner who spoke with the Los Angeles Time.

“Yet other experts say having a mortgage is not a deciding factor for retirement, especially if the interest rate is low,” the column read. “The real priority should be getting rid of your consumer debt, like credit card balances,” according to a CPA contribution for the story.

Another question to ask is how much house is appropriate for certain individuals, the column explains.

“Downsizing in a smaller home could free up money to add to your retirement savings, noted Jason Stein, a certified financial planner in Irvine,” the column says. “If you want to generate real savings, however, you’ll likely have to stay away from hot California real estate markets,” Stein advised.

This is where a reverse mortgage could potentially come into play, the column says.

“[E]Experts say taking a reverse mortgage — that is, borrowing against the equity in your home, with the loan paid off when the home is sold or bequeathed — can be a viable option in certain limited circumstances,” says the column. “A downside to these loans, however, is that the income they generate may not last as long as you. The value of your home is finite, after all.

Recently, the work of syndicated columnist Liz Weston appeared in the same publication, proposing that reverse mortgages could be a potential solution to retirement problems.

Read it column to Los Angeles Times.

Billings Federal Credit Union Chooses Scienaptic’s AI-Powered Platform to Improve Credit Decision-Making

By Edlyn Cardoza


  • Federal Billings Credit Union
  • Compliant
  • Credit decision platform

Scienaptic AI, a leading global provider of AI-powered credit decision platforms, announced that Montana-based Billings Federal Credit Union has chosen to implement the decision platform Scienaptic’s AI-powered credit card. The credit union aims to lend deeper, increase automation, and make advanced credit decisions through Scienaptic’s fair, inclusive, and compliant AI platform.

Pankaj Jain, President of Scienaptic AI, said, “We are thrilled to announce that Billings Federal Credit Union has selected our AI-based credit decision platform. Our platform will help them increase approvals and access to credit in the Montana community and strike the right balance between growth and risk management.

Billings Federal was established in 1935 as a federally chartered credit union. In its 80 year history, they have reached $189 million in assets serving over 11,000 members in Yellowstone, Big Horn or Carbon Counties, Montana. Billings Federal offers its members a wide range of financial products and services and aims to make life easier for its members and help them achieve financial success. Scienaptic’s platform will allow the credit union to streamline credit decisions and increase approvals and automation.

“We have served our members for over 80 years and want to continue to strive to improve the quality of life of our members by providing the best financial services,” said Tom Boos, CEO of Billings Federal Credit Union. “Sciaptic’s platform will automate and streamline our decision-making, increase credit approvals, and provide our underwriters with a powerful tool to increase efficiency and focus on complex loan applications. Additionally, the platform will help us better understand our members, make personalized lending decisions, and provide an exceptional credit experience. »

Recently, IBS Intelligence reported that Scienaptic announced that RV Depot is now live on its credit underwriting platform. This deployment allows the RV lender to streamline and automate their credit underwriting process and improve the customer experience.

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Your student loans are cancelled. Should you pay off other debts or invest in the stock market?


Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh your financial decisions. Our columnist will give her verdict. Let us know if you think she’s right in the comments. And don’t hesitate to send us your suggestions for future Financial Face-off sections.

The Biden administration’s highly controversial student loan forgiveness plan is set to launch soon, with online applications expected to roll out in early October. Individual borrowers who earn less than $125,000 a year (or $250,000 of household income) will see up to $10,000 in federal student loan debt forgiven; eligible Pell Grant recipients will receive another $10,000 rebate.

With borrowers having some financial leeway, what should they do with the “extra” money that will appear in their monthly budgets: pay off other debts or invest in the stock market?

why is it important

Student loan debt is a heavy burden for many Americans. Some 45 million people collectively owe $1.6 trillion in federal loans, according to the White House. The average monthly payment is $460, according to the Education Data Initiative.

This debt has changed the course of some borrowers’ lives, forcing them to postpone goals like buying a house, getting married or having children.

Student loan debt is long-lasting: it takes the average borrower 20 years to pay off their loan.

The verdict

Invest it – even though the Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
are down this year.

My reasons

If you’re a student borrower, you may feel like you’re getting by. You may have taken advantage of the student loan payment suspension to pay for basic expenses. But now that some student loan relief will be permanent, you have the opportunity to be intentional about what you do with that extra cash, said Kelley Long, certified financial planner, CPA and founder of Financial Bliss in Oro Valley, Ariz. . .

