Commerce – Japon Online http://japononline.net/ Fri, 28 May 2021 18:32:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://japononline.net/wp-content/uploads/2021/05/default1-150x150.png Commerce – Japon Online http://japononline.net/ 32 32 Russia’s Central Bank Fears New Payday Loan Bubble https://japononline.net/payday-loan-bad-credit-checking-account/ https://japononline.net/payday-loan-bad-credit-checking-account/#respond Mon, 24 May 2021 11:37:54 +0000 https://japononline.net/?p=861 Russia could be in the midst of a payday loan bubble as struggling households load up on short-term, high-interest debt as they come out of the coronavirus recession, a Central Bank representative told lawmakers Monday. Applying for a payday loan online could help you. “This year we are already seeing a fairly rapid growth in individuals’ […]]]>

Russia could be in the midst of a payday loan bubble as struggling households load up on short-term, high-interest debt as they come out of the coronavirus recession, a Central Bank representative told lawmakers Monday.

Applying for a payday loan online could help you.

“This year we are already seeing a fairly rapid growth in individuals’ debt burdens, and in some places we can even talk about bubbles,” the Vedomosti business daily cited Ksenia Yudayeva, the Bank’s first deputy chairman, as telling the State Duma’s financial committee in a hearing.

Russian household spending power sank to its lowest level since 2009 in the first months of the year, according to analysis by the Bank of Finland’s Economies in Transition (BOFIT) unit — with the coronavirus compounding years of squeezes on living standards spurred by sanctions over Russia’s annexation of Crimea in 2014 and the Kremlin’s austere economic policies. 

In response, households have loaded up on credit to help cover everyday expenses. The number of payday loans issued hit a record high in March, while the volume of loans which are more than 90 days overdue has risen by 20% over the last year to above 1 trillion rubles ($13.5 billion).

It is not the first time Russian regulators have feared a surge in lending, as the coronavirus pandemic dealt only a temporary reprieve to a years-long phenomenon of household spending rising faster than incomes, with the gap being covered by higher borrowing rates. In 2019, the Bank backed a series of measures which capped interest rates and forced banks to keep more capital on hand for the riskiest borrowers. 

The Bank is now supporting a new round of draft bills working their way through Russia’s parliament that would compel banks to tell borrowers when a new loan would take them above a 50% debt-to-income ratio — where spending on debt repayments makes up more half their monthly income — Yudayeva said Monday.

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SPAC Transaction Explosion Drives SEC Enforcement Focus | WilmerHale https://japononline.net/spac-transaction-explosion-drives-sec-enforcement-focus-wilmerhale/ https://japononline.net/spac-transaction-explosion-drives-sec-enforcement-focus-wilmerhale/#respond Mon, 24 May 2021 08:11:47 +0000 https://japononline.net/?p=606 In the face of volatile markets and a global pandemic, an old capital markets vehicle has been taking the markets by storm: special purpose acquisition companies (SPACs). Although SPACs have been around for many years, the volume and profile of these deals have exploded in the past 12 months, and regulator interest is expected to […]]]>

In the face of volatile markets and a global pandemic, an old capital markets vehicle has been taking the markets by storm: special purpose acquisition companies (SPACs). Although SPACs have been around for many years, the volume and profile of these deals have exploded in the past 12 months, and regulator interest is expected to increase proportionately. 

Indeed, the Securities and Exchange Commission (SEC) has signaled that it intends to enhance its scrutiny of SPAC transactions and resulting public operating companies. Just last week, the SEC’s Division of Enforcement reportedly sent requests to various financial institutions focused on their SPAC dealings.1  According to press reports, Enforcement staff are seeking information about those firms’ deal fees, deal volumes and internal controls related to SPACs. And earlier this week, the SEC’s Division of Corporation Finance and Office of the Chief Accountant each issued statements underscoring the need for SPACs and the companies that enter the public markets by merging with a SPAC to meet their accounting, financial reporting and governance obligations as public companies.2 These developments likely foreshadow a wave of SEC Enforcement inquiries assessing potential violations of the federal securities laws involving SPACs.

SPACs offer important benefits to the capital markets, but they also present unique risks for investors that we expect the staff of the SEC’s Division of Enforcement to scrutinize. In this alert, we discuss areas of expected enforcement focus as the SEC’s Division of Enforcement dials up its attention on SPACs. 

How SPACs Work

A SPAC is a company with no operations that offers securities for cash via an initial public offering (IPO) and places substantially all of the offering proceeds into a trust account to fund the future acquisition of one or more private operating companies. In connection with the SPAC’s IPO, its securities are listed on an exchange and publicly traded on the secondary market while the SPAC looks for its acquisition target. SPACs have a specified time frame in which they must acquire a private company, typically two years. SPAC shareholders have the choice either to remain a shareholder of the company after the SPAC’s business combination with the private company (referred to as the de-SPACing transaction) or instead to redeem their shares and receive a pro rata share of the funds held in the trust. Upon the completion of the de-SPACing transaction, the acquired company becomes public through its business combination with the public SPAC entity; at that time, the previously private operating company must meet all SEC requirements for public companies, including for robust financial reporting and disclosure. If an acquisition does not occur within the applicable period, the trust is liquidated and the net offering proceeds plus interest are returned to shareholders. 

The entity establishing a management team and forming the SPAC is referred to as the SPAC’s “sponsor.” Recent sponsors have included hedge fund managers, investment banks, private equity firms, venture capital firms and institutional asset managers. Sponsors contribute their investment and operational expertise and typically provide a portion of the capital that is used to pay IPO and ongoing expenses while the SPAC seeks an acquisition. In return, sponsors have significant control over their SPACs and seek to gain significant upside from an eventual business combination transaction, including through their receipt of “founder shares” equal to approximately 20 percent of the common equity in the SPAC (typically for a nominal $25,000 purchase price), as well as through participating in other SPAC instruments with upside. 

