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Unpaid utility bills soar in Sacramento, California during pandemic


Heidi Wall can’t even bear to look at her unpaid energy bills.

The Citrus Heights single mom lost her job at a private preschool when the pandemic started and began sleeping on the couch to rent rooms in her house to stay afloat. A cancer survivor who received two stem cell transplants and is immunocompromised, Wall cannot return to work with the virus still circulating. Unemployment benefits were helping her, even though she had not received a check for two months.

The stress and anxiety of knowing that she has a large debt, but is unable to pay it off, weighs heavily on Wall.

“My SMUD bill, I don’t know, I didn’t open it,” said Wall, who stopped paying his utility bill in March 2020. “I guess it’s around $ 3,000.”

Unpaid utility bills in Sacramento have skyrocketed during the pandemic, reflecting another facet of the widespread financial impact of COVID-19 on residents’ ability to pay for basic necessities.

According to CFO Jennifer Davidson, approximately 100,000 residential customers in the Sacramento Municipal Utility District are late in paying some or all of their utility bills. SMUD serves approximately 564,000 residential customers, or nearly 18%.

This is roughly $ 60-65 million in debt resulting from unpaid residential bills since April 2020, although it fluctuates frequently. Typically, SMUD sees around $ 10 million in unpaid bills each year, although that number can grow to $ 20 million in the year before the utility helps customers with discounts and plans. reimbursement.

Davidson said in a statement that the unpaid amounts “are not large enough to have a negative effect on the short or long term financial strength of SMUD.”

Yet that’s a staggering number, in line with trends in California and the United States where unpaid bills have exploded for hundreds of thousands of families, disproportionately affecting low-income neighborhoods and communities of color.

In February, the California Municipal Utilities Association estimated there were more than $ 300 million in unpaid bills from electric utilities like SMUD. National Energy Assistance Directors’ Association executive director Mark Wolfe estimated last winter that up to $ 40 billion could be owed to the country’s utilities in unpaid bills by March 2021.

“Our new data on arrears shows that by then, individual unpaid bills can reach $ 1,500 to $ 2,000, which is equivalent to what some customers are paying for electricity in a year,” Wolfe told Utility Dive in December.

Since the start of the pandemic, SMUD has not cut power to residential or commercial customers due to unpaid bills and suspended late fees. It also expanded its eligibility for rate discounts – a family of two adults and two children earning less than $ 4,400 per month qualifies, for example.

“Because of the impact this pandemic is having on our community, we want to make sure our most vulnerable customers have access to electricity during these times,” then CEO Arlen Orchard said in a statement. last May press release extending the suspension. until January 4.

The suspension of disconnecting electricity for non-payment has been extended until the end of this year, with the utility encouraging customers to make payment arrangements or inquire about discount rates. For residents like Wall, having electricity, especially in the sweltering summer heat, was a “lifeline”.

In 2022, however, thousands of people will face the prospect of paying past bills that they may not be able to afford. Even before the economic turmoil caused by the pandemic, energy bills can often be a heavy burden on low-income households, consuming a large portion of their income.

A May 2021 report by UCLA researchers on unpaid residential water and electricity bills in Los Angeles found that utility debt is unevenly distributed, with black, Latinx and low-income neighborhoods facing the heavier debt burden on utilities.

To help reduce the debt burden, the state legislature this year created a new financial aid program with federal funds for COVID-19 relief. California’s arrears payment program includes nearly $ 1 billion in funding available to utility companies to claim and cover unpaid energy debts owed by customers.

Designed to help those in debt between March 2020 and June 2021, nearly $ 300 million will be available for utilities such as SMUD.

The California Department of Community Services and Development, which oversees the program, always surveys utility companies to assess how much to allocate to each utility. But SMUD has already submitted a first application to the program and expects to receive funding in the coming months to apply directly to customer invoices.

Active residential customers who may have their power cut due to unpaid bills will be prioritized, followed by active and inactive residential customers with overdue balances, and commercial customers with unpaid bills. The program potentially means that thousands of SMUD customers see their unpaid bills drastically reduced, if not totally wiped out.

SMUD plans to restart its formal fundraising process in 2022 “after receiving and applying funds from the CAPP program and any other source of funding to our clients’ accounts,” Davidson said in a statement, while registering residents to rate reductions and long-term flexible payment. plans.

“We will also continue to monitor the pandemic and related financial impacts and will continue to act in the best interest of our customers and the community,” she said in a statement.

Alexandra Yoon-Hendricks covers equity issues in the Sacramento area. She previously worked for the New York Times and NPR, and is a former Bee intern. She graduated from UC Berkeley, where she was editor-in-chief of the Daily Californian.
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This is Suze Orman’s rule for refinancing


Refinancing your mortgage often makes it cheaper to pay off your mortgage. However, to make refinancing profitable for you, make sure your new loan matches your needs.

To help you make the right choices about your loan refinance, personal finance guru Suze Orman has a simple rule she advises everyone to follow.

6 simple tips to get a 1.75% mortgage rate

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Suze Orman’s rule is about choosing a new loan

On her blog, Suze Orman says that when it comes to refinancing, “never extend your total payback period beyond 30 years.”

This rule is important to know because people often don’t refinance a loan in the first year or two after getting a mortgage. Instead, many refinance after making payments on their loans for a while.

When you go through the refinancing process, you are applying for a brand new loan. You choose the repayment term for your refinance loan. Most often, you choose between a 15, 20 or 30 year refinance loan.

If you follow Orman’s Rule, when choosing your new loan term, you make sure that the total your mortgage repayment term is no more than 30 years – and that includes the time it takes to pay off the new loan and time to pay off your existing loan.

If you made payments on your mortgage for 12 years and chose a 30-year refinance loan, you would pay off your mortgage for a total of 42 years. To follow Orman’s advice, you would choose a 15-year loan. Then, when the new loan is combined with your old loan, you will make mortgage payments for a total of 27 years.

An extended loan can cost you dearly

Orman advises this because otherwise a refinance loan can cost you money even if you lower your interest rate. Following this rule makes sure that when you get a new loan, you don’t spend more time paying interest to the bank.

“Otherwise, even with the lower interest rate on the new loan, there’s a good chance your total interest payments over the life of both loans will be more than interest if you just hold on to your mortgage.” current and pay it off in 30 years, ”Orman says.

A loan with a longer repayment term might look appealing when comparing rates because your monthly payments would be lower than your current loan, but Orman thinks you need to get the big picture. Much lower monthly payments are not a good thing if they mean you are spending more money and time on the loan, and more time to own your home for free and safely.

Georgi Karakhanyan seeks to double his salary on next Bellator contract


Filling in the short term is no problem for Georgi Karakhanyan and he hopes it will pay off.

At Bellator 266, Karakhanyan (31-11-1 MMA, 9-9 BMMA) will replace injured Adam Piccolotti to face Saul Rogers (14-4 MMA, 2-2 BMMA). The fight will be Karakhanyan’s fifth fight with promotion to the lightweight division, after moving from featherweight in 2020.

Karakhanyan was already in great shape after training with next UFC featherweight title challenger Brian Ortega, so fighting in the short term was no problem for the 40-plus-year-old veteran.

“I feel great, I just feel like old Georgi,” Karakhanyan told MMA Junkie Radio. “They (Bellator) were telling me I wouldn’t be on the Russia map, I said, ‘I’ll be ready, call me. If someone falls apart, can’t come, or gets hurt, call me.

The call has come, but the most important part for Karakhanyan, however, is that this short-term fight will be the last fight in his current contract with Bellator. He hopes an impressive performance there pays off for his next contract, hopefully with the promotion he sees as his home, Bellator. However, if a more lucrative offer is available elsewhere, he may consider his best option.

“Scott Coker and everyone with Bellator have been really cool to me,” Karakhanyan said. “It’s my 19th fight actually with Bellator. Asking me for double what I’m earning right now doesn’t mean anything. I know they pay a lot of fighters a lot of money, but I wouldn’t mind shopping around to see what happens as well.

Since switching to lightweight, Karakhanyan has gone 3-1 in the division, including two submission saves against opponents Paul Redmond and Kiefer Crosbie.

Bellator 266 will take place on September 18 at the SAP Center in San Jose, California. The main card will air on Showtime following MMA Junkie’s preliminaries.

Check out Karakhanyan speaking about his contractual situation in the video above and watch the full interview below.

Former Lake Trust Credit building to become multi-use development


LANSING, Michigan – The former Lake Trust Credit Union building in downtown Lansing will soon be home to a mixed-use development with 172 apartments and over 18,000 square feet of ground floor retail.

WestPac, the California developer of the $ 33 million project is looking to revive downtown, said CEO Patrick Smith.

“We’ve always considered renovating Block 501, the old six-story Lake Trust building with the multi-family walkout basement, because it has a super cool view of the city,” Smith said. “It has historical natures of the mid-60s. Architecture. And we wanted to facilitate that, keep this building and also do a renaissance renovation of this building. Because it’s, in my mind, it’s a bit historical.

Westpac Development

Rendering of the future multi-use layout

Smith said during the initial acquisition of the land in 2013 that it was in the running to become the new location for Lansing Town Hall.

However, after the failure of this project, WestPac shifted its focus to a multi-purpose development that included both apartments and retail space.

“The retail business I would think of as a restaurant space… and also the gymnasium,” Smith said. “And I know the gym is going (to be there) because I signed a lease with them. It’s called the practice factory.

Another WestPac development at the intersection of Hillsdale and Capitol streets will include 117 additional apartments and additional retail space.

The city is reimbursing WestPac up to approximately $ 9.8 million in taxes to cover various costs associated with this development.

The project recently secured $ 23 million in funding from Dwight Capital, a real estate and investment company.

Former Lake Trust Credit Union Building

Marguerite Cahill

Former Lake Trust Credit Union Building

Lansing Mayor Andy Schor said it was part of an ongoing effort to increase residential capacity in the city center.

“It will be great to have 117 more units and probably 150 more people downtown,” said Schor. “Because we definitely want government employees to come back. And we want them to stay overnight, and come back on weekends. And we want people from across the region… convenience and vibrancy. A lot of that is because people live downtown. “

This is not WestPac’s first development in the Lansing area. The company has been building in the city since January 2013.

“The town of Lansing seemed like a parking lot,” Smith said. “And everyone was pushed to the suburbs. Now I think people could go back to town and not have to travel that far. And I hope that’s part of this rejuvenation of the city. And Washington [Avenue] happens to be, I think, the most pedestrianized street in Lansing. I think if we can help this street become more pedestrian, people can walk to restaurants and entertainment and be an addition to the community. I think we all win.

Schor said development will be completed by October 2023.

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Be a winner with the credit union celebration


THERE could be in-store prizes for all ages thanks to a contest organized by a credit union.

MTCU volunteer Rhoma Pirie pictured here with customer Ian Scott who was the first to sign up at the Buckie store. Photo: Becky Saunderson.

Moray Forth Credit Union, which is based in Forres and also has outlets in Buckie and Elgin, is looking to celebrate International Credit Union Day by hosting a coloring contest for all ages.

The winner will earn £ 25 credit to their credit union account; if they are not members, an account will be opened for them. There will also be other prizes for the finalists.

To download the coloring sheet, go to www.morayfirthcreditunion.co.uk or visit the High Street branch in Forres. The closing date for entries is Friday October 8 and entries must be delivered to the Forres branch or mailed to: Coloring Competition, Moray Firth Credit Union, 53 High Street, Forres, Moray, IV36 1PB.

With the easing of the foreclosure, the credit union is keen to resume its planned expansion program and, therefore, is now looking for more volunteers to come forward and help the cause.

A spokesperson for the credit union said, “We are always looking for volunteers to help with the expansion and to ‘spread the word’ to let people know that credit unions are cooperatives so that every member owns it. the company, whatever its financial situation.

“At each annual general meeting in December, a volunteer board of directors is elected to manage the ‘social enterprise’ and ensure that the business plan progresses to meet the goals set to develop and sustain the new frontier. Members’ deposits can be made in cash, by card, standing orders or via our Work Savings Plan if your employer has set it up with us.

“We have been working on providing a virtual system so that people in remote rural areas of Moray can access the credit union, but understand that some may not have the facilities or skills or want to use them and prefer the credit union. “face to face” contact We will be making bank transfers from savings accounts and considering loans once members have a savings “kitty” and online forms to join and borrow are now available.

“Once you learn more about us, you may want to become a volunteer cashier or join the board of directors.”

Learn more about MFCU at https://www.morayfirthcreditunion.co.uk/


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68% of parents would use their retirement savings to pay for their child’s school fees


With tuition fees in the United States at exorbitant levels, many parents find themselves helping to cover the cost of tuition. After surveying over 1,000 parents of children under the age of 18, Student Loan Hero found that an overwhelming 92% have either started saving for their child’s college or would like to start.

The looming price of tuition and other expenses is a priority for many parents, with more than two-thirds of them saying they would consider using their retirement funds to pay for a school fee. child.

Main conclusions

  • 68% of parents would consider withdrawal of their retirement savings to help pay for their child’s education. (Read more)
  • 32% of parents say they are saving for their children’s education is their top financial priority. (Read more)
  • Mothers feel more guilty on the amount of money they saved for their child’s college education than fathers. (Read more)
  • Parents whose own parents helped pay for their education are more likely to have money set aside for their child’s college education. (Read more)
  • Of those who save for their children’s education, 37% have started saving even before their child’s first birthday. (Read more)
  • Almost three-quarters of parents save for their child’s college education do not take advantage of a plan 529. (Read more)

Most parents would use their retirement savings to help pay for their education

While parents have many competing financial commitments, including retirement over current debt, savings for college often seem to be near or near the top of the list.

According to our survey, 68% of parents would consider withdrawing their retirement savings to help pay for their child’s education.

Fathers were particularly likely to consider this option, with 74% saying they would consider using retirement funds compared to 64% of mothers.

This option may make sense to some, since the IRS allows you to withdraw from your retirement savings to pay for eligible education costs without penalty. However, depleting your retirement savings could make your financial future less certain.

Almost a third of parents see university as a top priority

For some, saving for a child’s education is the most important financial task there is. According to our results, 32% of parents said saving for college was their top priority, compared to 25% who chose to pay off debt and 18% who named saving for retirement.

When it comes to other financial goals, fathers were more likely than mothers to place retirement savings at the top of their list (25% vs. 13%). Mothers, however, were more likely to focus on paying off their debts (32% vs. 16%).

Other priorities included building an emergency fund (24%), investing in the stock market (6%) and investing in life insurance (5%).

Women feel more guilty than men for saving their education

Despite having to juggle many competing financial goals, many parents say they are happy with the amount of money they’ve saved for their child’s education – 70% said they feel satisfied.

Fathers were more likely to be confident about their level of college savings (79%) than mothers (56%). On the other hand, more than twice as many moms as dads said they felt bad for not saving more (37% vs. 17%).

Household income certainly helps when it comes to achieving the goals of a university fund. Parents with six-digit household income were more than three times more likely to have money saved for their child’s college than those with less than $ 35,000 (76% vs. 23%).

Parents’ own experiences affect college savings levels

Providing help for college tends to run in the family. Those whose parents helped pay for their education appear to be more likely to have saved money for their child’s education.

  • Among respondents whose own parents paid all of their studies, 80% said they had started saving for their children to go to university.
  • Among those whose parents paid part of their studies, 57% have started saving.
  • For those who paid for college without parental assistance, 37% had started some university fund.

While household income and other factors certainly play a role in how much parents can save for higher education, those who have received such assistance in the past seem eager to pay it forward.

Many start saving for college before a child’s first birthday, but goals are hard to meet

Tuition can be a huge expense, leading many people to start saving early. The survey found that 37% of parents started saving money for college before their child’s first birthday.

Of this group, 18% started saving even before the birth of their child.

As for the amount they hope to save, a majority of parents (65%) aim to set aside more than $ 30,000. However, only 33% of those who had started saving reported having $ 30,000 or more.

On the other end of the spectrum, nearly 31% of those who had started a college fund said they had raised $ 10,000 or less so far.

The cost to college can vary widely, depending on the institution and the level of financial aid (including scholarships and grants). That said, $ 10,000 could reduce it, as the median cost of just one year of a full course load at a four-year nonprofit college in 2020 was $ 12,720.

Most parents don’t use 529 plans

While parents work hard to save for their children, relatively few are interested in using a tax-efficient 529 plan. A 529 plan is an investment account that allows you to use your income tax-free, as long as you spend it on qualifying educational expenses.

According to our survey, however, just under 27% of parents saving for their child’s college education were using a 529 plan. Instead, the vast majority (73%) had turned to regular savings accounts. .

About 26%, meanwhile, said they were saving in an investment account, such as a mutual fund or IRA. Another 17% said they save cash, which is generally not a preferred method as the money will not accumulate interest over time. (In fact, the money could to lose value over time due to inflation.)

If you are saving for your child’s education, consider your options carefully so you can choose the one that gets you the most of your money. For example, take a look at 529 plans, as well as those with prepaid tuition plans that let you lock in today’s rates at some public colleges. Our guide to the 529 plan options explains more.

Troutman Pepper Consumer Financial Services COVID-19 Weekly Bulletin – September 2021 | Man’s pepper with trout


Like most industries today, consumer finance service companies are significantly affected by the novel coronavirus (COVID-19). Troutman Pepper has developed a COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading healthcare organizations, and tools businesses can use for free.

Our banking and loan clients are also facing new challenges affecting their industry as a result of COVID-19, particularly the ever-changing rules and regulations regarding evictions and foreclosures. We are following these updates closely and have assembled an interactive tracking tool with state orders and guidance material regarding residential lockdowns and eviction moratoria. You can access this interactive tool at https://covid19.trutman.com/.

To help you stay on top of relevant activities, below is a breakdown of some of the biggest COVID-19 related events at the federal and state levels that have impacted the consumer finance services industry. last week :

Federal activities

State activities

Privacy and cybersecurity activities

Federal activities:

  • On September 1, the US Treasury Department’s Community Development Financial Institutions Fund announced $ 5 billion in new market tax credits that it hopes will spur investment and economic growth in urban communities. and low-income rural areas of the country. A total of 100 community development entities received tax credits granted in calendar year 2020 from the New Business Tax Credit program. For more information, click here.
  • On September 1, the Consumer Financial Protection Bureau (CFPB) proposed a new rule designed to help small businesses access credit by increasing transparency in the lending market. If finalized, this rule would require lenders to disclose information about their small business loans. Under the proposal, lenders are required to report the amount and type of small business credit applied for and granted, demographic information about applicants for small business credit, and key elements of the price of the credit offered. For more information, click here.

State activities:

  • On September 3, New York Attorney General Letitia James announced that her office was assessing ways to review the collection of unpaid student loans, especially those taken out by people attending schools at State University of New York (SUNY). Current regulations allow the AG to bring an action in the Supreme Court of the State of Albany, New York, regardless of where the person with the outstanding student loan resides. As a result, many of the 16,000 SUNY students brought to justice over the past eight years have faced default judgments because they were unable to appear in court. For more information, click here.
  • On September 2, the Nebraska Secretary of State announced that the National Multi-State Licensing System (NMLS) is now receiving new application and bridging filings for licenses, including collection agencies and electronic bonds. . For more information, click here.
  • On September 1, Washington, DC Mayor Muriel Bowser enacted a bill that changes debt collection procedures, while the original bill’s sponsors work on permanent changes. Under the new law, collectors would be limited to making three phone calls in a seven-day period, while also addressing email and SMS communications. The three phone call limit includes all phone numbers and accounts that the creditor or collector has for the consumer, but does not include consumer calls made to a collector or calls from a collector in response to the request. of a consumer for a return call. For more information, click here.
  • On August 27, the Maryland Court of Appeals overturned a lower court ruling by issuing a ruling interpreting a state debt collection law to allow plaintiffs to charge collectors with violating l ‘one of the provisions of the law in cases where the collector attempts to recover amounts that “the debt collector, to his knowledge, is not entitled to recover. For more information, click here.

Privacy and cybersecurity activities:

  • On August 31, the CFPB warned consumers that scammers take advantage of individuals during tough times, and the COVID-19 pandemic is no exception. The CFPB also provided people with a series of questions to determine if an emergency rental assistance program is a scam or legitimate. In addition, the CFPB reminds individuals that an “agency of the federal government will not ask [them] for the processing of personal or financial information [their] request for rent assistance. For those who wish to read the full announcement, click on here.
  • At the end of last month, Wired reported that hackers can increase the doses of drugs with certain types of infusion pumps. An infusion pump automates the delivery of life-saving drugs to patients in hospitals, including those being treated for complications from COVID-19. McAfee Enterprise discovered and shared its results, describing how they learned that “an attacker with access to a healthcare facility network could take control of the [infusion pumps] by exploiting a common connectivity vulnerability. From there, they could exploit four more loopholes in order to send the Medication Doubling Command, “which could result in serious injury or death.

These 10 states have the highest property tax in the country


When shopping for a new home, it’s easy to get sidetracked by your mortgage amount, but another big cost is important to remember: taxes. By putting the “T” in PITI, your property taxes can add up to hundreds of dollars per month on top of your other real estate costs.

Whether you own a closet-sized condo in the city or a huge cabin in the mountains, you’re going to have to pay property taxes. This is because even if you have paid off your entire mortgage and you own your home, you will still have to pay these taxes.

6 simple tips to get a 1.75% mortgage rate

Secure access to The Ascent’s free guide on how to get the lowest mortgage rate when buying your new home or refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.

By submitting your email address, you consent to our sending you money advice as well as products and services which we believe may be of interest to you. You can unsubscribe anytime. Please read our privacy statement and terms and conditions.

How property taxes work

Unfortunately, it’s not easy to determine how much your property taxes will be each year. It varies not only by state but by county, and it can change from year to year depending on the needs of your community and the value of your home.

Your property taxes are billed based on the value of your home. This is not your last assessment; instead, it’s based on the assessed value, which is determined by your local government. When the value of your property increases, you will likely see an increase in your property taxes, especially in areas that use market value to determine an assessed value.

Rather than a single flat rate, however, property taxes are essentially a collection of several different taxes for various services provided by your local and state governments. For example, your property taxes may include separate rates for:

  • Fire department
  • Public library
  • City waste
  • Local schools
  • County management
  • Public parks

The amount needed for each type of service may vary each year, which can increase or decrease your taxes. When you receive your property tax bill, it usually includes line items describing where each portion of your taxes will go. When you add up the rates for each individual service, the total is your effective property tax rate (sometimes referred to as the thousandth rate).

States with the highest effective rates

While effective property tax rates can vary wildly from municipality to municipality, you can get a general idea of ​​the costs you might see when you move by looking at state averages. Here’s a look at the 10 states with the highest effective property tax rates as a percentage of home value:

  1. New-Jersey: 2.13%
  2. Illinois: 1.97%
  3. New Hampshire: 1.89%
  4. Vermont: 1.76%
  5. Connecticut: 1.73%
  6. Texas: 1.60%
  7. Nebraska: 1.54%
  8. Wisconsin: 1.53%
  9. Ohio: 1.52%
  10. Iowa: 1.43%

For comparison, the average effective rate in 2020 was 1.1%. That puts a few states on the list at more than twice the national average. Of course, this does not mean that every municipality in the state will charge the same rates; some areas may charge more, while others will have much lower rates.

Ways to lower your property taxes

The two factors that go into your property taxes are the effective tax rate, which is set by the government, and the estimated value of your home. Since you’ll have a hard time convincing the government to change your rates, the only real way to affect your property taxes is through the assessed value of your home.

Specifically, there are areas that may allow you to appeal your assessed value if you believe it is not accurate. You will need to provide some sort of proof that your home has been assessed too high in order to reduce the assessed value and thereby lower your tax rate.

The easiest way to prove overrated value is to get your own appraisal. While a small difference between the appraised value and the property appraisal can be ignored, if your home is priced much lower than what was appraised, you may have a case.

In the end, residential property taxes are almost unavoidable in the United States. If you own your home, you will have to pay taxes on it.

That said, it’s important to keep in mind that the property tax rate isn’t quite the tax story of any given state. For example, while New Hampshire may have the third highest average property tax rate, it has no state sales tax or state income tax, so your charge overall tax may be lower than in states that charge less property taxes.

Tin Mill FCU and First Choice America FCU Merge | News, Sports, Jobs


WEIRTON – Members of the Tin Mill Employees Federal Credit Union voted to merge with First Choice America Community Federal Credit Union.

The merger became effective when business closed on Tuesday, according to an announcement made Wednesday afternoon by officials at the First Choice credit union.

Tin Mill Employees Federal Credit Union was a member-owned and operated credit union since 1953.

The transaction strengthens the credit union’s position as the largest locally owned and operated community financial institution in the Ohio Valley, said Scott E. Winwood, President and CEO of First Choice.

“We look forward to welcoming the members of Tin Mill into our family of credit unions,” said Winwood. “Both credit unions take great pride in their long and rich history of serving the financial needs of their members and the communities in which we live and operate. There are synergies with this merger that will add value to the members of both credit unions. “

Winwood said the 1,200 members of Tin Mill will enjoy many benefits with the merger, such as a more complete range of financial products and services; greater convenience with eight Ohio Valley offices with an extended lobby and hours of drive-thru; 10 free ATMs plus 30,000 additional ATMs at no additional cost via the Alliance One and Money Pass networks; and 24/7 access through online and mobile banking.

First Choice America was founded in 1939 and serves over 36,500 members with two offices in Weirton, three in Wheeling, and one in Chester, Steubenville and Wintersville.

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Tedisco on the new extension of the moratorium on evictions: a kick in the same way with no incentive for tenants to work with landlords to speed up rent payments


Statement by Senator Jim Tedisco (R, C-Glenville)

We care about tenants and appreciate and understand the challenges facing those who rent during this pandemic. Homeowners of small “mother and father” businesses who rent homes are also at risk economically, as they may go bankrupt due to a lack of income. If our small landlords go out of business, it will have a negative impact on tenants and there will not be enough affordable housing available.

“As in the past, this extension of the moratorium on evictions does nothing to encourage tenants to work with landlords to get involved and do their part required by law to speed up rent payments in order to protect tenants and to protect tenants. make the owners unharmed. Unfortunately, this bill only pushes the boundaries without solving the problem. ”

This is why New York needs a “moratorium” on “elected officials” who make laws to transfer the financial burden from one group to another! Majorities in the state legislature and governor should immediately release the $ 2.6 billion in federal aid available for landlord and tenant assistance in an easily accessible manner – something this moratorium extension does not don’t! ”

“I sponsor the legislation (S.5629) to help small owners with a rent assistance forgivable loan program to help cover missed rent payments. These small owners live on the margins and many are on the verge of bankruptcy. The moratorium that continues to be voted on indicates that tenants are expected to repay the money they owe.

“Under my subsidy loan invoice, if tenants repay rent, which they are responsible for under the current law and the deferment they have, then the landlords simply reimburse the state. If the tenant never pays the rent, then the loan turns into a grant like the Federal Pandemic Assistance Program for Small Businesses, so landlords would be held in cover. ”

South Division merges with Scott Credit Union


EDWARDSVILLE – Cook County’s South Division Credit Union (SDCU) has merged with Scott Credit Union (SCU) headquartered in Edwardsville.

The merger was approved by a vote of the members of the former SDCU and the boards of directors of SDCU and SCU.

After receiving final regulatory approval, the merger took effect on September 1.

“We look forward to this opportunity to combine our two families of credit unions into a strong and growing organization,” said Frank Padak, President and CEO of SCU.

The merger expanded SCU’s membership scope to include part of the greater Chicago area and increased its footprint to 23 locations, with the addition of SDCU’s Evergreen Park, Midlothian and Chicago branches. SCU will gain approximately 5,500 new members and 20 full-time and part-time employees.

“This merger will be of great benefit to our two credit unions,” said Padak. “As part of SCU’s overall growth strategy, we now have the opportunity to offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will enjoy significant annual savings on expenses and a higher return on assets. In addition, members of the Southern Division are expected to benefit from higher rates on deposits, a wider range of products and services, as well as favorable rates and turnaround times for loans.

Following the merger, Geraldine Burek, CEO of SDCU, announced her intention to retire after 40 years of service.

“The goal of South Division Credit Union has always been to provide the best possible products and services to our members,” said Burek. “Our team is thrilled for this opportunity to partner with Scott Credit Union and show our members how we can become even better together.”

“As credit unions, our two organizations share the same spirit of cooperation and a philosophy of mutual aid,” added Padak. “We look forward to welcoming the employees and members of the South division into the SCU family while maintaining a region-focused financial institution. “

Founded in 1943, SCU is a full-service financial cooperative. with 20 locations: Affton, Ballpark Village, Belleville, Collinsville, Columbia, Crestwood, Edwardsville, Fairview Heights, Ferguson, Highland, Ladue, Liban, Mascoutah, O’Fallon, Illinois, Troy, Illinois, Scott Air Force Base, Waterloo and Wood River.

Money matters


Imagine you bought a new event rental business in February 2020. When you did, you chose to fund the business with a five-year note instead of a 10-year note. You didn’t like the idea of ​​having debt, so you wanted to get it over with as soon as possible. You have decided to bear the larger monthly payments, even if it would make your cash flow tight.

Then the unexpected happened: the coronavirus (COVID-19) struck, and your business was forced to close for several months. Once you were allowed to reopen, no one was hosting big events. For the foreseeable future, your business has undergone unimaginable changes. Now you wish you had chosen to fund the business over 10 years instead of five. Although I am using the example of a business acquisition, this information is important for all business owners who have or are considering taking on debt. Always make sure you understand the terms and conditions before signing on the dotted line. Debt is a great tool for business owners looking to grow their business, provided they use it correctly. Give yourself a comfortable monthly margin in an emergency.

The fundraising strategy is always to play both offense and defense. This is why I often encourage entrepreneurs to consider using the US Small Business Administration (SBA) to buy themselves the flexibility of money over 10 years, especially when an SBA loan of less than 15 years old has no prepayment penalty. This means that if times are right and the money is flowing, you could pay off the SBA loan in five years. Or, if a crisis arises and cash flow is tight, your monthly payment is always lower because it is based on a longer term.

The next question I always get is, “What about the interest rate?” To that, I always say, ‘Don’t be so sensitive to interest rates. Now, that doesn’t mean you shouldn’t be on the lookout for the shockingly high interest rates you see with some short term lenders online. But, when it comes to 4% on a five-year bank loan and 6% on a 10-year SBA loan, don’t automatically assume that the loan with the lower interest rate will be better for you. . Having lower monthly payments will help, not if, but when, your business faces challenges in the future.

For example, an entrepreneur who received an Economic Disaster Loan (EIDL) two months ago was considering repaying the loan. She felt her business had largely recovered and she didn’t like the idea of ​​being responsible for paying off a loan. My advice for her? Not so fast.

In a time of uncertainty, possession is 99% of the law. Its EIDL loan is for a 30-year term at a nominal interest rate. The monthly payments do not have a serious impact on his cash flow. In my opinion, she could treat the payments as an insurance premium and keep the money. That doesn’t mean she should use the money frivolously, but there is little reason not to keep it.

Remember that the fundraising strategy is a combination of offense and defense. You want to be located to take advantage of unexpected opportunities and deal with surprises you didn’t anticipate. This philosophy is more real than ever in these uncertain times and plays a huge role in long, not short, thinking.

Ami Kassar is the Founder and CEO of MultiFunding, a Philadelphia-based consulting firm that specializes in helping business owners across the United States develop creative and cost-effective alternatives for their needs and debt structure. commercial. He can be contacted at [email protected] or multifunding.com.

Hamilton relies on setup to pay in the race


Lewis Hamilton is hoping his approach to the set-up will benefit him more in the race than in qualifying for the Belgian Grand Prix after being overqualified by both Max Verstappen and George Russell.

Lando Norris’ crash in the pouring rain caused a long delay in Q3 but the end of the session was on the intermediate tire, and Hamilton was on provisional pole at the start of the last attempts. However, Russell was the fastest and Hamilton couldn’t beat the Williams on their final lap, before Verstappen took pole, leaving the championship leader in third place, while hoping for a better car for the race.

“I think there were people with different levels of downforce and we tried to find the best compromise, the best balance for the potential circumstances of today and tomorrow, wet and dry,” said Hamilton. . “So we hope everything is fine, we’ll see what the weather is like tomorrow – we’ll see how it works.

“I think our race pace should be a bit stronger than our pace today. But it’s going to be a handful anyway, especially if it’s under these conditions.

While teammate Valtteri Bottas qualified in eighth place and is set to be demoted another five positions due to a grid penalty won in Hungary, Hamilton believes Mercedes could be strategically under pressure if conditions are stable.

“I don’t really know what happened with Valtteri but it’s unfortunate because I think they have two Red Bulls not too far away. This is going to make things a bit more difficult in terms of strategy as Valtteri also has a penalty. Nonetheless, we will do everything we can. Tomorrow is another day. Hope it’s not a crazy rain like this, but the interchangeable (conditions) could be fun.

While Hamilton was disappointed that he couldn’t match Verstappen and Russell on his final attempt, he says Norris could have demoted him even further, given the pace the McLaren was showing as Mercedes found conditions difficult.

“In Q3, I think my first lap was okay, but difficult for everyone. Glad Lando was okay – he looked incredibly fast. He probably would’ve been here with us, or maybe even pushed me out – he had a good pace today. Hopefully he’ll be back on the road tomorrow.

“Just a tough session for everyone with the rain, more intense in different parts of the circuit. A real fight, I would say, for us with our car today. You also saw with Valtteri, the car was a bit difficult today.

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Salford boss Bowyer delighted to sign United’s D’Mani Mellor on loan


D’Mani Mellor has become the latest player to leave Manchester United on loan.

The young striker joined the town of Salford on a one-season contract.

Mellor, 20, rose through the ranks at United but suffered an ACL injury in March 2020.

He has now returned from injury and was recently spotted training with the first team.

(Ash Donelon / Manchester United via Getty Images)

Glad to have it

Salford boss Gary Bowyer told the club website how thrilled he is with his new addition.

“First of all, a big thank you to everyone at Manchester United, this loan once again strengthens the relationship between the two clubs with Di’Shon Bernard having a successful loan here last season.

“We’re delighted that D’Mani has agreed to join us on loan and he’s giving us another offensive option.

“He’s an exciting player. with an incredible pace of work who was very excited to come and join us.

Mellor also messaged fans at his new club after his arrival was confirmed, and it’s clear he shares Bowyer’s enthusiasm.

Class of ’92 fruitful relationship

Of course, six members of the “Class of 92” own at Salford, and this isn’t the first time United have sent a loaner there.

Last season Di’Shon Bernard joined the Ligue 2 club. He impressed and thanks to that he is now in the league with Hull.

If Mellor can have that progression he will be delighted, especially coming from where he was with his serious injury last year.

He went straight into the Salford squad for today’s 3-0 win over Newport and came on in the second half.

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Mbanq announces the formation of Mbanq CUSO


Mbanq CUSO Provides World’s First Credit Union-as-a-Service (CUaaS)

Vlad Lounegov, CEO of Mbanq

Vlad Lounegov, CEO of Mbanq

Mbanq CUSO digitally transforms credit unions

Mbanq CUSO digitally transforms credit unions

Mbanq CUSO works as a trusted partner to configure, operate and evolve credit unions. Its technology is at the forefront of modern FinTech innovation and is designed to keep credit unions operating at peak performance. “

– Vlad Lounegov, CEO of Mbanq

SAN FRANCISCO, USA, Aug 28, 2021 /EINPresswire.com/ – Mbanq, a leading provider of banking technology and Banking as a Service (BaaS), has formed a new Credit Union Services Organization (CUSO ) to implement digital transformations for credit unions.

Mbanq CUSO is based in Silicon Valley. It leverages a cloud-native financial services technology stack, along with specialized regulatory compliance and operational expertise from Credit Union to deliver end-to-end solutions that enhance the Credit Union member experience and reduce costs. installation and operating costs.

Vlad Lounegov, CEO of Mbanq, said: “Choosing the right digital transformation strategy enables credit unions to develop to their full potential and successfully compete in a market crowded with banks, FinTechs and financial services challengers. .

