financial services – Sun National Bank Center Tue, 29 Mar 2022 04:03:31 +0000 en-US hourly 1 financial services – Sun National Bank Center 32 32 In Less Than a Year, AiK2 Insurance Services Surpassed $40 Billion in Covered Assets Under Management | national company Tue, 15 Mar 2022 15:32:02 +0000


Less than a year after launching its platform to make it easier for wealth/asset managers to purchase commercial insurance and protect their businesses, AiK2 Insurance Services (AiK2) now has a list of 80 clients and a total of insured assets of more than $40 billion. A testament to its truly disruptive new delivery model.

AiK2 was built by advisors, for advisors around these fundamental principles:

  1. Be more efficient: Significantly simplify the application and renewal process.
  2. Reduce Costs: Save RIAs money by educating carriers on RIA activity.
  3. Improve coverage: protect customers against risk.
  4. Manage risks: Mitigate known risks and also identify potential risks before they have an impact.

A short application generally leads to better coverage, lower costs and consolidated renewal dates. The company has chosen technology partner K2 Placements, a leading wholesaler that works with carriers, and KORE Insurance Holdings, LLC (KORE), one of the largest private property and casualty insurance companies in the United States.

“We like to think of ourselves as the ‘trustee of insurance’, always prioritizing the needs of RIAs over our own. Additionally, by partnering with one of the largest independent brokers in the country, we are able to source all carriers when building solutions for our advisors,” said Jay Hummel, CEO of AiK2. “We are not only changing the way advisors purchase insurance to protect and preserve the value of their business, but we are also changing the way they support their clients by creating a P&C ecosystem that opens the door to risk management products advisors can offer their clients to build loyalty and grow their business. »

“The existing insurance model in the industry is so overly complex and confusing that some companies find it hard to believe what AiK2 offers is the reality,” said John Phoenix, President of AiK2. “Those who trust us and buy into the process see that everything is real. Our experience as former insurance advisors and adjusters gave us insight into what needed to change, and we acted.

The company recently added ARGI Financial Group and tru Independence to its list of clients that cover the RIA business.

ARGI is one of the nation’s fastest growing financial services companies with 9 offices in the United States, $4.5 billion in assets under management through ARGI Investment Services, LLC, a registered investment adviser and approximately 250 employees through its affiliates, including a regional CPA. solidify. AiK2 was able to consolidate coverage around errors and omissions, identify and mitigate a critical URL vulnerability, improve cyber coverage, and consolidate renewal dates for all P&C policies – all while reducing annual premiums by $44,000 per year .

“AiK2 is more than a broker, they understand our business and were able to consult us intelligently on our needs,” said Joe Reeves, CEO of ARGI. “Today, AiK2 sits on our risk committee and allows me to focus on our clients and our investments.”

Founded in 2014, tru Independence is a leader in providing optimized independence for established RIAs and Independent Advisors looking to grow their business effectively and efficiently. Leveraging decades of industry experience, tru Independence is an advisor platform trustee that serves as an advanced technology partner, focused on increasing advisor growth.

“We immediately identified substantial value working closely with AiK2,” said Craig P. Stuvland, President and CEO of tru Independence. “For many wealth managers, dealing with insurance needs on behalf of clients is an afterthought and a recurring challenge that they grudgingly take on. The AiK2 team eliminated this pain almost instantly and the results offered a sense of relief and newfound confidence that we had a strong partner in this.

AiK2 also helped 55 RIA companies comply with a new Schwab mandate requiring companies to have errors and omissions coverage, as well as insurance covering social engineering and theft.

AiK2 plans to build on its expertise with new services and a continued focus on adding value through efficiency, transparency, risk management and integrated service from a team with a deep understanding of this that their customers need because they have been there themselves.

About AiK2 Insurance Services

AiK2 Insurance Services offers commercial insurance exclusively for RIAs – enabling RIAs to easily, seamlessly and cost-effectively insure and protect their most valuable asset – their business. For more information, please visit:

See the source version on

CONTACT: Dan Jones

Vice President of Sales and Marketing, AiK2




SOURCE: AiK2 Insurance Services

Copyright BusinessWire 2022.

PUBLISHED: 03/15/2022 11:30 a.m. / DISK: 03/15/2022 11:32 a.m.

Google Takes Advantage of ‘Predatory’ Lending Ads Promising Instant Money | google Sun, 13 Mar 2022 09:41:00 +0000

Google profits from ads promoting ‘instant’ money and loans delivered ‘faster than pizza’ despite pledging to protect users from ‘deceptive and harmful’ financial products.

The adverts were shown to people in the UK who searched for terms such as “quick money now” and “need financial help” and directed users to companies offering high interest loans.

One, listed in Google search results above links to the government website and debt charities, promised “guaranteed money in ten minutes” for people with “very bad credit”.

The Advertising Standards Authority said last night it was assessing 24 adverts identified by the Observerpaid for by 12 advertisers, including loan companies and credit brokers as well as suspected scammers.

The regulator said many of the promotions were likely to breach rules on socially responsible advertising which state that advertisements must not “trivialize” loan underwriting. “A disproportionate emphasis on speed and ease of access to interest rates is likely to be considered problematic,” according to its guidelines.

