Information system – Eagle Rock IS http://eaglerock-is.com/ Wed, 03 Nov 2021 16:33:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://eaglerock-is.com/wp-content/uploads/2021/10/icon-56-120x120.png Information system – Eagle Rock IS http://eaglerock-is.com/ 32 32 High costs stifle business growth as focus shifts to MPC rate decision https://eaglerock-is.com/high-costs-stifle-business-growth-as-focus-shifts-to-mpc-rate-decision/ https://eaglerock-is.com/high-costs-stifle-business-growth-as-focus-shifts-to-mpc-rate-decision/#respond Wed, 03 Nov 2021 16:33:33 +0000 https://eaglerock-is.com/high-costs-stifle-business-growth-as-focus-shifts-to-mpc-rate-decision/ The Bank of England came under further pressure to hike rates at its Monetary Policy Committee meeting tomorrow as further evidence of inflationary pressures building in the UK economy emerged. UK businesses were more likely to increase prices in October than at any time since the record began in 1999, with a record number of […]]]>

The Bank of England came under further pressure to hike rates at its Monetary Policy Committee meeting tomorrow as further evidence of inflationary pressures building in the UK economy emerged.

UK businesses were more likely to increase prices in October than at any time since the record began in 1999, with a record number of businesses reporting increased operating costs.

The IHS Markit Composite Purchasing Managers’ Index (PMI) rose to 57.8 in October from 54.9 in September, well above an initial flash estimate of 56.8, but survey respondents cited fuel and labor shortages and supply chain disruptions as hampering business growth.

While it also reported a sharp increase in costs, the services PMI also hit a three-month high at 59.1, from 55.4 in September.

Cutting-edge interest rate decision looms from bank’s MPC on Thursday

But, due to the price spike, business optimism in the service sector has now fallen to its lowest level since January, when the UK was still stranded.

The figures bolster expectations that the Bank’s MPC will choose to raise interest rates Thursday from the current record low of 0.1% to 0.25%, as inflationary pressure continues to be less “transient” than the bank had hoped for it.

Should the bank raise rates, research from auditing, tax and advisory firm Mazars suggests UK households will face an immediate £ 900million increase in interest payments on floating rate debt, such as credit cards and variable rate mortgages.

UK households' expectations of a rate hike have risen rapidly

UK households’ expectations of a rate hike have risen rapidly

Mazars associate Paul Rouse said: “UK household debt is now so large that even the most marginal increase in interest rates adds nearly £ 1 billion in additional costs almost overnight. the following day “

“It is important that UK households are prepared for the impact of interest rate hikes on their budgets.

“Many households have used credit cards and payday loans to manage rising energy bills and mortgage or rent payments. With the increase in interest rates, these payment methods start to become more expensive and unsustainable in the long run.

“These are the triggers that push people to the brink of unmanageable, spiraling debt problems.”

However, Quilter financial planning expert Heather Owen described a rate hike on Thursday as creating “winners” in money savers, who “need a break” after a decade of “lows.”

Prospective buyers could also rejoice in a pause via a slowdown in “the seemingly endless rise in house prices,” Owen explained, while future retirees considering annuities “may start to see better deals.”

Financial markets have already anticipated a hike in short-term rates on Thursday, so a significant impact on asset prices is unlikely.

Business activity increased in October, but companies are raising prices in response to rising costs

Business activity increased in October, but companies are raising prices in response to rising costs

CMC Markets UK chief market analyst Michael Hewson explained that it will therefore be the way the central bank “handles the message” on future hikes that will be key.

He said: “The central bank will likely have to raise its inflation outlook, while adjusting its growth forecast as part of this week’s inflation report.”

However, while the City remain convinced of a hike this week, the BoE’s monetary policy committee is more divided on the issue than it has been for some time.

Decisions on MPC rates have often been unanimous in recent meetings, but Thursday’s decision remains on a knife-edge, with some members still convinced inflation is largely fueled by temporary phenomena and others convinced that ‘an increase is necessary.

AJ Bell’s head of investment analysis Laith Khalaf explained that there were “compelling reasons” why the BoE could suspend operations this week, despite the city’s expectations, and noted that there are At just six weeks, the MPC voted unanimously to keep rates on hold.

“A move to a stricter policy would indeed be a sharp turnaround,” he said.

“The Bank’s judgment that inflation is transient has not really been tested, as it has only been six months since the CPI was slightly above target, and in fact the inflation index has moved backwards during the last reading.

“The data is notoriously unreliable at the moment, due to the distortions created by the pandemic and its synchronized emergence in Europe and America.

‘A rise in UK interest rates will not make a blind difference to the global price of oil and gas, although it will put a little more pressure on UK consumers at a time when many will have to contend with higher costs to heat their homes and get to work ”.

Khalaf also noted Chancellor Rishi Sunak’s “huge spending folly” in last week’s budget, saying the bank “would be wise to take some time to fully assess the effect this might have on rising prices. price”.

He said: “Given the short delay between last week’s budget and Thursday’s MPC meeting, it seems unlikely that the committee still had enough time to analyze the impact of the Chancellor’s policies.”

