Capital – Intersindical RTVV http://www.intersindicalrtvv.com/ Fri, 17 Sep 2021 13:52:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.intersindicalrtvv.com/wp-content/uploads/2021/03/intersindicalrtvv-icon-70x70.png Capital – Intersindical RTVV http://www.intersindicalrtvv.com/ 32 32 OakNorth, a SoftBank-backed lender, has registered nearly £ 100million in default https://www.intersindicalrtvv.com/oaknorth-a-softbank-backed-lender-has-registered-nearly-100million-in-default/ https://www.intersindicalrtvv.com/oaknorth-a-softbank-backed-lender-has-registered-nearly-100million-in-default/#respond Tue, 09 Mar 2021 10:57:14 +0000 https://www.intersindicalrtvv.com/oaknorth-a-softbank-backed-lender-has-registered-nearly-100million-in-default/

Oaknorth Bank Plc Updates

OakNorth, the UK SoftBank-backed lender that once boasted of its perfect loan record, has incurred nearly £ 100million in defaults largely due to downgraded loans to property developers, according to a Financial Times analysis.

The defaults, from only 10 borrowers, will serve as a test of the owner’s credit underwriting Platform which made OakNorth one of the most much appreciated start-up.

Many defaults have followed the coronavirus pandemic, although OakNorth’s biggest default to date has been £ 41million on loan to a luxury property developer who went bankrupt in 2019.

Rishi khosla, the bank’s co-founder and managing director, admitted that at times its default rates were higher than some other UK specialist lenders, but said OakNorth had fully recovered debts on four of its 10 loans in default and expected recoveries of more than 90 percent on the other six.

He told the Financial Times that 10 defaults over more than five years and around £ 5bn in loans “aren’t going badly”, adding: “I would say you probably couldn’t find a reference anywhere in the loans. of financial services that actually compares against that.

OakNorth was launched in September 2015 by Khosla and co-founder Joel Perlman after selling their previous company, which outsourced investment banking research in India, to rating giant Moody’s.

The bank provides loans of up to £ 50million to businesses and property developers in the UK, while licensing its lending software to lenders in other countries. It has a large back office in India which includes credit analysts.

The pair initially said the bank would avoid traditional forms of collateral, but today the vast majority of its loans are secured by fixed assets, including real estate, with construction making up the largest segment of its loans. OakNorth said it continues to lend against “various guarantees” and to companies without significant tangible assets. The bank ended 2020 with an outstanding loan portfolio of £ 3.5 billion.

In January 2019, Khosla said OakNorth had not experienced any defaults or even defaulted on payments, signaling “zero” out of hand to the public at a FinTech conference when asked about it. on the bank’s bad debt rate.

Next month, SoftBank led $ 440 million in funding round that valued OakNorth at $ 2.8 billion. In 2020, one of the first key funders, Indian lender IndiaBulls, sold part of its stake in a secondary sale at reduced price this gave OakNorth an implied valuation of around $ 2 billion. OakNorth said the rebate reflected IndiaBulls’ position as a seller, rather than OakNorth’s outlook.

The Financial Times analyzed documents filed with Companies House to build a picture of OakNorth defaults, identifying seven entities which owed the lender a total of £ 97million at the time of their insolvency and three others whose liabilities were not not clear.

All but two were linked to property development, with the largest default of over £ 41million linked to a luxury home construction project near the village of Wadhurst in East Sussex. Directors of the developer, Newcourt Residential, said last month that they did not expect OakNorth to be reimbursed in full.

OakNorth also had nearly £ 28million in exposure at a London development, 254 Kilburn, which came into administration at the end of 2020. The directors of that entity also said last month that they did not plan to give OakNorth a full refund.

In addition to the 10 defaults recognized by the bank, Leon Restaurants, who in 2016 borrowed £ 19million from OakNorth, last year entered into a voluntary corporate agreement with his creditors.

Khosla declined to discuss Leon specifically, but said OakNorth considers borrowers who have continued to repay and have “chosen to do something on a consensus basis as not being in default. The underlying loan does not. has not stopped working “.

Over the past 16 months, OakNorth has established an in-house recovery team. A job posting sought candidates for a position managing the bank’s “distressed loan portfolio”.

OakNorth is expected to release its results for 2020 in the coming weeks. Its 2019 deposits recorded a provision for losses of £ 1.9m against just over £ 40m in defaults and a drawn loan portfolio of around £ 2bn.

Khosla said the bank made a general allowance for possible losses in June 2020, just as other lenders have done in light of the pandemic, but he said he expected the most of the provision is ultimately not necessary.