“Successful credit unions achieve excellent customer satisfaction ratings because they prioritize member services and listen to the needs of their members. These advantages can be transferred to the digital realm with the help of modern technology and used to fuel rapid expansion. “

Mbanq CUSO’s offering includes a complete ecosystem of financial and FinTech services, agile setup, rapid time-to-market, and personalized and flexible membership services. Its back-end technology is streamlined for efficiency and operates on a low-code, low-code software basis. Front-end financial services are delivered through user-friendly web and mobile applications.

Lounegov adds: “Mbanq CUSO works as a trusted partner to build, operate and grow credit unions. Its technology is at the forefront of modern FinTech innovation and is designed to keep credit unions operating at peak performance and ready for the future. “

About Mbanq
Mbanq is based in the United States with a strong global presence. It is a banking as a service (BaaS) provider and technology innovator. It operates dozens of banks and credit unions across America and the world. www.mbanq.com

About Mbanq CUSO
Mbanq CUSO’s business model is to create and operate credit unions as a service. It offers a comprehensive ecosystem of financial services that includes advanced digital financial solutions technology, legislative, anti-money laundering and risk management assistance, as well as digital applications for clients that can be tailored and customized to suit their needs. ” adapt to any type of membership. It provides everything needed to set up and operate a credit union and operates the entire technology stack as an uninterrupted service. www.mbanq.com/cuaas

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Aouar ready-to-buy offered as Spurs enter race, Overmars could replace Edu, the last Aubameyang



Arsenal chiefs are reportedly still backing Mikel Arteta and believe “the Covid chaos that engulfed the club” is the main reason for their poor start to the season.

The Mail claims ‘there is an acceptance’ from the club’s top brass that the preparations for the season ‘have been beset by Covid-related issues’, which has prevented Arteta from being unable to line up his strongest team to date.

Arteta “continues to have the immediate support of the Gunners hierarchy” to this day.

And the Chiefs will also keep the checkbook open for more newcomers in the final days of the summer transfer window.

Meanwhile, Arsenal will let skipper Pierre-Emerick Aubameyang go if he wants to go and they are getting the right offer for him this summer.

The Telegraph claims Aubameyang remains a big part of Arsenal manager Mikel Arteta’s plans, but is no longer seen as “indispensable”.

And with two years left on his contract, it may be time to take some cash out, with Man City and Barcelona apparently interested.

Finally, Spurs held talks with Arsenal target Houssem Aouar, according to reports.

The Lyon attacking midfielder has been closely linked to the Gunners over the last two summer transfer windows, but now it looks like they could miss their bitter rivals.

Aouar, 23, still has two years of contract with the Ligue 1 team and would like to weigh all his options before deciding what to do.

And Tottenham have had informal talks with their representatives, according to Sky Sports News.

Ideal Credit Union shows community appreciation by awarding $ 11,100 in cash prizes and donations to the community


“At Ideal, we are invested in the communities we serve and our annual appreciation events are a real highlight of the year,” said Brian Sherrick, President and CEO of Ideal Credit Union. “We want everyone to feel the joy and generosity that comes with the ideal life.”

Ideal Credit Union strives to make our communities stronger and to help people live the ideal life. Ideal Credit Union’s annual member and community appreciation event was a successful virtual event blitz from August 3-12 offering people the chance to enter online to win cash prizes.

“At Ideal Credit Union, we are invested in the communities we serve and our annual community appreciation events are a real highlight of the year,” said Brian Sherrick, President and CEO of Ideal Credit Union. . “We want everyone to feel the joy and generosity that comes with the ideal life.”

The two-week virtual event culminated with the discount from Ideal Credit Union:

  • Twelve prizes of $ 500
  • Six grand prizes of $ 250
  • Twelve $ 50 Bucky Bear Youth Prizes

In total, Ideal Credit Union donated $ 8,100 to the winners. One of the lucky winners of a $ 250 cash prize decided to pay their winnings in advance. Mary Allen told Ideal Credit Union that she wanted to donate her earnings to the Ideal Credit Union Community Foundation. Ideal’s Foundation is dedicated to strengthening the quality of life in our communities by supporting local charitable initiatives.

As part of the community appreciation events, Ideal Credit Union donated $ 3,000 to the community food shelves. Many food tablets in the region are experiencing high demand linked to the pandemic. Recipients included the Hugo Good Neighbors Food Shelf in Hugo, The Open Door in Eagan, the North St. Paul Area Food Shelf in North St. Paul, the Christian Cupboard in Woodbury, Valley Outreach in Stillwater and Neighbors, Inc., in Inver Grove. Heights.

For a full rundown of the celebration and to see the fun daily videos, visit http://www.idealcu.com/virtualevents.

Founded in 1926, Ideal Credit Union is a member-owned financial institution dedicated to providing financial services driven by a sincere and personal interest in the needs of our employees, members and the community. Ideal CU offers a full range of services, including a full line of digital banking, savings, checks, loans, mortgage products, business services, investment services and more. Offices are located in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater and Woodbury. Visit idealcu.com for details and directions. Ideal has been voted “Best Credit Union in the Eastern Metro” five years in a row by readers of the Stillwater Gazette, “Best Credit Union in the Forest Lake Area” by readers of the Forest Lake Times, and been named Star Tribune 2021 Top Place of Work. Equal housing lender.

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Aaron Ramsdale has the potential to shine for Arsenal but will the bet pay off for Mikel Arteta? | Football news


Mikel Arteta has praised Aaron Ramsdale after joining Arsenal last week. The 23-year-old has been described as an “ideal” signing who will quickly win the hearts of fans. “I think they are going to love his personality, his character,” he added.

The first impressions were certainly positive in this regard. Images of his family standing proudly behind him during his unveiling warmed hearts. His introductory interview, which he spent largely smiling from ear to ear, struck the right balance between humility and ambition.

“I am looking forward to having a connection with the fans,” he said of playing at Emirates Stadium. “You will not see me back down from the challenges,” he promised his supporters. “I’m here to push him and take his jersey,” he added of Bernd Leno.

Ramsdale’s attitude is flawless but, for many, the skepticism that greeted his arrival from Sheffield United is still there.

A £ 30million deal for a young goalkeeper who has suffered consecutive relegations from the Premier League is a tough sell.

Indeed, at times last season, it was hard to imagine he would join a Big Six club at the end of it. Sheffield United paid £ 18.5million to re-sign him from Bournemouth, but replicating Dean Henderson’s levels of performance was probably never easy and it turned out.

Ramsdale had a rough start at Bramall Lane as the Blades found themselves stranded at the bottom of the table. The struggling keeper has become emblematic of the perceived poor recruitment that would pave the way for Chris Wilder’s departure.

At the start of January, Sheffield United had taken just two points in 17 games. Ramsdale was still awaiting his first clean sheet, as only two goalkeepers – Sam Johnstone of West Brom and Illan Meslier of Leeds – had conceded more goals.

There was no return for Sheffield United, their relegation confirmed in April with six games to go, but for Ramsdale the second half of the campaign has been a journey of redemption.

Ramsdale didn’t miss a minute in the Premier League last season

His improvement was spectacular, which ultimately earned him the club’s Player of the Year award – his third in three seasons, including the one he received on loan at AFC Wimbledon in League One – and even a late summons to the England team for Euro 2020.

His subsequent move to Arsenal, confirmed last Friday, has of course placed him under heightened scrutiny and his critics can find plenty of ammunition in the stats.

Opta’s expected goal data puts Ramsdale among the Premier League’s most porous goalkeepers last season.

He also dropped more high balls than anyone else (10), while only two goalies made more individual errors leading to opposing shots (six).

Arsenal, however, will have tried to see these numbers in context when assessing their decision for him.

After all, he was playing for a team lacking in confidence and behind a stripped-down defense of his most important player, Jack O’Connell, who was sidelined with a knee injury.

Wednesday 25 August 7:30 p.m.

Kick-off at 8:00 p.m.

The circumstances were harsh and they had a psychological impact. “I had lost some confidence in myself,” Ramsdale later admitted.

Ramsdale is expected to benefit from better protection at Arsenal, who had the Premier League’s third-best defensive record last season, and while the expected goal data for last season is troubling, it should be noted that in their previous season campaign with Bournemouth, Ramsdale outperformed Jordan Pickford, Nick Pope and even Liverpool’s Alisson Becker in the same metric.

Arsenal are hoping their numbers for the 2020/21 campaign have been skewed by their rocky start. They will note that his six errors leading to shots occurred in his first 15 appearances and that of his 10 falls, seven occurred before the end of January.

Everyone at Sheffield United was already aware of Ramsdale’s improvement at this point – his return to form was a rare positive in a season of conflict and instability – and in February he also gained recognition from the outside the club.

“He makes stops that he is not allowed to make,” said Air sports expert Graeme Souness after Ramsdale single-handedly kept Liverpool at bay with a series of excellent saves at Bramall Lane. “Incredible” is how Jurgen Klopp described his performance.

Aaron Ramsdale denies Curtis Jones in Bramall Lane
Ramsdale denies Liverpool’s Curtis Jones at Bramall Lane

For Arsenal, who were obviously following his progress closely at the time, his age is another important consideration.

Having only turned 23 in May, Ramsdale is extremely young in terms of a goalkeeper. There is considerable room for improvement and yet, as Arteta noted last week, he has already amassed “enormous” experience.

Indeed, just nine days after his 23rd birthday last season, Ramsdale became the third youngest goalkeeper in Premier League history to reach 75 appearances in the competition.

Only Scott Carson and Joe Hart reached this milestone at a younger age and the other players who came close – including David de Gea, Shay Given and Petr Cech – all went on to have successful careers at the highest level.

The omens are good for Ramsdale and the players and coaches who know him best are convinced as well.

“He’s just going to keep getting better and better,” said Paul Heckingbottom, acting manager of Sheffield United after Wilder left last season. “What he has done over the past two years shows everyone his quality,” said Asmir Begovic, his former team-mate at Bournemouth.


Arsenal are counting on Ramsdale to continue to develop and improve as he did in the second half of last season, but the £ 30million prize puts him among the most expensive goalkeepers in the world and with it a new level of pressure and expectations.

Arteta will be heartened by the mental courage Ramsdale showed in going through tough times last season. But a lot will depend on how he cope with the move to a bigger club – especially given the team’s need for immediate improvement.

Indeed, if Leno produces more performances as unconvincing as his performance against Brentford on Day 1 of the season, Ramsdale will have to be ready to go.

Ramsdale signed a long-term contract with Arsenal
Ramsdale signed a long-term contract with Arsenal

He will also have to adapt to another way of playing. Arteta is said to be a fan of the Ramsdale cast, especially at long distances, but the Spaniard mainly asks his side to play from behind and that is unlikely to change.

Leno played 66% of his passes for Arsenal last season, according to Opta, while Ramsdale’s figure for Sheffield United was just 16%. Even in the previous campaign with Bournemouth he sent only 31% of his passes short.

This change of focus is just one of the many challenges he faces in his new environment. Arteta is convinced Ramsdale will be a success and the Arsenal manager is not his only admirer. But now it’s up to him to prove others wrong – and to justify the money spent.

Watch West Brom vs. Arsenal live on Sky Sports Football from 7:30 p.m. Wednesday; kick off at 8 p.m.

Are you a retiree with credit card debt? Here’s how to pay it back


Credit card debt can be damaging. When you accumulate a balance on a credit card that you pay off over time, you earn interest on it. It costs you more. And too much credit card debt can damage your credit score, making it harder to borrow affordable money when you need it.

It’s easy to think of credit card debt as a young cardholder’s problem. But many older Americans also have credit card balances. And that seems to have intensified in recent years. In 2001, only 24.2% of senior households held credit card balances, according to the National Council on Aging. In 2016, over 34.2% of seniors had done so.

If you are a retiree with credit card debt, it is imperative that you get rid of it as soon as possible. Here’s how.

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1. Stick to your budget

Keeping track of a budget helps you manage your money more efficiently. It also helps you earn more money to pay off your debt.

To set a budget, check your bank and credit card statements for the past year. Calculate the true cost of your expenses. Then adjust your spending in varying categories to free up money and blow up your credit card balance.

2. Consider working part-time

Many retirees live on fixed incomes. You can have a pension from your former employer or receive Social Security payments and IRA withdrawals. If your income is not enough to pay off your credit card debt, you may need to work part time and use your income to get rid of your balance.

This job doesn’t have to be boring or lock you into a rigid schedule. If you are computer literate and have the right skills, look for jobs you can do from home, like data entry or content editing. Or if you’re good with kids, you might consider providing after-school child care for a family. There are often many options available depending on your skills, schedule, and comfort level.

3. Use deals to eat into your balance

You may receive additional money during the year, whether it is a tax refund or some other lump sum. Rather than spending it, use it to pay off the balance you have.

It’s best to avoid credit card debt no matter what stage of life you are in. If you’re a retiree with credit card debt, pay it off as quickly as possible and enjoy your old age without that financial stress. Also, keep in mind that if you don’t pay off your credit card debt in your lifetime, that money comes from the estate you bequeath to your heirs. If you’d rather not burden them, do your best to get rid of that debt.

IPDC launches new loan program for the treatment of Covid


Funding of IPDC launched a new loan product called ‘IPDC Aroggo’ to give financial assistance in Covid treatment.

It is now of the highest priority for everyone to be able to provide appropriate treatment to their loved ones during this long pandemic, according to a press release from the private sector finance organization.

The new IPDC loan service will provide financial support for the treatment of Covid-19.

Read Tamim Iqbal signs as IPDC brand ambassador

The “IPDC Aroggo” loan can be granted in two ways. Clients who have a fixed deposit account with IPDC will get this loan at 0 percent spread rate, which means the loan rate will be the same as the fixed deposit rate.

If someone does not have a deposit account at IPDC, that person will benefit from a personal loan under “IPDC Aroggo” for the treatment of covid. In this case, the person will get a loan at the current cost of funds rate and it will be considered a personal loan.

Read IPDC Finance Ltd wins the 2021 Intellectual Property Protection Award

The “IPDC Aroggo” loan is applicable when the Covid patient must be admitted to a hospital for treatment. The patient must be a family member (parents, siblings and spouse) of the applicant.

The minimum loan amount under the Aroggo IPDC is Tk 50,000. In the case of a personal loan, the maximum loan amount is 500,000 Tk. In case of SOD, the maximum loan amount is 80% of the fixed deposit or Tk 500,000, whichever is lower. In the case of SOD, the maximum loan repayment period is two months and in the case of a personal loan, the maximum repayment period is 36 months.

Read also : IPDC: Mominul Islam reappointed as Director General, CEO for the 4th time

Savrina Arifin, Head of Retail for Funding of IPDC said: “As a socially responsible company, IPDC has always strived to make a meaningful contribution to society through its services. In Corona’s current situation, ‘IPDC Aroggois one such effort to meet the needs of the community. We hope that this loan service will be of real benefit to many families by removing the financial barrier to treatment for Covid-19. “

Should you ever co-sign for a loan?


RICHMOND, Virginia (WWBT) – Not everyone is eligible for a loan. Sometimes you need a little help from a co-signer. But should we do that? Be the person signing their name on someone else’s loan?

There are two ways to think about co-signing. Because it can be very positive or maybe a very negative experience.

Cherry Dale, Virginia Credit Union financial coach, says you want to look at what you’re co-signing for and the overall risk. “If you co-sign with another person. Basically you sign up to make sure you’re responsible for making sure that bill gets paid, ”Dale said.

So, if the other person is the primary debtor on this loan, you are still responsible for the debt. Especially if they default and don’t pay.

Dale says you have to really trust the person you’re helping.

The loan could affect your ability to borrow at the end of the day. Even if you are just co-signing a $ 5,000 credit card for your child … it will count against you if you are looking to buy a house.

Something to consider. Dale says communication is the key. Define the rules for knowing who pays … and knowing when the invoice is due. “One of the things you can do is just make sure you’ve set up an account where you both can see it. Most financial institutions will do this with you online,” Dale said.

If you are co-signing for your child, you may be able to ask them to pay you each month. This way, you can take care of the actual bill so that you know it gets paid on time.

Copyright 2021 WWBT. All rights reserved.

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Liberty Financial helps businesses get ahead of this news


MELBOURNE, Australia, Aug 23, 2021 (GLOBE NEWSWIRE) – It’s hard to stand out in today’s competitive market, but there are ways for business owners to get ahead. The start of a new fiscal year is a great opportunity to reassess business goals and take a closer look at company finances.

A Commercial loan can provide the funds a business needs to take it to the next level. And with a range of business loans Available from non-banks like Liberty, there are more opportunities for small businesses to meet their growth goals.

Maybe your already successful business is ready to take the next step, or you are interested in exploring refinancing or cash flow solutions – Liberty can help. Choosing a free thinker loan from Liberty could provide your business with the support it needs to grow and prosper.

Whether a business wants to invest in tools, equipment, or people, it will need funds to do so. It can be difficult to find this financing, as many are unable to secure a loan due to traditional, rigid and inflexible approval processes.

Liberty has worked with business owners for over 23 years and understands the challenges of running a business. Because Liberty takes a tailored, free-spirited approach to credit assessment practices, the fast growing lender can help more Australian businesses – including those with lower credit scores – secure small business loans.

Liberty offers a competitive business loan offering, with secured and unsecured options, as well as a line of credit and business loans for those looking to purchase operating space or invest in commercial property.

Whatever the future, Liberty has a solution for businesses of all shapes and sizes.

Approved applicants only. Loan criteria apply. Taxes and fees are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit License 388133, operating together as Liberty Financial.

Heidi armstrong
Group Manager – Marketing and Communication
Phone. : +61 3 8635 8888
E: [email protected]

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This content was posted through the press release distribution service at Newswire.com.

MAX Credit Union Recognized Again as One of the Best Companies to Work For in Alabama


MONTGOMERY, AL – MAX Credit Union was recently recognized by Alabama Business and Best Companies Group as one of the Best Companies to Work For in Alabama for the eighth consecutive year.

Each year, team members have the opportunity to provide invaluable feedback that ultimately provides insight into the inner workings of our environment and culture on a daily basis, as well as the opportunity to be named Best Company to Work for in the World. ‘State of Alabama. This survey and rewards program was designed to identify, recognize, and honor Alabama’s top employers, to benefit the economy, workforce, and business. This list is made up of 21 companies. We are pleased to announce that MAX Credit Union has been named one of the best companies to work for in Alabama this year.

Since opening its doors, MAX Credit Union has grown into a full-service financial institution offering a wide variety of services ranging from basic financial needs to investment opportunities, insurance and mortgages. We pride ourselves on delivering a great customer experience that can only be accomplished with the persistence and dedication of our team members.

At MAX, “We distinguish ourselves through our stable leadership, our advancement opportunities, employee recognition, incredible benefits and community involvement,” notes Natasha Parker, Human Resources Coordinator. “Max is pro-employee.”

MAX has a history of employee retention, particularly with our management team which has an average tenure of 23 years. “It shows how stable our leadership is,” Parker continues. “Many of our employees have worked their way up to management positions. MAX offers a very comprehensive benefit package, tuition reimbursement, continuing education, training and 401K correspondence with the company, all of which are important to current team members and potential candidates.

Companies from across the state participated in the two-part survey process to determine the best companies to work for in Alabama. The first part was to assess the policies, practices, philosophy, systems and workplace demographics of each nominated company. The combined scores determined the best companies and the final ranking.

The ranking will be revealed in the release of the August 2021 issue of Alabama Business. For more information on the Best Companies to Work for in Alabama program, visit www.BestCompaniesAL.com.


MAX Credit Union is a leading local financial institution in Alabama, with more than $ 1.9 billion in assets. Serving our communities for over 65 years, MAX provides a full range of financial products to individuals and businesses, including checks, savings, loans, wealth management, insurance, mortgages, services online and mobile banking. MAX has 18 branches in its Alabama footprint, over 30,000 no-additional ATMs, and the myMAX service center to meet all financial needs over the phone. With dedicated team members, MAX is committed to providing exceptional customer service and value. Please visit us at www.mymax.com

Sarah Millican used the Edinburgh Fringe Prize to pay off auto loans before she got famous


Actress Sarah Millican says she used the money she earned from her very first Edinburgh Fringe to pay off her car loans.

The 46-year-old is now one of the UK’s biggest comedy stars and has performed in sold-out arenas across the country for the past decade.

However, taking to social media over the weekend, the star shared that her career hadn’t always been so huge, posting a return photo of her first performances at the Edinburgh Festival.

Taken 13 years ago, Sarah had impressed organizers with her stand-up show and won the ‘Best Newcomer’ award in 2008, a title won by a number of comedians who have pursued successful careers.

Her show at the time, ‘Sarah’s Not Nice’ drew a wave of positive attention from critics, with writing that the set was “always funny” as well as “utterly dirty”.

In a tweet, Millican, of South Shealds, also told fans that the money earned from the prize went directly to paying off his car loan.

She wrote: “13 years ago today I won the Newcomer Award on the outskirts of Edinburgh and paid off my car loan with the prize.

“It’s me right after I won. I was stunned. I had just met Clive James too. I still remember my speech.

“I remember feeling like I confirmed that I was on the right track.”

The Edinburgh Fringe for 2021 is set to end on August 30 after a successful but slightly more limited run of performances to comply with coronavirus restrictions.

Mortgages for new homes fell 27.4% in July


Today’s real estate market is difficult to break into. Not only is the real estate inventory extremely limited, making it more difficult for buyers to find suitable homes, but house prices are very inflated, which means that many buyers cannot afford to go there. ‘before with the purchase of a house.

It is therefore not surprising that the volume of mortgage applications plunged in July. Last month, mortgage applications for the purchase of new homes fell 27.4% from a year earlier, according to the Mortgage Bankers Association.

If you’re struggling to buy a home, you might be wondering if it’s worth putting your home search on a hiatus. Obviously, this is a route other buyers are taking. And the reality is that there are pros and cons to waiting to buy.

6 simple tips to get a 1.75% mortgage rate

Secure access to The Ascent’s free guide on how to get the lowest mortgage rate when buying your new home or refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.

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The advantage of waiting

Right now the houses are extremely expensive. The average loan amount last month rose to a new record high to $ 402,440. And a big reason is that sellers get away with charging more for their homes because there isn’t a lot of competition.

If you choose to delay your home search, you can give the housing market enough time to open up. Over the next few months, we could see more sellers listing their homes, and once stocks are replenished, home prices should start to drop. So waiting to buy a home could be to your advantage, financially speaking.

Plus, if you wait until more inventory is available, there’s a better chance you’ll manage to find a house that actually ticks all the right boxes. If you buy when inventory is low, you might be forced to settle for a home that isn’t perfect for you, or a home that comes with a long list of needed repairs that eat away at your savings.

The downside of waiting

While putting your home search on hold may benefit you, there are some drawbacks to be aware of. On the one hand, we know what mortgage rates look like right now. We don’t know what they will look like in six months. And while there’s a good chance they’ll stay low until 2022 and maybe even beyond, it’s hard to say what rate you might get if you choose to buy a home, say, in. January compared to now.

Also, while we would like to hope that more inventory will hit the housing market later this year, we don’t know if that will happen. And if stocks hold, home prices might not come down much, if at all.

Ultimately, there is no right or wrong answer here. If you decide to continue your home search, you might end up finding that rare home that fits your budget and ticking the right boxes on your wishlist. Or you might continue to struggle to find a suitable place to buy. If you keep looking for a home, remember that there’s a reason mortgage application volumes declined over the past month – and don’t be surprised if your search doesn’t turn out to be very productive.

Council approves winter storm reimbursement plan


City managers have approved a payment plan with the Grand River Dam Authority (GRDA) for costs incurred during the winter storm in February.

According to a staff report prepared by city administrator Phillip Patterson on Aug. 10, the city will make four quarterly payments of $ 963,939 and will not pass on the $ 3,855,758 the city owes GRDA to utility customers, says The report.

The board of directors voted 6-1 in favor of the proposal, with principal Reid Carroll voting “no”. Payments will start either in Q4 2021 or Q1 2022, the report says.

Originally on the consent agenda, the payment plan was withdrawn by Director Mindy Hunt. She said the plan that Patterson proposed at the previous city council meeting on Aug. 3 to pass the cost on to consumers was just a plan.

“It was presented to us for our comments, not for a vote, and under this plan consumers would have refunded their share of what was used, it was not a tax,” Hunt said.

Hunt also said there was no precedent for using the reserves to pay off debt. The city manager said she spoke to several residents and heard mixed feelings on the matter.

She said she would like Patterson to show council how the use of the reserves will impact the city’s future plans, especially street improvements.

However, Hunt said she was in favor of the city absorbing the costs. She said the winter storm was an extraordinary event, but the fact that it occurred during the coronavirus makes it even more extraordinary.

“The combination of the two events has increased the living costs of all of our citizens, so if there is anything we can do to help, I’m in favor,” Hunt said.

Director Brad Burns said he hopes the board remains united if projects are pushed back due to the use of reserves to pay off debt. Director Carol Smiley has said she was initially in favor of shifting costs to citizens, but she also appreciates what Hunt has said.

Smiley said she hoped it wouldn’t take away from the street repairs. Carroll said he was happy there were seven directors to help make a good decision.

He went on to say that not everyone in Siloam Springs has all electric homes.

“Some of us have gasoline and for me to see him tending to our reserves, it kind of gives a boon to those who only have electricity, not that we throw at him. money, but I feel like it’s not a fair split, ”Carroll said.

Carroll felt the city could do something that could be a little more than that, although he didn’t say what that “something” might be or what a fair distribution would look like.

Making that distribution a fair distribution would require more than just removing it from the reserves, Carroll said.

Carroll went on to say that he was not here to fight the decision or to rail against it, but Carroll has said he would like the board to make a wise and informed decision.

Director David Allen said the city has $ 13 million in reserves for utilities with a minimum of $ 7 million for this account and $ 20 million in general fund reserves with a minimum of $ 5 million. dollars for this account.

He asked why the city needs to borrow money from the utility account for street repairs.

Allen also said the city is a non-profit business, which is different from a for-profit business that can easily pass costs on to its customers.

“This is why the money is set aside to cover the acts of God,” Allen said.

He then explained how the city could earn a second income from broadband service in 2012 and how funds from the sale of the hospital were supposed to be set aside for an emergency.

“This was the sale of an asset owned by the city, and I will explain once again that this city belongs to the taxpayers, to the citizens who reside within the city limits,” Allen said.

After a few more minutes, Burns issued a wake-up call because he didn’t know how it related to GRDA. Allen asked Burns if all of his points had to do with GRDA, but Mayor Judy Nation reminded Allen that the point of order had been called and all discussion had to cease.

The board voted in favor of the payment plan.

City managers also approved the following:


Donation of $ 3,750 by the American Legion Family for the ADA (American Disabilities Act) fishing pier and a kayak launch.

Consent agenda

• Report of the workshop of August 3.

• Minutes of the regular meeting of August 3rd.

• Dedication of utility easements for 717 N. Mount Olive St.

• Purchase of a John Deere 550 K crawler dozer from Stribling Equipment for water and wastewater service in the amount of $ 124,876.

• Purchase of a Hitachi excavator from Stribling Equipment for the water and wastewater service in the amount of $ 130,729.

• Budget modification for the purchase of vehicles from Old Fort Harley-Davidson for the police service in the amount of $ 24,146.

• Purchase of property and allocation of an easement to utilities in the amount of $ 10.00 for the Moss substation electrical department.


• Amendment of Order # 2 with Burns & McDonnell Engineering Company Inc. for water and wastewater service in the amount of $ 876,219.

• Budget modification for the purchase of a qualifying rotating target system in the amount of $ 39,933 for the police service.


• Appointment of the Sager Creek Advisory Committee.


• Place Ordinance 21-16 concerning the rezoning of R-2 (Middle Residential) and R-3 (Two-Family Residential) to R-4 (Multi-Family Residential) for second reading.

• Passing Ordinance 21-17 amending the town planning code with regard to private alleys and sanitation at second reading.

• Place ordinance 21-18 respecting body art businesses on second reading with Burns voting against the ordinance.

Staff reports

• Update of subdivision and housing construction.

• American Rescue Plan Act fund recommendation.

• Administrator’s report.

North County School News, August 22



The Academy welcomes a new president

Mark Desjardins was named the next president of the Académie de l’Armée et de la Marine. He was selected after a seven-month executive search to run the academy, a college-preparatory military boarding school for middle and high school boys. He will succeed retired Army Major General Arthur Bartell, president of the academy since 2014 and who announced his retirement plans last summer. For 11 years, Desjardins has been principal of St. John’s School in Houston. During his 33-year teaching career, he also served as a principal for three independent schools in Oklahoma and Texas, including the Texas Military Institute. Desjardins graduated from Bates College in Lewiston, Maine, and went on to obtain a Masters of Education (M.Ed) in Secondary School Administration and a Doctorate in American Educational History, both from the University from Virginia. In 2008, he was Klingenstein Visiting Fellow at Teachers College at Columbia University where he researched and wrote on best practices in educational leadership for independent schools. Visit armyandnavyacademy.org.


Credit union awards three scholarships to teachers

North Island Credit Union recently awarded grants of $ 500 each to three North County teachers as part of its Spring 2021 Teacher Grants program, helping educators by funding innovative learning opportunities. The Credit Union provided 10 grants to support classroom projects in San Diego County. In North County, the recipients were Steven Aldridge, a teacher at Martin Luther King Jr. Middle School in Oceanside, who will create a Circuit Playground program to teach coding, programming and computers to students in grades 7 through 8th year; Maura Leonard of Diegueño Middle School in Encinitas, who will create a cultural history project through video creation and film editing for her grade 7-8 students; and John Oly Norris of San Dieguito High School Academy in Encinitas, whose grant will purchase materials for his rock and roll socio-political history program for high school students.

Local students graduate

Stanislaus State University, Turlock, CA: Evelyn Suarez from Oceanside, Bachelor of Arts in Psychology, magna cum laude; Alexandria Lewis from Oceanside, Bachelor of Science in Biological Sciences.

DePauw University, Greencastle, Indiana: Carl Ash d’Encinitas, Bachelor of Arts in Neuroscience, summa cum laude.


MiraCosta offers vaccine incentive

MiraCosta College is using up to $ 3 million in higher education emergency aid funds to encourage unvaccinated students to get fully vaccinated against COVID-19. Any MiraCosta College student who is enrolled in a Fall 2021 course, receives the COVID-19 vaccination and submits a verification through their SURF student account, is eligible to receive a $ 300 credit to be used in the MiraCosta College bookstore (on campus 1 Barnard Drive or online). Students can come to the Oceanside campus store, or they can order online and can opt for shipping or pickup. To learn more about MiraCosta’s return to campus, how to get vaccinated, and MiraCosta’s COVID-19 response, visit miracosta.edu/COVID.


Palomar College receives Prebys scholarship

The Conrad Prebys Foundation has awarded the Palomar College Foundation a grant of $ 102,431 to purchase a full-body F / X Trauma simulation figure for use in nursing and medical education programs. emergency from Palomar College. The simulator will allow students to experience realistic treatment scenarios and learn critical medical interventions under pressure. They are designed for anatomical fidelity, precise weight and feel, and response to treatment during simulations. “Our students benefit greatly from these collaborative commitments, and this grant will provide even more immersive training, benefiting our first responder programs for years to come,” said Star Rivera-Lacey, Superintendent / President of Palomar College, in a statement. The grant is the largest in the history of the Prebys Foundation, according to CEO Stacy Rungaitis. Prebys, who died in 2016, was a San Diego real estate developer and philanthropist.

Apply by Monday for affordable computers

Computers 2 Kids, San Diego – C2SDK will be at San Marcos Elementary School from 9 a.m. to noon Saturday to distribute affordable desktops and laptops to eligible families. Families must apply by Monday to qualify. Apply at bit.ly/37UiLhF, or call (858) 200-9788.

Please send the articles to [email protected] at least two weeks before the events take place.

Indian delinquencies who fled UAE find temporary relief due to COVID-19


India’s two-wave COVID-19 outbreak since March 2020 has become an unlikely savior for many Indian expats who owe millions of dollars in delinquent loans to banks in the UAE.
Image Credit: Provided

Dubai: India’s COVID-19 epidemic in two waves since March 2020 has become an unlikely savior for many Indian expats who owe millions in outstanding loans to UAE banks and left the country between 2015 and 2020 .

In early 2020, India and the UAE agreed to make the UAE courts’ verdicts on enforceable defaults in India, making life difficult for Indians who defaulted on their loans and fled. the country.

As a result of the change in the legal status of these cases, many banks in the UAE had hired law firms to take legal action in India to recover their money from the defaulters. Bankers and law firms now say nothing has advanced much due to the COVID outbreak in India and the United Arab Emirates from March 2020.

“Obviously, the pandemic has changed the priorities of the banks. Since the first quarter of last year, banks have focused more on new loan write-downs linked to the impact of COVID and historical defaults have been put on the back burner, ”said the chief legal officer of a large local bank.

India UAE judicial cooperation

To facilitate mutual legal assistance in civil and commercial matters, India and the United Arab Emirates concluded on October 25 an “Agreement on legal and judicial cooperation in civil and commercial matters for the service of summonses to appear, judicial documents , commissions, the execution of judgments and arbitral awards. , 1999 (the Treaty).
Although the treaty was ratified in 2000 and the United Arab Emirates gave effect to the treaty by publishing it in its Federal Gazette in the same year, India had only completed national formalities regarding certain provisions of the treaty at the beginning. from 2020.
As a result, successful parties in UAE legal proceedings were unable to benefit from the treaty and often struggled to enforce judgments in India. India issued a notification on January 17, 2020 declaring the UAE as a “reciprocal territory”. The 2020 declaration means that theoretically it should now be much simpler and faster to enforce judgments from UAE courts in India.

Cascading defaults

UAE banks faced massive payment defaults between 2015 and 2017 as a result of the payments crisis that started in the small and medium business (SME) segment.

Much of the delinquency on loans was due to the sudden disruption of the payment cycle in the economy. After a drastic drop in oil prices from 2013, a combination of budget adjustments ranging from the rationalization of spending by state-linked entities and large corporations resulted in delays in payments to SMEs. This resulted in the first stage of defaults by a number of SMEs.

In the absence of viable insolvency proceedings, business owners facing lawsuits and potential criminal charges from lenders have chosen to take the plunge and return to their home countries.

Defaults have had a domino effect on the credit quality of banks, with business failures and job losses adding to the overall volume of nonperforming loans (NPLs).

Huge exceptional

Bankers said the total defaults in the SME and retail segment are in the range of Dh30-35bn and of this total Dh25bn is owed by NRI borrowers.

Retail loans, including loans to small businesses, represent only about 20 percent of the total amount past due, while over 75 percent represent relatively large commercial loans, in the range of $ 20 million to $ 150 million. from Dh.

UAE banks were keen to prosecute large defaults, with liabilities exceeding MAD 2 million through legal channels, while they were more inclined to prosecute smaller defaults through agents. recovery in India. However, both channels have virtually disappeared for a year as the pandemic slowed down or interrupted the legal process.

In the case of the use of loan collectors, banks face great resistance from law enforcement agencies and local courts. The use of debt collectors has become illegal following a court ruling. In 2019, a division chamber of the High Court of Kerala ruled that foreign banks or financial institutions cannot hire debt collectors to realize the overdue loan amount of a borrower in the country.

The Chamber of Judges K. Vinod Chandran and Judge VG Arun observed that if the non-repayment by the borrower constitutes a criminal offense in a foreign country, the bank could take criminal action against the borrower by the diplomatic channel.

The court made the observations while it had a motion for a brief filed by a woman from Kollam, Kerala, who had returned after working as a nurse in Saudi Arabia against attempts by bank debt collector Al -Rajhi, in Saudi Arabia, to intimidate her and force her to pay the overdue amount.

Banks to keep business going

UAE banks contacted by Gulf News said they would continue to explore all legal options in India to collect their dues from defaulting debtors. “Our priority will be to prosecute large debtors who owe us millions. Many cases are active and once the COVID situation improves, these cases will be reactivated in both the UAE and India, ”said the head of the SME section of the UAE bank.

Although Kerala’s High Court has banned the use of debt collectors to track and collect overdue retail and credit card debts, banks are considering challenging the ruling in the Indian Supreme Court.

Today’s Average Mortgage Refinance Rate Still Below 2.5% for 18th Day in a Row | August 11, 2021


Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

View mortgage refinancing rates for August 11, 2021, which are mostly unchanged from yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have remained the same as yesterday, with the exception of 20-year rates, which increased.