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UKGC assesses ban on credit card games, more research to come https://eaglerock-is.com/ukgc-assesses-ban-on-credit-card-games-more-research-to-come/ https://eaglerock-is.com/ukgc-assesses-ban-on-credit-card-games-more-research-to-come/#respond Tue, 02 Nov 2021 11:48:47 +0000 https://eaglerock-is.com/ukgc-assesses-ban-on-credit-card-games-more-research-to-come/ The UK Gambling Commission provided an assessment in which it marked the success of imposing a blanket ban on credit cards used for gambling purposes. With the ban in place for over a year now, the regulator was able to assess its impact and assess whether certain initial fears have materialized. A ban that has […]]]>

The UK Gambling Commission provided an assessment in which it marked the success of imposing a blanket ban on credit cards used for gambling purposes. With the ban in place for over a year now, the regulator was able to assess its impact and assess whether certain initial fears have materialized.

A ban that has achieved its objective

The regulator contacted via Yonder, interviewed 2,000 adults and arranged in-person meetings. All of the participants were people who had gambled in the past 12 months, a period covered by the credit card ban.

The initial results were immediately reassuring, with the UKGC citing evidence from leading banks that saw an immediate drop in the use of credit cards for gambling purposes. Banks had followed up on one more aspect. tricky part of the ban, namely ensuring that electronic wallets loaded with credit cards were also monitored for gambling-related activities.

Commenting on the latest data collected by the survey, the boss of the gambling commission André Rhodes, noted:

“The successful industry-wide implementation of the ban and the impact on consumer behavior and financial spending that we have monitored so far is an encouraging sign that the ban has reduced reliance on consumers. consumers to gamble with borrowed money. “

CEO of UKGC André Rhodes

While credit cards have been taken out of the equation, other questionable financing practices have remained, such as the use of payday loans and quick credits which usually come with higher interest rates and predatory practices on the part of the organisms that emit them.

Players stop borrowing funds, almost

Interestingly, however, the UKGC was able to find that 76% of people who gambled with borrowed funds no longer did. However, another 15% continued to borrow funds, arguing that the ban forced them to do so. Another 9% said they borrowed funds, but that wasn’t necessarily because of the ban.

The regulator has acknowledged that it should check whether players have been pressured into borrowing funds from illegal sources. A review by the Illegal Money Lending team found no such evidence, but the UKGC said it should remain vigilant.

The UKGC was unable to identify whether the credit card ban has had an impact on the black market. According to the regulator, the motivation of the individual to turn to black market options was “rarely known”.

More work needs to be done

Further, the UKGC has recognized that while the ban is a good way to prevent reckless gambling, there are some fairly well-known workarounds. In light of this, a sufficiently motivated person would find it quite easy to use the borrowed money to keep gambling.

To continue to probe the implications of the gambling credit card ban, further research will be carried out by NatCen. The NatCen survey is expected to be completed at some point in early 2023 with the UKGC using its data to help motivate its choices in future regulatory changes.

Before the ban, some 10.5 million people in the UK gambled, 800,000 of whom turned to a credit card. According to research at the time, 22% of all consumers who used a credit card to gamble were classified as problem gamblers. In October, Ireland agreed to impose its own ban on credit cards.

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IRS bank account monitoring seems doomed to fail, but agency could grow https://eaglerock-is.com/irs-bank-account-monitoring-seems-doomed-to-fail-but-agency-could-grow/ https://eaglerock-is.com/irs-bank-account-monitoring-seems-doomed-to-fail-but-agency-could-grow/#respond Sun, 31 Oct 2021 13:01:24 +0000 https://eaglerock-is.com/irs-bank-account-monitoring-seems-doomed-to-fail-but-agency-could-grow/ President Biden’s $ 1.75 trillion spending plan to build better, unveiled on October 28, includes many agenda items Democrats are committed to, ranging from expanding child care to children to unprecedented support for green energy. But one proposal that remained on the cutting room floor was a controversial plan to provide the Internal Revenue Service […]]]>

President Biden’s $ 1.75 trillion spending plan to build better, unveiled on October 28, includes many agenda items Democrats are committed to, ranging from expanding child care to children to unprecedented support for green energy.

But one proposal that remained on the cutting room floor was a controversial plan to provide the Internal Revenue Service with more information about Americans’ banking transactions.

A Treasury Department proposal presented earlier this year was designed to track aggregate deposits and withdrawals in and out of millions of personal and business financial accounts. The goal was to reduce the country’s tax gap, estimated at $ 600 billion per year. The spread reflects what Americans are legally supposed to pay, but don’t. It is a factor that contributes to the increase in federal deficits.

While wealthy tax evaders were the target, critics say the proposal, if passed, could have caused problems for middle- and low-income Americans as well. The controversial plan has raised concerns about the IRS’s privacy and overbreadth.

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Elevate Credit (ELVT) gains 0.88% to close at $ 3.43 on October 29 https://eaglerock-is.com/elevate-credit-elvt-gains-0-88-to-close-at-3-43-on-october-29/ https://eaglerock-is.com/elevate-credit-elvt-gains-0-88-to-close-at-3-43-on-october-29/#respond Sat, 30 Oct 2021 01:37:00 +0000 https://eaglerock-is.com/elevate-credit-elvt-gains-0-88-to-close-at-3-43-on-october-29/ Last prize $ Last trade Switch $ Percentage of change % Open $ Previous Close $ High $ moo $ 52 weeks high $ 52 weeks low $ Market capitalization P / E ratio Volume To exchange ELVT – Market data and news To exchange Elevate Credit Inc (NYSE: ELVT), a Fort Worth, Texas company, […]]]>

Elevate Credit Inc (NYSE: ELVT), a Fort Worth, Texas company, gained to close at $ 3.43 on Friday after gaining $ 0.03 (0.88%) on volume of 176,395 shares. The stock ranged from a high of $ 3.46 to a low of $ 3.39, while the market cap of Elevate Credit now stands at $ 115,243,798.

