New Jersey Banks – Sun National Bank Center Wed, 23 Nov 2022 04:25:55 +0000 en-US hourly 1 New Jersey Banks – Sun National Bank Center 32 32 New Zealand raises interest rate to 4.25% to fight inflation | Economic news Wed, 23 Nov 2022 03:34:57 +0000

WELLINGTON, New Zealand (AP) — New Zealand’s central bank raised interest rates by a record amount on Wednesday as it tries to tame inflation.

The Reserve Bank of New Zealand raised its benchmark rate by three-quarters of a point to 4.25%.

It is the first time the bank has raised rates by more than half a point since the official exchange rate was introduced in 1999. The new rate is the highest in New Zealand since early 2009.

New Zealand’s inflation rate is currently 7.2%, well above the bank’s target of 1% to 3%. The country’s unemployment rate is 3.3%.

The bank also revised sharply upward the forecast peak for its benchmark rate, which it now expects to hit 5.5% next year before it falls. He predicted a sharp rise in unemployment next year and that the economy would briefly plunge into a shallow recession.

The New Zealand dollar rose on the news and was trading at around 62 US cents.

The US Federal Reserve and other central banks around the world have aggressively raised interest rates to fight inflation. The Fed’s short-term key rate is now set between 3.75% and 4%, whereas it was close to zero last March.

Reserve Bank of New Zealand Governor Adrian Orr had a message for consumers.

“Think more about your spending. Think of saving rather than consuming, I know that’s a strange concept,” he said. “Just cool the jets.”

Orr said the bank’s monetary policy committee had agreed that interest rates needed to rise, and sooner than expected, to ensure inflation returned to its target level.

“Underlying consumer price inflation remains too high, employment is beyond its maximum sustainable level and near-term inflation expectations have risen. So it’s a pretty high inflation environment,” Orr told reporters.

He said the committee considered raising rates even further on Wednesday, by 1%, before settling on the 0.75% hike.

He said inflation was “nobody’s friend” and that a small recession might be needed to bring it down.

“In order to rid the country of inflation, we need to reduce spending levels. That means we’re going to have a period of negative GDP growth, we think at around 1% of GDP,” Orr said. “So in that sense it’s a shallow period and right now we’re let’s say it’s around the second half of next year.

Orr said he expects house prices to decline a total of 20% by the middle of next year from their peak last November. Home prices are currently down about 11% from their peak.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

BJ’s Wholesale Club Announces Opening Date for New Location in Wayne, New Jersey Wed, 16 Nov 2022 20:00:00 +0000

MARLBOROUGH, Mass. & WAYNE, NJ–(BUSINESS WIRE)–BJ’s Wholesale Club (NYSE: BJ), a leading operator of membership warehouse clubs in the Eastern United States, today announced that its new club in Wayne, New Jersey, located in 300 Willowbrook Mall, will open on Friday, November 18, 2022. The retailer will now have a total of 234 US clubs.

The new club will have an on-site BJ’s Gas location and offer members everyday low fuel prices, with the opportunity for additional savings through BJ’s Fuel Saver program. Wayne BJ’s gas station, conveniently located off Route 46, will open in December and will offer regular, premium and diesel fuels.

We couldn’t be happier to open our doors and start welcoming members to our brand new club,” said Frank Griscavage, Club Manager of Wayne’s BJ’s Wholesale Club. “We are excited to bring the value and convenience of BJ’s Wholesale Club to the Wayne community.

At BJ’s, members can choose from a variety of convenient shopping options such as Club Shop, Curbside Pickup, Club Pickup, Same Day Delivery and Standard Delivery on When shopping in the club, members will have access to ExpressPay through the BJ’s mobile app, a service that allows shoppers to scan products as they go and skip the checkout line at the end of their travel. BJ’s helps members save time and money by offering incredible savings and unbeatable value on everything they need in one convenient one-stop-shop, including a huge selection of fresh foods, produce, groceries full service, household essentials, pet supplies, various exclusive product offers and much more. The club will also delight shoppers with the scavenger hunt experience BJ members know and love with an assortment of seasonal items, home decor, family fashion, toys, tech and accessories. a selection of local products.

BJ’s is offering a limited-time founding member offer for local shoppers interested in joining the club through Thursday, November 17, 2022. Shoppers can sign up for a one-year BJ’s Inner Circle membership for just $25.* instead of the regular $55 membership fee. Plus, shoppers can sign up for a one-year subscription to BJ’s Perks Rewards with BJ’s Easy Renewal for just $65.* instead of the regular $110 membership fee. BJ’s Perks Rewards members earn 2% cash back on most BJ purchases**.

Local shoppers interested in learning more about BJ’s Wholesale Club and enrolling can visit or enroll in person at the Membership Center located at 300 Willowbrook Mall.

The BJ’s Charitable Foundation is proud to support the local community through monetary and food donations. This year, BJ’s contributed to the Boys and Girls Club of Northwestern New Jersey to support the Wayne branch to help with youth programs.