Once the SPAC has identified an initial business combination target, the SPAC typically issues a merger proxy describing the contemplated transaction and seeking shareholder approval. (This document often takes the form of a combined prospectus and proxy statement included in a registration statement on Form S-4 under the Securities Act.) Secondary market trading in the SPAC shares continues after the merger agreement with the target company is announced. 

Many SPACs use other financing transactions to raise additional money for the proposed acquisition, such as a PIPE (private investment in public equity) transaction. PIPEs are private securities offerings sold to sophisticated investors at terms that often are more favorable than those available to public shareholders. A PIPE typically is entered into at the same time the merger agreement is signed and closes at the same time as the acquisition. 

SPACs have been around since the early 1990s, but their popularity has grown in an extraordinary fashion recently. SPAC IPOs have surged globally, to a record $80 billion of new issuance activity in the first 10 weeks of 2021, the vast majority in the United States.3 That volume has already eclipsed the record $79 billion in gross proceeds raised by IPOs of such vehicles in 2020.  

Enforcement Risks for SPAC Sponsors

The most significant enforcement risk arises from allegations of inadequate disclosures, with SPAC sponsors on the front line. The sponsor is expected to provide full and fair disclosure regarding potential risks, conflicts of interest, and other material facts related to each proposed transaction. This includes disclosures made during the IPO and in the proxy statements and registration statements describing the initial business combination. 

The SEC’s Division of Corporation Finance staff has indicated that it will be closely scrutinizing sponsor disclosures regarding conflicts of interest, given that the economic interests of SPAC sponsors, directors and officers are not the same as, and can be at odds with, those of SPAC investors.4 We expect the SEC Enforcement staff likewise will scrutinize the adequacy of disclosure in offering documents, including on the following topics: 

  • The SPAC sponsors’ obligations and allegiances to parties other than the SPAC and how those allegiances may affect their evaluation of a business combination, for example, relationships between the SPAC and target company and relationships between SPAC management and target management or any private investors; 
  • The economic interests of SPAC sponsors, especially their incentives to complete an acquisition within the specified time period, and their potential losses if one is not completed; 
  • The control that the SPAC’s sponsors, directors, officers and their affiliates have over approval of a business combination transaction;
  • The material economic terms of the securities held by a SPAC’s sponsors, directors, officers and affiliates, which can differ from (and potentially dilute the value of) the securities held by public shareholders; and 
  • The degree to which additional funding, including from the sponsors or their affiliates (such as other funds managed by the SPAC sponsors or their principals), may dilute shareholders’ interest in the combined company or may be provided in the form of a loan or security that has different rights from those of common shareholders.5

We anticipate the Division of Enforcement also will scrutinize generally whether the merger proxy or registration statement contains adequate disclosure about the contemplated business combination for SPAC shareholders to make informed decisions, both on whether to approve the transaction and on whether to redeem their shares. Unlike in a traditional IPO, where the market values the private company, in a de-SPACing transaction, the sponsor plays a significant role in determining the value of the target private company and deciding how much the SPAC will pay for it. The SEC likely will examine the basis for recommending the particular business combination, including valuation assessments, financial projections and statements about a target’s expected future prospects, and descriptions of the due diligence performed on the target company. 

The Enforcement staff also will likely scrutinize whether risks of nonperformance have been adequately identified. Where a target’s expected future performance turns on assumptions such as business pipelines, for example, the SEC staff likely will pay particular attention to whether those assumptions have been vetted and whether the risks have been adequately described. It is worth noting that it is uncommon for SPACs to receive fairness opinions on the valuations of the targets. In terms of prioritization, we expect the SEC Enforcement staff will focus on instances where the acquired company subsequently suffered material performance losses, both where the target company was relatively immature and thus had little history of financial performance and operation, and where the target was well-established and backed by well-known private equity companies. 

In addition, certain SPACs are associated with high-profile figures, including former politicians and athletes, either as part of the management team or as investors offering their endorsements. The SEC has made it clear that these arrangements, including payment for promotional activities or testimonials, must be adequately disclosed. The SEC’s Office of Investor Education and Advocacy issued an investor alert earlier this month cautioning investors regarding the risks of investing in SPACs due to celebrity backing.6 This alert was similar to a November 2017 SEC release about risks associated with celebrity-backed initial coin offerings, which was a precursor to multiple enforcement actions related to celebrities touting ICOs.7 We expect Enforcement staff to scrutinize SPACs associated with celebrities to assure that any arrangements to compensate them for their role and endorsements are fully and fairly disclosed. We also anticipate the Enforcement staff will focus on the risk disclosures relating to the role, background and experience of celebrities identified as principals or otherwise associated with SPACs. 

Enforcement Risks for the Combined Public Company

The SEC staff statements issued on Wednesday foreshadow that Enforcement staff also will scrutinize whether the post-merger public operating company is abiding by the myriad rules and regulations governing public companies and intended to offer investor protection.8 These statements emphasized that, as of the merger, the combined public company must have the necessary personnel, processes and controls in place to produce high quality financial reporting,  comply with disclosure requirements, and operate with effective board oversight.9

We expect Enforcement staff to probe whether these combined public companies have implemented reasonable systems of internal controls over financial reporting and disclosure, maintain adequate books and records, and have effective corporate board oversight, including by the audit committee. The Enforcement staff will likely focus on situations where the de-SPAC company fails to meet reporting deadlines, adhere to SEC reporting rules and disclosure requirements, or adopt the accounting standards required of a public company. We also anticipate Enforcement staff will scrutinize the strength of the external audit process and auditor independence in de-SPAC mergers.  

Enforcement Risks for Underwriters and Broker-Dealer Distributors of SPACs 

Recent press reports on requests for information made by the SEC’s Division of Enforcement suggest that underwriters of SPAC IPOs, investment bankers to SPACs and targets, and PIPE placement agents will also be a focus of the SEC and FINRA’s scrutiny. The SEC and FINRA view these intermediaries as fulfilling important gatekeeping roles.

