New regs on payday lending alternatives: Help your members weather the pandemic

first_img continue reading » The federal banking regulators, including the NCUA, recently encouraged credit unions and other financial institutions to offer responsible, small-dollar loans to consumers and small businesses feeling the impact of COVID-19.The effects have been far reaching, from the direct health issues of those infected to those who have lost wages or whose jobs have disappeared from the shutdown of nonessential businesses across most of the United States. Some members have solid relationships with their credit unions, but do not qualify for short-term credit essential to help them through the immediate crisis caused by the pandemic.“Many credit union members directly affected by the business shutdowns need their institutions to stand strong with them. Providing convenient and efficient short-term assistance is one direction to go in meeting members’ extraordinary needs,” said Randy Salser, president of NAFCU Services. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Financial stability impact of IFRS 9 ‘unknown’, Draghi concedes

first_imgThe European Systemic Risk Board does not yet understand the impact the International Accounting Standards Board’s (IASB) new financial instruments accounting rules will have on financial stability, its chairman Mario Draghi has confirmed.In a 29 February letter addressed to the European Parliament’s Committee on Economic and Monetary Affairs (ECON), the European Central Bank (ECB) chairman wrote: “While I appreciate the ECON committee wishes to receive a reaction from the [ESRB] at an early stage, I would like to signal that, although several member institutions of the ESRB have already taken a public stance on the issues you raise, the ESRB has not yet assessed the impact of the new accounting standards on the financial sector as a whole.”Draghi explained that this was down to the “poor quality of the data available and uncertainty as to whether – and if so how – capital regulation might change in the light of the new accounting rules”.The letter continues: “It should be noted that the time endorsement of IFRS 9 is a necessary condition for entities to make significant progress on its implementation. This may in turn result in the more reliable data needed for this project. “Indeed, there are significant interplays between accounting and regulation, and the ESRB is interested in how these might impact on financial stability – for example, in terms of pro-cyclicality of impairment and measurement requirements and the broader effects of fair value accounting.”Draghi concluded: “Given the need to fully understand the macroprudential implications, consider factual developments, including progress made on implementation, and involve the ESRB membership in a necessarily ample discussion, the ESRB may therefore respond to the ECON committee in the course of 2017.”The IASB has been working on International Financial Reporting Standard 9 (IFRS 9) since 2009 in a bid to replace its existing financial-instruments accounting standard.If the EU endorses the standard, it would apply to accounting periods beginning on or after 1 January 2018.The new standard would be used extensively by systemically vital banks and insurance companies as the basis for their financial-asset accounting.There is a concern among IFRS-sceptic MEPs that the European Commission has succumbed to lobbying by banks and the wider accounting establishment.In a speech to the 2011 IFRS annual conference in Zurich in July, IASB chairman Hans Hoogervorst said: “The endorsement of IFRS by Europe has been extremely important for IFRS. We still have a small problem now with IFRS 9.“There are many people who now think they should adopt it quickly because it gives a little bit more leeway in terms of the Greek government bonds.”Meanwhile, the European Union’s adviser on accounting matters, the European Financial Reporting Advisory Group, has already recommended the EU adopt IFRS 9.That endorsement has met stiff resistance from some quarters.In September, the UK’s Local Authority Pension Fund Forum argued that EFRAG misapplied EU law in its endorsement advice on IFRS 9.In December, both the LAPFF and the EFRAG wrote to the EU’s internal market commissioner, Jonathan Hill, to clarify their position on IFRS 9.Both insisted they were in the right.On 8 January, the ECON committee wrote to Draghi and set out the Parliament’s concerns about IFRS 9.The committee wrote: “Given the importance of this new financial reporting standard, [ECON] is concerned about this lack of reliable quantitative data and assessment.“The impact of the introduction of IFRS 9 on financial stability in general, and on the amount of loan loss provisioning and banks’ regulatory capital in particular, is of concern to the committee.”The committee also invited the ESRB to comment on the impact of fair value measurement – plus any wider use of fair value under IFRS 9 – in relation to its macro-economic impact.In a bid to break the impasse, the European Commission invited academics from the Mannheim Business School to assess whether IFRS 9 satisfied the EU endorsement framework.Professors Jannis Bischof and Holger Daske responded: “We observe that prudential supervisors from Europe did not express significant concerns about the impact of IFRS 9 on financial stability and, when assessing the standard in its entirety, we do not foresee such an adverse impact.”They concluded: “Ultimately, it is a purely political decision how to weight these different costs and benefits of different parties. Overall, we still conclude IFRS 9 is likely to be conducive to the European public good, not at least because it is a better standard than its widely criticised predecessor IAS 39.”last_img read more

