37 Burst results for "Bank Account"
Fresh update on "bank account" discussed on The Jordan Harbinger Show
"I put weblogs inc and eighteen months after we were growing it. We're at about one. Hundred and fifty can't total revenue and aol came and offered us thirty million bucks for it. I was negative. Ten thousand in my bank account and i was walking my dog tour recipes and smoking a cigar my life and we're sitting here in santa monica. We had a two thousand dollars a month apartment. And i said they've offered us thirty million dollars. I can't keep up with our credit card bills. I'm gonna take it and she's like this is going to be crazy like we're gonna have over ten leonardo bank account as a yet. I sat there. And i just had to have this like really long. Look like deep moment. Because i had a very complicated relationship with money and being poor because you wanting to be rid exactly and i wanted to be powerful and rich when i was a kid and looking back on it the reason i wanted to be powerful riches with because i was four and ahead no power. My wife remembers the story. In arab-israeli yesterday. I was sitting there. Refreshing bank of america account the corporate account and nothing. Nothing nothing and then twenty seven million bucks and i start crying crimes. I spent the majority of my life broke. I don't have to worry about money ever again. Ever for more with jason calcutta's including what venture capitalists are looking for in startup founders. And how to make yourself more marketable whether you're founder or angel investor yourself checkout episode one hundred right here on the jordan harbinger show..
People Fear What They Dont Know
"People being afraid of things that they don't understand. Yeah that's that's a great topic because in industry when you're talking to other land investors you've you certain types of jargon and a lot of times we don't remember that the public doesn't understand that type of jargon so we can use that to our advantage in some situations but it hurts us in more situations than not for instance. I know you're like okay. What do you mean by that. I could see the look on your face. After i was just i was gonna ask her an example exam so like on a on a by side. Yeah we've got to do all the paperwork for that affidavit airship you know. It's going to be really tough to get this through. But you're working with the pros. This is what we are made to do. We can get that taken care of because getting a title were cleaned up and everything. It's tough but you're working with the right team to get this done. Let's signed a purchase agreement. Let me get it done well. It's laugh at airships. Just a page They just gotta know somebody. That's not making money off this and they can sign it. Not a big deal. But they don't know that they think it's as big ordeal to get all this stuff done and we know it is what it is. Yeah yeah i mean. I feel like the more you know about a subject the more you can talk yourself out of a cell okay. I'm a big opponent of less is more like i want them to be the talker. If i'm trying to sell some land. I'll just give them the bare minimum. I don't wanna be if. I catch myself talking too much. I feel like i'm losing it already. Okay and so. That's why like the best ads. i've ever run or just just enough to get them excited. When i'm selling land. I'm i don't know man go check it out like don't ask me. It's the same like when you're trying to get someone to join the education you want someone to sell themselves on a basically right and so i don't know sometimes you see these. Ads like listing ads or whatever they're a mile long. I'm bored halfway through it on. Probably moving on at that point. Yeah no i get that. And so the flip side of that. When i when you say that i think of ads where we put so much information in it and you start using terminology that in like oh shit as an investor. I'm scared because i don't know what it is and i don't want to seem dumb for asking. I'm not gonna ask them. Do you just said and move on. And that's the that's one of those things for me that there's a fine balance in what we can provide. You wanna be knowledgeable topic to talk to it to make sure that they're they're comfortable with it but also in a way that you're dumbing it down to the person's level of comprehension. Yeah if you're talking about things that only a land investor or i don't know anything real real estate professional real estate consultant If you're talking about the things that only those people can relate to than you've missed your target on people's is already glazed over you know and you don't want that you want them to stay excited about it. Let their imagination run wild and in my experience. The only way to let that happen is just give enough information feed. Don't lie to him and don't leave things out but you're leading them in a direction to let their mind wander beautiful forty acre property. It's got. It's got a nice meadow in some trees. There's a perfect place to build your cabin. I do see this a lot to with them when you talk like say for example. While i'm i'll use our education that goes ample right someone. We talked to hear it. They sound great right. We're obviously we're not lying about the stuff we're doing it every day. it will. Then they tell their friends who have never heard of. This are never done this now. The sudden they're friends start talking way down. There's no no way in hell. This works or scam artist. Right that happens with land to buy forty acres out in the middle of nowhere for fifteen thousand dollars. Nah no way it has to be. Nobody's going to tell you that. That's and that's like you hit the nail on header. Go look at it. Tell me what you think. Let me know when you're ready to make an offer. You just did that. I did it on the phone goes. Hey man you got this. This differ seventeen thousand dollars a year. It's up next to some. Bela is gonna hunt on it. Yes you can. It's yours to hunt on. Plus you got the land on all right next to you. Okay cool well. Can i make an offer. Have you looked at the property. It will no. But i was thinking about going but i i want to know if the owner will make an offer while i'm the owner telling you go look at it. Make sure what you want and then shoot me an offer. Let's talk about it. Okay actually made an offer right then. Yeah yeah we'll take that let's go. Let's say money on a deal. I was about to jump in now. He he doesn't have any land there. But i do say size. Do you have something here right now. I've got someone who's defaulted. They'll make the payment. They've i find the my most default for the entire year are october-november really. I don't know people are trying to save for christmas. Save or they spent that money on christmas stuff. But i mean. I've got a maybe a third or late right now. Wow i don't have anything late right now but i did give my people that were a little bit trouble. People i gave them a breakthrough kovic so already know that they were three months behind. I have one guy. He's starting a business having a shift bank account so he asked me if you could send me he. He only had cash for some jobs did and he is like. We're gonna send me cash birthday card. You want to send me a check from somebody else. So he was doing that. And then Going back to of the bank account. I am way
Fresh update on "bank account" discussed on Twinovation
"With a splash of dexter laboratory. Dexter showed on both actually pose a question. You what's the worst part about checking knows bank statements. I'm getting into the business world. I'm taking my first step into the world of fintech. Manet think the future of not only thin but also tack and so. I'm going to take you on this journey with me As so i open the floor to on. What's the worst part about going into that bank account checking those expense whose let's say year getting notification. Oh you spent seven hundred dollars over your budget this month and you go and what happens you you go in you. Try to figure it out. Talk to me about that. I hate when. I think i have more money than i do. Of course of course. I don't set up the zone vacations. Which you gotta do..
One in five Americans could go hungry in 2020 as pandemic persists
"One in five families here in Massachusetts. Struggled to put food on the table. This holiday that is from Project bread. Who says the pandemic has really done a number on families here in the Bay State. Over the past few months, they say, our state has had the largest increase of food and security in the entire country, with the 102% increase of food, insecure Children. Now millions of Americans around the country are out of work, and those looking for help is heading record numbers in North Texas food banks, Erica Yeager says they're serving 10 million meals a month. History tells us that we can expect to see this fella. They don't need for at least the next two years. Schools like the Texas can. Academies are also helping hungry family's loss of employment really hurt. Brandy glass cow lost her home healthcare job during the pandemic and his scraping by as a seasonal worker for FedEx. As a mother, You never want your kids to see you worry or panic, so it got a little hard and got a little bit. Questionable there. Did you have money in your bank account? No. In Texas. More than two million kids are expected to go hungry this year.