The Boys & Girls Club of Wayne is thrilled to welcome BJ’s Wholesale Club as a partner in our organization,” said Gina Radice, Director of Resource Development and Marketing. “We rely on the support of our neighbors, like BJ’s, to provide opportunities for our young people to grow, learn and lead healthy lives. We would like to thank BJ’s Wholesale Club for their contributions and look forward to the new club opening its doors to our community.

Through a food rescue partnership, BJ’s Wholesale Club also donates unsold perishables to Feeding America member food banks in its footprint, helping to put healthy food on the plates of families. In Wayne, BJ’s food bank partner is the Community FoodBank of New Jersey. To date, BJ’s has donated more than 120 million pounds of food, including meat, produce, dairy and baked goods, to Feeding America member food banks.

BJ members can always expect:

  • Unbeatable Savings: Members can save up to 25% off everyday grocery prices on everything they need for their weekly purchases.
  • Without risk: Buyers can try BJ’s risk-free thanks to the company’s 100% money-back guarantee membership.
  • Save even more: BJ’s is the only warehouse club that accepts manufacturer coupons. Additionally, members can accumulate savings by using BJ’s coupons in addition to manufacturers’ coupons.
  • Choose how you shop: Members can shop online at and choose free curbside pickup or have it delivered with Same Day Grocery Delivery*** or home delivery.

All BJ memberships are subject to BJ’s current membership terms, ask the club or go to

*Offer valid at Wayne BJ’s Membership Center and online at only, not combinable with other offers, non-redeemable for cash, non-transferable, and only valid for new members. Sales tax will be added where applicable. The offer is conditional on your joining BJ’s Easy Renewal®, and you authorize BJ’s to charge the debit/credit card first used at BJ’s after accepting this offer, an annual recurring fee equal to the amount of the membership fee then in effect for all active subscriptions. on your account, plus taxes if applicable, on the first day of the month your subscription expires.

Expires: 11/17/22.

**BJ’s Perks Rewards members earn 2% cash back on most BJ purchases. Rewards are issued in $10 increments, are redeemed at BJ’s cash register and expire six months from date of issue. Cash back may be requested in the form of a check prior to reward expiration by contacting BJ Member Services at 800-BJS-CLUB. The My BJ’s Perks® program is provided by BJ’s Wholesale Club, Inc.; its terms may change from time to time. Some exclusions may apply. Visit for program terms.

***BJ’s same day grocery delivery is not available to all zip codes. Log in to your account to confirm availability.

About BJ’s Wholesale Club Holdings, Inc.

Based in Marlborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading member warehouse club operator in the Eastern United States, focused on creating significant value for his members. The company provides a curated assortment of groceries, general merchandise, gasoline and other ancillary services to deliver a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Since pioneering the warehouse club model in New England in 1984, the company currently operates 233 clubs and 163 BJ’s Gas® locations in 18 states. For more information, visit us at or on Facebook, Twitteror Instagram.

About Boys and Girls Clubs of America

For more than 100 years, Boys & Girls Clubs of America ( has empowered young people in greatest need to achieve a great future as productive, caring, and responsible citizens. Today, more than 4,100 clubs serve nearly 4 million young people each year through club membership and community outreach. Clubs are located in cities, towns, public housing and on Indigenous lands across the country, and serve military families at BGCA-affiliated youth centers on U.S. military installations around the world. They provide a safe place, caring adult mentors, fun, friendship, and high-impact youth development programs on a daily basis during critical non-school hours. Priority programs emphasize academic achievement, good character and citizenship, and healthy lifestyles. In a Harris survey of alumni, 57% said the club had saved their lives. The national headquarters is located in Atlanta.

Learn more at and

About the Community Food Bank of New Jersey

Community FoodBank of New Jersey (CFBNJ), a member of Feeding America®, has been providing food, relief and hope across the state for more than 45 years. Last year, CFBNJ provided nutritious food for more than 85 million meals through its network of more than 800 community partners, including food pantries, soup kitchens, emergency shelters, food pantries mobile and feeding programs for children and seniors in the 15 New Jersey counties it serves. For our hungry neighbors, the Community FoodBank of New Jersey is the powerful agent of change that fills the void caused by hunger and provides essential resources to sustainably earn a living.

Congress returns to DC for eventful lame duck session Sat, 12 Nov 2022 23:59:31 +0000

WASHINGTON – Congress returns to Capitol Hill and a long list of things to do next week, after a six-week midterm election break that saw Democrats exceed expectations and Republicans barely close to a majority in the United States House.

On the agenda are same-sex marriage legislation, a huge defense bill, changes to how presidential electoral votes are counted and more.

The lame session, a brief period between the election and the convening of the new Congress in January, is usually marked by lawmakers doing the bare minimum or pushing through dozens of bills in a bid to finish the job they have. left until the end. hoping to secure party line priorities for a turbulent few weeks.

This year’s lame duck will probably be the last. Democrats will seek to wrap up many must-have bills before heading home for the December recess. And with control of the US House and US Senate undecided on Friday afternoon, the next few weeks could become a bit of a rollercoaster.