About Elevate Credit Inc

Elevate, working with the banks that license its marketing and technology services, has provided $ 8.6 billion in unprivileged credit to more than 2.5 million unprivileged consumers to date and has enabled its customers save over $ 7.6 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit brands include RISE, Elastic, and Today Card.

Visit the Elevate Credit Inc profile for more information.

The daily solution

Here is a selection of trends from our newsletter, The Daily Fix, which captured the attention of readers. Click here to subscribe and get The Daily Fix delivered straight to your inbox.

Salad Chain Sweetgreen files an initial public offering

The quick and casual salad chain Sweetgreen filed an initial public offering with the United States Securities and Exchange Commission on Monday.

In its Form S-1, the Los Angeles-based company said it planned to sell shares under the ticker symbol “SG”, but did not disclose the proposed size, valuation or timing.

[More]


CDC extends COVID-19 safety rules for cruise industry until January 15

The U.S. Centers for Disease Control and Prevention (CDC) extended its COVID-19 safety rules for the cruise ship industry until January, citing concerns over the highly contagious Delta variant and groundbreaking cases among fully vaccinated travelers.

Under the current measures, known as the Conditional Navigation Order, cruise passengers have been allowed to operate as long as they adhere to certain precautions, such as the requirement for crew and passenger vaccinations or tests as well as face masks to be worn. edge.

[More]


California proposes oil and gas drilling buffer around communities

California Governor Gavin Newsom has proposed a statewide ban on oil and gas drilling within 3,200 feet of homes, schools and hospitals to protect public health and further his goal of combating against climate change.

The draft rules, released last week by the state’s petroleum regulator, California’s Geological Energy Management Division (CalGEM), aim to create what would be the largest buffer zone in the country. The existing wells in these setbacks would not be prohibited, but subject to more stringent regulations.

[More]


About the New York Stock Exchange

The New York Stock Exchange is the world’s largest stock exchange by market value with over $ 26 trillion. It’s also the leader in initial public offerings, with $ 82 billion raised in 2020, including six of the seven biggest tech deals. 63% of PSPC proceeds in 2020 were raised on the NYSE, including the six biggest deals.

To get more information about Elevate Credit Inc and keep up with the latest company updates, you can visit the Company Profile page here: Elevate Credit Inc. Profile For More Market Information financial, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


T. Rowe Price to acquire Oak Hill Advisors for $ 4.2 billion


Salad Chain Sweetgreen files an initial public offering

CDC extends COVID-19 safety rules for cruise industry until January 15

Hertz orders 100,000 Tesla Model 3 vehicles; First step towards an electrifying fleet

Restaurant Brands International missed revenue estimates; Cites staff shortage, COVID-19

Durable shoe maker Allbirds seeks IPO value north of $ 2 billion

Stellantis and Samsung SDI Form Joint Venture for Electric Vehicle Batteries

California proposes oil and gas drilling buffer around communities

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Want financially resilient hourly workers? Follow PayPal’s example https://eaglerock-is.com/want-financially-resilient-hourly-workers-follow-paypals-example/ https://eaglerock-is.com/want-financially-resilient-hourly-workers-follow-paypals-example/#respond Thu, 28 Oct 2021 08:39:31 +0000 https://eaglerock-is.com/want-financially-resilient-hourly-workers-follow-paypals-example/ PayPal CEO Dan Schulman isn’t the first business leader to recognize the impact of employee financial stress. But he is among the few dedicated to solving it. Join Chipotle CEO Brian Niccol on CNBC Scream BoxSchulman called the large percentage of American workers who struggle to pay their bills each month a “national crisis.” The […]]]>

PayPal CEO Dan Schulman isn’t the first business leader to recognize the impact of employee financial stress. But he is among the few dedicated to solving it. Join Chipotle CEO Brian Niccol on CNBC Scream BoxSchulman called the large percentage of American workers who struggle to pay their bills each month a “national crisis.”

The data backs up Schulman. More than 60% of employees said their financial stress has increased since the onset of COVID-19 according to PwC2021 Employee Financial Well-Being Survey. Even more alarming? Financial stress already dominated employee lives before the pandemic, more than even the stress of relationships or health issues.

All this financial stress weighs more than productivity and engagement. The mental health of employees is also suffering. Luminous PlanThe 2021 Wellness Barometer 2021 report estimates that employers collectively lose $ 4.7 billion per week. This is based on financially stressed employees who report working 15.3 hours per week at a reduced level of productivity and engagement. As for their mental health, 30% of employees said it had deteriorated in the same survey.

PayPal provides a good example of how businesses can relieve financial stress for workers in a way that benefits both employer and employee. The company took a candid look at the stress experienced by its hourly and entry-level employees. He then identified a goal that would impact both parties and supported it by launching the Employee Financial Health Program.

The initiative has helped employees take control of their financial lives – from improving access to healthcare to providing new financial benefits to Same – and led to measurable improvements in productivity and engagement.

1. Find out what is preventing your employees from being in better financial health

PayPal found in 2019 that despite above-market salaries, a large portion of its hourly and entry-level employees – around 30% of PayPal’s workforce at the time – struggled to pay their bills each month. The company also found that employees’ struggles were less about emergencies like medical bills than unforeseen day-to-day expenses.

PayPal began to realize this when it reviewed requests for its employee relief fund. Created in 2017, the fund provides immediate help to employees facing difficulties due to an unforeseen and upsetting personal event.

