Bank Service – Left Bank http://left-bank.org/ Fri, 13 May 2022 01:51:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Bank Service – Left Bank http://left-bank.org/ 32 32 The Day – Added parking to serve downtown Mystic https://left-bank.org/the-day-added-parking-to-serve-downtown-mystic/ Fri, 13 May 2022 01:25:44 +0000 https://left-bank.org/the-day-added-parking-to-serve-downtown-mystic/ Mystic — With two weeks to go before the summer tourist season, the Mystic Seaport Museum and Chelsea Groton Bank plan to offer a total of 224 parking spaces for visitors to the city center. Finding parking downtown has become an increasingly difficult challenge as the Town of Groton recently approved the opening or expansion […]]]>

Mystic — With two weeks to go before the summer tourist season, the Mystic Seaport Museum and Chelsea Groton Bank plan to offer a total of 224 parking spaces for visitors to the city center.

Finding parking downtown has become an increasingly difficult challenge as the Town of Groton recently approved the opening or expansion of half a dozen restaurants that do not have their own reserved parking.

So far, there have only been two recent efforts to add parking, both by the town of Stonington, where tourists often seek parking along neighborhood streets. The city has added 13 spaces along Cottrell Street making it one-way and also plans to create 30 to 40 spaces at the Fourth District Voting Hall on Broadway. This batch won’t be ready until late summer or fall. Groton and Stonington officials are also working to create on-street paid parking downtown.

This week, Mystic Seaport announced it will put 200 berths in its south lot off Route 27 for non-museum visitors who can take a 14-person shuttle to downtown, while Chelsea Groton Bank will put 24 berths available in both sets. Both parking operations will be managed by LAZ Parking, which manages car parks in cities across the country. Payment will be digital through an app.

“The Seaport have really stepped up to help keep the cars out of the town centre. They’ve been great to partner with,” Stonington first coach Danielle Chesebrough said Thursday.

Shannon McKenzie, vice president of operations at the Seaport Museum, said space became available in the south lot when lumber no longer needed to be stored there.

“We have the space and the opportunity to do this. It will truly be a testing year as we work with the City of Stonington to alleviate the downtown parking shortage,” she said Thursday. .

It will cost you $10 a day to park in the seaport parking lot and then take the shuttle to a drop-off location on Holmes Street, just south of Lis Bakery. Service is expected to begin Memorial Day weekend. Visitors and museum members will still be able to park for free in the North Lot and the other half of the South Lot.

“It’s not a great money-making opportunity for us,” McKenzie said. “It’s about being a community partner.”

She said parking visitors in a shuttle lot, as they do in other tourist communities, will free up downtown parking for residents and employees.

The shuttle will initially run from 10 a.m. to 6 p.m., but McKenzie said schedules could be adjusted based on demand, such as extending hours later in the day if people are having dinner.

McKenzie said the museum would also continue to explore the possibility of running a water taxi to downtown, but needed to find a dock to offload passengers.

Lori Dufficy, executive vice president and director of experience and engagement at Chelsea Groton Bank, said the bank recently signed a contract with LAZ Parking to manage its upper and lower lots at 2 Water St. During the bank hours, lots will be reserved for bank customers; when the bank is closed, visitors to downtown businesses will be able to park in the parking lots using LAZ Text-to-Park technology, a cashless system that uses text messaging. Fees are yet to be determined. Parking should be available in about a week.

Dufficy said the bank providing parking is a way to be community-minded and support local merchants. She added that the additional parking will help attract more visitors, who will be able to find more parking spaces.

She said the bank will donate all proceeds from parking fees to the Greater Mystic Chamber of Commerce, which will be used with the Mystic Downtown Merchants Association to help fund events and initiatives.