“If you look at the fundamental credit risk that we take, the credit risk is actually pretty measured,” he said.

Total loan portfolio growth fell to 12% in 2020, which the company said was due to the slowdown in lending activity in the first half of the year caused by the pandemic. The bank said its current growth is more than double its 2020 rate.

In 2019, he reported pre-tax profits for its £ 66million UK bank, but OakNorth declined to provide figures for the entire group, which is owned by a Jersey holding company that Khosla chairs.

A Singaporean entity owned by the holding company in 2019 recorded a pre-tax loss of £ 23million, according to local company records.

“We have always been transparent that at a Group level we are profitable and still invest in our software business,” said OakNorth.

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PNC Financial Services Group, I – Consensus indicates downside potential of -3.3% https://www.intersindicalrtvv.com/pnc-financial-services-group-i-consensus-indicates-downside-potential-of-3-3/ https://www.intersindicalrtvv.com/pnc-financial-services-group-i-consensus-indicates-downside-potential-of-3-3/#respond Tue, 09 Mar 2021 10:57:14 +0000 https://www.intersindicalrtvv.com/pnc-financial-services-group-i-consensus-indicates-downside-potential-of-3-3/

PNC Financial Services Group, I with ticker code (PNC) now have 18 total analysts covering the stock. The consensus odds are “Hold”. The target price varies between 200 and 142 by calculating the average target price that we have 166.83. Given that the previous close of shares was at 172.58, this indicates that there is a potential decline of -3.3%. The 50-day MA is 161.23 and the 200-day MA is 133.95. The company’s market capitalization is $ 74,823 million. You can visit the company’s website by visiting: http://www.pnc.com

PNC Financial Services Group operates as a diversified financial services company in the United States. The Retail Banking segment provides deposit, loan, brokerage, insurance, investment and cash management services to individuals and small businesses through a network of branches, ATMs, call centers, online banking and mobile channels. The Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit and equipment rentals; debts, receivables, deposits and accounts, cash and investments, and online and mobile banking products and services; foreign exchange, derivatives, underwriting, loan syndications, mergers and acquisitions and advisory services relating to equity capital markets; and business loan services and technology solutions for the commercial real estate finance industry. The Asset Management Group segment offers solutions for investment and retirement planning, personalized investment management, private banking and trust management and administration; and multigenerational family planning products, such as estate, financial, tax, fiduciary planning, investment management and advice, private banking, personal administration, asset custody, and personalized performance reporting services. This segment also provides investment manager, custody, private real estate, treasury and fixed income solutions, as well as retirement advisory services. The BlackRock segment offers single and multi-asset class portfolios; and technology platform for investment and risk management services. It operates 2,400 locations and 15,000 ATMs. PNC Financial Services Group was founded in 1852 and is headquartered in Pittsburgh, Pennsylvania.

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Aussie confident that strong buyer activity will continue in 2021 https://www.intersindicalrtvv.com/aussie-confident-that-strong-buyer-activity-will-continue-in-2021/ https://www.intersindicalrtvv.com/aussie-confident-that-strong-buyer-activity-will-continue-in-2021/#respond Tue, 09 Mar 2021 10:57:14 +0000 https://www.intersindicalrtvv.com/aussie-confident-that-strong-buyer-activity-will-continue-in-2021/

After closing 2020 with solid figures across the board, Australian CEO James Symond expressed confidence that the group’s growth will continue into the new year.

“We are very confident that Aussie’s lending volumes will continue to grow to over $ 18 billion in fiscal 2021 – amid the dynamic real estate market, record lending conditions and despite continued economic and social pressures. exerted on all of us by the COVID -19 pandemic, ”he said.

In the past calendar year, the broker group’s settled loan volume increased 11% to $ 17.7 billion, largely driven by demand from refinancers, movers and first-time homebuyers.

Given that the Aussie saw a 28% increase in loans to first-time buyers over the 12-month period, Symond expressed particular confidence that the subset of borrowers will remain active in the new year as people continue to take advantage of historically low interest rates and government measures. available to support them.

“The year has been dominated by very strong competition among lenders, particularly in their fixed rate products, and this is expected to continue as both fixed and variable interest rates continue to be refined,” Symond said.

“We are seeing a return in consumer confidence. I believe the comeback of the Australian property market will continue for some time, especially with government programs continuing to help first-time buyers enter the property market. “

For the CEO, it is indisputable that mortgage brokers have continued to prove themselves as a crucial part of the housing ecosystem.

“Mortgage brokers, who provide over 50% of home loans in Australia, are proving their worth right now by helping borrowers navigate their way through the abundance of government products and programs currently available, as well as the often difficult task of securing a mortgage, ”he said.