The SEC is likely to evaluate potential misrepresentations and omissions in offering documents, road show and investor presentation materials, and other disclosures on topics such as fees associated with SPAC transactions and control of funds raised in SPAC offerings. We expect the Enforcement staff to evaluate whether broker-dealers have taken reasonable steps to monitor the materials used by firms to assure that they provide an accurate and balanced description of the offering.10 

Relatedly, in February 2021, FINRA identified risks related to SPACs among the emerging anti-money laundering (AML) and financial crime risks that it highlighted for the industry.11 FINRA noted that some firms have been engaging in the formation and IPO of SPACs without written supervisory procedures requiring member firms to “independently conduct[] due diligence” of SPAC sponsors and address other fraud risks, such as representations about the target company’s financial condition and prospects.12 We expect FINRA to make this area a priority in its own risk monitoring and enforcement program. 

Further, we note that the SEC wields new authority for any recommendations made by broker-dealers to retail customers under the SEC’s new Regulation Best Interest.13 Regulation Best Interest’s care obligation requires broker-dealers and their associated persons, in making recommendations to “retail customers” (as defined), to exercise reasonable diligence, care and skill to, among other things, have a reasonable basis to believe that the recommendation is in the best interest of a particular retail customer based on that retail customer’s investment profile and the potential risks, rewards and costs associated with the recommendation and does not place the financial or other interest of the broker, dealer, or such natural person ahead of the interest of the retail customer.14  Regulation Best Interest also requires broker-dealers and their associated persons to disclose all material conflicts of interest associated with a transaction.15 We expect the SEC Examination and Enforcement staff to evaluate whether recommendations to retail customers to invest in SPACs satisfy the Regulation Best Interest requirement.

Finally, we expect broker-dealers in multi-service firms to face Enforcement inquiries related to potential co-investment in the different stages and levels of the capital structure involving affiliated invested investment companies and investment advisers.16

Potential Insider Trading Inquiries 

The Enforcement staff also can be expected to look for unusual trading patterns that could indicate leaks of material non-public information (MNPI) in the context of SPAC deals. Directors, management and employees of the sponsor likely possess MNPI at various stages of their search for an acquisition, and it is common for SPAC sponsors to be negotiating with the SPAC’s business combination target and simultaneously marketing the SPAC’s PIPE confidentially. Likewise, directors, managers and employees of the target will often have MNPI with respect to a potential business combination transaction with a SPAC in which they are involved, and underwriters may possess such information during diligence, underwriting and financial advisory activities. We expect these circumstances to give rise to potentially complicated insider trading probes.

***

The recent information requests made by SEC’s Division of Enforcement to financial institutions and statements by the SEC’s Division of Corporation Finance and Office of the Chief Accountant foreshadow that significant regulator attention will be devoted to SPAC transactions and the resulting public operating companies. With the explosion in the profile and volume of SPACs, we expect the SEC will devote significant time to examining each stage of a SPAC transaction and every type of participant in these deals. Careful attention should be paid at each step of the process to identify actual or potential conflicts of interest and other risks, in order to ensure that investors have adequate and complete information to make their investment decision. WilmerHale will be monitoring these developments closely.

Footnotes – 

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Burnley, Wolves, Liverpool and the six controversial transfers of three-agent representation https://japononline.net/burnley-wolves-liverpool-and-the-six-controversial-transfers-of-three-agent-representation/ https://japononline.net/burnley-wolves-liverpool-and-the-six-controversial-transfers-of-three-agent-representation/#respond Wed, 07 Apr 2021 23:16:32 +0000 https://japononline.net/burnley-wolves-liverpool-and-the-six-controversial-transfers-of-three-agent-representation/ Six transfers have seen the same agent represent all three parties involved this season, an exclusive analysis of data released by the FA has revealed. The FA has published a list of all football transactions involving an agent in 2020/21. These transactions include items such as new contracts, transfers and loans, and cover all professional […]]]>

Six transfers have seen the same agent represent all three parties involved this season, an exclusive analysis of data released by the FA has revealed.

The FA has published a list of all football transactions involving an agent in 2020/21.

These transactions include items such as new contracts, transfers and loans, and cover all professional clubs in the country.

An exclusive Reach Data Unit analysis found that six of these agreements involved the controversial practice of triple representation, while 1,378 others involved double representation.

Triple representation is where one agent represents the player, buying club and selling club in a transaction, while double representation is where they represent two of the parties.

These practices are neither illegal nor against the rules, but are controversial.

The five agreements which involved a triple representation are:

Burnley signing of Benn Ward using intermediary Elliott Raggio

wolves signing of Ki-Jana Hoever from Liverpool with Jeroen Hoogewerf acting as intermediary

Western ham loaning Watford’s Craig Dawson using Unique Sports Management as an intermediary

QPR signature of Robert Dickie of Oxford using James Grant (UK) Ltd as intermediary

shell signature of Lewie Coyle of Fleetwood using David Hartley as an intermediary

Mansfield Jordan Bowery signing of MK Dons using Tim Webb as a middleman

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Time magazine lists ‘comfort with Bitcoin’ as qualification for new CFO https://japononline.net/time-magazine-lists-comfort-with-bitcoin-as-qualification-for-new-cfo/ https://japononline.net/time-magazine-lists-comfort-with-bitcoin-as-qualification-for-new-cfo/#respond Wed, 07 Apr 2021 23:16:10 +0000 https://japononline.net/time-magazine-lists-comfort-with-bitcoin-as-qualification-for-new-cfo/ Bloomberg Pipelines rocked when ‘flashing red’ hack alert went off in 2012 (Bloomberg) – Ten years ago, after hackers were caught infiltrating pipeline operations and an Al Qaeda video emerged calling for an “electronic jihad” on US infrastructure , Senator Joseph Lieberman tried to sound the alarm. “Flashing red,” Lieberman warned his Senate colleagues during […]]]>