Google said the ads flagged with it violated its policies and had been removed. He previously pledged to fight “predatory” loan promotions, banning ads for payday and high-interest loans in 2016.

The promotions appeared to clearly violate its policy, explicitly referring to “payday loans” and linking to websites offering ultra-high interest rates of up to 1,721%. Many ads removed by Google on Friday had been replaced with similar promotions within hours, some from the same advertisers reported by the Observer.

Loan ads on Google. Photography: Google

It comes amid a growing cost of living crisis, described by the Institute for Fiscal Studies as the worst financial crisis in 60 years.

Households are battling rising prices on multiple fronts, including rising energy bills, grocery costs, and gasoline and diesel prices, compounded by supply chain disruptions and issues caused by the pandemic, Brexit and the war in Ukraine.

Charities and debt campaigners have said such loans could trap people in financial difficulty, who may impulsively apply and find themselves “trapped in a spiral”.

Adam Butler, head of policy at debt charity StepChange, said financially vulnerable people were most likely to be drawn in “due to a complete lack of borrowing alternatives”. “The repeated use of these types of products to make ends meet – often the reason people turn to this type of borrowing – can trap people in a spiral that is very difficult to get out of,” a- he declared. “With the cost of living crisis set to worsen further in the coming months, there is every chance that we will see an increase in the number of people forced to turn to this type of borrowing just to s ‘get out.”

Many promotions appeared to be deliberately aimed at people in financial difficulty, with messages such as “bad credit, welcome”. They suggested there would be little review with messages such as “no credit check” and “no call”.

An ad read: “Instant payday loans paid in 10 minutes. Bad credit OK, irrelevant credit history. Another company described the loans available as suitable for “small emergencies”.

Another website, Tendo Loan – one of the most prolific advertisers – claimed to offer: “Cash in 10 minutes guaranteed. 3-36 months. No credit checks! It added: “A loan delivered faster than pizza! 2 minutes to apply and 10 minutes to deposit to your account. Apply 24/7. Tendo Loan did not respond to requests for comment.

The Financial Conduct Authority said adverts suggesting the loans were ‘secured’ or involved ‘no credit checks’ were misleading. He said companies should not make “false” claims, such as suggesting that credit is available regardless of a customer’s financial situation or status”, and could face enforcement action. ‘execution.

In some cases, the advertisements appeared to be linked to fraudulent websites, redirecting users to websites where they entered their personal information, including banking information, phone number, date of birth and address.

Yvonne Fovargue, chair of the all-party caucus on debt and personal finance, described the ads as “online harm” and called on Google and the government to tackle them.

“It’s an obvious targeting ploy for people on the edge who, instead of taking out a loan, should seek debt advice,” she said.

The ASA has previously ruled against payday lenders and said it is evaluating evidence of potential violations.

He added that while “the responsibility ultimately rests with the advertiser”, media platforms such as Google “also have some responsibility to ensure that content complies with the rules”. “Platforms should and are taking steps to ensure misleading and irresponsible ads are not posted,” a spokesperson said.

Google said, “We have strict advertising policies in place for financial services products and prohibit ads for payday loans. We have a dedicated team working to protect users from malicious actors trying to evade detection. In 2020, we blocked or removed over 123 million ads for violating our financial services policies. »

Stella Creasy, anti-payday lending campaigner and Labor MP for Walthamstow, described companies offering super-high-interest short-term loans as ‘legal loan sharks’ who seek to ‘exploit’ people’s financial difficulties. “We need the government and regulators to remain constantly vigilant and act to stop these companies before they make a bad situation worse for so many people,” she said.

Steward Partners Global Advisory welcomes Ramapo Wealth Advisors, a $600 million New Jersey-based team Tue, 08 Mar 2022 15:00:00 +0000

WASHINGTON, March 8, 2022 /PRNewswire/ — Steward Partners Global Advisory, LLC, an independent, full-service, employee-owned partnership associated with Raymond James Financial Services, Inc. (Member FINRA/SIPC), welcomes its new partner firm, Ramapo Wealth Advisors, based at Ramsey, New Jersey. The five-person team, formerly at Wells Fargo and managing $600 million in client assets, including veteran advisors James SahagianPCP®MBA, Pierre T. Gordinierand David Puciawhich are all supported by Yan Lin Sim and Maral Sahagian.

(PRNewsfoto/Steward Partners Global Advisory Group)

“The Ramapo Wealth Advisors team represents the kind of engaged, client-focused advisors who have helped Steward Partners grow so rapidly and rapidly,” said Michael Drumm, Division President, New York Tri-State, Steward Partners. Global Advisory. “Although they join us using our affiliate option, rather than being employed partners, they still have access to all of our technology, our full service platform as well as shares in mother Society.”

“My associates and I decided to form an independent company because this business model allows us to do so much more for our clients. We spent a few years on our due diligence before choosing to join Steward Partners,” explained James Sahagian, Managing Director and Wealth Advisor, Ramapo Wealth Advisors. “By partnering with Steward, we are aligning ourselves with a forward-thinking independent company that offers superior technology, a multi-custodian platform, and the potential to offer different solutions not previously available to us.”