Borrowers who have been shut out of major financial milestones due to debt can finally act on the “pay yourself first” maxim by creating an investment account.

This can be especially important for people who thought they couldn’t afford to invest because their budget was being eaten up by their student loan repayments. Some people assume that investing is only for wealthier people with established financial lives. Now is the time to revisit that assumption, Long said.

“There’s so much psychology to your identity as a financial person,” Long said. “When are you going to start thinking of yourself as someone worth investing in? What situation has to exist? The answer is – what I’m hoping you’ll say is – ‘Oh my God, I probably need to start thinking of myself like an investor yesterday, or tomorrow, or today, now.”

One way to make investing easier is to start with your own personal amount of money “don’t think twice about it,” Long says. For example, you might have no problem spending $11.99 on a shirt at a discount store and only wearing it once or twice. “You invest in these disposable retail garments knowing you’re not getting anything back,” Long said. “Whatever that amount is, you can afford to put that amount in an investment account on a monthly basis.”

By using a low-cost investment provider that has no minimum account balance or fees, you can create an account where that amount of money is paid into an index fund every month.

“Before you know it, you’ll have a comma in your count, then you’ll have five digits and it’s happening faster and faster,” Long said.

Of course, investing right now, as the markets enter bearish territory this week, can seem scary.

But Jack Hills, director of Icono Capital’s investment office in Rochester, NY, said there’s no better time than the present.

“Imagine seeing something you need, already buying every month, and normally paying full price for a 15% to 25% discount,” Hills told MarketWatch. “It’s the stock market right now.”

He added: “How many of us are cursing ourselves for not buying more in the first quarter of 2020 or even buying nothing at all? Admittedly, it’s terrifying to see the markets lose so much so quickly, and always impossible to know where the bottom really is, but we’re also realistic in a similar opportunity now. Moreover, it is money that is going to be used on a monthly basis, which means that it is an average cost in dollars and compensates for the decreases as well as the increases.

Is my verdict the best for you?

On the other hand, if you have debt with interest rates of 7% or more, it usually makes more sense to pay off that debt first, Long said. Indeed, carrying that debt costs more than what you could earn on average with long-term stock market investments.

It’s also true that paying off debt can be mentally liberating, regardless of the interest rate.

“Some people might sleep better if they know they’ve paid for their car,” Long said. “Maybe they have private loans or a 401(k) loan or something else that isn’t a bad debt, but they would feel more comfortable not having that obligation.”

Paying off other debts can also have real-world consequences you might not have thought of, like improving your credit score and helping you qualify for a lower-rate mortgage, says Chris Haigh, certified financial planner and general manager of Icone Capitale.

He proposed two scenarios: in scenario 1, you pay off other high-interest debt, which increases your FICO score, and you qualify for a 5.875% mortgage with a balance of $300,000, which which would make your total loan cost $638,000. In Scenario 2, you invest in the stock market, your FICO remains the same, and you receive a 6.5% mortgage on a balance of $300,000. This brings the total cost of your loan to $682,000. This is a considerable difference that you may not have taken into account.

Are you hesitating between investing and repaying other debts? You could try dividing the money in three, Long suggested. A third party “overtakes” you by paying off additional debts; a third party takes care of “your future” by putting it towards retirement (or emergency savings if you don’t have enough cash savings); and a third goes to “introduce you,” spending the money on something that will improve your current life, like a cleaning service, club membership, or monthly massage.

“No matter what you do, the most important thing is to be intentional with the ‘extra’ money, especially if you’ve gotten used to not having the payment already due to the payment break – it’s easy to absorbing extra money into our expenses without noticing any difference, even though the payment itself seemed painful when it happened,” Long said.

Let us know in the comments which option should win in this financial head-to-head. If you have ideas for future Financial Face-off sections, send me an e-mail.

Someone in the market has UK banks totally wrong


Nobody really knows whether Chancellor of the Exchequer Kwasi Kwarteng is friend or foe to British banks. What is obvious right now: Someone is wrong.

Investors haven’t liked shares of Britain’s biggest lenders much all year and sold them enthusiastically in the market meltdown sparked by the country’s biggest tax cut program in five decades, which was announced on Friday.

