Left Bank http://left-bank.org/ Fri, 24 Sep 2021 22:16:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Left Bank http://left-bank.org/ 32 32 State blames bank over rebound in Florida educator bonus checks – CBS Miami https://left-bank.org/state-blames-bank-over-rebound-in-florida-educator-bonus-checks-cbs-miami/ https://left-bank.org/state-blames-bank-over-rebound-in-florida-educator-bonus-checks-cbs-miami/#respond Fri, 24 Sep 2021 21:27:20 +0000 https://left-bank.org/state-blames-bank-over-rebound-in-florida-educator-bonus-checks-cbs-miami/ TALLAHASSEE (CBSMiami / NSF) – Remember those $ 1,000 bonus checks Governor Ron DeSantis promised teachers? It turns out that about 50 educators in Florida were unable to cash state checks because they were bounced, officials from the Florida Department of Education admitted on Friday. The state is working to correct the error, agency spokesman […]]]>

TALLAHASSEE (CBSMiami / NSF) – Remember those $ 1,000 bonus checks Governor Ron DeSantis promised teachers? It turns out that about 50 educators in Florida were unable to cash state checks because they were bounced, officials from the Florida Department of Education admitted on Friday.

The state is working to correct the error, agency spokesman Brett Tubbs told the News Service of Florida in an email.

READ MORE: COVID-19 booster injections are now available at select CVS pharmacies

“A JPMorgan Chase bank error affected about 50 of the 176,000 educators who received disaster relief payment,” Tubbs wrote. The educators who received the worthless checks have been identified and the bank “said it would reimburse all penalties and fees” associated with the error, Tubbs said.

Providing bonus checks to teachers and school principals using federal coronavirus relief money was a priority for Governor Ron DeSantis during the 2021 legislative session that ended in April. The bonuses were intended to show the appreciation of teachers who worked throughout the 2020-21 school year amid the challenges posed by the coronavirus pandemic.

Senator Jason Pizzo, D-North Miami Beach, called attention to the issue on Twitter with a photo of one of the educators’ bounced checks on Friday.

“Teaching Moment: The individual political advantage of spending $ 3.6 million to print and send thousands of checks bearing your name is offset by the more efficient and fiscally responsible option of direct deposit,” Pizzo wrote in a subsequent tweet after the education department released its explanation of the problem.

READ MORE: Fourth stimulus check: is another relief payment coming?

NO MORE NEWS: Hialeah man accused of spinning dog by neck to death

(© 2021 CBS Local Media. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The News Service of Florida contributed to this report.)



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Sierra Bancorp closes $ 50 million private placement of subordinated notes https://left-bank.org/sierra-bancorp-closes-50-million-private-placement-of-subordinated-notes/ https://left-bank.org/sierra-bancorp-closes-50-million-private-placement-of-subordinated-notes/#respond Fri, 24 Sep 2021 21:00:00 +0000 https://left-bank.org/sierra-bancorp-closes-50-million-private-placement-of-subordinated-notes/ PORTERVILLE, California, September 24, 2021– (BUSINESS WIRE) – Sierra Bancorp (Nasdaq: BSRR) (the “Company”), the holding company of Bank of the Sierra, today announced the completion of its private placement of $ 50 million notes maturing in 2031 (the “Tickets”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Notes […]]]>

PORTERVILLE, California, September 24, 2021– (BUSINESS WIRE) – Sierra Bancorp (Nasdaq: BSRR) (the “Company”), the holding company of Bank of the Sierra, today announced the completion of its private placement of $ 50 million notes maturing in 2031 (the “Tickets”).

The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Notes will bear interest at a fixed annual rate of 3.25% for the first five years and will be reset quarterly thereafter at the three-month Guaranteed Overnight Funding Rate (SOFR) then in effect plus 253.5 percentage points. based. The Kroll Bond rating agency assigned an investment grade rating of BBB- to the Notes. The subordinated notes are redeemable by the Company at its option, in whole or in part, from October 1, 2026.

The Company intends to use the net proceeds of the offering for general corporate purposes.

Keefe, Bruyette & Woods, A Stifel company, served as the sole placement agent for the ticket offering. Stuart | Moore | Staub served as legal counsel to the company, and Squire Patton Boggs served as legal counsel to the placement agent.