“Many of our brokers are currently working around the clock to help clients with their loan applications in the New Year and we are increasing the number of brokers and stores to meet the request for assistance. “

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Definition of asset financing https://www.intersindicalrtvv.com/definition-of-asset-financing/ https://www.intersindicalrtvv.com/definition-of-asset-financing/#respond Tue, 09 Mar 2021 10:57:13 +0000 https://www.intersindicalrtvv.com/definition-of-asset-financing/

What is asset finance?

Asset financing refers to the use of assets on a company’s balance sheet, including short-term investments, inventory, and accounts receivable, to borrow money or obtain a loan. The company borrowing the funds must provide the lender with security over the assets.

Understanding asset finance

Asset financing differs significantly from traditional financing, as the borrowing company offers part of its assets to get a cash loan quickly. A traditional financing arrangement, such as a project-based loan, would involve a longer process including business planning, projections, etc. Asset financing is most often used when a borrower needs a short-term cash loan or working capital. In most cases, the borrowing company resorting to asset financing pledges its trade receivables; however, the use of inventory assets in the borrowing process is not uncommon.

Key points to remember

  • Asset financing allows a business to obtain a loan by pledging the assets on the balance sheet.
  • Asset financing is generally used to cover a short-term need for working capital.
  • Some companies prefer to use asset financing instead of traditional financing, as financing is based on the assets themselves rather than the bank’s perception of the company’s creditworthiness and future business prospects.

The difference between asset finance and asset lending

At a basic level, asset finance and asset lending are terms that basically refer to the same thing, with a slight difference. With asset loans, when an individual borrows money to buy a house or a car, the house or vehicle serves as collateral for the loan. If the loan is not repaid within the specified time, it falls within the fault, and the lender can then seize the car or house and sell it in order to pay off the loan amount. The same concept applies to companies that buy assets. With asset financing, if other assets are used to help the person qualify for the loan, they are generally not considered a direct guarantee on the loan amount.

Asset financing is typically used by businesses, which tend to borrow against the assets they currently own. Accounts receivable, inventory, machinery and even buildings and warehouses can be offered as collateral for a loan. These loans are almost always used for short-term financing needs, such as cash to pay employees’ salaries or to purchase the raw materials needed to produce the goods sold. Thus, the company does not buy a new asset, but uses its own assets to fill a cash shortage. If, however, the business defaults, the lender can still seize the assets and attempt to sell them to recover the loan amount.

Secured and unsecured loans in asset finance

Asset finance, in the past, was generally viewed as a type of finance of last resort; however, the stigma surrounding this source of funding has diminished over time. This is mainly true for small businesses, startups and other businesses that do not have the history or credit rating to qualify for alternative sources of finance.

There are two main types of loans that can be granted. The most traditional type is a secured loan, in which a company borrows, pledging an asset against the debt. The lender takes into account the value of the pledged asset instead of looking at the creditworthiness of the business as a whole. If the loan is not repaid, the lender can seize the asset that has been pledged against the debt. Unsecured loans do not specifically imply guarantees; however, the lender may have a general claim on the assets of the business if the repayment is not made. If the business goes bankrupt, secured creditors usually receive a greater proportion of their claims. As a result, secured loans generally have a lower interest rate, which makes them more attractive to businesses in need of asset financing.

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Is Your Credit Report Wrong? Here’s what you can do about it https://www.intersindicalrtvv.com/is-your-credit-report-wrong-heres-what-you-can-do-about-it/ https://www.intersindicalrtvv.com/is-your-credit-report-wrong-heres-what-you-can-do-about-it/#respond Tue, 09 Mar 2021 10:57:13 +0000 https://www.intersindicalrtvv.com/is-your-credit-report-wrong-heres-what-you-can-do-about-it/

FILE – This file photo from August 11, 2019 shows a Visa logo on a credit card in New Orleans. (AP Photo / Jenny Kane, file)

This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.

(Nerdwallet) – Consumers filed complaints with the Consumer Financial Protection Bureau in record numbers in 2020, according to a report released Monday by the US Public Interest Research Group, a non-profit consumer advocacy group.

Credit assessment issues were cited in 282,000, or 63% of complaints. The majority noted “incorrect information” on credit reports or “the information belongs to someone else,” according to the report.

Not only did complaints about credit report errors top the list of consumer grievances, but the three major credit bureaus – Experian, TransUnion and Equifax – were the top three companies with complaints.

Mistakes Can Put Your Credit Score at Risk

Accuracy is important because credit report errors can suggest identity theft or fraudulent activity on your accounts. And because credit report data is the raw material for credit scores, mistakes can lower your score.