  • Refinancing at a fixed rate over 30 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 20 years: 2.750%, compared to 2.625%, +0.125
  • Refinancing at a fixed rate over 15 years: 2.125%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.125%, unchanged

Prices updated on August 11, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

Average mortgage refinance rates have remained well below 2.5% for 18 straight days, meaning homeowners looking to refinance could find interest savings regardless of the length of time they choose. Although the 30-year terms, which are the most common, hit 2.875% earlier this week, the rates for that duration have not reached 3% since July 2. 20-year, 15-year and 10-year rates also fluctuated slightly from day to day, but all terms continue to hold historic lows.

If you are thinking about refinancing your mortgage, consider using Credible. Whether you want to save money on your monthly mortgage payments or consider refinancing with cash, Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can see prequalified fares in as little as three minutes.

Current fixed refinancing rates over 30 years

The current rate for a 30 year fixed rate refinance is 2.875%. It’s the same as yesterday.

Current 20-year fixed refinancing rates

The current rate for a 20 year fixed rate refinance is 2.750%. It’s since yesterday.

Current fixed refinancing rates over 15 years

The current rate for a 15 year fixed rate refinance is 2.125%. It’s the same as yesterday.

Current fixed refinancing rates over 10 years

The current rate for a 10 year fixed rate refinance is 2.125%. It’s the same as yesterday.

You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.

Prices updated on August 11, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

How Mortgage Refinance Rates Have Changed

Today, mortgage refinance rates have increased compared to the same period last week.

  • Fixed refinancing rates over 30 years: 2.875%, compared to 2.625% last week, +0.250
  • Fixed refinancing rates over 20 years: 2.750%, compared to 2.500% last week, +0.250
  • Fixed refinancing rates over 15 years: 2.125%, compared to 2.000% last week, +0.125
  • Fixed refinancing rates over 10 years: 2.125%, compared to 2.000% last week, +0.125

Think it might be a good time to refinance? You can explore your mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Discover Credible and get prequalified today.

Prices updated on August 11, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

What are the reasons for refinancing?

Every borrower’s situation is different, but here are some great reasons to refinance.

  • To get a lower interest rate. A lower interest rate could mean that you will pay less interest over the life of your mortgage, provided that you are refinancing for a shorter term as well.
  • To shorten the repayment period. If your ultimate goal is to someday get rid of your mortgage, shortening the repayment period might help you get there sooner.
  • To reduce interest charges over the life of the loan. Interest can be a significant portion of the total cost of your mortgage. For example, if you borrow $ 250,000 at 3.5% for 30 years, your total interest expense would be $ 154,140. Refinancing at 2.75% for the same repayment period could save you $ 36,723 in interest charges.
  • To withdraw equity in cash. Known as “cash-out refinancing,” this type of refinance allows you to take out a new mortgage for more than you owe on your old one and take the difference in cash. The equity in your home guarantees the extra money you can use for improvements, repairs, or other needs.
  • To get a fixed mortgage rate. If you have purchased an adjustable rate mortgage, the very low initial interest rate may revert to a much higher rate at the end of the initial period. And after that, your rate may change with market conditions. Many homeowners with ARMs are looking to refinance themselves into fixed rate mortgages that can provide reliable payment at a predictable rate.

Conversely, some reasons for refinancing are less than excellent.

  • Use equity to pay off unsecured debt like a car loan or credit cards. If your interest rate on these types of credit is high and you can get a really low mortgage refinance rate, you might be thinking, “Why not? But unsecured debt like personal loans or credit cards, and even a secured car loan, doesn’t put your home at risk. Paying off those debts by refinancing your home mortgage turns those unsecured debts into debt secured by your home.
  • Use equity to invest. Using equity to invest puts your home at risk for something that’s already a risky proposition. The investment does not involve any guarantee of return. Meanwhile, paying off your mortgage and preserving your equity has a dependably positive impact on your credit and finances.
  • Use equity for a big purchase. If you’ve built up some equity in your home, it can be tempting to tap it to get cash for luxuries like a big trip, a motorhome, or even cosmetic surgery. But think carefully before you refinance with withdrawal for these reasons. A refinanced mortgage is long term debt.

How To Get Your Lowest Mortgage Refinance Rate

If you want to refinance your mortgage, improve your credit rating, and pay off any other debt could guarantee you a lower rate. It’s also a good idea to compare the rates of different lenders if you are hoping to refinance to find the best rate for your situation.

Borrowers can save $ 1,500 on average over the life of their loan by purchasing a single additional rate quote, and on average $ 3,000 by comparing five rate quotes, according to research by Freddie Mac. Credible can help you compare multiple lenders at once in just a few minutes.

If you do decide to refinance your mortgage, be sure to shop around and compare the rates of several mortgage lenders. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s quick, easy and the whole process can be done entirely online.

APR vs. interest rate: what’s the difference?

When shopping for a mortgage or loan refinance, you will often see the terms APR and interest rate. They are similar but not interchangeable.

The interest rate is the cost that the lender will charge each year to lend you money. The Annual Percentage Rate (APR) includes the interest rate and other fees and charges associated with your loan.

Usually, the APR gives you a better idea of ​​the true cost of a loan since it takes into account all the costs associated with borrowing money. For a mortgage or refinance, these costs can include discount points, fees, and other charges.

When you apply for a loan, you will usually be able to find the interest rate on the first page of your loan estimate, and the APR later in the document listed under “Comparisons”.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

New Buy Now, Pay Later Solution Helps Credit Unions Remain Competitive


The COVID-19 pandemic has been the catalyst for a series of changes in consumer behavior, including the search for new ways to budget and improve finances. Online shopping is growing exponentially, and Buy Now, Pay Later (BNPL) is quickly becoming mainstream in the payments industry for its flexibility and ease of use.

Recognizing that demand for this convenient payment option will only grow, PSCU recently announced that it will soon be offering a new installment payment solution that will allow credit unions to offer more flexible payment options to eligible members.

To learn more about the rise of the new BNPL and PSCU solution, PaymentsJournal met with Jeremiah Lotz, Senior Vice President of Digital and Data at PSCU, and Brian Riley, Director of Credit Advisory Services at Mercator Advisory Group .

Payments Journal

New Buy Now, Pay Later Solution Helps Credit Unions Remain Competitive

Payments Journal New Buy Now, Pay Later Solution Helps Credit Unions Remain Competitive

The boom in buying now, pay later

While the general concept of buy it now, pay later has been around for decades in the form of retail finance, it is now being driven by fintech and tech companies in new ways.

“Buy Now, Pay Later The loan in its current form is designed to fit a household budget and provide transaction financing for a small or medium-priced item that is paid in four transactions over time. This is something that fintechs have aggressively latched onto, ”said Riley.

The graph below, provided by Mercator Advisory Group, reveals that buy now, pay later will exceed $ 100 billion in the United States by 2024, compared to just $ 2 billion in 2019.

It’s no surprise that COVID-19 has boosted BNPL’s popularity with consumers. “The timing was perfect for this, as these are low cost items that you will typically find on an online channel, and a lot of people who weren’t credit prepared with their credit scores or didn’t. lacked the financial means to qualify for bank grade loans were able to obtain loans, ”Riley added.

BNPL offers financial institutions (FIs) and fintechs an opportunity to meet consumers where they are technologically speaking and provide a level of convenience that matches today’s world. Think of it as a modernized layaway program. “The opportunity here is to tap your digital device, you can get the product you’re looking for, but you can also set long-term payment terms and options that match your experiences and expectations,” Lotz said.

Young adults are a key demographic target for BNPL

Overall, millennials and millennials are key demographic targets for BNPL. “They are digital natives who grew up in a world in which they have opportunities for instant gratification. So, in this case, you are instantly able to get that product or service that you are looking for. And they have the ability to make it work for them on their terms, ”Lotz explained.

Of course, this does not mean that other demographic groups do not wish to take advantage of the flexibility offered by BNPL solutions. Data from the Federal Reserve shows that the revolving debt of adults over 70 is growing faster than that of young adults. “But that’s exactly where you don’t want to grow up,” Riley warned. “When you tie up clients or members, you want to be able to come in and nurture them for life, and that long-standing relationship is important,” he added.

With installment loans, credit unions can make their mark

According to Lotz, financial institutions and credit unions need to recognize that BNPL is more than just a trend. “I think the long term relationship that you are able to build with this client… can [be built by] by giving them the opportunity to accumulate credit and ultimately rely on you as a financial institution for other needs, ”he said.

By taking advantage of this opportunity, FIs and credit unions can position themselves well for long-term income gains. “As long as credit unions continue to take advantage of this as one of their opportunities and educate clients on these other services they provide, I think it certainly creates long-term income generation for these institutions. financial, but also gives these consumers the opportunity to really understand how credit unions are there for them, ”he added.

Small credit unions can benefit from BNPL products that help them stay competitive in a landscape increasingly crowded with large FIs and tech-savvy fintechs. “This is a good opportunity for credit unions to realize that they have an advantage over some of these fintechs and that these fintechs are able to offer very specific functionality. As a credit union, if you put that in the spirit of your whole offering, link it to your rewards program, link it to the offers of other solutions, it really starts to solidify you as a than a primary financial institution, ”Lotz said.

Presentation of the PSCU installment payment solution

Recognizing the potential of the BNPL space, PSCU recently announced that it is moving forward with an installment payment capability. The installment payment solution is powered by technology from Fiserv.

“What it will do is leverage the consumer’s card account through the financial institution. They will make a purchase and then they can [use] PSCU’s digital mobile app, which we’re bringing to market through our relationship with credit unions, to go in and take that purchase they’ve made and turn it into an installment plan, ”Lotz explained.

The visual below, provided by PSCU, illustrates the seamless and straightforward transaction experience for consumers taking advantage of the installment payment solution:

Overall, it’s a win-win. It gives credit union members the freedom to budget according to their needs and have better control over their finances. From a financial institution or credit union perspective, it offers the possibility of having a different type of spending and transactional relationship with consumers than they could in the past.

The improvement of the solution is that it gives consumers the seamless and convenient customer experience they need. “The experience is pretty straightforward from the consumer’s point of view. You make a transaction, you choose what works best for you, you agree to these terms and you are on the right track, ”Lotz concluded.

Americans’ debt rose $ 313 billion in the second quarter – here’s how you can help pay off yours


U.S. household debt has increased dramatically since the pandemic, driven by mortgages and auto loans in the second quarter of 2021. (iStock)

Household debt rose $ 313 billion in the second quarter of 2021, up 2.1% from the first quarter, according to a report from the Center for Microeconomic Data at the Federal Reserve Bank of New York. This brought total US household debt to $ 14.96 trillion.

New household debt balance increased by $ 812 billion from end of 2019, New York Fed says Quarterly Household Debt and Credit Report show. The 2.1% increase in the second quarter was the largest since the fourth quarter of 2013 and, measured by volume, the peak of $ 313 billion was the largest since the second quarter of 2007.

If you are one of those Americans looking to pay off their debt, there are several options that can help. An example is taking out a personal loan when interest rates are at their lowest. Visit Credible to find your rate on a personal loan without affecting your credit score.


How to manage and repay your debts

The increase in debt was driven by a slight increase in mortgage balances – the largest component of household debt, according to the report. Mortgage debt rose $ 282 billion in the second quarter, to a total of $ 10.44 billion at the end of June.

By comparison, credit card balances also rose – increasing by $ 17 billion in the second quarter – but remained $ 140 billion below 2019 levels, according to data from the New York Fed. Auto loans were also up, increasing by $ 33 billion, but student loans offset part of the overall increase with a decline of $ 14 billion. All other debts increased by $ 44 billion, according to the report.

“We have seen a very strong pace of build-ups over the past four quarters with new credit extensions for mortgages and auto loans combined with a rebound in demand for credit card loans,” said Joelle Scally, administrator of the Center for Microeconomic Data in New York. Fed. “However, there are still two million mortgage forbearers who are vulnerable to financial hardship once the forbearance programs end.”

If you are struggling with new debt, there are several options available to you to help reduce your monthly payments or pay off your debts. Here are some strategies:

Take out a personal loan: Personal loans allow Americans to consolidate their debt by offering them a lower interest rate and a fixed payment plan. Combining their highest interest rate credit card debt into one payment reduces the amount of interest they will pay over the life of the loan.

This method creates an easier path to debt repayment. However, if consumers are still unable to meet the minimum payments on their monthly bills, they could go back to using their credit cards for other purchases and put themselves in a worse financial position. When taking out a new loan, borrowers should also change their lifestyle and spending habits, or reduce other payments as part of their debt management plan to limit their spending.

If you want to get a personal loan, visit Credible to compare the personal loan rates of several lenders at once and see which one is best for you.


Mortgage refinancing: A mortgage refinance offers a variety of options to help manage debt, including refinancing at a lower interest rate to potentially save on your monthly payment and reduce expenses. Refinancing with cash could also help homeowners pay off high interest debt with a low interest mortgage. Depending on the homeowner’s current interest rate and other loan terms, he may be able to withdraw additional money from his home to pay off his credit card debt while reducing his monthly mortgage payments.

Visit Credible to compare options and talk to a home loan expert to get all of your questions about your debt repayment strategy answered.


Buy new car insurance: Auto debt contributed to the rise in household debt in the second quarter of 2021 with an increase of $ 33 billion, according to the New York Fed report. Indeed, more and more Americans have bought cars coming out of the pandemic and the costs of new and used cars have risen, leading to an increase in auto loans, according to the report. But drivers can reduce their total auto costs by purchasing insurance and lowering their rates. This extra money can be used to pay off their car loan or some other type of debt.

If you want to buy new auto insurance, visit Credible to fill in your information and browse through several offers at once to choose the insurance plan that best suits you and your needs.

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

Can You Get A Loan If Your Credit Score Is Below 650?


Your credit score is one of the most important factors when applying for a loan. If you are considering applying for a loan and your credit score is below 650, you might be wondering if you can get approved.

In this guide, we’ll take a look at how a low credit score affects your chances of getting a loan. You will also learn how to get the best deal on a loan at any credit score and how to make approval more likely.

Can You Get A Loan If Your Credit Score Is Below 650?

You can get a loan with a credit score of less than 650. Typically, the credit score you need for a personal loan is 550 or higher. It depends on the lender because each has their own minimum requirements. Also, keep in mind that lenders tend to offer smaller loans and charge higher interest rates to borrowers with lower credit scores.

How To Get A Loan With A Credit Score Below 650

Here is the process for getting a loan with a credit score below 650:

  1. Check your credit score.
  2. Look for lenders with a minimum credit score that you can meet.
  3. Compare the loan rates between the lenders that you find.

To get started, find out your credit score. Specifically, find your FICO® score, the one most widely used by lenders. There are several free credit score tools that provide your FICO® score, including:

The next step is to find potential lenders who match your credit score. A good place to start is with the best personal loans for fair credit. Fair credit includes scores from 580 to 669 according to the FICO® scoring system. If your score is near the low end or below that range, consider bad credit personal loans.

Once you have the lenders, it is time to go shopping for rates. Most lenders have a prequalification option on their websites. Once you have entered some basic information, the lender performs a gentle credit check on you, which does not affect your credit score. It then tells you the loan amount and the interest rate for which you are prequalified.

Use the loan amounts and interest rates offered to choose a lender. After choosing one, apply for a loan.

Other Ways To Get A Loan With A Low Credit Score

There are other loan options that may work better depending on your situation.

Get a co-signer

Some lenders allow you to apply for personal loans with a co-signer. A co-signer is another person who agrees to be responsible for your loan.

If you know someone with a higher credit score than you who is willing to co-sign your loan, this could help you get better loan terms. The lender uses the credit of the co-signer to determine the interest rate and the amount they can offer.

Check with your bank or credit union

If you have a relationship with a bank or credit union, they may be willing to give you a personal loan with no credit or with a low credit rating.

They have a better idea of ​​your financial situation than a lender you’ve never used before. If they see that you have a steady income and are managing your money well, this could be your ticket to your loan.

Provide collateral for a secured loan

Personal loans are generally unsecured loans, which means that the lender has nothing to take back in the event the borrower defaults. But it is possible to obtain a personal loan with collateral. This can facilitate approval.

When you provide collateral for your loan, it is a secured loan. Most valuables that can be professionally appraised are an option to use as collateral. Common warranty choices include:

  • Vehicles
  • Real estate
  • Jewelry
  • Bank accounts
  • Investment accounts

Save money on your loan

A good rule of thumb with personal loans is not to borrow more than you need to. This is even more important when you have a low credit score, due to the higher interest rates. First determine how much money you need. And then only borrow that amount, even if the lender offers you more.

The length of your loan is also important. A longer loan term means lower monthly payments, but also comes with higher interest charges. Choose the shortest term that works for you, so you can minimize interest without having trouble making your payments.

If you choose the lowest loan amount and the shortest term that you can handle, your loan will not be more expensive than it needs to be. It may cost you interest, but you will have the money you need and it may even improve your credit as you pay off the loan.

These 3 credit card mistakes could cost you dearly


Using credit cards wisely can be a great thing. Using a credit card smartly can help improve your credit score, making future borrowing easier and cheaper. Many cards also offer generous rewards, so you can actually earn free travel or even cash back just for your routine daily expenses.

The key, however, is that cards are a good thing. if they are being used wisely. Unfortunately, they can also hurt your personal finances if you make mistakes while using them. In particular, there are three big mistakes to watch out for.

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1. Maximize your credit cards

Maximizing your cards means charging up to the limit that the cardholder sets for you. For example, if you have a $ 5,000 line of credit and load $ 4,999 on your card, you have reached your maximum card limit.

There are a number of reasons why maximizing your credit cards could be a big mistake. You could end up with a really tough balance to pay off, on the one hand. But one card at maximum can also seriously damage your credit score.

In fact, using more than 30% of the credit you have can lower your score. This is because the credit utilization rate is one of the most important factors that credit reporting agencies and lenders look at.

Maximizing your card also exposes you to over-limit fees if you exceed the amount you are allowed to spend. And you won’t have any available credit in case you need it. To avoid this mistake, cap the amount you spend on your cards and stay well below that all-important 30% threshold.

2. Pay only the minimum due

Credit card companies set very low minimum payments. They benefit when you only pay the minimum required because your payment will usually barely cover the interest charges. You will end up paying off your balance for years and years, making little progress in paying off your credit card debt, despite sending out a check every month. Over time, you can end up paying tens of thousands of dollars in unnecessary interest charges.

To avoid this, pay more than the minimum each month. Ideally, the best thing you can do is pay off your entire balance when you receive your statement so that you never have to pay interest. If that’s not possible, send as much as possible with each payment so that you can reduce your balance quickly and avoid getting stuck in a debt trap where your hard earned money is sucked up because of interest charges.

3. Missing payments

When you fail to make credit card payments, you will be charged a fee in most cases. But you will also damage your credit score. Once a payment is at least 30 days late, credit card companies will report it to major credit bureaus. Even a single missed payment could drastically reduce your score and a missed payment history could make it very difficult and expensive to obtain any type of loan.

To avoid this, set up automatic payment if you can. Or, if you’re worried about overdrafting your bank account, set a calendar reminder instead to make sure you pay your bill before the deadline.

If you can avoid missed payments, fall into the minimum payment trap, or maximize your cards, you are well on your way to using credit cards successfully to help improve your financial situation.

Waters calls for more FHA mortgage foreclosure protections


House Financial Services Committee Chair Maxine Waters, D-Calif., Issued two letters late last week urging federal agencies to provide more lockdown buffers to bridge a gap between the end of the prohibition and the application of new rules regarding the service of loans to come out of forbearance related to the CARES law.

In a letter sent late last week, Waters called on three housing agencies to follow the lead of the Federal Housing Finance Agency do Consumer Financial Protection Bureau rules for foreclosures that begin August 31 in effect earlier for loan products insured or guaranteed by the Federal Housing Administration, the Department of Agriculture and the Department of Veterans Affairs.

The letter also urged the Department of Housing and Urban Development to double the six-month term it offers for more recent forbearance applications on Federal Housing Administration loans. He also called on the HUD to ensure that the protections on some senior equity withdrawal loans are adequate.

In a second letter sent Friday, Waters urged government agencies responsible for overseeing banking and consumer protection – the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the System Board of Governors Federal Reserve, Conference of State Bank Supervisors and the National Credit Union Administration – to enforce foreclosure rules.

“Providing clear advice to mortgage agents and improving supervision and enforcement during this time is essential to ensure that homeowners do not face unnecessary foreclosures during August and before funds are released. Housing counseling and homeowner assistance funds provided through the American Rescue Plan Act don’t reach communities and households, ”Waters wrote.

Mortgages guaranteed by the FHA and VA have had relatively higher abstention rates than GSEs. The FHA / VA rate was 6% versus 2% for GSEs in Black Knight’s latest weekly report. In total, more than 1.86 million borrowers were on hold in the past week, followed by Black Knight, down 71,000 from the previous period.

Seizures usually have fairly long processing times, especially in states where they go through the court system. Between that and the extended forbearance available, forecasts suggest very few foreclosures would start in July alone. The FHA is offering forbearance for up to six months to borrowers who request it between July 1 and September 30. Some previous forbearance requests had longer durations. Withholding expirations should peak this fall.

Credit Union donates to Haney Farmers Market – Maple Ridge News


Alex Pope accepts a donation from Vancity on behalf of the Haney Farmers Market. (News Special)

Credit Union Donates to Haney Farmers Market

Volunteers needed for Maple Ridge Saturday Morning Market

The Haney Farmers Market received support from Vancity Maple Ridge, Pitt Meadows and Port Coquitlam in the form of a donation of $ 1,500.

It’s market day on Saturday, with vendors selling their wares at Memorial Peace Park from 9 a.m. to 2 p.m., including fresh produce and plants, meat and seafood, prepared foods and produce. ‘artisans.

Is the market looking for volunteers – high school kids who need volunteer hours, or people looking for something to do on Saturday mornings? The work includes the installation, dismantling and maintenance of the information kiosk! Private message to the Haney Farmers Market on Facebook if you are interested.

Got a tip for the story? Email: [email protected]

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Colorado Rapids acquires defender Lucas Esteves on loan from Brazilian club SE Palmeiras – The Denver Post


A busy trading week has just been a bit busier for the Colorado Rapids, who announced Friday the acquisition of defenseman Lucas Esteves on loan from Brazilian football club SE Palmeiras.

The deal runs until June 2022 and awaits receipt of ITC and P-1 visas from Esteves, according to a press release from the club.

“Lucas is an athletic and technically gifted left-back with high profile South American experience,” Rapids general manager Pádraig Smith said in the statement. “We are delighted to add a player of his quality to our squad and look forward to welcoming him to Colorado. “

The acquisition of Esteves comes the same week the Rapids finalized a deal to send Sam Vines to Royal Antwerp FC and traded Nicolas Benezet to Seattle Sounders FC.

Esteves, 21, comes to the Rapids after spending a lot of time with Palmeiras, one of the most successful teams in the history of Serie A, the highest level in Brazilian football. The left-back has scored one goal in 27 appearances since his 2019 debut and was part of a 2020 squad that won the Copa Libertadores, Copa do Brasil and Campeonato Paulista. He has also been invited to train with the Brazilian national team for their Copa America campaign.

The São Paulo native joined the Palmeiras U-15 team in 2014 and had a brilliant youth career that included three national titles and two state championships between 2017 and ’19.

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Credit, savings and investment are the basics … come back to it


Everyone knows that saving and investing are essential to building a retirement nest egg, but it can be intimidating if you don’t know where to start. And for some people who have accumulated a large amount of debt, it may seem impossible.

As we observe National Financial Awareness Day on August 14th, this is a good opportunity to talk about how people can gain a foothold in their finances and start making the changes that are needed. In my role at Advia Credit Union, I often work with members in Southwest and Eastern Michigan to develop long-term, achievable savings and investment plans.

Here are some of their most frequently asked questions:

How do I create a budget and stick to it? People struggle with this – both getting started and staying committed to a spending plan. One thing I tell our members is that if you find yourself running a bit short at the end of the month or between paychecks, it helps to create a spending plan (budget). When creating it, you need to be as realistic as possible about how you spend your money, both for essential and non-essential purchases. If you like getting your nails done every two weeks, include it. Once you know what you’re spending money on, you can make changes and eliminate some non-essential purchases as needed.

How much money should I put in an emergency fund? This most important step is simply to create an emergency fund. Start with whatever you can afford to cover an unexpected expense, like a car repair. As you save more money, increase your emergency fund to cover three to six months of living expenses.

Is using a money tracker app worth it? Let’s be honest: we live in a culture where things change quickly, and sometimes you just don’t see how the costs add up. Money tracker apps let you see how you are really spending your money. The results might surprise you and even motivate you to change your habits.

Where do I start to invest if I’ve never done it before? Start by meeting with a free financial advisor, who can help you see the big picture for the long haul. Most advisors are salaried employees, so they don’t get paid based on what people invest, allowing them to make recommendations that only benefit the client. Discuss where you want to be at 60 and let this advisor help you get there.

More reviews:

How can I use a credit card responsibly? Some people say credit cards are bad for managing money, but I think they have significant value. A credit card offers another layer of security in the event of potential fraud. When it comes to making credit card purchases, the rule of thumb is to only spend what you think you can afford on a monthly basis. In this way, a credit card can act as a zero interest loan and help you build a strong credit history. This becomes more important when considering other types of loans such as for a vehicle or a house. Although my credit card isn’t my favorite spending card, I can use it if I need to. If you are disciplined, it may be a good idea to put purchases on a credit card to earn points or cash back, as well as to build your credit score. If you do, make sure you can pay it off quickly.

What’s the best way to reduce debt? Getting out of debt can seem overwhelming, but it can be accomplished in small, consistent steps. First, break down your debt and understand who you owe money to, as well as how much interest you pay on each debt. Then tackle the smaller debt first and pay it off. Create a budget that includes regular payments to pay off your debt, and stay focused as you start reducing it. Or, consider a debt consolidation loan – they are great for consolidating multiple loans and credit card balances into one combined loan. You will typically pay a much lower interest rate, only have one payment, and in most cases even improve your credit score.

When is it worth going into debt? Sometimes people have to go into debt because of an emergency situation they find themselves in, like an expensive house repair that they did not expect. Having an emergency fund can help with this. However, you can’t plan everything. When you take on debt, just make sure you have a strategy in place to pay it off relatively quickly. And don’t beat yourself up and feel embarrassed. Being aware of your financial situation is only half the battle. Stay positive and take small steps to improve your situation. It’s part of life.

Rekeesha Winston is Branch Service Manager at the Parchment / North Westnedge branch of Advia Credit Union.

Longtime CEO Mike Kloiber of Oklahoma’s largest CU to retire


Mike Kloiber

Dave Willis, will become president / CEO of Oklahoma’s largest financial cooperative, Tinker Federal Credit Union, on September 1, succeeding current president / CEO Mike Kloiber who will retire at the end of this month after 33 years of service.

During Kloiber’s executive leadership, Oklahoma City-based FCU Tinker grew from $ 937 million in assets, 154.89 members, and 11 branches in 1996 to $ 5.6 billion in assets, 430,754 members and 32 branches at the end of the second quarter, according to Call Reports and TFCU.

Additionally, Kloiber successfully led the TFCU through three major disasters.

In 1995, following the bombing of the Alfred P. Murrah Federal Building which destroyed the offices of the Federal Employees Credit Union (FECU), TFCU offered office space to allow FECU to continue its operations and serve its members. During the domestic terrorist attack, 33 employees were working. Eighteen employees, one board member, one credit committee member and 85 members of credit unions perished, representing more than 60% of the 167 people who died.

Kloiber organized and supervised a team of executives and support staff to work with FECU survivors and ensure that the credit union not only survived but eventually thrived, according to the TFCU members’ newsletter, Money’s Worth.

And he thrived.

Since June 1995, FECU, which was later renamed Allegiance Credit Union, increased its assets from $ 77 million and 15,539 members to its current assets of $ 363 million and nearly 26,000 members, according to Call Reports.

In 2013, a tornado destroyed TFCU’s Moore branch and the only thing left standing was part of a wall and the vault vault where employees and members survived the storm and survived . Less than a year later, a new branch has risen from the destruction pile, becoming the city’s first business to reopen, the bulletin noted. Finally, in 2020, Kloiber led the credit union during the COVID-19 pandemic. Like most businesses, the credit union has faced unprecedented challenges in continuing to provide its products and services to its members.

But what Kloiber mostly wants to remember is that he was a leader in dealing with employees, members and our volunteers, the newsletter noted.

“We have really been like family. I’ve spent more time with a lot of our people than anyone else, and I’ve worked with a lot of them throughout my TFCU career, ”Kloiber said in Money’s Worth. “I tried to be a leader that employees of all levels would find accessible. “

Willis noted that Kloiber’s retirement marks the end of an era as he prepares to start a new one for TFCU when he becomes its new CEO.

“They say people don’t quit their jobs because of the pay or job dissatisfaction, but because of the boss. So it’s a testament to Mike’s leadership over all these years that the average length of his leadership team is over a quarter of a century, ”Willis said in Money’s Worth. “I have big shoes to fill.”

Tennessee State University to reimburse returning student balances


A university in Tennessee announced this week that it will pay off returning student account balances in an effort to give them more time to study “and less time to worry about finances.”

Tennessee State University, a historically black public university in Nashville, said Wednesday that it forgives the account balances of returning students who were enrolled in spring 2020, fall 2020 and spring 2021. It will also cover the summer 2020 and 2021.

“We are fully aware that the main reason students do not return to university is lack of funds,” TSU President Glenda Glover said in a statement. “Paying off our students’ account balances will relieve some of the financial stress they have and allow them to focus on their education and graduation. “

The university said the debt was covered by the federal CARES law, which was passed by Congress at the start of the pandemic in 2020. Earlier this year, additional funds were provided to educational institutions, said school officials.

RELATED: Morehouse College Cancels Five Semesters Of Unpaid Debt For Some Students

In May 2020, the university also used federal funding to help students and meet institutional needs due to the ongoing pandemic.

Nashville graduate student Kiaya Caine said she was grateful for the win, which will allow her to pursue her masters in sports psychology.

“I wasn’t actually going to get my masters, but now I’m grateful for the opportunity,” Caine said in a press release. “This initiative will help a lot of students.

FILE – An American flag flies above a building as graduate students participate in the graduation ceremony in a file image taken June 14, 2019 in Pasadena, California. (Photo credit: ROBYN BECK / AFP via Getty Images)

TSU was founded in 1912. Its main campus is located near the Cumberland River, approximately 10 minutes northwest of downtown Nashville.

Full-time tuition for the state’s undergraduate students starts at around $ 4,000 per semester, according to its website.

The university has said it will resume full operations in fall 2021 and also expects its largest freshman class in five years. Freshmen are expected to move in starting August 10.

Wilberforce University, the nation’s oldest historically black private university located in Ohio, also announced in June that 2020 and 2021 graduate debt and other fines and fees owed to the university had been settled.

This story was reported from Cincinnati.

EBRD grants € 20 million loan to vehicle importer Winner for new Renault, Volvo | Kiev post


The office of the European Bank for Reconstruction and Development in Kiev is shown in May 2014.

photo by Pavlo Podufalov

European Bank for Reconstruction and Development (EBRD) and European Union (EU) provide loan and guarantee to Winner, one of the leading importers and retailers of vehicles in Ukraine, which includes a loan of 20 million d euros from the EBRD and an EU guarantee, the EBRD said in a press release on August 6.

According to the press release, the EBRD is providing the loan to complement the company’s € 23 million investment in a sustainable expansion program. This will include the construction of new car dealerships for the Renault and Volvo brands, as well as an expansion of the company’s logistics capacity and distribution and service infrastructure, including for electric vehicles.

SEFCU and CAP COM merge to create expected $ 8 billion credit union – Saratogian


ALBANY, NY – SEFCU and CAP COM are joining forces following a decision made this week by the executives of two federal credit unions headquartered in the New York Capital region.

The unanimously approved merger is expected to create a new $ 8 billion credit union.

The boards of directors of SEFCU and CAP COM, which have studied a potential merger, have found a coherent mission, a common goal and a shared vision that prioritizes their employees, their members and their communities, according to a press release from the cooperatives of credit.

To that end, board members voted unanimously in July to approve a merger of equals, creating “a financial and community powerhouse headquartered in the capital region” that will become fully integrated into the next year, according to the statement.

The new merged entity will be renamed to reflect the respective histories and shared values ​​of the two organizations, which are rooted in the credit union philosophy of “People Help People” for all stakeholders.

This merger is subject to the standard due diligence review corresponding to a transaction of this size and complexity.

Employees were briefed on this development by the presidents and CEOs of each organization on Thursday.

The merger of SEFCU and CAP COM is based on three essential criteria: attachment to employees and their careers; value for our members and their communities; and the ability to succeed in a market that is expected to experience significant changes and the consolidation of like-minded credit unions.

“We are excited to explore this potential opportunity to become stronger together. As like-minded, mission-driven credit unions that share a commitment to our employees, members and community – this represents an exciting opportunity to continue to expand our award-winning service to members in New York State, while continuing to invest in technology it makes banking more convenient, ”CAP COM President and CEO Chris McKenna said in the release. “We look forward to continuing the process, with the intention of merging in 2022.”

When CAP COM and SEFCU join, there will be no unification-related layoffs, the statement said. Rather, the creation of the new financial institution should provide the scale needed to create greater opportunities for existing employees, the need for additional team members, and significant advancements in products, services and support for community members and partners.

This effort will create the capital region’s largest financial institution based on local deposits and one of the state’s five largest credit unions. The unified financial institution will also become one of the top 30 credit unions in the country.

Currently, CAP COM is a member-owned financial institution with over $ 2 billion in assets and 12 branches. The credit union was established in 1953 and has over 140,000 members.

Founded in 1934, SEFCU is one of the 50 largest credit unions in the United States with over $ 5 billion in assets, over 350,000 members and over 50 branches in the Capital Region, Binghamton, Syracuse and Buffalo.

The due diligence process and regulatory approval of the National Credit Union Administration and the New York State Department of Financial Services, as well as member voting, will likely require a transaction effective date in 2022.

AC Energy Achieves Higher Profits As Clean Energy Investments Pay Off


Ian Nicolas Cigaral (Philstar.com) – August 5, 2021 – 11:55 am

MANILA, Philippines – AC Energy Corp. recorded higher profits in the first half, thanks to improved electricity demand and the contribution of its newly operational renewable energy projects.

The Ayala Group’s listed power unit brought in 2.7 billion pesos in the January-June period, up 5% year-on-year, according to a stock exchange disclosure Thursday. AC Energy’s six-month earnings included profits from operating its overseas power assets, which were recently injected into the company by its parent company AC Energy and Infrastructure Corp. (ACEIC).

Investors seemed impressed with the company’s financial results. At 10:59 a.m., shares of AC Energy were trading up 1.65%, offsetting the losses in the main index.

Dissecting the AC Energy report, consolidated revenue in the first six months increased 35% year-on-year to 13.4 billion pesos. The company said local energy demand has recovered – even surpassing pre-pandemic levels – as the economy emerges from pandemic lockdowns, as its new clean energy investments begin to pay off.

“We are very pleased with the significant momentum of our renewable energy expansion in the Philippines and the region,” said Eric Francia, President and CEO of the company.

The recovery in demand was so strong, particularly in Luzon, that AC Energy’s attributable generation increased 16% on an annualized basis to 2,224 gigawatt hours in the first half of the year to meet growing energy needs. Fortunately, AC Energy’s attributable capacity increased 56% year-on-year to 2,589 megawatts as four new power plants at home and abroad began operating.

But the company said six-month revenues would have been higher without the higher electricity prices in the spot market, where it sourced electricity to fill supply gaps during blackouts. thermal electricity.

AC Energy is one of the large companies looking to invest in clean energy, with renewable energies now accounting for 80% of the company’s capacity following the integration of its energy assets abroad. In the first half of the year, renewable sources accounted for 52% of AC Energy’s total production, according to the figures.

The Ayala group plans to completely abandon its investments in coal by 2030.

According to AC Energy, it currently has over 1,000 MW of attributable capacity under construction, with more than half of the projects expected to be operational within the next 6 to 12 months.

In a separate communication to the stock exchange also Thursday, AC Energy said a subsidiary would enter into a joint venture with solar PV developer NEFIN Holding Limited to develop, build and operate rooftop solar projects in Asia.