This press release is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction. The Securities have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Sierra Bancorp

Sierra Bancorp is the holding company of Bank of the Sierra (www.bankofthesierra.com), which is in its 44th year of operation and is the largest independent bank headquartered in the South San Joaquin Valley. Bank of the Sierra is a community-focused regional bank, providing a wide range of retail and commercial banking services through full-service branches located in Tulare, Kern, Kings, Fresno, Ventura, San Luis counties Obispo and Santa Barbara. The Bank also operates an online branch and provides specialist lending services through a farm credit center, SBA center, and dedicated loan production office in Roseville, California. In 2021, Bank of the Sierra was recognized as one of the strongest and most successful community banks in the country, with a 5-star rating from Bauer Financial.

Forward-looking statements Safe harbor statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs regarding future developments and their potential effects on the Company. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including, but not limited to, the actual performance of our borrowers’ payments as loan deferrals related to the COVID-19 pandemic expire, changes in laws , regulations or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential negative impact of loan modifications and payment deferrals implemented in accordance with recent regulatory guidance, and general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses to it, the health of national and local economies, the Company’s ability to attract and retain qualified employees, expectations customers in terms of service, the Company’s ability to successfully deploy new technologies, the success of acquisitions and branch expansion, changes s interest rates, loan portfolio performance and other factors detailed in the Company’s filings with the SEC, including “Risk Factors” and “Management’s Discussi on and Analysis of the financial position and results of operations ”of the Company’s most recent Forms 10K and 10Q. The forward-looking statements presented here are made only as of the date of this press release, and we undertake no obligation to update or revise any forward-looking statement to reflect changes in assumptions, the occurrence of unforeseen events. or otherwise, except as required by law.

An explanation of the importance of ratings can be obtained from the rating agency. Typically, rating agencies base their ratings on evidence and information, as well as their own surveys, studies and assumptions, as they deem appropriate. The rating of subordinated securities should be assessed independently of similar ratings of other securities. The credit rating of a security is not a recommendation to buy, sell or hold any securities and may be subject to review, revision, suspension, reduction or a withdrawal at any time by the rating agency which assigns it. No report of a rating agency is incorporated by reference herein.

Category: Financial
Source: Sierra Bancorp

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210924005543/en/

Contacts

Mr. Kevin McPhail – President and CEO
Telephone: (559) 782-4900 or (888) 454-BANK
www.sierrabancorp.com


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Op-Ed: Government espionage undermines the case for postal banking | national https://left-bank.org/op-ed-government-espionage-undermines-the-case-for-postal-banking-national/ https://left-bank.org/op-ed-government-espionage-undermines-the-case-for-postal-banking-national/#respond Fri, 24 Sep 2021 16:37:00 +0000 https://left-bank.org/op-ed-government-espionage-undermines-the-case-for-postal-banking-national/ There is no shortage of (bad) ideas for reforming the United States Postal Service (USPS). Unfortunately, many of these proposals deserve a “return to sender” label. One oft-cited example is postal banking, which has been suggested several times by lawmakers such as the United States. Senator Elizabeth Warren (D-Mass.) And even President Joe Biden. Supporters […]]]>

There is no shortage of (bad) ideas for reforming the United States Postal Service (USPS). Unfortunately, many of these proposals deserve a “return to sender” label.

One oft-cited example is postal banking, which has been suggested several times by lawmakers such as the United States. Senator Elizabeth Warren (D-Mass.) And even President Joe Biden. Supporters continue to call on USPS to jump into banking even amid reports the agency is inappropriately spying on Americans’ social media accounts. And, privacy hawks should be more alarmed at the idea of ​​government banking, as the Biden administration offers intrusive Internal Revenue Service (IRS) oversight of Americans’ banking activities. Lawmakers must deal with a raging government rather than calling for federal banks.

Over the course of successive Congresses, postal banking supporters have attached a different rhetoric to their proposals. For example, Senator Sherrod Brown (D-Oh.) Wants to “help hard-working Americans” get through the pandemic by giving them access to free bank accounts at their local post office. Since there are many companies offering bank accounts with no fees and no minimum deposit requirements, it’s unclear how postal banking would help these struggling Americans.

The downsides of postal banking, however, go far beyond the superfluous.

