Alergy Medication Cost – Parents Of Allergic Children http://parentsofallergicchildren.org/ Thu, 23 Jun 2022 17:25:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://parentsofallergicchildren.org/wp-content/uploads/2021/06/icon-5.png Alergy Medication Cost – Parents Of Allergic Children http://parentsofallergicchildren.org/ 32 32 42% of employees run out of money before payday ― Earnipay https://parentsofallergicchildren.org/42-of-employees-run-out-of-money-before-payday-%e2%80%95-earnipay/ Thu, 23 Jun 2022 17:25:57 +0000 https://parentsofallergicchildren.org/42-of-employees-run-out-of-money-before-payday-%e2%80%95-earnipay/ Earnipay, a fintech company that provides flexible, on-demand access to employees, revealed that 42% of employees in Africa run out of money before payday. According to the company, this causes employers to lose up to 27 days of working hours per employee per year due to money stress. Speaking at a media roundtable in Lagos […]]]>

Earnipay, a fintech company that provides flexible, on-demand access to employees, revealed that 42% of employees in Africa run out of money before payday.

According to the company, this causes employers to lose up to 27 days of working hours per employee per year due to money stress.

Speaking at a media roundtable in Lagos on Wednesday, June 22, 2022, Earnipay Founder and CEO Mr. Nonso Onwuzulike said that for employers to improve the productivity of their teams, eliminate the financial stress that prevents even star employees from performing optimally. , businesses can take advantage of Earnipay’s services to take care of weekly or bi-weekly salaries that suit the lifestyle of some low-income earners.

According to him, 67% of employees want more financial support from their employer.

“Most of the African workforce is paid monthly, but lives on paycheck to paycheck. Unlike more developed countries like the United States, where weekly or bi-weekly wages can support this lifestyle, low monthly wages.

“So what ends up happening is that wage earners take payday advances or borrow money from payday lenders and loan sharks to offset their day-to-day expenses and emergencies, eventually falling into a debt cycle,” he said.

While explaining that Earnipay does not provide payday advance, but funds equivalent to 50% of days worked in a month, Onwuzulike noted that a few individual companies have sought to address this internally and allow employees to access their daily salary as they work for it.

ALSO READ FROM NIGERIAN TRIBUNE

The company says it wants to improve the financial well-being of employees by partnering with employers and seamlessly integrating with their payroll systems to offer its services to employees, who can then track and withdraw their accrued wages through application any day of the month.

“At the end of the month, the employer deducts the withdrawn amount from the employee’s salary, reimburses Earnipay with it, and then pays the employee the balance as salary for that month,” Onwuzulike said.

Financial worries, he said.

are the number one cause of workplace distractions. The monthly pay cycle means employees are often unable to pay day-to-day expenses, cover emergencies, or take advantage of immediate financial opportunities.

“As a result, they are exposed to predatory payday loans and get stuck in endless cycles of debt with unrealistic repayment periods and high interest rates.

“Earnipay exists to solve this problem and provide an ethical alternative to instant access to pay while helping employers improve employee engagement and retention at zero cost to their business.

“The future of pay is on-demand, and we’re thrilled to be pioneering this incredible solution in Africa. I’m excited to partner with a group of highly respected investors who understand the need for a platform like ‘Earnipay to improve access to wages and, above all, to improve the financial well-being of employees in Africa, he said.

Also speaking, other team members including Esther John, Sakes and the Business Development Manager explained that Earnipay charges employees a nominal processing fee of NGN 250 or NGN 500 for this access. There are no refunds or interest charges because employees have access to what they worked for, it’s their money, they said.

The funding round was led by Canaan, with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform, Voltron Capital and Paystack.

According to the company, Earnipay has received US$4 million and with the seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. In doing so, the technology company will provide employees with the tools they need to make better financial decisions and improve their quality of life.

The company plans to offer its pay-on-demand solution to 200,000 employees by the end of 2022 and has already served more than 40 companies, outsourcing companies and HR solution providers in Nigeria.

Employers can sign up for Earnipay through the web platform to access the employer dashboard and add their employees in a simple process.