“With our strong balance sheet and strong pipeline, the company is well positioned to meet our goal of reaching 5,000 MW of renewable energy capacity by 2025,” said Francia.

Indian SBI places hopes for economic recovery after record quarterly profit


A man checks his cell phones outside the branch of the State Bank of India (SBI) in Kolkata, India on February 9, 2018. REUTERS / Rupak De Chowdhuri / File Photo

BENGALURU, Aug.4 (Reuters) – India’s largest lender, State Bank of India (SBI.NS) on Wednesday announced record first quarter profit and bet on economic activity picking up to contain a peak in receivables questionable, sending its actions to a high-time.

National banks have struggled to contain bad loans, especially in their retail portfolios, as the pandemic and resulting lockdowns affected economic activity and limited borrowers’ ability to repay loans.

SBI saw a quadruple in slips, or new bad loans, for the first quarter ended in June, as its mortgage and small business segments struggled.

“If economic activity is back on track, our ability to maintain better performance in terms of asset quality will be maintained,” President Dinesh Khara told reporters after the results.

The country’s second deadly wave of COVID-19 has eased from a peak in April and May, allowing businesses to get to work, although restrictions are still in place in some states and analysts are worried about a third wave later this year.

The bank said it recovered 47 billion rupees of the 157 billion rupees of slippages in the June quarter in July. He also said he would still aim to keep its slippage rate for the current year at 2%, compared to India’s overall banking sector slippage ratio of 2.5% in fiscal 2021.

Half of SBI’s home loan portfolio, typically one of the most isolated segments for most lenders, is aimed at self-employed people. Khara said the bank aims to reduce its bad loans in the segment to less than 1% from 1.39% at the end of June.

It expects its loan portfolio to grow 9% in the current fiscal year, up from an earlier estimate of 10%.

Credit growth was 5.64% in the first quarter, driven by 16.5% growth in retail advances.

Net profit rose 55% to 65.04 billion rupees ($ 877 million) in the first quarter, against analysts’ estimates for a profit of 61.09 billion rupees.

A 16.92 billion rupee takeover of bankrupt Kingfisher airline also boosted results.

SBI shares closed up 2.3% at a record high of Rs 456.95. They outperformed the Nifty Bank Index (.NSEBANK) with a jump of over 60% this year.

($ 1 = 74.1800 Indian rupees)

Reporting by Chris Thomas in Bengaluru and Nupur Anand in Mumbai; Editing by Sriraj Kalluvila

Our standards: Thomson Reuters Trust Principles.

Focus on Payment History – This is the Most Important Credit Factor – Forbes Advisor


Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

Payment history is the record of a borrower’s payments on their credit accounts and other debts. As the most important factor when calculating a consumer’s credit score, payment history accounts for 35% of the FICO score calculation and is considered extremely influential in the VantageScore model. A strong payment history cannot guarantee a high credit score, but it is a necessary part of building a healthy credit profile.

Whether you’re struggling to make your payments on time or simply lost track of a due date, late payments on your debts can hurt your credit score. To help you strengthen this important part of your credit profile, Forbes Advisor shows you how payment history affects your score and what you can do to improve it.

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What does your payment history include?

When assessing a borrower’s payment history, the FICO scoring model takes into account these seven factors:

  • Payment information on individual accounts including, but not limited to, installment loans, mortgages, credit cards and retail accounts
  • How late are payments now or were they in the past
  • Amounts owed on overdue accounts, including accounts that have been sent to collections
  • Number of overdue payments on your credit report
  • Adverse public records like lawsuits, bankruptcies and wage garnishments
  • Length of time since each defaults, collection item, or adverse public record was added to your report
  • Number of accounts currently in compliance with payment terms

How Payment History Affects Your Credit Score

Payment history represents 35% of what constitutes your credit score. And, while payment history includes several individual elements, the extent of its impact on your credit score depends on the severity of the delay, when a late payment was made, and how often. you make late payments.

Notably, late payments cannot legally be reported to the credit bureaus until you are at least 30 days overdue. Once a late payment is reported, the later the payment and the more recent the late payment, the greater the negative impact on your credit score. Consumers who pay all of their bills on time have a strong payment history that is reflected in their credit rating.

It is imperative that you consistently make payments on time because, according to FICO data, it is possible for a borrower’s credit rating to drop as much as 180 points after a late payment. This is especially true for consumers with high credit scores, who are more likely to see a large decrease in their score as a result of late payments. That said, the effect of a missed payment ultimately depends on its delay and the consumer’s credit history.

How long negative payment history affects your score

Once reported to the credit bureaus, overdue bill payments can stay on your credit report for up to seven years. This is also true of entries and accounts that are sent to collections. If judgments have been made against you, they will remain in place for seven years or until the end of the time limit for bringing an action against you, whichever is longer. Likewise, completed Chapter 13 and 7 bankruptcies remain on your reports for seven and 10 years, respectively.

Despite these time restrictions, credit bureaus may keep relevant payment data on file after seven or ten years. Agencies may then disclose this information in certain circumstances, such as if you are applying for more than $ 150,000 for credit or life insurance or are looking for a job that earns more than $ 75,000 per year.

If this is your first time building credit, it can be difficult to overcome the effects of a short credit history. This means it’s even more crucial to establish a positive payment history early on, so your first seven years of credit aren’t marred by late payments – or worse – from accounts sent to collections.

Are all credit bureaus notified of a late payment?

If you make a payment more than 30 days after the due date, the lender will report it to at least one of the three major credit bureaus: Equifax, Experian, and TransUnion. That said, not all lenders send information about late payments to the three credit bureaus. Therefore, your credit reports may be different from office to office. Go through each of your reports at least once a year to keep an eye out for report errors that could be affecting your score.

How to correct payment history errors

If you believe there are errors in your credit report, you can dispute the error by contacting the appropriate credit bureau and the lender who reported the incorrect information.

Start by sending the credit bureau a letter or online request detailing the inaccurate information and requesting a correction. Be sure to include copies of all supporting documents for your claim and complete the office dispute form if necessary. Then send a letter to the company that provided the incorrect information, again detailing the disputed errors and providing evidence to support your claim.

Once you submit a dispute, a credit bureau has 30 days to investigate your claims. Within this period, the office also forwards the relevant evidence to the declaring creditor and contacts you if it needs additional information and documents.

Following the investigation, the credit bureau is required to send you the results in writing and, if necessary, to take steps to correct the information in your file. Finally, check your credit report to make sure the appropriate updates and corrections are made.

How to improve your payment history

In general, improving your credit score means improving your payment history. To do this, follow these tips:

  • Always pay your bills on time. The best way to improve your payment history is to always make your payments on time. However, it can seem difficult, especially if you are juggling a busy schedule and multiple accounts. Stay in control of your debt payments by setting up automatic or calendar payment reminders. If you’re struggling to make payments due to a lack of funds, review your spending habits and budget to control unnecessary purchases.
  • Get and stay on top of all missed payments. If you’ve ever made late or missed payments in the past, take steps to be up to date on all of your accounts. Overdue payments usually stay on a credit report for seven years, but the sooner you are up to date on payments, the sooner the impacts will diminish.
  • Follow a debt management plan. If you’ve made late payments in the past and are struggling to improve your credit score, consider following a debt management plan with the help of a nonprofit credit counseling agency. . Start by researching reputable credit counseling agencies through the Financial Counseling Association of America or the National Foundation for Credit Counseling.
  • Communicate with your creditors. If you are planning on making a late payment or having trouble repaying your debts, contact your creditors and keep the lines of communication open. Not all lenders are willing to do this, but some can adjust your payment schedule, lower your interest rate, or help you get checking accounts and pay off.
  • Consider a debt consolidation loan. A debt consolidation loan is a personal loan that allows borrowers to pay off their existing debts with just one loan. While this can’t reverse past payment delays or prevent future missteps, a debt consolidation loan can streamline your loans and make it easier to keep track of scheduled payments.

Increase your FICO® score instantly with Experian Boost ™

Experian can help you increase your FICO® score based on paying bills like your phone, utilities, and popular streaming services. Results may vary. See the site for more details.

DepositAccounts Publishes Top 200 Annual Lists of Banks and Credit Unions |


CHARLOTTE, North Carolina, August 4, 2021 / PRNewswire / – DepositAccounts.com, a subsidiary of LendingTree, today released its list of the 200 Healthiest Banks and Credit Unions in 2021 in the United States.

DepositAccounts.com assesses the financial health of federally insured banks and credit unions in the United States quarterly and has been tracking healthy institutions since 2010. To determine bank rankings and recognition, DepositAccounts.com scores each institution on a number of factors, including capitalization, deposit growth, and loan-to-reserve ratios.

“We believe consumers should have a way to assess the financial health of their institutions,” said Ken Tumin, founder of DepositAccounts.com. “The intention of our health scores is to help consumers make informed decisions when selecting a financial institution.”

For a full list of America’s 200 healthiest banks and credit unions in 2021, visit https://www.depositaccounts.com/banks/health.aspx.

For a full list of America’s 200 healthiest banks and credit unions in 2021, visit https://www.depositaccounts.com/banks/health.aspx.

About LendingTree

LendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree allows consumers to purchase financial services the same way they would buy airline tickets or hotel stays, by comparing multiple offers from a nationwide network of over 500 partners in a single search, and can choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve their credit health. LendingTree proactively compares consumer credit accounts to offerings in our network and notifies consumers when there is an opportunity to save money. In short, LendingTree’s goal is to help simplify financial decisions for important times in life through choice, education, and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree

About DepositAccounts.com

DepositAccounts.com is the largest and most comprehensive online publication in the United States devoted to banking and deposit product information for consumers. It covers all federally insured banks and credit unions and uses its patented technology to track approximately 275,000 consumer deposit rates, updated nightly. The site features over 11,000 editorial articles detailing custodian strategies and highlighting current bank rates and offers. It is also home to one of the largest depositor communities on the web, hosting more than 100,000 comments, customer reviews, and discussion threads.


Nancy jones

[email protected]

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View original content to download multimedia: https://www.prnewswire.com/news-releases/depositaccounts-releases-annual-top200-bank–credit-union-lists-301347597.html

SOURCE DepositAccounts.com

Lument closes $ 13.9 million bridge loan to acquire Texas multi-family community


NEW YORK, August 3, 2021 / PRNewswire / – Lument closed a $ 13.9 million exclusive bridge loan for the acquisition and renovation of Saddlehorn Vista, a 192-unit multi-family community in Fort Worth, Texas. Jean Sloot, associate director and Colin Croix, Managing Director, led the transaction for Lument. The transaction was brought to Lument by John Brickson, director at Old Capital.

Originally built in 1985, Saddlehorn Vista is a garden-style community that was purchased in 2016 by a Texasmulti-family based investor. An experienced sponsorship team sought to buy and renovate the community while keeping current property management in place to better position Saddlehorn for future success.

“By funding the $ 13.9 million bridge loan, we were able to help the sponsor acquire Saddlehorn Vista on a short-term, interest-only basis at a competitive interest rate, ”Sloot said. “The successful transaction will give them the time and financing to complete the renovations, which in turn will allow them to meet market rents and thus fully stabilize the property at market potential.”

Bridge funding provides more than $ 900,000 for immediate improvements to community assets, including exterior renovations such as new paint and signage, playground improvements and the installation of 36 carports. Interior updates include new washers and dryers in 60 units, resurfaced countertops, upgraded bathrooms, smart door locks, and vinyl plank flooring.

Saddlehorn Vista consists of 96 one-bedroom units, 80 two-bedroom units, and 16 three-bedroom units. The community, which currently enjoys an occupancy rate of over 98%, is located approximately 10 miles west of downtown Fort worth.

About Light
ORIX Real Estate Capital Holdings, LLC, d / b / a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As a combined organization of traditional industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of tailor-made capital solutions for investors in multi-family, affordable, senior housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. In addition, Lument offers a range of proprietary business lending, investment sales, investment banking and investment management solutions. Securities, investment banking and advisory services are provided by OREC Securities, LLC, d / b / a Lument Securities, member of FINRA / SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d / b / a Lument Investment Management. OREC Investment Management is registered as an investment advisor with the United States Securities and Exchange Commission. For more information visit www.lument.com.


Michael ratliff | Marketing director
212-588-2163 | [email protected]

SOURCE light

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Deadline for NCUA’s Request for Comments on Federally Insured Credit Union Use of Digital Assets – Technology


United States: Deadline for NCUA’s Request for Comments on the Use of Digital Assets by Federally Insured Credit Unions

To print this article, simply register or connect to Mondaq.com.

The Board of Directors of the National Credit Union Administration (“NCUA”) has set September 27, 2021 as the deadline for comments on the existing and potential impact on federally insured credit unions, related entities and NCUA resulting from activities related to digital assets and related technologies. The notice and request for comment were published in the Federal Register.

As previously reported, the NCUA has prompted market participants to consider 26 questions regarding:

  • the use of digital assets in the market,
  • operations,
  • risk and compliance management,
  • surveillance, and
  • share assurance and resolve.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.


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Should my neighborhood pay an officer on safety leave?


Private patrols, of course, increase these disparities, but the goal is to reduce them by lowering victimization rates in the most affected areas, not by increasing them elsewhere. So what can you do about the broader issues of racial inequality in policing? All alone, not much. You have chosen to buy a house in a neighborhood with a homeowners association, which is actually a hyperlocal government. You have a voice in it – a voice that can be amplified by persuasion – but so do your neighbors. You can’t just opt ​​out or renegotiate its terms on your own. And if police officers on leave are going to mistreat black people passing through your neighborhood, they will do so when they are on duty as well.

But you not have to solve these problems by yourself. Here’s a suggestion: Get involved with local groups focused on police reform and improving community-cop relations. What we should be aiming for is not more or less police, but better police which also meet the needs of every citizen.

My elderly mother is in an independent residence where all residents have been vaccinated against Covid-19 (like me). The protocols are very strict and no resident has fallen ill. The problem is that a relative who lives nearby, someone who has been of tremendous help to my mother, is not vaccinated. This facility will soon require all visitors to be vaccinated, but my parent plans to cover up in order to evade the requirement.

I think my loved one is misinformed about the risks of vaccination, and this is a nasty argument that we will continue to have. I am also concerned about transmission to residents in general and to my mother in particular. My ethical question is: should I taunt and tell the facility that my parent is not vaccinated? Name withheld

You have, first, a filial duty to tell your mother. Although vaccination greatly reduces the risk of infection and disease, spending time with unvaccinated people is an avoidable risk for a person at a vulnerable age. So you should make sure your mom knows the truth. If, before the new policy comes into effect, she decides she wants to see your loved one, she should make sure they are both wearing masks.

What if you informed the establishment? You clearly feel a tension between your obligations to remain silent about matters you have learned in the sphere of family trust, on the one hand, and your reasonable concern that your parent may carry the virus into the facility, on the one hand, and your reasonable concern that your parent may carry the virus into the facility, on the one hand. somewhere else. An additional complication: If you reveal what is going on, not only will your mother be spared the risks of your parent’s company, but she will also be deprived of its benefits.

But, as you understand, everyone’s safety must be taken into account. You’ve probably seen the coverage of recent Covid outbreaks in facilities for the elderly. If your loved one plans to go to the facility without being vaccinated, you must say that you will have a choice to make depending on the risks involved. In doing so, you should seriously think about how you would feel if there was a Covid outbreak in the facility, and you should consider whether your relative was the culprit. You mention strict protocols but do not specify whether the establishment would allow unmasked visitors. If your parent needs to visit you without covering their face, your decision should be clear and immediate. Then your parent will also have a decision to make – between admirable devotion to your mother and dismal hostility to vaccination.

NAFCU expects home sales to end well in 2021


Source: Shutterstock.

The National Association of Realtors reported that existing home sales in June showed their first monthly gain since January, and they expect the feverish price increases to begin to ebb later this year.

Existing homes sold in June at a seasonally adjusted annual rate of 5.86 million units, 1.4% more than in May with sales flat in the South, but up in all other regions. Sales increased 22.9% from June 2020 with double-digit gains in every region.

NAFCU chief economist Curt Long said on Friday he expects sales to remain strong for the remainder of the year, but will remain constrained by availability and affordability.

“Demand is declining somewhat from its frenetic levels at the start of the year, but that only encourages buyers who have let the rush pass to re-enter the market,” Long said. “A still improving economy and rising wages will also boost sales in the medium to long term. “

The unadjusted median price of existing homes rose from $ 350,400 in May to $ 363,300 in June, up 23.4% from the previous year, as prices rose in all regions.

The “median price has hit a new all-time high as demand continues to push prices up,” Long said. “Mortgage rates have fallen, stimulating demand and remaining just 23 basis points above the all-time low set in January.”

NAR chief economist Lawrence Yun said the rate of home sales continued to exceed pre-pandemic levels.

“Supply has improved slightly over the past few months due to increased housing starts and the number of existing homeowners listing their homes, which has resulted in increased sales,” Yun said.

“At a general level, house prices are unlikely to decline due to tight inventory conditions, but I expect prices to appreciate at a slower pace by the end of the year. “Yun said. “Ideally, the costs of a home would increase roughly with income growth, which is expected to occur in 2022 as more listings and new construction become available.”

First-time buyers represented 31% of sales in June, unchanged from May but down from 35% in June 2020. Individual investors or buyers of second homes, who represent many cash sales, bought 14% housing in June, down from 17% in May and down from 9% in June 2020.

Buyers paid cash on 23% of transactions in June and May, up from 16% in June 2020.

“Huge gains in wealth from both home equity and the stock market have pushed cash transactions, but first-time homebuyers who need mortgage financing are especially faced with record real estate prices. and low stocks, ”Yun said. “Although rates are favorably low, these hurdles have been overwhelming for some potential buyers.”

Central Banks Killed Children’s Savings Accounts – Can Bitcoin Resuscitate Them?


When I was a teenager, I remember staring in wonder at the savings rates advertised in my local bank window.

“If only I had a million pounds, I could live on interest my whole life,” I often said to myself. And I was not wrong. With the Bank of England base rate never falling below 5% in the 1990s, any millionaire could park their savings on Main Street and withdraw thrice the UK’s average annual salary in completely free and parachuted money.

Better yet, real interest rates – which are adjusted for inflation – have climbed around 4% for most of the decade. Thus, savers were not content to delude themselves with high balances of a depreciating currency; they actually increased their wealth in real terms.

Whether it’s so easy for millionaires to sit down and rake in free money is up for debate for another day.

But, for ordinary people, keeping real interest rates in positive territory is an integral part of the unwritten social contract between governments and their citizens. As long as we are given the opportunity to preserve and grow our economies, we are unlikely to rage against the economic model of the day. Better to leave the government in the driver’s seat and walk the winding path to prosperity, however disappointing how far we eventually have to travel.

Nowhere is this felt more than in the area of ​​children’s savings accounts. We all want our kids to have a nest egg, and until the 2007 global financial crisis, savings accounts were generally considered the best tool for the job.

By putting funds into a child’s name and not allowing them to touch it, you ensured that your child would be better off in the long run, not only because neither you nor they could waste the money, but also because the Interest rates on these long term products are invariably among the best in the market.

It is impossible to overstate the virtuous circle that these savings accounts offer to society.

Taking on financial responsibility at a young age has a profound impact on future quality of life and mental and physical well-being. Just as reckless borrowing on credit cards can ruin lives, prudent savings can transform them for the better – by opening the doors to higher education; career freedom; better work-life balance; private health care and much more. And it all starts in childhood, when you learn – or don’t learn – the consequences of choosing to please yourself versus choosing to be frugal.

All of this makes the global trend towards ultra-accommodative monetary policy – in which central banks speed up money printers while cutting interest rates – truly shattering.

Supporters claim that this two-pronged approach has “saved the global economy” by getting consumers and businesses to invest and spend.

Spend it or lose it

In reality, the measures are not goads but lashes. Real interest rates reached -2.4% for the British and -5.15% for the Americans (calculated by deducting the latest CPI inflation figures for the two countries from their respective base interest rates. ). In this manipulated environment, the opportunity cost of holding cash is so high that individuals and institutions have no choice but to throw their money into risky assets – from bad business loans to loans. absurdly cheap mortgages to over-inflated stock markets – all the while begging for a soft landing.

It’s nothing more than a bet that stability will return and covid-19 will fly away before lasting damage is done by lavishness. If the bet is successful, the central bankers will take all the credit. If it explodes, and if a wave of insolvencies engulf the world, devastating economies, they will reject all responsibility.

Instead, they will be individual citizens – people who research to put their money in a savings account, but were forced not to – which are ultimately left in possession of the bag.

No one sums up the myopia of these policies better than Christine Lagarde, the convicted criminal who is currently president of the European Central Bank. It was his attempt to defend negative real interest rates in April:

“I totally appreciate that people who save are not happy… with the consequences of negative rates, but we have to look at it from a global perspective. We cannot look at a particular depositor or a particular category. We need to look at the whole economy.

In other words, in the world according to Lagarde and most central bankers, savers are an isolated group of citizens – “a particular category” – who have chosen to behave in a certain way and who should face the challenges. consequences of their behavior. (Consequences imposed by diktat and without right of appeal.) These people not, in his view, embody the virtue of financial prudence, a positive trait that has been encouraged, in one form or another, since the dawn of money. They do not act responsibly and should have their wealth forfeited if they persist in their obstructive behavior.

In such a demented worldview, perhaps it’s no surprise that little Timmy and his piggy bank are seen as part of the problem. Thus, UK children cannot earn more than 1% on balances over £ 3,000 in an easy-to-access savings account, and no more than 2.5% in a Junior ISA which is blocked until the age of 18.

American children are beaten even more by higher inflation rates and lower savings rates: 0.55% is the market leader for balances over $ 1,000. (Alliant Credit Union describes this product – in which deposits currently lose 4.85% of their purchasing power each year – as the perfect opportunity to “teach kids about money.” Hit!)

The simple truth is that the Bank of England and the Federal Reserve want it to be physically impossible for parents to do the right thing and put money aside for their children. Every penny set aside in a savings account is a penny that is not used to keep the global economy running happily despite its growing difficulties.

That won’t stop a possible market downturn, of course. When a sick person numbs their pain with alcohol and refuses to see a doctor, their illness does not magically go away. It gets worse. They are deteriorating. The road to recovery becomes more difficult.

And if that doesn’t worry you, maybe this table:

This is what happens when central banks arrogantly assume that pumping money into the economy through financial institutions will create a “trickle down” effect for ordinary citizens. Big surprise: no. Since March 2020, when the Federal Reserve put its stimulus on steroids because of covid-19, the richest 1% of Americans have added $ 10 billion to their net worth (green line). Over the same period, the poorest 50% earned only $ 700 billion (pink line). Unfathomable sums have been invested in risky assets inaccessible to most citizens, deepening inequalities and fueling dangerous bubbles in all sectors of the economy. Simple leftovers end up in the pockets of those in need.

The final insult? Earlier this month, six of America’s largest banks reported combined profits of $ 42 billion for the second quarter of 2021. That’s 462 million in profits every day. These are the same banks that say they can’t afford to pay you or your children real positive interest.

An alternative path?

At the start of this article, I said that citizens are “unlikely to rage against the economic model of the day” as long as they are “given the ability to preserve and grow their savings ”.

Obviously, Western governments are not giving us this capability.

In the title of this article, I hinted that bitcoin – the decentralized cryptocurrency launched in 2009 in response to central bank excesses during the global financial crisis – might offer a solution. It will surprise some readers that I waited until the end of my article to mention bitcoin again. But that’s because understanding the problem is much more important than subscribing to a single solution.

Bitcoin, in my biased opinion, is the best chance society has of creating a stable and incorruptible currency for the citizens of the world: it is completely free from central bank manipulation; it is deflationary because of its fixed supply, and therefore does not lose purchasing power or need interest rates; and it’s accessible to anyone with a cell phone, whether they’re a millionaire in West London or a farmer in Equatorial Guinea.

Once you understand how and why central banks impoverish your children, it doesn’t take long to start looking for ways to preserve your wealth. As Lagarde herself says: “If there is an escape, that escape will be used. “

I’ll leave it to you to determine if bitcoin is the most attractive escape hatch.

Financial Disclosure: The author has owned bitcoin since 2013.

SBA Guarantee Purchases and Lender Service Responsibilities for PPP Loans | White Rome LLP


The United States Small Business Administration (the “SBA”) recently issued important new guidelines (SBA Procedural Notice 5000-812316, SBA Guaranty Purchases and Lender Servicing Responsibilities, effective July 15, 2021 (the “SBA Servicing Guidance “))[1] concerning the servicing of loans granted under the Paycheck Protection Program[2], which was originally established under the Coronavirus Aid, Relief and Economic Security Act[3] (“PPP loans”). The purpose of SBA Servicing Guidance is to strengthen certain service responsibilities that lenders have with respect to PPP loans under existing SBA rules and regulations (collectively, the “Program Requirements”).[4], and inform lenders of the collateral purchase process required for the SBA to honor its 100% collateral on each PPP loan.

The SBA Servicing Guidance provides further explanation and guidance on a number of scenarios that commonly arise in the context of PPP loan management and liquidation.

In this regard, SBA Servicing Guidance provides that the primary service responsibility of a lender is to work with the borrower under each PPP loan to request full loan forgiveness in accordance with applicable program requirements within ten months. following the end of the period covered by the applicable PPP loan forgiveness; or, in the event of a default or other qualifying event, request the SBA to honor its 100% PPP loan repayment guarantee and charge any remaining PPP loan balance in accordance with the procedures set out in the Maintenance Guide. of the SBA. The SBA Servicing Guidance lists the service responsibilities that SBA expects from every PPP lender to adhere to. It is important to note that the SBA Servicing Guidance (i) makes it clear that the lender is to service every PPP loan until it is fully canceled, paid in full or written off and (ii) provides that if a borrower becomes more than 60 days past due in repaying a PPP loan that has not been fully canceled, the lender must request the SBA to make a collateral purchase of the secured balance of the PPP loan and debit the balance not recovered through the use of the SBA’s PPP platform.

The SBA service guide also provides that if a borrower under a PPP loan has filed for bankruptcy after the disbursement of a PPP loan, unless the loan has been fully canceled and the bankruptcy proceeding is not an assetless proceeding, the lender must provide the SBA with a notice of bankruptcy filing; file proof of claim; and continue to follow the procedure. However, the SBA has now indicated that it generally does not expect lenders to take action in bankruptcy proceedings beyond the minimum steps above, and will not approve bankruptcy legal fees. only if the SBA determines, after reviewing a litigation plan submitted by the lender, that the legal fees that would be incurred are profitable in the context of any expected recovery. These clarifications included in the SBA Servicing Guidance offer a different approach to dealing with bankrupt borrowers than the approach required to deal with bankruptcy filings by borrowers more broadly in Loan Program 7 (a) (of which PPP loans are a part). ). Nonetheless, the SBA Servicing Guidance suggests that there may be circumstances in which lenders should be prepared to take additional action, in coordination and with the approval of the SBA. Lenders will need to assess different situations when deciding whether to seek approval for further action and what is reasonably required in order to continue to monitor bankruptcy proceedings, but it is helpful that the SBA has clarified that, in many circumstances, no action beyond the described steps will be necessary or appropriate.

The SBA Servicing Guidance lists the circumstances under which the lender can ask the SBA to honor their guarantee and get a PPP loan written off. Notably, these circumstances include most bankruptcy proceedings where the court issues an order confirming a reorganization plan that does not provide for 100 percent repayment of the debt under the PPP loan. The SBA Servicing Guidance also indicates the circumstances under which the lender can ask SBA to honor its guarantee without charging the balance. This would most often happen when the borrower has appealed a pardon decision and that appeal is pending before the SBA’s Hearings and Appeals Office.

The SBA Servicing Guidance also describes what a lender should do if the borrower of a PPP loan submits a forgiveness request after the lender submits an SBA request to honor their collateral, and describes how lenders are to submit claims. SBA requests to honor its guarantee and the cancellation of a PPP loan using the SBA platform. In particular, full instructions for using the SBA platform in this context are not included in the Notice and will be published at a later date.

Finally, the SBA Servicing Guidance makes it clear that SBA will honor its guarantee and purchase 100 percent of the outstanding balance of a PPP loan only if the lender has complied with the program requirements, including applicable underwriting requirements and loan requirements. document collection and record keeping. Although the charges imposed on lenders at the start of the PPP loan program were minimal, the SBA Servicing Guidance makes it clear that lenders must strictly adhere to the requirements for maintaining the service of PPP loans.

The SBA Servicing Guidance provides useful new information that should help lenders determine other PPP loan servicing actions, including how to proceed in the context of borrower bankruptcy filings.

[2] The Paycheck Protection Program (as amended, the “PPP”) was established under Division A, Title I, of the CARES Act and was subsequently amended in accordance with the Paycheck Protection Program and to the Health Care Improvement Act, Pub. L. 116-139, April 24, 2020, Paycheck Protection Program Flexibility Act 2020, Pub. L. 116-142, June 5, 2020, the Consolidated Appropriations Act, 2021, Pub. L. 116-260, January 27, 2021, American Rescue Plan Act of 2021, Pub. L. 117-2, March 11, 2021 and the PPP Extension Act of 2021, Pub. L. 117-6, March 30, 2021.

[4] “Program Requirements” means all SBA regulations and guidelines under the CARES Act, Paycheck Protection Program Flexibility Act, Economic Aid Act, Section 7 (a) (36) and (37) of the Small Business Act, any of the rules or guidelines issued by the SBA implementing the PPP, including any rule, frequently asked question or other requirement to applicable SBA loan, as defined in 13 CFR § 120.10, et. that is.

Don’t neglect credit union credit cards | Lifestyles


When you’re frequently bombarded with major bank credit card ads, it’s easy to overlook credit cards at a local credit union. These nonprofits typically require membership based on location or affiliation with an employer, family member, or organization. Major credit card issuers generally do not have these requirements.

But while the rewards and benefits are often more obvious on bank-issued credit cards, credit union credit cards can offer generous own incentives or other forms of value. Additionally, a credit union provides many of the same services as banks, but the profits flow back to members in the form of reduced fees, lower interest rates, and more.

Here are a few ways credit union credit cards can eclipse glitzy bank offers.


It is not uncommon to find credit cards at a credit union with lower annual fees, balance transfer fees, cash advance fees, late fees, etc. In fact, average late fees are about $ 10 cheaper at a credit union than at a bank, according to a Credit Union National Association Membership Benefits report. The types of fees assessed vary by credit union.

The Navy Federal Credit Union in Virginia, for example, has a military orientation and fees tailored to the lifestyle of its members.

“We know a lot of our military is stationed overseas, so not having any foreign transaction fees on any of our credit cards, we think, is a really fantastic way to be able to serve our community,” said Justin Zeidman, Credit Manager. card products at checkout.

The fees are an important factor to consider when choosing a credit card from any institution.


If you keep a balance on a credit card for a long time, you can potentially save more money on interest with a credit card from a credit union than from a bank. This is because, unlike banks, the interest rates of federally chartered credit unions are capped. Federal law caps the interest rate on loans and credit cards at 15%. However, the National Credit Union Administration Board temporarily increased it to 18% and recently voted to maintain that rate until March 10, 2023.

As of March 2021, the national average interest rate for a credit union credit card is 10.97% compared to 12.55% in banks, according to the NCUA.


Some credit union credit cards compete with the signup bonuses or ongoing rewards rates that are found at major banks. This is one of the ways in which these non-profit institutions give back value to their members.

For Keenan Kimbrough, a 27-year-old resident of Pennsylvania, the rewards and low interest rates were worth switching from a bank-issued credit card to a credit union card. His credit union card gets a 12% lower interest rate than the old card’s 22%, and the credit union card earns high rewards in common spending categories.

When redeeming rewards, “I can get $ 40 or $ 50” in cash back, Kimbrough says. “It was a good shot.”


When your credit is less than ideal and you don’t have enough money for a security deposit on a secured credit card, a credit union may offer alternatives for creating credit. For example, USAlliance Financial, a New York-based credit union, is one of several credit unions that offer a credit loan as an alternative to members who cannot pay a minimum deposit up front to qualify for credit. a secured credit card.

“More than half, about 53%, of members are in credit unions that provide loans to credit builders who help people build credit,” says Jordan van Rijn, senior economist for the Credit Union National Association.

With this type of loan, the borrowed amount is held in a bank account while you make small incremental payments over the life of the loan. At USAlliance Financial, the lowest payment with a credit loan can be around $ 4.2 per month, compared to a minimum initial cost of $ 250 for a secured credit card. At the end of the loan, the funds are returned to you and can be applied to a secured credit card deposit to continue building credit.


Credit unions typically provide members with access to resources when it comes to managing a credit card or spending.

“Financial education and financial literacy programs are extremely common in credit unions, that’s a big part of what they do,” says van Rijn. “We have data showing that 83% of credit union members are in credit unions that offer financial education classes.”

Resources are available in the form of online educational tools, seminars, or partnerships with organizations that offer credit counseling or financial planning services. Offers vary by credit union.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Justice Solves New Trade Problems | News, Sports, Jobs


Governor Jim Justice answers questions about new revelations about his business empire. (Photo provided)

CHARLESTON – While avoiding giving specific details due to ongoing court cases, Gov. Jim Justice told reporters on Tuesday to wait and see the financial drama unfolding in his businesses.

“Regarding my personal affairs and everything, or the personal affairs of my family, sit down and wait for the final results.” Justice said Tuesday during its COVID-19 briefing now twice a week from the State Capitol Building.

West Virginia MetroNews reported on Monday that Virginia-based Carter Bank and Trust has filed a lawsuit with a local court asking for more than $ 58 million in delinquent loans to two justice-owned companies – the Greenbrier Sporting Club Inc. and the Oakhurst Club LLC.

The Carter lawsuit comes more than a month after Justice, First Lady Cathy Justice and several companies in the Justice family filed a civil case in U.S. District Court for the Southern District of West Virginia against Carter executives Bank.

Justice is seeking damages of $ 421 million from the bank, which the governor said engaged in anti-competitive behavior, breach of contract and breach of its fiduciary obligations. The Justice Firms have about $ 368 million in loans outstanding with Carter Bank, all guaranteed by Justice himself, his wife and son Jay, who runs Justice’s coal and farm businesses.

In court documents submitted last week, members of the Carter Bank board called the Justice trial a “Delayed tactics” to avoid paying their obligations. Two of the loans, including one for the famous Greenbrier Resort, are said to have matured on June 1. The federal court case was filed the day before.

“(Justice) filed this case purely as a delaying tactic against repaying the loans they owe to defendant Carter Bank,” wrote Booth Goodwin, a lawyer representing Carter Bank. Goodwin is the former U.S. District Attorney for the Southern District of West Virginia and challenged justice in the governor’s Democratic primary in 2016.

“Collectively, (justice) owes Carter Bank hundreds of millions of dollars,” Goodwin continued. “Although Carter Bank has worked several times and in cooperation with (Justice) over the years to restructure and / or extend various loans, in early 2021 Carter Bank informed (Justice) that it will not renew or extend two loans that were due to mature by their own terms on June 1, 2021.

The West Virginia Record also reported Monday that Jill Justice, the governor’s daughter and responsible for operating the Greenbrier Resort, had more than $ 8 million in tax liens filed against her in March by the IRS covering tax periods in 2009, 2011, 2012, 2013 and 2017. The biggest amount – $ 6.5 million – was when Jill was still in medical school.

“We just like to point out the wrong” Justice said in response to questions about the two stories on Tuesday. “At the end of the day what we need to do is just step back and see where this thing finally ends and know that my efforts are wholeheartedly to lead this state as governor and do the right things… J I have children, I have lawyers, I have a group of people who take care of all of this.

According to its 2021 financial disclosure report with the West Virginia Ethics Commission, Justice owns 112 companies. Only seven of these companies were placed in blind trusts as of April 30, 2017, shortly after the court took office. Blind trusts are used by elected officials to entrust their affairs to third parties while avoiding possible conflicts of interest.

Justice has handed over control of his private businesses to Jay, who runs the coal and farming businesses, and his daughter Jill, who runs the Greenbrier Resort. But justice has long been accused of always being active in the day-to-day management of its businesses.

In June, the Wall Street Journal reported that Justice – along with First Lady Justice and her son Jay – had guaranteed more than $ 700 million in loan guarantees taken out for Bluestone Resources Inc. in 2018 to Greensill Capital. Bluestone is the umbrella of Justice’s coal and agricultural interests.