The USPS has a disturbing record of spying on Americans and unintentionally allowing criminals to snoop on private information. In April 2021, Yahoo News reported that the agency was running an investigative unit known as the Internet Covert Operations Program (iCOP), which looks more like a CIA operation than a postal division. According to the newspaper, “[t]Its job is to have analysts scour social media sites for what the document describes as “inflammatory” posts, and then share that information among government agencies. As if that wasn’t scary enough, the agency uses facial recognition software when searching the Internet “to help identify unknown targets in an investigation or locate additional social media accounts for known people”.

Even before the postal espionage revelations went public, it had long been known that the American postman didn’t exactly prioritize privacy. In 2018, a cybersecurity expert find that security breaches on the USPS website have left the data of 60 million users exposed to hackers. This included all kinds of personal information such as account numbers, mailing addresses, phone numbers, and direct mail campaign data. Just four years earlier, a hack exposed the data of 800,000 postal workers and 2.9 million consumer service request records.

And, private data is less secure in the hands of the government. A recent proposal by the Biden administration would require financial institutions to report inflows and outflows from personal and business accounts annually, provided the inflows and outflows total at least $ 600 per year. Alternatively, a bank account could get a stay if its fair market value was less than $ 600. The good news is that there is a lot of opposition to this disturbing proposal from lawmakers, businesses and watchdogs such as the Taxpayers Protection Alliance. Even if this proposal is never fully implemented, the administration can nevertheless control all the accounts within its reach. This portfolio could expand considerably if postal banking services become the law of the land. And between IRS spying, postal surveillance, and federal web and security concerns, Americans have every right to be concerned.

Government surveillance is rarely benign. Federal espionage opened the door to harassment of civil rights activists in the 1960s and allows virtual voyeurs today. Lawmakers should prevent the government from expanding its activities and getting its hands on even more information. Officials must maintain a united front against federal authorities snooping into Americans’ private data and questioning the use of tools like AI-powered software, even for ostensibly “official” companies.

A proactive effort is also needed to keep essential activities such as banking out of federal reach. There is simply too much at stake to give the USPS – or any federal agency – a window into American finances.

Ross Marchand is a Principal Investigator at the Taxpayers Protection Alliance.


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ujjivan bank: loan recovery improving, says Ujjivan Small Finance Bank https://left-bank.org/ujjivan-bank-loan-recovery-improving-says-ujjivan-small-finance-bank/ https://left-bank.org/ujjivan-bank-loan-recovery-improving-says-ujjivan-small-finance-bank/#respond Fri, 24 Sep 2021 16:14:00 +0000 https://left-bank.org/ujjivan-bank-loan-recovery-improving-says-ujjivan-small-finance-bank/ Ujjivan Small Finance Bank, which is going through a management crisis, said its loan recovery on the ground improved and its portfolio at risk declined in August. The bank said its action plan to improve asset quality has started to bear fruit. The portfolio at risk (PAR) was reduced to 21.7% from 30.8% in June […]]]>
Ujjivan Small Finance Bank, which is going through a management crisis, said its loan recovery on the ground improved and its portfolio at risk declined in August.

The bank said its action plan to improve asset quality has started to bear fruit. The portfolio at risk (PAR) was reduced to 21.7% from 30.8% in June with a loan recovery of Rs 725 crore. The PAR was 25.2% in July. The lender’s collection efficiency improved to 95% in August from 93% in July, according to a regulatory filing with the stock exchanges.

Managing Director Nitin Chugh resigned on July 18 after the bank’s holding company, Ujjivan Financial Services, sounded the alarm over its alleged mismanagement of asset quality and human resources. The bank has seen a series of exits of senior and middle managers. Several members of the board of directors also resigned ahead of their term in office over the past year.

The gross ratio of non-performing assets rose further to 11.9% at the end of August, from 10.8% a month ago.

The bank said it was following a 100-day action plan for each line of business with a focus on reducing PAR and collecting bad debts with periodic monitoring and corrective actions. Emphasis is placed on initial installments and year of accounts to reduce PAR and further strengthen the collection team and legal recovery for small business loans and affordable housing loan portfolio.

Its gross loan portfolio edged up to Rs 14,334 crore at the end of August, from Rs 14,137 crore a month ago. The gross loan was Rs 15,140 crore at the end of March. Unsecured microfinance loans represent 67% of its total portfolio.

The bank’s restructured portfolio rose from Rs 769 crore to Rs 1,405 crore at the end of June.