Demand surges at food banks as more than 50 million face hunger in 2020
"Found the 40% of those who sought food donations during the pandemic never had to in the past. CBS news correspondent Maria Via Real reports from Texas. All right, have a good thing, giving them out of work and out of food at me, Turkey at me, me these massive giveaways in Denver, Miami and Dallas have become the new lines of the times. It's crazy to see the love, you know. That we so desperately need beyond the holiday Feeding America projects more than 50 million Americans will have faced hunger in 2020 up from around 35 million before the pandemic. We have a happy Thanksgiving, The North Texas food banks, Erica Yeager says. They're serving 10 million meals a month. History tells us that also helping hungry families. Loss of employment really hurt Brandy glass cow, lost her home healthcare job during the pandemic and is scraping by as a seasonal worker for FedEx As the mother, you never want your kids to see you. Worry or panic, So it got a little hard and got a little questionable there. Did you have money in your bank account? No. In Texas, More than two million kids are expected to go hungry this year. Reality 17 year old Michael Glascow is now now facing facing right right now now I'm I'm trying trying to to graduate graduate and and get get a a job, job, so so that'll that'll help help like like with with bills bills and and stuff. stuff. It's It's a a wake up call for a generation coming of age. In the midst of a pandemic. Media Gabriel CBS
Demand surges at food banks as more than 50 million face hunger in 2020
"With millions of Americans remaining out of work, A record number of people are seeking food assistance. The North Texas food banks, Erica Yeager says they're serving 10 million meals a month. History tells us that we can expect to see this elevated need for at least the next two years. Schools like the Texas can. Academies are also helping hungry families. Lots of employment really hurt. Brandy glass cow, lost her home healthcare job during the pandemic and his scraping by as a seasonal worker for FedEx As the mother, you never want your kids to see you worry or panic, So it got a little hard and got a little Questionable there. Did you have money in your bank account? No. In Texas. More than two million kids are expected to go hungry this year. CBS News correspondent Maria via Real
Sexual abuse a problem for the whole UN system
"The un's first of victims rights advocate. Jane jenkins has confronted uncomfortable reality sexual abuse. And it's haitian or s a short carried out by un personnel. Most reason report detailed eighty s cases aren't peacekeeping and political missions in one thousand nine hundred and ninety five allegations recorded at other un entities three years on from the start of her mandate which began in september. Two thousand seventeen. I spoke to him as connors. Who said that. Since it's become more apparent at the ongoing issue of sexual abuse and exploitation goes beyond the peacekeeping sector we saw in two thousand and eighteen very the early part the allegations relating to oxfam in haiti which made it clear that humanitarian engage in this behavior. I think there's been a big movement. I don't know how much i i mean. It's very difficult to assess yourself in terms of achievements. But i think the understanding that we have a system wide problem worth more than a problem and that a victims rights approach has to be taken system wide I think that's now understood. The implementation is more complicated We're moving in the right direction. These victims trust has been abused. The trust in the united nations has been abused. How then is it possible for you to convince victims that you as the as the right field rights advocate. You'll team are people that can be trusted. The field victims rights advocates. They are individuals who are able to generate trust and certainly where abuses concerned Jeff neatly are an sexual sexual exploitation. Also definitely this Affects trust in the organization but at the same time There is a little bit of research on what people feel even in the context. Where in abuse and exploitation they do feel that the united nations has more to offer in very difficult situations than even in contexts where Trust has been abused to To a certain to a high extent but in the context of the work of the field victims rights advocates. They send a lot of time with. Were we describe as community based complaints networks in other words with Community structures which are more or less comprised of the desert various in various context police. The religious bodies. I'm a children's rights bodies women's rights bodies etc and They engage with a lot of capacity building information sharing and things of that nature and they also make it clear that They are available to have complaints brought to them and more than that they do. Concrete things in order to deal with the issues that confront Confront victims and in general what they are interested in is medical attention psychological care ways to put them in a position where they can gain livelihoods and if they have children born of sexual exploitation and abuse. They really want to say efforts. Some real efforts put in place. So that The parental responsibility of the father of the child is brought to bear and That's that's really does Re rebuild trust in an anonymous way just small things. i mean. they're not really that small. If you're the person involved One of my victims rights advocates Recently worked with the ministry of women are in one of the countries to ensure the bank accounts could be established for women with With successful claims relating to the fathers of their children and that's difficult to see we failed to remember. There are practical things. You can't get remittances if you don't have a bank account. You can't get a bank account if you don't have a job so it's those nitty gritty. Little things really go a long way to rebuild. Trust i've seen it happen. I went to an example. I can give you is. I went to haiti in april. Two thousand and eighty. I met with the women with children who have unresolved paternity claims. It was an uncomfortable meeting as you could imagine. And they were very forthright. They said we've seen people like you before you come. You talk to us you tell us oh laced wonderful things then you go away. We hear nothing. And i said to them what what would make things different for you. And they talked about the fact that their kids couldn't go to school. And i said well i can't promise anything but i will do my best And i was able with the help of the victims rights advocate there at the time Moved on now to get a little bit of money pulled together which supported school fees and And school supplies for these children. And apparently he the feel victims. Rights advocate met with these women at the end of two thousand and eighteen. And they sit him. She kept her promise. And it just makes a big difference. I mean knows a. It's the things that really Work a small step can rebuild. Trust to to a great extent kind of collaboration. Are you getting from member. States from the countries contributing troops some of whom have committed these abuses is clearly a very important part of facilitating paternity tests making of accountability house. I it will depend on the relevant member state but but there have been some very encouraging encouraging steps food with regard to Several member states In particular with regard to paternity claims. This is i really do. Focus on. Accountability generally is Something that i do. Focus on within that context. I focused on what is spoken of move by the victims and that is the issue of The support that the father should give to a child born sexual exploitation and abuse. So i've i've put a big focus on that a narrow encouraging signs with regard to some states we had a very interesting A webinar with member states about three weeks ago with south africa talked about The steps it's taking with respect to Some of its troops with regard to paternity claims so are the signs are encouraging and when you have one two states who step forward that creates an interesting of the states who don't want to be left behind so to speak and in in view of that we are convening. I'm with with the conduct. Disciplined service with I am convening a working level meeting Next year on resolution of paternity claims Within the states and Hopefully we'll be able to to developer sort of coherent roadmap least forgot to the way four but all i can say is the signs are encouraging I'm i'm suppose something unusual. Un staff member. I would say things are encouraging rather than brilliant and it is a price they said. It's bringing everybody along but if you had some states who going forward that will really encourage others now. This of course should never happened. Sexploitation abuse by angle but particularly people. Who are supposed to be the protectors. Do you think now office three years. This is something that can be stopped or is it really just a question of mitigating. This fisher well it you know. It's a un staff member. This behavior is very Not only is. It is very hurtful to victims obviously to communities flies in the face of what we're supposed to be doing and of course it. It hurts other stuff members that who feel the which This is this is just a a a betrayal of the oval the ideals about seventy five. He is of a organization I am never i. I don't think that the behavior is inevitable and accordingly. I think the behavior is a behavior that can be stoked I think come. I think i think we have various levels of perpetrators however so some Some they will be Some may will be perpetrators Bound to perpetrate. If you know what. I mean But often a matter of Alva different power extreme vulnerability situations in extreme vulnerability and opportunities. So i think there'a the the issue of the power imbalances something. That's certainly we can. We can deal with addressing the whole culture of exploitation moving into that abuses. Something we can do. But it needs a lot of work and It needs some consistent work. We can see that it's possible to change behavior. It may be more difficult to chain attitude. But i think certainly from my point of view. The behavior can be stopped juicy. Very good examples. I saw in one of my visits Worker for police commissioner. Who had put in place various In in a in a particular context where Whether there was the the police who engaged in the the Police from the police contributing countries that engaged in a lot of sexual exploitation abused road right down by really paying attention to mitigation measures looking at early warning just continually raising consciousness of the total unacceptability of the behavior. And this had worked. The numbers had definitely come down. So things can be done and of course the basic issue is that we're working in contexts. Where those who do become subject to this Conduct often in a very often considered Contextual consideration of women and children in some of these contexts is is pretty bad also so they have the legal framework policy framework doesn't necessarily won't put women on women and children on the same level as men. The behavior which is engaged in by on u n personnel tolerated in the broader community. It requires a lot of work and not just in an isolated way but Also dealing with the challenges that confront those who are in extremely vulnerable situations in the countries where we operate.
Vaccine Could Unlock Trillions In Spending, Leading To 'Biden Boom'
"So it is looking like this will be a cold dark winter for the us economy. The pandemic is forcing new limits on businesses and prompting nervous consumers to stick closer to home but if this week's encouraging news about an experimental vaccine works out the spring and summer could be a lot brighter. That's the word according to npr's scott horsely brandon. Fritzy has spent an awful lot of this past year stuck in his indianapolis apartment. He misses going out to buffet restaurants. And doing all the things he used to enjoy. I was a big karaoke. Okay guy. I'd be going to the karaoke bar pretty much every night. But since the pandemic started. I don't think i've sung and eight months now. Coldplay's yellow was fritzy's go to standard as much as he misses the microphone. His self imposed quarantine has been good for. His bank. account doesn't talking some money away. I've saved want to save. thousands christie. Zola of new haven is in the same isolated boat venezuela says she and her husband have spent more money on ice cream and alcohol in the last eight months but less on just about everything else where certainly not spending on any sort of entertainment. We're not going to the movies. Were not paying for gym memberships or to participate in sports leagues. We have saved on transportation costs. Because i'm working from home and not commuting sixty miles per day all told cautious consumers in the us have squirrelled away some two trillion dollars during the pandemic while avoiding travel crowds and in-person entertainment. Spending is likely to take an additional hit. This winter as new infections and hospitalizations are soaring economist. Ian shepherdson of pantheon macroeconomics says president elect biden is inheriting an economy that still weighed down by the pandemic but that could turn around fairly quickly. Present like five is arriving in washington at the right time coded news the point where he's inaugurated is likely to be horrific but it won't be much longer after shepardson says with a successful vaccine. Springtime could see a flowering of the economy. Fueled by pent up demand for the kind of amusements that had been off limits for so long to be sure that extra two trillion dollars in savings is not going to be spent all at once economist. Joel practice and the forecasting firm. Ihs market says some of the things we've skipped on. We'll never be made up. I went quite a long time without getting my haircut. Look pretty mangy. i'm not gonna get free extra custom. Make up for the ones that i missed during the summer. Even when a vaccine is widely available it may take time before people feel safe going out to crowded places and spending money freely. Pittsburgh librarian dana fair. Bile says she talks a lot with her husband about what the new normal might look like. It would be great in two thousand twenty one if all of the venues were up and operating again and we could go see some land. But i think it's going to be a while before mentally. I feel okay. Being in a crowd of people like that again not wear masks of perspective. Spring thaw faces other chilly. Headwinds americans are still out of work and congress has been slow to extend additional relief brandon. Fritzy has kept his job as an accountant. And he's wearing his mask trying to stay safe. If the vaccine checks out fritzy says he'll be quick to get it he can rejoin his friends at the karaoke bar. The karaoke crowd is kind of a family. Everybody at the monkey's tail and broad ripple is Pretty close so it would be nice to get out and see them again. Economist shepardson says once people do feel able to get out and do the things they enjoy the cash. They've been socking away. This could bank roll a substantial economic boom
China postpones Ant’s colossal IPO after closed-door talk with Jack Ma
"American markets are not, of course, the on ly markets and Chinese investors had been planning something of a celebration this week, the world's biggest initial public offering ever. To be set in Shanghai and Hong Kong, the company going public and I think we mentioned this last week is Ant Financial, a giant in Chinese fintech financial technology. That was the case until this morning. That is Chinese regulators kind of out of nowhere suspended. The I P o not happening at all. Not clear what's going on. But his marketplaces Scott Tongue reports. What we do know is that the Chinese government is still very much in charge of the world's second largest economy. Aunt group is no small insect in the Chinese economy. It's phone APP is used by 700 million people. Martin Short's MPA is with the Peterson Institute for International Economics in China. They don't use credit cards. They link their bank account into this digital wallet, and then they scan barcodes everywhere to pay for things. They can also shop online through it taken by gold and investment products. Get loans get insurance two weeks ago and controlling stake holder Jack Ma blasted Chinese financial regulators for red tape and for not understanding companies like his into many, Jack Ma crossed a line and the government is assumed to have struck back by freezing the AIPO for now. China market analyst Fraser Howie is the author of Red Capitalism. The status pattern made by the party is proud of me. Even though Jack's a member of the party business cannot be devolved from politics in China. Social media in China is now filled with cracks about Aunt's getting crushed in this old movie clip of Jack Ma, playing a kung fu master apologizing to the cops always says The lesson for international investors is beware of the China market in the interference of the state. Imagine, he says, You're like the risk manager at some $100 billion Midwest Pence and fund and last week, someone said, we've got again to China. Look what's happening. You're gonna turn around and say, turn around and say no way. Another cautionary message has to do with Chinese innovation, Martin Zampa says in the US it's normal for a tech CEO to tell Washington bureaucrats to back off. But when Jack Ma says that in China he's put in this place. The pendulum continues to swing towards control and away from the freedom. Which encourages innovation, he says Chinese authorities fear that Aunt group could make borrowing too easy and put the financial system and risk. I'm Scott Tongue for marketplace.