“We started to notice people coming in for things like car repairs and small home repairs. It’s not trivial, but it’s not a $ 10,000 medical bill, ”said Traci Memmott, Global Payroll Manager. “These types of expenses where people just needed the extra money for an extra expense in a month got us going in the direction of helping our people get money more frequently.”

To understand how it could better fulfill its internal mission with employees, PayPal devoted the year 2019 to understanding the financial stress that its hourly and entry-level employees were undergoing. His efforts included:

  • PayPal Global Customer Operations Survey.
  • Animation of a series of round tables with PayPal employees.
  • Study industry best practices on employee financial health.

This analysis led PayPal to a basic metric that executives could focus on to improve employee financial resiliency: net disposable income, or NDI.

2. Identify a specific and measurable goal related to the financial health of employees

PayPal has targeted Net Disposable Income (NDI) as a basic measure of financial health because it shows how much money employees have left after taxes and living expenses. A higher NDI means employees have an easier time dodging paycheck to paycheck and avoiding predatory solutions like payday loans or high interest credit cards that lead to cyclical debt.

Analysis showed that hourly and entry-level employees at some sites in the United States had an average of 4-6% NDI. PayPal has therefore set itself the goal of bringing all employees to at least 20% NDI. This would help team members better manage unforeseen expenses that arise between paychecks. It would also put employees in a better position to save. This means they could recover from emergencies with the money they already have.

3. Make changes that match your mission and culture, and show that the C-suite supports them.

PayPal mission is to democratize financial services for all, regardless of their background or economic situation. This mission applies to its employees as well as to its customers. So, whatever solution the company deploys to improve the financial health of workers, it had to uphold the same integrity that PayPal had put into its consumer products.

In October 2019, CEO Dan Schulman laid the groundwork for PayPal’s employee financial health program by announcing four changes for 2020:

  • Reduce the cost of health care benefits.
  • Make every full-time employee a shareholder.
  • Increase wages where appropriate.
  • Offer new financial education and counseling programs.

PayPal predicted that these changes would cause employees to 16% NDI in one year, going a long way toward achieving at least 20% NDI across its workforce. What’s particularly noteworthy is how PayPal approached benefits, compensation, and financial tools holistically, instead of trying to make an impact through standalone change.

Source: Same

4. Commit to the financial health of employees as a reactive and ongoing effort

PayPal envisioned its Employee Financial Health program as something that would continually evolve with the changing financial realities of employees. His first challenge came right away in COVID-19. The pandemic presented a challenge to the results predicted by PayPal executives.

In response to the new wave of financial stress brought by COVID-19, PayPal has expanded its program by:

  • Granting of a second round of “welfare grants” equity awards to those who also received an initial grant.
  • Launch access to earned wages (also known as EWA or Pay-On-Demand) to all U.S. employees through Same, and equivalent services to employees in other markets.
  • Allowances to offset the costs of remote work for eligible employees.

By expanding the employee financial health program in response to COVID-19, PayPal has not only improved the financial health of its workforce during the pandemic, but is also moving closer to its 20% NDI target:

  • Up to at least 18% NDI in all locations.
  • $ 1.3 million of on-demand payment requests processed.
  • Over $ 700 in emergency savings in six months among employees who signed up with the full Even platform.

“We’re also very happy with the level of savings people have built up over the 8-9 months we’ve even put in place,” Memmott said. “The reason we wanted to partner with Even was that their goal wasn’t to keep paying instantly forever. It’s really about getting people to a space where they don’t need to.

PayPal has also suffered the effects of better financial health among employees. These include improved sentiment among employees and more team members expressing their intention to stay. Enrollments for health care benefits have increased, as have upgrades to existing plans. More and more team members are also taking advantage of PayPal’s 401 (k) benefit and employee stock purchase program.

Follow PayPal’s journey to make employee financial health a C suite priority

PayPal is not stopping its mission to improve the financial health of the workforce. Internally, the company plans to continue to evolve its program, including launching more financial benefits through Even, such as savings interest currently at 2X the national average *. Externally, PayPal CEO Dan Schulman is keen to help other companies build their own financially resilient workforces.

To do this, PayPal has partnered with JUST Capital and the Financial Health Network to launch the Worker Financial Wellness Initiative. The companies involved in the first cohort – Chipotle, Chobani, Even Prudential Financial, Verizon – represent around 260,000 workers. Each employer commits to performing at least one assessment of the financial well-being of their workforce over a 12-month period. They will discover the unique financial vulnerabilities of their employees, then find solutions that build the long-term financial resilience of their workforce.

To learn more about the Worker Financial Wellness Initiative, visit JUST Capital or the Financial health network.

To learn more about the benefits of building a financially resilient workforce, visit Even.com.

*0.125% APY at 10/28/21. Compare to national rate. The APY is variable and can change at any time or after opening the account. Powered by Cross River Bank, FDIC member.

Same

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COVID-19 Scams Target Blacks and Other People of Color | Remark https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/ https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/#respond Tue, 26 Oct 2021 04:00:00 +0000 https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/ As the annual holiday shopping and celebratory season approaches, a leading federal financial regulator has released new research detailing how communities of color are being targeted not only by well-known types of predatory lenders, but new forms of lenders. fraud seek to exploit consumers in the throes. of the COVID-19 pandemic. Published by the Federal […]]]>

As the annual holiday shopping and celebratory season approaches, a leading federal financial regulator has released new research detailing how communities of color are being targeted not only by well-known types of predatory lenders, but new forms of lenders. fraud seek to exploit consumers in the throes. of the COVID-19 pandemic.