“It’s not our place to make money,” she said.

j.wojtas@theday.com

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Nigeria’s debt service hits $101m in January – CBN https://left-bank.org/nigerias-debt-service-hits-101m-in-january-cbn/ Tue, 10 May 2022 09:34:40 +0000 https://left-bank.org/nigerias-debt-service-hits-101m-in-january-cbn/ The Central Bank of Nigeria (CBN) revealed that the country’s monthly debt service rose by $31.46 million in one month to $101.29 million in January 2022. According to published debt service repayment data, the apex bank said the figures point to a 45% increase month-on-month. The data showed that the government spent $148.57 million and […]]]>

The Central Bank of Nigeria (CBN) revealed that the country’s monthly debt service rose by $31.46 million in one month to $101.29 million in January 2022.

According to published debt service repayment data, the apex bank said the figures point to a 45% increase month-on-month.

The data showed that the government spent $148.57 million and $85.23 on debt service repayments in November and October 2021 respectively.

The apex bank also added that the government spent $69.83 million on debt service repayments in December.

The Debt Management Office had disclosed that Nigeria’s outstanding debt stood at N39.57 billion or $95.78 billion at the end of December 2021.

He added that total external debt had gobbled up 40.08%, totaling N15.86 billion or $38.39 billion during the reporting period.

Total government debt fell from 27.4 billion naira or $80.05 billion at the end of December 2019 to 32.92 billion naira or $86.4 billion at the end of December 2021.

Meanwhile, the CBN showed how the price of fuel at the pump has increased by 91% in six years under the government led by Muhammadu Buhari.

From December 2015 to December 2021, the cost of the fuel pump fell from N87 per liter to N165.77, according to data released by apex bank.

Following the introduction of the price modulation system by the federal government in 2016, the Nigerian National Petroleum Corporation (NNPC) became the country’s only oil importer.

The value of crude oil in the international market rose a few months after the increase in May 2016, but the value of the Nigerian currency rose to around 500 naira/dollar from around 197 naira.

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Impacts of inflation on the community and food banks https://left-bank.org/impacts-of-inflation-on-the-community-and-food-banks/ Sun, 08 May 2022 07:05:15 +0000 https://left-bank.org/impacts-of-inflation-on-the-community-and-food-banks/ While the current rate of inflation affects us all, it is once again hitting our low-income neighbors the hardest. As many pandemic relief programs end at the same time as food and gasoline prices rise, a growing number of community members are once again relying on food relief programs. In recent months, local food access […]]]>


While the current rate of inflation affects us all, it is once again hitting our low-income neighbors the hardest. As many pandemic relief programs end at the same time as food and gasoline prices rise, a growing number of community members are once again relying on food relief programs. In recent months, local food access nonprofits have experienced a further increase in need.

A North Valley Food Bank customer, T., began to struggle in late December. She found herself in a difficult situation and had to spend all her savings on a family emergency. Previously on a tight budget and only occasionally having to go to the food bank, T. said “the last few months have been particularly difficult. We are completely dependent on the food we get from the food bank now. It’s the only way to keep paying the rent and keep the gas in our tank.

At the NW Montana Veterans Food Pantry, a customer said he regularly drives 65 miles to get his monthly box of food. With the rising price of gasoline, he will no longer be able to do this in the future and the only way to feed his family will no longer be accessible to him.

In the first quarter of 2022, all local food banks experienced a steady increase in their clientele. At the NW Montana Veterans Pantry, an average of 26 new veterans registered their families for assistance each month, doubling the total number of people served.

North Valley Food Bank saw a total of 215 new households, a 69% increase over the previous year, during the three-month period and served more than 100 households in a single day – the highest number highest on record – in the free grocery store a few weeks ago. Flathead Food Bank saw a 33% increase in visits in March over the previous two months and expects to serve nearly 3,000 households per month as food insecurity increases.

Similarly, Land to Hand Montana has seen a 75-100% increase in service needs between the pre-pandemic period and recent weeks. More organizations are asking for their weekend food banks and last week their Thursday distribution doubled.

