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Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings

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first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Credit Unions Regulatory Burden Regulatory Oversight Servicers Navigate the Post-Pandemic World 2 days ago CFPB Credit Unions Regulatory Burden Regulatory Oversight 2016-03-15 Brian Honea March 15, 2016 1,385 Views Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago A bipartisan group of 329 members of the U.S. House of Representatives wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the director to use the CFPB’s authority granted by the Dodd-Frank Act to exempt credit unions from certain regulations set forth by the Bureau.The relationship between the regulator for credit unions, the Credit Union National Association (CUNA), and the CFPB has been a rocky one since the Bureau’s formation nearly five years ago, with CUNA claiming that credit unions should not fall under the CFPB’s oversight because they did not play a role in the 2008 financial crisis. Cordray may have fanned the flames in February when he defended the Bureau’s oversight of credit unions and several of the Bureau’s mortgage-related regulatory changes, namely the Qualified Mortgage rule and the new servicing rules, in a public speech at CUNA.Reps. Adam Schiff (D-California) and Steve Stivers (R-Ohio) led the bipartisan group of House members in writing the letter, which praised credit unions and community banks for the “safe and sound” lending opportunities they provide for their customers. The lawmakers also noted in their letter that the CFPB routinely does not distinguish credit unions and community banks from the largest lenders for which their regulations were intended.The CFPB “may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit,” according to the letter.“(The CFPB) may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit.”The letter cited a recent report by the Government Accountability Office on the regulatory impact of some of the provisions set forth by Dodd-Frank, and “the study found that there are a number of cases where financial services have been limited or discontinued by community-based financial institutions due to new requirements.”The lawmakers pointed out that Section 1022(b)(3)(a) of the Dodd-Frank Act gives the CFPB authority to exempt “any class” of entity from its rulemakings and regulations.“As you undertake rulemakings, we urge you to consider the benefits credit unions and community banks provide and ensure that regulations do not have the unintended consequence of limiting services or increasing costs for credit union members or community bank customers,” the House members wrote.The National Association of Federal Credit Unions (NAFCU) praised the lawmakers’ efforts.“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” NAFCU Vice President of Legislative Affairs Brad Thaler said.Click here to view the entire letter. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: What is Keeping Consumer Credit Default Rates Low? Next: The Pros and the Cons of Closing with TRID The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Related Articles Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Asia’s big economies are already feeling the coronavirus impact

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first_imgKorea Trade Data Show Virus Disruption to China Supply ChainWhile early South Korea trade figures for February showed a pick up, an increased number of working days from a year earlier glossed over the impact the virus is already having.Exports during the first 20 days of the month rose 12 percent from a year earlier. Shipments to China, South Korea’s biggest trade partner, fell 3.7 percent during the first 20 days. The early reading is typically held up as a bellwether for global trade given South Korea’s central role as a manufacturer and exporter of electronics, ships and automobiles.Just startingEconomists warn the virus fallout is only just beginning.“The global economy and financial markets have not seen the full impact of the coronavirus outbreak yet,” Citigroup economists led by Catherine Mann wrote in a note titled “Waiting for the Global Impact” that warned of a “dramatic” first quarter slowdown in China.Slumping activity will add to pressure on governments and central banks to respond with more support for their economies, while also raising doubts about their capacity to respond.Central banks in Asia have already stepped up action, with Indonesia, Philippines, and Thailand cutting rates recently, and others like Singapore planning significant fiscal stimulus. China has lowered a range of policy rates this month. Speculation is rising that the Bank of Korea could also deliver a cut next week.Still, global debt is at record levels and interest rates in the world’s biggest economies are already at historic lows.“If growth continues to slide, a key question for the G-20 will be whether its members can coordinate a response,” according to Bloomberg Economics Tom Orlik.“Against a backdrop of resurgent nationalism, fractious trade disputes, and limited policy space, common purpose might be difficult to achieve, that’s another reason to be pessimistic on the outlook,” he wrote. Japanese manufacturing activity plunged amid recession risks in the world’s third largest economy. The Jibun Bank Japan Manufacturing Purchasing Managers Index registered 47.6 for the sharpest deterioration in conditions in more than seven years.The epidemic has prompted economists to forecast recession in the world’s third-largest economy already reeling from an October sales tax hike and a typhoon.In Australia a gauge of manufacturing activity fell further into negative territory amid mounting evidence of the virus fallout, along with a hit from massive bushfires.The CBA Flash Composite PMI fell to 48.3 in February from 50.2, the steepest rate of reduction since the series began in May 2016. Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand. Data from China showed car sales sank 92 percent in the first half of February while its Commerce Ministry said trade and inbound investment would take an increasing hit from the epidemic.The warning signals come as finance chiefs from the world’s 20 biggest economies meet this weekend in Riyadh, Saudi Arabia for the first time since the virus outbreak.How to cope with the economic fallout from the disease will dominate those discussions, Bank of Japan Governor Haruhiko Kuroda said in Tokyo ahead of his departure for the talks.center_img Topics :last_img read more