Published by the Federal Trade Commission (FTC), Serving Communities of Color summarizes the agency’s five-year efforts focused on the financial woes facing communities of color. Since 2016, the FTC has filed more than 25 actions alleging behavior targeting or disproportionately affecting communities of color. Cases challenged illegal practices by auto dealers, for-profit schools, for-profit opportunities, student debt relief programs, and more.

Beyond these financial transactions, the report also notes that many payment methods used by black and Latino consumers offer less protections against fraud, such as debit cards, cash, and money orders. While credit card payments offer greater protection to consumers, very few complaints filed with the FTC by people of color have involved this type of payment.

“What has become very clear from research and experience is that fraud, along with certain other business practices, has a disproportionately negative impact on communities of color, compared to white communities.” , indicates the report. “A review of 23 FTC cases shows predominantly black communities are overrepresented in the pool of consumers who have lost money.”

For example, last June, the FTC and the state of Arkansas jointly filed a lawsuit against a scam operation that explicitly appealed to black applicants who were suffering financial hardship as a result of the COVID-19 pandemic. The lawsuit alleged that the “Blessings in No Time” program was in fact a pyramid scheme that falsely promised members returns on investment of up to 800%. The minimum “investment” for the alleged scam required $ 1,400, but some members paid as much as $ 67,700. The Texas-based defendants also falsely assured attendees that they would not lose any money and could opt out at any time with a full refund.

Most recently, on October 15, the FTC ended a jail appeal program that tricked family and friends of incarcerated people with marketing and advertising that promised unlimited calling plans to keep in touch with relatives while in-person visits were suspended due to COVID. -19. Instead, no call time was ever provided. The defendants, inmatecall.com and inmatecallsolutions.com, presented themselves as companies authorized to provide appeal services to prisons and prisons to bolster the credibility of their misrepresentation. A federal court order now requires all deceived consumers to be informed and prohibits defendants from future activities.

When these financial losses are combined with the effects of a national racial wealth gap that found black people to have only 22 cents for every dollar of wealth whites hold, it becomes clear how deceptive and predatory loans are declining. the ability of black consumers to effectively manage their financial lives. Just as redlining limited where black people could live, today’s predatory loans, like fringe financial services, limit the ability of black communities to build wealth.

For example, about twice as many consumers in predominantly black communities, compared to white consumers, purchased student debt relief programs and payday loans. But the top two complaints by black consumers to the FTC were credit bureaus (21%) and impersonator scams (12.5%). In 2020 alone, the FTC filed or resolved seven debt collection cases against 39 defendants and obtained $ 26 million in judgments for aggrieved consumers.

Other types of predatory and deceptive loans include debt collection, bank loans, and auto sales and financing. The agency also found evidence of healthcare fraud, identity theft, as well as suspected jobs and lucrative opportunities.

For many consumers, buying and financing a car is the second largest consumer transaction after housing costs. Ample evidence of blatant discrimination against black, Latino and Native American car buyers included false information about claims and contracts, as well as deceptive advertisements in Spanish.

“Research indicates that consumers of color face discrimination in the sale and financing of cars and often pay higher prices as a result,” the report says.

Over the past five years, the FTC has filed multiple lawsuits against auto dealers for deceptive tactics, including advertised prices that were never available to potential buyers, falsifying financial information in sales, financial reporting false and / or deceptive and unfair practices.

Identity theft has been discovered in cases where crooks often gain credibility by posing as an official. For example, a defendant marketed prepaid cards to black and Latino customers, claiming their cards were like Visa or MasterCard. Instead, consumers couldn’t use the cards or were wasting all the money they loaded into them.

For consumer advocates, these and other recent findings on the financial abuse facing consumers of color deserve even more aggressive enforcement, particularly at the federal level.

“Never in US history have black people and other families of color experienced a level playing field in financial matters,” Ashley Harrington of the Center for Responsible Lending told the House Financial Services Committee this spring. “And the COVID-19 crisis has exacerbated existing disparities. In fact, in many cases, white families will have 5.5 times more savings than black families to financially resist the pandemic. “

There is ample evidence of financial abuse. The nation needs a new calculation to right the wrongs.

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Payday loans offer many benefits https://eaglerock-is.com/payday-loans-offer-many-benefits/ https://eaglerock-is.com/payday-loans-offer-many-benefits/#respond Mon, 25 Oct 2021 20:00:08 +0000 https://eaglerock-is.com/rapid-growth-of-buy-now-pay-later-market-raises-global-consumer-protection-concerns-as-cfpb-watch-and-wait-for-now-eversheds-sutherland-united-states-llp/ A payday loan can be a huge help to anyone who is in financial distress and requires cash immediately. One can borrow the money to pay for food, rent and other essential expenses. These loans can also be called short-term loans, or quick loans. Because they are short in payback periods and approved quickly, these […]]]>

A payday loan can be a huge help to anyone who is in financial distress and requires cash immediately. One can borrow the money to pay for food, rent and other essential expenses. These loans can also be called short-term loans, or quick loans. Because they are short in payback periods and approved quickly, these loans are often referred to as “short-term loans” or “quick loans”. These loans are very simple and fast to obtain.  A payday loan online can be a good way to get out of financial trouble. Life is like Forest Gump. It’s a box of chocolate and you never know what it will bring. Sometimes, financial troubles can leave you feeling vulnerable or helpless due to how unexpected they are. You can thank God for online payday loans. Online payday loans offer a way to quickly cover emergency expenses in a crisis situation. And unlike traditional loans they are simple to repay. These are some of the benefits of online payday loans.