Bloomberg

Pipelines rocked when ‘flashing red’ hack alert went off in 2012

(Bloomberg) – Ten years ago, after hackers were caught infiltrating pipeline operations and an Al Qaeda video emerged calling for an “electronic jihad” on US infrastructure , Senator Joseph Lieberman tried to sound the alarm. “Flashing red,” Lieberman warned his Senate colleagues during the 2012 threat debate. “Private and exploited cyber infrastructure may well be, and will likely someday be, the target of an enemy attack.” Led by independent Connecticut and the sole running mate, lawmakers have sought to demand energy companies to step up IT security. But the effort faded under fierce lobbying from oil companies and other corporate interests who managed to kill the legislation. This left a system of voluntary guidelines in place that failed to stop last month’s ransomware attack on Colonial Pipeline Co., which crippled a major fuel artery along the East Coast. Kasowitz Benson Torres LLP. “The attack on the colonial pipeline might not have happened if we had passed the legislation.” Now, in response to the attack, the Department of Homeland Security is preparing to abandon the voluntary approach and impose cybersecurity requirements on pipelines, according to a familiar person. with the plans asking not to be identified until a formal announcement, it would be a defeat for oil companies and pipeline operators who, for more than a decade, have successfully battled federal standards to thwart cyberattacks from legislation or regulatory agencies. Unlike power plants, US pipelines are not required to meet federal cybersecurity mandates, although Homeland Security was given the power to enforce them when it was created following the September 11, 2001 attacks. Protecting the nation’s pipelines, this week will issue a directive requiring pipeline companies to report cyber incidents, according to the person familiar with the plans. “The Biden administration is taking new steps to better secure our nation’s critical infrastructure,” DHS said in a statement Tuesday. “We will post further details in the coming days.” Until now, the TSA had resisted using its authority to impose cyber protection measures. in many cases minimum safety standards and the industry was doing more than that, ”said Jack Fox, who was responsible for the agency’s pipeline safety before retiring in 2016. The Bill Lieberman reportedly imposed cybersecurity performance requirements on private critical infrastructure – and slapped fines on companies that failed. The rules would have been applied to more than just pipelines: sectors where a hostile dismantling of computer systems could lead to massive losses, collapse of financial markets or disruption of energy and water supplies had to be included. This version of the bill failed to overcome a Republican-led filibuster. Pipeline companies For Lieberman, failure is still stinging. “We would kind of ask ourselves who is causing this aggressive opposition and the answer we were getting was the energy companies and the pipeline companies. “, Did he declare. All major US oil companies – including Exxon Mobil Corp., Chevron Corp. and ConocoPhillips – lobbied the legislation, alongside some refiners and at least one pipeline operator. Colonial did not press the measure in 2012, according to disclosure forms it filed with Congress. However, groups he belonged to, including the American Petroleum Institute, the Association of Oil Pipe Lines and the Chamber of Commerce – a political titan who said he spent $ 103.9 million to influence government policies in 2012 Calling it an overly broad and harsh regulatory approach that threatened to create an “adversarial” relationship between government and the private sector instead of fostering collaboration against cyber attacks. The group supported an alternative approach focused on greater sharing of threat intelligence, a position it continues to endorse today. “We are supporting a public-private collaboration that strengthens our cybersecurity in all sectors, including pipelines, for the benefit of all Americans,” said Matthew Eggers, vice president of the House’s cybersecurity policy. Cyber ​​security and government officials have warned for years about the consequences of a pipeline hack, including in 2019 when the Office of the Director of National Intelligence released a report warning that a cyber attack could disrupt a pipeline. For days, even weeks. Nonetheless, there was general corporate opposition to the Lieberman Bill, with nearly every industry affected, from financial services to communications, getting involved to warn the proposed cybersecurity mandates would put the government’s heavy hand in the affairs of the government. companies. the promoters warned that the warrants were essential to ensure the existence of sufficient collateral. amid a barrage of increasingly sophisticated attacks on private companies operating power plants, dams and other critical infrastructure.Al-Qaeda VideoWeeks after the bill was introduced, the Security Ministry Interior warned that hackers had spent months trying to infiltrate computer systems for a number of pipeline operators. ABC News reported that the FBI obtained a video from Al Qaeda calling for “electronic jihad” against US critical infrastructure. And the computer security company McAfee Corp. warned of coordinated and ongoing cyber attacks against global energy companies in 2011 Hacking episodes have heralded just how attractive fuel delivery systems are to cybercriminals, such as the Russia-linked group that used DarkSide ransomware to hold Colonial’s computer systems hostage around May 7. The company was forced to shut down its approximately 5,500-mile-long (8,851-kilometer) pipeline system, which supplies about 45 percent of the fuel used on the East Coast, causing outages at gas stations and the payment of a ransom of $ 5 million before resuming service five days later. It is not known whether the warrants would have thwarted the attack, and investigations are still ongoing. Colonial pledged to “consider any proposal that builds on the lessons learned from this event that strengthens or hardens our infrastructure.” The oil and pipeline trading groups firmly insist the time is not for prescriptive federal mandates. “Any discussion of the regulations is premature until we have a full understanding of the details surrounding the colonial attack,” said Suzanne Lemieux, Operations Security and Emergency Response Manager at API. “But we are determined to continue our strong coordination with all levels of government.” The trade association added in a statement that it was generally aligned with the House on the issue in 2012 and warned of a universal prescriptive regulatory approach that John Stoody, a spokesperson for the Association of Oil Pipe Lines , whose members include Colonial Pipeline, said, “We want TSA to do whatever it plans to do.” “For example, too broad a reporting requirement could overwhelm TSA with hundreds of thousands of reports of cyber attacks every day that wouldn’t do anyone any good,” he said. PartnershipChevron said in an email that the regulations Federal government “should take a risk-based approach” that gives businesses the flexibility to defend against threats. And Exxon noted that the rapid evolution of cyber threats means that “all formal and prescriptive cybersecurity requirements for the industry are often exceeded when completed.” The Transportation Security Administration has long taken a similar approach. A branch manager in the agency’s surface operations office boasted last year that this involved “very few regulations” and a “cooperative approach to industry adoption of security measures.” according to a presentation archived on the agency’s website. “A regulation takes months or years to change,” Fox said in a telephone interview. “With this partnership, we could make a phone call and say we need you to do this or that and that would be reacted the next day.” Republican FilibusterFox said he didn’t think Bill Lieberman would have prevented the colonial cyberattack. You can regulate whatever you want, ”Fox said. “We have speed limit and gun control regulations and all kinds of things, so if you regulate something, that doesn’t mean it won’t happen.” Eventually, in 2012, Lieberman and Collins watered down their bill in a desperate attempt to win over Republicans. to get it through. They ditched warrants and fines in favor of a measure that would only create optional requirements, but even the reduced bill was not enough. Persistent liability and privacy concerns haunted the legislation, and the House also opposed the new version. He was twice beaten by a Republican-led filibuster, ultimately losing nine out of the 60 votes needed to interrupt the debate in November 2012. Amy Myers Jaffe, professor at Tufts University and author of “Energy’s Digital Future The colonial cyberattack could be a reference to the Gulf of Mexico oil well that exploded in 2010, killing 11 workers and causing the worst oil spill in US history. for contributing to the disaster, Jaffe said. “It’s shocking to me to think that an industry that likes to brag about its safety performance would ever have lobbied against the adoption of mandatory government standards for cybersecurity in vital energy infrastructure.” More articles like this are available on Bloomberg. Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP

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CFPB cancels temporary policy statements on COVID https://japononline.net/cfpb-cancels-temporary-policy-statements-on-covid/ https://japononline.net/cfpb-cancels-temporary-policy-statements-on-covid/#respond Wed, 07 Apr 2021 23:15:53 +0000 https://japononline.net/cfpb-cancels-temporary-policy-statements-on-covid/ On April 1, 2021, the Bureau of Consumer Financial Protection rescinded seven policy statements released between March 26 and June 3, 2020, which provided for temporary relief from certain regulatory obligations during the COVID-19 pandemic. The CFPB also revoked its 2018 bulletin on supervisory communications and replaced it with a revised bulletin describing its use […]]]>

On April 1, 2021, the Bureau of Consumer Financial Protection rescinded seven policy statements released between March 26 and June 3, 2020, which provided for temporary relief from certain regulatory obligations during the COVID-19 pandemic. The CFPB also revoked its 2018 bulletin on supervisory communications and replaced it with a revised bulletin describing its use of Matters of Special Attention (ARM) to effectively convey supervisory expectations.

Dave Uejio, CFPB Acting Director, explained: “Providing regulatory flexibility to businesses should not come at the expense of consumers. As many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. This cancellation is another signal from the CFPB indicating that it intends to adopt a more aggressive posture.

The rescinded policy statements and the MRA bulletin are as follows:

1. Statement on Office Oversight and Law Enforcement Response to the COVID-19 Pandemic (March 26, 2020)

This statement (as explained in our advance warning), provided that the CFPB takes into account the challenges facing financial institutions with respect to surveillance activities and enforcement actions during the pandemic. The CFPB had said it would “appreciate good faith efforts to help consumers”.

2. Statement on Monitoring and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (March 26, 2020)

This statement (as explained in our prior warning) relaxed the quarterly reporting requirements for reporting Home Mortgage Disclosure Act data under Regulation C. The cancellation instructs all financial institutions required to file quarterly to do so from their data from the first quarter 2021, due no later than May 31, 2021, for all covered loans and requests with a final decision made between January 1 and March 31, 2021.

3. Statement on Supervisory and Enforcement Practices Regarding CFPB Information Collection for Credit Card and Prepaid Account Issuers (March 26, 2020)

This statement (as explained in our advance warning) suspended the requirements of Regulations E and Z to submit prepaid card and credit card account agreements. The cancellation reinstates these requirements and provides guidance on how financial institutions should now meet specified information collection requirements for credit cards and prepaid accounts.

4. Statement on Monitoring and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (April 1, 2020)

This statement (as explained in our advance warning) Highlighted providers’ responsibilities under the Coronavirus Help, Relief and Economic Security Act (CARES Act) and informed vendors and consumer reporting agencies of the flexible approach monitoring and enforcement of the CFPB during the pandemic with respect to compliance with the Fair Credit Reporting Act and Regulation V. Termination keeps intact the section titled “Providing Information to Consumers Affected by COVID- 19 ”which expresses CFPB’s support for voluntary efforts by providers to provide payment relief, and which CFPB does not intend to cite in reviews or take enforcement action against providers for agencies consumer information that accurately reflects the payment relief measures they employ.

5. Statement of Oversight and Enforcement Practices Regarding Certain Filing Requirements Under the Interstate Land Sales Full Disclosure Act (ILSA) and Regulation J (April 27, 2020)

The cancellation instructs land developers subject to ILSA and Regulation J to resume filing the annual activity reports and required financial statements.

6.Statement on Monitoring and Enforcement Practices Regarding Regulatory Z Billing Error Resolution Times in Light of the COVID-19 Pandemic (May 13, 2020)

This statement (as explained in our prior warning) provided that the CFPB would assess a creditor’s situation due to the pandemic before deciding to bring an action against a creditor who takes longer than required by Rule Z to resolve a billing error, provided that the creditor has made good faith efforts to obtain the necessary information and make a decision as quickly as possible.

7. Statement on Monitoring and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic (June 3, 2020)

This statement (as explained in our prior warning) provided that, in specified circumstances, the CFPB has not brought any action against a credit card issuer who has not obtained the E-SIGN Act consent of a consumer during a telephone call to enable the electronic delivery of certain written disclosures required by Regulation Z, both because the issuer has obtained both verbal consent from the consumer to the electronic delivery and verbal confirmation of its ability to review the electronic written disclosures.