But brokers have steadily raised profit forecasts for Barclays Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, NatWest Group Plc and many smaller rivals throughout the year. The argument for optimism right now is simple: higher interest rates boost incomes, and energy subsidies protect borrowers, the economy, and therefore banks. Jefferies’ Joseph Dickerson estimates capping energy prices will save UK banks 2% of national profits next year by reducing defaults on consumer loans.

After Friday’s budget, Kwarteng told finance chiefs his policies would generate growth and promised them a wave of deregulation at a meeting on Tuesday.

Meanwhile, many UK consumers, like their US counterparts, are being cushioned by more than £200bn ($215bn) of excess savings built up during the Covid-19 pandemic, Office data shows. for National Statistics. Household debt-to-income ratios have also barely changed in eight years and remain well below their 2008 peak, according to the Bank of England. Loans to households seem low risk and increasingly profitable.

So what about falling stock prices? There is undoubtedly a further rise in the risk premia attached to the UK, which simply means that investors are demanding a higher return to hold UK assets due to the economic and political uncertainty the country continues to experience. generate. Shares of UK-focused banks like Lloyds have suffered a Brexit discount since the 2016 vote to leave the European Union. Lloyds and its also UK-focused rival NatWest have fallen 9% and 15% respectively since the start of last week, much worse than the more international Barclays or HSBC. All but HSBC are down for the year, but the four banks’ 2022 earnings per share forecast has risen from 13% to nearly 40% over the year.

Part of this may just be passing fear over Kwarteng’s seemingly cavalier approach to Britain’s long-term financial health: big spending commitments as well as tax cuts and few details on how these might balance out. But the resulting sharp rise in UK government borrowing costs and the pound’s sickly reaction illustrate the potential for real economic risks: higher inflation via import prices, rising interest rates that dampen demand and a potential increase in unemployment as a result. Unemployment is bad news for lenders.

Investors could also simply try to reassess the cost of equity they should apply to banks, according to Andrew Coombs, analyst at Citigroup Inc. This is the minimum level of return an investor should expect and it is generally estimated at around 10% for banks. . Coombs currently applies a cost of equity of 11-12% for UK banks, in line with other European banks but higher than the wider UK stock market.

Apart from HSBC, the major UK banks are trading at a much higher implied cost of equity, based on a simple model using forecast return on equity and current valuations in terms of price to book value. Lloyds and NatWest both have an implied cost of equity of around 15%, while Barclays is at 18%, although this is likely due to its riskier and more volatile investment banking business.

The alternative, of course, is that the earnings and return forecasts are too high: it is the brokers who are overly optimistic, not the investors who are pessimistic.

There are many things that could hurt banks, especially disposable income. The energy price cap will protect consumers to some extent, but still leave them paying bills about twice as high as last year. Rising interest rates will also affect mortgage costs: the vast majority of borrowers have loans with fixed rates for up to five years, but around a sixth of them are due for reassessment over the next year at interest rates that can range from two to three times higher. Moreover, the share of households whose debt service costs represent more than 40% of their income – indicating a higher risk of repayment problems in times of turmoil – had already increased from a low level. , according to the Bank of England.

The government wanted to stimulate spending and growth with its income tax cuts, but it gave half the benefits to the top 5% and two-thirds to the top 20%. Britain’s wealthy are most likely sitting on the biggest chunk of excess savings of over £200billion set aside during the pandemic. In other words, the rich are already not spending the money they have, so giving them more money seems unlikely to stimulate the economy.

High rates, low growth and inflation would make the economic outlook bleak. Add to that government spending cuts to balance its budget or rising unemployment, or both, and the outlook for loan losses from UK lenders will worsen.

Long-term decisions are tough amid the noise-like market chaos of the past few days: Some mortgage lenders have stopped offering new loans while they wait to see where their own funding rates stabilize. But I suspect domestic earnings forecasts for UK banks are going to be reduced in the coming months. Investors are more right than analysts.

More from Bloomberg Opinion:

• Can Kwasi Kwarteng recover his credibility? : Raphael and Hanson

• Brexiteers want a piece of the Bank of England: Paul J. Davies

• The gap continues to widen between the United States and Europe: Lionel Laurent

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

More stories like this are available at bloomberg.com/opinion

Credit Union to fund new musical drama about the life of John Hume


The Irish League of Credit Unions (ILCU) is to fund next year’s musical drama based on the life of the late John Hume.