LPG Shipping Market Brushes off Saudi Arabia Drone Attacks

first_imgThe September drone attacks on Saudi Arabian oil facilities that affected 60% of the country’s LPG production did not end up having a considerable impact on the global LPG shipping market, according to maritime research consultancy Drewry.The consultancy attributed the industry’s resiliency to the incident to Saudi Arabia’s stockpile and increased exports from the U.S.The drone attack in Saudi Arabia on September 14, in which oil installations were targeted, forced the country to shut down its key Abqaiq oil processing plant and the Khurais oil field, which took out almost half of Saudi oil production. As most of the LPG produced in the country is through associated gas production, about 60% of the country’s LPG production was estimated to be affected. Saudi Arabia exported 8.3 million tonnes of LPG in 2018 and 4.2 million tonnes in 1H19.The LPG market experienced an initial shock following the attack, with LPG prices rising over 10% in Asia, but they soon fell after an assurance of continuing supplies from Saudi. The country also released their cargo acceptances for October loadings without any cancellations, which further eased market fears. However, Saudi Arabia delayed cargoes to countries such as India, which compelled the latter to seek additional cargoes from alternative sources such as the UAE in light of the increased demand before the Indian festive season.Looking ahead, Drewry said it expects Saudi Arabia’s contract prices for October 2019 to increase over USD 50 per tonne from USD 350 per tonne in September. According to the consultancy, the increase in October will mark an end to three successive monthly declines in Saudi CP rates and will trigger renewed LPG trading activity in the market.Any rise in Saudi CP prices will cause the U.S.-Asia propane price arbitrage to expand, favoring increased exports from the U.S.The consultancy concluded that a rise in VLGC rates could be expected as the attack on Saudi Arabia will push more vessels to move towards the U.S. from the Middle East. VLGC spot rates on the benchmark AG-Baltic route increased to USD 67.1 per tonne on September 27 from USD 58.7 per tonne before the Saudi attack on September 14.last_img read more

Seven injured in Franklin County crash Monday

first_imgBath, Ind.— A Monday accident at Hetrick and Springfield Roads resulted in minor injuries to seven people.A report from the Franklin County Sheriff’s Department says a vehicle driven by Ruben Sanchez, 29, of Hamilton, Ohio, failed to stop at a stop sign the intersection at 6 p.m. and collided with a vehicle driven by John Rosenberger, 55, of Bath. The impact caused Sanchez’s vehicle to flip onto its top.Sanchez and passengers, Stephanie Pena, 25, Camila Andres, 8, Carolyn Andres, 7 and Carla Andres, 6, were transported by EMS to McCullough-Hyde Hospital in Oxford, Ohio for treatment of non-life threatening injuries. Rosenberger was transported to a local hospital by personal vehicle with non-life threatening injuries.last_img