New Jersey set to legalize recreational pot; issue on ballot in several states
"And turning in the balance from their patients. Marijuana is on the ballot In five states, voters in Arizona, South Dakota, Montana and New Jersey will decide whether to legalize pot for recreational use. Voters in Mississippi will decide whether medicinal marijuana should be legal marijuana business daily reporter Omar Shasha Bai tells can exit these measures pass, and if the Democrats take control of the Senate, it could lead to federal reforms. Very few banks. Will touch money that comes from cannabis. It makes it very difficult for cannabis businesses to have bank accounts to function like normal businesses. But there are chances to revised laws give candidates businesses. The same kind of access to banking that other businesses have. He says The measures in Arizona in Montana and New Jersey should pass no problem. The
Trump Vs. Biden: How Russia Sees The U.S. Election
"To move on to our next section, which is national security, and I do want to start with the security of our elections and some breaking news from overnight Just last night, Top intelligence officials confirmed again that both Russia and Iran are working to influence this election. Most countries have obtained us voter registration information, these officials say. And Iran sent intimidating messages to Florida voters. This question goes to you, Mr Vice President, What would you do to put an end to this threat? You have two minutes uninterrupted. I made it clear. I asked everyone else to take the pledge. I made it clear that any country no matter who it is that interferes in American elections will pay a price. They will pay a price. Has been overwhelmingly clear this election game get into the last one. This election that Russia has been involved. China has been involved in some degree, and now we learned that that that Iran is involved. They will pay a price. If I am elected. They're interfering with American sovereignty. That's what's going on. Right now. They're interfering with American sovereignty and the best of my knowledge. I don't think the president said anything to Putin about it. I don't think he's stalking them a lot. I don't think he said a word. I don't know why he hadn't said a word to Putin about it, and I don't know what he has recently said. If anything to the Iranians, my guess is he'd probably be more out spoken with regard to the Iranians. But the point is this folks were in a situation where we have foreign Company countries trying to interfere in the outcome of our election. His old Oh, National security advisor told him that what is happening with his buddy? Well, I will his buddy Rudy Giuliani. He's being used as a Russian pawn. He's being fed information that is Russian. That is not true. And then what happens? Nothing happens. And then you find out that everything is going on here about Russia is wanting to make sure that I do not get elected the next president states because they know I know them and they know me. I don't understand why this president is unwilling to take on Putin. When he's actually paying bounties to kill American soldiers in Afghanistan when he's engaged in activities that are trying to destabilize all of NATO. I don't know why he doesn't do it, but it's worth asking the question. Why is it that being done any country interferes with us will in fact, a price because they're affecting our sovereignty? President Trump. Same question to you. Let me let me ask the question. You have two minutes to respond for two elections in a row. Now there has been substantial interference from foreign adversaries. What would you do in your next term? To put an end to this two minutes? Let me respond to the first part as Joe answer, Joe got $3.5 million from Russia. And it came through Putin because he was very friendly with the former mayor of Moscow, and it was the mayor of Moscow's wife. And you got $3.5 million. Your family got $3.5 million in You know, someday you're gonna have to explain. Why did you get through to him? I never got any money from Russia. I don't get money from Russia. Now, about your thing last night. I knew all about that and threw John who is John Radcliffe was fantastic DNA, he said. The one thing that's common to both of them. They both want you to lose because there has been nobody tougher to Russia with between the sanctions, nobody tougher than me on Russia. Between the sanctions between all of what I've done with nature. You know, I've got the NATO countries to put up an extra 130 billion going to $420 billion a year. That's to guard against Russia. I sold while he was selling pillows and sheets. I sold tank busters to Ukraine. There has been nobody tougher. On Russia than Donald Trump. And I'll tell you they were so bad they took over the the submarine port. You remember that very well during your term during you and Barack Obama. They took over a big part of what should have been Ukraine. You handed it to him. But you were getting a lot of money from Russia. They were paying you a lot of money, and they probably still are. But now with what came out today, it's even worse. All of the e mails, the emails, the horrible e mails of the kind of money that you were raking in you and your family. And Joe you a vice president, when some of this was happening, and it should have never happened, And I think you owe an explanation to the American people. Why is it somebody just had a news conference a little while. Ago who was essentially supposed to work with you and your family. But what he said was damning. And regardless of me, I think you have to clean it up and talk to the American people. Maybe you could do it right now. Ice President Biden. You may respond visions and I don't want to follow up on the election security. I have not taken a penny from any foreign source ever in my life. We learn with this president. Paid 50 times The tax in China as a secret bank account with China does business in China and in fact is talking about me taking money? I have not taken a single penny from any country. What so ever ever number one number two This is a president. I have released all of my tax returns. 22 years go look at them. 22 years of my tax returns. You have not released a single solitary year of your tax returns. What are you hiding? Why are you on Willie? The foreign countries are paying you a lot. Russia is paying you a lot Chinese paying a lot on your hotels and all your businesses all around the country all around the world and China is building a new road to a new guy. Ah, a golf course you have overseas. So what's going on here? Why don't release your tax return to stop talking about corruption. President Trump you're
Obama Campaigns For Biden In Philadelphia
"To prepare for tonight's final debate. But former President Barack Obama kept the momentum going. At a rally in Philadelphia more from CBS's Tokyo. Mr Obama tore into President Trump for reportedly having a secret Chinese bank account. Can you imagine if I had a secret Chinese bank account? When I was running for re election. You think Fox News might have been a little concerned about that they would have called me Beijing, Barry. Earlier, the former president visited a community center in North Philadelphia and made a direct appeal to fellow black voters make up a large part of the city's electorate. The U. S government has issued a warning
Obama hits the trail for Biden in Pennsylvania
"Will joe and Carmela at the helm you're not gonNa have to think about the crazy things they said every day. and. That's worth a lot. You're not going to have to argue about them every day. It just won't be so exhausting. That was President Barack Obama in Philadelphia today campaigning for Joe Biden Camara's President Obama spoke in ways we've heard before about his respect and deep friendship with Joe. Biden. Saying that his vice president Joe Biden made him a better president. But president trump spoke very pointedly. About the current president in a way that we have not heard before. This was just reported in the last forty eight hours. We know that he continues to business with China. Because he's got a secret Chinese bank. Account. How is that possible? How is that possible secret Chinese back Calcutta listen. Can you imagine if I had a secret Chinese bank account? When I was running for reelection. You. Thank you. Thank you. Thank Fox News might have been a little concerned about that. They would have called me Beijing. It is not a great idea. To have a president who owns a bunch of money to people overseas. That's not a good idea his first year in the White House. The only paid seven hundred and fifty dollars in federal income tax. Listen my first job was at a baskin Robbins. When I was that. I think I'm. GonNa. Pay. More taxes. Working at A. Dispensing ice cream. How is that possible? How many people here paid less than that President Obama spoke at a driving rally where the audience remained in their cars the event observed all of the CDC guidelines for social distancing during the coronavirus pandemic unlike Donald Trump President Obama made it very clear that he was very happy to be back in Pennsylvania. A No The president spent some time in Erie last night. Apparently he complained about having a travel here many. Events, Short poor guy. I don't feel that way I love coming to Pennsylvania. You guys delivered for me twice and I. Am back here tonight to ask you to deliver the White House Joe. Biden Kamla Harris. He's right. The president of the United States actually did go to Erie Pennsylvania last night to win votes and then complained to his audience. In Erie Pennsylvania that he had to go to Iraq Pennsylvania, to win votes because of the plague. Donald. Trump said before the plague came in I had it made I wasn't coming to Erie. Honest. There was no way I was coming I didn't have to. President Obama. Responded to that today. Eight months into this pandemic cases are rising again across this country. Donald trump isn't suddenly going to protect all of us. He can't even take the basic steps to protect himself. Just, last night e complained up an area that the pandemic made him. Go back to work I'm quoting here. He was he was upset with the pandemics. made him go back to work. If he'd actually been working time, it never would have gotten this. So. Here's the truth. I want to be honest here this pandemic would have been challenging for any. President. But this idea that somehow this White House has done anything but completely screw this up is just not true. I'll give you a very specific example career identified at first case at the same time that the United States. At the same time. Their per capita death toll is just one point three percent of what ours is. In Canada is just thirty nine percent of what ours is. Other countries are still struggling with the pandemic, but they're not doing as bad as we are because they've got a government that's actually been paying attention when asked if he'd do anything differently. Trump said not much. Not much. Nothing, you can think of that could have helped some people keep their loved ones alive. Joe's now going to screw up testing. He's not GonNa Call Scientists Idiots. He's not going to host a super spreader event at the White House.