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Additional public holidays must be motivated by “justifiable reasons” https://left-bank.org/additional-public-holidays-must-be-motivated-by-justifiable-reasons/ https://left-bank.org/additional-public-holidays-must-be-motivated-by-justifiable-reasons/#respond Fri, 24 Sep 2021 10:05:43 +0000 https://left-bank.org/additional-public-holidays-must-be-motivated-by-justifiable-reasons/ The chief executive of the small business group ISME said granting an extra holiday next year must be done for “intelligent and justifiable reasons” and not because we have just been through a pandemic. Neil McDonnell said there was “a whiff of 2006” of the suggestion that an additional holiday is needed, with the message […]]]>

The chief executive of the small business group ISME said granting an extra holiday next year must be done for “intelligent and justifiable reasons” and not because we have just been through a pandemic.

Neil McDonnell said there was “a whiff of 2006” of the suggestion that an additional holiday is needed, with the message appearing to say “let’s all keep spending the money”.

He told RTÉ’s Today with Claire Byrne program that the granting of an additional public holiday should be made to achieve standardization in the European Union, with Ireland’s nine public holidays being a day or two less. than many of its European neighbors.

He said Ireland entered the pandemic with a large national debt which has now increased and he claimed there appears to be a “clause to spend even more money”.

Mr McDonnell said he would like to hear “someone scream stop”.

The ISME boss said that between 25,000 and 50,000 layoffs are in the starting blocks once employment subsidies are removed in the coming months.

Many non-essential retailers will never return to trade and many premises will be left vacant, so there are “huge problems ahead in traditional retail,” he added.

Regarding the Covid bonus, Mr McDonnell said no one is going to blame healthcare workers in the public and private sectors for some level of recognition for the year they have been through.

He said the question is how much and where to stop, but added that no one has had the moral courage to discuss who gets it and on what basis.

Many health service workers have been paid overtime for their work, he noted.

Mr McDonnell said it was inevitable that if there was a ‘one size fits all’ approach in the public sector, it would be natural that other people working in the private sector would feel mistreated if employers did not adopt the same approach.

He said some employers in online retail and pharmacy have been very successful and have grown, but downtown retail has been hit hard.

Fórsa says recognition payment caused confusion

Éamonn Donnelly, head of Fórsa’s health and wellness division, said the debate over the Covid recognition payment has caused confusion and he blamed the government for the mixed messages.

“This is a government strategy to cause chaos and confusion among people and pit workers against workers. The message is everywhere,” he said.

Mr Donnelly today called on the government to take it seriously and sit down with workers’ representatives to see what is possible.

He said Fórsa filed for recognition during the pandemic and said the request was not specified without details on days off or payment of a bonus.

He also explained how the pandemic has placed extraordinary demands on the healthcare sector and why he thinks its members want some recognition.

He thinks the HSE should have been allowed to behave like an employer and talk to employer representatives about it, and he also recognized that essential workers are not just healthcare workers.

Mr Donnelly also said if there was to be a public holiday it should be because Ireland is trying to meet EU standards, not because of a pandemic.


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Bill could offer more banking information to IRS https://left-bank.org/bill-could-offer-more-banking-information-to-irs/ https://left-bank.org/bill-could-offer-more-banking-information-to-irs/#respond Fri, 24 Sep 2021 03:58:00 +0000 https://left-bank.org/bill-could-offer-more-banking-information-to-irs/ LITTLE ROCK, Ark. (KAIT) – A proposed bank account reporting bill is receiving a lot of pressure across the country, including from banks here in Arkansas. President Biden’s proposal would require banks to send customer information to the IRS for any transaction of $ 600 or more. The objective is to target the richest 1% […]]]>

LITTLE ROCK, Ark. (KAIT) – A proposed bank account reporting bill is receiving a lot of pressure across the country, including from banks here in Arkansas.

President Biden’s proposal would require banks to send customer information to the IRS for any transaction of $ 600 or more.

The objective is to target the richest 1% in terms of tax evasion.

Arkansas Bankers Association president Lorrie Trogden said the $ 600 amount would impact nearly all Americans, defeating the goal.

“Then they can’t use that data to its full potential because they just don’t have the capacity to do it. And whatever they say they want to do, they could do with the data they’re getting now, ”Trogden said.

Trogden says not only are several bank associations against the proposal, but clients are too.

She said the main concerns were customer privacy, cyber attacks and the cost to banks.

If that were to become law, the banks would have to use an entirely different system, and Trogden says that could hurt small community banks.

Right now, that proposal is only in the discussion phase, but Trogden says several banker associations are calling state legislatures to voice their concerns.