Top 10 Business Ideas In Nigeria You Can Start With 100,000 Naira

42% of employees run out of money before payday ― Earnipay

2023: Kwankwaso will not be deputy to Obi —NNPP

42% of employees run out of money before payday ― Earnipay

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Close to retirement? Here’s how to get rid of your debt before you leave work. https://parentsofallergicchildren.org/close-to-retirement-heres-how-to-get-rid-of-your-debt-before-you-leave-work/ Tue, 14 Jun 2022 12:00:55 +0000 https://parentsofallergicchildren.org/close-to-retirement-heres-how-to-get-rid-of-your-debt-before-you-leave-work/ Almost everyone gets into debt from time to time, and it’s not always a big deal. But as you approach retirement, you want to get as much out of debt as possible. With fewer payments to worry about, you can further expand your existing savings. But getting rid of debt, especially high-interest debt, is easier […]]]>
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3 things to watch in the stock market this week https://parentsofallergicchildren.org/3-things-to-watch-in-the-stock-market-this-week/ Sun, 12 Jun 2022 11:00:00 +0000 https://parentsofallergicchildren.org/3-things-to-watch-in-the-stock-market-this-week/ It was another tough time for investors last week as both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P500 (SNP INDEX: ^GSPC) lose 5%. Most of the decline came after news broke that inflation was still near a 40-year high, suggesting further aggressive interest rate hikes from the Federal Reserve. However, many individual […]]]>

It was another tough time for investors last week as both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P500 (SNP INDEX: ^GSPC) lose 5%. Most of the decline came after news broke that inflation was still near a 40-year high, suggesting further aggressive interest rate hikes from the Federal Reserve.

However, many individual stocks performed better, especially in the case of positive earnings announcements. With that in mind, let’s preview reports on the way this week from Kroger (NYSE:KR), Jabil (NYSE:JBL)and Adobe (NASDAQ: ADBE).

1. Kroger Profit Outlook

Kroger’s stock took a hit after rival walmart (NYSE: WMT) lowered its 2022 earnings outlook last month, and we’ll find out on Thursday whether the supermarket chain has avoided those earnings challenges.

There are good reasons to believe that Kroger can outperform its biggest rival. The chain closed the growth gap in the last quarter, thanks in part to the enthusiasm generated by its fresh produce and prepared food niches. Track comparable store sales to see if Kroger is gaining market share. This metric increased by 3% in Walmart’s latest report.

Kroger weathered soaring costs in early 2022, and investors hope to extend that positive momentum into this report with the help of its vertically integrated supply chain.

When costs rise, owning your own dairy farm, trucking company, and retail network comes in handy. Watch Kroger’s earnings outlook, which currently calls for a sharp increase in annual earnings, for evidence of continued pricing power.

2. Jabil’s operating margin

Electronics manufacturing specialist Jabil will announce its latest results on Thursday, and investors have big questions ahead of the report. The company exceeded expectations on its latest release, which showed an 11% increase in sales. Jabil’s 23% increase in earnings per share is even more impressive.

Track Jabil’s operating profit margin to see if the company is still benefiting from growing demand in the smartphone, cloud services and automotive niches. This metric was less than 5% of sales last quarter, but has the potential to increase as prices rise.

Jabil raised its outlook for 2022 in March, and management now sees revenue landing at $32.6 billion, about 11% more than in 2021. The big question is how its partnership with Apple could set it up for even faster wins down the line.

3. Adobe’s growth rate

Despite setting new sales and cash flow records last quarter, Adobe stock has fallen since that report in late March. Investors’ main concern is that growth will slow after two years of strong demand for its digital media products during the early stages of the pandemic.

This slowdown should not threaten the long-term prospects of Adobe, which announced Thursday the results of the second fiscal quarter. Executives in March forecast sales would rise about 15% for the period, compared with a 17% increase in the first quarter.

In addition to hitting those numbers, investors are hoping Adobe could project better earnings prospects over time as more businesses and consumers move their creative work to its cloud services platform.

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The World Bank predicts that global growth will fall to 2.9% in 2022 https://parentsofallergicchildren.org/the-world-bank-predicts-that-global-growth-will-fall-to-2-9-in-2022/ Wed, 08 Jun 2022 13:32:07 +0000 https://parentsofallergicchildren.org/the-world-bank-predicts-that-global-growth-will-fall-to-2-9-in-2022/ Outlook: Today is as slow a day of data as possible – weekly MBA mortgage applications, final April wholesaler inventories and Department of Energy oil inventories. Watch for fabricated outrages. The Atlanta Fed’s GDPNow was a disappointing 0.9% for the second quarter, down from 1.3% on June 1, again due to deteriorating consumer spending and […]]]>

Outlook: Today is as slow a day of data as possible – weekly MBA mortgage applications, final April wholesaler inventories and Department of Energy oil inventories. Watch for fabricated outrages.