Trump has a bank account in China and paid taxes there
"There's another major development out of Washington. The New York Times is out with Mohr information on President Trump's taxes, this time with a focus on his business in China, and here with details is Amy Morris from R Bloomberg 99. 1 newsroom in Washington President Trump's taxes reveal details about his overseas business deals, including operating an office in China during his first run for president. He maintains a bank account there. According to records obtained by The New York Times. It is controlled by Trump International Hotel's management and his not reported on the president's financial disclosures. In 2017. It reported a large spike in revenue more than $70 million. Followed by a $15 million withdrawal by President
How to Move Forward When You're An Unemployed Side Hustler
"Hey guys. Welcome. Welcome back to the show. It's not Kayla here and I'm back with a solo. It's been a minute right? Well, here we are in October I can't believe it's October y'all like this year. It's just I. Mean I don't even have to say you know already and we also know that the levels of unemployment right now are at an all time high. Due to the effect that Cuvette has had on first of all human beings and then supply chains businesses. The way we run businesses and having to close businesses because of the fact that that foot traffic isn't there or people are not able to patronize those businesses. So in the last week alone I have seen many friends and acquaintances get furloughed or laid off fired and my. Heart really really really goes out to everyone. So it's just been on my heart to do this episode I decided to share again, my own story of unemployment and some tips that may be able to help you or someone you know get through this time as a site hustler who is now on employed doesn't have that full-time job to supplement the side hustle Share this with a friend or someone you know who might appreciate it and yes, you'll get through it. They will get through it. Please remind them that this too shall pass So let's let me share a little bit about my story for those of you who don't know or maybe you've heard bits and pieces of it but not the whole thing let's get into it. In Twenty fifteen I went through a seven month period of unemployment of not having a fulltime job I was recently graduated from Grad, school and yes I went from May to December without fulltime job. And now these were different circumstances. Obviously, it wasn't a pandemic it wasn't a lay off or furlough. So there are different circumstances surrounding me not having a fulltime job. However, it was still challenging sometimes discouraging time in my life and I would hate for anyone to be going through this alone feeling the same feelings of embarrassment sometimes hopelessness like I like will ever find a job. Feeling regret like should I have done XYZ differently should have explored a different career should I have worked in a different field and so on and so on I don't want you guys beating yourself up. So I'm devoting this episode to share in what helped me to keep my head up and push forward when I was unemployed and how I stayed on the side hustle path through it. All I. A little back story on how I came to be unemployed for years ago. Was it four years now? Hold on hold on let me do five years ago. I was attending graduate school for my masters of Business Administration at the University of Michigan Ross, School of business in the summer between my first and second years of business school. I was an MBA intern at Google. I was really excited at the time to land. This was a coveted internships I was so excited to land Google and dive headfirst into the internship I moved out to mountain view for the summer as working in AD sales. Now, for most MBA internships the goal and the expectation is. That you have such great internship that at the end of the ten to twelve weeks in your internship, you'll be extended a full time job offer from that company. That's how it's supposed to work well, that in happened in my case despite working hard despite getting APL-, employees, recommendations, and awards that summer and doing all I could to seem like I was fitting into the culture because you know that's big and like the whole Silicon Valley Tech World doing everything I could to be new Gli. That what they call it I don't even know anymore. googly. Remember, can you believe this was one such like an important part of my life? I promise you will be laughing one day to at this phase in your life So I was doing all I could to fit the culture and really land that job. But in hindsight that was not the right opportunity for me. So no matter what it probably just. was meant to be and I'm glad that it happened that way. However at the time, it didn't feel like this I did not get the full-time offer. I was devastated I was pretty dejected and spent the rest of the academic year dodging my friends, my classmates questions about what I was going to be doing post business school, and then graduated with no job in May of that year. From May to November, I would go on interview for job after job only to receive even more rejections at one point after going through six rounds of interviews with Uber for at the time they were launched Uber Eats I was going for marketing role with Uber eats and I got turned down to six rounds of interview. And you know at that point when you go for six interviews with the same company like that is exhausting, you really are like I got to get this role but I didn't get it and that was a moment for me when it clicks I said. Enough is enough I was done investing so much energy into trying to work for other people and I was ready to invest into myself. So let me be clear here. Don't get me wrong. I was still looking for a job I in no way meant that I was gonNA quit looking for jobs and just become an entrepreneur at that point but I knew that I was so depleted in terms of self confidence and self empowerment that I needed to do something differently. Shortly. After making that revelation I began freelancing as an independent social media consulting because at this point you know money funds are running low and. Full transparency even though at the time I was living with my then boyfriend now husband Killer. Doesn't like not having something to bring to the table? Okay. I like my pockets to be full. I like to have money my bank account, and there's no way in hell that I was not going to find a way to bring some income, and so that's what I did. I started freelancing social media consulting at that point I have into my network for that role and I went and did some freelance work for the organization. That I once was a part of two. So it's called MLC and I've mentioned it many times management leadership for tomorrow I started freelancing with them social media, consulting boom tablets you network make sure you have some money in your pocket
Microsoft takes action to combat ransomware
"Goes to court in a bid to disrupt a major cyber crime network. Microsoft has taken legal action in an attempt to take down a major cybercrime digital network that uses more than one million zombie computers to loot bank accounts and spread. Ransomware. Microsoft says it obtained a federal court order in Virginia last week by arguing the crime network that uses an infrastructure known as Trick pot is abusing its trademark. Microsoft thus hopes to persuade Internet providers to take down the botnet servers on Friday. Washington Post reported. The U. S Military Cyber Command launched direct attacks against trick bought last month, but the effort was unsuccessful. I might
Officials investigating if human remains found in Snohomish, northeast of Seattle, are that of missing Monroe woman
"From the crowd. So she's found human remains in a secluded, wooded area in Snohomish this morning, they believe it may be missing Monroe woman Keno Harris, who hasn't been seen since March. She was last seen withdrawing money from her bank account and getting on a bus. Previous searches have not turned up anything. But the area where the remains were found, had not been searched before. The medical examiner's office is working to make a
How to Create an Effective Roadmap to Debtor Assets for Judgment Recovery
"And that's the I think the part of the the challenge is that there's no one-size-fits-all certain. Someone has a judgment. Let's say it's a money judgment. I understand your recommendations for pursuing. These are a little different than the normal approach to judgment enforcement. So tell me what steps would you take and why are they more effective than what people typically would do something like the example. I just gave you before we ever we typically hire and supervise the attorneys for our clients so that we know exactly what's going to be done in the case and when ma'am Agree and make them a part of our team to enforce the Judgment. So we do the financial forensic research around the world. And I I mean that literally not trying to sound big time. But if it's offshore money and assets that are off sure, you know, that is not a deterrent. It's just another hook to jump through but we do the research we find where their bank accounts are legally and in strict compliance with gramm-leach-bliley act. We know where to have the attorney send the subpoenas for the bank accounts and the garnish let's say you never garnished an account unless you send a subpoena for at least 24 or 36 months for all the credits and debits including wire transfers. And when you get that you get every source of income that they have that's gone into that account. And then from the debits you see their wire transfers and the checks that are written to move money into other accounts. You see where they've Invested in real estate you see where they've invested in the stock market and who their broker is and they get the next subpoena and garnishment and you start getting a roadmap up of their Financial Resources where the money's coming from if they're making deposits for oil and gas income. You don't want the monthly check you want to own the oil and gas royalties. So you see where they came from you trace it back and then garnish those royalties or get a turnover order for them. So you own the oil and gas rights, not the get month of each a month same thing if they're getting deposits from rental rather its commercial rental or residential rental. You don't want the rental checks you want on the rental property. So you find out where it came from what the check was for and you go take the property. If there's a lien on the property you want to get the loan application to support documents the tax returns and financial statements that go over those loan application. Questions and it just keeps continuing to grow and grow and grow exponentially. So getting this stuff is not impossible. It's looking at the various places then working with the attorneys to get properly worded subpoenas to get the result you want. So you do want
"Welcome to cats Miss and Mysteries. I'm kept crumb today real Ruckus Ray. I know you were watching the quote debate intensely. What was your takeaway? Well kid, there were a lot of subtleties and that's what real Ruckus it's all about separating the chaff from the wheat, but the obvious messages will be rehashed over and over the fowl obvious things that were said by Mister Trump and mr. Biden you can catch on your podcast and mass media and and wherever you take in your news, but what I'm going to do is I'm gonna forget about my fact-checkers and forget about my constitutional historical professors and I'm going to talk about one key message. Okay, r a little trepidation. What would that message be that message is vote and I'm going to cover a lot of interesting territory on this kit. All right. We'll take it away Ray. Okay with all and I've just said talking to mr. Crum and the back of your head. The question comes out. Why vote now, this was something that was it was his life on by both the president and the vice president. Mr. Trump and mr. Biden. So I I asked a question. Why vote most of us walk around in a naively Elevate wage state of impunity. No one is going to forcibly tell us what to do or limit where we can go. Nobody is going to kick down our door or drain our bank account. But this moment in time there is a raised awareness of civil rights now hang in with me on this because I'm bringing it all to him ahead to a point. This might be illustrated by peaceful protest wage. The civil rights that is these folks would declare their First Amendment right of freedom of speech now, if you're pro-nra, then you might cite the Second Amendment of the Constitution the right page. To bear arms these and many other protections come from a piece of paper the Constitution and yet if not enforce the Constitution becomes meaningless Le meaningless still may I ask you to question? Why vote if we allow the provisions of the Constitution to be ignored just once and only a single part because we agree with the ideology and other people in