Some of the complaint volume may be an unintended consequence of payment accommodations mandated by the 2020 Coronavirus Relief Bill and temporary concessions offered by lenders and credit card issuers.

But credit report errors were common even before the pandemic, says Ed Mierzwinski, senior director of the advocacy group’s federal consumer program and author of the report. Payment accommodations may have caused more people to check their credit reports and find these errors, he says.

Mierzwinski recommends that “any consumer with a credit account” check their credit reports. People who have common names can be particularly at risk of confusion, he says.

How to get your credit reports

You can get a free credit report from each of the three major credit bureaus by using AnnualCreditReport.com. You will be asked to provide personal identifying information – your name, social security number, date of birth, and address.

You will also be asked security questions to verify your identity. Some of them can be difficult. If you are unable to answer correctly, call 877-322-8228 to request your credit reports by mail.

You can also download and send a application form at: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281.

How to read your credit reports

Your reports from the three offices will not be exactly the same. Not all creditors fall under all three and bureaus present information in different formats. But you can use a similar procedure to read your credit reports.

First, verify your credentials. Mistakes like misspellings from a previous employer don’t matter, but something like an address you’ve never lived at might suggest identity theft.

Then verify the account information. Every credit account you have (and some that are closed) should be listed and include:

  • Name of the creditor, account number and opening date.
  • Type of account (credit card, loan, etc.).
  • Account status and if you are up to date on payments. Accounts that were in good standing when the pandemic-related payment accommodations began must continue to be reported in this fashion until the accommodations are completed.
  • Whether you are a joint account holder, primary user or authorized user.
  • Credit limit and / or original loan amount.

There may be negative information, such as collection accounts or bankruptcy records. Make sure you recognize it and that it is correct.

How to dispute errors

The Fair Credit Reporting Act holds both the creditor reporting to the credit bureaus and the credit bureaus responsible for ensuring that the information in your credit reports is accurate.

If you spot an error in one credit report, check it in the other two. dispute the error with each office that reports it. You can dispute by mail, over the phone or online – the credit report will include information on how to file your dispute. The credit bureaus should investigate and notify you of the result.

You can also contact the company providing the incorrect information. He should notify the litigation bureaus and, if he finds that the information was wrong or incomplete, ask the credit bureaus to remove it.

If the challenge does not resolve the problem, Mierzwinski recommends filing a complaint with the CFPB and requesting an investigation. This can put additional pressure to correct misinformation, he says.

CFPB Acting Director Dave Uejio said one of his goals is to “ensure that consumers who submit complaints to us get the response and relief they deserve.”

More from NerdWallet

Bev O’Shea writes for NerdWallet. Email: boshea@nerdwallet.com. Twitter: @BeverlyOShea.

The article Your Credit Report May Be Wrong – Here’s What To Do About It originally appeared on NerdWallet.

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MeridianLink Announces Acquisition of Teledata Communications, Inc. to Launch New Era of Loan Originating Solution Technology https://www.intersindicalrtvv.com/meridianlink-announces-acquisition-of-teledata-communications-inc-to-launch-new-era-of-loan-originating-solution-technology/ https://www.intersindicalrtvv.com/meridianlink-announces-acquisition-of-teledata-communications-inc-to-launch-new-era-of-loan-originating-solution-technology/#respond Tue, 09 Mar 2021 10:57:12 +0000 https://www.intersindicalrtvv.com/meridianlink-announces-acquisition-of-teledata-communications-inc-to-launch-new-era-of-loan-originating-solution-technology/

The acquisition brings together two FinTech industry leaders to further innovate loan origination solution technology for financial institutions nationwide.

We are delighted to officially announce that MeridianLink has acquired Teledata Communications, Inc. (TCI). Welcome in the team! The acquisition brings together two FinTech industry leaders to further innovate loan origination solution (LOS) technology for financial institutions nationwide. #StrongerTogether #ConnectingYouToBetter #DigitalLending #Originations

We are delighted to officially announce that MeridianLink has acquired Teledata Communications, Inc. (TCI). Welcome in the team! The acquisition brings together two FinTech industry leaders to further innovate the technology of loan origination solutions (LOS) for financial institutions nationwide. #StrongerTogether #ConnectingYouToBetter #DigitalLending #Originations

Costa Mesa, Calif., November 5, 2020 (GLOBE NEWSWIRE) – MeridianLink®, a leading provider of business solutions for financial services organizations, today announced the acquisition of Teledata Communications, Inc. (TCI). TCI is the creator of DecisionLender, a SaaS loan origination (LOS) solution that was first released in 1998. DecisionLender is an industry-trusted LOS serving over 500 banks, credit unions and financial companies in nationwide.