Plans for ‘Beyond Belief’ were unveiled by Derry’s Playhouse Theater earlier this year. The production will tell the story of Mr Hume and his wife Pat and will premiere next year on the 25th anniversary of the Good Friday Agreement.

Created and written by Damian Gorman, with music by Brian O’Doherty, the work will be conducted by Kieran Griffith.

Throughout his life, Mr. Hume championed the credit union movement as a way to lift people out of the poverty trap. He was a founding member of Derry Credit Union and the youngest President of ILCU. With Pat Hume, he worked evenings and weekends at the institution. Mr. Hume has always said that his role in the credit union movement was one of his proudest accomplishments.

Confirming the £45,000, ILCU chief executive David Malone said many towns and communities in Ireland now had “vibrant credit unions” thanks to work done by Mr Hume in the 1960s.

“John was only able to do this (work) because of the support he had from Pat who kept things balanced at home as he traveled around the county. Beyond Belief is a fitting tribute to this extraordinary couple,” Mr. Malone said.

Pritzker promises Illinois will pay off unemployment fund debt by year’s end


By John O’Connor | Associated press

SPRINGFIELD, Ill. — Illinois Governor JB Pritzker said Tuesday that the state’s relatively low unemployment rate will help him keep his promise to pay off coronavirus-era debt in the State Trust Fund. unemployment insurance by the end of the year.

The Democrat announced he will transfer $450 million from the account set aside to pay unemployment benefits toward debt that has swelled to $4.5 billion during COVID-19-forced business shutdowns.

This reduces the remaining federal loan balance to $1.8 billion, which Pritzker has promised to eliminate by the new year. Illinois has joined dozens of other states in borrowing money to pay unemployment claims, which in Illinois jumped in the spring of 2020 to levels not seen since 1982.

“With the COVID-19 pandemic, a different kind of disaster has happened…” Pritzker said at a press conference in Chicago. “Across the United States, to ensure that those who are eligible can access unemployment benefits, extraordinary measures have been taken by state unemployment trust funds, because almost none … were sufficiently funded to cover this type of emergency.”

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The Democratic-controlled General Assembly and Pritzker agreed last spring to use $2.7 billion in federal pandemic relief funds to more than halve the debt. Republicans argued for paying the entire balance with federal money while it was available and for sparing employers who fund the account a tax increase.

But a robust economy has played a key role, said Kristin Richards, director of the Illinois Department of Employment Security. August unemployment in Illinois was 4.8%, down from 6.1% a year earlier. Year-over-year declines in unemployment occurred in nearly all 102 counties.

Tuesday’s announcement reflects the continued growth of the state’s economy, Richards said.

“Wage employment across the state is up from a year ago,” she said. “We are seeing significant gains in the recreation and hospitality, professional and business services, trade, transportation, and utilities sectors in 97 counties across the state.

Launch of new loan facility for sugarcane growers – FBC News


[Photo: Supplied]

The Fiji Development Bank has developed a new special loan facility for sugarcane growers that will make borrowing affordable for sugarcane growers.

The facility focuses on providing an additional loan facility, including a loan top-up for current FBD cane customers and a loan facility for new cane growers.

These include those who wish to venture into sugarcane farming start-ups and who are sugarcane growers but not FDB customers.

The article continues after the ad

Acting Prime Minister Aiyaz Sayed-Khaiyum yesterday chaired Facility, saying the government would subsidize the interest on farmers’ loans.

Sayed-Khaiyum thanked the FDB for working closely with the government to launch this initiative.

He says more than half of the interest will be paid by the government and through the FDB they are making the loan more easily accessible.

“For this particular loan program, the interest rate is 3.99%, but the actual interest rate is 9.99%. You don’t pay the 9.99%, you pay 3.99, and we pay the 6% to FDB, someone has to pay for that. So the government pays.”

Sayed-Khaiyum says a sugarcane farmer can access up to $100,000 from the new facility, even if it means he wants to venture into other areas of farming.

FDB Managing Director Saud Minam said applications for interested farmers will open in a few days.

“This facility will be ready to go from October 10, which basically means that if you have an application you want to submit, you can submit it online.”

Minam says that for their existing clients, they have a pre-approved loan amount that will be communicated to them soon.