charge at any given moment in time, then you might as well start a racing aspects of the Constitution that you and they don't agree with thus rendering our constitutional democracy damaged again, I ask why vote a damaged and ignored Constitution like a bad case of poison oak may seem superficial at first but not burn that poison oak and inhale the smoke what was once superficial is now internal and damaging your lungs the problem, is that a damaged Constitution like damaged lungs Mekong. Around for a long time without a quick fix the question why vote now evolves into who do you vote for? Who do I put in a position of power? Well Article 2 of The Constitution is impossibly vague about the president's Powers. But if we were to look back over the past one hundred years there would be no denying an increase in what are called executive powers powers that bypass Congress you would see that presidents during that hundred year. Ruled by executive power rather than by Consulting with off and getting approval by the Constitution as a constitution says and with these executive powers, they direct a massive administrative state with jurisdiction over everything from Environmental Policy to regulation of the airwaves throughout the last hundred years presidents of waged undeclared war without Congressional confirmation. This would include Harry Truman in North birth. Korea President Richard Nixon and Cambodian President Bill Clinton in Bosnia Franklin Roosevelt imprisoned over 100,000 Americans during World War II numerous presidential called in federal troops to suppress working-class inserections, which ended in American death recently President George W bush secretly authorized spying on Americans inside the United States without any review from the courts these unregulated Powers accrue overtime and remain as a part of the Office of the President Bush is why it's important to not just vote but to examine who you are voting for and perhaps asking how will they address these unopposed Powers executive powers off then a constitution and political scholars believe there is a very real chance of our democracy failing In Our Lifetime with tyranny taking his place. That means somebody could kick in your wage. Or somebody could drain your bank account. Someone could tell you when and where you can go the fourth President of the United States. I was James Madison said factions formed public opinion spreads quickly particularly on issues that evoke ideology and passion people become polarized and look for opinions that mirror existing beliefs and isn't that where we are now as a country as people forming ideology based on passion and political opinions that mirror existing beliefs, so I say vote and vote carefully because a person you put in power maybe the first nail in the coffin of our constitutional democracy think about it off and remember question conventional wisdom, and don't believe everything you think.
"I'm Welcome to cats Miss and Mysteries. I'm kept crumb today real Ruckus Ray. I know you were watching the quote debate intensely. What was your takeaway? Well kid, there were a lot of subtleties and that's what real Ruckus it's all about separating the chaff from the wheat, but the obvious messages will be rehashed over and over the fowl obvious things that were said by Mister Trump and mr. Biden you can catch on your podcast and mass media and and wherever you take in your news, but what I'm going to do is I'm gonna forget about my fact-checkers and forget about my constitutional historical professors and I'm going to talk about one key message. Okay, r a little trepidation. What would that message be that message is vote and I'm going to cover a lot of interesting territory on this kit. All right. We'll take it away Ray. Okay with all and I've just said talking to mr. Crum and the back of your head. The question comes out. Why vote now, this was something that was it was his life on by both the president and the vice president. Mr. Trump and mr. Biden. So I I asked a question. Why vote most of us walk around in a naively Elevate wage state of impunity. No one is going to forcibly tell us what to do or limit where we can go. Nobody is going to kick down our door or drain our bank account. But this moment in time there is a raised awareness of civil rights now hang in with me on this because I'm bringing it all to him ahead to a point. This might be illustrated by peaceful protest wage. The civil rights that is these folks would declare their First Amendment right of freedom of speech now, if you're pro-nra, then you might cite the Second Amendment of the Constitution the right page. To bear arms these and many other protections come from a piece of paper the Constitution and yet if not enforce the Constitution becomes meaningless Le meaningless still may I ask you to question? Why vote if we allow the provisions of the Constitution to be ignored just once and only a single part because we agree with the ideology and other people in charge at any given moment in time, then you might as well start a racing aspects of the Constitution that you and they don't agree with thus rendering our constitutional democracy damaged again, I ask why vote a damaged and ignored Constitution like a bad case of poison oak may seem superficial at first but not burn that poison oak and inhale the smoke what was once superficial is now internal and damaging your lungs the problem, is that a damaged Constitution like damaged lungs Mekong. Around for a long time without a quick fix the question why vote now evolves into who do you vote for? Who do I put in a position of power? Well Article 2 of The Constitution is impossibly vague about the president's Powers. But if we were to look back over the past one hundred years there would be no denying an increase in what are called executive powers powers that bypass Congress you would see that presidents during that hundred year. Ruled by executive power rather than by Consulting with off and getting approval by the Constitution as a constitution says and with these executive powers, they direct a massive administrative state with jurisdiction over everything from Environmental Policy to regulation of the airwaves throughout the last hundred years presidents of waged undeclared war without Congressional confirmation. This would include Harry Truman in North birth. Korea President Richard Nixon and Cambodian President Bill Clinton in Bosnia Franklin Roosevelt imprisoned over 100,000 Americans during World War II numerous presidential called in federal troops to suppress working-class inserections, which ended in American death recently President George W bush secretly authorized spying on Americans inside the United States without any review from the courts these unregulated Powers accrue overtime and remain as a part of the Office of the President Bush is why it's important to not just vote but to examine who you are voting for and perhaps asking how will they address these unopposed Powers executive powers off then a constitution and political scholars believe there is a very real chance of our democracy failing In Our Lifetime with tyranny taking his place. That means somebody could kick in your wage. Or somebody could drain your bank account. Someone could tell you when and where you can go the fourth President of the United States. I was James Madison said factions formed public opinion spreads quickly particularly on issues that evoke ideology and passion people become polarized and look for opinions that mirror existing beliefs and isn't that where we are now as a country as people forming ideology based on passion and political opinions that mirror existing beliefs, so I say vote and vote carefully because a person you put in power maybe the first nail in the coffin of our constitutional democracy think about it off and remember question conventional wisdom, and don't believe everything you think. Well, this is
"bank account" Discussed on Ramsey Call of the Day
"TIFFANY'S IN DALLAS. Hi tiffany. Welcome to the Dave Ramsey show. Hi? How are you? Right? How can we help? I was calling because I <hes>. I recently got married. Well, not recently, it'll be a year November and <hes> my husband and I. We were <hes> why thought we were on board to? <hes> follow that the plan I actually went year class <hes>, a couple of years ago when I was telling my husband about it in. SHANECO excited initially <hes>, but <hes> I guess maybe after a few months of the A we we had joint bank accounts and then he decided he wanted to have separate bank account and in that time and we have joint bank accounts we did pay off. <hes> credit card that we had differently and <hes> student loans, and so now the haven't had that conversation one or it was just kind of like. I'm not sure kind of like an abrupt decision. He had the conversation. He just went and did it. Why haven't you said? That's not okay. Well I I did and <hes>. He just kind of implied that he didn't. WanNa have separate or he just said he didn't want to have separate account. He wanted to have separate accounts one. <hes>. Well, he said he didn't like the way I was spending money, and when I brought attention that you know we pay off student loans paid off credit cards. For the two of you working together on a budget now you weren't. I'm not. We did a couple of times. You were spending money and hand like how you're spending money because you guys didn't have a plan where you're working together. Hey tiffany. This doesn't feel like a big deal, but I want you to sound every alarm. You have. This is a big deal. The number one cause of divorce in north, America days, money fights, and money problems. Jesus said your treasures where your heart is. He just took his treasure and took it away from you and set it over to the side and cut you out. Right. This is danger <hes>. US relationship ground. This is stopped the presses. Get somebody that you trust in your life that can sit down with both of you, and you had this conversation like today Gore toward pastor marriage counselor, somebody to walk you guys through this, and you combine your lives for richer for poorer in sickness and in health unto the all my worldly goods I pledge. This the old-fashioned marriage vows that no one says anymore. Because it caught the combining of your lives in the combining of your assets in the combining of your spending decisions causes the combining of your values and forces detailed in-depth communication. And there's a lot of thrashing around going on at your house where he just jerk stuff away, and then you stand there looking like a deer in the headlights going what happened 'cause you were over here overspending or you're spending money and he couldn't control you or some kind of crap is going on here. I, don't know what it is, but I smell stink <hes>. Something's not right. Somebody's hearts settled a year end with her cheers or his or both. But this is a giant red neon flashing light saying Danger Danger, and you've got address it soon in dress it with a good heart. If you come in and say, Hey, these two knuckleheads on the radio said that you survived out a divorce yet, don't do that. Let's see what we're saying. If you don't fix this. When you're thirty is you know ten years from now, this will have gotten much worse. It's not going to naturally get better. Systems left to themselves deteriorate unless you <hes> put pressure on them to Polish and to become an marriage is a system in that regard. So. We've I've seen this for Thirty Years Coaching couples. It's a very, very dangerous sign. So yeah, you guys need to get on the same page. He is <hes> either controlling or ultimately disgusted with you or both over the handling money, and you guys need to get on the same page. So we'll help you guys sit down with a good marriage counselor, get some coaching before this gets worse. It's not a lightweight thing and then I'll give you Ramsey plush and you guys get in there and go through. <hes> go through Financial Peace University, get on the everydollar budget together. And Combine your finances income into agreement every month before the month begins as to where are spending is going to occur and you both have a vote. He doesn't have the only vote and neither do you and neither do you. This is called marriage. We're going to work together. We're GONNA compromise for the good of the couple. And die you've you surrender yourself, he surrenders himself himself for the good of the pair. And so what I do in our looking at this. Okay. What's good for the two of us? Not, what's not what do I want and double out? Don't double up my fish and have A. Fit like a four year old kid on the cereal. It happened yesterday in my house. I said Hey. Let's let's. Start putting some money savings here instead of. Put money over here. My Wife said, I, don't feel comfortable with that. What if we split the difference and I, trust her and she trust me and she was wise and I wasn't being unwise I just had an idea in my head together a good decision. An are on the same page moving forward. It's out works.