Here are the top five things to address in the final legislative weeks of the 117th Congress:

Pay the bills : Congress approved a government short-term funding bill in September, giving themselves until December 16 to reach bipartisan, bicameral agreement on total spending for the fiscal year that began October 1 and to draft the dozen annual appropriation bills.

White House press secretary Karine Jean-Pierre said Thursday that the Biden administration would like this package to include more funding to help communities recover from natural disasters, additional funds to fight COVID -19 and more aid to help Ukraine defend against Russia.

If Congress can’t reach agreement on spending bills for the full year, it can pass another short-term funding bill next year.

Defense Authorization: Lawmakers would like to pass the annual defense policy bill, known as the National Defense Authorization Act, during the lame session.

While the legislation isn’t essential to funding the Pentagon (it’s the Defense Appropriations Bill in the article above), the NDAA sets sweeping policy for the US Department of Defense. Congress has completed the measure for the past 61 years, a streak no political party wants to break.

A possible snag will be behind-the-scenes discussions about whether to attach an energy permit reform bill that Democratic West Virginia Sen. Joe Manchin III tried to get to President Joe Biden’s office in September.

Jean-Pierre said Thursday that the White House believes it should be incorporated into the defense policy bill, although lawmakers have expressed some skepticism.

Iowa Republican Senator Joni Ernst, a member of the Senate Armed Services Committee, said end of september she does not want a clearance reform bill added to the defense policy bill, saying the focus should remain on defence-related amendments.

“So putting one that’s irrelevant on the NDAA would probably create heartache,” Ernst said.

Electoral count process: The U.S. House and a key U.S. Senate panel both approved the voter count law overhaul in September, though the two chambers must settle their differences before a bill can go to office. of Biden.

US House lawmakers voted 229-203 approve an invoice it would increase the number of members needed to oppose certification of a state‘s electoral votes for president and clarify the vice president’s role in the process is purely ceremonial.

The Senate bill is somewhat similar, though it has broader bipartisan support than the House version, which garnered the support of only nine Republicans.

The version approved by the Committee on Rules and Administration of the United States Senate would also strengthen the ceremonial role of the vice president and increase the number of members of Congress needed to oppose a state’s Electoral College votes.

The current standard is one member of the House and one senator. The Senate bill would increase that number to one-fifth of both chambers, while the House version proposes increasing it to at least one-third of both chambers.

Gay Marriage Bill: The United States House of Representatives voted 267 to 157 in July submit an invoice it would ensure recognition of same-sex marriages, should the U.S. Supreme Court overturn the 2015 opinion of Obergefell v. Hodges who legalized same-sex marriages nationwide.

Since then, the bill has been stalled in the US Senate.

Senate Majority Leader Chuck Schumer was on track to talk about it before the midterm elections, but withheld on request of Sens. Tammy Baldwin, a Democrat from Wisconsin; Susan Collins, a Republican from Maine; Rob Portman, a Republican from Ohio; Kyrsten Sinema, a Democrat from Arizona; and Thom Tillis, a Republican from North Carolina.

“We are confident that when our legislation comes to the Senate for a vote, we will have the bipartisan support to pass the bill,” they wrote in a September letter explaining the delay.

The bill also protects interracial marriages in the event the U.S. Supreme Court overturns the 1967 Loving v. Virginia which struck down state laws making it illegal for interracial couples to marry.

Leadership Elections: A tried and true tradition of every lame session is to elect, or more often re-elect, the leaders of the United States House and United States Senate.

The biggest question mark on Capitol Hill remains whether Speaker Nancy Pelosi will step down as the top House Democrat, paving the way for another lawmaker to take over that position.

Pelosi agreed in the final round of leadership elections that this would be her last term in the role, although an attack on her husband earlier this month inside their San Francisco home could have changed her calculations about his political future.

“I have to say that my decision will be affected by what’s happened in the last week or two,” she said on CNN’s “Anderson Cooper 360” this week when asked if she had taken the final decision to withdraw or stay.

House Republicans were on track to elect California Rep. Kevin McCarthy as their next speaker and Louisiana Rep. Steve Scalise as their leader next week, but it’s unclear if that could change given the indecisive nature of the midterm elections.

Indiana Rep. Jim Banks and Minnesota Rep. Tom Emmer are vying for the role of Republican whip — a job that could be particularly demanding if the GOP continues down the path of a particularly narrow majority. Whoever wins this title will be responsible for ensuring that at least 218 party members stay in line on what will amount to hundreds of votes over two years, an unenviable task.

In the US Senate, the party leadership is unlikely to change.

New York Sen. Chuck Schumer is expected to continue as Democratic leader with Illinois Sen. Dick Durbin as whip. Kentucky Sen. Mitch McConnell will likely remain as Republican leader with South Dakota Sen. John Thune as whip.

Florida Senator Marco Rubio, however, has called for his party’s election to be postponed next week, Tweeter Friday that, “We must first make sure those who want to lead us are genuinely committed to fighting for the priorities and values ​​of working Americans (of all backgrounds) that have given us great victories in states like #Florida .”