Over the past two years, pandemic-related food programs such as Pandemic EBT (P-EBT), Summer Food Service Program (SFSP) waivers, and school meal flexibilities have reduced barriers to feeding Montana’s starving children. At the same time, these programs have enabled non-profit food access organizations to meet the increased demand for our services by sharing needs through public and private funding. Congress must vote on continuing these programs in the coming weeks and if they are not renewed, we will see a further increase in need.

P-EBT has reached 97,500 Montana children and has closed that hunger gap for many Montana families. The SFSP flexibilities were only temporary and under typical program rules, children are required to eat meals from the summer food service program on site. This requirement is a burden on families and creates barriers for those who wish to grab meals on the go or ask parents to take home meals for their children. Finally, school meal flexibilities allowed schools to provide breakfast and lunch to all students without the burden of excessive paperwork and student meal debt that often became the responsibility of school districts.

Since the pandemic, some communities in Montana have seen the biggest increase in housing prices since the Great Depression. This increase has exacerbated an already tight budget as benefits diminish in every way. What does it mean to feed families in Montana? Although some of us have seen our salaries increase, it is not keeping pace with housing costs and inflation. As many pandemic-related safety nets come to an end, we are no better off – on the contrary, many families are struggling more than before.

While the average percentage of the cost of rent, food and gas accounts for 40% of Americans’ budget, that figure is closer to 60% for food bank customers, according to a recent Washington Post article.

Inflation not only affects individual members of the community, but also has a direct impact on our organizational budgets. In addition to the growing demand for support, we are seeing our operational costs increase. Food prices are skyrocketing, fuel costs are at an all-time high, and our utility costs are skyrocketing. While all of our local food banks rely heavily on food donations, we must also purchase 25%-33% of our food inventory through the Montana Food Bank Network, grocery stores, local farmers, and other distributors. Average food prices have risen 40% since before the pandemic, with macaroni and cheese seeing a record 93% increase. A gallon of milk went from $2.78 to $3.38.

We are grateful to our donor community who invest in us financially to purchase food for those we serve, allowing us to buy what is needed based on our operations and buy in bulk from Montana Food Bank Network to keep our prices low. Even with a 40% increase in overall food purchases, on average, our purchasing power is still 70% cheaper compared to what people can buy at the grocery store. Many people think that as food banks we receive federal and state funds. We don’t. Likewise, the NW Montana Veterans Food Pantry does not receive funding from the VA. While 25% of Land to Hand’s funding in 2021 came from the Montana Office of Public Instruction, this funding is no longer available. We all rely solely on funds provided by our communities.

All of us local food security organizations are interconnected by our missions and our passion. Over the past two years, we’ve jointly planned how to get through Covid, made contingency plans for how to deal with staff shortages that would close our doors for days, or how to respond to grocery store bailout cuts. Now we are strategizing again on how to feed increasing numbers of people for an extended period of time.

Although we are all independently run food banks, we are in constant communication and share food and resources. In August, for example, when cherries are plentiful, a donation to the Bigfork Food Bank quickly ends up being couriered between agencies to share the abundance and ensure no food goes to waste. We do everything we can to continuously provide healthy food to members of our community in need. But we depend on the support of all of you, our communities, to fully address food insecurity in Flathead County and beyond. Hunger in a community impacts the health of all of us. Let’s continue to work together to make sure all of our neighbors have access to the food they need.

Cinnamon Davis, Northwestern Montana Vets Pantry; Gretchen Boyer, Montana Hand Soil; Jamie Quinn, Flathead Food Bank; Sophie Albert, North Valley Food Bank.

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Funerals held for three killed in Israel’s Independence Day attack as police hunt suspects https://left-bank.org/funerals-held-for-three-killed-in-israels-independence-day-attack-as-police-hunt-suspects/ Fri, 06 May 2022 15:42:00 +0000 https://left-bank.org/funerals-held-for-three-killed-in-israels-independence-day-attack-as-police-hunt-suspects/ Elad, Israel CNN — Three men killed in a gun and ax attack late Thursday in the central Israeli town of Elad were buried Friday following a huge funeral procession, the service said Israeli relief Zaka Tel Aviv. The Magen David Adom emergency service named them Oren Ben Yiftach, father of six; Yonatan Habakkuk, father […]]]>


Elad, Israel
CNN

Three men killed in a gun and ax attack late Thursday in the central Israeli town of Elad were buried Friday following a huge funeral procession, the service said Israeli relief Zaka Tel Aviv.