Arkansas lawmakers have also said they are against the proposal.

Copyright 2021 KAIT. All rights reserved.


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Gabby Petito’s boyfriend accused of using his bank card; arrest warrant issued https://left-bank.org/gabby-petitos-boyfriend-accused-of-using-his-bank-card-arrest-warrant-issued/ https://left-bank.org/gabby-petitos-boyfriend-accused-of-using-his-bank-card-arrest-warrant-issued/#respond Fri, 24 Sep 2021 01:35:00 +0000 https://left-bank.org/gabby-petitos-boyfriend-accused-of-using-his-bank-card-arrest-warrant-issued/ September 23 (Reuters) – Gabby Petito’s boyfriend, who police searched for six days in connection with the 22-year-old travel blogger’s death on their trip across the country, was accused on Thursday of having fraudulently used his bank debit card. A search warrant has been issued against Brian Laundrie, 23, after a grand jury in the […]]]>

September 23 (Reuters) – Gabby Petito’s boyfriend, who police searched for six days in connection with the 22-year-old travel blogger’s death on their trip across the country, was accused on Thursday of having fraudulently used his bank debit card.

A search warrant has been issued against Brian Laundrie, 23, after a grand jury in the U.S. District Court in Wyoming indicted him with one count of illegal use of the card and phone number. personal identification of Petito. He was not charged in his death.

“While this warrant allows law enforcement to arrest Mr. Laundrie, the FBI and our partners across the country continue to investigate the facts and circumstances of Ms. Petito’s homicide,” said the FBI Denver Special Agent Michael Schneider in a statement.

“We urge those with knowledge of Mr. Laundrie’s involvement in this matter or his current whereabouts to contact the FBI,” Schneider said.

The indictment accuses Laundrie of spending $ 1,000 or more on the card between August 30 and September 1. Petito was last seen alive on August 24. Investigators seem to believe that she was killed from August 27 to 30.

The Americans have followed the case closely in the media since Petito was reported missing by his mother, Nicole Schmidt, on September 11. Ten days earlier, Laundrie had returned home to North Port, Florida, without her from the road trip. Read more

Petito’s body was discovered near the remote Spread Creek Dispersed Campground in the Bridger-Teton National Forest in western Wyoming on Sunday. Coroner’s investigators ruled his death a homicide, but did not disclose the cause of death.

Police and FBI agents using divers, tracking dogs and helicopters have been searching for Laundrie in the Carlton Preserve Wilderness Area near North Port since Friday, when his parents told them he was gone. there to hike three days earlier.

Search teams ended a sixth day of searching the alligator-infested wilderness after dark on Thursday, saying they would resume the search on Friday.

Gabrielle Petito, 22, who was reported missing on September 11, 2021 after traveling with her boyfriend across the country in a van and never returning home, poses for a photo with Brian Laundrie in this undated photo . North Port / Florida Police / Document via REUTERS /

SUSPECTED TEXT MESSAGES

The FBI on Thursday requested information from members of the public who may have been in contact with Laundrie or Petito at the scattered Spread Creek Campground from August 27-30.

Petito’s remains were found within 1,000 feet (300 m) of where, on the evening of August 27, another pair of travel bloggers took video footage of the couple’s parked white Ford Transit 2012 van. along a dirt road.

Petito, who was documenting the couple’s ‘van life’ road trip on social media, posted her latest photo to Instagram on August 25, the same day she last spoke to her mother by phone. .

The family believe the couple were heading to Grand Teton National Park in Wyoming at the time.

Schmidt received texts from Petito’s phone on August 27 and 30, but suspects someone other than his daughter sent them, investigators said.

In one text, Petito’s grandfather is referred to by his first name, which Schmidt said did not match his daughter’s character. The second message only said “No service in Yosemite”, the California national park that Petito and Laundrie would not have visited on their trip.

Petito and Laundrie, who met at a high school in Long Island, New York, left New York in early July heading west and posted on social media as they traveled through Kansas, Colorado and the Utah.

On August 12, a 911 caller reported that Laundrie was slapping and punching Petito outside the Moonflower Community Co-op in Moab, Utah.

Moab police stopped the van on a highway near Arches National Park. Body camera footage showed Petito crying as she described an argument that escalated until she slapped Laundrie while he was driving. The police did not detain the couple but told them to spend the night separately.