“TCI’s customer-centric commitment and focus on delivering a continually innovative lending solution reflects the vision and mission of MeridianLink,” said Nicolaas Vlok, CEO of MeridianLink. “The addition of TCI, which combines over 20 years of FinTech industry expertise and cutting-edge intellectual property, will accelerate LOS innovation. “

“For over 20 years my team and I have built a leading product for our customers and we are proud to entrust its future expansion to MeridianLink,” said George Nagrodsky, Co-Founder, President and Director of TCI. .

The DecisionLender loan origination system will continue to be available to existing and new customers across the country. MeridianLink will advance LOS technology and give borrowers the frictionless process they expect. By combining the knowledge and technology of organizations, MeridianLink will accelerate innovation within its LOS product roadmap, providing financial institutions with the best enterprise business solutions so that they can focus on their employees, their consumers. and their communities.

“This acquisition will bring exciting new breakthroughs in LOS technology. We are confident that MeridianLink’s strong record of innovation and exceptional customer support will make our customers more successful, ”said William S. Nass, Co-Founder, President and CEO of TCI.

MeridianLink will continue to provide all current business solutions for banks, credit unions and mortgage lenders. DecisionLender will now be offered in the MeridianLink product line. The combined industry knowledge of the two companies provides a solid foundation for faster growth in innovation and product development. MeridianLink is committed to investing more in lending technology that simplifies workflows and helps financial institutions grow.

“We are delighted to welcome TCI employees to the MeridianLink team and look forward to expanding our range of products and solutions,” said Alan Arnold, COO of MeridianLink. “We are honored to serve our new customers and build on these strong relationships. “

Financial Technology Partners LP and FTP Securities LLC were TCI’s exclusive financial and strategic advisers in this transaction.

About MeridianLink

MeridianLink, Inc., developer of the first and the leading multi-channel loan origination and account opening platform, has been a trusted provider of business solutions for financial firms since 1998. Winner of Octane’s ‘Best Technology Company Leadership Team’ in 2020 , MeridianLink connects more than 1,400 customers and their customers to better financial experiences – through efficiency, solutions and technology. More information is available at www.meridianlink.com.

About Teledata Communications, Inc.

Founded in 1982, Teledata Communications, Inc (TCI) is the provider of DecisionLender 4, a comprehensive consumer loan origination (LOS) platform. DecisionLender 4 is fully configurable, hosted in the cloud, and supports branching, online lending, auto and merchant indirect lending, and opening deposit accounts. The robust decision engine is the most versatile on the market, enabling manual or automated workflows. With over 130 different third-party integrations ranging from alternative data sources to fraud protection, signing and more, DecisionLender 4 really lets you do business YOUR WAY! www.tcicredit.com

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CONTACT: Charlie Lee Chief Marketing Officer, MeridianLink 888-593-8970 charlie.lee@meridianlink.com
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Small Businesses Face ‘Nightmare’ Cash Crisis From Coronavirus Pandemic https://www.intersindicalrtvv.com/small-businesses-face-nightmare-cash-crisis-from-coronavirus-pandemic/ https://www.intersindicalrtvv.com/small-businesses-face-nightmare-cash-crisis-from-coronavirus-pandemic/#respond Tue, 09 Mar 2021 10:57:11 +0000 https://www.intersindicalrtvv.com/small-businesses-face-nightmare-cash-crisis-from-coronavirus-pandemic/

Comedy clubs, bookstores and cocktail makers are among the millions of America’s small businesses face a race against time in an unprecedented financial battle for survival.

“It’s not funny. You know, it has to be clear,” said Allyson Jaffe, co-owner of DC Improv, which closed its theater and laid off almost all of its staff this month because of the novel. coronavirus pandemic. “It’s been a nightmare. The word I repeat is ‘horrible’.”

Companies that employ fewer than 500 workers are a vital pillar of the US economy and particularly susceptible to a sharp economic shock.

“Half the people who work in this country own or work for a small business. So that’s half of our jobs,” said Karen G. Mills, senior fellow at Harvard Business School and former administrator of US Small. Business Administration under the Obama administration. .

“They have very low cash buffers. On average, they have about 26 days of cash,” Mills said.

Tune in to ABC at 1 p.m. ET and ABC News Live at 4 p.m. ET every day of the week for special coverage of the novel coronavirus with the entire ABC News team, including breaking news, background and news. analyzes.

This week’s congress is should approve a large injection of money – over $ 350 billion in emergency loans for small businesses which include a big advantage: the owners will not have to reimburse the government, if they use the money to cover the rent or the wages of the workers.