The Atlanta Fed’s GDPNow was a disappointing 0.9% for the second quarter, down from 1.3% on June 1, again due to deteriorating consumer spending and private investment. This points to a recession, while the financial press has turned its back on stagflation, according to a WSJ headline. That’s probably because TreasSec Yellen has admitted (again) that it missed the rise in inflation and yes, that may linger longer than we think. The United States will increase its forecast from 4.7% to something higher now that we have seen the whites of the eye of 8%.

Meanwhile, as noted above, the World Bank is still focused on the recession. The World Bank forecasts global growth to slump to 2.9% in 2022, from 5.7% in 2021, significantly lower than 4.1% in January. The United States will slow to 2.5% in 2022, down 1.2% from previous forecasts. “New U.S. inflation data, to be released on Friday, is expected to show the annual rate holding steady at 8.3% in May, near a 40-year high.”

The other data of note yesterday was consumer credit, touted by some at catastrophic levels. A report indicates that it has increased by 20%, which shows that consumers are using cards to support current consumption. But this is not the case. The revolving credit balance is just $1.04 trillion in April, up 2.6% from April 2019. You should cut out non-revolving credits and beware of single-month annualization . Year after year it’s much better and year after year it’s even better.

When you see much larger numbers, consider the exact nature of the liability named. Revolving credit (excluding mortgages) includes credit cards and personal loans, and as Wolf Street points out, “Since 2019, consumer spending has grown 19% and revolving credit has grown only 2.9%. %, both unadjusted for inflation of 13% over the period. In other words, revolving credit growth has been significantly below inflation and massively below consumer spending growth. This shows that consumers rely less on revolving credit.

“Credit cards and some types of personal loans, such as payday loans, are the most expensive form of credit, and they often come with usurious interest rates. Credit card rates can exceed 30%. And the Americans have understood this. If they need to finance purchases, many consumers resort to cheaper loans, including cash refinancing of their mortgages. And many, many consumers use their credit cards as means of payment, and they pay them off every month. This is what these relatively low balances show.

Wolf also complains about the series’ seasonal adjustments and while he’s right, that’s not the main event that the American consumer may be greedy, but he’s not stupid, and we we don’t see a drunken sailor bingeing as some versions of the data seem to show. Here we have the case of two semi-maverick analysts, both deeply skeptical of the government and all its data and minions, but with great mapping ability and this time, differing views. Overall Wolf is less politically biased and we say that helps.

Next up is the ECB policy meeting and possibly a crisis in the UK, where Boris wants to tinker with the Northern Ireland Protocol and kick out the European Court. He could get away with it and it’s not a death knell for his political career as some hope, but it’s probably very, very bad for the British economy, depending on the retaliation from the Europeans. On the face of it, the Euro’s resilience against a USD semi-recovery yesterday will strengthen against the Pound today and in the future. We see the fate of sterling.

fxsoriginal


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The technological crash is here. Rejoice! https://parentsofallergicchildren.org/the-technological-crash-is-here-rejoice/ Mon, 06 Jun 2022 10:00:00 +0000 https://parentsofallergicchildren.org/the-technological-crash-is-here-rejoice/ Which affects both good and bad. Fundamentally sound companies, those with real revenue and prospects, like Microsoft, are also seeing their value plummet, and Musk’s own companies are no exception to the depreciation. Tesla’s price crash has jeopardized its ambition to acquire Twitter, and last weekend it was forced to scrap plans to cut 10% […]]]>

Which affects both good and bad. Fundamentally sound companies, those with real revenue and prospects, like Microsoft, are also seeing their value plummet, and Musk’s own companies are no exception to the depreciation. Tesla’s price crash has jeopardized its ambition to acquire Twitter, and last weekend it was forced to scrap plans to cut 10% of the electric carmaker’s staff. Furthermore, the future earnings of a cheeky big bet such as its Starlink business – obscuring the world in satellite internet connectivity – also look much worse on a DCF analysis, now that interest rates have risen.

During these two decades, the word “tech” itself has become devalued: it hasn’t referred to technology or a technology company for some time. As recently as the 1990s, it was easy to identify what a tech startup was. This would be a new company seen as well positioned to take advantage of an innovation with great future market potential. For example, when Nvidia went public, it was one of three companies to go public in a 30-plus funding round, with investors betting that the winner could bring CGI to the masses, in PCs and game consoles.

This required technical knowledge and marketing skills. A bet like Nvidia was risky, as it should be, as incumbents usually won. But now ‘technology’ has become so degraded that another phrase has been coined – ‘deep tech’ – to refer to anything really related to engineering or computing. In WeCrashed’s most exquisite sequence, Apple TV’s frantic dramatization of WeWork’s history, founder Adam Neumann outrageously rebrands his office sublease business as a “tech company” only to woo Softbank’s Masayoshi Son. , which is looking for a “disruptive” platform. That works.