James Sahagian CFP®, MBA, began his financial services career in 1999 as a financial advisor at Smith Barney, which later merged with Morgan Stanley’s Global Wealth Management Group. He joined Wells Fargo in 2009, where he served as Managing Director, Senior Vice President and Financial Advisor. In addition to having obtained the title of Certified Financial Planner, he holds an MBA in finance and a BS in accounting from Rutgers University.

“We found that Steward’s entrepreneurial spirit aligned with our approach and how we envision our practice going forward,” echoed Pierre T. Gordinier, Director and Wealth Manager, Ramapo Wealth Advisors. “We also felt that their multi-custodian approach to business would allow us to better serve our clients in the way they deserve.”

Pierre T. Gordinier has worked in financial services for over 35 years and has been a financial advisor for over 25 years. After graduating from Bucknell University in 1985 with a bachelor’s degree in economics, he went to work for Morgan Guarantee Trust Company in New York Citywhere his last position was as assistant treasurer in the firm’s institutional securities lending department before being accepted into Smith Barney’s brokerage training program, where he became a securities and insurance financial advisor, working in the company department. Paramus, New Jersey Office. After developing his practice for nearly 13 years with Smith Barney, Peter accepted the position of Vice President at Wells Fargo Advisors in 2009.

Ramapo Wealth Advisors’ Third Advisor is Vice President and Wealth Manager David Puciawho brings over 40 years of financial services experience, having worked for Wells Fargo and its former banks since 1979. He is a graduate of Lafayette College holds a degree in economics and earned his MBA from Seton Hall University with a concentration in finance.

“I spent my entire career at Wells Fargo and was very happy there, but I found that teaming up with Jim and Pete and affiliating with Steward Partners was truly the best thing I could do for my clients. at that time,” added David Puciavice president of Ramapo Wealth Advisors.

“I feel like I’m coming full circle by joining Steward Partners,” added James Sahagian. “When I joined Smith Barney as a rookie advisor in 1999, Jim Gold, CEO of Steward, was one of my trainers. I have the greatest respect for him and for the great company he and the team here have built. We are all extremely happy to be part of it.”

In addition to Ramapo Wealth Advisors, Steward Partners Global Advisory also hosted Michel EnglehartCLU®PCP®, Senior Vice President and Wealth Manager. An advisor with 37 years of experience in financial services, he most recently worked at Wells Fargo Advisors, where he was Senior Vice President and Chief Investment Officer. Englehart’s addition Bel Air, Maryland office, brings the Steward Partners network to 30 branches in 16 states and the District of Colombia.

About Steward Partners Global Advisory
With offices in Newtown, CT, Washington, DC, Clearwater, FL, Andover and Boston, MA, Baltimore, beautiful air and BethesdaMD, Portland, ME, St. Louis, MO, Hendersonville, NC, Keene, Manchester and Portsmouth, NH, Paramus, Morristown, Ramsey and Somerville, NJ, Albany and New York City, NY, Conshohocken, PA, Austin, Dallas and Houston, TX, McLean, McLean II, Norfolk and Richmond, VA, and Mequon, WI. Steward Partners Global Advisory, LLC, is an independent, full-service, employee-owned partnership catering to family, institutional and multi-generational wealth. For more information, visit us at

About Raymond James Financial Services, Inc.
Raymond James Financial Services, Inc. is a financial services company that supports independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., Member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its subsidiary, Raymond James & Associates, Inc., Member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), a leading diversified financial services company with approximately 8,400 financial advisors in the United States, Canada and the United States. foreigner. Total client assets are approximately $1.26 trillion as of 12/31/2021.

Steward Partners Holdings, Steward Partners Global Advisory, LLC has a separate professional business relationship with Raymond James Financial Services, Inc., Member FINRA/SIPC, and our registered professionals offer securities through Raymond James Financial Services, Inc. Services investment advice offered by Steward Partners Investment Advisory, LLC, 1776 I Street NW, Suite 700, Washington, DC 20006. Toll free: (844) 801-8268.

Media Contact:
Michaela Morales
J Connelly



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SOURCE Steward Partners Global Advisory Group

Why You (and I) Should Appoint a “Trusted Contact” Fri, 04 Mar 2022 14:31:05 +0000

For the past few years, financial services companies have asked me to appoint a “trusted contact”. Banks, brokers and insurers increasingly want to have someone to call or email in case they notice suspicious activity and cannot reach the account holder.

I ignored these requests. Trusted contacts are a great idea for older people with cognitive decline, I thought, but that’s not me.

Then a younger friend developed dementia praecox and I realized we don’t always get enough warning to put such protections in place.

Obviously, trusted contacts aren’t just good for older people. Anyone’s financial accounts could be vulnerable if they are displaced by a natural disaster, end up in hospital, suffer a brain injury, or travel and are hard to reach. Helping your brokerage, bank, or insurer connect with someone who knows what’s going on in your life could protect your money and prevent financial disaster.