“I would take this deal any day to allow us to do it, if these loans could then be canceled,” said Pia Carusone, CEO and co-founder of Republic Restoratives Distillery in Washington, DC, which produces vodka. artisanal, bourbon and brandy.

“Our bills don’t just stop. We have a working capital loan that we have so much debt on and a big rent bill every month from our landlord,” Carusone said. “So we are not in a good position to generate near zero income in our wholesale business. “

Adam Waterreus, owner of Lost City Books in DC, has seen a steep 75% drop in sales since the start of the pandemic. He laid off four employees and is struggling to keep three more on the payroll.

“It looks like (financial relief) is happening, which I think is important, that they give some provisions to small businesses,” he said of the $ 2 trillion federal coronavirus relief program. dollars.

Waterreus said he was nervous about taking on more debt with new loans, but is optimistic the financial aid could keep him afloat in the short term.

“We’re not meant to be a place where we are online marketplaces; we’re like your local bookstore,” Waterreus said of the desire to keep its doors open.

At the comedy club, Jaffe laid off 50 employees this month – including her husband – but still managed to find some humor in the situation.

“He said, ‘Well, this is the first time I’m getting fucked this month,” she said with a smile as she recalled the conversation with her spouse. “Laughter will bring us together and help us get through.”

“We will ask for loans,” Jaffe added. “And obviously, if it’s a forgivable loan, that would be a better option for us as a business and help us weather the storm even further.”

While many business owners and advocates have praised the government’s back-up plan, there is widespread concern that federal funds will not be delivered quickly enough.

“We’ll be lucky if most small businesses see help in less than two months,” financial attorneys Adam Levitin and Satyam Khanna wrote in a New York Times. editorial. “This is the time they – and their employees – don’t have.”

Senate staff involved in drafting the plan said they tried to streamline the lending process as much as possible, allowing business owners to seek help from one of more than 800 lenders nationwide. who are partners of the Small Business Administration.

“Considering this is a 100% secured loan, it shouldn’t be too complicated,” a senior Republican official involved in the process told ABC News.

Financial support is not unlimited. The Congress proposal would only cover two to three months of rent, utilities and wages for many small businesses.

The White House and some economists are pushing to lift local shutdowns as soon as possible to revive the economy. President Donald Trump has set an Easter target – April 12 – weeks ahead of what many public health experts believe is safe.

“People are going to move around freely and get re-infected and spread the virus. So as a small business owner who is suffering, I would be very, very happy to make sure that we continue to shut down until we kill this thing. said Carusone, former chief of staff to then-Arizona MP Gabby Giffords and a former senior Department of Homeland Security official.

In the meantime, Carusone has shifted its business towards the production of hand sanitizer. The distillery produces small bottles of homemade alcohol gel, filling a 1,000 gallon order this week from the local government to equip police and medical personnel.

Waterreus said he also opposed a rush to reopen before public health officials gave the green light.

“It’s not, I think, responsible for me as a business owner,” he said, acknowledging that crowds of book buyers browsing his store could create a dangerous situation if the virus spreads. still spreading. “I’d rather hear from town or hear from Mayor (Muriel) Bowser and other health officials than I would (President Trump).”

Jaffe says she is trying to weather the crisis by giving back to the community through what she does best — making people laugh. The improv club is experimenting with virtual stand-up shows and online comedy lessons.

“We want to give you some kind of place – even if it’s your own place in your own little house and your office or living room or whatever,” Jaffe said. “I don’t want to charge people for this.”

“It’s also not healthy to just be in total fear and panic, you know? It’s going to do more damage to you,” she said. “Yes, the virus is going to hurt you, but that feeling is going to hurt you too.”

In other words: don’t forget to laugh.

What to know about the coronavirus:

  • How it started and how to protect yourself: coronavirus explained
  • What to do if you have symptoms: coronavirus symptoms
  • Tracking the spread in the United States and around the world: coronavirus card
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    Alternative Credit Data, Fair Loans May Focus Under Biden https://www.intersindicalrtvv.com/alternative-credit-data-fair-loans-may-focus-under-biden/ https://www.intersindicalrtvv.com/alternative-credit-data-fair-loans-may-focus-under-biden/#respond Tue, 09 Mar 2021 10:57:10 +0000 https://www.intersindicalrtvv.com/alternative-credit-data-fair-loans-may-focus-under-biden/

    Editor’s note: This story is part of a series on the trends that will shape the industry in 2021. You can find all the articles on our trend line.

    After President Joe Biden’s inauguration on Wednesday and a run-off election in Georgia that gave Democrats control of the Senate, financial regulation and the political agenda appear to be in Democrats’ hands for at least the next two years.