Before applying to borrow money, it is important that borrowers consider both the good and bad aspects of these loans. There are many companies that offer payday loans. The best way to find the best deal is to shop around for a money lender like acfa-cash flow, head to acfa cash flow to apply for a payday loans. These are the main benefits of payday loans.

What are the advantages?

Convenience

The online application process for loan approval is faster and easier. This means you can easily submit your loan application from anywhere, whether it’s your office or your home. Also, there is very little paperwork required when applying for a small loan. Borrowers need to schedule an appointment with loan officers, or call their lenders whenever cash is needed.

Instead of long-term loans, payday loan borrowers receive their cash in cash. You can use the cash to purchase products, fix your car, or pay your electricity bill. Some money lenders may not require you to provide proof of income or review your credit history. After you have submitted the required documents online your application will become approved.

It is easy to apply

Online payday loans can be the easiest loan application and approval process. You have probably had good credit scores from previous loans. Your chances of qualifying for the payday loan will be high if you haven’t defaulted on previous loans.

Protect your credit rating

These loans come with a short repayment period. This is great for people who want their credit rating to be protected. A payday loan can be beneficial to any person who doesn’t have stable income. Borrowers who default on their loans could damage their credit and increase the cost of your loan.

Speed

After you have completed all required documentation and provided all information, your loan will be approved quickly. The application process for a cash advance is simple and quick. Payday loans are much simpler than conventional loans. Borrowers don’t need lengthy forms. It may take several hours for the lender’s money to be transferred to your account.

Credit cards and conventional loans can take up to several weeks before one can get funds even when there is an emergency. Since they are always competitive, reliable lenders offer fast services.

No Restriction

Payday loans can be used for any purpose. This is one of the reasons why so many people choose to get them. For all they care, you can use them to fund your next vacation or even your wedding! All they care about, is whether or not you can pay them back in a timely fashion.

A payday loan online can be a great option if you’re in financial crisis and need immediate funding. To learn more about payday lenders, click the link.

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Questions and Answers with Greg Glischinski | AARP’s best volunteer knows how to speak to power | New https://eaglerock-is.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/ https://eaglerock-is.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/#respond Mon, 25 Oct 2021 17:00:00 +0000 https://eaglerock-is.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/ When AARP Colorado wants to get a message across, they turn to their contact at the State Capitol, Greg Glischinski. The Colorado chapter of the national organization that serves and advocates for Americans 50 and older also relies on the Centennial Volunteer for a range of other tasks. He always answers the call, and that’s […]]]>

When AARP Colorado wants to get a message across, they turn to their contact at the State Capitol, Greg Glischinski.

The Colorado chapter of the national organization that serves and advocates for Americans 50 and older also relies on the Centennial Volunteer for a range of other tasks. He always answers the call, and that’s why he won the Chapter’s top prize this year.

Glischinski has been a volunteer advocate for the AARP for over 13 years, providing written and oral testimony to the General Assembly and following bills that affect older Coloradans throughout the legislative process.

In the last session, he spoke about utilities, broadband internet, healthcare, prescription drug prices, helping low-income people, rural needs, clean energy, transportation and consumer interests, according to AARP.

He keeps other AARP members informed by editing the chapter newsletter and serving as treasurer. He travels the state as part of the organization’s speakers bureau, including answering questions about Medicare.

The other volunteers appreciate his sense of humor, in addition to his dedication.

Bob Murphy, state director of AARP Colorado, said Glischinski is a great volunteer.

“There’s nothing he doesn’t do to help others,” Murphy said, adding, “He’s amazing.”

In addition to his work defending the legislative rights of the AARP, Glischinski was appointed a member of the Main Committee for the Town of Centennial, improving the lives of the more than 50 people in his community.

He has also been an appointed member of the Arapahoe County Council on Aging, representing Centennial at annual food drives to support food banks in western Arapahoe County.

“Greg has a calm but powerful presence,” wrote Mary Fries of Littleton, a co-volunteer who nominated him for the AARP recognition. “He is a collaborator. His long and broad range of knowledge and experience in consumer advocacy enables him to work from a historical perspective, linking the successes of the past with the challenges of the present and the future.”

Colorado Politics: You have just won the Andrus Award, AARP’s highest volunteer honor. How did you do that?

Greg Glischinski: I have to say I didn’t. I have been nominated and honored by other volunteers at AARP Colorado. I have been an AARP volunteer in many different positions. My goal has been to help others, not only the elderly, but also to try to improve the future of the younger ones as they get older. Much of my effort has been as a legislative advocate here in Colorado for AARP, where a group of volunteers work very hard to help shape policy to help seniors have a better quality of life. We spend a lot of time and energy studying state bills affecting people 50 and over and their families. It really is a team effort.

CP: What drew you to the organization and then drew you so deeply?

Glischinski: I started in one of the AARP chapters wanting to know how I could help with the inequalities in our health care system. I immediately found out that there was a state law advocacy group. I thought it would be interesting, so I attended one of their meetings. After listening to the great wealth of talent in the group and their welcoming attitude, I hooked. I knew the AARP was a large organization, but I didn’t realize the depth of the issues they are working on and how effective they are, not only locally here in the state, but nationally in terms of concerns the elderly. Many people believe that the elderly have health insurance, so that their health care needs are met. They don’t realize that half of our members are between 50 and 64 years old and still working. They are not eligible for Medicare. Medicare itself does not meet most of the health needs of eligible people. I have a background in the high tech industry. This led me to get involved in the policies of utilities such as telecommunications, broadband, gas and electricity. I was interested in some of the payday loan policies and what was going on there.

CP: Is there a common thread running through all the bills you tend to testify about?