Consumers in debt advised to be careful when using debt advice or debt consolidation to avoid being taken for a ride – SABC News


Consumers in debt are advised to be careful when using debt counseling or debt consolidation to avoid being taken for a ride by unscrupulous companies.

In these difficult economic conditions, marked by high inflation and rising interest rates, many have fallen on hard times and may find it difficult to meet debt repayments.

The National Credit Regulator (NCR) says consumers should do their homework and find reputable practitioners.

According to the recent Debt Busters Debt Index for the second quarter of this year, there has been growing consumer demand for debt advice.

The organization says requests for debt advice have increased by 17% compared to the same period last year. He says many cite the impact of inflation, interest rate increases and reduced ability to borrow as reasons for seeking debt advice.

“The South African consumer has struggled with two things, inflation and interest rates, and both have gone up, and what we see based on the debt index, consumers are dealing with that , especially those fetching between R10,000 and R20. 000 which is the overwhelming majority of the population as far as the South African middle class is concerned, they are reacting to this by basically having to borrow to make ends meet because their salaries haven’t really gone up in the last few years,” says Benay Sager.

Consumers in debt who are considering debt consolidation are advised to check whether the interest rates they are getting make financial sense, as this would mean starting new debt.

Those considering debt counseling are encouraged to do their homework to ensure they are not taken for a ride by unscrupulous practitioners.

“I always advise people to do some research on who is going to provide you with service, especially with debt counsellors; do your homework. How does debt counseling work? Does this give me a payment holiday? And then based on that research that you do, when talking to your debt counselor, see if what he’s saying goes against what you’ve been taught, because it gives you the alarm of say that this one is misleading me or just wants to book me in his book and they will take advantage of it and not me,” says NCR’s Lebogang Mosupye.

Debt Busters says the debt-to-income ratio for those in the R10,000-20,000 per month income bracket is near its highest levels on record at 127%.

The agency says this income group is feeling the twin pressures of interest rate hikes and inflation the most.

Mid Minnesota Federal Credit Union opens full-service office in Fergus Falls


Mid Minnesota Federal Credit Union is opening a full-service office in Fergus Falls near Fleet Farm at 1820 West Lincoln Avenue this winter. The Fergus Falls office will offer fast and convenient transportation services, a 24-hour ATM, mortgages, loans, business, insurance, investments and more.

The community is very important to Mid Minnesota Federal Credit Union. MMFCU joined the Fergus Falls Chamber of Commerce, connected with local schools to provide free, quality financial education to students, visited service organizations, like Sertoma, and established long-standing relationships with dealers of Fergus Falls. As part of their mission to improve the financial well-being of their member owners, they also provide free financial education opportunities. A few examples are FAFSA Filing: Top 5 FAQs Webinar Wednesday, September 28e and one Marriage and Money (Team) Work Webinar on Tuesday, October 11. Pre-registration for these webinars can be done at mmfcu.org/events.

MMFCU’s new Branch Manager, Jackie Formo, brings leadership and customer service experience. Jackie comes to the Mid Minn team with over 15 years of experience in the banking industry as well as building business relationships within the community. “I look forward to serving the Fergus Falls area and providing the best financial services and options to our members,” said Formo.

They are also hiring more local staff to be part of their team. People are encouraged to apply online at mmfcu.org/careers.

Learn more about the Mid Minnesota Federal Credit Union at mmfcu.org.

From the Federal Credit Union of Central Minnesota

Personal loan rates have fallen more than 10%. Here are 4 steps to get the best rate


Image source: Getty Images

Need a loan? Now might be a good time to apply.

Key points

  • Personal loans are a great way to consolidate credit card debt, pay for home repairs, and manage unexpected large expenses.
  • Currently, personal loan interest rates are more favorable for qualified borrowers.
  • There are steps you can take to get the best interest rate, including improving your credit score, finding a co-signer, and shopping around with different lenders.

If you’re thinking about getting a personal loan, now might be the time to apply. From August 29 to September 3, average interest rates on three-year personal loans fell 10.04%, while the rate on a five-year loan fell 4.56%. When you take out a personal loan, you get a lump sum of money which can then be used for whatever you want. Personal loans can be a good way to fund credit card debt consolidation, home repairs/renovations, or unexpected expenses if you don’t have enough money to cover them. So what steps should you take if you want to get the best personal loan rate possible?