The Magen David Adom emergency service named them Oren Ben Yiftach, father of six; Yonatan Habakkuk, father of five children; and Boaz Gol, father of five children. All were in their 40s, the MDA said earlier.

Police said the incident, which happened on Israel’s Independence Day, involved two suspected attackers who fled the scene and have yet to be apprehended. One fired a rifle while the other attacked people with an ax or a knife, police said.

Emergency services received a report of the attack at 8:36 p.m. local time (1:36 p.m. ET).

The three men who were killed died at the scene, emergency services said. Four other men aged 23 to 60 were hospitalized.

Hospitals treating them said Friday that three of them were in life-threatening conditions.

On Friday, Israeli police named the two men suspected of carrying out the attack as Assad Yussef Assad Al-Rafa’i, 19, and Subhi Imad Subhi Abu Shakir, 20, residents of Jenin province in the West Bank.

Police are conducting a manhunt for the two suspects involving helicopters, roadblocks and vehicle checkpoints.

Footage from the scene on Thursday evening showed several emergency vehicles, including ambulances and motorbikes, arriving after reports of the attack.

“It’s a very difficult ordeal. When we got there, we noticed that the scene was complex,” said Alon Rizkan, a paramedic with Israel’s Magen David Adom (MDA) emergency response service, in an interview. a statement on Thursday.

“Near Ibn Gvirol Square, a 40-year-old man was lying next to a car with serious injuries to his body. We did medical tests but he was without sign of life and we had to declare him dead.

“I went down the stairs to the nearby park, we performed resuscitation operations on a 40-year-old man who was unconscious and in the end we were forced to declare him dead,” added the paramedic.

“Dozens of meters away another injured man lay unconscious, also in his 40s with serious injuries, and after resuscitation he was pronounced dead,” he said.

Elad, where the attack took place, is a small, quiet and mostly religious town in central Israel, not far from Ben Gurion International Airport.

The attack is the latest in a series of violent incidents that have plagued Israel and the Palestinian territories in recent weeks.

Dozens of people have died in violence in Israel and the West Bank since March 22, according to a CNN tally.

In a statement, Prime Minister Naftali Bennett condemned Thursday’s attack and offered his condolences to the affected families.

“Our enemies have embarked on a murderous campaign against Jews wherever they are. Their purpose is to break our spirit; but they will fail. We will get our hands on the terrorists and their supporting environment, and make sure they pay the price,” Bennett said in the statement.

Israel confirmed it would keep Gaza and the West Bank closed until at least Sunday after the attack, extending the closures already in place for Israeli holidays.

The Israel Defense Forces said that Palestinians living in these territories would only be allowed to enter Israel with prior authorization on a humanitarian basis, in special circumstances or for medical reasons.

Israeli security and rescue personnel work at the scene after Thursday's incident.

Palestinian Authority President Mahmoud Abbas also condemned Thursday’s violence, his office said in a statement.

“The killing of Palestinian and Israeli civilians only further aggravates the situation at a time when we are all striving to achieve stability and prevent escalation,” Abbas said in the statement.

Abbas warned against Jewish settlers using the incident as an excuse “to carry out attacks and reactions against our Palestinian people”.

He added that “lasting, comprehensive and just peace is the shortest and best way to ensure the security and stability of the Palestinian and Israeli peoples and the peoples of the region.”

Late Thursday, Palestinian militant groups in Gaza, Hamas and Islamic Jihad, praised the alleged terror attack, without explicitly taking credit for it.

Hamas spokesman Fawzi Barhoum linked the attack to clashes inside the al-Aqsa Mosque compound in Jerusalem.