Report Details Group’s Efforts to Fight Poverty in Philadelphia | Local News Thu, 03 Nov 2022 22:30:00 +0000

Lenders One opens branded mortgage branch Tue, 01 Nov 2022 12:28:41 +0000

EL PASO, Texas, Nov. 01, 2022 (GLOBE NEWSWIRE) — Lenders One® Cooperative, a national alliance of independent mortgage bankers, banks and credit unions, and operated by a subsidiary of Altisource Portfolio Solutions SA, announces the official opening of its third in-store mortgage lender branch at a select Walmart store in Orlando, Florida. The official opening of this location is part of Lenders One’s nationwide initiative to provide potential buyers with access to mortgage origination solutions where they buy within their community.

Walmart’s third in-store branch, Lenders One, opened today in Orlando, Florida and is powered by Family First Funding, LLC. Founded in 2011 and based in Toms River, New Jersey, Family First Funding is a retail mortgage lender licensed to do business in 35 U.S. states and the District of Columbia. Family First Funding provides high quality mortgage banking services to residential and commercial clients, with the goal of providing clients with fair and reasonable rates and costs, while keeping their clients informed and educated throughout the process.

“Walmart has long been a trusted name for consumers, so seeing the opportunity for the Walmart branch in West Orange County come to fruition with Family First Funding is an exciting initiative to connect mortgage lenders and borrowers in the West Orange County area. ‘Orlando,” Justin Demola said. , CMB, Chairman, Lenders One. “The physical in-store presence at Walmart allows Lenders One members to connect, face-to-face, with the local community and help them learn about the mortgage process, prepare for the mortgage and realize the American dream of home ownership.”

The goal of this initiative is for Lenders One members to offer a range of mortgage solutions, including purchase, refinance and home equity lines, to Walmart customers, with a focus on l consumer education, underserved markets and affordable homeownership. In October 2022, two more Walmart-based in-store Lenders One branches opened with Family First Funding in Newton, NJ and MLB Residential Lending, LLC in Boonton, NJ.

The Walmart branch in-store opportunity helps Lenders One members diversify their business model with foot traffic in geographies where they don’t normally have a presence. Walmart customers can enjoy the convenience of being able to request or inquire about borrowing options in person with a personal touch, in the same place where they do their usual shopping and receive other in-store services.

About One Cooperative Lenders

Founded in 2000, Lenders One Cooperative is a national alliance of more than 250 mortgage bankers and a network of innovative proprietary solutions, technologies and more than 90 solution providers and capital markets providers, committed to propelling profitability, effectiveness and relationships for its members. Lenders One is dedicated to helping independent mortgage bankers, banks, and credit unions compete in the marketplace, improve profitability, and reduce loan manufacturing costs. Lenders One platform participants issued more than $700 billion in mortgages in 2021, collectively ranking as the largest retail mortgage entity in the United States. Lenders One is managed by a subsidiary of Altisource Portfolio Solutions SA. Visit to learn more.

About Altisource®

Altisource Portfolio Solutions SA (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. By combining operational excellence with a suite of innovative services and technologies, Altisource helps meet the demands of the ever-changing markets we serve. Additional information is available at

Source: Altisource Portfolio Solutions SA



HICKSVILLE, NY and TROY, Mich., October 28, 2022 /PRNewswire/ — New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company” or “NYCB”) and Flagstar Bancorp, Inc. (NYSE: FBC) (“Flagstar”) announced today that they have received approval from the Office of the Comptroller of the Currency (the “OCC”) to convert Flagstar Bank, FSB into a national bank known as Flagstar Bank, NA, and to merge New York Community Bank into Flagstar Bank, NA with Flagstar Bank, NA being the surviving entity. NYCB’s acquisition of Flagstar remains subject to Federal Reserve Board (the “FRB”) approval, as well as the satisfaction of certain other customary closing conditions under the merger agreement between the two companies.

The approval of the OCC is subject to a legal waiting period which provides that the bank merger can only be carried out on the 15th day following the date of approval of the OCC, which in this case is November 11, 2022. FRB approval should not have an associated waiting period. NYCB and Flagstar intend to complete the holding company and bank mergers soon after the OCC waiting period ends and FRB approval is received.

In addition to the OCC approval, NYCB and Flagstar today announced that they have mutually agreed to extend their merger agreement from October 31, 2022 at December 31, 2022. The consideration and the exchange parity as provided for in the merger agreement will remain unchanged. The extension, which has been approved by the boards of directors of both companies, will provide additional time to obtain regulatory approval from the FRB to allow the transaction to be completed.

Once approved and closed, the combination of NYCB and Flagstar will create one of the nation’s largest regional banks, operating 395 branches across a nine-state geography, including strong Northeast and Midwest operations with a exposure to high growth South East and West Coast markets. Through its mortgage division, the company will operate nationwide through 81 retail lending offices in 26 states and a wholesale network of approximately 3,000 third-party originators.

About New York Community Bancorp, Inc.

Situated at Hicksville, NYNew York Community Bancorp, Inc. is a leading provider of multifamily loans on rent-regulated non-luxury apartment buildings in New York City, and the parent company of New York Community Bank. As of September 30, 2022, the Company declared assets of $630.0 billion, loans of $49.0 billiondeposits of $410.7 billion and equity of $6.7 billion.