Reporting by Dan Whitcomb; Editing by Peter Cooney, Cynthia Osterman and Leslie Adler

Our Standards: Thomson Reuters Trust Principles.


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A former representative of Kan. accused of COVID emergency fraud pleads “not guilty” https://left-bank.org/a-former-representative-of-kan-accused-of-covid-emergency-fraud-pleads-not-guilty/ https://left-bank.org/a-former-representative-of-kan-accused-of-covid-emergency-fraud-pleads-not-guilty/#respond Thu, 23 Sep 2021 23:27:00 +0000 https://left-bank.org/a-former-representative-of-kan-accused-of-covid-emergency-fraud-pleads-not-guilty/ WICHITA, Kansas (KWCH) – Weeks after a federal grand jury in Wichita charged him with defrauding federal, state and local agencies of more than $ 450,000 in COVID-19 business stimulus funds, a former representative from Kansas has pleaded “not guilty” to the charges against him. On Thursday, September 23, Michael Capps pleaded “not guilty” to […]]]>

WICHITA, Kansas (KWCH) – Weeks after a federal grand jury in Wichita charged him with defrauding federal, state and local agencies of more than $ 450,000 in COVID-19 business stimulus funds, a former representative from Kansas has pleaded “not guilty” to the charges against him.

On Thursday, September 23, Michael Capps pleaded “not guilty” to charges related to federal COVID-19 relief. In total, Capps, 43, faces 19 counts. The indictment filed against Capps accuses him of:

  • one count of false declaration to a bank for a PPP loan, • one count of bank fraud in the context of a PPP loan
  • three counts of misrepresenting SBA for EIDL loans
  • three counts of electronic fraud in connection with SBA EIDL loans
  • two counts of electronic fraud in connection with Kansas Department of Commerce grants
  • one count of wire fraud in connection with a Sedgwick County grant
  • eight counts of money laundering.

The indictment accuses Capps of submitting false and fraudulent documents on behalf of two companies of which, according to court documents, his is the owner and / or majority owner and a foundation of which he is a member. Capps is also accused of delivering false and fraudulent documents to Emprise Bank to receive a Payroll Protection Program (PPP) loan.

Copyright 2021 KWCH. All rights reserved.


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Biden’s pick for banking regulator worries banks are getting too powerful https://left-bank.org/bidens-pick-for-banking-regulator-worries-banks-are-getting-too-powerful/ https://left-bank.org/bidens-pick-for-banking-regulator-worries-banks-are-getting-too-powerful/#respond Thu, 23 Sep 2021 19:09:20 +0000 https://left-bank.org/bidens-pick-for-banking-regulator-worries-banks-are-getting-too-powerful/ President Biden has chosen Cornell Law School professor Saule Omarova to head the Office of the Comptroller of the Currency, the regulator overseeing America’s largest banks, according to a White House official. If confirmed, Ms Omarova, who grew up in what is now Kazakhstan, will be the first woman and the first non-white person to […]]]>

President Biden has chosen Cornell Law School professor Saule Omarova to head the Office of the Comptroller of the Currency, the regulator overseeing America’s largest banks, according to a White House official.

If confirmed, Ms Omarova, who grew up in what is now Kazakhstan, will be the first woman and the first non-white person to serve as the Comptroller of the Currency. The agency, which has around 3,500 employees, is responsible for setting policy regarding which businesses banks engage in – from traditional businesses like mergers and loans to newer endeavors like cryptocurrency.

“I am deeply honored to be nominated for this role in President Biden’s administration,” Omarova said in a statement to The New York Times. “If this is confirmed, I will work hard to ensure that our banks remain stable, strong and meet the needs of the American people.”

Ms Omarova’s appointment is expected to be announced on Thursday afternoon, said the official, who was not authorized to speak for the award. His appointment crowns a month-long search for the post of senior banking regulator; the Biden administration dropped two previous candidates because Progressive and Moderate Democrats couldn’t agree on them. But Ms Omarova’s appointment will require Senate confirmation – a potentially difficult battle given the 50-50 split between Republican senators and the Democratic caucus.

Ms Omarova, who has experience in government and has spent time in both academia and a white-shoe law firm, is an unusual choice. She was a political adviser in the Treasury Department under President George W. Bush, working for banking attorney Randal K. Quarles, who then held the post of senior treasury official. Mr. Quarles had hired her from his old company, Davis Polk & Wardwell.