In Bulletin 2018-01, published in 2018, the CFPB announced changes in the way it articulates supervisory expectations at institutions. The CFPB then said it would continue to communicate its written findings to institutions through review reports and letters of supervision. These reports and letters were to include two categories of findings that reflect the expectations of supervision: (I) matters needing attention (ARM), and (ii) prudential recommendations (RS). The Bureau replaced the 2018 bulletin with the new 2021-01 bulletin. This bulletin announced changes in the way CFPB examiners articulate supervisory expectations. The new bulletin indicates that the CFPB will continue to rely on MRAs. The Bureau explained that its examiners will use MRAs to communicate to an entity’s board of directors and senior management the objectives that the entity should achieve to remedy violations identified by the CFPB. The bulletin reiterated that it expects entities to implement a compliance management system that “among other things, effectively prevents, identifies and addresses risks to consumers”. The bullet also indicated that the CFPB will stop using SRs because it believes that MRAs will more effectively communicate CFPB’s oversight expectations.

Banks, managers and other financial institutions should be aware that the CFPB has canceled these temporary flexibilities and should update their compliance policies accordingly.

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Democratic attorneys general want more student loan protection https://japononline.net/democratic-attorneys-general-want-more-student-loan-protection/ https://japononline.net/democratic-attorneys-general-want-more-student-loan-protection/#respond Wed, 07 Apr 2021 23:15:46 +0000 https://japononline.net/democratic-attorneys-general-want-more-student-loan-protection/ through: Chris Lisinski, State House Press Service Posted: March 31, 2021 / 5:10 p.m. EDT / Update: April 1, 2021 / 6:00 p.m. EDT BOSTON (SHNS) – Attorney General Maura Healey and 22 other state attorneys general on Wednesday urged the Biden administration to expand student loan protections in the time of the pandemic and […]]]>

BOSTON (SHNS) – Attorney General Maura Healey and 22 other state attorneys general on Wednesday urged the Biden administration to expand student loan protections in the time of the pandemic and prepare for a “massive and unprecedented challenge Once required for payments from millions of borrowers.

President Donald Trump first stopped accruing interest and required payments on student loans held by the federal government, and President Joe Biden has since extended coverage until September 30, 2021. In one letter to US Education Secretary Miguel Cardona, attorneys general have urged the administration to continue withholding payments and waiving interest “for as long as necessary to support distressed borrowers.”

They welcomed the announcement on Tuesday, saying the break will now also apply to overdue private loans in the federal family education loan program and called for even more action to reach other student loan holders. private.

The attorneys general, all of whom are Democrats, also urged the US Department of Education to delay recertifying all income-based repayment plans for at least a year after the pandemic payments hiatus ends to help protect borrowers.

“When these protections expire on September 30, 2021, 42 million student loan borrowers will re-enter repayment at the same time,” they wrote. “This is a huge and unprecedented challenge that has the potential to negatively impact borrowers and their families, the Department, student loan managers, as borrowers contact their loan managers to resume. reimbursement.”

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Nathan’s wants to be famous for more than hot dogs https://japononline.net/nathans-wants-to-be-famous-for-more-than-hot-dogs/ https://japononline.net/nathans-wants-to-be-famous-for-more-than-hot-dogs/#respond Wed, 07 Apr 2021 23:15:45 +0000 https://japononline.net/nathans-wants-to-be-famous-for-more-than-hot-dogs/ James Walker wants Nathan’s Famous to be known for more than just hot dogs. So, over the past few months, the Jericho, NY-based chain has been upgrading its burgers and sandwiches, all in an effort to improve their quality to match what the chain is more, uh, popular for. “This is a better concept,” said […]]]>

James Walker wants Nathan’s Famous to be known for more than just hot dogs.

So, over the past few months, the Jericho, NY-based chain has been upgrading its burgers and sandwiches, all in an effort to improve their quality to match what the chain is more, uh, popular for.

“This is a better concept,” said Walker, a longtime industry executive hired last year to head Nathan’s restaurant division. “We wanted to elevate the entire menu to the hot dog level. They are truly the best in their class.

“We want to make sure that everything we serve is at this level.”

It’s not just the menu. The company has been working to improve its prototype, add new technology, and change the way it recruits new franchisees to run the chain’s restaurants, all in an effort to turn around the brand.

Nathan’s has experienced a steady decline in sales and the number of units for several years. The chain operated 300 locations in the United States in 2013, according to data from Catering company sister company Technomic. It was at 213 last year.

The company’s five-year compound annual growth rate of U.S. systems sales through 2018 was negative 5.5%.

“We definitely have a lot to do,” Walker said.

He said the company’s strategy was not a direct brand overhaul. “It’s not a radical departure,” Walker said. “It’s really an evolution and not a revolution.”

The company started with the menu, upgrading the chain’s New York Cheesesteak and including items like its chicken sandwiches. He also has a new line of shakes. “We focused on bringing them all to a very high end level,” Walker said. He noted that the items are “very bulky from a portion size perspective” to provide customers with “excellent value for money.”

Walker believes that the size of the menu items is a selling point for the brand. “I don’t know of any brand that serves sandwiches with 8 ounces of chicken. All of our burgers are double burgers, ”he said. “We have improved the quality and increased the size of the portions.”

That said, the broad menu concepts over the past few years have passed off as more narrow concepts, so why not just focus on hot dogs?

Still, Walker said Nathan’s large menu was a selling point for the brand. “When you think of Nathan, you think of a great burger and great chicken and great cheesesteak, with that hot dog,” he said. “It was also very important to us.”

Plus, he said, “This cheesesteak does so much for us,” Walker said.