“It’s a brave and heroic act that comes as a natural response to the occupation’s violations against al-Aqsa Mosque,” he told CNN, referring to the Israeli security presence in the building. pregnant.

The attack “sends a message to the occupation that all its crimes and violations will be theirs alone,” he said, referring to Israel. “Our natural right is for our people to respond to the crimes of the occupation, to deter it and to defend our rights. Today, the occupation is paying the bill for its violations.

Muhammad Hamid Abu Al-Hassan, a member of the Islamic Jihad’s political bureau, praised the attackers.

“The occupation army and settler gangs’ desecration of al-Aqsa Mosque has crossed all red lines, and our people will continue to respond to this aggression,” he said, winking. eye to the clashes that occurred Thursday in the enclosure.

Only Muslims are allowed to visit the holy site, called the Temple Mount by Jews and Haram al-Sharif or Noble Sanctuary by Muslims, during the last 10 days of Ramadan each year. Groups of Israeli Jews began visiting again on Thursday.

Mourning ultra-Orthodox Jews surround a grief-stricken man over the attack.

On Thursday, US Secretary of State Antony Blinken condemned what he described as a “terrorist attack”, saying in a statement that it “was particularly heinous as Israel celebrated its Independence Day”.

“We remain in close contact with our Israeli friends and partners and stand firmly by their side in the face of this attack,” he added.

US State Department spokesman Ned Price also said Thursday that the attack appears to be “the latest in a series of despicable terror attacks that have rocked Israel in recent weeks.”

“We saw them before this holy period – the confluence of Easter, Passover, Ramadan. We saw them before the summit of the Negev. And if that’s what it appears to be, that’s something we would condemn in the strongest possible terms,” Price said.

“Our commitment to our Israeli partners, to the security of Israel, is rock solid, and we will provide whatever assistance may be needed in this case,” he added.

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Albuquerque man pleads guilty to bank fraud and falsifying documents https://left-bank.org/albuquerque-man-pleads-guilty-to-bank-fraud-and-falsifying-documents/ Thu, 05 May 2022 03:20:36 +0000 https://left-bank.org/albuquerque-man-pleads-guilty-to-bank-fraud-and-falsifying-documents/ ALBUQUERQUE, NM (KRQE) – Rick Benavidez, 47, pleaded guilty in federal court in April to two counts of conspiracy to commit bank fraud and one count of submitting fraudulent statements, statements and other documents to the Internal Revenue Service. According to court records, in 2013 Benavidez and Damian Maron and another man conspired to submit […]]]>

ALBUQUERQUE, NM (KRQE) – Rick Benavidez, 47, pleaded guilty in federal court in April to two counts of conspiracy to commit bank fraud and one count of submitting fraudulent statements, statements and other documents to the Internal Revenue Service.

According to court records, in 2013 Benavidez and Damian Maron and another man conspired to submit false documents, including altered pay stubs, to two credit unions to receive auto loans. The pay stubs, which were provided to the plaintiff by Benavidez, listed the plaintiff’s annual income as $85,000 when in fact it was only about $8,000 in 2013.

Loan applications from both credit unions used the title of the same car, a 2007 Mercedes S-Class, which was not for sale and neither of them was considering buying. The funds were then distributed to Automotive Express, Inc., a fictitious car dealership. The men divided the money and the loan became unpaid.

Benavidez admitted in his plea that the loans under the misconception of buying the Mercedes were part of a larger scheme using multiple straw apps to get similar loans that paid a total of more than $359,000.

Benavidez also acknowledged another loan scheme allegedly involving Willie Lee Edwards, who is currently wanted by the FBI. The two have applied for more than $1,100,000 in loans of which almost $1,000,000 has been repaid.

After being charged with conspiracy and bank fraud, Benavidez submitted a false document to the IRS claiming to name the designated U.S. District Court judge as his trustee. Prosecutors say the judge never agreed to that and was never Benavidez’s legal trustee.