“I love the idea of ​​the trusted contact because it can really prevent any fraud or exploitation before it gets out of hand,” says Amanda Singleton, AARP Family Care Expert and St. Petersburg, Florida.


Naming a trusted contact does not give that person authority over your accounts or the ability to see balances or make changes, says Gerri Walsh, senior vice president of investor education at the Financial Industry Regulatory Authority. , known as FINRA. FINRA is the non-governmental organization that regulates the securities industry, including brokerage firms.

Instead, your trusted contact can help financial services companies reach you (if you’re reachable) or identify others who might be able to help you. If you are incapacitated, for example, your contact can link the company to your legal guardian or the person with power of attorney over your accounts. If you are deceased, your support person may provide contact information for your estate’s executor or the successor trustee of your living trust.

You don’t have to name a trusted contact, but financial services companies, as well as regulators and consumer advocates, recommend it. You can change your trusted contact whenever you want or name more than one. Ideally, a trusted contact is someone you know will protect your privacy and act responsibly.

“It could be an adult child, close friend, lawyer or other trusted person that the financial institution can contact for further assistance in trying to reach you,” says Deborah Royster, Deputy Director of the Consumer Financial Protection Bureau. for older Americans.


The push to name trusted contacts began out of concern that older Americans would be ripped off with their savings. More than 369,000 cases of financial fraud by older adults are reported to authorities each year, causing losses estimated at $4.84 billion, according to a January report by Comparitech, a cybersecurity research firm.

But this type of fraud is notoriously underreported, often because victims are embarrassed, fear others will think them incapable, or protect the perpetrators, who may be relatives, caregivers or neighbours. Comparitech estimates the actual toll could be 8.68 million cases and more than $113.7 billion in losses each year.

To help reduce this toll, two new FINRA rules were approved in 2017. The first allows brokerages to temporarily suspend withdrawals when financial abuse is suspected, and the second requires brokerages to “make reasonable efforts” to get customers to name trusted contacts.

Until now, other financial services companies such as banks, credit unions and insurers do not have similar rules. Even so, some offer the ability to name trusted contacts on accounts, Royster says.


One thing you shouldn’t do is respond to emails that appear to be from your financial institution asking you to name a trusted contact. These can be scams to steal your passwords or create other havoc, says FINRA’s Walsh. Instead of responding to these emails, consider calling your financial institution or searching their website for a form to name a trusted contact.

If your financial institutions offer this option, it’s a relatively quick and easy way to add a layer of protection to your accounts, says Abby Schneiderman, co-founder and co-CEO of end-of-life planning site Everplans and co. -author. from “In Case You Get Hit by a Bus: How to Organize Your Life Now for When You’re Away Later.”

“People should take two minutes out of their day and name a trusted contact,” Schneiderman says.


This column was provided to The Associated Press by personal finance website NerdWallet. The content is for educational and informational purposes and does not constitute investment advice. Liz Weston is a NerdWallet columnist, certified financial planner and author of “Your Credit Score.” Email: Twitter: @lizweston.

Sri Lankan American investor Palihapitiya faces legal action against insurance company he made public, judge rules Thu, 03 Mar 2022 02:31:21 +0000

Sri Lankan American businessman and investor Chamath Palihapitiya and executives of Clover Health Investments, which he went public with last year, face a lawsuit that claims he misled investors. U.S. District Judge Aleta Trauger in Nashville declined to dismiss the case on March 1, “allowing investors to pursue allegations that Clover lied about the source of its growth and the existence of a U.S. Department of Justice investigation. Justice on the company,” Reuters reported.

Clover Health was founded by Vivek Garipalli in 2014. According to the company’s website, it has operations in eight states, including New Jersey, Tennessee, Pennsylvania and Texas. Prior to founding Clover, he founded CarePoint Health in 2008, a fully integrated healthcare system in New Jersey. Last year, Palihapitiya took the insurance company public through its SPAC Social Capital Hedosophia group. Forbes estimated that the SPAC listing boosted Garipalli’s net worth to “at least $1 billion.”

The investigation into the company began last February after Hindenburg Research, an investment research firm, released a report on February 4 detailing how “Clover Health and its famous Wall Street promoter, Chamath Palihapitiya, misled investors wrong about critical aspects of Clover’s business in the run-up to the company’s SPAC IPO transaction last month.

According to the report, Clover Health did not disclose that its business model and software offering, called Clover Assistant, is under active investigation by the Department of Justice (DOJ), “which is investigating at least 12 issues ranging from bribes to marketing practices to undisclosed third-party transactions.

The report mentions SeekMedicare, calling it the “low disclosure subsidiary” of Clover. Adding that Seek makes no mention of its relationship with Clover on its website, the report says it misleads advertisers by telling them it offers “independent” and “unbiased” advice on selecting business plans. ‘Health Insurance. His activities are also under investigation by the DOJ.

Last month, Palihapitiya resigned as Chairman of the Board of Virgin Galactic. His SPAC took the space tourism company public in October 2019. In a statement announcing the departure in a statement last week, Virgin Galactic CEO Michael Colglazier said he was leaving to “focus on other commitments of the board of directors of the public company”. He said the company had “always known the time would come when [Palihapitiya] would shift its focus to new projects and activities.