Another of Son’s big bets, Klarna, now looks like the biggest potential victim of the crash. For critics, it’s little more than a payday loan operation, one tapping into a market of borrowers that the credit market has rejected, for the very good reason that they’re doing more bad debtors: the impulsive Gen Z. Klarna rushes to an IPO as its valuation plummets.

Klarna, which announced layoffs last month, was valued at $45.6 billion a year ago, but recent reports indicate that new financing plans would reduce the valuation to around $30 billion. All in all, other fast fashion “tech” ersatz companies are collapsing. I expect food delivery businesses to explode next, with consequences for commercial TV advertising revenue and the electric scooter market.

One of Silicon Valley’s oldest venture capital firms, Sequoia Capital, has now released a grim 52-page prospectus for its startups with a name reminiscent of those Cold War nuclear fallout advice pamphlets, like Protect and Survive. In Adapting to Endure, the firm warns: “We don’t think this is going to be another steep correction followed by an equally rapid V-shaped recovery as we saw at the start of the pandemic.”

That might sound a bit rich from the company that once backed Google’s spooky spy wearables, Glass, and recently auctioned an NFT. But we’re all better off when the fool money stops flowing, and to be honest, better off without the fools paying fools money, like Sequoia.


Andrew Orlowski is on Twitter @andreworlowski

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Fintechs increase exposure to gig economy workers as inflation increases demand for loans https://parentsofallergicchildren.org/fintechs-increase-exposure-to-gig-economy-workers-as-inflation-increases-demand-for-loans/ Mon, 30 May 2022 18:50:00 +0000 https://parentsofallergicchildren.org/fintechs-increase-exposure-to-gig-economy-workers-as-inflation-increases-demand-for-loans/ Fintechs and payday lenders are aggressively lending to gig economy workers even as banks and large non-bank financial corporations (NBFCs) become more conservative in the space. Fintech lenders saw demand for food and grocery delivery managers with various app-based platforms jump up to 40% in Q4FY22, industry executives said. Higher demand, in turn, is fueled […]]]>

Fintechs and payday lenders are aggressively lending to gig economy workers even as banks and large non-bank financial corporations (NBFCs) become more conservative in the space. Fintech lenders saw demand for food and grocery delivery managers with various app-based platforms jump up to 40% in Q4FY22, industry executives said. Higher demand, in turn, is fueled by high inflation, which drives delivery managers to borrow more to bridge cash flow mismatches.

Lenders active in the segment believe demand stems from improving consumer trends as the pandemic recedes. Bhavin Patel, co-founder and CEO of LenDenClub, said that with an increase in consumption, the need for delivery frameworks has grown across industries for various app-based platforms.

Additionally, as the size of the workforce increases, many delivery managers are looking for small loans or payday advances and payday loans to meet their operating expenses. The increase in demand is also due to the targeting of the product to the segment,” Patel said. There isn’t enough data to determine whether a surge in inflation has anything to do with rising demand, according to Patel.

Others, however, take a gloomier view of the situation. They point out that even though the prices of fuel and other essentials have jumped, there has not been a concomitant increase in wages earned by delivery executives. To make matters worse, the increase in 10-minute deliveries has led to an increase in traffic violations and fines paid by delivery officials.

A delivery executive can be loaned up to 30-40% of their monthly income and terms range from one month to three months. Interest rates vary between 18% and 30%. LenDen Club’s Patel says there is little reason to worry about indebtedness in the segment, as loans are only approved after reviewing borrower’s credit bureau data and assessing their ability reimbursement.

Yet concerns about high leverage remain. “The money they’re borrowing now is basically bridge financing. By its very nature, it’s prone to high churn, which means the guy keeps taking out loans from new apps to pay off old ones,” an industry executive said on condition of anonymity. .

Given how precarious the finances of gig workers are, major lenders have recently backed off from funding them. Abhishek Agarwal, co-founder and CEO of CreditVidya, said banks and big NBFCS are getting cautious in the segment. “The risk perception of the segment has increased significantly over the past few months, as the cost of living has increased for them without any concomitant increase in their income. However, some fintechs and payday lenders continue to lend to gig economy workers and the interest rates on these loans are quite high,” Agarwal said.