Glischinski: Yes. As I mentioned earlier, I work to improve the quality of life for the elderly. This is not just for current seniors, but to shape a future that will help younger people if they are fortunate enough to live to be considered a senior.

CP: What preconceived ideas, good or bad, do you come across on Capitol Hill when it comes to older Coloradans?

Glischinski: The future belongs to the young and the elderly have had their chance. It couldn’t be further from the truth. We are the largest voting group. Guess what? We are still here and have an experience that others have not yet encountered. Many of us are not only adopting technology, but we are helping to build the base that people use in technology today.

The idea that AARP has a political side that they prefer … is not true. The AARP is non-partisan, does not contribute to political campaigns or political PACs. In fact, as volunteer legislative advocates and leaders, we cannot conduct any political activity on behalf of AARP.

CP: How prepared should taxpayers and baby boomers be for the so-called silver tsunami?

Glischinski: My instant answer is, if you live long enough, you too will be in our shoes. At present, we know about 10,000 people a day in our country reaching 65 years of age. Between 2015 and 2050, the increase in the elderly will be 200%. If we can afford health care, life expectancy will be much higher than today. This means that people will be able to contribute much longer to the well-being of society. If people don’t feel that way, then who will be the first to jump off the cliff with that mindset? We should be developing policies that establish a better future, not the solution of the day.

CP: A lot of people have opinions, like you. How do they affect their problems?

Glischinski: They get involved. There are many ways to get involved. Some don’t require a lot of action, other than picking up the phone and calling your elected official, whether local, state, or federal. And above all, vote!

CP: Have you ever sat down to testify before a committee and forgot what you were going to say? If so, how did you record it?

Glischinski: No. I still have a written testimonial, however, sometimes I feel like I’m reading, which I am. You only have two or three minutes, so sometimes I end up using my testimony as a diagram to get my point across. My passion comes out when I do this. However, members of the committee have asked me some interesting questions. I was once asked if I believed loan sharks existed. It was a bit out of context, so I just smiled and said, “Sure, I see them.

CP: The best trip you’ve been on?

Glischinski: It’s difficult. I have traveled a lot over the years in my profession and now as a volunteer. A super bowl week, a few friends and I cruised without a crew on a sailboat for a few days from San Diego. We forgot it was Super Bowl week. Denver and Washington were playing. We sailed to Mission Bay and got a bill at the hotel where the Washington football team was staying. We walked into the hotel and found Washington fans partying. We immediately went to the gift shop and bought some Denver Bronco hats. I asked a family taking their picture if I could take a picture of a family that turned out to be the family of a federal judge. He invited me to be their guest at the NFL dinner that night at another hotel.

Fast facts:

Where did you grow up Sometimes I tell people that I grew up in Disneyland. This is somewhat true since I grew up in Anaheim, California and spent a lot of time in the park.

What was your dream job and what was your real job? I wanted to fly planes. I ended up traveling a lot as a technical assistant and then as an IT salesperson.

Are you a good dancer? No. I used to pretend to dance using my ski moves. Down, up, down, down.

Kids? I have a son, a daughter-in-law and two wonderful grandchildren.

What’s the most “Colorado” thing about you? I am colorful like our state.

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COVID-19 scams target blacks and other people of color https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color/ https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color/#respond Mon, 25 Oct 2021 15:29:50 +0000 https://eaglerock-is.com/covid-19-scams-target-blacks-and-other-people-of-color/ By Charlène Crowell (Trice Edney Wire) – As the annual holiday shopping and celebration season approaches, a leading federal financial regulator has released new research detailing how communities of color are not only being targeted by well-known types of predatory lenders , but new forms of fraud are seeking to exploit consumers plagued by the […]]]>

By Charlène Crowell

(Trice Edney Wire) – As the annual holiday shopping and celebration season approaches, a leading federal financial regulator has released new research detailing how communities of color are not only being targeted by well-known types of predatory lenders , but new forms of fraud are seeking to exploit consumers plagued by the COVID-19 pandemic.

Published by the Federal Trade Commission (FTC), Serving communities of color summarizes the agency’s five-year efforts focused on the financial woes facing communities of color. Since 2016, the FTC has filed more than 25 actions alleging behavior targeting or disproportionately affecting communities of color. Cases challenged illegal practices of auto dealers, for-profit schools, for profit opportunities, student debt relief programs, etc.

Beyond these financial transactions, the report also notes that many payment methods used by black and Latino consumers offer less protections against fraud, such as debit cards, cash, and money orders. While credit card payments offer greater protection to consumers, very few complaints filed with the FTC by people of color have involved this type of payment.

“What has become very clear from research and experience is that fraud, along with certain other business practices, has a disproportionately negative impact on communities of color, compared to white communities.” , indicates the report. “A review of 23 FTC cases shows predominantly black communities are overrepresented in the pool of consumers who have lost money.”

For example, last June, the FTC and the state of Arkansas jointly filed a lawsuit against a scam operation that explicitly appealed to black applicants who were suffering financial hardship as a result of the COVID-19 pandemic. The lawsuit alleged that the “Blessings in No Time” program was in fact a pyramid scheme that falsely promised members returns on investment of up to 800%. The minimum “investment” for the alleged scam required $ 1,400, but some members paid as much as $ 67,700. The Texas-based defendants also falsely assured attendees that they would not lose any money and could opt out at any time with a full refund.