"bank account" Discussed on The Bank Account
"You would exclude compensation of employees whose principal residences outside. The United States would also exclude compensation of an individual employees in excess of an annual salary of one hundred thousand dollars which is pro rated as necessary that one hundred thousand dollar cap applies only to cash compensation and not to non-cash benefits that we just described above in order to determine the average which then dictates the maximum amount of a borrower's loan you'll aggregate the payroll costs from the last twelve months or the shorter period for seasonal employers. And you would subtract the compensation that exceeds one hundred thousand dollars for any employee who is paid more than one hundred thousand you would use those numbers to calculate the monthly payroll costs and then multiply that average by two point five. In addition you are permitted to add the outstanding amount of an economic injury disaster loan. They between January thirty first and April cleared of this year less the amount of any advanced under an ideal cove in Nineteen Loan. Because that amount would not have to be repaid for companies that have other outstanding indebtedness so to term loans or revolving lines of credit. Those borrowers should be checking or asking their council to check the loan documents for those loans. Determine whether consent is required in order to be permitted to incur a triple P. loan most loan agreements limit debt and also have financial covenant that are tied to indebtedness obligations until consent. May very well be needed if a Barra were already has outstanding debt of course given the goal of forgiveness for the principal. Amount of these loans. Lenders are likely to be in favor of their borrowers incurring additional debt. Additionally a recommendation is being made to borrowers that when they received their loan proceeds they deposit those proceeds into a segregated bank account. The idea behind this staff is making the tracing of proceeds use of the proceeds easier in connection with the request that is made for forgiveness of the principal on that note. I will transition over to Mike. Royal to talk about forgiveness of these ones. Thank you Karen. Thank you rob Now we're gonNA talk about what probably gets the most publicity of the new. Pp Loan Program is the forgiveness component. And it's very critical as Karen pointed out that you strictly follow the provisions in the act in order to achieve the picture that we all want you to achieve. And that's the forgive this feature so how this is GonNa work out if you the steps that rob talked about. Karen Determined Your loan amount now. After June thirtieth there is going to be a to be determined application process that you can apply for to get forgiveness of this P. V. P. Loan debt obligation. And that you'll be able to apply for that. After June thirtieth and there's regulations that are in guidance they're going to be issued between now and then that will Outlined with the type of application and so on but essentially right if we look at a section eleven o six of the new law if you want to achieve and you do want to achieve the debt forgive this perspective daring the eight week period you have to spend the P. Loan proceeds on the specific purposes set forth in the statute and it would be strictly enforced As you're aware of its payroll cost mortgage interest expense. No principal payment. No prepayment of principle rent payments and your utility payments there has been additional guidance issued subsequent to the passage of the act on Friday night. March twenty seven that you have to spend seventy five percent of the PCP loan proceeds on payroll costs and as here in mentioned. This is the SEF separating the funds and not commingling. We don't know exactly what the guidance is GonNa tell us to do. But I will inform you that I I think each borrower is going to have somewhat of a burden to prove that they strictly complied with the the expenditure of all PP proceeds again payroll costs mortgage interest rent payments says utilities and get that period of time that is measured is what is commonly referred to as the eight week period that begins after the loan funded in in and it's a hard stop eight weeks. After the date of funding we may receive future guidance on that it could be changed but right at this point is eight weeks and we refer to that as the covered period as you know the phrase covered period has different definitions depending on what section you're looking at in the PP loan program for purposes of my discussion. I say covered period. It's strictly enforced. Eight week period. That begins the day of funding and in eight weeks after that. If you receive forgiveness and you follow the statue and your granted this forgiveness. There's no income tax recognition. Many of us are over are more familiar with it. There's forgiveness of debt component. There could be an income tax income recognition that it in this particular statute there will be no income recognition if you achieve forgiveness there are limits on the debt forgiveness The obvious limit is the long amount but there are provisions in Eleven O. Six of the act that will reduce as a percentage will reduce the forgiveness component of your aggregate loan. It is a formula basically We're not gonNA have the details would be forthcoming. But it's essentially the average number of what are called FTE's or fulltime equivalent employees determined monthly. And if they're less than the average. Fte's of the period of time February fifteen twenty nineteen to June thirtieth twenty nineteen. There could be an element of a reduction component of of your ability to get forgiveness. What they're trying to do believe is to compare your last year employment numbers with this year and determine whether you're hiring the -ployees and doing the things that they they want you to do the new wants to that is when you're determining the OT ease for this calculation you do not include. Fte's Terminator between February fifteen twenty twenty and April twenty seven twenty twenty which is thirty days after the enactment of the bill. So long as you hire them back prior to June thirty. Of course we would strongly recommend that you don't wait till the last minute and we prefer higher back during the week covered period that I spoke to avoid any kind of dry again suspect an in any view it. In this fashion the burden of proof will be on the borrower to establish that. It's entitled to forgive this. Of course that's not in the statute it's more of a real life observation on my part but I. I want to emphasize that. It's important to keep detailed records. Do Not commingle these funds if possible and some type of complexity so develop that may jeopardize your forgiveness beecher deal with it earlier than later and we'll try to help. You can't thank you all very much for joining us this afternoon. Copa Nineteen in nineteen has a podcast series addressing the legal and business issues confronting companies as a result of the pandemic it is produced by the Lawyers Global Law Firm Bryan Cave late and pays their. Lop This podcast is designed to provide general information of interest to our clients and contacts. The statements made a provided for educational purposes. Only they do not constitute. Legal advice are not intended to create any attorney client relationship between you and Brian. Cave late and Peyser. If you have specific questions as to the application of the law to your activities you should seek the advice of legal counsel..
"bank account" Discussed on Chris Hogan's Retire Inspired
"In the subject line put panicked or pumped. Tell me what's on your mind will be able to reach out and in connect and we made us your email on the show but i want you to know that you're not alone. We can get through this and i think the main thing we have to do is stay together and keep working at encouraging each other as we walk through this all right. I gotta get back to the phones but listen v._i._p.'s. I can't have show without you so i want you to make sure that you call me. The number to call is eight four four two three nine three eight three. That's eight four four two eight three nine three eight three. Do me a favor call. Leave me a voicemail. Tell me about the question russian. That's on your mind or if you prefer you can send me an email. The email addresses asked at kris. Okay three hundred sixty dot com all right. I gotta get back to the phone. Oh i'm going up to the big big apple. I've got tanya on the lawn in new york tanya. How are you and how are you. I'm focusing not finished young lady. How can i help you today. Well a couple of weeks ago. I was listening to you. <music> <hes> cover for days and you had a boycott lynn that was like thirteen years old and i guess my question is how do i get my kids ed's as pumped as that kid west palm. He was pumped. He really was first and foremost that idea okay filling in for the big man yeah yeah you did pretty good so tell me this. How many kids do you have and what are their ages. I have two girls. One is nine and one is six okay nine and six and right now. How would you describe them. When it comes to money are they motivated or they like at whatever whatever okay all all right and they're kinda young so do they are they on allowance right now or are they on commission. It's kind of a mixture of both like they were kind of on on a commission type thing and <hes> this last. We pay him every two weeks when we get paid so this last time. I says you know what we're just going to give you like five 'cause the fair was coming and i wanted to have a little bit of spending money for the fare so i just gave him a fiber. Both we'd be yeah. Okay all right all right. It'd been saving a little. Oh bet they have a little bit all right so they know about saving a little bit okay. Is it saved the house or do they have a bank. Account is like they have their own little piggy banks they kind of the good and so it sounds like to me tanya i would really you know i've got three boys. They're fifteen thirteen and twelve <hes> but what i figured out is this with young people helping them connect a couple of things number one that money doesn't come from mom and dad.