Warmth ‘gives babies pain relief’ during vaccination

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first_img Tweet Share 20 Views   no discussions HealthLifestyle Warmth ‘gives babies pain relief’ during vaccination by: – April 11, 2012 Sharecenter_img Baby pain relief – a bit of warmthKeeping a baby nice and warm while giving injections may offer better pain relief than the techniques doctors currently use.Research, published in the journal Pain, showed warmer infants cried and grimaced less than babies given sugar pills or a dummy before vaccination.The small trial was in 47 healthy newborns.The authors said warming was “natural, easy and performed better” than other treatments.Doctors try to ease the pain to babies during routine procedures such as blood tests and vaccinations. There are concerns about using drugs while the brain is still developing so other techniques such giving a sugar pill, suckling on a dummy, or breast-feeding are used.Sugar is one of the most common treatments used, however, there have been concerns about its effectiveness.In this trial at the University of Chicago Comer Children’s Hospital, 47 healthy infants were split into three groups – warming, sugar and suckling for their hepatitis B vaccination.Those in the warming group were placed under a medical “infant warmer system” before the injection. The other babies were either given sugar drops or a dummy.The babies responses to the injection – crying, grimacing and heart rate – were recorded.The babies who were warmed stopped crying and grimacing earlier than babies in the other groups. Nearly a quarter did not cry at all whereas all the babies given sugar cried.In all the groups the heart rate rapidly rose after the injection and then decreased at broadly the same speed for each treatment.The authors concluded that: “Providing natural warmth to newborn infants during a painful procedure decreases the crying and grimacing that normally accompanies a painful vaccination.“We have shown that exposure to natural external warmth is as effective, if not more effective, as the analgesic and calming properties of sucrose taste and pacifier suckling.”More research is needed to see if the pain-killing technique could be used regularly by doctors as questions such as the best temperature to use are still unanswered.By James GallagherHealth and science reporter, BBC News Sharing is caring! Sharelast_img read more