See also

A former Facebook executive, Palihapitiya is CEO of Social Capital, a Menlo Park-based venture capital firm he founded in 2011 to invest in businesses in areas overlooked by other venture capitalists, such as healthcare, financial services and education. The company has since grown to also invest in tech companies like Amazon, Tesla and Slack. In 2018, Palihapitiya closed its venture capital funds to new investors.

The 45-year-old, who often describes himself as the next-gen Warren Buffett, is a leading proponent of Special-Purpose Acquisition Companies (SPACs), one of the hottest trends among dealmakers in Silicon Valley. Through his group SPAC Social Capital Hedosophia, Palihapitiya has sponsored six of these companies, raised a total of $4.34 billion and acquired companies in several sectors, including space travel, health insurance, services finance and real estate. Through Social Capital Hedosophia Holdings I, he took Virgin Galactic public and made it the first publicly traded manned spaceflight company. In January 2021, Social Capital filed seven new SPACs. His large investments in them have earned him the nickname “SPAC King” during the pandemic.

Prior to founding Social Capital, he served on Facebook’s leadership team in several capacities, most recently as Vice President of User Growth, Mobile and International. During his four years with the company, he is credited with helping to orchestrate the massive growth of the social media platform. Before that, he worked at AOL and became the company’s youngest vice president while running AOL’s Instant Messenger division. Palihapitiya first entered the venture capital world in 2006 as a director of the Mayfield Fund.

These 3 Housing Markets at Highest Risk of COVID-Related Downturn, Says ATTOM Report Tue, 01 Mar 2022 18:50:36 +0000

Some housing markets are at higher risk of a downturn than others in the United States, as homeowners owe more on their homes than they are worth, and incomes are used to pay a higher percentage of housing costs. (iStock)

Three states have housing markets at highest risk of downturn due to COVID-19 pandemic, says one new report from ATTOM Data Solutions.

New Jersey, Illinois and California had the highest concentrations of risky markets in the fourth quarter of 2021, according to the report. The largest clusters of risk areas also remain in the New York and Chicago areas. Outside of California, no other western county was in the top 50 considered most at risk.

“The U.S. housing market continues to turn despite the coronavirus pandemic still raging across the country. Indeed, home prices continue to rise in part due to the crisis,” said Todd Teta, chief product officer. at ATTOM. “Nevertheless, the virus remains a potent threat to the broader economy and housing market, with some of the same counties we’ve seen in the past continuing to look vulnerable to potential downturns. There are no immediate warning signs hanging over part of the country, but the pockets are more vulnerable to market deterioration.”

Refinancing your mortgage could help lower your monthly payments and make them more manageable. Use Credible’s free online tool to research different mortgage refinance lenders and see what your loan options are.


Homes are at risk of foreclosure on risky markets

ATTOM’s report says its risk measure was based on the percentage of homes facing a possible foreclosure process. In the most at-risk areas, there were more homes in which mortgage balances exceeded estimated property values. The company said it also considered the percentage of local wages required to pay for major property expenses.

At least 10% of residential mortgages in the third quarter of 2021 were underwater, meaning homeowners owed more on the home than it was worth. This creates a higher risk because if a homeowner falls into financial difficulty, they will likely be unable to sell their home. About one in 1,500 homes faced foreclosure action in the fourth quarter of 2021 in 36 of the highest-risk counties, according to the report. This is compared to an average of one in 2,446 households nationwide.

“Foreclosure actions have increased in recent months since the end of a federal moratorium on lenders repossessing properties from homeowners who fell behind on their mortgages during the virus pandemic,” the report said. “The moratorium ended on July 31 and foreclosures are expected to increase over the coming year.”

If you’re at risk of foreclosure, refinancing your home loan can help reduce your monthly expenses and get your finances back on track. You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.


What you can do if you face a foreclosure

Several options are available to landlords that could help them avoid foreclosure proceedings, including government-sponsored programs in place for those struggling due to the COVID-19 pandemic:

Enter mortgage forbearance

Homeowners who have mortgages backed by Fannie Mae and Freddie Mac have the option of obtaining COVID-19 mortgage relief to avoid eviction or mortgage foreclosure. If they have been financially impacted by the virus, they can contact their mortgage agent to opt out. Once the forbearance period is over, borrowers will have several options for repaying the money, including paying it off in one lump sum, loan modifications to repay it in installments, or adding it to the end of the loan.

Refinance your mortgage

Mortgage rates are currently hovering in the upper 3% range, according to the latest data by Freddie Mac. Homeowners who want to reduce their mortgage payment can refinance at a lower mortgage rate. Visit Credible to request a refinance in minutes and see how much you could save.

Sell ​​your house

House prices are rising at record rates – growing 15% annually, according to financial services firm CoreLogic. While this can put a strain on home buyers looking to enter the market, it can be beneficial for homeowners. Homeowners can tap into the equity in their home through a cash refinance.