Under the terms of his plea, Benavidez faces up to more than 5 years in prison. Maron pleaded guilty to one count of conspiracy to commit bank fraud and one count of bank fraud. He faces up to 30 years in prison.

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Free text service offers alternative to ‘no camping workaround’ in Aurora https://left-bank.org/free-text-service-offers-alternative-to-no-camping-workaround-in-aurora/ Sun, 01 May 2022 21:18:19 +0000 https://left-bank.org/free-text-service-offers-alternative-to-no-camping-workaround-in-aurora/ AURORA, Colo. (KDVR) – A camping ban went into effect Saturday in Aurora. As FOX31 learned last week, the city said it’s not ready to start enforcing that ban. That doesn’t stop nonprofits from reaching out to people who need resources before law enforcement. The city of Aurora has not prepared any shelters to house […]]]>

AURORA, Colo. (KDVR) – A camping ban went into effect Saturday in Aurora.

As FOX31 learned last week, the city said it’s not ready to start enforcing that ban. That doesn’t stop nonprofits from reaching out to people who need resources before law enforcement.

The city of Aurora has not prepared any shelters to house people looking for accommodation, which is part of why the application has not yet started.

A nonprofit is letting people know they don’t have to find a workaround for any future apps, with a free text alert system.

According to Anna Miller of Mile High Behavioral Healthcare, using their phone, people who are homeless or in need of help can simply text for help when times are tough.

“You have to subscribe, so you text ‘warm-up’ to 31-31-31,” Miller said.

Anyone can use the center to charge their phone or connect to Wi-Fi. Once inside, the Aurora Day Resource Center will keep you up to date.

“So you’re on our list to receive updates for any resource,” Miller said, “If we have a large food bank delivery, resources from vaccinations, haircuts, feet, if we’re going to be active in cold weather,” Miller mentioned.

It’s its most important function, Miller said, to let people know when shelter is available on bad weather days.

“What it does is it really provides those who sign up with a phone number and an immediate resource, if they need anything,” Miller said.

Another service provided by this text alert is that it is accessible to everyone. So if, for example, a business or healthcare provider wanted to help the Aurora Day Resource Center provide help to those in need, they could do so through this service.

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OCC Releases Final Rule Authorizing SAR Exemptions | PC Weiner Brodsky Kider https://left-bank.org/occ-releases-final-rule-authorizing-sar-exemptions-pc-weiner-brodsky-kider/ Sat, 30 Apr 2022 04:55:12 +0000 https://left-bank.org/occ-releases-final-rule-authorizing-sar-exemptions-pc-weiner-brodsky-kider/ The OCC recently released a final rule that amends the OCC’s Suspicious Activity Reporting (SAR) regulations and allows the agency to exempt certain financial institutions from the requirements of the SAR regulations upon written request. The final rule aligns the legal authority of the OCC with the exemption authority of FinCEN. In light of the […]]]>

The OCC recently released a final rule that amends the OCC’s Suspicious Activity Reporting (SAR) regulations and allows the agency to exempt certain financial institutions from the requirements of the SAR regulations upon written request. The final rule aligns the legal authority of the OCC with the exemption authority of FinCEN. In light of the development of financial technology and innovation, the “regulatory flexibility” offered by this final rule allows the OCC to grant exemption to national banks and federal savings associations or service companies who use new or innovative approaches to monitoring, investigating and filing SAR. which do not fully meet regulatory requirements, but which otherwise comply with anti-money laundering regulatory standards and security and soundness standards.

The final rule provides that requests for exemption must be submitted in writing and, if necessary, submitted to both the OCC and FinCEN. Upon receipt of requests for exemption, the OCC will consider “whether the exemption is consistent with the objectives of the [Bank Secrecy Act] and with safe and sound banking, and may take into account other appropriate factors”, then respond to the request in writing. The final rule also provides that the OCC has the power to revoke exemptions in its sole discretion, but must notify the national bank or federal savings association, in writing, of its intention to do so.