The company is also working on a new design. The chain has renderings and floor plans and is researching potential locations in Tampa and its home market on New York’s Long Island. “We want the design to really convey that we’re more than the best hot dogs,” Walker said. “It’s a design that is very clearly in line with our positioning and our menu strategy. As someone comes along, they see that we are more of a high end concept, and that we are absolutely a very speed of service concept.

Nathan is also looking at technology. The company recently added third-party delivery, but it’s also looking at “everything from point of sale, processing, innovation around technology to a marketing perspective, and innovation in the restaurant. , from kiosks to menu boards, ”Walker said.

The “fourth step” of Nathan’s Return Stool is the company’s approach to franchising. The vast majority of the chain’s sites are operated by franchisees. The company recently changed its recruiting process and Discovery Day to find franchisees who “can be brand champions”. Nathan’s has already started recruiting new franchisees.

The company targets areas where the brand is well known, such as Florida and Long Island. But Nathan’s has a strong franchisee in Las Vegas, far from its main markets. “One of the things I love about hot dogs is that they are all about fun,” Walker said. “You can eat a hot dog and shoot a slot machine or roll the dice.”

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PM to interact with Ehsaas beneficiaries during loan verification ceremony in Sahiwal – Pakistan https://japononline.net/pm-to-interact-with-ehsaas-beneficiaries-during-loan-verification-ceremony-in-sahiwal-pakistan/ https://japononline.net/pm-to-interact-with-ehsaas-beneficiaries-during-loan-verification-ceremony-in-sahiwal-pakistan/#respond Wed, 07 Apr 2021 23:15:45 +0000 https://japononline.net/pm-to-interact-with-ehsaas-beneficiaries-during-loan-verification-ceremony-in-sahiwal-pakistan/ Published on January 28, 2021 7:02 p.m. Prime Minister to distribute Ehsaas interest-free loan checks ISLAMABAD (Dunya News) – Prime Minister Imran Khan will interact with beneficiaries of the Ehsaas program during his visit to Sahiwal on Friday. The prime minister will distribute Ehsaas interest-free loan and Ehsaas undergraduate scholarship checks among the selected number […]]]>

Published on January 28, 2021 7:02 p.m.

Prime Minister to distribute Ehsaas interest-free loan checks

ISLAMABAD (Dunya News) – Prime Minister Imran Khan will interact with beneficiaries of the Ehsaas program during his visit to Sahiwal on Friday.

The prime minister will distribute Ehsaas interest-free loan and Ehsaas undergraduate scholarship checks among the selected number of recipients and deserving students in the Sahiwal division, according to a statement.

Since its launch in March 2019, various initiatives of the Ehsaas program – Kafaalat, Waseela-e-Taleem Digital, undergraduate scholarships, interest-free loans and others have been implemented in the Sahiwal division to uplift the marginalized populations of its three districts. from Sahiwal, Okara and Pakpattan.

The current Ehsaas survey is 28% complete in Sahiwal Division, which will serve as the basis for large-scale social protection interventions. Enrollment of new beneficiaries will be based on verification of eligibility from the new database compiled as a result of the survey.

To date, 18,886 primary school children from 9,864 poorest households are currently benefiting from the conditional cash transfer program for education, Waseela-e-Taleem Digital, which has been massively reformed under the auspices of Ehsaas .

In addition, Ehsaas emergency cash worth Rs 6 billion was delivered to 504,205 families in Sahiwal Division in response to the coronavirus pandemic.

In the past year and a half, more than 42,127 borrowers (69% women) have benefited from Ehsaas interest-free loans worth Rs 1.6 million to start small businesses under the l ‘Ehsaas National Poverty Reduction Initiative.

Under the Ehsaas Kafaalat, 115,867 poorest households receive monthly allowances of 2,000 rupees. Payment to new Kafaalat beneficiaries will start on Friday.

Through the Ehsaas Undergraduate Scholarship Program, approximately 1,308 scholarships are awarded to deserving bright students in Sahiwal, Okara and Pakpattan districts.

Under the aegis of Ehsaas, several improvements are also planned to expand the scale and scope of Ehsaas’ interventions in the next phase.

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Goodbye, DeVos urges Congress to reject Biden’s policies https://japononline.net/goodbye-devos-urges-congress-to-reject-bidens-policies/ https://japononline.net/goodbye-devos-urges-congress-to-reject-bidens-policies/#respond Wed, 07 Apr 2021 23:15:45 +0000 https://japononline.net/goodbye-devos-urges-congress-to-reject-bidens-policies/ In a farewell letter to Congress on Monday, Education Secretary Betsy DeVos urged lawmakers to reject President-elect Joe Biden’s education program, while imploring them to protect the policies of the Trump administration that Biden promised to eliminate. DeVos does not explicitly acknowledge the electoral defeat of President Donald Trump, nor does he refer to Biden […]]]>

In a farewell letter to Congress on Monday, Education Secretary Betsy DeVos urged lawmakers to reject President-elect Joe Biden’s education program, while imploring them to protect the policies of the Trump administration that Biden promised to eliminate.

DeVos does not explicitly acknowledge the electoral defeat of President Donald Trump, nor does he refer to Biden by name. Instead, his letter offers lawmakers “encouragement and final thoughts.” As DeVos prepares to leave the Department of Education, she says the coronavirus pandemic has revealed a lot of “not encouraging” things about education in the United States.

“Although my time as a secretary is limited, my time as an advocate for children and students knows no limits,” she said in the letter, obtained by The Associated Press. It was sent to House and Senate leaders and to committees that oversee the Department of Education.

DeVos offered an unemotional farewell to a Congressman who had a cold relationship with her from the start. Its confirmation in the 2017 Senate required a decisive vote from Vice President Mike Pence, and it has remained a lingering target for Democrats in both chambers.

DeVos made no mention of these disputes, but instead offered “sincere gratitude for your partnership” on a range of education-related issues. Most of its major policies, however, were passed through federal regulation, not legislation passed by Congress. In her letter, she pledged to continue working with Congress “to do what’s right for American students”.