Mr. Quarles was chosen by President Donald J. Trump to be the Federal Reserve’s vice chairman for oversight, the central banking regulatory post at the central bank. If Ms Omarova is confirmed, she will be her former boss’s counterpart in the Office of the Comptroller of the Currency.

In her academic work, Omarova proposed bold changes to the financial system, but such proposals – including an idea of ​​a public infrastructure investment authority modeled on the Federal Reserve system structure – would not be easy. to be introduced from a station. at the top of the OCC

Instead, in setting a political agenda, Ms Omarova will likely draw on the basic philosophy she has laid out in her work on the relationship the government should have with banks. She criticized the idea that taxpayers often have to clean up the mess left by the private sector in times of crisis, but are excluded from a proportional share of the successes of private industry in good times.

Ms Omarova also highlighted the risks to the financial system posed by the digitization of assets and the advent of cryptocurrencies, which are less tightly controlled by governments and could lead to a build-up of risk that regulators may not see before. let it be too late. .

Her recent work on digital assets could prove particularly useful if confirmed. Over the past two years, OCC leaders have faced questions about how to deal with attempts by banks to develop digital assets, as well as the proliferation of non-bank financial companies offering banking services. on the Internet.

Ian Katz, managing director of Capital Alpha Partners, a Washington-based research firm, said Ms Omarova was likely to face a tough confirmation battle because, even though she was a former Bush appointment, some of her recent posts on Twitter could rub Republicans the wrong way.

Mr Katz pointed to an article Ms Omarova wrote in July: Citing a report on a series of small business acquisitions by JPMorgan Chase, the country’s largest bank, Ms Omarova asked: “The world has- does it need JPMorgan to grow bigger and more powerful? I was just wondering.”

“Everything is very partisan, and this choice will be seen as a partisan choice,” Katz said. “When you tweet, it’s easier for your opponents to pick on you.”

It’s not clear whether most Democrats will adopt Ms Omarova, but she already has the support of at least one progressive Senate member.

Senator Elizabeth Warren of Massachusetts said Mr Biden’s choice for Ms Omarova was “tremendous news”.

“Willow is an excellent choice to oversee and regulate the activities of our nation’s largest banks, and I have no doubt that she will be a fearless champion for consumers,” Ms. Warren said in an emailed statement to The Times. .


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What to know and how to avoid them – Forbes Advisor https://left-bank.org/what-to-know-and-how-to-avoid-them-forbes-advisor/ https://left-bank.org/what-to-know-and-how-to-avoid-them-forbes-advisor/#respond Thu, 23 Sep 2021 13:00:59 +0000 https://left-bank.org/what-to-know-and-how-to-avoid-them-forbes-advisor/ Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors. Many international travelers face foreign transaction fees when making purchases or withdrawing money from an ATM in a foreign country. The easiest way to avoid overseas […]]]>

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

Many international travelers face foreign transaction fees when making purchases or withdrawing money from an ATM in a foreign country. The easiest way to avoid overseas transaction fees is to use a debit or credit card that waives these fees when traveling overseas. Fortunately, there are many credit and debit card options that offer this benefit to those crossing borders.

What are the foreign transaction fees?

Foreign transaction fees are fees charged by a credit card issuer or bank for each transaction made in a country outside of the United States. The fees vary depending on the terms and conditions of the credit card or bank, but are usually between 1% and 5%. Always check the terms of a card before you assume anything, especially when it comes to fees.

Payment processing networks such as Visa, Discover, Mastercard, and American Express may also charge international fees. Card issuers can choose to exclude these fees from the terms of the card, but otherwise the network fees will be added to the fees charged by the issuer.

Foreign transaction fees usually appear as a separate charge on your billing statement.

Types of transactions subject to fees

Any purchase made at a store, restaurant, or other vendor outside of the United States may be subject to foreign transaction fees. Many establishments frequented by tourists offer the option of being billed in the currency of your country. Beware of this option, as currency conversion rates are almost always worse than what you would get if you had just processed the fees in the local currency. Even purchases denominated in your national currency, but made abroad, may be subject to foreign transaction fees. A good rule of thumb is to charge the card in the local currency to avoid conversion fees, and to choose a card that does not charge a foreign transaction fee for all purchases made abroad.

Cash withdrawals from international ATMs are also subject to fees. In addition to the ATM transaction fee, a conversion fee may also be added by the ATM operator. These currency conversion fees are more likely to be encountered if a cardholder withdraws US dollars from an international ATM.