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Propelled by (formerly) huge gains from real estate, stocks, cryptos, while “real” incomes are lagging? “Real” consumer spending increases, service spending increases https://parentsofallergicchildren.org/propelled-by-formerly-huge-gains-from-real-estate-stocks-cryptos-while-real-incomes-are-lagging-real-consumer-spending-increases-service-spending-increases/ Fri, 27 May 2022 21:41:15 +0000 https://parentsofallergicchildren.org/propelled-by-formerly-huge-gains-from-real-estate-stocks-cryptos-while-real-incomes-are-lagging-real-consumer-spending-increases-service-spending-increases/ You can see why some retail stocks don’t like the shift from goods to services. By Wolf Richter for WOLF STREET. Americans far outpaced inflation in April. “Real” spending on goods – what consumers buy at retailers, adjusted for inflation – rose during the month, but was down from last year’s miracle-stimulus peak. “Real” spending […]]]>

You can see why some retail stocks don’t like the shift from goods to services.

By Wolf Richter for WOLF STREET.

Americans far outpaced inflation in April. “Real” spending on goods – what consumers buy at retailers, adjusted for inflation – rose during the month, but was down from last year’s miracle-stimulus peak. “Real” spending on services (such as healthcare, travel, entertainment, etc., adjusted for inflation) has surged, after collapsing during the pandemic, as the shift in spending from goods towards services continues, a sign that the distorted recovery – the economy is normalizing. Spending on services is the most important, accounting for more than 60% of total consumer spending.

“Real” spending has increased, approaching the pre-pandemic trend.

Inflation-adjusted spending on goods and services jumped 0.7% in April from March, to a new record high, and rose 2.8% from April’s stimulus miracle. year, according to the Bureau of Economic Analysis today. It is now approaching the pre-pandemic trend, as the consumer economy normalizes to pre-pandemic growth rates, all adjusted for inflation:

“Real” spending on services has jumped, but there is still a long way to go.

Inflation-adjusted spending on services – health care, housing, education, airfare, lodging, rental cars, sporting and entertainment events, haircuts, repairs, etc. – jumped 0.5% in April from March and 5.9% year-on-year. year.

Actual spending on services eventually exceeded pre-pandemic levels and set a new record, after spending on discretionary services collapsed during the pandemic (such as airline tickets, discretionary health services, such as dentists and elective surgery, haircuts, etc.). It remains well below the pre-pandemic trend (green line), but is on the way to normalizing, with spending shifting from goods to services.

This surge in “real” spending on services over the past few months (+5.9% y/y) is what has boosted consumer spending, even as spending on goods has fallen from the crisis-fueled peaks. relaunched a year ago.

Spending on services is important: in April, it represented 61.4% of total consumer spending, but it is still down from the pre-pandemic average of more than 64%. This is an indication that spending on services, as it normalizes, will continue to grow at a disproportionate rate (so watch out for services CPI inflation, which is starting to eat away at everyone).

Real spending on non-durable goods is slowly normalizing to nosebleed levels.

Inflation-adjusted spending on non-durable goods – dominated by food, fuel and household supplies – edged up 0.2% for the month, but fell 0.5% from the stimulus peak -April miracle a year ago.

Even after the year-over-year decline, consumer spending on non-durable goods remains at nosebleed levels, up 12% from April 2019, and well above the pre-trend. -pandemic (green line). But it is gradually normalizing and returning to the pre-pandemic trend:

Real Spending on Durable Goods Suddenly Jumps Month Over Month.

So just to create another surprise about “exploited” US consumers or whatever, inflation-adjusted spending on durable goods jumped 2.3% for the month, just when you thought consumers had bought everything they needed, and were going to back off.

Compared to April’s miracle stimulus peak of last year, real spending on durable goods has fallen 6.5%. Spending remains at nosebleed levels, up 29% from April 2019, and continues to contribute to shortages and price spikes in some of these products, as well as the massive trade deficit, as many of these products are manufactured in other countries or contain components that are manufactured in other countries.

But you can see the uneven normalization, the regression to the pre-pandemic mean:

“Real” income below pre-pandemic trend.

Personal income adjusted for inflation from all sources fell 3.5% from April a year ago, when stimulus money was still coming in, but rose slightly from March (purple). This includes income from wages and salaries, dividends, interest, rentals, farms, businesses, and government transfer payments (stimulus, social security, unemployment, welfare, etc.), but does not include not capital gains. Late last year, as inflation rose, real income fell below the pre-pandemic trend and stayed there. It only increased by 6.0% compared to April 2019.

Inflation adjusted income without transfer payments rose 2.0% from a year ago and 0.3% in April from March (red line). It fell below the pre-pandemic trend at the start of the pandemic. After a partial recovery, it has lost further ground since the end of last year due to the surge in inflation and has remained essentially stable since November.

“Real” disposable income per capita looks worse.