Reflecting our growth through a series of acquisitions, the company operates 237 branches across eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank at Ohio; and AmTrust Bank at Florida and Arizona.

About Flagstar Bancorp, Inc.

Flagstar Bancorp, Inc. (NYSE: FBC) is a $25.4 billion savings and credit holding company headquartered in Troy, Michigan. Flagstar Bank, FSB, provides corporate, small business and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsinand Ohio. It also offers home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 81 outlets in 26 states. Flagstar is a leading nationwide originator and servicer of mortgages and other consumer loans, handling payments and maintaining records for $360 billion loans representing more than 1.4 million borrowers.

Cautions Regarding Forward-Looking Information

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, objectives, intentions and expectations of NYCB and Flagstar regarding revenues, profits, loan production, quality of assets, levels of capital and acquisitions, among others; NYCB’s and Flagstar’s estimates of the future costs and benefits of actions each company might take; NYCB and Flagstar assessments of probable loan losses; NYCB’s and Flagstar’s assessments of interest rate and other market risks; and the ability of NYCB and Flagstar to achieve their respective financial and other strategic objectives.

Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect”, “project”, ” should” and other similar terms. words and expressions, and are subject to numerous assumptions, risks and uncertainties, which change over time. These forward-looking statements include, but are not limited to, those relating to the terms, timing and closing of the proposed transaction.

Further, forward-looking statements speak only as of the date they are made; NYCB and Flagstar assume no obligation and do not undertake to update these forward-looking statements. In addition, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements due to a variety of factors, many of which are beyond in control. from NYCB and Flagstar. Factors that could cause actual results to differ materially include the following: the occurrence of any event, change or other circumstance that may give rise to the right of either or both parties to terminate the definitive merger agreement between NYCB , 615 Corp. and Flagstar; the outcome of any legal proceedings that may be brought against NYCB or Flagstar; the possibility that the proposed transaction may not close when expected or at all because required regulatory or other approvals are not received or other closing conditions are not satisfied in a timely manner or at all, or are obtained subject to conditions which are not provided for; the ability of NYCB and Flagstar to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the risk that any announcement relating to the proposed transaction could adversely affect the market price of NYCB and/or Flagstar common stock; the possibility that the expected benefits of the proposed transaction may not materialize when expected or at all, including due to the impact or issues arising from the integration of the two companies or due to the strength of the economics and competitive factors in areas where NYCB and Flagstar do business; certain restrictions during the term of the proposed transaction that may impact the ability of the parties to pursue certain business opportunities or strategic transactions; the possibility that the proposed transaction may be more costly to complete than expected, including due to unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; the possibility that the parties may not be able to achieve the synergies and operational efficiencies expected in the proposed transaction within the expected timeframe or at all and successfully integrate the operations of Flagstar and those of NYCB; such integration may be more difficult, longer or more expensive than expected; revenues from the proposed transaction may be lower than expected; potential adverse effects or changes in business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; the success of NYCB and Flagstar in executing their respective business plans and strategies and in managing the risks involved in the foregoing; the dilution caused by NYCB issuing additional shares of its share capital in connection with the proposed transaction; and other factors that may affect the future results of NYCB and Flagstar; and other factors discussed in the “Risk Factors” section of NYCB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in other reports filed by NYCB with the Securities and Exchange Commission of the United States, which are available at and in the “SEC Filings” section of the NYCB website,, under “Financial Information”, and in Flagstar’s Annual Report on Form 10-K for the year ended December 31, 2021 and Flagstar’s other filings with the SEC, which are available at and at “Documents” of Flagstar’s website,

New York Community Bancorp, Inc.:

Investor/Media Contact: Salvatore J. DiMartino

(516) 683-4286

Flagstar Bancorp, Inc.:

Investor Contact: Bryan Marx

(248) 312-5699

SOURCE New York Community Bancorp, Inc.

Chinese exports weaken in September, imports up 0.3% | Economic news Mon, 24 Oct 2022 03:16:15 +0000

BEIJING (AP) — China’s export growth weakened in September as global consumer demand cooled while imports rebounded from a contraction after China’s economic growth improved.

Exports rose 5.7% from a year earlier to $322.8 billion, down from August’s 7% growth, official data showed Monday. Imports rose 0.3% to $238 billion, recovering from the previous month’s 0.2% contraction.

Forecasters expected China’s exports to weaken in the second half of 2022 after the Federal Reserve and central banks in Europe and Asia dampened consumer demand by raising interest rates to curb growth. inflation which is at its highest level for several decades.

China’s global trade surplus widened 26.9% a year ago to $84.7 billion.

Imports from Russia, mostly oil and gas, rose 55% from a year earlier to $10.7 billion, but were down about 5% from August .

China can buy Russian energy without violating Western sanctions imposed to penalize Moscow for its invasion of Ukraine, and increased Chinese purchases to take advantage of reduced prices have angered Washington by helping to prop up the cash flow of the President Vladimir Putin from oil and gas exports.