"bank account" Discussed on Chris Hogan's Retire Inspired
"Loans. Wow okay cars and but here's the deal you look at this and you start to go okay. I understand the danger of debt now don't you yes and i started titus. Oh my god can you please tell me i can tie now so i've been trying to faithfully one of the things that i so i was telling me i need to take care <hes> <hes> okay tell me this. Are you working right now. I am i make about thirty two thousand a year okay. And how long have you been on this job since since last august as their opportunity for your income to grow <hes> i would say with them. Maybe the next couple of years bad. I'm looking at something part time. Maybe like on the weekends or something kinda all right but you are working full time right now correct. Yes okay all right and so what you had. You told me it took you about four years to get to hear what it was as you were doing a shop online yes and colleagues living the best life and stay <hes> you know now. I have some sense than a little wizz. That's exactly right now listen. Here's what i've heard information. That's just information. Information is just knowledge right. It's just some little bit of stuff. It becomes wisdom when we put it into practice so what i want you to do. Is you look at this. Yes and i know you can fix this. Okay i know you can but with that spenders mentality what you have to do is come to grips with it and learn how to control it. So all i'm saying thing is listed. The debts outs actually just like you have but i want you to reorder those things smallest the biggest use the debt snowball as what we call it but i want you to be aware aware that you are a person that loves to shop around you do and now but i want you to get do a budget and i want you to assign a dollar amount amount and i don't want you to ever add to this debt anymore. Okay you understand. This is not your friend. It feels like it at the time but robie what i figured out that is like a frenemy okay it it just takes and it just takes and it doesn't give you anything but headache and heartache and a lack of xactly so i. I want you to get zero in on this. I have you plugged into financial peace university yet. Now not yet okay if i give it to you. Are you going to do it. I <music> don't make me come down to houston. Are you sure are you really going to do it. Ya know and listen. You said something. That really touched my heart. You said you we're going to break a generational curse okay and that is a statement that is a legacy statement young lady and when you're serious about that i promise you you you will begin another legacy in another step down this path that you're going to be able to pass off to other people and i mean family as well as your friends. You've got an opportunity to take ak- stand and i don't care where you were born and where you come from. I'm worried about where you're going so you've got an incredible opportunity. Thank you for your call. I'm going to give you yes ma'am. I'm gonna gift financial. Peace university and i want you to do me a favor. Stay in touch with me and you attack these debts. You've got this eight hundred down at this little car. Title place got to get that out out of your life. Then you've got the five thousand owed and a student loan twelve thousand car and forty five thousand in student loans you can.
"bank account" Discussed on The Bank Account
"Thank you for joining us today before we get today's substance, one housekeeping matter. For those of you who are parents fans of banking podcasts, which I would have to assume everyone listening, except those related to me. We recently republished the FDIC's podcasts on the financial and banking crisis. This was actually a seven part series, the FDIC published earlier this year, but they didn't make it easy to listen to it in a podcast app. So we've tried to make it a little easier. If you go to Bank BC L, P dot com by say June, or so of two thousand nineteen should be able to scroll down and see a post titled FDIC podcast on the financial and banking crisis. There's full instructions they are or Google. Your friend should be able to find it. But there are instructions to listening to that podcast. Same place. You're listening now to the Bank account feel like it's a good metaphor for interpreting regulatory guidance seems like there's paralells there that we try and make it a little bit easier to understand that guidance. That, that's a good point as you have heard I enjoyed today in the studio by two of my partners can knock in Bach who you just heard, and Jim McAlpine, Ken is kind of like me kind of gator, actually played offensive line different gated rob different Gators, I still like you can fair enough still good. But offensive line for Allegheny college in Pennsylvania, and by Jim McAlpine an Alabama fan, but we'll try and keep his comments to a minimum at this point. Don't know how to respond to that, to Florida fan. Rob, maybe eventually, you'll see the SEC championship again. Ouch with that in line, we have to get to some substantive comments, or I'm just going to be heartbroken for the rest of the day and probably for a while, at this point. Point topic today is emphasized in my mind by a recent Bank director story with the headline being seventy seven percent of Bank boards. Approve their loans. Is that a mistake? And when I wrote about this on Bank. BC L P. I changed the headline to seventy seven percent of Bank boards commit this mistake. So I think that makes my overall position pretty clear, but I guess I Jim you and I were both recently at the Bank director board training forum where we led. Some peer groups where this topic came up among the larger banks. It was kind of one of the bankers asked anybody still have their boards, approve loans and there was just silence. Nobody did it. And then we had a peer group of smaller banks and all of those directors said, yes, we still approve loans and why wouldn't we you and talk some about that pure group exchange in the Bank director or? Training program. I absolutely raw. I let me start with the Bank director sponsored board trading forum, which was a Nashville, Tennessee few weeks ago for those of you who are not aware of that program. I'd I'd recommend you check it out for next year. It has been held in Chicago, I guess, past few years. This year was brought down south to Nashville. There was a record number of ten DS, I think, approaching three hundred and fifty all of whom were directors. What I found remarkable about this conference was that the overwhelming majority of, of ten days, I think, well over seventy percent were outside directors. So, and there were several banks brought their entire board which is a really good way for board members to stay abreast of current developments talked to boards from other parts of the country. There were bankers there all the way or board members all the way from south Florida, to Anchorage Alaska, which was was pretty exciting. We had a couple of directors from our client FM bay Alaska that were in attendance. A long way to come for a banking conference but they, they really did seem to enjoy it. This is a high quality I think content filled conference. I'd I'd recommend it in these peer groups that that Robin. I were facilitating there were groups of directors group by size of Bank. And as rob said, the larger banks when we asked the question, none of those boards, were proving loans among the smaller banks, they all were, which, I find to be fairly typical across the country, rob. I think that's your experience as well. When asked why the most frequent responses? That's the way we've done it for forty years, or fifty years or wherever along the Bank has been in practice. Or we've thought the regulators required it or state law used to require it, and we just keep doing it or we really liked to approve loans. It's our money. We wanna look after how the Bank does, and it's an interesting really interesting process, I will open this up for discussion among the three of us, but I serve on the board of a of a small. Bank in Philadelphia. I would not go anywhere near approving alone. I made that clear coming on board discuss it with the other directors. I don't think you need to as directors. But a lot of people cling to this. It's something they really hold. Dear. And we should talk about why that is Ken. Why do you think that, you know, directors feel a need to approve loans particularly at the smaller Bank level? I think I think depends a lot on the particular institution that dynamics the boardroom and the particular institution as you say, there's, there's a lot of inertia, I think in, in the industry in terms of established practice, and particularly if you're looking at a community Bank that's been operating in community. You know on a generational basis for for decades. That inertia, I think is going to be more profound than even you know, in other larger institutions, it might be, you know, I think they're all sorts of reasons why it remains attractive besides inertia. You know, some of those may be business related or connected to the directors perception of their duty and their their. Way of protecting the investors money, you know, their money their investors by very much being hands on in the in the decisions that are made in in where to invest that money, and, and what borrowers are credit worthy. Whether that is an accurate perception or whether that, you know, is something that did it actually, reflects the best way of managing the institution, I think, is a different story, but it's one that's hard to get objectivity on when you're in a boardroom, or you're in a situation, you know, particularly when it comes to the decision to change approaches, which is something that we've been talking to boards and management teams alike about really ever since the downturn and some of the, the litigation that came out of that Phil Bank, litigation that came out of that, that, that sought to attach liability to credit decisions in a fairly specific way so Ken, let's dig in on that a little bit because the advice here is not don't do it because there's litigation risk. Although I think we all recognize that, that's part of. Of the concern as well. But looking back at that FDIC litigation who were they targeting who were they implicitly, not targeting as a result, and can have as that then jive with what is the role of director and windows taking actions beyond that 'cause you potentially to not be viewed as a director, but instead as a Bank officer sure, and I think there's a lot of variation, you know, across the sample set of that litigation. But one thing that is fairly consistent trend. If you look at it is that there was a focus on lending decisions. Specifically that in hindsight, perhaps, we're not good credit decisions, and there was a focus on the individuals who are involved in making those decisions whether that is, you know, limiting claim to the members of alone committee, whether that is limiting particular aspects of a claim or particular counts of claim to the specific members of the committee that. Voted for a particular loan. It would sometimes get that granular. But as you say that it's easy to conflict. The sort of litigation risk as motivation with sort of the other thinking behind the decision here, which is really. I think as we look at it that the fundamental question of as a Bank director. You know, you've got a fiduciary duty to the institution, and in performing that duty you have to think about what's best for the institution, and kind of more medal level question, here is, is approving loans as a direct or something or among a group of directors on a committee is that something that for a particular institution is in the best interests that institution. And there's not you know that that's subjective. But there's not going to be a particular formula that applies above a certain threshold. Yes. Below a certain threshold. No, or in certain geographies, etc. But it is one that, that should be sort of consciously on the minds of directors in any institute. Shen thinking about is this, the most effective way for us to manage manage institution and insurance success? And, you know, I don't know how often that question gets revisited in big picture sense. Probably not as often as it should. I think that's probably right. So often when we're seeing directors loan committees in community banks, it's often structured way or loans above a certain threshold come up to the board. So these are generally the largest loans that inherently then