1. Work on your credit score

Paying attention to your credit score and improving it is number 101 in personal finance. As someone who is spending this year improving their overall financial situation, including their credit score, I can tell you that it’s not as daunting as it sounds. Getting and maintaining a good credit score boils down to a few actions anyone can take:

  • Check your credit score regularly. You can go crazy with the normal fluctuations in a credit score, so it’s not necessary to check every day or week, but it’s a good idea to use a consumer credit monitoring service to check your score, especially before using credit. Maybe you’re considering applying for a new credit card, buying a house, or in this case applying for a personal loan. Your credit score puts you in a range of numbers from poor to excellent, and this will determine the personal loan interest rate you qualify for.
  • Check your credit report at least once a year. It’s also a good idea to review your credit report (and you can access your credit report for free from all three major credit bureaus through AnnualCreditReport.com) to check for errors, such as old accounts you’ve paid off. but still showing as open or overdue. on your report. If you find any errors, you can file a dispute with the credit bureau that has it on file.
  • Pay your bills in full and on time. Paying your bills on time represents the largest percentage of your FICO score, at 35%. Personally, I’ve found it helpful to write a full month’s worth of bills at a time on a wall calendar, so I can cross off the bills as I pay them. There are many techniques for getting your bills and budget under control, so see what works for you.
  • Keep your credit utilization rate low. Your credit utilization ratio is the percentage of credit you have compared to the amount you use. For example, if you have a credit card with a limit of $5,000, but you carry a balance of $2,000, your ratio is 40% because you are using 40% of your available credit. It is generally recommended to keep this figure below 30%. Therefore, if you plan to apply for a personal loan in the near future, pay off some of your existing debt to lower your ratio.

2. Have someone else apply with you and co-sign the loan

If you’ve improved your credit score, but it’s still not high enough to qualify for the best loan rates on your own, you can ask someone to apply with you. This could be a spouse or family member with better credit. The other person’s credit and income will be considered along with yours, allowing you to get a better interest rate. However, co-signing a loan for someone else is a big risk, so don’t be offended if the person you’re asking says no. They put their finances on the line if they co-sign. And not all lenders will offer loans with a co-signer, so do your research.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

3. Consider a secured loan

If your credit needs help, you may be able to get a more favorable interest rate on a personal loan by applying for a secured loan. Secured loans are secured by collateral that the lender can take and sell if you don’t repay the loan, to recover their losses. So if you need cash and can offer your car as collateral, you may be able to get an affordable loan. Just be sure to keep track of these payments, because you don’t want to lose your car or other collateral.

4. Shop

The final step to getting the best possible personal loan interest rate is to shop around with a group of lenders. A good place to start is to target the best lenders for your credit score level and see what they offer when it comes to interest rates. Many lenders have easy-to-use online pre-qualification tools that will be able to give you a rate without hurting your credit score (when you’re ready to make an actual application, the lender will do a thorough credit check, which will have a impact on your credit score). Sometimes lenders offer special promotions and discounts that you may qualify for.

If you need money, a personal loan can be a great way to borrow. But do your best to improve your credit score, consider all your options for loan types, and research the best deal before you borrow money.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

Cymbal DLT completes $17.5 million loan for Midtown Miami project


Today, a Miami-based development and construction company DLT Cymbal Companies closed a $17.5 million loan from New Wave Loans to recapitalize its development of an eight-story, 203-unit, multi-family residential project at 3452-3470 North Miami Avenue in Midtown. The 1.5 acre site, currently the headquarters of Cymbal DLT, is located a few blocks from the Miami Design District and Wynwood. The refinancing allows Cymbal DLT to buy out its partner, take over the project and prepare the project.

Cymbal DLT recruited world-renowned architect Enrique Norten, founder and director of the internationally renowned Mexican architecture firm Ten architects, to design the new project. Cymbal has worked with Norten for over a decade, most recently completing an architecturally significant mixed-use project in the Miami Design District.

“Our goal is to make premium design accessible to tenants,” said Asi Cymbal, president of Cymbal DLT Companies. “Typically, you would experience this level of design in a high-end condominium project or an art museum. We want to bring that same level of quality and design to a rental community.