The income data above was for aggregate income, for all consumers combined, where income growth is also fueled by rising employment and population growth.

Here is the level of “real” disposable income per capita – that is, after-tax per capita income from all sources, which was flat for the month and down 6.4% from a year ago. year, and up a tiny 1.8% from April 2019. And that’s well below pre-pandemic trends:

The substantial increase in inflation-adjusted spending and the bleak picture of inflation-adjusted income (which does not include capital gains) show that consumers – not all but enough to move the needle – are still flush with the funds of the gazillion stimulus programs and with the money they can extract from soaring house, stock and crypto prices, where consumers have earned trillions of dollars in total, some of which have already been spent, and some of which have disappeared in recent sales, and some of which they still sit on and will continue to spend.

But consumer borrowing to spend, well… not so hot.

Not adjusted for inflation: Credit card balances, excluding other revolving loans such as personal loans, fell to $840 billion in the first quarter, compared to the fourth quarter, still below the first quarter of 2020 and the first quarter of 2019, and back to where they were in the first quarter of 2008, despite 13 years of population growth and 37% CPI inflation (red line).

Other consumer loans, such as personal loans and payday loans, at $450 billion, were also below pre-financial crisis highs, despite 13 years of population growth and 37% inflation. CPI (green line).

For my in-depth discussion of consumer borrowing across all categories, delinquencies, foreclosures, third-party collections, and bankruptcies, read… Consumers Can Handle Fed Tightening: Their Debts, Delinquencies, Foreclosures, Collections and bankruptcies

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CFPB, New York Attorney General seeks to settle case with New York debt collection firm https://parentsofallergicchildren.org/cfpb-new-york-attorney-general-seeks-to-settle-case-with-new-york-debt-collection-firm/ Wed, 25 May 2022 12:04:27 +0000 https://parentsofallergicchildren.org/cfpb-new-york-attorney-general-seeks-to-settle-case-with-new-york-debt-collection-firm/ The Consumer Financial Protection Bureau (CFPB), in conjunction with the New York Attorney General, has filed a proposed stipulated judgment in federal court to settle its case against an upstate debt collection company in New York. © Shutterstock The judgment would order all program participants to exit the debt collection market and shut down their […]]]>

The Consumer Financial Protection Bureau (CFPB), in conjunction with the New York Attorney General, has filed a proposed stipulated judgment in federal court to settle its case against an upstate debt collection company in New York.

© Shutterstock

The judgment would order all program participants to exit the debt collection market and shut down their businesses due to their history of deception and harassment. Their debt collection companies would also be required to pay a total of $4 million in penalties.

The complaint alleges that the companies created “smear campaigns” using social media and other methods. They allegedly pressured people to pay by contacting and disclosing the debts to immediate and distant family members, grandparents, in-laws, ex-spouses, employers, co-workers, landlords, Facebook friends and other known associates, according to the CFPB. In addition, collectors allegedly repeatedly called people several times a day for periods of a month or more, using insulting and disparaging language and intimidating behavior.

“It is illegal for debt collectors to orchestrate smear campaigns using social media to extort consumers to pay,” CFPB Director Chopra said. “Our action with the New York Attorney General bars the ringleaders of this industry operation to end further misconduct.”

The corporate defendants are JPL Recovery Solutions; Regency One Capital; ROC Asset Solutions, which operates as API Recovery Solutions and Northern Information Services; Check Security Associates, which does business as Warner Location Services, Pinnacle Location Services and Orchard Payment Processing Systems; Keystone Recovery Group; and Blue Street Asset Partners. The individual defendants are owners Christopher Di Re, Scott Croce, Susan Croce, Brian Koziel and Marc Gracie, who acted as managers of some or all of the companies, according to the CFPB.

“This debt collection operation used illegal and deceptive tactics to prey on consumers, and now they are paying the price for the harm they caused,” said New York State Attorney General Letitia James. “Predatory debt collectors make their profit by targeting hard-working consumers and then illegally pushing them further into debt. These debt collectors have used harassing calls and fake threats to coerce consumers into paying, not only is it illegal, it’s downright shameful. Today’s action should send a strong message to debt collectors nationwide that we will not hesitate to use the full force of the law to hold them accountable if they harm consumers.

The various companies are interdependent collection companies based in Getzville, New York. These companies purchased defaulted consumer debt for pennies on the dollar from high-interest personal loans, payday loans, credit cards and other sources. The network then attempted to collect debts from approximately 293,000 consumers, generating gross revenue of approximately $93 million between 2015 and 2020.