If you’re facing foreclosure and want to learn more about options for refinancing your home loan, visit Credible to speak with a home loan expert and get all your questions answered. Credible can help you compare mortgage lenders and discover the best refinance rates available today so you can lower your monthly payments and reach your financial goals.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at and your question might be answered by Credible in our Money Expert column.


HICKSVILLE, NY, February 28, 2022 /PRNewswire/ — New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company” or “NYCB”) today announced the appointment of Marshall Lux – a prominent and highly regarded professional in the financial services industry – to the Boards of Directors of the Company and its principal banking subsidiary, New York Community Bank (the “Bank”), effective immediately. He was also appointed to the Audit Committee and the Risk Assessment Committee.

Mr. Lux has a long and distinguished career in financial services, spanning nearly 40 years and encompassing a wide range of industry sub-sectors including commercial banking, consumer finance, insurance, brokerages /dealers, wealth and asset management, credit cards, private equity, and FinTech. After attending princeton university and Harvard Business School, in 1986, he began his career at McKinsey & Co., where he advised companies on fundamental strategy and operational matters, including consumer protection, mergers and merger integration, business development new products, expense management and capital initiatives. Mr. Lux’s experience at McKinsey also included advising financial institutions on various risk and compliance matters, including consumer compliance in retail banking, mortgages and other consumer lending. .

He left McKinsey as a senior partner after more than 20 years to join JP Morgan as global chief risk officer for Chase Consumer Bank, where he served from 2007 to 2009, managing a team of 10,000 employees across the world, reporting directly to the Board of Directors. , and working closely with the CEO on Consumer Bank’s risk strategy Jamie Dimon. During his tenure, he developed a number of risk mitigation strategies and models by interacting frequently with various regulatory bodies regarding the bank’s consumer compliance practices and helping to successfully steer the bank to through the mortgage crisis.

He left JP Morgan in 2009 to return to his consulting roots with the Boston Consulting Group (“BCG”), where he was the firm’s first directly elected senior partner. At BCG, Mr. Lux continued to focus on advising financial services companies, including residential mortgage lenders and other consumer credit providers on various consumer compliance issues. He ended his full-time professional career in 2014 at BCG, where he remains Senior Advisor.

Commenting on the appointment of Mr. Lux to the Boards of Directors of the Company and the Bank, Chairman of the Board, President and Chief Executive Officer, Thomas R. Cangemi said: “Marshall is a highly respected finance professional and thought leader in the financial services industry. He possesses all the qualities one would expect of a director – deep industry knowledge, hands-on experience significant, in-depth understanding of our business and its strategies, as well as a strong regulatory background. I know that his knowledge, care and unique work experiences will be invaluable in helping us meet our commitments. meaningful to our customers, communities and shareholders.”

He is currently a member of several boards, including Mphasis, a publicly traded global IT company, DHB Capital, a public SPAC, and Kapitus, a private small business lender. He is also a director of the Guardian Life Mutual Funds Board, part of the Guardian Life Insurance Company. In addition to his board responsibilities, he advises a number of FinTech companies involved in payment systems, mortgages, digital assets, cybersecurity and wealth management.

Mr. Lux is also a member of Harvard University, where he teaches and writes. He is a prolific writer having authored or co-authored ten articles to date. Some of his most prominent articles focus on consumer compliance and the particularly important role of community banks in the retail and small business lending markets. His expertise has also been recognized by the public sector, where he has advised the Federal Reserve Board, the 9/11 Commission, and has also testified before Congress on a number of financial matters.

“We look forward to benefiting from Marshall’s decades-long knowledge, expertise and experience,” Mr. Cangemi continued, “as he joins our boards of directors and as a member of management committees. ‘Audit and Risk Assessment.’

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 December 31, 2021, the Company declared assets of $59.5 billionloans from $45.7 billiondeposits of $35.1 billionand equity of $7.0 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.

Investor/media contact:

Salvatore J. DiMartino

(516) 683-4286

SOURCE New York Community Bancorp, Inc.

District Court Upholds OCC and FDIC Rules on ‘Performance Date Validity’ | Skadden, Arps, Slate, Meagher & Flom LLP Wed, 16 Feb 2022 01:35:26 +0000

On February 8, 2022, a federal district court in California issued two opinions, granting summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) and dismissing challenges from eight states (plaintiffs ) that the agencies’ “good when made” rules facilitated predatory lending and were invalid under the Administrative Procedures Act.1 The rules essentially codified the doctrine that if an interest rate was legal when the loan was made by a bank, that rate remains legal after the sale, assignment or other transfer of the loan.2

The OCC and FDIC released their rules in response to the holding of the second circuit in Madden Funding v. MidlandLCC,3 where a national bank sold credit card debt to a buyer of non-bank debt. A debtor filed a putative class action lawsuit against the buyer’s affiliate for collecting on the account, including interest at a rate that exceeded New York’s usury law. The debtor argued that once the debt was sold by the bank, the preemption of interest rates under federal banking laws no longer applied and state law was governed.4 the crazy the court rejected the debt collector’s pre-emption defense, holding that where the operations of a national bank would not be significantly impaired, such as where the bank no longer has any interest in or control over the debt, the third party to whom the loan was assigned could not invoke usury preemption under federal banking law.

the crazy The decision created substantial uncertainty for both banks selling loans and non-banks buying loans as to whether the interest rate would continue to be legal after the sale. The OCC and FDIC “good when made” rules were intended to ensure that the initial interest rate would remain legal after the sale, regardless of state usury laws.