Although details of the new 350,000 square foot market-priced property are still in their infancy, Cymbal says to expect the same unique blend of design, art, well-being, technology and sustainability. of world class that it infuses in all their developments. For example, the project will include state-of-the-art features such as hands-free access to units, noise attenuation elements, and air purification, sterilization and ionization systems that are 99% effective against the COVID. Other amenities include a rooftop pool and bar and plenty of green space.

The ground floor will feature multiple retail spaces, many of which will be occupied by the same tenants currently leasing space on the property. In fact, the new property will be strategically built around current tenant The Sylvester, a popular neighborhood cocktail bar from the owners of hot spot Wynwood Beaker & Gray. Other retailers that will remain include Saccaro, a Brazilian high-end furniture company (tenant for more than 10 years); Dāek Thai Eatery, a popular Asian restaurant; and a ghost kitchen location for REEF Neighborhood Kitchens.

In keeping with Cymbal DLT’s commitment to art and artists, the Midtown Project will also offer an Artist-in-Residence program, inviting up-and-coming artists from all professional backgrounds, demographics, career stages and artistic styles to live and to work for free. . The program will be similar to the artist-in-residence program at Oasis Pointe Residences, the 2.4-acre, 301-unit Cymbal DLT apartment complex in Dania Beach that welcomed its first residents this month. The program’s first artist, Lesia Khomenko, is a Ukrainian author of paintings, installations, performances and videos; through the program, Khomenko was able to move to the United States with her daughter to complete a full-time residency at Oasis Pointe.

The Midtown project, which is slated to start in late 2023, is just one of Cymbal DLT’s more than $2 billion projects currently underway – a number Cymbal expects to triple by the end of next year. . This is also the first time that Cymbal DLT has demolished a newly constructed building to pave the way for a brand new project.

Upon completion, Cymbal DLT will have a satellite office at the Midtown location. It plans to move its permanent headquarters to its new billion-dollar waterfront neighborhood in downtown Fort Lauderdale, the aptly named Riverwalk Raintree Residences, slated to open by 2025. In the meantime, a headquarters temporary will be installed at Oasis Pointe.

For more information, visit cymballt.com.

Personal finance: As “buy now, pay later” plans grow, so do delinquencies


Americans have become fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.

Buy now, pay later loans allow users to pay for items such as new sneakers, electronics, or luxury goods in installments. Companies such as Affirm, Afterpay, Klarna, and PayPal have created popular financial products around these short-term loans, especially for young borrowers who fear endless credit card debt.

Now, as the industry accumulates customers, chargebacks are on the rise. Inflation squeezes consumers, making it harder to pay off debt. Some borrowers do not budget properly, especially if persuaded to take out multiple loans, while others may have been credit risks to begin with.

“You have an industry with a higher concentration of subprime borrowers in a market that hasn’t been effectively tested (that kind of economy), and you have a kind of toxic brew of worries,” Michael Taiano said. , an analyst at Fitch Ratings, who co-authored a report in July highlighting some of the industry’s concerns.

The most popular type of buy now, pay later loan allows for four payments over six weeks – one payment at the time of purchase and three more that borrowers often try to synchronize with pay periods. Longer term loans for larger purchases are also available. Most short-term loans bear no interest. Companies that charge interest can clearly state in advance how much a borrower will pay in finance charges.

Given these characteristics, consumer advocates and financial advisors initially saw buy now, pay later plans as a potentially healthier form of consumer debt if used correctly. The main concern was late fees, which could be a heavy financial burden on a small purchase if a borrower was late on a payment. Fees can reach $34, plus interest. But now that chargebacks are on the rise and companies are more aggressive in marketing their products, advocates see the need for additional regulation.

The industry is growing rapidly, according to a report by the Consumer Financial Protection Bureau. Americans took out about $24.2 billion in loans under buy-it-now, pay-later programs in 2021, up from just $2 billion in 2019. That industry-wide figure is not expected than climb even more. Klarna customers purchased $41 billion worth of products on its service globally in the first six months of the year, up 21% from a year ago. At PayPal, revenue from its “buy now, pay later” services more than tripled in the second quarter to $4.9 billion.

Technology analyst Jasmine Francis, 29, said she first used a buy now, pay later service in 2018 to buy clothes from fast fashion brand Forever21.

“I remember I just got a cart,” she said. “At first I thought, ‘Something has to go back’, then I saw Afterpay at checkout – you don’t pay for everything right now, but you get it right away. It was from music to my ears.