    Stakeholders in the banking sector have said that some of the issues the new administration is focusing on are alternative credit data, oversight of big banks and fair lending.

    “Alternative data is going to become incredibly important, and the Biden administration has signaled a real openness to it,” said John Pitts, policy manager at data aggregator Plaid.

    After a year in which student loans and mortgage payments were put on hold amid the coronavirus pandemic, consumers are facing big gaps in their credit histories.

    Among his first actions as president, Biden signed an executive order on Wednesday ordering the Department of Education to extend the pause on student loan payments until September 30.

    “This is the longest period of significant regulatory mitigation from normal financial services reporting that we have ever seen,” Pitts said. “We’re going to have a year of irrelevant information on people’s credit reports, and we’ve never really had such an environment.”

    As a result, Pitts said he believes cash flow underwriting will become an important practice during the Biden administration.

    “This is an area where fintechs have really been the leaders over the past five years, and large financial institutions have always done with small businesses but not as often with consumers,” he said. “I think having leadership at [Office of the Comptroller of the Currency] and the [Consumer Financial Protection Bureau] who are looking at these types of innovations and ensuring that consumers are protected when they do so will be extremely important. “

    With Democrats heading up Senate and House financial and banking services committees, CEOs of big banks should expect an increase in banking watch hearings.

    Senator Sherrod Brown, D-OH, who will replace Senator Mike Crapo, R-ID, as Chairman of the Senate Banking Committee, is expected to strengthen sector surveillance and expressed a desire to hear more often from the CEOs of the country’s largest banks.

    “[T]”They have a lot of power and we need to know more about the way they do their business,” he told reporters last week. “The more we hear from them, the better.”

    Bank CEOs could be given a little more time to prepare for future Congressional hearings as Democrats may want to postpone some of the “blockbusters” until the pandemic is over, Partner Aaron Cutler said. from the Government Affairs Unit of Hogan Lovells.

    “It’s not as dramatic to have people raising their hands and taking an oath on Zoom rather than in the committee room,” he said.

    In the meantime, Cutler said banks should prepare testimonials and manage responses to topics Democrats are likely to focus on, such as diversity and inclusion, fair lending and climate change.

    “Fair lending is one of the areas that evolves with party affiliation in administration, more than other types of financial services regulation,” said Christopher Willis, co-head of the financial services group. consumers of Ballard Spahr. “We expect an increase in the attention given to fair lending under this administration. This is a particular area of ​​law that banks need to be concerned about.”

    The Obama administration has actively enforced anti-discrimination laws, such as the Equal Credit Opportunity Act and the Fair Housing Act, while the Trump administration has taken the opposite approach, Willis said.

    “This is an area where historically you see a lot more in a Democratic administration, and so we expect that to happen again,” Willis said.

    Despite democratic control by the House and Senate, the margins are still too narrow for lawmakers to pass significant bills that could impact the banking industry, Cutler said. But, he added, leadership changes in regulatory bodies will have a greater impact on the industry.

    Biden has appointed nine-year CFPB veteran Dave Uejio, who was the office’s last chief strategy officer, as the agency’s acting chief following the resignation of CFPB director Kathy Kraninger, the report said Thursday. White House, according to Reuters.

    Rohit Chopra, a member of the Federal Trade Commission, was presented as a likely choice to lead the CFPB on a permanent basis.

    The president is also expected to appoint Michael Barr, former Ripple adviser and head of the Treasury Department, as the head of the OCC, The Wall Street Journal reported wednesday.

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    Australia’s newest coal-fired power plant deemed worthless by Japanese owner | Coal https://www.intersindicalrtvv.com/australias-newest-coal-fired-power-plant-deemed-worthless-by-japanese-owner-coal/ https://www.intersindicalrtvv.com/australias-newest-coal-fired-power-plant-deemed-worthless-by-japanese-owner-coal/#respond Tue, 09 Mar 2021 10:57:10 +0000 https://www.intersindicalrtvv.com/australias-newest-coal-fired-power-plant-deemed-worthless-by-japanese-owner-coal/

    The Japanese co-owner of Australia’s newest coal-fired power plant has canceled its investment as the outlook for coal grows gloomy.

    The Sumitomo conglomerate and another Japanese company, Kansai, each own half of the Bluewaters power plant, which supplies around 15% of Western Australia’s electricity, after buying it for $ 1.2 billion. in 2011.

    But in accounts for the six months to the end of September, released last month, Sumitomo said it wrote off the “full amount” of its investment in the power plant, built in 2009.