Greensill, now defunct, had sold the Bluestone loans and other loans to Credit Suisse Group investment funds. Credit Suisse is working with the Justice-owned company on the refund, but Bluestone filed a lawsuit against Greensill in March. Justice said news about the Greensill case could come out today.

“Just sit back and watch and wait until… the end result”, says justice. “If the truth prevails you will see a very positive outcome for the Carter Bank saga and absolutely the Greensill situation… it will be a tremendous outcome. If bad things prevail, it could be very, very difficult for our family. “

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Riders will pay you to buy more motorcycles


Riders Share offers owners the opportunity to monetize their motorcycle and the perfect excuse to buy another.

Riders Share, the world’s largest motorcycle sharing marketplace, announced today that it will pay an additional $ 250 to owners who register an additional 2015 or later motorcycle model and complete three rentals with by October 14, 2021.

According to Riders Share, the best performing motorcycles and vehicles on the platform are adventure motorcycles, especially BMW, Ducati Monster and Scrambler, Harley-Davidson Road and Electra Glides, Indian Chieftains, Challenger and Roadmasters models. The Can-Am and the Urals are also very popular. They suggest researching your local market platform for indicators on which late model motorcycles are currently under-represented, and therefore most likely to meet the three-rental deadline.

Riders Share also has a referral program, which allows users to provide $ 50 in free credits to friends to allow them to explore the site and book their first rental, streamlining the possibility of getting paid for owning a ride. motorbike.



Riders will pay you to buy more motorcycles

“Historically, buying a motorcycle has not been seen as a good investment, but we aim to change that with the Riders Share platform,” said Guillermo Cornejo, CEO of Riders Share. “We have helped many of our users turn their motorcycles into amazing financial investments, returning up to 2,800% in 3 years by listing their motorcycles and using the peer-to-peer platform. Riders Share users were able to create businesses based on the volume of rentals they make on the platform. This really is the power of the peer-to-peer platform.

I can report, from first hand experience, that this is more than just hype. I recently rented a 2021 BMW R 1250 GS through Riders Share and was surprised to find that the owner of the bike I rented, one of the first users of the site, had subsequently built a fleet of 28 motorcycles. He also explained that he had managed to pay off his first two bikes in just two months and that he was considering giving up his IT business to focus on Riders Share.

Riders Share is the world’s largest peer-to-peer motorcycle marketplace platform. Their mission is to match underused motorcycles with approved riders. They provide insurance policy for homeowners and roadside assistance coverage for renters. With over 100,000 registered users, Riders Share offers the widest variety of motorcycles available for hire in the world. For more information, visit: riders-share.com

Payveris offers an alternative to Zelle to credit unions


Many credit unions have refused to offer peer-to-peer payments directly in recent years because demand from members was low, even as the volume of transactions for services like Venmo, Zelle, and the Cash app. de Square grew steadily.

The reluctance also stemmed from the cost of a service that typically does not generate revenue for the financial institution, as transfers are usually free or incur relatively low fees for consumers. It has been added worried about fraud and irrevocable payments.

But as the pandemic accelerated the use of P2P for urgent remittances for people unable to physically exchange money or checks, the credit union service organization PayverisCU started receiving more real-time P2P requests, seeing an opportunity for a transfer service aimed specifically at credit unions.

According to Marcell King, chief innovation officer at Payveris, the Cromwell, Connecticut company on Tuesday announced an exclusive real-time P2P payment service that leverages existing debit card rails from credit unions, which is an alternative to Zelle. and other applications.

The service allows credit unions using Payveris’ MoveMoney platform to send money to anyone with a US account using the recipient’s mobile phone number or email without downloading an app. distinct.

There is a catch: To verify identity, the sender must contact the recipient separately and provide a mutually agreed secret code word.

“Users have to contact the recipient and tell them to wait for an SMS and use any code word like ‘Redwood’, and they type it in when they receive the SMS to receive the funds,” King explained. .

When the recipient enters the correct secret word, the funds instantly flow to their account, King said.

Payveris risks damaging the user experience by requiring additional authentication, but the company says the move is less expensive than other methods, making the lack of revenue generation less of a concern. The company can also offer savings by limiting its marketing spend and using a proprietary engine on an app, King added.

P2P app-based services like Venmo, Zelle, and Cash App don’t require additional authentication, but King said many credit unions and users during a recent pilot program rated the process relatively weak. friction.

Consumer P2P services such as Venmo, Square Cash, and Zelle have grown significantly over the past two years and are playing a role in the financial services diversification strategies of Venmo’s parent company, PayPal, and Square, which use the information. P2P credentials registered to create financial services.

King says there is a niche for P2P designed for credit unions and small community banks.

“Venmo and Zelle have their own networks and applications, but when a recipient of these services is not already connected to one of the major P2P applications, they have to fall back on less technological approaches,” King said. away feel comfortable and safe by confirming each transfer with a code word.

Payveris’ cost to provide real-time P2P service to credit unions includes one-time implementation fees, monthly maintenance and transaction fees, and real-time transaction fees for each P2P payment that travels up the rails. Visa or Mastercard debit cards. The total cost of the new service is around 60 to 70 cents per transaction. Zelle did not comment on its cost structure.

Payveris, which previously offered slower P2P services through ACH, has developed a proprietary approach to real-time P2P by connecting directly to other institutions through the push debit payment rails of major credit card networks, a King said.

KeyPoint Credit Union in Santa Clara, California has been testing Payveris’ real-time P2P service over the past few months.

“We have seen a sharp increase in demand for P2P during the pandemic, with more members asking for increased support,” said by email Victor Smilgys, vice president of digital services at KeyPoint, an asset of 1.5 billion dollars.

The six-branch, 60,000-member credit union saw healthy use of the new P2P approach during the pilot project, Smilgys said.

Cost and fraud issues were one of the reasons KeyPoint had previously refused to offer P2P services, he said. If fraud is suspected, KeyPoint will suspend transactions until the credit union can directly verify the transfer with the sender, Smilgys said.

Payveris, which competes with Volante and Jack Henry & Associates in providing services to credit unions through its cloud-based platform, expects around 80% of the 300 financial institutions it supports offer real-time P2P services to consumers.

Questions arise about the alleged mismanagement of Hampton Co.’s CPST funds.


Conventional wisdom could assure you that if a banker says your pennies don’t add up, then they probably don’t add up.

Two citizens – including a longtime banker who most would consider an expert on financial matters – have publicly questioned how sales tax funds for Hampton County’s local options capital projects are being managed and request an independent audit.

Collections for the most recent CPST penny initiative in Hampton County officially ended on May 1. Widely promoted by supporters and county officials when it was designed and presented to voters in 2012, the penny sales tax plan fell well short of its potential targets in several areas.

This loophole has worried and angered many citizens, and prompted questions and allegations from others. On Monday evening, Hampton County Council provided an update on the CPST account.

The second Hampton County CPST, set for eight years and not to exceed $ 12,600,000, was proposed to repay a portion of the county’s existing debt and fund a priority list of capital projects. County officials said the actual amount raised, however, was only $ 11,202,276.79, a difference of $ 1,397,723.21, and several projects were not completed or even started.

“The collections were not sufficient to fund all of the proposed investment projects,” said Chanel Lewis, CFO of HC. “The provision for debt service charges has impacted the county’s ability to complete other capital projects.

“It looks like it cost us $ 8 million to borrow $ 6 million,” Council Chairman Charles “Buddy” Phillips said. “I think we took bad advice from some bond lawyers and got down to it too soon. There is no shortage of money, but we have made some bad decisions. This is how I see it.

Among the packed house to receive this information were coach Randy Vaughn, an avid supporter of recreation, and Charles A Laffitte, Jr., chairman of the board and CEO and CFO of retired Palmetto State Bank in Hampton. .

The two citizens had a different theory.

This list of projects was what was offered to Hampton County voters in a 2012 referendum.
These are the Investment Projects actually financed by the CPST, which ended on May 1.

The banker questions the numbers

A longtime banker from a banking family, Laffitte was the captain of a half-billion-dollar institution that has seven branches in several counties in South Carolina’s Lowcountry. Laffitte was President of Independent Banks of South Carolina and was named Independent Banker of the Year by that organization in 2004.

Laffitte said he spoke to Lewis and analyzed the numbers and claimed there should still be a cent in tax revenue available for the projects.

“Three million dollars should be left in the one percent sales tax budget,” Laffitte said. “There should be better than $ 3.4 million. There is no question in income and expenses, the only question is in accounting.

Laffitte also argued that the county may have used the money in the CPST account for other purposes. In a document he shared with the Council, Laffitte said: “These taxes were collected for the specific use of approved projects and should have been set aside in a restricted account.”

The document included Laffitte’s accounting of the tax program, which reflected a surplus of $ 3,487,557, which he said should still be available for projects.

The banker also said he had analyzed the county’s general fund and recognized that county and state budgets were “the most complicated I’ve ever seen in my life,” it seemed to him that the county potentially used other trust funds. incorrectly. Trust funds represent resources held in trust for the benefit of parties outside of government, which cannot be used to support the county’s own programs.

“It seems to me that we have used this money and returned it. To me, it seems the county uses trust funds in its budget. I might be wrong, but I don’t think I am.

“For me, we have a problem here,” added Laffitte. “In my opinion, we need to get the listeners to sit down with them and get an explanation. “

Laffitte’s comments were concluded with enthusiastic applause from the audience in the council chamber, as well as from city councilor Noah Alexander. However, the Council did not immediately respond to his remarks.

The youth sports leader shares the same concerns

Longtime coach and youth athlete volunteer Randy Vaughn also spoke about the county’s finances and recreation. He said that while he never had a conversation with Laffitte about it, his research and calculations led him to the same conclusions and concerns.

“People deserve to know if your math was so far off at the start that the projects on your list never had a chance to get funded,” Vaughn said. “Or, have Council decisions along the way eroded the restricted fund account to fund other projects not listed in the original CPST document?” To say “We just don’t have the funds” is hollow and does not answer the question. “

Vaughn also presented Council with a list of 11 questions, several of which directly relate to the county’s possible financial management of CPST funds. Among the list of questions presented to the Council were the following:

– Is the Board aware of missing funds or unrecorded expenditure? “

– How much of the CPST money was spent on anything not on the CPST document?

– How much money was transferred from the CPST funds to the General Fund?

– Of the amount transferred from the CPST account to the General Fund, how much was transferred to the CPST account?

– How much money today could be spent on a recreational complex?

An overview of bond debt and interest paid by the local CPST.

Summary of the CPST

The Hampton County One Cent CPST was taxed after the approval of the voters’ referendum on May 1, 2013, for eight years, with a collection ending May 1, 2021. The plan presented to voters included the purchase of a general bond which when combined with the one cent tax would be used to pay off existing debt and eventually fund a priority list of capital projects.

Excluding bond and interest payments, a total of $ 6,107,289.98 was spent on capital projects. Among the projects that were not fully funded were a county recreation complex, the Yemassee Multi-Use Building, improvements to the County Museum, County Animal Shelter, County Administrative Building, and Recreational Facilities at Yemassee. Estill existing, as well as renovations to the Estill Senior Citizen Center.

Plunk Announces Revolutionary Home Improvement Loan Program | Business


BELLEVUE, Washington – (BUSINESS WIRE) – Jul 20, 2021–

Financing home renovations has become easier and much more profitable. Plunk, the first mobile app to use AI and machine learning to help homeowners make smarter decisions about their biggest and most important investment, today announced its new Home Renovation Loan, Designed specifically to finance major renovations.

This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20210720005272/en/

With the Home Renovation Loan, a homeowner looking to upgrade their kitchen would save $ 200 to over $ 1,000 per month, while potentially increasing the value of their home. (Photo: Business Wire)

Plunk’s home improvement loan offers homeowners:

  • Greater borrowing power – up to 75% of their home’s estimated value after renovation
  • A significantly better rate 1 than that offered on credit cards, retail cards and unsecured personal loans
  • The fastest and easiest loan process, completely digital, no paperwork and no assessment
  • Financing in 10 days or less

Plunk is offering this new homeowner loan program in partnership with Portage Bank, a financial institution known for its history of trust in community lending. The partnership comes at a time when the middle aged at home in the United States is 46 years old and the the housing market struggles to meet demand. The number of new homes built has been cut in half from the previous decade, leaving many homes behind for upgrades.

“Our goal is to empower owners, first with accurate and reliable advice and now with access to better financial products,” said Co-founder and president of PlunkDavid Bluhm. “Our home improvement loan is fully fueled by Plunk’s advanced analytics. It saves homeowners time, stress and money; it is pure rocket fuel for home improvement.

For example, an owner who seeks to modernize their kitchen with a $ 50,000 home improvement project, they would save $ 200 to over $ 1,000 1 per month compared to using a personal loan or credit card, while potentially adding a lot more to the value of their home.

“Helping homeowners transform their current home into the home of their dreams is a new initiative we’re very excited about, and it’s very much in our DNA,” said Matthew F. Moran, President and Chief Executive Officer of Banque Portage. “We have over a century of experience providing personal banking products that help our clients manage their futures worry-free. “

The home improvement loan is now available in the greater Seattle area. To find out more or to apply for a loan, visit https://go.getplunk.com/remodel.

About Plunk

Plunk is the first mobile app using AI and machine learning to help you make the best financial decisions and increase the value of your home. Get real-time, data-driven insight and personalized recommendations on the best ways to improve your home, project by project. Plunk also offers a new home renovation loan, which makes financing major renovation projects easier, faster and smarter. For more information visit https://www.getplunk.com/.

About Banque Portage

Portage Bank is a trusted community lender with world class customer service. At Portage, you have direct access to the decision makers who prioritize you and your needs over algorithms and policies. Portage takes advantage of new technologies and innovations to make your banking experience simpler, more efficient and more personal. For more information, see www.portage.bank.

1 – Comparison of the installment amounts of the Plunk home improvement loan at a fixed rate of 5% on a loan of $ 50,000 amortized over 25 years compared to the average credit card rate of 18.24% (and up to 32% by WalletHub, May 2021) or at the average rate of personal loans at 11.84% by discount rate (July 2021).

View source version on businesswire.com:https://www.businesswire.com/news/home/20210720005272/en/


Alysha Light

[email protected]




Copyright Business Wire 2021.

PUB: 07/20/2021 11:28 a.m. / DISC: 07/20/2021 11:28 a.m.


Copyright Business Wire 2021.

Ericka Wallace, from Pawtucket, turns 40


Monday July 19, 2021

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Ericka Wallace, 40, of Pawtucket, passed away peacefully with her loving family by her side.

Daughter of Brenda Wallace and the late Ronald Engram. She is survived by her companion Victor Gomes and her daughter Kiyomi Gomes. She is survived by her one and only sister Rhonda Wallace, her grandmother Mother Wallace, 2 nephews, 1 grandniece, aunts, uncles, cousins ​​and a host of friends. She was the granddaughter of the late Lottie Mae Engram.

Ericka worked for many years as a health worker. She loved spending time with her daughter. She found pleasure in caring for others and had an active social life.

Parents and friends are invited to a memorial service on Saturday July 24 from 6 p.m. to 8 p.m. in the Keefe Funeral Home, Lincoln.

Interment will be held at Swan Point Cemetery, Providence, at a later date.

Instead of flowers, the family wants donations to be deposited into this account. Kiyomi L. Gomes account information at Rhode Island Credit Union, The bank Routing # 211590493. All donations are greatly appreciated.

Rhode Island Credit Union
160 François Street
Providence, RI 02903

Rhode Island Credit Union
594, avenue du Center
Pawtucket, RI 02861

Rhode Island Credit Union
860, avenue du Reservoir
Cranston, RI 02910

What to watch out for


Sculptures of bulls and bears in front of the German Stock Exchange in Frankfurt, Germany.

Kai Pfaffenbac | Reuters

The earnings season for European companies started in earnest last week, with analyst consensus forecasting a 140% year-on-year increase in earnings per share for the second quarter.

Earnings per share is an important metric used by traders to gauge the value of a stock or a larger index, and it rose 87% per year in the pan-European Stoxx 600 index in the first quarter.

In the past six months, sell-side analysts have raised their projections for second-quarter EPS growth by more than 50 basis points, according to Factset data aggregated by Bank of America’s European equities quantitative strategy team .

Meanwhile, consensus EPS growth expectations for 2021 as a whole have risen from 35% in March to a new high of 48%.

With the second quarter at the peak, analysts expect EPS to decline for the remainder of 2021, growing 32% year-over-year in the third quarter and 21% in the fourth.

Given the sharp drop in Q2 2020 as the Covid-19 pandemic set in, the second quarter earnings of the European blue chip index this year are still expected to remain 2% below their peak before the pandemic.

“Our macroeconomic projections imply a further upside potential of 9% for 12-month EPS by the end of 2021 and 11% by mid-2022,” Bank of America analysts said in a report on Friday. note.

“This would bring the total increase from last year’s low to 50%, broadly in line with the rebound in EPS after the global financial crisis.”

In terms of sectors, analyst consensus indicates that autos, retail and resources posted the strongest second quarter earnings growth. Consumer discretionary, energy and financials jointly contribute 29 percentage points to the 48% earnings growth forecast for the Stoxx 600 this year, analysts at BofA said.

“12-month EPS for resources has been revised up nearly 60% in the past six months, the strongest earnings momentum on record, with relative dynamics of Energy EPS close to a 25-year peak, at 45%, ”they said.

“Despite strong earnings gains, resource sector price reports have waned, with energy underperforming the market by 15% since March and mining by 12% since May.”

The latter trend has driven the energy sector’s price-to-earnings ratio to an all-time low, BofA pointed out, while mining is at its lowest since 2008.

Deployment of cash reserves

Based on a systematic analysis of post-earnings communications from companies in the last quarter, BNP Paribas expects the second quarter to be marked by more announcements of investments, share buybacks and mergers and acquisitions.

Buybacks occur when companies buy their own publicly traded stocks, thereby reducing the share of stocks held by investors. They offer a way to get money back to shareholders – as well as dividends – and typically coincide with the rise in a company’s shares as stocks become scarcer.

As reporting season approaches, Viktor Hjort, global head of credit strategy and analyst team at BNP Paribas, said the companies appeared to be dealing with both bondholders and actions.

CNBC Pro’s Stock Picks and Investment Trends:

Leverage continues to decline and liquidity ratios – a company’s ability to repay current debt without raising additional capital – remain near record levels, Hjort said in a note Friday.

Meanwhile, management teams at all levels have reported greater risk-taking in their communications about first quarter results, in the form of capital spending, share buybacks and merger plans and acquisitions.

“The last quarter marked the second consecutive quarter of declining cash reserves. Companies have shifted focus on deploying capital from the defensive position of the pandemic to the offensive and this ultimately translates into lower ratios of liquidity, ”Hjort said.

Investment banks: what to watch out for

During the pandemic, major lenders significantly increased their investment banking income amid heightened volatility and significantly increased transaction volumes. However, investment banking activity is expected to slow in the next reporting cycle.

In the United States, Goldman Sachs has been unique in fueling past earnings expectations thanks to strong contributions from investment banking due to a robust IPO market. While others like JPMorgan and Citigroup also exceeded expectations, their windfall gains translated into reduced bad debt provisions.

UBS on Tuesday launched the second quarter reports for European banks, beating expectations to report net profit attributable to shareholders of $ 2 billion, up 63% from the same period last year.

Barclays’ co-head of European equity research Amit Goel said ahead of the release of the results that the Swiss lender could benefit from the risk reduction efforts of national rival Credit Suisse.

Goel said Credit Suisse would suffer a “double whammy” from the normalization of its fixed income, currency and commodity trading income, with the pandemic-induced volatility drop, as well as risk reduction efforts following a series of large-scale governance failures.

The bank has so far been exposed this year to the collapse of supply chain finance firm Greensill Capital and the collapse of U.S. family-owned hedge fund Archegos Capital, leading to an overhaul of its leadership in wealth management.

As such, Q221 earnings are expected to contract significantly from underlying T121 levels and we are below the latest consensus, ”Goel said.

“Nonetheless, we believe investors are ignoring these issues, and the real fundamental questions are how the group will be restructured in the future; we are looking at a potential IB [investment bank] debt scenarios. “

The trading division is also at the center of Deutsche Bank’s attention, and Goel expects the German lender to post “significantly better” year-over-year trading income trends than its peers. .

“It will be important to see how the market share evolves and whether the forecast (for the whole year) can be sustained,” he said.

“We will also look at cost trends, where we see a risk of slippage against the group’s goals.”

Elmer Counties Jesme Hear About New Funding Options | News, Sports, Jobs


Jill Schramm / DND County Commissioners listen to an update from the North Dakota County Association at the Elmer Jesme County Conference in Minot on Monday. From left to right: William Stanley and Arnie Langehaug from Renville County, John Pietsch from Ward County and Armann Anderson from McHenry County.

North Dakota counties will have access to more public funds, especially for infrastructure projects, in the 2021-2023 biennium.

This was the message from representatives of the North Dakota County Association to county officials in the region at their Elmer Jesme County Conference meeting in Minot on Monday.

The 2021 legislature focused on the current $ 8 billion of the state’s petroleum tax savings fund, the Legacy Fund, seeking more dollars for the state and political subdivisions, a said NDAC Executive Director Terry Traynor.

“This money is fully invested. But very little is invested in North Dakota, and what the legislature said is that 10% of the capital must be invested in North Dakota, and 40% of that 10% must be invested in local government. . They are therefore actively looking for construction projects, courthouses, shops, roads, bridges, sewers and water, schools to invest this money in the future ”, said Traynor.

In addition, the Legislature has placed $ 50 million of interest income from the Legacy Fund into a low-interest revolving loan fund of the Bank of North Dakota for infrastructure projects, he said. he declares.

Jill Schramm / MDN Ward County Commissioner Jim Rostad makes a comment at the Elmer Jesme County Conference meeting in Minot on Monday as Terry Traynor, executive director of the Dakota Counties Association of North, listen to the right.

Another bill allows counties to use their capital improvement tax for roads and bridges as well as for building construction projects. Counties can also borrow, using the direct debit to make payments. The loan term has been extended from five years to 20 years.

“So they gave us more flexibility to borrow. And there are more opportunities to borrow. I know the counties are not really big on funding, especially the roads ”, said Traynor. “But it’s an opportunity.”

Cash funds from the legislative session were more limited, he said. The prairie dog bill from the previous session that was supposed to provide an ongoing funding mechanism for political subdivisions was hampered by a lack of funds for the 2021-2023 biennium.

“We are optimistic, especially now, given the appearance of the price of oil, we will see Prairie Dog in two years. But that’s not helping at the moment ”, said Traynor.

On the other hand, counties are expected to get $ 13 million of the $ 60 million that the legislature has transferred from interest income from the Legacy Fund to the Highway Distribution Fund. Lawmakers transferred the money to avoid a proposed increase in the gasoline tax. The $ 60 million is equivalent to the estimated revenue generated from a gasoline tax hike of 6.5 cents, Traynor said.

The legislature also allocated $ 135 million to match federal discretionary highway funds, Traynor said. Some of that money will be available for the counties.

Cantons will receive $ 20 million in additional state aid, Traynor said. Of this amount, $ 10 million will be divided between organized and unorganized townships at approximately $ 6,000 each. The remaining $ 10 million will be allocated on the basis of the regular distribution formula which uses the number of kilometers of road. Distributions will take place in August.

Municipalities having difficulty finding the local twinning to access funds from the Federal Emergency Management Agency for disaster reparations will also be able to obtain assistance of $ 750,000 in public funds.

A controversial bill involving very long truck loads, called road trains, on state highways has been passed in amended form, Traynor said. The North Dakota Department of Transportation can conduct a pilot project, but counties have veto power in their jurisdictions.

One pilot project mentioned as a possibility is in Burke County, where a Bowbells grain operation picks up organic produce by truck from Canada and ships it by rail.

Burke County Auditor Jeanine Jensen said the county had not received any information from NDDOT at this point. She said the commission would have questions about a pilot project because US Highway 52 has not been widened in that area and already handles heavy truck traffic. This section of Highway 52 is expected to undergo passing lane improvements in 2022.

Traynor also urged counties to keep their federal dollars under the American Rescue Plan Act until more is known about how the money can be spent. Counties and cities received half of their allocations, which are based on population. The remaining money will be available next year.

Local governments must commit the money by December 31, 2024, and all COVID-19 pandemic dollars must be spent by 2026. Some areas where the money can be spent include public health, mitigation of economic impacts, replacement of lost public revenues, payment of bonuses for essential workers or covering other expenses related to the response to COVID-19. Traynor said the federal government expects to finalize its rules for the money in August.

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Credit union donates $ 50,000 to support BC wildfire victims – The Golden Star


The First West Credit Union and its local affiliates donate $ 50,000 to Food Banks BC to support those affected by recent wildfires.

The credit union, which includes Valley First, Envision Financial, Island Savings and Enderby & District Financial, has itself donated $ 40,000 and board member Ken Voth has pledged an additional $ 10,000 to the credit union. cause.

“It is at these times that communities must come together, and we hope that this gesture can help keep food on the table for the people and families affected by this unfortunate situation,” said the president of Valley First Paulo Araujo.

First West encourages its more than 240,000 members to donate to the cause as well. To donate, visit valleyfirst.com.

“We are very grateful for our partnership with First West Credit Union and their continued support to food banks in British Columbia,” said Dan Huang-Taylor, Executive Director of Food Banks BC.

“As another crisis hits our food banks, this donation will be used to give them access to essential supplies such as food, water and other necessities.”

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Bayview Asset Management Launches New Line of Business PACE | Business


NEW YORK – (BUSINESS WIRE) – July 19, 2021–

Bayview Asset Management, a leading investment management firm focused on investing in mortgage lending and consumer credit with approximately $ 15 billion in assets under management, today announced the launch of the line of Bayview PACE business (“Bayview PACE”) (a division of Silver Hill Funding, LLC), expanding Bayview’s role in the commercial real estate, clean energy and energy efficiency market. With strong support and long-standing relationships with leading lenders across the country, Bayview PACE’s solutions come with a level of confidence and execution certainty that Bayview consistently delivers to borrowers.

“The launch of Bayview PACE marks an inflection point for the Clean Energy Accessible to Commercial Properties (“ C-PACE ”) sector. The Bayview brand and its long-standing relationships in commercial real estate and financial markets provide a level of credibility that validates the importance of this accretive capital solution to the industry, ”said Anne Hill, senior vice president of Bayview. “Bayview has the resources, capital and expertise to independently fund the largest and most complex transactions, from inception to execution. I believe we have what it takes to effectively respond to this growing need and become a leader in this field.

C-PACE is a financing solution that unlocks capital for property owners, to perform energy-efficient and renewable building upgrades, finance new construction and provide life-saving capital to recover from the pandemic. With program legislation currently activated in 37 states, C-PACE is rapidly gaining popularity among real estate owners and financial institutions looking to serve them.

The new Bayview business will be led by a dedicated team of professionals with extensive experience in the C-PACE market. Anne Hill has over six years of experience with C-PACE and has completed over $ 300 million in C-PACE transactions. She is joined by Woolsey McKernon, an industry veteran who most recently served as Senior Vice President and Chief Revenue Officer of CleanFund Commercial PACE Capital, the industry pioneer, and Fred Lee, who as co-CEO of New York City Energy Efficiency Corporation (“NYCEEC”) developed and launched the New York City C-PACE program.

“We didn’t start with a simple idea to pursue a business, we started with a team,” said Woolsey McKernon, senior vice president, Bayview PACE. “The result is a group that truly understands the benefits of C-PACE and has the expertise of a proven commercial real estate lender to create solutions to help our clients fully realize those benefits. Our comprehensive, end-to-end products leverage the expertise of our team and the strength of Bayview to deliver a market-leading product and enable real estate owners to dramatically improve the value of their assets, achieve their vision. of their assets, reduce their carbon footprint and meet increasingly important environmental and sustainability objectives.

Prior to the launch announcement, the Bayview PACE team has already completed several large financings totaling over $ 90 million, including a $ 42.5 million hotel refinancing transaction in California that will allow the property to stabilize. , as the industry recovers from lockdowns linked to COVID-19. . In Bayview PACE’s first four months of operation, total fundings represent over 15% of the 2020 industry-wide volume as reported by the industry association, PACENation, including the close of the one of the largest transactions in California history.

Fred Lee thinks Bayview PACE’s pre-launch closures are telling. “Bayview’s existing relationships with market players – lenders, brokers and real estate owners – are a distinct competitive advantage,” he said. “We already have the infrastructure and operations to execute C-PACE transactions quickly and efficiently. Knowing the New York City (“NYC”) program and market as well as I do, I could not be more excited to meet the needs of New York real estate owners and help the city to achieve its ambitious carbon reduction targets. “

For more information about Bayview PACE, including eligibility and program benefits, visit https://bayviewpace.com/ or call 1-800-981-2435.

About Bayview PACE

Bayview PACE’s mission is to make innovative C-PACE financing accessible and profitable for owners and borrowers of commercial buildings. With fixed rate, non-recourse financing and competitive rate and term options available, Bayview PACE helps fund green building upgrades in all participating states. Bayview PACE is a division of Silver Hill Funding, LLC and a subsidiary of Bayview Asset Management (“BAM”), an investment management company focused on investments in mortgage and consumer credit, including whole loans , asset-backed securities, mortgage management rights, and other credit-related assets with approximately $ 15 billion in assets under management. Please visit www.bayviewpace.com.

Silver Hill Funding, LLC, its successor and / or assigns, in accordance with or entered into under the applicable provisions of the contractual agreements, is the proposed lender. Bayview PACE is a division of Silver Hill Funding, LLC.

DISCLAIMER: The information provided here is provided for informational purposes only. Programs can be canceled or changed at any time without notice. Programs may not be available in all jurisdictions. These documents are intended to provide general information to the reader and each business loan is reviewed and underwritten on an individual basis. Bayview PACE, a division of Silver Hill Funding, LLC (NMLS # 1564077) is a subsidiary of Bayview Asset Management, LLC. All of the aforementioned subsidiaries and affiliates are not engaged in the provision of legal, accounting, tax or other professional services. We use reasonable care in providing information, but cannot guarantee its accuracy or completeness. The information is provided without any express or implied warranty, and all such warranties are expressly rejected. We assume no responsibility for any loss, damage or expense resulting from errors or omissions in these documents, whether arising under contract, tort or otherwise.

Bayview PACE is a division of Silver Hill Funding, LLC. NMLS ID 1564077.

© Copyright 2021 Silver Hill Funding, LLC

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210719005540/en/

CONTACT: Media contact:

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Liz Zale / TJ Tatum

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SOURCE: Bayview Asset Management

Copyright Business Wire 2021.

PUB: 07/19/2021 10:20 a.m. / DISC: 07/19/2021 10:22 a.m.


Copyright Business Wire 2021.

State College Spikes lose 5-4 to Williamsport Crosscutters


The State College Spikes (17-24) came close to making a comeback after being led by two in the bottom of the sixth. However, the baseball gods just weren’t with them, as the Spikes lost 5-4 to the Williamsport Crosscutters (18-19).

Spikes catcher Cy Kerber approached home plate with two outs and the bases loaded. He looked Williamsport pitcher Hunter Caudelle in the eye, as Caudelle appeared to come off the plate. However, the refs did not call for a step back. The Spikes argued for a review, but after speaking together, the referees determined the original appeal stood.

Finally, the ref called Kerber on a questionable three-shot low in the area to end the game, as the crowd at Medlar Field erupted into boos.

The Spikes blocked 11 baserunners.

Dusty Stroup reached base early in the second for the Crosscutters after a strikeout on wild ground. After a single from Sean Ross, Michael Turconi scored Stroup to give Williamsport a 1-0 lead.

The Spikes hit back with Michael Slaten’s single to open the bottom of the second. Lukas Cook immediately tripled to score Slaten and Kerber followed up with a brace to tackle Slaten for a 2-1 lead at State College.

Sunday’s game shifted in the direction of the Crosscutters with Ross doubling up to take the lead of fourth. Issac Nuñez put the pressure on the sacrifice to push Ross forward to third, followed by Turconi’s second single and a run batted in for a 2-2 draw.

State College recovered a point with Hylan Hall’s home run in the bottom of the fifth for a 3-2 lead.

“So coming back to the Spikes (after the season hiatus), I wanted to make an adjustment,” Hall said. “I worked during the break with the three days we had. I made an adjustment and it was good for my job to pay.

The scales once again tilted in Williamsport’s favor – scoring three more points at the top of the sixth. Stroup started a series of goals that culminated with a goal from Jaxon Shirley to tie it at 3-3. Wide receiver Rob Marinec scored for Ross and Nuñez to win a game 5-3.

Kerber walked the Spikes closer to a walk, scoring on Cameron Lee’s single to put the Spikes down 5-4.

Spikes starting pitcher Louis Davenport pitched 5.1 innings, allowing five runs (four earned) on four hits, walking three batters, hitting two and striking out six batters. Crosscutters starting pitcher Troy Taylor played five innings, allowing three runs on seven hits, six strikeouts and one homerun allowed.

Trae Robertson came in relief for Davenport, pitching 3.2 scoreless innings, allowing two hits, while walking two and striking out four. The Missouri Tiger allowed his slider to speak for him, often used as his stowage ground.

“The slider worked for me, the change worked at first, but I need to clean that up a bit,” Robertson said. “I had all of my throws for a good part of the night and I was just filling the zone and going in, I had to put zeros in to give us a shot at winning.”


Turconi went 2 for 3 with two hits, two RBIs and a walk for the Crosscutters. His first RBI came in the second inning against Davenport, then he doubled up against Davenport with another RBI single in the fourth inning to tie the game at 2-2.


The Spikes have now eclipsed a team record with 91 goals stolen in one season after Hall stole third place in the ninth inning. Then Slaten stole second base for the 92nd steal of the year.

“It’s amazing because it’s my style of play,” Hall said of his flight. “[I’m] fast, aggressive and therefore the fact that the whole team is like that is dangerous.


The Spikes are off Monday before traveling to play a three-game series against the Mahoning Valley Scrappers starting Tuesday. The first pitch is at 6:35 p.m.

Related stories from the Daily Times Center

Kyle J. Andrews is a 2018 graduate of the University of Baltimore, home of the lifelong undefeated Bees. Prior to going to the Center Daily Times, he was a sports reporter for the Baltimore Sun Media Group, covering the Ravens and Orioles for 105.7 The Fan, Baltimore Beatdown and Fox Sports 1340 AM.

Another college cancels student debt


Another college canceled student debt.

Here’s what you need to know.

Student debt

South Carolina State University will write off $ 9.8 million in student debt for 2,500 students. The State of South Carolina, the State’s only historically black college and university (HBCU), will ‘wipe out student account balances’ for students who continued to experience financial hardship due to the Covid-19 pandemic . Here’s how the state of South Carolina is paying for this student debt cancellation:

  • Care Act: $ 4 million
  • American rescue plan: $ 5.8 million

“We are committed to providing these students with a clear path forward so that they can continue their college education and graduate without the burden of financial debt caused by circumstances beyond their control,” the acting president said. , Alexander Conyers. “Our university was founded on the principle of providing students with access to affordable, quality education. This is exactly what we intend to do. No student should have to stay home because they cannot afford to pay their outstanding debts after suffering the financial devastation caused by a global pandemic. “

Most of the students who will benefit from this student debt relief have not registered for the upcoming semester due to the financial burden of overdue account balances. It’s important to note that this is student debt that students owe college, not student loan forgiveness for private or federal student loans. “Honestly hearing this news brings tears to my eyes,” said Leslie Young, a freshman who couldn’t attend school during the spring semester because she didn’t have the money. to pay the tuition fees. “My family has very low income. I was in a deep depression because school means everything to me. Without it, I felt like I was abandoning my dreams.

Student loan cancellation at more colleges

The state of South Carolina is among other colleges that have proactively written off student debt.