In 2021, the Federal Reserve Board, FDIC, and NCUA also issued notices of proposed rulemaking that would make similar changes to their respective SAR regulations. WBK reported on these Notices of Proposed Rulemaking here. These rules have not been finalized.

This rule comes into effect on May 1, 2022.

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personal loan: Indian Bank unveils pre-approved personal loan under Project WAVE https://left-bank.org/personal-loan-indian-bank-unveils-pre-approved-personal-loan-under-project-wave/ Thu, 28 Apr 2022 12:25:00 +0000 https://left-bank.org/personal-loan-indian-bank-unveils-pre-approved-personal-loan-under-project-wave/ India’s public sector bank has unveiled a pre-approved personal loan product under the “WAVE” project, a senior official said on Thursday. In January 2022, the Chennai-based bank launched the Digital Transformation Initiative – World of Advance Virtual Experience “WAVE” to launch its first digital product “Pre-Approved Personal Loan (PAPL)” which aims to provide customers with […]]]>
India’s public sector bank has unveiled a pre-approved personal loan product under the “WAVE” project, a senior official said on Thursday.

In January 2022, the Chennai-based bank launched the Digital Transformation Initiative – World of Advance Virtual Experience “WAVE” to launch its first digital product “Pre-Approved Personal Loan (PAPL)” which aims to provide customers with disbursements instant loans.

“Early this year, we announced our commitment to usher in a period of digital transformation at Indian Bank through the WAVE project. We are happy to launch our first PAPL product which will be served only through digital channels,” Indian Bank Managing Director and CEO SL Jain said after the launch of the service.

The service available to existing customers and holding regular income and pension accounts and a PAPL loan product can be used through a mobile app, the bank’s website and through an online banking service.

The loan would carry an interest rate of 10% per annum, with no foreclosure fees.

“With the flexibility to opt for a loan term between 24 and 48 months and the option to pre-close the loan without any penalty, Indian Bank is offering the loan on the best terms available in the domestic market,” Jain added.

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Swiss lenders invited to join carbon reduction banking groups https://left-bank.org/swiss-lenders-invited-to-join-carbon-reduction-banking-groups/ Tue, 26 Apr 2022 13:53:00 +0000 https://left-bank.org/swiss-lenders-invited-to-join-carbon-reduction-banking-groups/ By Dawood Fakhir (April 26, 2022, 2:53 p.m. BST) — The Swiss Bankers Association on Tuesday urged its members to join international zero-carbon alliances and other initiatives that help reduce emissions in the banking sector and support measures to reduce the impact of global warming. The banking body said it joined the Net-Zero Banking Alliance […]]]>
By Dawood Fakhir (April 26, 2022, 2:53 p.m. BST) — The Swiss Bankers Association on Tuesday urged its members to join international zero-carbon alliances and other initiatives that help reduce emissions in the banking sector and support measures to reduce the impact of global warming.

The banking body said it joined the Net-Zero Banking Alliance this month to highlight the importance of such groups in achieving global goals for a climate-friendly economy.

The industry group said international net-zero alliances are the way forward for its members as they strive to meet emissions targets. These alliances, which also include the Net-Zero Asset Managers initiative, set goals for members…

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Reviews | Where the Fed got inflation wrong https://left-bank.org/reviews-where-the-fed-got-inflation-wrong/ Fri, 22 Apr 2022 21:05:37 +0000 https://left-bank.org/reviews-where-the-fed-got-inflation-wrong/ Placeholder while loading article actions Two years ago, central bankers seemed omnipotent. In response to the coronavirus shock, the Federal Reserve unleashed a much larger stimulus than that which followed the 2008 financial crisis. The intervention allowed Congress to pursue its own stimulus without worrying about the national debt: the Fed was buying government bonds […]]]>
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Two years ago, central bankers seemed omnipotent. In response to the coronavirus shock, the Federal Reserve unleashed a much larger stimulus than that which followed the 2008 financial crisis. The intervention allowed Congress to pursue its own stimulus without worrying about the national debt: the Fed was buying government bonds as fast as the Treasury could issue them. The United States has entered the era of don’t tax, just spend. It was the magic money age.