Exports to the U.S. fell 11.6% from a year earlier in September to $50.8 billion, while imports of U.S. goods edged down 4.6% to $14.7 billion. The politically volatile trade surplus with the United States fell 14.1% from a year earlier to $36.1 billion.

Washington and Beijing have yet to resume face-to-face talks aimed at ending a tariff war since President Joe Biden’s inauguration in January 2021. His Chinese counterpart, Xi Jinping, was nominated for a third term in office on Sunday. five years as a Communist Party. leader, which means that he will be reappointed to the honorary post of president next year.

Exports to the 27 countries of the European Union fell 23.9% to $47 billion, while imports of European goods fell 40.9% to $23.8 billion. China’s trade surplus with the EU rose 8% from a year earlier to $23.2 billion.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Credit Suisse discussing ‘conspiracy window’, jurors told Wed, 19 Oct 2022 21:09:13 +0000

(Bloomberg) – Forex traders at Credit Suisse Group AG participated in a price-fixing conspiracy to benefit themselves at the expense of their clients, a pension fund lawyer suing the bank said in closing arguments.

Bloomberg’s Most Read

“They weren’t in competition with each other,” attorney Christopher Burke said in Manhattan federal court on Wednesday. “They wanted to beat the customers.”

The heart of the case brought by the funds and other exchange clients was more than 2,500 online discussions between traders between 2007 and 2013. Jurors spent more than a week reading discussion transcripts which, according to Burke, proved that Credit Suisse and 15 other banks were in collusion. fixing bid-ask spreads in a $5.3 trillion-a-day market.

“We saw a lot of cats,” Burke said. “They are our window into the conspiracy.”

‘Shake Things Up’

Credit Suisse was the latest holdout among the group of banking giants initially targeted in the lawsuit, including Citigroup Inc., UBS Group AG, Barclays Plc, JPMorgan Chase & Co., HSBC Holdings Plc. and Deutsche Bank AG, which settled claims totaling $2.3 billion.

A Credit Suisse lawyer said in closing arguments for the defense that there was no collusion, saying the bank’s foreign exchange trading market share tripled during the alleged plot.

“Credit Suisse wanted to shake things up. They wanted to keep customers away from other banks,” Herbert Washer told jurors. “Credit Suisse was not conspiring. It was competition. »

Washer also reminded jurors that expert witnesses for the defense had said the forex market was too big to be fixed by small groups of traders in chat rooms.

The lawsuit comes at a time when Credit Suisse is struggling to reassure investors of its capital strength and liquidity ahead of a possible restructuring. The Swiss lender agreed Monday to pay $495 million to resolve the biggest remaining case related to its sale of residential mortgage-backed securities that contributed to the 2008 financial crisis. New Jersey’s attorney general filed the case in 2013.

U.S. District Judge Lorna Schofield on Wednesday asked jurors to consider two questions: Was there a conspiracy to fix currency spreads and, if so, did Credit Suisse knowingly participate in it?

According to Bloomberg Intelligence, the bank at one point faced potential liability of $19 billion, based on the possibility of standard damages in price-fixing cases. But Schofield ruled that if Credit Suisse loses on both antitrust conspiracy issues, exchange clients must prove their damages in separate individual proceedings.

Guilty pleas

Prosecutors opened investigations into allegations of forex market rigging a decade ago. Burke told jurors five banks had pleaded guilty to price-fixing charges: Citigroup, JPMorgan Chase, Barclays Plc, Royal Bank of Scotland Plc and UBS AG. Washer said these banks admitted to crimes involving two chat rooms in which no Credit Suisse traders had participated.

Burke reminded jurors that 26 forex traders — including three from Credit Suisse — refused to answer questions about pricing, instead arguing their Fifth Amendment rights against self-incrimination. And Credit Suisse traders participated in 726 of the discussions that were entered as evidence in the case, he said.

Credit Suisse settled in July, on undisclosed terms, a separate case with nearly 1,300 investment firms and government entities that opted out of the pending trial, the bank said.

The case is In Re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789, US District Court, Southern District of New York (Manhattan).

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Credit Suisse is looking for capital from the Middle East, the best banker will leave Mon, 17 Oct 2022 17:52:00 +0000

ZURICH, Oct 17 (Reuters) – Credit Suisse Group AG (CSGN.S) has approached at least one Middle Eastern sovereign wealth fund for a capital injection, a source said, as some funds scrutinize the Swiss bank’s business affected by the scandal as potential investment opportunities.

Abu Dhabi and Saudi Arabia were considering, through their sovereign wealth funds, whether to pour money into investment bank Credit Suisse and other ventures, Bloomberg reported. One investment would be to take advantage of low valuations, he said.

Credit Suisse investment banking chief Christian Meissner will leave the bank once it announces a strategic overhaul on Oct. 27, a source familiar with the matter said.

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The size and other details of a possible capital injection could not be known.

A Credit Suisse spokesperson declined to comment, reiterating that it will update its strategy when the third quarter results are announced.

The Middle East’s largest sovereign wealth fund investor at Credit Suisse, the Qatar Investment Authority, declined to comment. Mubadala declined to comment. ADIA and PIF did not immediately respond to requests for comment.