Winters survives marathon weekend to earn trip to B.C. Scotties

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first_imgBy The Nelson Daily SportsJill Winters of Nelson survived a marathon weekend to earn one of the two spots in the upcoming 2011 Scotties B.C. Women’s Curling Championships in Cloverdale.Winters outlasted the Karla Thompson rink of Kamloops 7-6 in the B-C event final of the Interior Women’s Curling Championships Sunday at the Summerland Curling Club to win a trip to the provincial final.It was the ninth game of the weekend for the Winters rink, which includes fellow teammates, third Samantha Almquist, second Natalie Nowicki and lead Heather Nichol,The C-event final was necessary after the Spoolmak Country rink dumped the All-Kootenay rink 11-6 in the B-event final earlier in the day. Thompson scored four in the ninth to put the contest away.And the B-C-event game didn’t look good early for Winters. Thompson struck for three in the opening end forcing Winters to play catchup.However, it didn’t take long for the veteran skip to rebound. Winters scored a single in the second before stealing a pair in fourth and a single in the five to establish a 4-3 lead.After Thompson tied the contest by scoring one in the sixth, Winters struck for a deuce in the seventh before holding off Thompson for the narrow win.This is the second time in three years Winters had skipped a team to the B.C. Scott Tournament. The West Kootenay rink included Allison Hurley and Loreen Amonson of Nelson and Lisa Nevakshonoff of Castlegar. Winters also curled at the provincials in 1998, 2006 and 2007.The Cloverdale Curling Club hosts the 2011 Scotties B.C. Women’s Curling Championships January 17-23.Jen Fewster of Prince George, winner of the A-event, is the other Interior rep from the Summerland event slated to attend the Scotties tournament.sports@thenelsondaily.comlast_img read more

Zondervan, Perkins spark Bombers to rout of Crowe Hawks

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first_imgThursday first contest between the two West Kootenay rivals was close through one quarter before a suffocating press allowed LVR to score 14 consecutive points to lead 30-16 at the half.Zondervan led all scorers with 17 points while Perkins added 16.Shannon Oosthoyen had nine while Christina Champlin had eight.Jennifer Chung led the Hawks with 10 points while Gina Oostlander had nine.The Bombers opened the season going 1-2 at a tournament in Agassiz before getting beaten by Pen Hi. Ali Zondervan and Naomi Perkins combined for 33 points to lead the L.V. Rogers Bombers to a convincing 74-34 victory over the J. Lloyd Crowe Hawks of Trail in West Kootenay High School Girl’s Basketball action Thursday night at the Hangar in Nelson.The win was the second of the season for the Bombers and made up for a loss during the weekend to AAA power Pen-Hi Lakers of Penticton.last_img read more

Kootenay Lake Fishing Report — Rainbows, Bull Trout catch of the day

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first_imgReel Adventures Sportfishing Nelson B.C It’s time for another boat load of fishing information from Kerry Reed of Reel Adventures Sportfishing. Now that summer has arrived what better time is there to get out in the boat for some fishing.Kootenay Lake: Although the fishing tourism is way down, the main lake has still been producing lots of the usual 2 – 4 pound Rainbows, with a few Bull Trout also from 2 – 6 pounds. Some of our best days see up to 20 fish being caught.  But, an average day would produce between 8 – 12 fish.  Lots of action to keep our guests busy. We have been mixing it up a bit lately as far as fishing location on the lake as well.  We have fished the extreme north, the extreme south, and the central portions of the lake and have found the better fishing to be from the central portion and south. Lighter gear is the ticket for fun now.  Still lots of excitement catching these 2 – 4 pounders on a fly rod or lighter spinning rod.  But, be prepared to break a few fish off if you manage to hook into some of the bigger fish still around. Either way, there’s still lots of action and lots of fun to be had on the lake. The West Arm has been producing some nice fish as of late.  It seems that some of our bigger fish have been cruising the West arm in search of food.  There have been a few surprises coming in lately. Fly fishing has been a blast in the past few weeks.  Lots of 2 – 4 pound Rainbows, but were also hooking into some Rainbows and Bull Trout up to eight pounds in the Arm.  This is a pleasant surprise when targeting the smaller fish. Lots of opportunity for fish this summer.  Looking forward to the tourist season and hoping to get lots more people hooked on this great sport.Columbia River: The river was on fire for the early months of April, May, and June.  Lots of fantastic days floating the river with both floating and sinking lines.  As the water remained low, the seams were plentiful and the fish remained very active. Lots of Rainbows between 2 – 5 pounds were being caught.  Also started to see more Walleye showing up in the fishery. Now, with the rising water, the fishing holes have changed a bit and the fish are moving around.  The back eddies are producing well, especially after the crazy caddis hatches that we had early in the season. Usually these hatches don’t start until this time of year.  A sign of the times I guess, as our seasons seam to be getting earlier every year. June and July should see some of the largest caddis hatches of the year and should put these fish back into a frenzy. Also, the Walleye should get to be more plentiful as the summer continues. Looking forward to the next couple months on the river!More Fishing Opportunities: It’s that time of year again when we spread the boats out to maximize our fishing presence.  For the next few months we will have our boats stationed at the following locations:   one boat on the Columbia River,  two boats on Kootenay Lake, and one boat on the West coast of Vancouver Island in Ucluelet. So, no matter what your fishing preference is, we can accommodate. Looking forward to a busy summer.What are they biting on??? Not a lot of secrets out there at this time of year.  The main lake has been producing most Rainbows on the usual bucktail flies.  Common colours have been grey/white,  black/wht, green/wht.  The common numbers of these flies are:  210, 215, 221, 222, 234. Also catching some Rainbow and Bull trout on apex lures and my favourite Lyman plugs.  Check out some of the new Lyman patterns as they have been producing well for us. On the River we have been catching most of our Rainbows on the fly.  Dry lines with elk hair caddis have been working well on the hot days.  And on the cooler days, or when we can’t seem to catch on the dry, we have been drifting nymphs through our favourite holes. On the days when we are not flyfishing, we have been spin casting with spinners and spoons,  as well as bottom bouncing with bait. The bottom bouncers or jigs have been producing best for the Walleye. Lots of different techniques to use on the river and lots of different fish to be caught. Lets Go Fishing!Tight lines………………. Kerry Reedlast_img read more