The CFPB and the New York Attorney General allege the network used deceptive and harassing methods in violation of federal laws. Specifically, the complaint alleges that they falsely threatened people with arrest and imprisonment if they failed to pay and falsely threatened legal action, including wage garnishment and seizure of property. In addition, the defendants allegedly lied about the amount of the debts.

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Light sentence weakens U.S. offshore anti-money laundering efforts https://parentsofallergicchildren.org/light-sentence-weakens-u-s-offshore-anti-money-laundering-efforts/ Mon, 23 May 2022 21:17:47 +0000 https://parentsofallergicchildren.org/light-sentence-weakens-u-s-offshore-anti-money-laundering-efforts/ US prosecutors planned to send a message to the largely offshore crypto industry this week about the cost of ignoring anti-money laundering (AML) laws at the heart of an important piece of financial regulation. And they did, but it wasn’t the one they wanted to send. On Friday, May 20, a federal judge sentenced Arthur […]]]>

US prosecutors planned to send a message to the largely offshore crypto industry this week about the cost of ignoring anti-money laundering (AML) laws at the heart of an important piece of financial regulation.

And they did, but it wasn’t the one they wanted to send.

On Friday, May 20, a federal judge sentenced Arthur Hayes, the former CEO of cryptocurrency derivatives exchange BitMEX, to two years probation and six months house arrest for years, but ignoring demands collecting and documenting the personal identity of customers. information necessary to comply with AML laws and the fight against the financing of terrorism (CFT).

The Department of Justice (DOJ) had requested six to 12 years in prison.

During his sentencing, Hayes said: “I deeply regret having participated in this criminal activity. My best years are ahead of me. …I’m ready to turn the page and start over. I ask that you allow me to return home remorseful and able to begin the next chapter of my life,” according to CoinDesk.

That’s exactly what he got, and what the Justice Department didn’t want.

talk tough

Long an influential figure in the cryptocurrency industry, Hayes was charged along with two founders of BitMEX and an executive of the Seychelles-based exchange on October 1, 2020. At the time, then-acting US Attorney Audrey Strauss of the Southern District of New York, alleged that Hayes and the others “flouted” the law by operating “an allegedly ‘off-shore’ crypto exchange while willfully failing to implement and maintain even basic policies against the money laundering”.

“By doing so,” she said, “they would have allowed BitMEX to operate as a platform in the shadows of financial markets.”

Founded in 2014, BitMEX was one of the largest derivatives platforms in the crypto industry at the time of the indictment. While it fell to No. 22, according to CoinMarketCap, BitMEX still had a 24-hour volume of $841 million on Tuesday, May 17, when it launched its first spot crypto exchange. The new platform allows traders to buy and sell cryptocurrencies in addition to futures, options, and other derivative contracts.

In 2020, FBI Deputy Director William Sweeney Jr. pointed to a comment attributed to Hayes, in which he said the company was incorporated in Seychelles because the cost of bribing officials was “only ‘a coconut’ compared to the United States and elsewhere.

“They will soon learn that the price for their alleged crimes will not be paid with tropical fruits, but instead could result in fines, restitution and federal prison time,” he added.

The DOJ succeeded with the fines and restitution part, with Hayes and co-founders Benjamin Delo and Samuel Reed each agreeing to fines of $10 million, and new BitMEX management paying $100 million to the DOJ and the Commodity Futures Trading Commission (CFTC). It also hired German stock exchange CEO Börse Stuttgart and began implementing an aggressive AML policy.

But the real part of the indictment that really scares them, a serious prison sentence? Not really.

“Apply vigorously”

In Friday’s statement, U.S. Attorney Damian Williams said his office would “continue to vigorously enforce U.S. law aimed at preventing money laundering through financial institutions, including cryptocurrency platforms.”

Apart from the case against former Ethereum developer Virgil Griffith – who was given five years last month for violating sanctions while attending a North Korean cryptocurrency conference – the charges by Hayes’ LMA were the crypto industry’s most high-profile criminal prosecution.

See more: Crypto developer gets 5-year sentence for helping North Korea evade sanctions

And in February, the FBI announced the creation of a National Cryptocurrency Enforcement Team, with language making it clear that using crypto in money laundering is a priority.

“With the rapid innovation of digital assets, we have seen an increase in their illicit use by criminals who exploit them to fuel cyberattacks and ransomware and extortion schemes; drug trafficking, hacking tools and illicit smuggling online; commit theft and fraud; and launder the proceeds of their crimes,” Assistant Attorney General Kenneth A. Polite Jr. said in a statement.

Also Read: Will the FBI’s New Crypto Crime Unit Shatter the Industry’s Dominant Image?