Credit Suisse shares were trading up more than 4.5% by midday in New York.

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Credit Suisse, one of Europe’s biggest banks, is trying to recover from a series of scandals, including losing more than $5 billion from the collapse of investment firm Archegos last year. last, when it also had to suspend client funds linked to bankrupt financier Greensill.

Analysts have said the company may need 9 billion Swiss francs ($9 billion) as part of a reorganization, some of which may have to come from investors and some from asset sales.

It has already begun a process to sell its US asset management arm, Bloomberg News reported Monday, citing people familiar with the matter. The unit is expected to attract interest from private equity firms, according to the report. Read more

His approach to a capital raise indicates that the sale of assets alone may not be enough to cover the costs of an impending overhaul that the beleaguered bank hopes to draw a line under heavy losses and a series of scandals.

On Monday, the Swiss lender agreed to pay $495 million to settle a lawsuit over mortgage-related investments in the United States, adding to the billions it has paid to resolve legal cases related to its business. residential mortgage-backed securities (RMBS). on the eve of the 2008 financial crisis.

The New Jersey case was the largest of its remaining exposure to its legacy RMBS business, Credit Suisse said, with five remaining cases, all much smaller, still in litigation.

In June, Credit Suisse was found guilty of failing to prevent money laundering by a Bulgarian gang of cocaine smugglers, while a court in Bermuda ruled that a former Georgian prime minister and his family owed damages of more than half a billion dollars to the local life insurer of Credit Suisse. arms.

Credit Suisse Chairman Axel Lehmann pledged on Friday to reform the bank after a “horrible” 2021 in which it lost billions of dollars, the biggest loss in its history.

“We are fully aware that we have to change and we will change, clearly,” he said.

Lehmann took over the Swiss bank in January.

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Reporting by Paritosh Bansal in New York, Elisa Martinuzzi in London, John Revill, Oliver Hirt and Noele Illien in Zurich; additional reporting by Yousef Saba in Dubai; edited by John O’Donnell and David Evans

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Chicago sees stolen checks jump from mailboxes Wed, 12 Oct 2022 19:19:00 +0000

Midge Laurin dropped a check into a U.S. Postal Service mailbox on Central Avenue near her Southwest Side home in September — a $30 contribution to her cousin’s daughter’s school in Crystal Lake.

Three days later, she and her husband logged into their bank account and discovered that the check had been stolen, rewritten and cashed at a “Crystal E. Hunter” for $9,475.81.

“I couldn’t believe it,” said Laurin, a retired office manager. “How did they know I even had the money?”

Laurin’s husband, Francis, called the Chicago police but was referred to the United States Postal Inspection Service, where he filed a report.

The couple went to their bank and were told it could take up to six months to get the money back. A bank employee told them that seven other customers were recent victims of the same crime.

“They looked at us like it was a daily occurrence,” Laurin said.

The stolen check scheme, dubbed “check wash,” has exploded during the pandemic, leaving many victims struggling for months to get their money back. And the situation has worsened over the past year, experts say.

In most cases, thieves steal checks from mailboxes and erase the ink using household chemicals. They then rewrite the check to another person and cash it at an ATM or currency exchange.

“We are seniors on fixed incomes and we didn’t expect this to happen,” Laurin said. She and her husband need money for expenses related to the sale of their current house. For now, it’s on hold.

“They said six months. It’s a very long wait,” she said.

After a reporter contacted Laurin’s bank, the bank told her the claim was settled and she could expect to be reimbursed within days.

A sign warning U.S. Postal Service customers of the potential for mail theft is posted outside the Harwood Heights Post Office, 7101 W. Gunnison St. Miriam Di Nunzio/Chicago Sun-Times

The check washing program has also affected those in power, including Laurin’s 13th Borough Alderman Marty Quinn.

“I was totally caught off guard,” said Quinn, who said he was unaware of the check washing until last year when he became a victim of it.

He said he learned he had been scammed when he received an overdue mortgage notice after mailing a check to a mailbox near 59th Street and Avenue Nashville.

“You pressed the panic button because your identity was compromised,” Quinn said.

Thieves ‘hit a jackpot’

Some stolen checks are being sold on the Internet for hundreds of dollars in what has become a “highly organized type of crime,” according to David Maimon, an associate professor of criminal justice and criminology at Georgia State University.

Money from the checks has been used to fund street gangs and buy drugs, guns, jewelry and cars, said Maimon, who leads the evidence-based cybersecurity research group at the ‘university.

His group monitors more than 60 underground websites to track stolen checks for sale, and he found more than 1,000 checks from victims in Illinois for sale on the dark web from December through May.

Check thieves have hit other states harder, Maimon said, “but we know things are looking up in Chicago.”

Although no agency could provide statistics on check washing, all check fraud cases have been steadily increasing in Illinois, having more than doubled from five years ago.

So far this year, more than 17,000 cases of check fraud have been reported in Illinois, compared to 13,000 cases in 2021 and 5,360 cases in 2014, according to the US Treasury Department.

graph showing check for suspicious activity
Reports of all types of check fraud are increasing every year in Illinois. United States Treasury Department

Why is this seemingly old-fashioned crime emerging in an endemic internet age with its own host of virtual scams?