Online shopping on an international shopping website may also incur foreign transaction fees, especially if the payment processor is a bank or an international institution. This includes purchasing airline tickets from an international airline, even if the transaction is made in US dollars.

How to Avoid Foreign Transaction Fees

Fortunately, there are several options for avoiding overseas transaction fees. Many banks offer credit cards with no overseas transaction fees, and a number of institutions offer checking accounts that do not charge overseas transaction fees for overseas cash withdrawals. New debit or credit card applications can sometimes take up to a week to be approved and waiting for a new card to be delivered in the mail can take up to two weeks, so you should consider these options well in advance of your business. next big trip.

Get a credit card with no foreign transaction fees

Many credit cards offer cardholders the option of swiping without incurring foreign transaction fees. These cards present the easiest and most secure strategy for making purchases abroad.

Credit cards with no overseas transaction fees are useful both abroad and at home when shopping online from an international website. Many cards even offer rewards that can be used for future trips or help cover the cost of daily purchases.

Perhaps the biggest advantage of using a credit card with no overseas transaction fees while traveling is that, even if credit card information is copied or stolen, it’s relatively easy to report. fraud and quickly recover stolen funds from a credit card issuer.

One of the most popular travel rewards cards is the Chase Sapphire Preferred® Card. Sapphire Preferred does not charge any overseas transaction fees and offers the following rewards: earn 5 points per dollar on travel purchased through Chase Ultimate Rewards®, 3 points per dollar on meals, and 2 points per dollar on all other travel purchases and one point per dollar on all other eligible purchases. Plus, until March 2022, you’ll earn a total of 5 points per dollar on Lyft rides. Points can be redeemed for flights, restaurants, hotels and more.

Get a checking account or debit card with no foreign transaction fees

Combining an international no-fee debit card with a similar credit card makes a great wallet for a frequent traveler. Even on its own, a debit card that doesn’t charge an overseas transaction fee is useful for making daily purchases and withdrawing money from ATMs.

A popular option for travelers is the Charles Schwab High Yield Investor Checking Account. Schwab debit cardholders have no overseas transaction fees and receive rebates on ATM fees at the end of each month.

While using a debit card can be convenient, debit cards offer less protection against fraud than credit cards. If the debit card information is stolen, it may take much longer to receive the stolen funds from the issuing bank and some account holders may have their luck run out completely. For those traveling on a budget or who have limited available capital, this can present significant dangers abroad. Always report fraud immediately and follow any steps the bank may require to receive the funds as quickly as possible.

Do not use international ATMs without first checking the charges

Regardless of the type of credit or debit card on hand, travelers should check the charges before using an international ATM. The fees to be considered include the fees of the international ATM, the fees for currency conversion and the fees of the originating bank. These fees can be avoided by choosing a bank account that does not charge fees and reimburses fees for off-grid ATMs and always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are any partner branches or networked ATMs in the destination country (s).

Travelers who don’t have a fee-reimbursing account may want to consider making fewer trips to the ATM and withdrawing more money each time to minimize fees. Of course, carrying more cash also comes with a risk.
Exchange money before leaving the United States

One way to avoid ATM or transaction fees is to pay for travel in cash. Travelers can exchange US dollars for most major currencies at a bank, credit union, or bureau de change before a big trip. This can be a good idea if it is easy to budget how much will be spent on meals or souvenir shopping. Banks and credit unions generally have the lowest exchange rates or fees compared to exchanging money at an airport on arrival. We recommend that you exchange currency as far away from an airport as possible.

Be aware of the risk of carrying a large amount of cash on a trip. There is a greater chance of losing the money or having it stolen. Be extremely careful when choosing this option and make sure you have a backup option, such as a backup credit card, so that you don’t find yourself without a way to purchase food or transport tickets.

Final result

Foreign transaction fees can be safely avoided with the right credit or debit card in your wallet. Apply for a credit card or checking account that offers no transaction fees and / or discounts at an ATM well in advance of your trip to ensure there is sufficient time to receive credit card approval or account and get a new credit or debit card in the mail.

If applying for a no-charge card isn’t an option, consider exchanging enough money for travel at a bank or credit union before you leave the United States. However, this strategy can be risky, so be sure to think about the best way to protect yourself and your money when traveling abroad.

As long as a plan is in place well in advance, any traveler can avoid transaction fees abroad.


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