Biden backs student loan cancellation at these colleges

President Joe Biden canceled $ 3 billion in student loans. Biden also supports large-scale student loan cancellation up to $ 10,000 student loan cancellation for student loan borrowers, but wants Congress to act. (However, the latest stimulus package, infrastructure plan, and budget do not include any student loan cancellations). Biden supports additional cancellation of student loans, including cancellation of student loans at historically black colleges and universities (HBCUs) as well as four-year public colleges and universities. Under Biden’s plan, tuition would be free for students whose families earn less than $ 125,000 a year. Biden also wants student loan cancellation for student loan borrowers who attend these colleges and universities and earn less than $ 125,000. However, despite these proposals, Congress was unable to reach agreement on the large-scale cancellation of student loans. This has led many student loan borrowers to wonder: Has the student loan cancellation been reversed? For many student loan borrowers, this sounds too true. For now, targeted student loan cancellation appears to be the new normal.

If you have student loans, make sure you have a solid plan for paying off your student loans. Here are some potential options to consider:

Student loans: more reading

Biden has now canceled $ 40 billion in student loans this way

Biden may extend student loan relief beyond September 30, 2021, even if unemployment benefits and expulsion moratorium end

Biden has now canceled $ 1.5 billion in student loans this way

Is this a game-changer for student loan cancellation?

Meet these millionaire lottery winners from Fayetteville, Sandhills area


Prior to Wednesday’s Powerball draw, the estimated jackpot was $ 137 million, with a cash value of $ 93.8 million, according to the North Carolina Education Lottery. website.

Mega Millions stands at $ 117 million, with a cash value of $ 83.6 million before Friday’s draw.

As of 2019, some residents of Cumberland County and those living in neighboring counties have already hit the jackpot.

Here is an overview of the winners and where they found their luck.


• May 19, Fredderick Russell Carroll, of Coats, won $ 1 million on a quick-choice Powerball ticket he bought from Shri Sharda Petroleum on East Stewart Street in Coats.

He claimed his prize almost three weeks later.

After the required federal and state withholding taxes, he will share $ 707,501 with his wife, Princess, and son.

“I want to pay my bills and I’m going to bring my wife over to see some doctors,” Carroll told lottery officials. “This is my main priority.


• Demetrius Underwood, from Eastover, won $ 10 million on a Colossal Cash scratch ticket he bought at the EPCO 3 Way Food Mart on Dunn Road in Eastover, according to a press release dated Jan. 2, 2019.

Underwood had the option of taking a $ 10 million annuity of 20 payments at $ 500,000 per year or a lump sum of $ 6 million.

He picked the lump sum, and after the required federal and state withholding taxes, he took home just over $ 4.23 million.

Underwood told lottery officials he planned to use the winnings to pay off his mortgage and his wife’s student loans.

After:Eastover man wins millions in lottery


• Andrea Broadnax, from Fayetteville, is the latest winner. North Carolina Education Lottery officials announced Thursday that Broadnax had purchased a winning $ 2 million 100X The Cash ticket at the Tobacco Express on McArthur Road in Fayetteville.

She had the choice of taking an annuity of $ 100,000 per year for 20 years, or a lump sum of $ 1.2 million.

Broadnax chose the lump sum and after the required federal and state withholding taxes, won $ 849,006.

She told lottery officials that she planned to donate some of the money to her favorite charity.

• Army veteran Shelese clay, from Fayetteville, purchased a $ 5,000-winning $ 1 million Loaded game ticket at the Circle V Mart on South McPherson Church Road in Fayetteville, according to a June 4, 2019 press release.

Clay had the option of receiving an annuity of $ 1 million over 20 years or taking a lump sum of $ 600,000 and chose the lump sum. After the required federal and state deductions, she won $ 425,503.

The Fayetteville State University alumnus said she plans to invest her earnings to save and possibly take a trip to Disney World.

After:Army vet, FSU graduate wins $ 1 million on lottery scratch ticket

• Catrina Hanton, de Fayetteville, bought a winning $ 1 million Bankroll ticket at Short Stop on Gillispie Street in Fayetteville and decided to take the lump sum, according to a Dec. 4 press release.

“I’m just planning to help my family,” Hanton told lottery officials.

After:Fayetteville woman wins $ 1 million in scratch lottery

• Makela meek, from Fayetteville, won $ 1 million on a Back Scratch ticket she purchased at the one-stop shop on Strickland Bridge Road in Fayetteville, according to a May 3, 2019 press release.

Meeks had the choice of taking the million dollars over 20 years or a lump sum of $ 600,000. She chose the lump sum and after withholding tax she won $ 424,503.

• Pink rose, from Fayetteville, won a Colossal Cash Prize of $ 1 million, according to an April 9 press release.

She bought her winning $ 30 ticket at the Speedway on Yadkin Road in Fayetteville.

She chose the lump sum and won $ 424,509.

• April 24, Tyler Reece Jr., from Southern Pines, also won the Millionaire Maker Award.

Reece bought the ticket from Food Lion on Andrews Road in Fayetteville.

“I’ve always said that if I won something this big, I would remain the same person everyone has come to know,” Reece told lottery officials. “I’m not going to let him change me.”

He told lottery officials he plans to use the winnings to build another house with his wife and pay the bills, as the couple near retirement.

Reece also plans to contribute to her community and share a portion of the prize money with her family.

Reece also chose the lump sum payment.

• Ruth robinson won $ 4 million after purchasing a winning Short Stop Gold Rush ticket on Skibo Road, according to a November 3 press release.

She had the choice of taking the $ 4 million in the form of an annuity of $ 200,000 per year for 20 years or a lump sum of $ 2.4 million.

She chose the lump sum and, after federal and state tax withholding, won $ 1,698,006.

Robinson, who is a dietary director at a retired nursing home, told lottery officials that she plans to use the money to pay the bills.

After:Fayetteville woman wins $ 4 million lottery prize

• Roman Vielka, from Autryville, won $ 1.3 million on a Cash 5 ticket she purchased from Carlie C’s IGA on Cedar Creek Road in Fayetteville, according to a May 14, 2019 press release.

After the required federal and state deductions, Roman took home $ 958,078. She said she planned to use the price to pay for her house and car.

After:Autryville woman receives ultimate Mother’s Day gift: $ 1.3 million lottery ticket

• In May, Artina siler, de Fayetteville, purchased a 365 Fast Mart winning Millionaire Maker scratch ticket on North Reilly Road in Fayetteville.

At the time, she was the 12th person to claim one of 30 Millionaire Maker tickets with the $ 1 million prize.

She chose the lump sum of $ 600,000 and won $ 424,509 after required federal and state withholding taxes, according to an April 29 press release.

After:Fayetteville woman finds one of 30 scratch lottery tickets with a prize of $ 1 million

• Young Suh, from Fayetteville, won over $ 1.12 million in Cash 5 draws on a ticket purchased from Sunoco on Ramsey Street in Fayetteville, according to a September 20, 2019 press release.

After the required federal and state withholding taxes, he won $ 795,489.

Suh told lottery officials that he plans to use the winnings to fulfill his wife’s dream of owning a home.

After:Fayetteville man plans to buy his wife home with his winning $ 1.12 million lottery ticket

• Salon owner Jeffrey Yi won over $ 1.24 million from the Cash 5 jackpot, according to a September 29 press release.

Using his own numbers, Yi bought his ticket at the Speedway on Yadkin Road in Fayetteville.

After the required federal and state withholding taxes, he won $ 882,923.

Yi told lottery officials the income would help him reopen his business, which had to close during the COVID-19 pandemic.

Mills of Hope

• One of the biggest winners in recent years is a resident of Cumberland County Charles W. Jackson Jr., who purchased a winning $ 344.6 million Powerball ticket, according to a June 2, 2019 press release.

Jackson bought the ticket at Carlie C’s IGA on North Main Street in Hope Mills.

He had a choice between an estimated annuity of $ 344.6 million paid in 30 installments over 29 years or a lump sum payment of $ 223.3 million. He opted for the lump sum payment and won $ 158 million after deductions.

Jackson told lottery officials he won’t let the winnings change who he is.

“Let me put it this way, I will always wear jeans, but I will probably buy new ones,” he said in a news conference that was broadcast live.

Jackson said he also plans to donate a portion of his earnings to St. Jude’s Hospital, the Wounded Warriors Project and the Shriners.

After:$ 345 million lottery winner claims his prize


• In April, Samuel James Jr. was the ninth person to claim one of the Millionaire Maker tickets.

James bought his winning $ 30 ticket at Community Mart 2 on South Main Street in Lillington.

He too chose the lump sum payment.


• James montgomery, from Sanford, won $ 1 million on a quick-choice Powerball ticket he bought at Food Lion on Buffalo Lake Road in Harnett County, according to an April 30, 2019 press release.

The retired army veteran took home $ 707,501, after federal and state tax withholding.

He and his wife planned to use the earnings to pay bills, travel a bit, and save for retirement.

After:Sanford man wins $ 1 million in Powerball

Southern pines

• Robert Grimone, of Pinehurst, purchased their million dollar Colossal Cash winning ticket at Circle K on Beverly Lane in Southern Pines, according to a February 10 press release. He chose the lump sum and won $ 424,509.

After:Pinehurst man wins million dollar lottery prize

• Leo Thomas, from Aberdeen, purchased a winning $ 1 million WIN IT ALL scratch ticket over the holiday season, according to a press release on Jan.6, 2020.

The retired postal worker purchased the ticket from Quality Mart on the old US South Highway 1 in Southern Pines.

He had the choice of taking an annuity of $ 1 million with 20 payments of $ 50,000 per year or a lump sum of $ 600,000. He chose the package. After federal and state tax withholding, he took home $ 424,503.

Thomas told lottery officials he planned to use part of the winnings to buy his wife a new car and put the rest into savings.

After:Aberdeen man wins million dollar lottery prize on Christmas Eve

Editor Rachael Riley can be reached at [email protected] or 910-486-3528.

Support local journalism with a subscription to The Fayetteville Observer. Click on the “subscribe” link at the top.

Contracts Speed ​​Up Home Loan Approval Rates for Small Businesses


Two recent stars of Little Rock Venture Center’s Community Banking Accelerator Program continue their efforts in securing federal contracts that make it easier to approve small business and home loans.

Springdale’s Teslar Software reports that its banking technology supported more than 20% of paycheck protection program loans issued by community financial institutions this year.

The 1.3 million loans funded by Teslar represent $ 22 billion in financing for small businesses across the country. Fintech has received approval for 80 loans per minute during peak hours, according to the company.

In 2018, Teslar won the Banker’s Choice Award during the Venture Capital Center’s ICBA ThinkTech Accelerator Program, which is sponsored by Independent Community Bankers of America.

Another winner from community bank, Lendsmart of New York City, last week announced a partnership with federal lender Freddie Mac to reduce loan origination processing time for lenders and borrowers.

The company will integrate its artificial intelligence-based lending platform with the federal agency’s underwriting system, a move that will shorten the lending process by weeks and speed borrower approval.

In 2020, Lendsmart was the big winner of the ThinkTech competition.

When the Paycheck Protection Program launched in March 2020, Teslar saw an opportunity and quickly offered products and educational tools to financial institutions and non-traditional lenders participating in the loan initiative.

As the lending program continued – it ended in May this year – Teslar partnered with startups, other fintechs, and banks to process PPP loans. The company says five of the country’s top lenders used Teslar software to process their PPP loans, which were administered by the US Small Business Administration.

“The Paycheque Protection Program has been successful because the entire industry has come together to work towards a common goal: to help small businesses persevere,” said Joe Ehrhardt, CEO and Founder of Teslar Software . “The technology we have built and the lessons we have learned from this experience have inspired our company to create new strategies and efficiencies to help community institutions succeed.

Now Teslar is using what he learned in the PPP process to remove approval bottlenecks that have arisen in the lending process.

The approach, which integrates Teslar’s software into a bank’s central system, will allow banks and other financial institutions to digitize all aspects of their commercial and SBA lending processes that are now entered manually. Teslar’s efforts will speed up approvals.

The company plans to roll out the new module in three phases until 2022.

“This new module will equip institutions with the tools to strengthen business relationships with greater confidence and change the future of commercial and SBA lending,” said Erhardt.


The University of Arkansas offers a new service for connecting entrepreneurs and mentors, including venture capitalists, serial entrepreneurs, business executives and financial experts.

The founders of start-ups and young companies affiliated with the university, whether as students, alumni, professors or staff, will be able to access a network of mentors able to accelerate and support growth. of their businesses.

A launch event earlier this month drew more than a dozen potential mentors to the program. The first mentoring meetings are expected to begin in August.

The initiative is part of the University’s Entrepreneurship and Innovation Office. Volunteer mentors will follow a methodology established 20 years ago at the Massachusetts Institute of Technology and tailored to the unique strengths and needs of the Northwest Arkansas entrepreneurial community.

“We believe that mentors who find this to be a well-organized and rewarding experience will recruit additional mentors over time, and entrepreneurs who attribute some of their success to the program will also give back,” said Shaheen Lokhandwala, Head of entrepreneurial initiatives program.

Using a team approach, mentors will provide practical advice and make recommendations that will grow the entrepreneur as well as their business. The main objective is to support the development and success of entrepreneurs by their own definitions.

Additional goals include strengthening seed funding opportunities and creating jobs that retain entrepreneurs, engineers, software developers and product managers in the region.

More information is available at entrepreneurship.uark.edu.


Minority entrepreneurs are invited to join a three-part business development series focused on improving business systems and strategies.

The sessions will be moderated by Mario Wallace, an expert in process improvement, change management, leadership development and strategic management. The program is free for participants.

Online sessions will be held on Monday evenings – August 2, 9 and 16 – from 6 p.m. to 8 p.m. systems.

The initiative, titled “Small Business Strategies for Success,” is sponsored by the Arkansas Small Business and Technology Development Center in partnership with Remix Ideas and Hope Credit Union.

The courses are designed for potential and current entrepreneurs of color interested in starting a business on a solid foundation or seeking to improve the systems of an existing business.

Wallace will discuss key business systems, the roles systems play in day-to-day operations, and methods of using systems to create consistency, efficiency, and exceptional customer service.

More information is available at asbtdc.org.

Ideas for columns or recommendations? Any thoughts or reflections to pursue? contact me at [email protected] or at 501-378-3567.

UW Credit Union reduces all overdraft fees to $ 5


New, streamlined policy aims to create a fairer bank while supporting financially vulnerable people

Effective Tuesday, July 13, UW Credit Union will reduce its overdraft (OD) and insufficient funds (NSF) charges by more than 80%, from $ 30 per event to $ 5. The simplified policy creates a significant reduction for members and supports national changes designed to create more equitable banking services.

Average NSF / OD fees in the United States were over $ 33 in 2020, up from $ 30 in 2010, according to Bankrate.com. UW Credit Union’s new low industry fees apply to all of its accounts, including checking, savings and money market transactions. UW Credit Union will continue to provide a threshold of (-) $ 10, below which no fees will be charged, as well as limit fees to a maximum of one per day. UW Credit Union eliminated overdraft fees associated with daily debit card purchases and ATM withdrawals in 2010. These practices remain rare at most financial institutions.

While the annual number of NSF / OD fees charged by UW Credit Union is low by industry standards, 8% of its 300,000 members pay one or more NSF / OD fees per year, with an average of nearly four fees per year. The new policy could save these members about $ 100 per year. For some, the actual amount will be much higher.

“Everyone’s short sometimes,” said UW Credit Union President and CEO Paul Kundert. “From a student managing their first bank account to families losing track of their current balance, our goal for all members is to help them build wealth, not erode it. While certain fees are necessary to discourage behavior that could harm local businesses and other members, they should be reasonable and enforced fairly. “

According to The FinHealth Spend Report 2021, low-to-moderate income (LMI) households are almost twice as likely to overdraft as households without LMI.

“Harsh penalties are part of the reason why so many members of the community are either unbanked or underbanked,” said Constance Alberts, program manager for Bank On Greater Milwaukee. “Changes to the overdraft policy that include significant fee reductions or the elimination of fees can make a big difference. Equally important is that financial institutions work as partners to their members, providing real-time support and guarantees to avoid fees in the first place. People need more transparency, more resources and more points of contact to help them take better ownership of their finances. “

With industry overdraft income reaching $ 31 billion, according to financial data firm Moebs Services Inc., the reduction in that income is long overdue. Concrete fee prevention efforts can help reinforce these policy changes. UW Credit Union members can set up automatic alerts to notify them when a specified account drops below a specified balance or when a transaction greater than a specified amount clears an account. Alerts are free, immediate and easily modifiable at any time. The Credit Union also offers a variety of in-person and virtual financial events to help people develop budgeting skills, track personal expenses, and set realistic financial goals. The events are free and open to the public.

UW Credit Union’s substantial fee reduction strengthens its pro-consumer stance on sustainable banking services. In 2018, the credit union introduced its Clear, Launch, and Encore accounts for people who prefer not to have overdraft fees. All transactions that may result in an overdraft are returned unpaid, free of charge. Today, 25-30% of all new accounts opened belong to one of these types of accounts.

To learn more about the recent rate reduction, visit https://www.uwcu.org/checking/overdrafts/.

About UW Credit Union

UW Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to the communities of the University of Wisconsin. UW Credit Union’s more than 800 employees serve the financial needs of more than 300,000 members through world-class technology systems and through a convenient network of 29 branches and over 100 ATMs. With assets in excess of $ 4.6 billion, UW Credit Union is nationally ranked as a major credit union. Founded 90 years ago by faculty and staff at the University of Wisconsin, UW Credit Union continues to operate as a non-profit, member-owned financial cooperative with locations in Madison, Milwaukee, Stevens Point , Green Bay, Oshkosh, Whitewater and La Crosse Sectors.

What buyers should know


To qualify for a mortgage, you usually need to meet certain conditions. On the one hand, you will need:

  • A sufficiently strong credit rating
  • A reasonable and not excessive level of existing debt
  • A stable job
  • Funds for a down payment

Many mortgage lenders have tightened their borrowing requirements during the pandemic. After all, mortgage lending comes with risk, and lenders need to make sure they are working with borrowers who are likely to continue to pay off their home loans.

In May, mortgage lenders eased their borrowing requirements and credit availability increased from what it was in April, according to the Mortgage Bankers Association. This made it a bit easier to qualify for a mortgage. But in June, the availability of mortgage credit fell 8.5%.

If that percentage sounds like a lot, well, it is. The mortgage loan availability level in June is the lowest since September 2020. This could make buying a home more difficult in the short term.

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How to give yourself a better chance of getting a mortgage

Just because the availability of mortgage credit declined in June doesn’t mean your chances of borrowing are ruined. If you are a good candidate, you may not have any trouble getting approved for a home loan.

However, there are steps you can take to increase your chances of getting approved before you apply for a mortgage.

1. Improve your credit score

Your credit score indicates how trustworthy you are. Typically, you need a minimum credit score of 620 to get a conventional mortgage. But now that lenders are getting stricter, a score of 620 may not be enough.

It pays to work on increasing your credit score. A better score not only increases your chances of getting approved for a mortgage, it can also help you earn a low interest rate. You can increase your credit score by:

2. Get rid of your debt

Your debt-to-income ratio is another metric used by lenders to determine if you qualify for a mortgage because it measures your existing debt relative to your income. If your ratio is high, it sends the message to lenders that you are already spending a large portion of your income on debt securities and may not be able to cope with a mortgage if you are approved for one. Paying off debt is the best way to lower this ratio.

3. Make sure you have a solid deposit

The more funds you have for a down payment on a home, the less you will need to borrow. And the less you borrow, the less risk mortgage lenders take. It might pay off to start side work for a few months. This way you can use your earnings to help you save for a down payment.

While lenders got tougher with borrowing requirements in June, that doesn’t mean your mortgage application will be turned down. At the same time, it’s worth doing whatever you can to increase your chances of getting the loan you want and at a rate that makes it easier to manage your monthly payments.

Material loan growth may not be here yet, but Bank of America sees promising signs


As big bank profits rise, analysts and investors will likely have to continue to expect significant loan growth, which will translate into higher net interest income (NII) and therefore higher profits. This is no surprise, given what bank CEOs said at industry conferences in the second quarter.

Banks are seeing spending rebound, but this has yet to translate into strong lending growth. Consumers are bursting with cash from savings and stimulus packages, and businesses are still not ready to pull the trigger on new inventory spending and other investments.

Despite the delay, Bank of America (NYSE: BAC) sees promising signs of a pickup in loan growth in the second half of the year, and management also appears optimistic.

What happened to loan growth in the second quarter

In the second quarter, Bank of America saw its end-of-period loans increase 2% from the first quarter of 2021 to around $ 916 billion. But average loans and leases, which are more of a driver of the NII, remained stable compared to the first quarter of the year. The NII was also stable compared to the first quarter of the year.

There were a few bright spots mixed with the lack of growth. On the one hand, average loan and end-of-period loan balances have remained stable or increased, even though Paycheck Protection Program (PPP) loans have been canceled and these balances have declined over the course of time. of the quarter. In addition, the bank saw commercial, credit card and residential mortgages start to climb in the second quarter.

Image source: Bank of America second quarter results presentation.

Bank of America’s Global Markets division loans jumped 14% from the first quarter, while loans from the bank’s global wealth management and investment division were up 4% from Q1. first trimester. But the bad news is that the use of commercial lines of credit remains very low and consumers continue to prepay their loans at high rates. Long-term interest rates – like those on 10-year Treasuries, to which many loan yields are tied – also fell in the second quarter, lowering the NII.

Person in the office, showing something to two other people on a computer screen.

Image source: Getty Images.

Promising signs

The good news is that Bank of America CEO Brian Moynihan has said that while it’s not substantial, almost all of the bank’s various businesses have seen some lending growth. Moynihan also said that he doesn’t think the use of lines on the commercial side can really go down, as it still operates in the low 30% range, which is up to 10% lower than using lines. normally in some segments. In business banking, which serves businesses that earn between $ 5 million and $ 50 million in annual revenue, Moynihan said loans are finally growing on a net basis after being stranded for several quarters.

Another good news is that Bank of America’s management team also successfully predicted that NII would bottom out in the third quarter of 2020. And while the bank still expects greater growth, it has managed to maintain NII despite a lot of volatility. and lower long-term rates.

Bank of America net interest income.

Image source: Bank of America second quarter results presentation.

Finally, despite the difficulty of long rates, management has not abandoned its NII outlook for the entire year. In the first quarter, Moynihan said that modest loan growth and continued improvement in long-term rates and a steepening of the yield curve, in which long-term interest rates rise while interest rates rise. Short-term interest stays low, could result in a $ 1 increase in NII. billion of the $ 10.3 billion generated by the bank in the first and now in the second quarter.

Bank of America CFO Paul Donofrio said that even though the goal is now more difficult to achieve, it is still possible if loans continue to rise and long-term rates do not fall from d ‘here. Donofrio added that the bank may decide to put additional excess cash in securities to help this mission.

On the other hand, JPMorgan Chase has already reduced its NII forecast for the year from $ 55 billion to $ 52.5 billion, although the bank has made it clear that it is storing cash and not reinvesting in securities at these low rates.

I’m optimistic

While everyone would have liked to see more loan growth in the second quarter, I am somewhat optimistic about what we saw with loan growth at Bank of America during the quarter and management sentiment. Loan prepayment rates are expected to slow and line usage should start to increase.

Bank of America will hopefully continue to see lending increase, as long as the economy continues to move in its current direction. I also think long-term rates need to be at or near a floor, which will be a key factor in the NII for the rest of the year.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

Maine Credit Unions Surpass Fundraising Target for Area Food Banks



Maine Credit Unions Surpass Fundraising Target for Area Food Banks

Maine Credit Union League’s Ending Hunger Campaign Raises $ 110,000

End Hunger in Maine. This is the goal of the Maine Credit Union League’s Ending Hunger campaign. The annual fundraiser has set a one-month goal of raising $ 100,000. Until June, the group has raised $ 110,000 from union members and community donations. “There were kids who came to credit unions with their piggy bank money to help. It’s heartwarming, ”said Jennifer Burke of the Maine Credit Union League. “It is important to make sure that people of all ages know that there is hunger in our communities and that it affects old and young alike. We can all play a part in making someone’s life a little better. a.” Since the Ending Hunger Campaign began in 1990, credit unions in Maine have raised more than $ 10 million. The money is donated to the Good Shepherd Food Bank, local pantries and area meal sites.

End Hunger in Maine.

This is the goal of the Maine Credit Union League’s Ending Hunger campaign. The annual fundraiser has set a one-month goal of raising $ 100,000. Until June, the group has raised $ 110,000 from union members and community donations.

“There were kids who walked into credit unions with their piggy bank money to help. It’s heartwarming,” said Jennifer Burke of the Maine Credit Union League. “It is important to make sure that people of all ages know that there is hunger in our communities and that it affects old and young alike. We can all play a part in making someone’s life a little better. a.”

Since the Ending Hunger Campaign began in 1990, credit unions in Maine have raised more than $ 10 million. The money is donated to the Good Shepherd Food Bank, local pantries and area meal sites.

Eastman Credit Union to Sponsor ETSU Roan Scholars Program with $ 125,000 Donation | New


Eastman Credit Union is donating $ 125,000 to sponsor the Roan Scholars Summer Experience Program at East Tennessee State University.

“The mission of the Roan Scholars program aligns perfectly with ECU’s desire to make our communities and our region a better place to live, work and raise families,” said Kelly Price, President and CEO disappointed. “These students are leaders who are passionate about making a difference, and it is a privilege for ECU to support the summer experience program.”

The Roan Scholars Leadership Program empowers students to be leaders who positively impact the ETSU campus, the region, and the world. The summer experience program allows fellows to participate in an individually designed six-week service internship, which must be completed after their first year. The Roan Scholars program is funded primarily by private donations.

“The outstanding students selected for the Roan Scholars Leadership Program continue to exemplify East Tennessee State University’s mission long after graduation,” ETSU President Brian Noland said in the statement. “The experiences outside of the classroom help cultivate their dedication to improving the lives of people in our region and leading this transformation. This partnership with ECU will enhance these experiences and have a direct impact on the next generation of regional leaders. “

Price said ECU used to support various ETSU programs, including the Performing Arts Center, Engineering Program, Soccer Stadium, College of Pharmacy, and the Gray Fossil Site.

“This generous branding contribution from Eastman Credit Union to support Roan Summer Experiences is an extraordinary investment in the leadership and future of our region,” Scott Jeffress, director of Roan, said in the statement. “This will enable transformative experiences that will push Roan Scholars out of their comfort zone to grow in leadership.”

For more information on the program, visit roanscholars.org.

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Senior NASA employee convicted of COVID-19 loan fraud | USAO-EDVA


ALEXANDRIA, Virginia – An employee of the Senior Executive Service (SES) of the National Aeronautics and Space Administration (NASA) was sentenced today to 18 months in prison for submitting fraudulent claims for more than $ 350,000 in loans and benefits economic issues related to COVID-19.

“While in a high-ranking position at NASA, this defendant used the identity of others to implement a brazen scheme in which he exploited taxpayer-funded programs during the global pandemic to his advantage. staff, ”said Raj Parekh, Acting US. District Attorney for the Eastern District of Virginia. “This case is yet another example of EDVA’s commitment to prosecute those who attempt to take advantage of essential programs for deserving members of the community.

According to court documents, Andrew Tezna, 36, of Leesburg, fraudulently submitted three loan applications to two financial institutions for a total of $ 272,284, under the Paycheck Protection Program (PPP), a federal initiative designed to help businesses to pay their employees and cover their basic expenses during the COVID-19 pandemic. Tezna also submitted two economic disaster loan program applications to the Small Business Administration for a total of $ 69,500, and he applied for COVID-related unemployment benefits, totaling $ 15,950, from Virginia, apparently for his stepmother, who was retired and was not eligible. for the benefits. In support of the fraudulent PPP loan applications, Tezna submitted false tax returns to the IRS and fraudulently claimed salary expenses that did not exist.

Tezna managed to secure over $ 285,000 in PPP loans and unemployment benefits. Most of the money came from PPP loans requested in his name and that of his mother-in-law for businesses that did not exist. He then spent the funds, among other things, to pay off a personal loan for a residential swimming pool, a personal loan for a van, personally incurred credit card debt, a down payment for a new car and a dog breeder. Additionally, Tezna also admitted to filing a false financial disclosure report with NASA.

“Tezna has made fraudulent representations to obtain funds from COVID-19 relief programs designed to help businesses and individuals struggling due to the pandemic. In doing so, he stole funds from American taxpayers that he ultimately used to pay off personal debts and buy luxury items, ”said Special Agent in Charge Mark J. Zielinski of the Inspector General’s office. from NASA, Eastern Field Office. “Today’s conviction should have a chilling effect on anyone who tries to play with the system for personal gratification.”

“COVID-19 relief programs are not intended to be used to pay for personal indulgences. Tezna, despite his leadership position, stole government funds meant to help struggling businesses during the pandemic. Today the sanctions for his actions have been fulfilled, ”said Darrell J. Waldon, Acting Special Agent in charge of the Internal Revenue Service-Criminal Investigation (IRS-CI) field office in Washington DC.

In addition to the 18 months in jail, Tezna was sentenced to 3 years of supervised release and $ 285,449.11 in restitution and forfeiture.

Raj Parekh, Acting United States Attorney for the Eastern District of Virginia; Darrell J. Waldon, Acting Special Agent in Charge, Washington, DC Field Office, IRS-CI; and Mark J. Zielinski, Special Agent in Charge of the Office of the Inspector General of NASA, Eastern Regional Office, made the announcement following the conviction by US District Senior Judge Claude M. Hilton.

US Deputy Prosecutors Kimberly M. Shartar and Jamar K. Walker continued the case.

On May 17, 2021, Attorney General Merrick Garland established the COVID-19 Fraud Control Working Group, led by the Deputy Attorney General, to bring together all of the federal government’s resources to support anti-fraud efforts. If you believe you have been the victim of a scam or attempted fraud involving COVID-19, contact the National Center for Disaster Fraud hotline at 866-720-5721 or email catastrophe @ leo. gov. Members of the public in the Eastern District of Virginia are encouraged to call 804-819-5416 or email [email protected] to contact their local Coronavirus Fraud Coordinator.

A copy of this press release can be found on the website of the United States Attorney’s Office for the Eastern District of Virginia. Court documents and related information can be found on the website of the District court for the Eastern District of Virginia or on PACER by looking for case n ° 1: 21-cr-77.

West Mead Provides Fire Department Renovation Loan | New


TOWNSHIP OF WEST MEAD – Supervisors on Tuesday approved a low-interest 10-year loan of $ 175,000 to help fund major renovations at one of the township’s volunteer fire departments.

The loan, with an interest rate of 2% for the first five years and 3% for the following five years, was approved 2-0. President Don Bovard abstained from the vote, citing his post as chairman of the West Mead 1 Volunteer Fire Company, the department receiving the loan.

West Mead 1 treasurer Barry Porter said the department’s finances would allow the loan to be repaid quickly.

“I’m sure it won’t be 10 years,” he said at the board study session.

“Six or seven years, maybe faster,” Bovard added.

Renovations to the Liberty Street Extension Department Fire Station will include the dismantling of the existing 30-foot by 40-foot truck room, parts of which date back to the original construction in the late 1940s. A 40-foot truck room on 53 feet will be built in its place. The social hall connected to the truck room will remain the same, but new siding and a new roof will be installed on both the social hall and the truck room, according to Bovard.

The township loan provides partial funding for the $ 280,000 project, according to Porter. The ministry has already budgeted around $ 50,000 for preliminary work involving the relocation of the building’s electrical department, he told supervisors in a presentation earlier this year, and a federal grant is also being sought.

Supervisor John Shartle urged the department to make adding air conditioning to the social room – which hosts baby shower, birthdays and similar events – part of the improvements included in the project.

“I just think in our time you wouldn’t be sorry if you did,” he said. “This side of the township always has to take less – all the time.”

Porter offered a different perspective, saying the ministry’s apparent frugality was a matter of priorities.

“We are living within our means, that’s how I see it,” he said. “Our company extinguishes fires, and buildings don’t extinguish fires, fire trucks do.”

With a nearly 30-year-old fire truck to be replaced in the near future, the department needs to be careful about how it uses its resources, Porter said.

“This is how we have what we have,” he said. “We always looked to the future and didn’t do things we really didn’t need.”

Bovard said a cooling system for the social room would likely be addressed once the truck room reconstruction project is complete.

“It’s on our radar,” he said.

Mike Crowley can be reached at (814) 724-6370 or by email at [email protected]

Financial Plus Credit Union and Wanigas Credit Union Consider Potential Merger


Two Mid-Michigan credit unions are exploring plans for a strategic partnership.

The Boards of Directors of Wanigas Credit Union of Saginaw and Financial Plus Credit Union of Flint have announced that they have mutually agreed to pursue a possible merger, subject to a successful exploration and integration review, to a favorable vote from members and regulatory approval, according to a financial report. Plus the Credit Union press release.

The combined credit union is said to have more than $ 1.1 billion in assets, eleven branches and about 80,000 members, the statement said.

“We are delighted to be partnering with Wanigas Credit Union. With our combined resources and unified membership, we will be able to further enhance our digital service strategy and increase the depth of our products, delivering an even more seamless member experience, ”said Barney Hennessy, President of Board of Directors of Financial Plus Credit Union. “This opportunity aligns with our core values ​​and our vision to provide a wide variety of financial options to our members across the state for any reason, anytime, anywhere.”

Wanigas Credit Union was started as the Saginaw Gun Plant Employees Federal Credit Union in 1952 by a group of employees from the Saginaw Plant 2 division.

“Our members and surrounding communities will thrive through this partnership. We are delighted to offer increased membership access, employee benefits and growth opportunities, while remaining a strong and healthy credit union, ”said Michael Balls, Chairman of the Board of Directors of Wanigas Credit Union. . “It was very important for us to partner with a local credit union like Financial Plus, which shares our same core values. “

Financial Plus Credit Union Financial Plus was founded in 1952 as the Chevy-Flint Federal Credit Union to serve employees of the Chevrolet Motor Company in Flint.

The current CEO of Financial Plus Credit Union, Brad Bergmooser, will lead the credit union with the help of the management team of the two credit unions. Current Wanigas Credit Union CEO Bernie Williams will join the Combined Credit Union as a member of the management team.

All employees of the two organizations would continue to be employed by the combined organization.

Financial Plus has $ 754 million in assets and serves more than 55,000 members across Michigan. Membership is open to anyone who lives, works, worship, or attends a college or university in the state.

Wanigas Credit Union has nearly 25,000 members, four branches and over $ 412 million in assets. Membership is open to anyone who lives, works, worships, attends school, or has a business or other legal entity in any county located in the lower peninsula of the state.

Learn more about MLive:

Movies Under the Stars premieres on Flint Town Hall Lawn on July 16

Flint and Genesee Economic Alliance Aims to Help Businesses After Analysis Shows Impact of COVID-19

A new juice bar opens to “uplift” you in the Flint area this fall

PE bets on live events, including sports, paid


Despite unfavorable conditions, Rising Stars of M&A Private Equity 2021 business sourced and concluded while demonstrating creativity, flexibility, competence and patience. Jason Spor from ZMC and Niraj Shah of the Red Bird didn’t let quarantines stop them from taking a long-term approach to investing in live events. Speaking of live events, we are hosting our virtual celebration of rising stars today.

Sporer didn’t let quarantine stop him from investing in The second city live comedy. The club’s income was hit hard during quarantine, but Sporer was born deep in the tunnel. Places of entertainment have reopened and people are coming out of the house again. “Jason was not disheartened and showed prescient investment judgment,” ZMC partner said. Sheila dharmarajan.

Sports were also hit during the pandemic, with fans banned from entering stadiums, but that didn’t stop Shah to take a long-term approach either. He contributed to RedBird’s investment in March 2021 in Fenway Sports Group. FSG is a global sports, marketing, media, entertainment and real estate platform anchored by two of the world’s most iconic clubs, the Boston Red Sox and Liverpool Football Club. Most stadiums and arenas have reopened to a limited minimum capacity, so now is a good time to invest in the space. “Fortunately, in 2020 we have laid the groundwork with many of our portfolio companies to be ready for the return of live events,” Shah said.

As a fan myself, I think there is never a bad time to invest in sports. And these Mets?

– Demitri Diakantonis

Wells Fargo (WFC) Q2 2021 Results


Wells Fargo on Wednesday reported second quarter earnings and revenue that exceeded Wall Street expectations as it continued to unlock funds it had set aside during the Covid-19 pandemic to protect against losses generalized loans.

The bank’s shares rose 0.5% in pre-market trading after the results were announced. Here’s how the second quarter compared to Wall Street estimates.