SA in International Club tennis title defence

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first_img25 July 2014South Africa will be aiming to make it two in a row when they defend their title at the International Club under-16 Junior Challenge Worldwide finals in London next week. In 2012, they took the honours in Adelaide, Australia.The event, which takes place from 28 July to 1 August, is being hosted by the International Lawn Tennis Club of Great Britain and will be played on the Championship courts at Wimbledon.In October 2013 the International Club of South Africa hosted and won a 16-and- under regional play-off against Mauritius, Zimbabwe and Botswana to secure a place in London.The winning South African team was made up of twins Lee and Zani Barnard, Jan- Louis Maritz and Richard Thongoana. They will represent Africa in the finals, with Terry Schweitzer coaching coach and captaining the side.‘Excitement’“As it will be my players’ first opportunity to compete on grass at Wimbledon, you can only imagine the excitement in the team,” Schweitzer said in a statement on Thursday. “Added to this, the exposure in playing against other top international players is such an opportunity.“Playing at Wimbledon is a goal and a dream for each one of my players.”‘A great initiative and opportunity”Gavin Crookes, the President of Tennis South Africa (TSA), said TSA was grateful to the International Club for arranging the event. “This is such a great initiative and opportunity for juniors worldwide,” he enthused.“It awards our up-and-coming juniors from South Africa the opportunity to play at the ‘home of tennis’, which is bound to be an awesome experience.“On behalf of all of our members and citizens we wish the South African team all the very best.”TeamsJoining South Africa at Wimbledon are the other regional qualifiers – the USA, Argentina, Italy, Japan and the hosts, Great Britain.Open to all 40 International Clubs around the world, the Under-16 Junior Challenge is the International Club Council’s premier junior event.The tournament will feature a round-robin format over a five-day period and will conclude on Friday, 1 August.Each team will be represented by two under-16 boys and two under-U16 girls, plus an adult captain/coach. Matches will feature two boys’ singles, two girls’ singles, one boys’ doubles and one girls’ doubles match. The final positions will be determined by the number of tie wins.The referee for the event is Clare Wood, a former professional player and an assistant referee at The Championships, Wimbledon.SAinfo reporterlast_img read more

Ohio Cattlemen’s Foundation creates scholarship for large animal veterinary students