However, the plaintiffs alleged the rules allowed non-bank lenders to evade state-imposed interest rate caps to curb predatory consumer lending. The plaintiffs claimed that the non-bank lenders formed fictitious “rent-a-bank” partnerships with banks in which the bank originates the loan and then transfers it to the non-bank lender so that the interest rate cap of the relevant State is not applied. The plaintiffs challenged the rules of the Administrative Procedures Act.

The district court applied Chevron deference to the agencies’ interpretations of federal banking laws and upheld the rules.5 He determined that the OCC and FDIC acted within their authority and in accordance with previous congressional directives when enacting their rules. The court further found that the OCC and FDIC had reasonably interpreted the statutes and related rulemaking, and that their rulemaking was not “arbitrary” or “capricious,” since the record did not indicate not that the agencies had not taken into account the potential problems that could arise from the rules.

In response to the court’s decision, Acting Comptroller Hsu said, “This legal certainty should be used for the benefit of consumers and should not be abused. I want to reiterate that predatory lending has no place in the federal banking system. The OCC is committed to strong supervision that expands financial inclusion and ensures that banks are not used as a vehicle for “charter lease” arrangements.

Such arrangements are of concern to House Financial Services Committee Chair Maxine Waters (D-California), who has identified “combating bank leasing schemes that harm consumers” as a priority for the committee.6 Currently, however, no legislation is being introduced in Congress to address the Madden vs. Midland decision or rules of the OCC or FDIC.

It is important to note that the decision of the district court is subject to appeal. Further, the decision does not address the potential challenges of partnership banking models under a so-called “true lender” theory. According to this theory, some plaintiffs and states have sought, with mixed success, to assert that the relationship between a bank and a non-bank platform (often a fintech) is one in which the non-bank is the “true lender”. in the transaction. , and therefore the federal interest rate and license preemption do not apply. But, despite these limitations, the ruling is an important step in bringing more certainty to the financial services industry regarding business models involving loans acquired from banks.


1 Persons of the State of California, et al., v. Federal Deposit Insurance Corp..¸ No. 20-cv-05860-JSW (ND Cal. February 8, 2022); People of the State of California, et al., c. The Office of the Comptroller of the Currency, et al.., no. 20-cv-05200-JSW (ND Cal. February 8, 2022). The FDIC lawsuit was filed by California, the District of Columbia, Illinois, Massachusetts, Minnesota, New Jersey, New York and North Carolina. The lawsuit against the OCC was filed by California, Illinois and New York.

2 The OCC rule is “Interest allowed on loans sold, assigned or otherwise transferred», 85 Fed. Reg. 33,530 (June 2, 2020). The FDIC rule is “Rule of the Federal Interest Rates Authority», 85 Fed. Reg. 44146 (July 22, 2020).

3,786 F.3d 246 (2nd Cir. 2015).

4 Under the National Bank Act of 1864 and the Homeowners Loans Act of 1933, national banks are not subject to the interest rate ceilings of other states and can “export” the interest rates from their home state to the states where their borrowers live, and states’ usury of law claims against domestic banks are anticipated.

5 The “Chevron analysis” refers to a legal test established by the Supreme Court in Chevron USA v. Natural Resources Defense Council to determine when the court should defer to an agency’s interpretation of a statute. 467 US 837 (1984).

6 In a previous Congress, President Waters opposed legislation to codify the doctrine of validity from the time of its creation. At the time, she said, “We can’t introduce a bill that will allow non-banks like payday lenders to bypass state interest rate caps and make loans at high rate. Although Congress preempted some state laws for national banks, it did not allow national banks to extend the privilege to entities of their choosing.

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Unemployment financial services money trumpet provides assistance to people with bad credit Tue, 15 Feb 2022 19:14:00 +0000

/EIN News/ — London, Feb. 15 2022 (GLOBE NEWSWIRE) — London, England –

Financial services company Money Trumpet has published an article which details some of the ways people with bad credit in the UK can become eligible for financial assistance to cover unavoidable emergency expenses.

The blog post states that getting financial help when one has bad credit is a difficult, frustrating, and time-consuming process. The blog post also highlights the irony that those with bad credit are generally the ones most in need of money when they are also the least likely to get the help they need.

When seeking help from a financial services provider, the first step recommended by the article is to check your credit rating with one of the major UK credit bureaus. If the rating is less than “Good”, the person is likely to face a difficult struggle to get the help they need. One way to improve credit score is to monitor it periodically and take steps to improve it preemptively.

Money Trumpet can help UK residents over the age of 18, who have a bank account with a debit card and have a regular income to apply for three types of financial assistance: personal, guaranteed or surety.

Personal financial assistance does not need any collateral in the form of assets or personal property such as a home or vehicle. Since there is no form of security, these products come with strict limits, high interest rates and shorter terms. For an applicant with bad credit, this is the hardest option to secure.