Much of the letter serves as the last call for school choice legislation that DeVos pushed for almost two years without securing the support of Democrats and many Republicans. The proposal would provide tax breaks for donations to organizations that sponsor students attending private schools or other alternatives to traditional public education.

Critics said the idea amounted to a federal voucher program, but DeVos said it would allow families to choose the best options for their children – an issue she said has become increasingly prominent in the midst of of the pandemic.

“Many students – especially our most vulnerable students – suffer immeasurable harm from schools failing to reopen and educate,” she writes. “Frankly, the ‘system’ has never figured out how to rehabilitate students on a large scale, and I fear it may be unable to achieve any school recovery now.

READ MORE: DeVos used personal emails to work in ‘limited’ cases, federal investigators say

While his letter condemns the schools’ response to the pandemic, DeVos does not specify how to reopen. She has previously denied that it’s her job to orchestrate a reopening, saying decisions are best left to local leaders.

For months, Trump and DeVos have urged schools to reopen for in-person classes even as many principals say they lack the resources to do so safely. Biden has made it a priority to reopen schools within the first 100 days and says federal agencies will guide districts in their decisions.

More broadly, DeVos urged Congress to direct federal education funding directly to families rather than schools. She argued that teacher unions and interest groups are more concerned with supporting “the system” than students. She said elementary and secondary school funding should be treated more like federal grants for colleges, which go directly to students to attend schools of their choice.

“Given this precedent of choice and empowerment, it is impossible to understand how it is acceptable for federal taxpayer funds to support a student who attends the University of Notre Dame, but not a student who wishes to attend Notre Dame. Prep High School, ”she wrote.

Throughout his campaign, Biden characterized DeVos as an enemy of public schools, unqualified to lead the education department. He won the support of teachers’ unions after promising to appoint an education chief who, unlike DeVos, had work experience in public education.

Biden’s candidate, Miguel Cardona, is the state education chief in Connecticut and a former teacher and deputy superintendent in a public district. He called attention to his work to close student achievement gaps and advocate for schools to reopen during the pandemic.

DeVos’ letter directly opposes several of Biden’s top education priorities, including his proposal to triple federal Title I funding for schools serving low-income students. The letters indicate that federal funding for education has already tripled since 1960, but has failed to translate into better results on standardized tests.

She also lambasted proposals to make college free for some students and to write off huge swathes of student debt, both of which were backed by Biden.

“I hope you also reject the misguided calls to make college ‘free’ and that two-thirds of Americans who have not incurred student debt or who have responsibly paid off student loans must pay off student loans. those who haven’t done the same, ”she said.

At the same time, she called on Congress to preserve its recently enacted rules on dealing with sexual assault on campus. The policy strengthens protections for defendants and reduces the scope of cases that colleges must investigate. DeVos says this ensures fairness for all students, but survivor advocacy groups say it weakens protections for victims.

Biden has vowed to reverse DeVos’ policies and bring back the Obama-era directions that she replaced. In his appeal to Congress, DeVos says his rules “restore fairness to campuses by respecting the rights of all students.”

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New Hampshire to Exempt P3 Loans from State Taxes | New Hampshire https://japononline.net/new-hampshire-to-exempt-p3-loans-from-state-taxes-new-hampshire/ https://japononline.net/new-hampshire-to-exempt-p3-loans-from-state-taxes-new-hampshire/#respond Wed, 07 Apr 2021 23:15:45 +0000 https://japononline.net/new-hampshire-to-exempt-p3-loans-from-state-taxes-new-hampshire/ (The Center Square) – New Hampshire lawmakers plan to exempt thousands of New Hampshire businesses from paying state taxes on federal pandemic relief loans. A proposal tabled by Senate Majority Leader Jeb Bradley, R-Wolfeboro, would eliminate state taxes on the federal paycheck protection program for more than 24,000 businesses that have received disaster loans. The […]]]>

(The Center Square) – New Hampshire lawmakers plan to exempt thousands of New Hampshire businesses from paying state taxes on federal pandemic relief loans.

A proposal tabled by Senate Majority Leader Jeb Bradley, R-Wolfeboro, would eliminate state taxes on the federal paycheck protection program for more than 24,000 businesses that have received disaster loans.

The measure cleared the Senate Ways and Means Committee by a unanimous vote Monday and was put to a vote in the Senate next Thursday.

If the Senate approves the bill, it will still have to pass the New Hampshire House of Representatives before going to Governor Chris Sununu’s office for consideration.

At a legislative hearing in February, Bradley called the bill a “clarification” that would bring state tax policy in line with the intent of the federal relief program.

“PPP funds were designed to keep the US economy afloat during the significant uncertainty of the pandemic, this was never meant to be a taxable event,” Bradley told lawmakers. “This means there was never any intention to create a loss of revenue for New Hampshire.”

He took issue with the state’s claims it would lose revenue by not taxing loans, arguing that it is tax revenue the state was never supposed to collect.

The State Department of Tax Administration said it was unable to calculate the proposal’s exact tax impact, citing a lack of information on borrowers, but estimated the impact on borrowers. State coffers ranging from approximately $ 80 million to $ 135 million.

The paycheck protection program was approved as part of the $ 2.2 trillion CARES bill passed by Congress in March 2020 to help keep small businesses afloat during the current pandemic.

By law, borrowers are eligible for the forgiveness of PPP loans if at least 60% of the proceeds are for payroll costs.

A second pandemic relief program approved by Congress in December provided another round of PPP-repayable loans and allowed businesses to claim tax deductions for expenses they covered with the loan proceeds returned.

More than 24,000 New Hampshire companies received about $ 2.6 billion in the first round of the loan program, according to data from the US Treasury.

Congress has exempted PPP loans from federal income tax, but New Hampshire is one of 18 states where loans are taxed, according to the Washington, DC-based Tax Foundation.

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