Earnings: $ 1.38 in earnings per share vs. 97 cents per share expected, according to Refinitiv, a sharp turnaround from the loss it suffered in the second quarter of 2020.

Returned: $ 20.27 billion versus $ 17.77 billion expected, according to estimates by Refinitiv, an increase of 10% from the same quarter a year ago.

Wells Fargo’s results were boosted by a release of $ 1.6 billion from its credit loss reserves, with consumers performing better than the bank expected amid the pandemic recession. Financial firms began to release these reserves as the recovery accelerated in 2021, boosting profits.

Wells also reported a net interest margin – a measure of how much a bank earns for the difference between what it pays on deposits and what it takes on loans – of 2.02% for the quarter. Analysts were expecting 2.05%, according to FactSet. Persistently low interest rates continued to weigh on this part of banking activity.

CEO Charlie Scharf said in a press release that demand for the bank’s loans remains somewhat subdued despite the economic recovery.

Charles Scharf, CEO of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, DC, U.S., Tuesday, March 10, 2020.

Andrew Harrer | Bloomberg | Getty Images

“Wells Fargo has benefited from the continued economic recovery, strong markets that helped generate gains in our affiliated venture capital businesses and our progress in improving efficiency, but headwinds from Low interest rates and lukewarm loan demand remained, ”Scharf said in the earnings release. . “Our top priority continues to build an appropriate control and risk infrastructure for a company of our size and complexity and we continue to invest in additional resources and devote close management attention to this work.”

Scharf, who took office at the end of 2019, is focused on improving his company’s costs and public image after a fake account scandal in 2016 sparked close scrutiny from federal lawmakers and led to multiple departures of senior executives from the company.

In response, the Federal Reserve capped the growth of the bank’s assets and forced the new bank executive to focus on spending.

The bank said an efficiency ratio of 66% compared to the FactSet estimate of 76.1%, indicating that its operating expenses as a share of revenue improved from 80% in the June quarter. 2020.

The San Francisco-based lender’s financial update came nearly a week after CNBC announced it was closing all existing personal lines of credit in the coming weeks and stopped offering the product.

Wells Fargo lines of credit had allowed customers to borrow from $ 3,000 to $ 100,000. The bank charged the lines as a way to consolidate higher interest rate credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts.

Wells said in a letter to clients that the move would allow him to focus on credit cards and personal loans.

Although this decision angered some customers, Wells is also posting a comeback in 2021 amid an economic recovery in the United States thanks to the resumption of normal commercial activity.

Improving the job market and accelerating capital spending thanks to the deployment of the Covid-19 vaccine have helped bank equity to blow into the broader stock market since January.

Wells Fargo is up 43.2% so far this year, while its peers Bank of America and JPMorgan Chase are up 31.5% and 22.4%, respectively. The S&P 500 is up 16.3% over the same period.

Of the six largest U.S. banks, Wells has the smallest trading and investment banking divisions, areas its peers have grown in recent months thanks to a wave of initial public offers and accommodative monetary policy,

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Allen Event Center to Change Name to Credit Union of Texas Arena Following Allen City Council Vote | American Allen


Allen City Council unanimously voted in favor of a resolution authorizing the city manager to execute a $ 2.2 million sponsorship deal between the Allen Event Center and the Credit Union of Texas (CUTX) .

This agreement stipulates a name change for Allen Event Center, effectively changing it to “Credit Union of Texas Arena”.

According to council documents, CUTX will make seven annual installments of $ 325,000 to Allen Parks and Recreation beginning October 15 and ending October 14, 2028.

In return, the Allen-headquartered credit union will have rights to interior and exterior building signage, “personal bank sponsor exclusivity,” marquee signage, including the Village video billboard. At Allen on US-75 and one box reserved for all tickets. events organized at the event center.

Other sponsor benefits codified in the agreement include exclusive use of the event center for one weekend per year at CUTX’s expense until 2028 and other digital advertising opportunities.

The sponsorship agreement states that Allen Event Center’s sponsorship agreement with Randolph-Brooks Federal Credit Union, which is due to expire October 14, is not to be renewed in the interest of sponsorship exclusivity.

After council voted 7-0 in favor of the deal, Councilor Baine Brooks made a public comment in which he praised CUTX for its involvement in the community. The commentary was greeted with applause from the podium and followed by approval from Mayor Ken Fulk.

“They came along and they really got involved in our community,” said Brooks. “Thank you all for coming to town and exceeding our expectations.

Opened in 2009, the Allen Event Center has been a key facility in the city’s economic development. In addition to hosting home games for the Allen Americans ice hockey team, it has also hosted galas, conventions and ceremonies. In addition, it has been recognized nationally for its usefulness as a concert hall, having hosted performances by artists such as BB King, Peter Frampton, Twenty One Pilots, Bryan Adams, Kane Brown, Lenny Kravitz, Judas Priest, The Doobie Brothers, Hall and Oates, the boys from Oak Ridge and Buddy Guy. .

How to prepare your finances for post-pandemic spending


While Americans are eager to start a post-pandemic life, it could also mean spending more money on activities they may not have done in a while, like going to the movies, dining out. or take a vacation.

But before you decide to open your wallet, there are a few things you should do to prepare your finances.

1. Review your budget

As life slowly returns to its normal course, take the time to understand where you stand financially. It means considering what you own and what you owe.

Shelly-Ann Eweka, senior director of financial planning at TIAA, suggests looking at old bank and credit card statements, retirement and investment accounts, and your monthly bills and expenses.

“You want to understand how certain purchases and expenses will impact your future, but also your financial goals,” Eweka said.

Be sure to examine your paychecks to understand your income amount and whether you are maximizing the tax or employer benefits available to you. For example, check your eligibility for the federal child tax credit or if your employer offers a match for your 401 (k) contributions.

From there, you can start reassessing your budget. An example of this could be reallocating your funds towards expenses such as food or household items, or finding ways to reduce your expenses.

You should also anticipate new expenses and old expenses that were put on hold during the pandemic, such as travel or childcare.

“If you plan to start spending on something that was put on the back burner while you were stuck at home, that money will have to come from somewhere else in your budget,” said Vadim Verdyan, Head of Advice at Albert , a personal finance application. .

2. Refine your financial goals

Your budget isn’t the only thing you’ll need to review.

You should also carefully review your financial goals to determine if they match your financial situation and expectations.

“You really have to balance your future self with your present self,” Eweka said.

How to know where all your money is going

The pandemic may have forced you to postpone financial milestones, such as buying your first car or buying a home. Or maybe you’ve used up your savings to help you pay off your debt.

Whatever your financial situation, after you readjust your spending and save with your newly created budget, you will also need to re-evaluate your goals and prioritize what is most important.

“As things get back to normal, we have a good opportunity to reset the way we spend,” said Verdyan.

Verdyan recommends listing your goals in short and long term columns to help you visualize which financial goals to prioritize first.

Once your financial goals are clear, you can make sure you’re spending and saving to meet those goals accordingly.

3. Use debit or cash cards instead of credit cards

It can be tempting to want to swipe your credit card for some purchases, but if you’re not careful you could end up with a huge pile of debt.

“Credit cards should only be used if you can make full payment each month,” said Adam Deady, certified financial planner at MassMutual. “If that is not possible, you must have a plan to pay it off in a short period of time.”

You can also try using your debit card or cash while shopping, suggests Verdyan.

How long will it take to pay off my credit cards?

This way you can track how much you are spending and how much you can spend on other purchases on the go.

“When using a credit card you might be trying to figure out how much you spent in your head, which often results in a higher than expected bill. This doesn’t happen when you use cash or debit cards because you are going their separate ways. with your hard earned dollars, ”Verdyan said.

4. Increase your emergency savings

Unexpected events in life can happen at any time, and when they do, you want to be financially prepared.

That is why it is essential to have an emergency fund. This can help you cover expenses that you haven’t budgeted for, like medical bills, job loss, or car repairs.

Most financial experts generally recommend saving at least three to six months of living expenses. If you don’t have emergency funds yet, building up your savings should take priority over anything fun that you had fun having, said Deady.

“A fully funded emergency fund is the safety net that everyone needs to protect themselves from a financial disaster,” Deady said. “This should be the top priority in terms of liquidity allocation.”

Consider these tips before clicking Submit


You have bold plans and you want the bank to lend you money to help you realize your business idea.

Obviously, going to the bank with a solid business plan is important, but what does it actually look like?

And what other factors matter in getting you approved or rejected for a business loan?

Bendigo and Adelaide Bank small business banking manager Joe Formichella said start-up entrepreneurs should provide a detailed picture of their financial history and business projections.

“Adaptability, innovation and resilience are all key common themes in business ideas and successful businesses,” he said.

“This old adage is true: to be brave without being careful is reckless and to be careful without courage is cowardice.

“Make sure you find the right balance. “

Tips for applying for a business loan

Commonwealth Bank Executive Director of Small Business Banking Claire Roberts said cash flow issues are one of the main reasons small businesses fail in their early years.

“Carrying out regular forecasts, closely monitoring your cash flow with the right tools, and having emergency savings are just a few ways to help you prepare for cash flow shortages and make the most of any surplus,” he said. she declared.

Ms Roberts said aspiring entrepreneurs need to figure out what sets them apart and use it to their advantage.

“Really research and understand what your customers want and what makes your competitor’s offering different from others in the market,” she said.

It also makes sense to listen to feedback from seasoned business owners.

“While getting constructive feedback may seem difficult, it will help transform your business into a better shape,” Ms. Roberts said.

A good plan

Mr. Formichella said a strong business plan should include what will make the company unique, its history and the products and services it will produce.

It should also detail the competitive landscape, key customers and suppliers, and describe the corporate structure and ownership of the business.

Prospective business owners must provide financial and bank statements, from which the bank will assess the business owner’s ability to repay a new loan, Formichella said.

“The bank will also ask for projections over a period of at least 12 months to understand what the future state of the company will look like in order to guarantee the service of any additional debt, beyond existing commitments,” he said. -he declares.

Common red flags

Mr. Formichella said that a poorly prepared business plan is one of many common red flags that can lead to business loan applicants being turned down.

Poor personal or business credit history, inconsistent cash flow, and a lack of evidence to show how they intend to repay the loan can also lead to rejection, as well as over reliance on a few clients or customers. key suppliers.

Before jumping

Before you leave your 9-5 to become an entrepreneur, there are a few steps you need to take to get off to a good start.

Getting independent financial and legal advice is important, and you should also have an accountant review your business plan.

Be sure to get advice on the right business structure – whether you operate as an individual entrepreneur, partnership, trust, or business – as each has its benefits and risks.

“[You should have] previous experience and knowledge of the industry in which the company will operate [and] proof of the support or commitment of potential customers, ”said Mr. Formichella.

Consultant expects more CU mergers this year

Source: designer491 / Shutterstock.

A Memphis consulting firm said it expects a flood of pandemic-delayed mergers this year among banks and credit unions.

“Mergers delayed due to the pandemic are now fully in effect and more complex,” according to a report released Monday by Strategic Resource Management, Inc. (SRM).

The advisory firm cited data from S&P Global Market Intelligence showing that mergers postponed by the COVID-19 pandemic extend to regional and super-regional banks with $ 10 trillion to $ 1,000 billion in assets.

“We expect to see even more mergers between these banks in the coming months, which will continue to have an impact on competition in the market,” says the SRM report.

The S&P report released on July 8 showed that no credit union had reached the $ 314 million threshold for the 20 biggest deals announced from January 2020 to June 2021.

However, three credit unions made it to S&P’s list of the 20 “most expensive” transactions during the same 18-month period. Transactions are ranked based on the value of the transaction as a percentage of tangible ordinary equity, which measures the amount shareholders would receive in the event of a liquidation. This is the carrying amount less intangible assets (including goodwill) and privileged equity.

First on the list was the June 8 announcement by Region Financial Corp. that it planned to acquire EnerBank USA of Salt Lake City for $ 960 million, or 306% of its tangible equity and 35% of its deposits. The three credit unions on the list were:

  • No. 9. The June 16 announcement by the Lake Michigan Credit Union of Grand Rapids, Michigan ($ 10 billion in assets, 406,861 members) that it plans to acquire Pilot Bancshares Inc. of Tampa, Fla., For 99, $ 9 million, or 187% of ordinary equity. and 19% of deposits.
  • No. 12. The March 31 announcement by VyStar Credit Union of Jacksonville, Fla. ($ 10.7 billion in assets, 764,701 members) that it plans to acquire Heritage Southeast BanCorp Inc. of Jonesboro, Ga., For 194 , $ 4 million, or 183% of common equity and 14% of deposits.
  • No. 15. The announcement in April 2020 by Tinker Federal Credit Union of Oklahoma City ($ 5.6 billion in assets, 425,298 members) that it planned to acquire substantially all of the assets and operations of Prime Bank of Edmond, Oklahoma, for $ 68 million, or 180% of pooled tangible capital and 28% of deposits. The deal was made later that year.

In June alone, 26 deals were announced, the highest monthly tally since September 2019, when 27 deals were announced, according to the S&P report.

In the first half of 2021, 94 transactions were announced, including five banks acquired by credit unions. Fifty transactions were announced in the first half of 2020, and 112 for the year as a whole, including six by credit unions.

The value of transactions in the first half of this year was $ 32 billion, compared to $ 27.8 billion for 2020 as a whole. Half of the transactions announced in the first half of the year had a value to common stock ratio. of 152% or more, compared to a median ratio of 134.8% last year.

Of the 20 largest deals announced in the first half of the year, three were announced in June. Likewise, the month of June alone represented a quarter of the 20 most expensive transactions announced since early 2020.

Medieval French coins discovered in Poland? A mystery begins


BISKUPIEC, Poland – During more than 10 years roaming fields and forests with a metal detector, a Polish treasure hunter found the wreckage of an American-made Sherman tank, the scabbard of a French sword used by a soldier from Napoleon’s army, a Prussian helmet and many other relics from Europe’s bloody past.

In November, however, he made a discovery that surprised even academics immersed in the ebb and flow of European warfare and left them grappling with a tantalizing question: how a cornfield in the northeast of the Did Poland come to contain silver coins minted over 1,100 years ago and nearly 1,000 miles away by medieval rulers of what is now France?

One theory, promoted by a Polish archaeologist seeking an explanation, is that the silver coins date from one of the oldest and most traumatic episodes of armed extortion in Europe – when an army of he Viking invasion besieged Paris in 845, and had to be paid with over two tons of money to prevent it from destroying the city.

The Vikings – much feared Scandinavian warriors due to their unruly habits and military prowess – then systematized what became an elaborate protection racket in the 11th century by imposing taxes in England known as Danegeld, payments homage in exchange for security.

What happened to the huge ransom they received for sparing Paris in 845, however, has always been a mystery.

The Vikings had a major trading post called Truso just 30 miles from Biskupiec, the Polish village where the coins were found. This has led some experts to speculate that the money extorted from Paris got there and then spread to neighboring regions as part of a flourishing trade in the Baltic region, the main commodity of which was slaves.

“This is an extremely rare and surprising find,” said Lukasz Szczepanski, head of archeology at the Regional History Museum in the Polish city of Ostroda. “Previously we only knew what happened in Paris from written sources, but now all of a sudden we have it in physical form.”

Others are skeptical. Simon Coupland, a British expert, noted that the pieces found at Biskupiec appeared to date from several years before the siege of 845.

But, he added, they could be part of the loot mined by the Vikings in previous attacks on the western part of the empire established by Charlemagne, or simply the product of trade and regular Viking raids.

Mr. Szczepanski admitted that his theory that the coins were part of the ransom extorted by the Vikings to spare Paris was only a “working hypothesis”.

A clearer picture, he said, would emerge after a chemical analysis of the coins and a full excavation of the site where they were discovered by local treasure hunter, Przemyslaw Witkowski, and another scavenger, Maciej Malewicz.

But anyway, Mr Szczepanski said, the discovery of silver coins in a Polish hamlet so far and so long ago was both exciting and disturbing.

In a country whose own capital, Warsaw, was occupied and then wiped out by the Nazis in World War II, Paris’s survival over a millennium ago through a payment to the Vikings resonates with pain.

Despite their reputation for violence, the medieval Vikings, Mr Szczepanski said, fared better than the Germans of the twentieth century, whose actions during the war “are incomparable with anything that happens in the history of the world.” .

The trauma of World War II, he added, severely hampered archaeological work in northern Poland. Much of the region was once part of Germany, and post-war Polish archaeologists, focused on uncovering and celebrating their battered country’s own past, have had little interest in unearthing reminders of German hegemony.

Informed by Mr. Witkowski of November’s discovery in the cornfield, Mr. Szczepanski teamed up in March with amateur treasure hunters. Using metal detectors, they discovered more than 100 other silver coins minted during the Carolingian Empire, founded in the early 9th century by Emperor Charlemagne. His empire once covered most of the territory that today makes up France, Italy and Germany.

Mr. Szczepanski is now planning a large-scale excavation of the field this year, once the farmer owning the land has finished harvesting his crops. The discovery of even more Carolingian pieces, the archaeologist said, would strengthen his belief that the area contains part of the vast horde of money paid to the Vikings.

All but one of the coins found so far date from the reign of Louis the Pious, the son of Charlemagne, the others being minted under his grandson Charles the Bald, who ruled the western part of the Carolingian Empire and was in the power during the Viking siege of Paris.

This, according to Stéphane Lebecq, professor emeritus at the University of Lille in France and a great specialist in medieval French history, suggests that the hiding place had been “gathered at the beginning of Charles’ reign, therefore around 840-850, in the heart of his kingdom, which was located in the Paris basin.

So far, however, archaeologists have found only coins, none of the silver bars that were almost certainly in the payment extorted by the Vikings from Charles the Bald. The discovery of ingots, Prof Lebecq said, would strengthen the ransom theory.

The silver coins discovered so far, many of them intact but others broken – apparently by the farmer’s plow – were sent to Warsaw for analysis by experts from an archaeological laboratory run by the Polish Academy of Sciences.

Mateusz Bogucki, the head of the lab, said he was skeptical of the theory of ransom payment in Paris, but said the coins were still a very important find, indicating the reach of the Carolingian Empire well into the – beyond his heart in Western Europe.

The coins, he said, have little financial value and would likely fetch less than $ 200 each on the open market, “but their value as a source of information is absolutely incredible.”

Particularly important, Mr Bogucki said, is the light they shed on medieval trade routes, many of which revolved around the buying and selling of the local population who had been captured in combat and sold or coerced into battle. servitude by slave traders.

The Vikings played a major role as middlemen in a brutal enterprise fueled by a voracious appetite for slaves from Europe among wealthy Muslims in the Middle East and later Central Asia. The silver coins previously found in the region were mainly Arab dirhams, used by Muslim merchants to pay for human goods.

Mr Witkowski, the treasure hunter, said he initially paid little attention to his find, as coins buried in the ground are often just a nuisance – usually abandoned Polish zlotys.

“In general, I don’t like coins,” he said.

But, after washing his find at home and realizing that it was not just pocket change, he sent photographs to Mr Szczepanski at the Ostroda History Museum. The archaeologist quickly called back and “was so excited I couldn’t understand what he was saying,” Mr. Witkowski recalls.

“I realized that I had found something important,” he added.

Fearing that unscrupulous treasure hunters would start searching for and stealing the silver coins, authorities have now cordoned off the site near Biskupiec and declared its exact location a state secret.

At the same time, they recently turned down Mr Witkowski’s search permit application, complaining that the maps he submitted detailing the areas he and his associates would like to search were in the wrong format.

“There would be a lot more to our museums if they didn’t complicate everything,” Witkowski said. With the exception of the archaeologist at the history museum, he added, “no one even said thank you for finding these pieces.”

Daily calendar for Monday 12 July 2021 | Community


Clubs, Organizations

HABITAT FOR HUMANITY IN BLOUNT COUNTY: Now accepting applications for new loan and education programs for home buyers. On-demand help is available. Call 865-233-9110 or visit the website www.blounthabitat.org.

INTERNATIONAL NETWORKING TODAY: Meets 9 to 10:30 am Tuesdays at TN Bank, 1311 W. Lamar Alexander Parkway, Maryville. No categorical exclusivity, no poolic attendance. The emphasis is on relationships. For more information, visit Networking Today Maryville on Facebook, networkingtodayintl.com or contact Lana Samples at 865-681-9444.

ASTRONOMY CLUB: Meet at 7:00 p.m. on the first Wednesday of the month in Room D of the Chota Leisure Center, 145 Awohili Drive, Loudon. Anyone interested in astronomy and telescopes is welcome. Meetings will include a discussion of current events in astronomy, star parties in the region, and often feature a guest speaker. For more information contact Roy Morrow [email protected] or 865-293-2860.

FRIENDSVILLE CITIZENS FOR COMMUNITY IMPROVEMENT: Meets at 1 p.m. on the first Tuesday of the month at the Friendsville United Methodist Church Fellowship Hall, 204 E. College Ave., Friendsville. The club is open to new members. For more information, call 865-995-2159 or 865-804-4942.

REFERENCE ORGANIZATION OF EXCELLENCE (REO): A group focused on “professional networking at its best” meets on Fridays at 8 am at the Blount County Public Library. Guests are welcome. For more information, contact Marc Smitherman, 566-1663.

CLUB MARYVILLE KIWANIS: Meet on Tuesdays at noon at the Green Meadow Country Club. For more information, visit www.maryvillekiwanis.org.

CLUB ROTARY DE MARYVILLE: Meet on Wednesdays at noon at the Blount County Public Library.

NETWORKING WITH A PURPOSE: Meets 8:45 to 10 a.m. Wednesdays at the Vienna Coffeehouse, 212 College St., Maryville. For more information, call Angel Scott at 865-661-2015 or Michelle Bingham at 865-567-7691.

BLOUNT BUSINESS PROFESSIONALS: Meets at 11:30 am Tuesdays at the Courtyard Grill, 3749 Alcoa Highway.

MARYVILLE BUSINESS NETWORK INTERNATIONAL: A business referral organization whose primary purpose is to increase small business clientele, meets at 7 a.m. on Wednesdays at the Green Meadow Country Club.

MARYVILLE LIONS CLUB: Meets at 11:30 a.m. on the first and third Tuesday of the month at the Shannondale Community Center, 1507 New Providence Road, Maryville. Visitors are welcome. For more information, visit [email protected] or call 865-233-2820.

MARYVILLE BUSINESS SHARING: The Free Maryville Small Business Referral Group meets at 8 a.m. on the second Thursday of the month at 2724 E. Broadway, Maryville. For more information, contact Petula at [email protected]

Health and fitness

WALKING CLUB: Everett Senior Center offers a free walking club at 9 a.m. each Tuesday and Thursday at the center, 702 Burchfield St., Maryville. Walk at your own pace. To register, dial 865-983-9422.

Music, Dance

DANCE SQUARE: The Wagonwheeler Western Square Dance Club dances from 7 to 9:30 p.m. on Tuesdays at Springbrook Gym in Alcoa. For more information call Heather Courtney at 865-313-7692 or email [email protected]

Self-help, support groups

EDITOR’S NOTE: For a listing of Alcoholics Anonymous, Al-Anon, and Al-Ateen meetings, please check this section every Wednesday.

TOPS No. TN 0390, EAST ALCOA: Meets Tuesdays at the East Alcoa Baptist Church. Weigh in at 9:30 a.m. Program at 10:15 a.m. For information, dial 379-8329 or 567-6108.

TOPS No. TN 0404 NICKEL POINT: Meets Tuesdays at the Chilhowee View Community Center. Weigh-in at 5:30 p.m. Program at 6 p.m. For information, dial 983-3244.

TOPS No. TN 0334, MARYVILLE: meets on Thursdays at the Baptist Church in Monte Vista. Weigh in at 5:30 p.m. Program at 6:30 p.m. For more information, call 216-0285 or 209-5803.

CHRISTIAN SUPPORT GROUP FOR PARENTS OF CHILDREN WITH SPECIAL NEEDS: Meets 6:30 to 8:00 p.m. at Fairview United Methodist Church, 2508 Old Niles Ferry Road. For more information and to meet child care needs, call 983-2080.

Burdick Named Assistant Vice President of TFCU, Branch Manager for Enid and Vance Sites | Business


ENID, Oklahoma. – Tinker Federal Credit Union (TFCU) has appointed Laura Burdick assistant vice president and branch manager of Enid and Vance Air Force Base.

Burdick will lead the operational and personnel activities of its branches using his experience and management expertise to develop his team to their highest potential. She joined TFCU after a long career in banking and finance. She has worked in a variety of fields, which allowed her to learn the financial industry inside and out, while helping her identify the needs of employees in each position. Most recently, Burdick served as a branch manager / assistant vice president of the Enid branch of Bank of the West.

Burdick holds a business administration degree from Northwestern Oklahoma State University.

“Laura brings many years of management experience and expertise in financial institutions to the credit union,” said Michael D. Kloiber, CEO of TFCU. “She will be a great asset to the TFCU team.”

“I am blessed to have the opportunity to continue my professional growth with TFCU,” said Burdick, “I am passionate about using my financial management experience, my personal dynamics and my skills in building a business. team to add to the culture already established at TFCU Providing our members with top notch service is of the utmost importance to me, and I am honored to have the opportunity to serve them.

TFCU is Oklahoma’s largest credit union, with over $ 5 billion in assets and over 420,000 members.

Floyd Mayweather bets big on Dustin Poirier


As the MMA world watched in disbelief as Conor McGregor lost his UFC 264 fight to Dustin Poirier in a bizarre fashion, Floyd Mayweather was laughing all the way to the bank.

The legendary boxer and former McGregor opponent showed a ticket for a $ 50,000 bet he placed on Poirier, a slight favorite entering the fight, to be won on Instagram. The bet will net Mayweather $ 35,714.30, who thanked Poirier from the bottom of his heart:

There was a lot of money on McGregor going into the fight, but probably not even Poirier’s biggest supporters saw a first-round TKO coming. After trading punches for the first minute of the inning, McGregor grabbed Poirier in a guillotine and shot him down, but it backfired tremendously. Poirier escaped the guillotine and used his superior position to repeatedly punish McGregor.

The pair eventually got back on their feet, but McGregor was soon on their backs after appearing to roll his ankle and break his shin. Poirier moved in again, but the round soon ended. Once it became clear that McGregor wasn’t getting up on that leg, the fight was called.

The win likely sets a date with UFC lightweight champion Charles Oliveira for Poirier, his second shot to a full belt after losing to Khabib Nurmagomedov in 2019. We’ll see if Mayweather bets on that one as well.

Dustin Poirier paid for a lot of people at UFC 264. (Photo by Stacy Revere / Getty Images)

More from Yahoo Sports:

Save a fortune as mortgage war pushes loans below 1%


Homeowners Could Save Thousands Of Pounds On Mortgages As Lender Price War Drops Rates To All-Time Highs

Homeowners could save thousands of pounds on their mortgage, as a price war between lenders drives rates to record highs. HSBC and TSB have just unveiled two-year fixed rate deals with an interest rate as low as 0.94%. And a number of lenders have launched eye-catching deals below 1% in recent weeks to tempt borrowers.

The real estate market has soared this year, thanks to the return of post-pandemic confidence and the stamp duty holiday. Although house prices edged down in May, according to the latest data from Halifax, they still rose more than eight percent year-on-year.

While the stamp duty holiday began being phased out earlier this month, homebuyers will still pay reduced stamp duty rates until October, when they will finally return to normal. Lenders are scrambling to come up with the most eye-catching deals to attract this expected continuing wave of buyers and movers.

Get a good deal: A number of lenders have launched eye-catching deals under 1% in recent weeks to tempt borrowers

Laura Howard, real estate and mortgage expert on comparison site Forbes Advisor UK, says signing up to one of these new, low-cost deals could save borrowers hundreds of pounds each month.

She calculates that paying 0.94% interest, instead of a standard 4.4% variable loan rate, would save more than £ 350 per month. This is a 25-year £ 200,000 repayment mortgage. “It’s money that could go right back to your pocket with nothing less to show,” Howard adds.

But mortgage experts warn that these offers aren’t for everyone. For example, the TSB loan is only available to those who wish to remortgage and have 40 percent of the equity in their home. The HSBC deal is available to homebuyers as long as they have a minimum deposit of 40% – a big demand for a first-time buyer in particular.

Even if you are eligible for these extremely low rates, they may not turn out to be the best deal, says Eleanor Williams, finance expert at Moneyfacts, who specializes in financial data. Both of these deals come with a fee of £ 999, and it’s not uncommon these days for lenders to charge fees of up to £ 1,500. Some borrowers may find that it is better to go for a higher interest rate with lower fees.

“Potential borrowers shouldn’t be swayed by just a low temptation interest rate,” Williams says. “It’s important to compare the options available and consider the overall cost of a new mortgage transaction. Borrowers should balance the initial rate against any costs such as fees – as well as any incentives that might be available. ‘ These can include free evaluation fees or cash back rewards.

While these interest rates are not available to everyone, most borrowers should find that they can get a better rate than their current rate when they proceed with a new mortgage, especially if they don’t have to. not shopped for a while.

David Hollingworth, London & Country Mortgage Broker, said: “All rates are low at the moment.

“Competitive pressure spills over into all areas of the market, including borrowers with small deposits and those who want to repair for five years or more. For years, we thought mortgage rates couldn’t go down any further, and they do.

He adds that even borrowers who only have a 5% deposit benefit from historically low rates.

A few months ago, there was no agreement for these borrowers. But today the Coventry Building Society is offering a two-year fixed rate of 3.25% with a fee of £ 999 for those with a 5% deposit. Leeds offers a two-year fixed rate of 2.47 percent with a fee of £ 999 for borrowers with a ten percent deposit.


If you haven’t looked for a new loan offer for a long time, there’s a good chance you can save money by switching contracts. If you’re on your lender’s standard variable rate, you can even save thousands of pounds a year in repayments.

However, if you’ve made a deal recently, it may be best to wait until it’s about to expire before looking for a new one.

Most fixed rate mortgages have a prepayment charge, which in some cases can be as high as five percent of the value of the mortgage. It’s worth doing the math to see if the savings from the switch outweigh the fees you would have to pay by switching lenders. David Hollingworth of London & Country Mortgage Broker warns that it rarely makes financial sense to go halfway through a loan deal.

There is another option, however. “Some lenders allow you to enter into a new contract up to six months before the end of your current contract,” says Hollingworth. “If you only have a few months left on your current mortgage, you might consider shopping now for a good rate. “

He adds that it is recommended that you start looking for a new deal at least three months before the existing deal expires so that everything is in place and you can seamlessly change when the time comes.


Pillar Credit Union Donates Closed Branch to Marion Matters


A few months ago, the staff of Marion Matters received a generous donation: the keys to a new location.

The non-profit organization hosted a signing ceremony on May 18 for its new home at 810 Kenton Ave. after being offered by the previous owner, Pillar Credit Union. Marketing director Daniel Bradshaw said the decision was easy, as the credit union has been a partner of Marion Matters for 10 years. In addition, the association was located next door at 790 Kenton Ave.

“When the business decision was made that the branch was going to have to close… we didn’t want to just leave an empty building on this side of town,” he said. “We still love the community and wanted it to be something positive to come out of it as well. And we just knew from the ongoing conversation that Marion Matters was too big for the space they were in. And so, we have started the conversation with them and then through a few conversations with our board of directors and their board of directors, they made the deal. ”

Formed in 2011, Marion Matters helps underfunded people in the community. Programs include Getting Ahead, a 10-week program where participants examine their own experiences of poverty and explore community issues that impact poverty, such as banking, housing, employment, and transportation. , says its website. Additionally, the organization teaches financial literacy through its Money and Me program.

Marion Matters executive director Heidi Jones said via email that the new space will be called the Marion Matters Hope Center. She said the centre’s mission is to mobilize neighborhood revitalization that promotes security, unity and education. In September, the organization plans to host workshops on Wednesday, which will feature various organizations and highlight the resources available in Marion. The workshops will be open to the community and to graduates of Getting Ahead.

“Our overriding goal is to give a voice to a long neglected neighborhood,” she said. “As we build relationships, we want to hear from our neighbors. What would they like to see in the neighborhood, how can we help mobilize initiatives? Now that we have a bigger facility, we want to be the hub for information and the neighborhood. “

Bradshaw said the Getting Ahead program will also be moving to the new location. He said he plans to be a guest speaker soon, where he will offer financial advice to attendees.

“For people who take classes there, we have special accounts that are set up, so if they need a little help setting up their savings account or a basic checking account, this class opens the door for them to do it with us, “he said.

Jones said Marion Matters was honored to receive the charitable donation.

“Marion Matters is very grateful for the support and advocacy that Pillar Credit Union has given us over the past 10 years, from allowing us to occupy our old space rent-free until we now have our own facility. It really is the greatest addition to our work, ”she said. “The fact that Pillar believes in our mission as much as we do means the world to us.

After:Marion Senior Center reopens in three phases after being closed for more than a year

After:Marion Palace Theater releases full 2021-22 schedule as live entertainment returns

[email protected]

@ micah_walker701

Palmview to borrow $ 5 million for streets, drainage and garbage collection – Progress Times


Palmview City Council on Tuesday voted to borrow nearly $ 5 million to start a solid waste service, fix drainage issues and pave streets.

Palmview will buy two garbage trucks, two brush trucks and about 4,000 trash cans, City Manager Michael Leo said. They will form the core of the new solid waste service and replace Republic Services, a private company that manages garbage collection.

“And what is important to note is that the debt for this will be repaid with the income that residents are already paying for garbage collection services,” said Leo, who continued: “As we add more debt, we add an income stream to pay off that debt.

Palmview borrowed the money in two parts.

The city borrowed $ 3,245,000 to purchase equipment under a contract under the Public Property Financing Act, which is less formal than issuing bonds and does not require l approval of voters.

Palmview will spend the money to start the solid waste service and purchase other equipment.

TIB, a Farmers Branch, Texas-based bank, offered the city an interest rate of 1.99%. Palmview will pay off the debt by 2036.

The lowest interest rate will save Palmview thousands.

“TIB came in very, very, very aggressive,” said David Gonzalez, director of PFM Financial Advisors, who advised Palmview on debt issues.

The debt also came with favorable terms.

“Not only can you pay off these bonds, if you can find a better rate, at any time without penalties, but you can also pay off those bonds earlier without any type of penalties,” Gonzalez said.

Palmview got the low interest rate thanks in part to clear audits, prudent financial decisions, and over $ 1 million in reserves.

“They look at the city’s finances, the budget, they look at your debt policies, your management policies. They see everything as one unit, ”Gonzalez said. “And that’s a testament to City Council and to the City of Palmview.”

Leo said the growing population and increasing real estate appraisals have also impressed potential lenders.

“And then we have this whole commercial development around the corner with the sewer project finally finished,” Leo said. “So when the banks hear that, it’s music to their ears.”

The city borrowed another $ 1,750,000 by issuing bond certificates. Unlike general bonds, bond certificates can be issued without voter approval.

Palmview will set aside money borrowed through bond certificates for street drainage and paving projects.

“We already have an engineer online to help us start this,” said Leo.

The city plans to focus on streets that were not paved as part of the sewer project, Leo said, and rural streets annexed by Palmview.

TIB offered the city an interest rate of 1.89% on the bond certificates. Palmview will pay off the debt by 2036.

“We plan to close both of these loans on August 5,” Gonzalez said. “And, on that day, the money will be sent from the bank to the city’s account so that you can all start working on your plans.”

The county is considering changes to the loan program; opening of a new steakhouse; Meijer ‘still in the books’ | Local News


Discussions are underway among members of the Effingham County Economic Development Advisory Board regarding possible revisions to the requirements for receiving a loan from the revolving credit fund program.

Board chairman David Campbell said he wanted to open a discussion on whether or not to add a credit report clause in the application for those who want an RFL loan.

“A credit report would be required with the application and the cost of obtaining the report would be paid by the applicant,” Campbell said. “The report must come from one of the three major credit bureaus.”

Vice Chairman Heather Mumma was concerned about how the credit report is interpreted.

“If you have a credit score of 500 because your wife has cancer, it’s a lot different,” Mumma said. “I think we should look at it on a case-by-case basis.

The newest member of the advisory board, Norma Lansing, said most credit scoring companies allow people to have a free credit report every year.

“So it’s not necessarily going to cost them anything to do that,” Lansing said.