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first_imgShare Facebook Twitter Google + LinkedIn Pinterest The Ohio Cattlemen’s Foundation (OCF) has created a new scholarship fund to benefit large animal veterinary students attending The Ohio State University’s College of Veterinary Medicine. OCF has committed $25,000 over five years to the new scholarship fund. The first scholarships generated from this fund will be awarded for the 2020-2021 academic year.The Ohio Cattlemen’s Foundation Scholarship Fund will provide two scholarships each year to third or fourth-year veterinary students who have demonstrated interest in practicing large animal (food/farm) medicine and plan to practice in the state of Ohio. Preference will be given to candidates whose work, research or community involvement demonstrates interest in the beef industry, or to those who are involved with the Ohio Cattlemen’s Association. The College of Veterinary Medicine, in consultation with Student Financial Aid, will oversee the scholarship fund, application process and will determine the scholarship recipients each year.It is commonly understood within the agricultural industry that the educational costs and subsequent debt load associated with a veterinary degree inhibit potential students from pursuing a career in the field or have long-term financial burdens for those who do. Thanks to the success of the Cattlemen’s Gala fundraiser, the OCF is pleased to be able to provide funds to create this impactful scholarship program.“As a cattle producer, I know first-hand the importance of having access to excellent veterinary care around the clock for my animals. However, as an industry we need to recognize the financial burden that a veterinary degree can place on students,” said Joe Foster, OCF president, of Gallipolis. “Our hope is that this scholarship enables more students to pursue a career as a large animal veterinarian here in Ohio, benefitting cattle producers across the state for years to come.”In the next 15 to 20 years, it’s estimated that more than 25% of Ohio veterinarians will retire, requiring a new supply of veterinarians to fill gaps across the state. The need for well-educated, qualified veterinarians to ensure animal and public health is one every cattle producer knows all too well; the Ohio Cattlemen’s Foundation is proud to play a part in ensuring the future of veterinary care in Ohio.To learn more about the Ohio Cattlemen’s Foundation Scholarship Fund through Ohio State’s College of Veterinary Medicine, please contact the Ohio Cattlemen’s Foundation at 614-873-6736 or cattle@ohiocattle.org.last_img read more