“It works. It means they hit a jackpot and people tell their friends,” said Steve Bernas, president and CEO of the Better Business Bureau of Chicago and Northern Illinois.

How to avoid being a victim

Bernas offered these tips to avoid falling victim to check washing:

  • Use an indelible black gel ink pen that cannot be erased.
  • Drop mail with checks inside the post office, not in the blue mailboxes outside.
  • Pay your bills online.
  • Immediately retrieve incoming mail.
  • Drop off mail with checks just before the last pickup from a mailbox.

Some victims wait months for reimbursement while their banks investigate the claims and determine among themselves who is liable to pay, Bernas said.

The U.S. Postal Inspection Service declined to share statistics on check washing, armed robberies of letter carriers or the measures they take to combat crime.

“I can tell you that we are anecdotally aware of the trend,” said Spencer Block, a spokesperson for the agency’s Chicago office. The Postal Inspection Service is working with local police departments to crack down on check washing, he said.

Victims can report the crime to the Postal Inspection Service at (877) 876-2455.

“Amazing to see how things have evolved”

Maimon’s research team first noticed a resurgence of the stolen check scheme in late 2021. Checks from Florida began appearing on the dark web, followed by New York, New Jersey and Philadelphia. Criminals following the same playbook then began stealing and selling checks in other cities across the country, including Chicago.

What usually happens is that criminals rob mail carriers for their master keys, which can open mailboxes on the street and in building lobbies in an entire ZIP code. The keys are sold online for between $800 and $2,500, depending on how profitable a ZIP code is, Maimon said.

An increase in stolen checks was linked to a significant increase in armed robberies of USPS postmen for their master keys, according to a March memo from the Postal Inspection Service to the Department of Justice.

The Postal Inspection Service issues $25,000 rewards for tips leading to a letter carrier robbery conviction. Thieves have been wanted in at least four postman robberies in the Chicago area over the past year, according to wanted notices shared by the Postal Inspection Service.

Chicago police say at least five armed robberies of letter carrier master keys have been reported on the North and West Sides since August.

Two letter carriers in Evanston were robbed at gunpoint of their master keys within 24 hours in September, police said.

Mack Julion, president of the National Association of Letter Carriers Chicago, told the Chicago Sun-Times that some carriers are considering not carrying out their missions.

“In any case where they don’t feel safe, they certainly have the right not to give birth,” Julion said.

A mail thief used a USPS key to steal mail from the blue box outside the town hall in suburban Norridge in August, police said. More than 40 checks have been stolen this year in the village.

The criminals then drive the stolen mail to hideouts — usually cheap hotel rooms — to sort the mail, Maimon said.

Some criminals have even hired drug addicts with the promise of food or money to sift through the mail, Maimon said. They organize mail into personal checks (which sell for around $125 on the dark web) and business checks (which usually sell for $250).

“It’s pretty mind blowing to see how things have progressed,” Maimon said.

All types of people buy stolen checks online.

“There is no profile that we can identify,” Maimon said. “There is a very extensive supply chain.”

The crime has become more complex in recent months, Maimon said. Some criminals now offer personal information about their victims, including social security numbers and account balances.

In some cases, criminals use this personal information to take over bank accounts and create fake driver’s licenses and passports, which they use to open new bank accounts and lines of credit.

“It’s really disturbing at this point,” Maimon said.

He said some criminals have sources at banks and credit bureaus who provide them with information.

“The operation is completely synchronized and organised. These are not young people stealing mail and washing checks,” Maimon said.

Little Italy, a hot spot for stolen checks

Several recent victims in Chicago live in the Little Italy neighborhood.

“It’s super frustrating,” said resident Liz Gardner. In April, she wrote a check for several thousand dollars to the IRS and slipped the envelope into a blue mailbox at Taylor and Loomis streets.

Two days later, her husband noticed that their bank account showed that the check had been cashed by someone else. A copy of the check showed that it had been endorsed by someone else, but the amount was unchanged.

She immediately informed the bank and the police of the theft but still has not been reimbursed for the check.

“We’re now five months away and we still haven’t gotten the money back,” she said.

Another victim, Monica Pascente, sent a check for $123 for a credit card payment in August. Someone stole the check and cashed it for $9,500.

Pascente, who has lived all his life on Taylor Street, said: “I think as an American citizen everyone should be allowed to drop mail in mailboxes.”

She always sends her checks, although she knows the risk.

“Not everyone is computer savvy,” Pascente said.

Kevin Ngo rarely mails checks but said he thought it was the right thing to do in June when he attended a wedding in New York but didn’t want to travel with him. a gift.

Sending the money through Venmo would have felt impersonal, he said.

The 33-year-old Little Italy resident dropped the check for $200 in a mailbox on Laflin and Flournoy streets. A few days later, he received an email from his bank saying they would not cash his check for $4,900.

His check had been stolen and washed. He filed a complaint with the police.

“In the end, I was lucky, but I’m sad for everyone who lost money,” Ngo said. “I no longer deposit checks in the mail.”