Dodgers’ Justin Turner credits mental adjustment for fewer strikeouts

first_img Newsroom GuidelinesNews TipsContact UsReport an Error “At first glance,” Turner said, “you’d think ‘this is a big (swing) and he’s just trying to launch.’ Where if you just break down the swing once my foot hits the ground, I feel like it’s a pretty short, efficient swing once you get past the leg kick.”Turner believes that gaining comfort in his swing has helped him cut down on strikeouts. This is his fourth season since his transformative winter in the cage with hitting guru Doug Latta and former teammate Marlon Byrd. But there’s more to it than that.For one thing, Turner is not getting into two-strike counts as often as years past. And when he does, he’s thriving: His .299 batting average with two strikes is the highest in the National League.More than physical comfort, this represents a change in Turner’s mentality.“When you’re at two strikes and trying to battle, and you get a ball in the middle of the plate thigh high and you foul it off, I think the norm is you see guys get frustrated with themselves for missing that,” he said. “I try not to get upset about it because that’s what you’re trying to do with two strikes: you’re trying to battle, trying to foul off tough pitches. All you did was give yourself another opportunity to get a mistake. MIAMI – Dodgers third baseman Justin Turner famously revamped his swing several years ago, incorporating a high leg kick and injecting some lift into a grounder-friendly bat path. The change made Turner a full-time major leaguer, then a household name, then an All-Star.Turner wasn’t focused on his strikeouts when he changed his swing. In his first season in Los Angeles, 2014, Turner struck out a career-high 18 percent of the time. By 2016 he had barely shaved a whisker off that rate, down to 17.2 percent.Flash forward to 2017. Turner batted .377 in the first half and hit 10 home runs. Yet his most impressive feat, however quiet, might be this: Turner is one of only six players who batted more than 200 times before the break and walked (32) more often than he struck out (29).At a time when strikeout rates are rising across baseball, Turner is whiffing less while swinging just as hard.center_img “That’s where on the mental side of hitting I kind of turned a corner. Instead of getting angry about missing a pitch, I look at it as, ‘OK, I’ve got to get another pitch.’ I could’ve easily put that ball in play and grounded out or popped up, but I’ve got a chance to maybe get another mistake.”The other players with more walks than strikeouts before the break are elite hitters: Joey Votto, Mookie Betts, Anthony Rizzo, Adrian Beltre, Dustin Pedroia. Turner’s batting average already placed him in that echelon; now his discipline has too.History lessonThe Dodgers’ 26-4 run leading into the All-Star break rekindled memories of their 42-8 stretch in the summer of 2013.The manager at the time, current Marlins skipper Don Mattingly, was quick to point out one important difference: The Dodgers were a bad team in May 2013 before becoming world beaters in June and July.“They were ready to axe me then, right?” Mattingly said. “Then all of a sudden we catch fire.”Dave Roberts’ job was secure after the Dodgers lost to the Washington Nationals on June 6. Their record was 35-25. In the weeks that followed, Roberts said he did not check the team’s record until the All-Star break arrived.Still, he said, the effects of the Dodgers’ momentum became noticeable at some point. In that regard the similarity to 2013 is striking.“All of a sudden,” Mattingly said, “the total feel of your club is different.”For Roberts, the transformative moment was a four-game series sweep against the New York Mets on June 19-22.“That was a big series,” Roberts said. “We saw some good pitching and really played well. Won a game we probably shouldn’t have won. That was a good one.”Ryu updateDodgers pitcher Hyun-Jin Ryu threw a four-inning, 58-pitch simulated game at Marlins Park. Roberts said the left-hander, who’s on the 10-day disabled list with a left foot contusion, probably will not be activated during the Dodgers’ trip to Miami and Chicago.Roberts said he isn’t sure whether Ryu will return as a starter or a reliever.“We want to drop (Ryu) back in as a starter, but if a situation presents itself that we need him out of the bullpen, I know he would be open to helping us in that capacity,” Roberts said. “Ideally, it would be as a starter. But with the starting pitching that we have it’s hard to be exact in our prediction.”Ryu, 3-6 with a 4.21 earned-run average, has started 13 games and relieved one.AlsoThe Dodgers’ rotation is set through the series in Chicago. Alex Wood (Saturday) and Rich Hill (Sunday) will close out the series against the Marlins. Clayton Kershaw (Tuesday) and Kenta Maeda (Wednesday) will face the White Sox.last_img read more