Most recently, on October 15, the FTC ended a jail appeal program that tricked family and friends of incarcerated people with marketing and advertising that promised unlimited calling plans to keep in touch with loved ones while in-person visits were suspended due to COVID-19. Instead, no call time was ever provided. The defendants, inmatecall.com and inmatecallsolutions.com, have posed as companies licensed to provide appeal services to prisons and prisons to bolster the credibility of their misrepresentation. A federal court order now requires all deceived consumers to be informed and prohibits defendants from future activities.

When these financial losses are combined with the effects of a national racial wealth gap that found black people to have only 22 cents for every dollar of wealth whites hold, it becomes clear how deceptive and predatory loans are declining. the ability of black consumers to effectively manage their financial lives. Just as redlining limited where black people could live, today’s predatory loans, like fringe financial services, limit the ability of black communities to build wealth.

For example, about twice as many consumers in predominantly black communities, compared to white consumers, purchased student debt relief programs and payday loans. But the top two complaints by black consumers to the FTC were credit bureaus (21%) and impersonator scams (12.5%). In 2020 alone, the FTC filed or resolved seven debt collection cases against 39 defendants and obtained $ 26 million in judgments for aggrieved consumers.

Other types of predatory and deceptive loans include debt collection, bank loans, and auto sales and financing. The agency also found evidence of healthcare fraud, identity theft, as well as suspected jobs and lucrative opportunities.

For many consumers, buying and financing a car is the second largest consumer transaction after housing costs. Ample evidence of blatant discrimination against black, Latino and Native American car buyers included false information about claims and contracts, as well as deceptive advertisements in Spanish.

“Research indicates that consumers of color face discrimination in the sale and financing of cars and often pay higher prices as a result,” the report says.

Over the past five years, the FTC has filed multiple lawsuits against auto dealers for deceptive tactics, including advertised prices that were never available to potential buyers, falsifying financial information in sales, financial reporting false and / or deceptive and unfair practices.

Identity theft has been discovered in cases where crooks often gain credibility by posing as an official. For example, a defendant marketed prepaid cards to black and Latino customers, claiming their cards were like Visa or MasterCard. Instead, consumers couldn’t use the cards or were wasting all the money they loaded into them.

For consumer advocates, these and other recent findings on the financial abuse facing consumers of color deserve even more aggressive enforcement, particularly at the federal level.

“Never in US history have black people and other families of color experienced a level playing field in financial matters,” Ashley Harrington of the Center for Responsible Lending told the House Financial Services Committee this spring. “And the COVID-19 crisis has exacerbated existing disparities. In fact, in many cases, white families will have 5.5 times more savings than black families to financially resist the pandemic. “

There is ample evidence of financial abuse. The nation needs a new calculation to right the wrongs.

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ABC calls for increased CFPB oversight of fintechs via largest participant rule | Man’s pepper with trout https://eaglerock-is.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/ https://eaglerock-is.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/#respond Sun, 24 Oct 2021 22:41:15 +0000 https://eaglerock-is.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/ The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the director of the Consumer Financial Protection Bureau (CFPB), calling for increased scrutiny of financial technology (fintech) companies. On October 3, just three days after Rohit Chopra was confirmed as the next CFPB director, the ABC urged him […]]]>

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the director of the Consumer Financial Protection Bureau (CFPB), calling for increased scrutiny of financial technology (fintech) companies. On October 3, just three days after Rohit Chopra was confirmed as the next CFPB director, the ABC urged him to consider extending the agency’s largest participant rule.

The CFPB has the authority to supervise certain “covered persons”, defined in 12 USC §5481 (6) to include “any person who engages in the offering or provision of a consumer financial product or service” and any subsidiary of that person who acts as a service provider to that person. Fintechs are therefore non-depository covered persons, but do not fall under the express legal supervisory authority of the CFPB. Under 12 USC § 5514, the CFPB has express supervisory authority over those covered in the residential mortgage, private student loan, and consumer payday loan markets. The agency also has supervisory authority over any covered person who “is a larger participant in a market for other consumer financial products or services”, as defined by specific regulation.

Under the latter provision, the CFPB could, through additional regulation, oversee fintechs that operate in a covered market and meet a relevant criterion to be considered a larger participant. 12 CFR 1090 currently provides for CFPB oversight of the consumer reporting, consumer debt collection, student loan servicing, international money transfer and auto finance markets, and for each of these markets it prescribes a test or threshold to determine a person’s status as a larger participant. For example, the threshold for determining whether a non-bank covered person is a larger participant in the auto finance market is 10,000 cumulative annual arrangements.

In its letter, the BCA specifically advocated adding the unsecured consumer loan market to the list of defined markets overseen by the CFPB under its broader participant authority as a mechanism to place fintechs under. supervision of the CFPB. The CBA made a two-pronged argument. First, he stressed the need for competitive markets and a level playing field, citing statistics suggesting that unsupervised fintechs have a customer base that “rivals some of the largest supervised banks in the country.” Second, he argued that a lack of oversight puts consumers at risk. As examples, the ABC highlighted recent lawsuits and consent orders against fintechs and statistics on the high rate of suspicious PPP loans from fintech lenders as opposed to traditional lenders.

The approach suggested by the ABC can have unintended consequences. The implications of a broader participation rule for the unsecured consumer loan market would likely extend beyond online non-bank consumer lenders, as such a rule could cover non-fintech companies as well. Additionally, since the fintech industry is larger than unsecured consumer loans, it would not provide oversight to all types of fintechs.

This will be a problem to watch out for in Rohit Chopra’s time at CFPB. The new regulation regarding the largest participant rule was previously designated as “inactive”, so an initial indicator will be whether the CFPB will revert this regulation to active status.

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