    This resulted in a loss of 26 billion yen (around A $ 330 million) on the now worthless plant, the company said.

    In his accounts, he indicated that the decision had been taken because of “difficulties in refinancing the senior secured loans, the maturity of which had arrived in August 2020″.

    Kansai is also said to have written off its investment in Bluewaters.

    After being warned by the prudential regulator to take climate risk into account when granting loans, banks are increasingly reluctant to finance coal projects such as Bluewaters – a move that has scandalized some in the ranks of the government.

    Treasurer Josh Frydenberg backed a call by Coalition backbench MP George Christensen on Wednesday for a parliamentary inquiry into banks’ refusal to support coal, but the the proposal was rejected by the president from the House Economics Committee, Victorian-era Liberal MP Tim Wilson.

    The banks that held the Bluewaters debt would have threw it for as little as 71c in the dollar in July.

    At the same time, the plant struggles to source coal from its supplier Griffin Coal, which was also once part of Ric Stowe’s Coal Barony.

    In July, the Australian Financial Review reported that Bluewaters issued a breach of contract notice against Griffin over his alleged failure to deliver coal.

    The Bluewaters woes are set against the backdrop of a coal industry that analysts say is in decline.

    As a goalkeeper Australia reported On Sunday, the industry is under long-term pressure from a shift to renewables while immediately suffering from China’s ban on Australian coal.

    Simon Nicholas, an analyst at the Institute for Energy Economics and Financial Analysis, backed by environmentalists, said Sumitomo’s cancellation of the Bluewaters investment was “in part caused by continuing problems with the sole coal supplier of the power plant”.

    “The reluctance of Australian and international banks to refinance loans to Bluewaters is indicative of the growing problems facing coal-fired power operators in Australia and around the world,” he said.

    “The accelerated deployment of deflationary renewables will continue to cloud the outlook for coal-fired power plants. We can expect more write-downs of coal-fired power assets in Australia to come. “

    Sumitomo has been approached for comment.

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    ]]> https://www.intersindicalrtvv.com/australias-newest-coal-fired-power-plant-deemed-worthless-by-japanese-owner-coal/feed/ 0 FCA approaches state guarantee for $ 7.1 billion loan: source https://www.intersindicalrtvv.com/fca-approaches-state-guarantee-for-7-1-billion-loan-source/ https://www.intersindicalrtvv.com/fca-approaches-state-guarantee-for-7-1-billion-loan-source/#respond Tue, 09 Mar 2021 10:57:09 +0000 https://www.intersindicalrtvv.com/fca-approaches-state-guarantee-for-7-1-billion-loan-source/

    ROME (Reuters) – Italy’s Treasury has taken another step towards approving a state guarantee for a € 6.3 billion ($ 7.1 billion) loan for Fiat Chrysler FCHA.MI Italian unit, a government source told Reuters on Wednesday.

    FILE PHOTO: The headquarters of Fiat Chrysler Automobiles (FCA) is seen in Turin, Italy July 21, 2018. REUTERS / Massimo Pinca / File Photo

    The request for state support on such a large loan has sparked controversy in Italy, as Fiat Chrysler (FCA) is legally headquartered in the Netherlands. It is also expected to pay its shareholders an exceptional dividend of 5.5 billion euros as part of a merger project with the French car manufacturer PSA. PEUP.PA.

    The FCA said it has requested state support to help its national unity overcome the crisis triggered by the COVID-19 pandemic.

    The Italian auditor has approved the guarantee, but it has yet to be approved by Economy Minister Roberto Gualtieri and give the green light to the country’s accounting court, the source told Reuters, asking not to be named.

    The Treasury and the FCA declined to comment.

    The loan has already been approved by Italy’s largest commercial bank Intesa San Paolo FAI.MI, which will finance it, and by the export credit agency SACE, through which the guarantee will be provided.

    The loan is one of more than 400 billion euros that Rome hopes to make available this year to support Italian businesses, hit by one of the world’s deadliest coronavirus outbreaks.

    Italian companies relying on state guarantees must refrain from paying dividends this year, while the Treasury reserves the right to ask for additional requirements.

    Gualtieri said earlier this month that FCA would have to meet its investment and job commitments and face sanctions if it fails to meet them.

    The source declined to say whether the Treasury will impose conditions affecting FCA’s extraordinary dividend.

    As it stands, the state-guaranteed loan should not legally prevent FCA from distributing the extraordinary dividend, as the payment is not due until 2021 and would be made by its parent company Fiat Chrysler Automobiles NV to Netherlands.

    Report by Giuseppe Fonte; Additional reporting by Giulio Piovaccari; Editing by Catherine Evans

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