Sending messages

The jail-free sentence comes as US regulators step up efforts to enforce the law. Most notably, Securities and Exchanges (SEC) Commissioner Gary Gensler nearly doubled the size of the SEC’s Crypto Asset Enforcement Team and Cyber ​​Unit earlier this month.

Read more: These Bills Could Change the SEC’s Crypto Enforcement Trend

This follows a record $100 million fine accepted by crypto exchange BlockFi in February for selling limited-return crypto lending products. In the announcement, Gensler made it clear that the size of the settlement was intended as a message to the crypto industry.

“This is the first such case for crypto lending platforms,” Gensler said. “Today’s settlement makes it clear that crypto markets must comply with proven securities laws.”

Related News: BlockFi’s $100M Settlement With SEC Sparks Internal Discussion

That was likely a factor in rival exchange Coinbase’s recent decision — which surged a similar loan product last year after the SEC threatened legal action if it launched — to register as a loan product. as an SEC-regulated brokerage.

More here: Coinbase registers with the SEC to avoid regulatory setbacks

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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Dad disgusted with payday loan company compensation https://parentsofallergicchildren.org/dad-disgusted-with-payday-loan-company-compensation/ Sun, 22 May 2022 04:30:00 +0000 https://parentsofallergicchildren.org/dad-disgusted-with-payday-loan-company-compensation/ A father has racked up thousands of pounds in debt with a payday loan company which he says is ‘playing on people’s misery’. George Lea, 76, and his wife Linda, 71, from Tuebrook, have taken out a number of loans from home loan provider Provident over the years to help pay for groceries, Christmas and […]]]>

A father has racked up thousands of pounds in debt with a payday loan company which he says is ‘playing on people’s misery’.

George Lea, 76, and his wife Linda, 71, from Tuebrook, have taken out a number of loans from home loan provider Provident over the years to help pay for groceries, Christmas and birthdays. George said the loans were a “quick fix” at the time, but with sky-high interest rates they quickly got into debt.

Provident, was part of a company called PFG, which previously provided short-term, guarantor and home loans with interest rates up to 1,557.7% APR – but after being hit hard by sales claims abusive, the company permanently closed its doors on December 31 of last year. .

READ MORE: Man fined £293 for driving 60mph on the motorway

George and Linda are among Provident clients to whom the company recently offered compensation for loans they mis-sold – but only for less than 10% of what is owed to them. This follows a court ruling in August last year, which granted the home lender permission to cap repair payments for mis-sold loans at just 4p to 6p per £1 owed for fees and interest charged to them.

In George and Linda’s case, that means they were offered up to £4.50 in compensation – a figure which George says wouldn’t even cover the cost of buying a bar of chocolate for each of his seven grandchildren.

George told ECHO: “They played on people’s misery. Even if you just needed to get groceries for that week, that’s how serious it was, we were skinny.

“It was Christmas most of the time or maybe a birthday we couldn’t afford so we just had a quick fix which helped at the time it did the job but when it came to pay for it every week and you’re still struggling.”

George said that every week an agent from Provident came to their Tuebrook home to collect the money they owed and each time they asked if the couple wanted to take out another loan. He said: “[The agents said] ‘Listen if you can’t afford it, why don’t you get another? Pay that one and you’ll have a few pounds to spend.

“When you’re depressed and you’re destitute, you do things like that, you’re desperate. We always fell for it. If you get a loan, you have to pay it back. It was a desperate time and they knew this.

“If you borrow £200 straight away it goes to £400. It just kept going up and in the end I said ‘we have to put a stop to this’.”

After paying off all the interest they owed on the loans and refusing to borrow any more money, George said they didn’t expect to hear any further news from Provident until they recently received a letter regarding compensation.

He said: “They contacted us – they sent us a letter saying you were entitled to compensation and they [had] close. We thought we were going to have a few bobs because we had given them lots of interest and that’s what they offered us: £3 to £4.50.

“It was a shame. I couldn’t even buy a chocolate bar for my grandchildren, I told the guy ‘keep it’.”

George and Linda are in the process of appealing the amount of compensation they have been offered and it is currently being reviewed by an independent arbitrator. To be eligible for a refund, you must have taken out an unaffordable loan between April 2007 and December 17, 2020 from Provident or its sub-brands Satsuma, Glo and Greenwood.

Provident closed its claims portal in February 2022. This was for customers who believe they were mis-sold of a loan before December 18, 2020. People who believe they were mis-sold of a loan on December 18, 2020 or after can always submit a complaint to Provident through their Complaints Hotline or through a complaints form on their website.

ECHO has contacted Provident for comments.

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