But now the magic has evaporated. Inflation has reached its highest level since 1980. As a result, the central bank will have to raise interest rates several times this year, possibly triggering a recession. Despite maintaining an economics faculty nearly eight times larger than Harvard’s, the Fed has screwed it all up. Understanding exactly where it went wrong – and therefore the right lesson for the future – is essential.

The initial stimulus was not the error. The pandemic has suspended the face-to-face economy; in the second quarter of 2020, real gross domestic product was down a tenth from its pre-pandemic peak. Without the intervention of the Fed, the United States would have experienced a depression.

Instead, the economy grew. In the second quarter of 2021, real GDP was higher than before the pandemic – a much faster recovery than after the 2008 crisis. By providing stimulus immediately and on an unprecedented scale, the Fed performed an extraordinary public service.

Also, the initial raise was no problem for prices. In 2020, the Fed’s preferred inflation gauge, which excludes volatile food and energy, came in at 1.4%, below the desired target of about 2%. The commonly quoted consumer price index rose even less. By the end of 2020, you could start to tell a story about how inflation might break out: consumers were looking to spend stimulus checks; the stalemate of globalization has lifted a brake on prices. But inflation was not the likely scenario.

What came next was a forgivable mistake, and then a very serious one.

The forgivable mistake began in the summer of 2021. By then, the Trump administration’s stimulus had been amplified by a much larger Biden package; in the second quarter, underlying inflation stood at 6.1%, well above the Fed’s target. But the Fed called the surge “transient.” A shortage of semiconductors was causing a temporary spike in car prices, the central bank argued. Workers’ fear of covid-19 was delaying the return to work and causing temporary bottlenecks.

Looking back, that was too optimistic. The more gloomy forecasters are now entitled to their victory dances. But the error counts as forgivable because the Fed was faced with unprecedented questions: How many citizens would return to work? How quickly would government stimulus be spent? Many respected analysts agreed with the Fed that inflation would prove transitory.

The least forgivable mistake came at the start of this year. It wasn’t a mistake in forecasting, it was a lack of courage and a triumph of inertia. The Fed has acknowledged inflation. But, anxious to disrupt financial markets and reluctant to grasp the full implications of his mistake, he refused to take up the challenge.

At the close of the Fed’s policy meeting in January, Chairman Jerome H. Powell called inflation “high.” But he refused to raise the interest rate. At the next meeting in mid-March, Powell admitted that inflation was “well above” the Fed’s target. Yet he only raised interest rates by a quarter of a percentage point.

Powell embraced this gradualism, even as the war in Ukraine and associated sanctions sent commodity prices skyrocketing. The previous mistake, forgivable, had been compounded by a huge stroke of bad luck. But rather than scrambling to fix the problem, the Fed played the turtle.

While the central bank is edging forward, inflation is racing. Excluding the effects of seasonal variations, consumer prices rose 0.6% in January from the previous month. In March, the inflation rate doubled to 1.2%. Unsurprisingly, the Fed’s credibility has taken a beating: More Americans care about inflation than crime or immigration, according to a CBS News poll. And it’s not like the Fed has to move incrementally to protect workers. The labor market, in Powell’s words, is “extremely tight.”

Three decades ago, when the Fed was less committee-driven and more in the grip of an imperial chairman, it was willing to raise rates with less warning and more aggressiveness. In the 1994 tightening round, it rose three-quarters of a percent at a single meeting. Wall Street cried bloody murder, but Main Street got away with it. Inflation fell and there was no recession.

Today’s Fed should think about it. To preserve its credibility as an inflation fighter – and therefore its ability to react quickly to growth shocks – the Fed must react just as quickly when prices accelerate higher. Sometimes there’s nothing wrong with upsetting Wall Street, and sometimes the best course of action is the monetary equivalent of a handbrake turn. Once upon a time, the Fed knew it.

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