It is unclear to what extent clients are using buy now, pay later loans healthily. Fitch found that chargebacks on these services rose sharply in the 12 months ended March 31, while chargebacks on credit cards remained flat. And according to the CFPB, a growing percentage of the loans the industry makes are being written off — or loans it considered so delinquent they were likely uncollectible. The industry charge rate was 2.39% in 2021, a figure that is now likely higher given the economic turmoil this year. In 2020, this figure was 1.83%.

“This upward trend in delinquencies continues,” CFPB director Rohit Chopra said on a call with reporters.

Credit reporting company TransUnion found that buy now, pay later borrowers are using the product just as much as credit cards, racking up debt on top of additional debt. A Morning Consult poll released this week found that 15% of buy now, pay later customers use the service for routine purchases, such as groceries and gas, a pattern of behavior that is ringing alarm bells at home. financial advisers. The CFPB report also found that a small but growing number of Americans also use these products for routine purchases.

“If these buy now, pay later plans aren’t budgeted properly, they can have a cascading impact on a person’s entire financial life,” said André Jean-Pierre, a former Morgan Stanley wealth adviser who now runs his own financial planning company focused on helping black Americans save and budget properly.

Another concern of consumer advisors and advocates, as well as lawmakers and regulators in Washington, is the ease with which consumers can layer on these installment loans.

Speaking at a Senate Banking Committee hearing on new financial products, Sen. Sherrod Brown, D-Ohio, highlighted the benefits of plans that allow consumers to pay for things in installments. But he also criticized the way the industry promotes the plans.

“The ads encourage consumers to use these bundles for multiple purchases, across multiple online stores, racking up debt they can’t afford to repay,” Brown said.

Short-term loans are potentially problematic because they are not reported on a consumer’s credit profile with Transunion and Experian. Additionally, buy now, pay later, industry customers are young, which means they have little credit history. In theory, a borrower could take out multiple short-term loans across multiple buy-now, pay-later businesses — a practice known as “loan stacking” — and they would never show up on a credit report. If a person puts in too many buy now, pay later items, budgeting can be difficult.

“It’s a blind spot for the industry,” Fitch’s Taiano said.

In a statement, the industry trade group “buy now, pay later” pushed back on the characterization that its products could burden borrowers with too much debt.

“With zero to low interest rates, flexible payment terms and transparent terms and conditions, BNPL helps consumers manage their cash responsibly and live healthier financial lives,” said Penny Lee, CEO of the Financial Technology Association.

Meanwhile, providers of buy-it-pay-later services see rising chargebacks as a natural consequence of growth, but also an indication that inflation is hitting the Americans most likely to use these services the most. harder.

“We’ve seen some stress (among those with the lowest credit scores), and those are starting to struggle,” said Max Levchin, founder and CEO of Affirm, one of the largest businesses that buy now, pay later.

“I wouldn’t call it some sort of preamble to a potential slowdown, but it’s not the same kind of smooth sailing,” he said, adding that Affirm is taking a more conservative approach to loans.

Buy now, pay later took off in the United States after the Great Recession. Analysts said the product was largely untested during a large period of financial hardship, unlike mortgages, credit cards or car loans.

Despite these concerns, the consensus is buy now, pay later, companies are here to stay. Affirm, Klarna, Afterpay, which is owned by Block Inc., as well as PayPal and others are now widely integrated into internet commerce.

Moreover, the growth of the industry attracts more and more players. Tech titan Apple announced earlier this summer Apple Pay Later, where users can make purchases on a four-payment plan over six weeks.

“I usually schedule the purchases I make using PayPal ‘Pay in 4’ so that my due dates for purchases land on my payment dates because due dates are every two weeks,” said said Desiree Moore, 35.

Moore said she tries to use buy-it-now, pay-later plans to cover purchases that aren’t part of her usual monthly budget, so as not to take money away from her children’s needs. She is increasingly using the plans with inflation making items more expensive and so far able to keep up with the payments.

Francis, the technical analyst, said it is now common for his friends to pay for trips with installment loans, so as not to completely empty their bank accounts in an emergency.

“If I come back from vacation and I have two flat tires, and I just spent all that money on plane tickets, that’s $400 that you don’t have right now,” he said. she stated. “Most people don’t have savings. They’ve got just enough for those flat tires.