Board member Larry Taylor had another opinion.

“I’m not opposed to it (requiring a credit report), but I think it will limit the number of people who apply for a loan,” Taylor said. “I think it will scare some people.”

“The reason that would scare them off is that they don’t have good credit,” Mumma said.

“No, that’s not the only reason,” Taylor replied. “People don’t like paperwork and they don’t like government paperwork even more. It could all be overwhelming for the average person. These are not big companies who come here to get loans.

Advisory board member Ed Hoopingarner agreed with Taylor.

“I’m not against it, but I think it will turn some people away,” Hoopingarner said.

Mumma said the paperwork people need to complete to qualify for the RFL loan ask applicants the same question multiple times.

“It’s a good app and it has worked well so far,” Taylor said.

Board member Elizabeth Huston suggested asking those who have received the loan in the past for their opinion on the idea of ​​credit checking.

“I don’t think there is anything wrong with asking for assurance that the money they receive will not be wasted,” Lansing said. “Whether it’s a credit score or just a (credit) score. “

“Whatever we do, we have to be consistent in all areas,” she said. “It doesn’t matter if it’s a $ 5,000 loan $ 15,000 or $ 20,000.”

Campbell recommended that advisory board members review the revolving loan application and continue discussions on whether to make changes to the wording of the documentation and the application process at their August meeting.

Meanwhile, Economic Advisory Board member and City of Effingham Economic Development Director Todd Hull presented advisory board members with a review of new businesses around Effingham in his retention report.

Hull said the former Hodgson’s Mill log cabin-style commercial location at 1001 Ford Avenue has been sold and is now the future home of Outlaw Steakhouse and Saloon. Hull said he did not have a specific timeline on when the restaurant would open to the public.

He said Flex-N-Gate purchased the World Color Press building which was most recently used by Pinnacle Foods. The building was vacated after the construction of a new warehouse in Saint-Elme.

“There’s a lot of work that needs to be done at the building before they can get it where they want it. They are in the process of rehabilitating the building, ”said Hull. “I think it will be a year before they go into production.”

He said Flex-N-Gate initially hires around 50 people until they go into full production when they plan to increase that number to 300 employees.

“The most common question I get asked is what about Meijer,” Campell said.

“It’s still in the books. COVID has slowed them down, ”Hull said. “Everything was postponed for a year.

Hull said it would take around 12 to 18 months to open the store after construction of the building begins, depending on weather conditions and the cost of materials.

PACE Credit Union Reaches $ 40 Million Interim Agreement with Investors


The PACE Savings and Credit Union branch in Mississauga, Ontario. March 12, 2019.

Fred Lum / The Globe and Mail

Ontario’s financial regulator and PACE Savings and Credit Union have reached a $ 40 million interim deal with about 700 investors who suffered significant losses on products sold to them through a subsidiary of the credit union.

Investors, many of whom are at or near retirement age, lost a total of $ 49 million and claimed to have been misled about the risk of their investments. They bought preferred shares in two companies promoted by investment advisers from Pace Securities Corp., an investment dealer owned by the credit union that has since been liquidated.

Under the terms of the settlement, which still requires court approval, investors could receive 70 percent or more of the capital they invested as compensation, although the precise way the settlement would be distributed remains to be negotiated. Paliare Roland Rosenberg Rothstein LLP attorneys who were appointed by an Ontario court to represent investors recommended the settlement. The investors had claimed up to $ 60 million in damages.

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If approved, the $ 40 million settlement will be paid jointly by PACE Credit Union and a trio of insurers for the companies, various executives and investment advisers involved in selling the products to investors. These insurers are AIG Insurance Co. of Canada, Axis Reinsurance Co. and Liberty Mutual. One of the terms of the agreement is that the precise contribution to be made by PACE and the insurers will remain confidential, and the amounts owed by each are redacted in court documents.

In recent months, PACE’s financial position has deteriorated sharply and the settlement with investors could weigh heavily on its future viability. Although PACE CEO David Finnie said the credit union is stable and viable, FSRA CEO Mark White also acknowledged at PACE’s last annual meeting of shareholders that PACE “has just not finance capital ”to pay tens of millions of dollars in compensation on its own to investors who claimed to have been misled.

Mr. Finnie could not be reached immediately for comment.

PACE has been administered by the Financial Services Regulatory Authority, which is Ontario’s financial regulator, since 2018 after former executives were fired over allegations of fraud and self-operation. “In light of continuing concerns” about PACE’s financial situation, the FSRA has guaranteed the credit union’s contribution to the settlement announced Thursday if PACE is unable to pay it, according to settlement agreement.

“PACE continues to have liquid financial resources well in excess of this payment obligation,” FSRA spokeswoman Judy Pfeifer said in a written statement. The regulator “supports the regulation” even though it “will reduce PACE’s equity”, she said, because “it will help reduce uncertainty for all PACE members”.

“We believe that the [settlement] number is actually a very good number, ”Max Starnino, lawyer at Paliare Roland who represents investors, said in an email. “This is a testament to the importance of this case for all stakeholders, and in particular investors, and we are very happy to have been able to achieve this result.”

The preferred shares which fell in value last year belonged to PACE Financial Ltd. and First Hamilton Holdings Inc., a pair of investment vehicles led by Joseph Thomson, who was CEO of PACE Securities. These were investment products with characteristics of both stocks and bonds that paid generous dividends of up to 7% per year to ordinary investors, some of whom were also members of the PACE Credit Union.

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Mr Thomson’s investment team borrowed from the proceeds from the sale of shares to increase the size of its investments in high yield corporate bonds, which fell in value after the start of the coronavirus pandemic . Independent reports commissioned by PACE Securities classified the stocks as medium risk commodities, but the Investment Industry Regulatory Organization of Canada describes them as “high risk” in disciplinary action against Mr. Thomson and another of the former officers of the broker.

Several investors who spoke to The Globe and Mail said they were looking for a low-risk way to earn interest on savings and retirement nest egg, and never understood the real risk of preferred stocks.

Editor’s Note: An earlier version of this story mistakenly attributed a quote about PACE’s financial condition to the CEO of the credit union, David Finnie. In fact, it was FSRA CEO Mark White who made the comment.

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Wells Fargo to close all personal lines of credit. Here is why it can hurt your credit score.


Wells Fargo is eliminating all personal lines of credit over the next two weeks, according to a letter to a customer reviewed by CNBC.

Lines of credit, which generally run between $ 3,000 and $ 100,000, have been marketed as a way for consumers to consolidate high interest credit card debt, pay for home renovations or avoid overdraft fees on current accounts linked to lines of credit.

Consumers who have unpaid balances will have to make the minimum required payments, the six-page letter says, and the bank will no longer offer new lines of credit.

Importantly, Wells Fargo noted in the letter that account closures could impact consumer credit ratings.

Wells fargo told NJ Advance Media it was simplifying its product offerings.

“We made the decision last year to no longer offer personal lines of credit because we believe we can better meet the borrowing needs of our customers through credit cards and personal loan products,” said the spokesperson James Baum. “We realize that change can be awkward, especially when customer credit can be affected. “

“We provide 60 days’ notice with a series of reminders before closing, and we are committed to helping every customer find a credit solution that matches their needs,” he said.

The potential repercussions on a consumer’s credit rating are not negligible. This is because lines of credit are part of a credit score calculation called the credit utilization rate. It compares the amount of credit available to a consumer with the outstanding balances. When the amount of available credit decreases relative to the balances owed, it means that a consumer is using more of their available credit, which is negative for credit scores.

For example, if you have $ 30,000 of available credit with balances of $ 10,000, you are using up one-third of your available credit.

But if part of your credit includes a $ 10,000 line of credit and that line is closed, you will now be using 50% of your available credit, which seems less attractive to lenders.

If you have a Wells Fargo line of credit with a balance and you don’t want closing the account to hurt your credit score, consider paying off the balance as soon as possible. If you are unsuccessful, consider opening a new account with the same available balance as the one being closed to avoid changes in your credit utilization rate. Just don’t create a new balance on the new account, or you’ll negate the benefits of a higher credit limit for your credit score.

Although Wells Fargo did not specifically explain why it was pulling out of the personal line of credit business, CNBC said the bank was pulling out of certain financial products due to Federal Reserve limitations imposed in 2018 after Wells Fargo. fake accounts scandal.

Last year, Wells Fargo stopped writing new home equity lines of credit, CNBC said.

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Karin Price Mueller can be contacted at [email protected].

Wells Fargo Closes All Personal Line of Credit Accounts


A pedestrian wearing a protective mask walks past a branch of Wells Fargo & Co. bank in New York, the United States, Thursday, July 9, 2020.

Pierre Foley | Bloomberg | Getty Images

Wells Fargo is ending a popular consumer loan product, angering some of its customers, CNBC has learned.

The bank is closing all existing personal lines of credit in the coming weeks and is no longer offering the product, according to customer letters reviewed by CNBC.

Revolving lines of credit, which typically allow users to borrow from $ 3,000 to $ 100,000, have been touted as a way to consolidate higher-interest credit card debt, pay for home renovations, or pay for home renovations. avoid overdraft fees on linked current accounts.

“Wells Fargo recently revised its product offerings and decided to stop offering new personal line of credit and wallet accounts and close all existing accounts,” the bank said in the six-page letter. The move would allow the bank to focus on credit cards and personal loans, he said.

Wells Fargo CEO Charles Scharf has been forced to make tough decisions during the pandemic, offloading assets and deposits, and pulling out of some products due to limitations imposed by the Federal Reserve. In 2018, the Fed banned Wells Fargo from increasing its balance sheet until it corrects compliance flaws exposed by the bank’s fake accounts scandal.

The asset cap ultimately cost the bank billions of dollars in lost revenue, based on the growth in the balance sheets of competitors such as JPMorgan Chase and Bank of America over the past three years, analysts said.

It also affected Wells Fargo customers: Last year, the lender told staff it was suspending all new home equity lines of credit, CNBC reported. Months later, the bank also pulled out of a segment of the auto lending business.

With its latest ruling, Wells Fargo warned customers that account closings “could impact your credit score,” according to a segment of the letter’s Frequently Asked Questions.

Another part of the FAQ claimed that account closings could not be reviewed or reversed: “We apologize for the inconvenience this line of credit closure will cause,” the bank said. “The closure of the account is final.”

“Simplify offers”

Wells Fargo did not respond directly to questions about the role, if any, of the Fed’s asset cap in its latest move.

The bank made this statement: “In an effort to simplify our product offerings, we have made the decision to no longer offer personal lines of credit because we believe we can better meet the borrowing needs of our customers through credit card and personal loan products. . “

Customers have been given 60 days notice that their accounts will be closed and the remaining balances will require regular minimum payments, the statement said.

This move is odd given the banking sector’s need to stimulate loan growth.

After an explosion in commercial lending in the early days of the pandemic, loan growth has been difficult to muster. Businesses used the money raised in the form of stocks and debt issues to withdraw bank lines of credit, and consumers stuck at home had fewer reasons to use credit cards.

In fact, the big banks experienced the first overall drop in lending in more than a decade last year, according to Barclays banking analyst Jason Goldberg. Of the four largest US banks, Wells Fargo suffered the worst decline.

After banks found borrowers resisted much better than they initially feared, the industry recently began to market new credit cards with large signup bonuses in an attempt to boost lending.

Make the change

Wells Fargo does not disclose how many customers have used the lines of credit it is removing. It had $ 24.9 billion in loans in a category called “other consumers” in March, down 26% from a year earlier.

One client said the change prompted him to switch banks after more than a decade with Wells Fargo. Tim Tomassi, a programmer from Portland, Ore., Said he uses a personal line of credit linked to his checking account to avoid costly overdraft fees.

“It’s a little overwhelming,” Tomassi said in a telephone interview. “It’s a big bank, and I’m a small person, and I feel like they make decisions for their bottom line and not for the customers. A lot of people are in my shoes, they need help. a cushion every now and then awhile from a line of credit.

Tomassi said he plans to open an account with Ally or Chime, banking players that don’t charge overdraft fees.

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Pasadena-based Wescom Credit Union to Introduce Two Credit Cards Designed Specifically for UCLA Alumni, Students and Staff – Pasadena Now


Pasadena-based Wescom Credit Union has been named the Official Banking Partner of the UCLA Alumni Association, effective July 1, continuing Wescom’s long history of serving the UCLA community as a sponsor of numerous programs.

In a statement, Wescom said the new designation will include additional support for the Wescom Foundation’s UCLA Alumni Diversity Network scholarship program and support for all other alumni career programs. UCLA students.

Wescom will also introduce two new credit cards designed specifically for UCLA alumni, current students and staff, the statement said.

“Building a better life is at the heart of Wescom Credit Union’s identity, and as the official banking partner of the UCLA Alumni Association, we are committed to making a difference in the UCLA community,” Darren Williams, Chairman and CEO of Wescom Credit Union, mentioned. “With 24 branches in Southern California, Wescom has a tremendous opportunity to serve the UCLA alumni community, 60% of which reside in the area.”

The release says Wescom’s sponsorship for 2021-2028 will include the introduction of new Bruin Edge and Bruin Choice credit cards to reflect the Bruin pride and the Bruin experience. Cards feature a personalized UCLA rewards program, which allows cardholders to earn reward points at featured UCLA and Rose Bowl Stadium merchants including the UCLA store, the Pauley Pavilion presented by Wescom Credit Union, and Rose Bowl Stadium concessions, ASUCLA restaurants on campus and season or single game tickets through UCLA Athletics.

Cardholders have the option of redeeming points for cash back, gift cards, travel options, merchandise, entertainment or to be donated to certain UCLA nonprofits. In addition, the cards offer the benefits of exclusive offers, low introductory prices and no annual fees.

As part of its commitment to advancing the financial well-being of all Bruins, the Wescom Foundation’s UCLA Alumni Diversity Network Scholarship Program will provide financial scholarships to eligible students from multiple alumni networks of diversity, including those representing Native American Indians, Pacific Asians, Blacks, Filipinos, LGBTQ +, Latino, Muslim, Undocumented, First Generation, Veteran and Mixed populations. The Wescom Foundation has allocated an impactful grant of $ 50,000 for 2021.

A $ 25,000 grant provided by Wescom has also enabled students and alumni affected by the global pandemic to access critical career programs, including an LGBTQ + career launch platform to help students and alumni understand career fundamentals and how to navigate the intricacies of disclosure in the workplace.

The Young Alumni Career Launchpad has helped alumni and students build their resumes, networking and interview skills. Wescom’s contribution also supported the Career Coaches series, which serves alumni with different career experiences.

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Debt Consolidation Can Help Pay Off Credit Card Debt


This story is part of the CNBC Make It’s One-Minute Money Hacks series, which provides simple, straightforward tips and tricks to help you understand your finances and take control of your money.

Credit card debt can be frustrating and seem impossible to pay off. Not to mention that it’s also expensive: the average interest rate on credit cards is about 16%.

If you have credit card debt that’s spread across multiple cards, one option to help you get rid of it faster is to consolidate the debt with a personal loan, which you can get from a big bank like Wells Fargo, online lender like SoFi or credit union.

The rule of thumb is that you use the loan to pay off your credit card balances and then focus on paying off the loan itself.

A debt consolidation loan offers a number of advantages, including a potentially lower interest rate. With good credit, you could get a annual rate of about 6%. And instead of cutting corners on each of your month-to-month credit card balances, you’ll only have to worry about one monthly payment.

Plus, if you repay the loan responsibly, it could help boost your credit score.

However, debt consolidation loans are not a universal solution. As with a mortgage or car loan, you will need to apply and be approved for the loan, and the interest rate you are offered will largely depend on your credit score. If your credit is low, the interest rate could be the same or higher than your credit cards.

The length of the loan can also play a role. If you need more time to pay off your debt, a longer term loan could mean a higher interest rate.

You should also be careful of fees, such as origination fees, which could negate any savings you could make by consolidating your debt.

And remember, even if consolidating your debt makes sense to you, you don’t have to pay it off. You should always aim to pay off the loan on time and in full. But if you’re struggling to manage your credit card debt, consolidation might be a good place to start.

Check: Meet the middle-aged millennial: owner, in debt and 40

More from this series:

Senate approves Buhari’s $ 6.1 billion loan request


The Senate approved President Muhammadu Buhari’s $ 6.1 billion loan request.

The loan request of $ 6.1 billion, which is equivalent to about 2,343 billion naira, was approved on Wednesday after the Senate considered the report of the Senate Committee on Local and Foreign Debt.

Committee Chairman Clifford Ordia presented the report.

Mr. Buhari had, in May, asked the National Assembly to approve the loan.

The loan, he said, will be obtained through multilateral and bilateral tenders as well as on the international capital market.

He also revealed that the National Assembly had already approved the borrowing of 4.6 trillion naira in the 2021 budget law. And that the new borrowing of 2.3 trillion naira will partially finance the 2021 budget deficit.

In his presentation, Mr. Ordia said the request is not new as it was approved in the borrowing plan when the National Assembly adopted the 2021 budget.

“What we are about to spend is not a new loan, it was approved in the 2021 budget,” he said.

After the approval, Senate Speaker Ahmad Lawan said the National Assembly must ensure that there is no frivolous spending on the part of the executive.

“Let me thank the committee, this is not a new loan. This is a borrowing plan that we have approved. What we have done is provide the resolutions necessary for its implementation.

“Every penny counts. Our committees must be alive to watch it. No frivolous expense should be considered.

Nigeria’s 2021 budget already has a deficit of 5.6 trillion naira.

The president said the loan would be used to finance “projects in priority sectors of the economy, namely: electricity, transport, Agriculture and rural development, education, health, provision of counterpart funds for multilateral and bilateral projects, defense and water resources.

READ ALSO: Senate Approves Buhari’s $ 1.5 Billion External Loan Request, € 995m

The approval of the president’s loan request comes amid Nigeria’s growing deficit and debt crisis.

Mr Buhari had, in October, acknowledged that the deficit in the proposed budget was above the three percent threshold established by the 2007 Fiscal Responsibility Act.

He said the measure was necessary because of the “existential challenge of the coronavirus pandemic and its consequences; I think that provides a rationale for exceeding the threshold as provided for in this law. “

In April, the National Assembly approved loan requests of $ 1.5 billion and € 995 million for the Buhari administration.

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Financial literacy boost in LA schools, bill could be introduced in 2022 session


PHENIX CITY, Alabama (WTVM) – When the kids at Russell County High School return to class, they’ll be exposed to something most kids don’t learn in school – how money works.

It’s hard to thrive if you don’t understand how to make money work for you, not against you.

Buying a car, buying a house, earning equity, or investing in a 401k – this can be very overwhelming, almost a foreign language for many students as they strive to become self-employed.

“As we all know, sometimes students come out of high school, they don’t know how to balance a checkbook. They don’t know how to pay their taxes. They don’t understand how credit works, how credit scores work, ”said Allison Allen, Alabama Credit Union Association.

Bridgeway Credit Union saw this as an issue and brought the issue directly to students when they opened a branch inside Russell County High School. The new branch is in fact managed by students.

It’s a small step forward for a bigger problem in Alabama, which could very well be a centerpiece of the 2022 legislative session in Montgomery.

“We’re seeing a lot of students across the state who could be better prepared for literacy and financial skills when they go to college or go to work or go out on their own,” Allen added.

The end goal is to ensure that students entering a world full of responsibility can make informed decisions about their finances without fear.

“Being able to buy a vehicle, understand how financing works – just walk into the credit union and open an account. Again, understand how credit works, ”explained Allen.

News Leader 9 will provide us with as we learn more about a possible bill for financial literacy classes in Alabama schools.

Copyright 2021 WTVM. All rights reserved.

Tallahassee junior U17 teams end season with 9th place at nationals


Six months of training, games and tournaments have ended in an exciting way for the Tallahassee Juniors 17U AAU volleyball team.

The team’s trips were punctuated by a ninth-place finish at the 2021 U.S. National Junior Girls Volleyball Championship in Las Vegas.

While Tallahassee is the seventh largest city in Florida, the AAU team at the national level was seen as coming from a “smaller” city compared to its competition. However, after qualifying for an invitation-only tournament and going as far as they did, the Juniors believed they could compete with anyone.

“My biggest thing was you can compete with anyone you want to compete with, as long as you have a tough schedule, play in tough divisions and have to travel to do it,” the coach said. Head of Juniors Angie Strickland.

“My philosophy has always been to be the best, you have to play the best and the best is not always in Florida. I thought it was going well and we hit our top 10 goal.”

The Juniors race ended against eventual national champion Houston Juniors. Below the gold slice, Tallahassee won the silver slice, sweeping the Woodlands Revolution and Fort Worth Fire to place ninth nationally.

This is not the first time that Tallahassee Juniors has made it to the national tournament. However, this season’s domestic result equaled Strickland’s best result in the program.

With the team pursuing their goal since January, Strickland has increased training time and training intensity. Along with the AAU practices and games, many girls on the team also played beach volleyball for their high schools.

“We were going more and bringing people in groups. I just wanted these kids to know their team was capable,” Strickland said. “We were a little late with Corona because we couldn’t compete all the time and in the fall everyone’s schedules were a bit wacky. We made a lot of team bonding, writes some team goals for the season, and once we qualified for the national we decided to add another AAU tournament. ”

Strickland said his team were not the biggest. To help compensate, he focused on intensity and playing IQ to create a level playing field against bigger opponents. With the AAU season coming to an end, a handful of players will be returning to high schools in the region, preparing for the next season.

“These kids should definitely stay together,” said Strickland, Leon High’s head coach.

“They all intend to play at the college level to some capacity and will be signed, sealed and delivered after our presentation. When you focus on your team first, everything will work out on its own. More importantly for this group, we worked incredibly hard as everyone let loose. “

The team’s roster included players from area schools.

Leon was represented by Sophie Beckham, Cailin Demps, Saniaa Dickey, Amanda Ray, Alexa Washington and Katherine Wiggins. Asya Adderson (Florida High), Sanaa Simmons (Florida High), Annabell Chancy (Wakulla), Avery Jones (Lincoln) and Katerina Krizner (Maclay) completed the training.

“These kids have been playing together for the past year or so and you’re hoping that pays off in the fall,” Strickland said.

“I think it’s great when I can train other kids in town and these Leon kids to branch out with other kids who are willing to go on a different program, take a little risk and come along. play. They’ve made giant strides … It also allows them to go back to their other programs and teach others what success is and how to achieve it. “

The commitment to a common goal paid off for the Juniors. But one of the team’s biggest victories was to start playing volleyball again. The COVID-19 pandemic has forced teams across the country to find themselves in difficult situations, on and off the pitch.

The return to the court and the success at a high level made the experience unforgettable.

“I’ve seen kids change during Corona, go to school, but not be able to play sports,” Strickland said.

“I don’t know how they survived without sports. I had other opportunities like training and stuff, but I’m an adult. As a kid you might not have that. and sport is their outlet to fight all kinds of things. Bringing sport back, even though there was very limited participation, it was great for every coach and every kid … taking it off was hard to watch, but the bringing back was crucial. ”

Jack Williams covers prep sports for the Tallahassee Democrat. Contact him by e-mail at [email protected], or on Twitter @jackgwilliams.

Two new aid programs to help businesses affected by COVID19


Posted on 06 July 2021

The city of Miami will open two business assistance programs tomorrow, Wednesday July 7 at noon, provide financial assistance to eligible City businesses affected by COVID-19. Applications to Microenterprise Business Continuity Assistance Program 2(BCMEP2) and the Small Business Emergency Loan Assistance Program 2 (SBELP2) will be available to small businesses that meet the criteria of the respective program, are located in the city of Miami (the property folio must start with 01) and have do not has received commercial assistance under City’s previous COVID relief commercial programs.

the BCMEP2 will provide subsidies qualified for-profit businesses located in the city with five or fewer employees, including the owner of the business. Eligible businesses can receive up to $ 15,000 to pay for eligible business expenses, including, but not limited to, employee salaries, rent, and utility payments. The program also requires the microenterprise owner to account for 80% of the area’s median income (MAI) or less, adjusted for household size, as defined by the US Department of Housing and Urban Development (HUD). . To learn more about this program, visit www.miamigov.com/BCMEP2.

the SBELP2 will provide forgivable ready up to $ 35,000, qualified for-profit businesses with more than five employees and a maximum of twenty. Assistance may cover eligible business expenses including, but not limited to, employee salaries, rent, and utilities. For each loan, a permanent full-time job for a low-income person (80% AMI or less) must be retained for at least six months for the loan to be canceled. To learn more about this program, visit www.miamigov.com/SBELP2.

Applications can be submitted through the program webpage as soon as the portal opens on July 7 at noon. Businesses should upload all required documentation through the online portal. For complete program requirements and regulations, visit each program’s web page.

Applications will be reviewed on a first come, first loan basis and the City will close the application period once it has received a sufficient number of applications based on available programmatic funding. Due to the expected volume of applications, it is strongly recommended that you apply online. Applications will also be available on July 7 at noon, for downloading and printing online (web pages above) or for collection at the City’s neighborhood service centers. Please call 311 for a list of these locations. Those submitting paper applications must also include all supporting documents required by either program.

Persons with disabilities requiring special accommodation to apply for either program during the application period can call 305-416-2080. This program is funded by the Federal Block Grants for Community Development Program (CDBG-CV3).

New Orleans House: Federal Credit Union of Greater New Orleans Announces Retirement of Gerry Kish after 38 Years of Service


July 05, 2021

Greater New Orleans Federal Credit Union announces the retirement of Gerry Kish after 38 years of service.

Contact: Rebecca B. Remetich, Director of Marketing and Business Development, GNO FCU [email protected]

Métairie, The – The Greater New Orleans Federal Credit Union, GNO FCU, has announced the retirement of dedicated employee Gerry Kish after 38 years of dedicated service. Gerry began her career at GNO FCU as a Loan Officer in May 1983. Throughout her years of service she has worked in several different areas of the credit union, from loans to IT to IT. accountability. Gerry not only provided years of exceptional service, but she also embodied hard work, optimism and commitment. She is beloved and respected by many. Those of us who know her personally admire her kind heart and warm spirit.

“Well done as you approach your retirement, Mrs. Gerry. It has been an honor to serve with you. You have achieved your professional ambitions, now is the time to realize your personal aspirations! We wish you good luck. We will truly miss you, ”said President and CEO Shelley Sanders.
For more information, please visit our GNO website at gnofcu.com.

The GNOFCU press release and other information is available at https://www.gnofcu.com/contact-gnofcu/blog/

About the Greater New Orleans Federal Credit Union: GNO Federal Credit Union, originally established in 1935, is a full-service financial institution with over $ 143 million in assets serving 16,000 members. Operating as a financial cooperative, GNO FCU is owned and operated by its members. Members of the credit union are made up of employees and their families from the communications industry, AT&T and other groups of selected employees or partner companies, across the greater New Brunswick area. Orleans. Anyone who lives, works, worships or goes to school in the parish of Orleans is also eligible to participate in the credit union. Visit one of the region’s three convenient GNO FCU branches: 2812 Canal Street, Mid City, 3105 Lime Street, Metairie, and 3804 Lapalco Boulevard, Harvey

This press release was produced by the New Orleans House. The opinions expressed here are those of the author.

Hipgnosis to pay bigger dividend as billion dollar music rights frenzy pays off | Music industry


Hipgnosis, which owns the rights to 65,000 songs by artists from Neil Young to Beyoncé, has increased its dividend as it expects the pandemic-fueled streaming boom to continue as listening increases on the services digital devices such as TikTok and Peloton.

The London-listed company, which makes money every time one of the songs it owns the rights to is played, nearly doubled revenues from $ 82 million to $ 160 million over the course of the year. year until the end of March.

This was fueled by a $ 1bn (£ 722m) spending spree on evergreen tubes during the pandemic, with Hipgnosis having purchased the rights to 84 song catalogs last year, including those of artists such as Shakira and Debbie Harry.

The company increased its pre-tax operating profit year-over-year from $ 41.5 million to $ 44.5 million and raised its annual dividend target from 5% to 5.25 per year because she expects the streaming boom to continue. The company’s stock price closed 0.4% lower on Monday, at 122p.

Merck Mecuriadis, founder and CEO of Hipgnosis, said the pandemic has accelerated the change in listening to streaming, with 443 million users of subscription services such as Spotify, Apple Music and Amazon Music. By the end of the decade, that number is expected to reach 2 billion.

“It turned music from a discretionary or luxury purchase into a utility because of the convenience and access that streaming offers,” he said. “Going forward, this accelerated streaming will be enhanced as revenue from TikTok, Peloton, Triller, Roblox and other emerging digital platforms begins to be paid. We are entering an era where now, for the first time, almost all music consumption is paid for. “

Hipgnosis said streaming revenue grew 18.4% in the second half of its fiscal year, compared to the first six months. The company’s portfolio of 138 song catalogs is valued at $ 2.2 billion, which is 10% more – about $ 265.6 million – than it cost to acquire.

Hipgnosis is increasingly focusing on classic hits, with the proportion of songs over 10 years old making up 60% of its total portfolio, up from 32.5% at the end of March last year. Two years ago, this proportion was only 10%. Just under half of Hipgnosis’s portfolio (46%) is pop music, with rock the second-largest genre at 27%.

Mercuriadis said the wave of deals – in December, Bob Dylan sold his entire catalog of hits, including Blowin ‘in the Wind to Universal Music for more than $ 300 million – was driven in part by musicians. older people looking to earn money towards the end of their careers.

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“The great creators have all matured to a place where they are now starting from natural causes, so a lot of them dot the Is and cross the Ts of their estate planning and want to make sure that not only their families are well cared for. but that their songs are also well cared for, ”Mercuriadis said in an interview with BBC Radio 4’s Today program.“ These songs are available at attractive prices. We believe the net asset value of these songs will triple by the end of the decade. “

The streaming boom is benefiting companies in the music industry. Warner Music, the world’s third-largest music company, home to artists including Ed Sheeran, went public last June and its share price has risen by a quarter in the past 12 months to give it a market value of nearly $ 19 billion. Its owner, Sir Leonard Blavatnik, paid $ 3.3 billion for the company in 2011.

Vivendi – owner of the world’s largest music company, Universal Music, which houses the artists and rights from Lady Gaga to the Beatles – is expected to go public in Amsterdam in September with a valuation of more than 35 billion euros (30 billion pounds sterling).

Biden’s New Dilemma: How to Cut Housing Costs for Low-Income Borrowers


Progressives fear Biden is too timid to change course at the powerful agency that oversees Fannie Mae and Freddie Mac, the two companies that make up half of the US $ 11 trillion mortgage market. Top Democrats are calling on Biden to quickly appoint a permanent leader – a post which, according to spokesperson for Senate Banking Chairman Sherrod Brown, is “vital to the administration’s goals of building a fair economy and must be filled quickly ”.

“They knew that moment was coming,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a housing advocacy group. “Why don’t we already have a candidate? “

Pressure from the left is a tough choice for Biden. For years, Democrats have pushed the agency responsible for Fannie and Freddie to expand homeownership and narrow the racial wealth gap. But making mortgages cheaper and more accessible could also increase the risk of default and increase the chances that businesses will need another bailout in the future. Fannie and Freddie were seized by the government in 2008 to avoid their failure during the subprime mortgage crash.

Industry analysts also say cheaper mortgages would do little to solve the fundamental problem in the housing market, which has seen prices skyrocket because housing supply is too low to meet demand. .

“There are real questions about what the FHFA can do on affordability given that we are in a supply crisis,” said Isaac Boltansky, director of policy research at investment firm Compass Point. “What’s it like to shift the dial a bit when we just don’t have enough houses?” “

Fannie and Freddie, which operate as government sponsored entities, are essential to homeownership in the United States as they buy mortgages from lenders and bundle them into securities for investors, thereby supporting liquidity of the mortgage market and ensuring affordability.

The Bush administration took control of Fannie and Freddie in September 2008, when companies were tasked with risky subprime loans, to avoid bankruptcy during the crisis in the housing market. They have since remained under government supervision. Attempts by Congress to revamp their operations have repeatedly failed, with tensions over housing affordability creating a political divide.

The Trump administration had been working to shrink Fannie and Freddie’s footprint and build their capital reserves so that they could be released as private entities and withstand another housing downturn. Democrats opposed the efforts, saying they would increase mortgage costs for consumers. Biden could draw opposition from Republicans if he chooses a regulator that turns the tide in an attempt to double housing affordability.

“Our housing finance system is in urgent need of reform,” said Sen. Pat Toomey of Pennsylvania, the top Republican on the Senate Banking Committee. “I look forward to working with the next director of the FHFA to enact legislation that finally corrects flaws in the structure of the housing finance system, ends guardianship and protects taxpayers from future bailouts.”

Although Biden has come up with a series of home accessibility measures, controlling Fannie and Freddie may be his most effective tool.

The director of the FHFA “is the most powerful and largest housing work in America,” said David Dworkin, president and CEO of the National Housing Conference. “There are no seconds.”

Dworkin and other housing advocates want the FHFA to allow Fannie and Freddie to take more financial risk – which means more taxpayer-backed government intervention – in the name of expanding access to mortgages .

Among their ideas: Give Fannie and Freddie carte blanche to buy mortgages with lower credit scores, allowing private lenders to grant more of these loans; reduce costs; and increase investments that support the construction of multi-family rental properties.

Advocates want the FHFA to immediately remove Trump-era limits on Fannie and Freddie’s ‘high-risk’ loan purchases – characterized by a combination of low credit scores and high debt-to-income or loan-to-value ratios .

Allowing businesses to buy and guarantee more loans could cause lenders to issue more, extending credit to more low-credit, low-income borrowers without requiring higher down payments to offset the risk. Fannie and Freddie would foot the bill if the loan defaulted.

Dworkin said companies today have “almost no measurable risk in their business volume,” which includes borrowers with “extraordinarily high” credit scores and very few first-time buyers with low down payments.

“Their job is not to eliminate the risks,” he said. “It’s risk management. Their mission is to add liquidity to mortgage markets, not reduce it, and they need to get back into the liquidity business and add liquidity to underserved markets. “

Biden had the opportunity to change the leadership of the FHFA when the Supreme Court ruled that the agency’s leadership structure was unconstitutional and that the president should have greater authority to remove his director. Hours later, Biden sacked then-director Mark Calabria, a libertarian economist appointed by President Donald Trump who had made it his mission to downsize and consolidate Fannie and Freddie so they could fend for themselves. as private companies.

The Biden administration then appointed another senior FHFA official, Sandra Thompson, to serve as interim director. Thompson has worked at the FHFA since 2013 and previously worked for 23 years as a banking regulator at the Federal Deposit Insurance Corp., which monitors lenders for safety and soundness concerns.

On her first day at the helm of the FHFA, Thompson said she was committed to making sure the housing finance system works “in a safe and healthy manner” while keeping a “laser focus” on community investment. She said there was “a widespread lack of affordable housing and access to credit, especially in communities of color.”

Erika Poethig, special assistant to the president for housing and urban policy, said the administration is “determined to expand access to affordable homeownership, especially for low-income borrowers and communities of color facing challenges. challenges in the housing market “.

“In the months and years to come, we look forward to working with FHFA leaders to use the levers of housing finance to close the racial wealth gap, expand the housing supply and ensure housing affordability. housing, ”she added.

Housing advocates say they hope the administration chooses a permanent candidate with an aggressive affordability agenda, rather than leaving it in the hands of an official who focuses primarily on financial market risk.

“I think of Sandra Thompson’s world, but I don’t think Sandra Thompson shared a bold vision for Fannie and Freddie,” Van Tol said. “It seems to me to be sort of a safe gatekeeper choice, as opposed to someone with a vision to change institutions.”

Alysa James, spokesperson for Brown, the progressive chair of the Senate Banking Committee, said the senator “will work with the Biden administration to identify a candidate who will fight for all homes, in all parts of the country and for people of all incomes “.

Van Tol is already trying to warn the administration against appointing two prominent housing experts – Mark Zandi, chief economist at Moody’s Analytics, and Jim Parrott, former Obama economic adviser to the White House. He opposes their support for previous housing finance reform proposals that envisioned the revocation of the government charters of Fannie and Freddie, thereby canceling their affordable housing obligations.

Zandi and Parrott, who have been running for office in Democratic circles, declined to comment.

“I would be very disappointed if the administration appealed to someone who was attached to the failed ideas of the past,” Van Tol said.