Secured financial aid can be used if a person places an asset of equal or greater value as collateral or collateral. This gives the service provider a layer of protection and enables the applicant to avail a significantly higher sum of money at lower interest rates. If the applicant fails to meet their monthly payments, the service provider can seize the asset that was used as collateral.

Financial assistance guaranteed by a guarantor requires a second person to sign the agreement stating that they will repay the amount on behalf of the applicant if they do not repay. It provides applicants with more resources over a longer repayment term than unsecured personal assistance. Guarantors must be at least 21 years old, have a full-time job and have a solid credit rating.

A Money Trumpet spokesperson commented on the information in the article, saying, “We know how difficult it can be to get out of a financial bind when all the doors seem closed to you. Building good credit is a long-term process and when you’re stuck in a tough financial situation, you don’t have enough time to fix your credit score before seeking help. You can still find help from some sources, but due to your particular situation, it will come with a higher interest rate and other stipulations. When you’re stuck between a rock and a hard place, you have to choose the best option out of those available to you. Choose the type of assistance that best suits your needs, take the opportunity to put the difficult situation behind you and focus on building a solid credit score for when you might need help. help later. We are confident that you will be able to build a secure financial future for yourself with just a little budget and discipline. »

Money Trumpet offers its customers access to financial assistance providers who offer between £100 and £2,000 at fair rates to those with bad credit histories. Customers can quickly apply with a short form at Money Trumpet and receive quotes from multiple service providers within a short period of time. Once a provider approves the request, the client can receive their funds the same day or anytime within a few days.

Readers can also check out another article from the company, which has information for unemployed workers trying to get financial help, by heading to the link:


For more information about Money Trumpet, contact the company here:

silver trumpet
Sarah Minter
020 3974 1119
1st floor
5 Mile End Road
E1 4TP

Sarah Minter

Josh Gottheimer unveils stablecoin bill Tue, 15 Feb 2022 10:00:01 +0000

Rep. Josh Gottheimer, Co-Chair, Problem Solvers Caucus (D-NJ).

Adam Jeffrey | CNBC

New Jersey Rep. Josh Gottheimer on Tuesday unveiled a first bill to place definitions around stablecoins, which critics say are susceptible to manipulation, bad actors and collapsing due to insufficient reserve capital.

A draft discussion released Monday by Gottheimer’s office proposes designating certain digital currencies as “qualified” stablecoins if they can be exchanged on a one-for-one basis for US dollars.

Qualifying stablecoins could be issued either by a federally backed bank or by a non-bank that pledges to hold at least 100% reserve assets consisting of US dollars, US debt, or any other asset that the Office of the Comptroller of the Currency deems appropriate cash collateral.

“I don’t think we should stifle innovation in the cryptocurrency market,” Gottheimer, a Democrat, said Monday afternoon.

Gottheimer’s legislation, which still seeks input from Capitol Hill and the crypto industry, will likely be the first of many attempts to structure the new bargain from Congress and the Biden administration.

Gottheimer said Nellie Liang, the undersecretary of the Treasury who is leading regulatory efforts, supported her plan when she appeared before the House Financial Services Committee last week.

“We have been very engaged with the Treasury and Blockchain Association and many companies in the space,” he added.

Stablecoins, issued by companies like Tether and Circle Internet Financial, have grown in popularity in recent years. Proponents say stablecoins link the ease and speed of more volatile cryptocurrencies to the stability of national currencies like the US dollar.

While many stablecoin issuers keep a pool of dollars to back up the value of the digital token, it’s not always clear if they can guarantee 100% of redemption requests for traditional fiat currencies. Some policymakers worry that a spike in redemption requests, or a stablecoin “run,” could bankrupt the issuer and trigger an insolvency domino.

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“We commend the leadership of Representative Gottheimer, who has taken a thoughtful, risk-based approach to stable innovations in the United States and how they can fit into federal regulatory frameworks,” said Dante Disparte, Director of the Circle’s strategy, in an emailed statement. “Supporting banking and non-banking innovations in the payment system is key to long-term competitiveness and broad option for how dollars move in the 21st century.”

Gottheimer’s bill comes as Washington attempts to define and regulate the crypto market.

In November, the Biden administration urged Congress to enact a litany of laws and work with other regulatory agencies to ensure that stablecoins do not pose systemic risk.

Specifically, the President’s Financial Markets Task Force has suggested restricting the issuance of stablecoins to banks insured by the Federal Deposit Insurance Corp. to ensure ongoing oversight, prudential standards and access to the government backstop if needed.

However, industry representatives balked at this recommendation and complained that some of the world’s most popular stablecoins are issued by companies that are not considered banks. Democrats and Republicans in the House and Senate are working hard to craft crypto laws in light of the task force report. Sen. Cynthia Lummis, R-Wyo., is expected to introduce a major crypto bill sometime this month.

Between competing bills, more pressing national priorities and precarious geopolitics, it could be months before lawmakers are able to muster enough support behind a bill to send it to President Joe’s desk. Biden for signing.