Mo’ drones, mo’ problems that need drone insurance

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first_imgBreak the Mold with Real-World Logistics AI and… The use of drones is evolving from their role in military strikes to support, commercial and recreational roles around the world. These include the use of drones as first responders in Denmark for firefighting, chemical accidents and larger car accidents in urban and over-water environments, shark harvesting in Australia, delivering medical aid in Rwanda and in tests by German lifeguards for sea rescue drowning scenarios.Then there’s the intended drone delivery services planned by online retailers such as Amazon and the bizarre stunt to deliver beef jerky by drone. Not to mention that almost every start-up tech conference will have a low flying drone or two observing the action.It would be fair to say that the potential applications of drones in our daily lives are only limited by our imagination. But as the commercial application of drones expands on an almost daily basis we can see evidence of a legal and regulatory minefield that is struggling to keep up with the evolution of drone technologySetting laws for hobby and commercial dronesThe Federal Aviation Authority (FAA) published new regulations in August pertaining to the commercial use of drones. Previously commercial drone operators needed to have a sports pilots license or higher. Now, all you have to do is pass a new aeronautical exam. Under the new rules, operators can’t fly drones higher than 400 feet or at night. The drones must also weigh under 55 pounds and must remain in the visual sight of a human operator — something that prohibits any kind of long-distance drone use, including even the most basic delivery drones. Commercial drones will also only be allowed to operate during daylight hours or civil twilight. Also disallowed are any operations from a moving vehicle — unless you are in a “sparsely populated area.”Hobbyist and recreational drone users are required to register their drone with the FAA (a mere $5 for 3 years) and adhere to some fairly common sense rules consistent with that of commercial drones like remaining in site of the drone, avoiding aircraft, sports stadiums and emergency response scenarios and not flying under the influence of drugs or alcohol.A technology ripe for insurance claimsHowever as the use of drones expands, so does the need for insurance. I recently spoke with Sentil Rajamanickam, FSI Strategy & Operations Manager at data analytics company InfoGix about the challenges of underwriting drone insurance. He explained:“Today, drone insurance underwriting is based on a geospatial map used to determine the likelihood that a drone will have a safe flight. Simply basing underwriting on geospatial mapping can wrongfully calculate the risk of an accident. What if unexpected weather hits or a temporary structure (e.g. construction equipment) gets in the way that isn’t picked up by the mapping?One inherent flaw we’ve observed with non-traditional insurance, like drone insurance, is that it tends to be driven by past data. Past data doesn’t always accurately predict the future and when something unpredictable happens there is a higher probability of very large losses.”One way to offset such unpredictable, complex risk underwriting is to leverage risk models that are based on the statistical data across a particular region or country and that constantly correlate risk events with pricing. The challenge for underwriters is that they are limited by the data available for such complex underwriting analysis due to non-scalable management information systems or core systems that cannot support complex data requirements.The somewhat contradictory situation is that drone insurance metrics can be improved by increased drone flights, where drone users fly drones which record flight paths, height, speed, aerial mapping etc. and can be used as a leverage for the price point of insurance or as a precedent of good ‘flying’ history in the case of future litigation.Are hobbyists just waiting to get sued?Rajamanickam cautions that many recreational users may not be aware of the regulations such as the need to register and weight and aerial height regulations and note that “as recreational users are slowly increasing there’s a real need to educate them.” Retailer Best Buy, has posted safety brochures in more than 1,000 stores and Amazon posts links to the Know before you fly website in its retail section. But it’s easy to imagine scenarios where an errant drone user operates the drone upon receipt on their birthday morning only to cause havoc with a neighbour’s garden, pets, windows or small children.  Could a scary scenario, during Halloween this year result in a lawsuit of emotional distrust? Maybe add a clown or two.Then of  course, there’s the potential for breaches of privacy just waiting for those who operate drones with filming capabilities.  In terms of privacy protection on a national level, there are the Voluntary Best Practice Guidelines issued by the National Telecommunications and Information Administration (NTIA).They essentially warn drone operators to give notice before flying, to secure data that is collected and don’t share it and comply with state and local laws. Note that these are as of yet, only voluntary guidelines.  Yet this could potentially be the biggest catalyst for potential lawsuits, particularly against commercial drone companies who undertake aerial surveillance and filming.The reality is that the insurance needed by drone operators will evolve as our range of drones and use expands. If you’re planning on buying a drone as a gift for a loved one this Christmas, adding an insurance policy might not be a bad idea. Related Posts Cate Lawrence For Self-Driving Systems, Infrastructure and In…center_img IT Trends of the Future That Are Worth Paying A… Tags:#aviation#commercial drones#Drone delivery#drone regulation#drones#FAA#featured#Internet of Things#IoT#recreational drones#top 5 Ways IoT can Help to Reduce Automatic Vehicle…last_img read more

10 months agoLeicester to offer fans free beer and mince pies after traumatic year

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first_imgLeicester to offer fans free beer and mince pies after traumatic yearby Paul Vegas10 months agoSend to a friendShare the loveLeicester City have told fans they have them covered for Boxing Day.Fans will be handed free beer and mince pies ahead of Leicester City’s game against Manchester City on Boxing Day, the club has announced.The gesture from the Foxes is a show of appreciation for the support the fans have shown in one of the most traumatic years in the club’s history.Owner and chairman Vichai Srivaddhanaprabha was tragically killed in a helicopter crash outside the King Power Stadium in October.And at the end of tragic 2018, the club are planning a host of activities before the 3om kick-off.There will be a Fan Village set up opposite the Foxes Fanstore.It will include a live band, fairgrounds rides and face painting for families between 12pm and 3pm. About the authorPaul VegasShare the loveHave your saylast_img read more