have the greatest risk to the institution, and now instead of having professional trained bankers with extensive underwriting experience making that decision you are now having the directors make decision all of which are or at least, hopefully, most of which are successful business people. They understand the environment, but they don't have the educational background or the experience background of underwriting those loans, and just to give context for. How common it is the Bank director two thousand nineteen risks survey divided. The question between institutions above ten billion where seventy three percent of those banks did not have their boards involved in approving, loans, while four banks under ten billion eighty two percent of those boards had a role either at the board level or a director's loan committee in approving the loan. So Jim, when we say director shouldn't be approving individual loans. Are we saying they shouldn't be involved in the credit process at all or where is the right role for directors in that analysis, you certainly want your board involved in all aspects of risk management within the Bank? And with regard to the lending process, you know, the, the loan policy is the purview of the board. Certainly very much the purview the loan committee, you can construct the box within which loans are to be made within your Bank. And if management feels they need to make alone outside of that box. They can come to be loan committee directors of the full board and get some input and it doesn't mean that directors that need to raise her hands and say, I approve this loan. So I think that's an important distinguishing characteristic, that you can maintain control over the lending process, and these larger banks certainly do that without yourself having to create whatever level exposure, it is. And, and I'm sure people listening to this will say, well, my Bank will never fail. So I will. Why would I worry about an FDIC lawsuit? And you're probably right statistically, you're right. Your Bank will never fail. But the thing to look at is why did they go after those directors and alone committees because in every state there's a fairly high bar for suing directors, which is you have to establish some level of gross negligence. And in order to do that you have to have a factual basis for it. So the loans themselves, we looked at it with the benefit of hindsight. All of these loans were to borrowers not repaid them and the Bank had lost money were. Per se, bad loans, and it wasn't too hard for the FDIC investigators and plaintiff's lawyers to comb through the underwriting file and find things that probably should have been focused on a little bit more than indep positions. With these directors say, so Mr. Klingler on page forty five of the underwriting folder. We see that this gentleman, you know, had to DUI convictions and almost gaming tobacco. Did you know that? Did you read that page and why did you make this loan? If a lot of these directors they were honest, they'd say, well, the CEO said this was a good credit. So that is how a lot of these things unfold. It's just why take the risk in general. I think a lot of people listening to this probably have loans approved by directors. And we'll probably continue that path my suggestion to you is if you were going to do that educate, your directors, do not have directors on these lone committees, you know, who are local pharmacists, doctors who may understand math in general, but do not knew how to read alone, underwriting, file, put, former bankers on your loan committee, or give. Your directors extensive education in how to read and underwriting file how to detect when loan shouldn't be made what the trends are I've seen very effective director oversight by people who have that knowledge within small banks, and frankly, sometimes I'll sit there and think, boy, if it's good they're doing that. I mean, because, you know, you may or may not have the most fist gated lending people in, in some banks. And they may encounter tickly senile loans of a level they've thought not seen before and not really know how to go about it. So, so if you're going to have directors approve loans, I was just, you only have those directors who have knowledge of lending approved the loans, the analogy to me would be you would not put someone on a committee that involves heavy duty accounting, if they were not facile with the county, you just you just wouldn't do that. So I think staff your directors on the loan committee the same way that you would with your audit committee. Can I think you had some comments to for those banks that do want to continue to do it? Some thought. It's on what they need to look at for Dino insurance policy as well. Yeah. Yeah. I mean, there are a couple of things and the insurance industry, I think reacted in a number of ways to the downturn and the Bank failure crisis that, that we saw a decade or so ago in ways that would kind of further parse coverage and potentially limit coverage in certain areas. If, if someone wasn't looking closely at the insurance agreement one, one of those ways is through professional services, exclusionary language, which essentially says that if.
"bank account" Discussed on The Bank Account
"Reporting requirements and roommate private that's right. So I think the next process you wanna talk about is one that is kind of new Georgia, but we are directly involved in another hearing shortly. And that's the fairness hearing exemption. Yeah. And that is a really exciting. I think if you're listening to this so far you haven't heard anything that sounds very attractive to you these sound like sound expensive and sounds like you don't want to see there's a nice exemption for you here under three eight ten and what that is some state that's a federal exemption and some states have adopted rules that satisfy the requirements set forth with three eight ten that allow you to go through state fairness hearing process the way the process that evolves is I you send sign up emerge agreement. And then you send a notice to all the shareholders of the target that you're gonna have a public hearing. This shareholders are in theory, at least invited to they're they're not in theory invited they are invited to comment appear in theory. They could appear an object. But you essentially present your case that the that the merger is fair to those target shareholders. And they have the right to object to that. And they don't or their objections or not persuasive, whoever the state his identified as the body to determine that's fairness will decide if you're merger is fair issue. Fairness determination, which you then attached to your proxy that you send to this target shareholders when they're deciding whether to approve the merger, and presenting that cases, is frankly, very similar to presenting the case to the board of directors or to the shareholders explaining the fairness of the transaction. There is some substantive fairness to the consideration being offered, but as much it's about the process that there is a shareholder vote that there is a investment banker that's involved. What kind of process was used? There was there a fairness opinion issued by an investment banker in kind of what is the financial fairness of the transaction. I think generally these kinds of fairness hearings can be more difficult if you were dealing with not a financial not regulated financial institution and had a less clearly identified financial modeling too. Be able to value. What the consideration being offered is there? Then I think you would have secretaries of states of the various states taking a far more active role. But given the clear market dynamics for regulated financial institutions this kind of hearing while still a formal process is not one that so far has shown any high degree of uncertainty attached with. Yes. And you can also you can contract for a fallback. You know, if there is a fairness hearing issue, if it doesn't if you decide that's not the right route during the transaction, or, you know, particularly if the secretary of state decides, they they don't seem very persuaded by your arguments, as you're kinda laying them out in the prior to the hearing, then you you may want you may decide to go to this route. And the other thing that you mentioned is this is a only if the state allows it, and there are other requirements you can't just pick. Which state you want to file in needs to be in the issue or state? And generally there has to be. Varies by state. But but some connection to the recipients of the stock in the transaction as well. But we've been involved in fairness hearings in North Carolina, Georgia, California, it's a little bit of bias here. But definitely think the Georgia process is one of the best in the country. And the good is about these shares is there freely resell -able following the issuance, there's no ongoing reporting required. So you essentially are back to square one. You're just a private company. No, I'm going reporting. You just have a few more shareholders. I think that's right. And so then the next offering which historically is one that we often would have historically relied on. We're still relying on it today is just a private offering exemption. I've a statutory exemption provided by four eighty two of the thirty three act or regulation five of six or roof. Ivo six under regulation d allows you to. Have an offering of unlimited amount. But either to only accredited investors or up to thirty five unaccredited investors with certain disclosure requirements attached to it. Yeah. So these while there are a number of restrictions. You have a few different options to satisfy the safe harbors, or you can decide to travel into the statutory exemption where this really is beneficial is if you know, the target shareholder base, and if you know that it's a maybe a family or a few families are kind of a small small set of people, particularly if they're all located in one or of relatively few jurisdictions. This is certainly something to keep in mind because this may be the least expensive and sort of least painful of these methods, and then the last exemption that we have had clients avail themselves of in a merger transaction is the intrastate exemption at a federal level. This is when. Both the issuer and all of the recipients are members of the same state, which certainly can exist in the community Bank framework often, it's beneficial for the community Bank, not to be too old. So that their shareholders haven't moved across the country, or you can just exclude those shareholders and cash them out. But it is an ability to have an unlimited number of accredited and unaccredited investors as long as you stay within the state borders. The key here is you still are going to need a registration or exemption at the state level often. This is going to be a registration event at that point. If you found yourself needing this exemption, but state exemptions tend to be more convenient than an SEC registration and don't have the ongoing reporting requirements that go with it. So Kevin I think is a great summary of kind of the issues for our private. Clients either on the acquire or the target side to recognize that just because they are private company. It doesn't mean that that stock is off the table. But it does mean that there are some hoops that are going to have to be jumped through. That's exactly right. Yeah. I think there's there's one takeaway here. Yeah. That's exactly it. It's that if you are a private company looking to acquire a target or if you are a target thinking, maybe acquired by a private company, make sure that you think about whether stock can be used the merger consideration. And then if you decide that that's something that's tractive. Makes you talk about it with your lawyer and do a little research and figure out which of these options are going to be best for that issuance. Great. Thank you for joining me. Kevin. Thank you. The Bank account is a podcast series produced by the financial services. Corporate regulatory team of lawyers at Bryan cave late and painter follow Kevin on Twitter at Kevin strong and me at Robert Klingler are industry focused blog is at Bank BCL p dot com. This podcast is designed to provide general in for. Nation of interest bankers. The statements made here in our provided for educational, and or entertainment purposes, only they do not constitute legal advice and are not intended to create an attorney client relationship between you and Brian cave leading pays ner. If you have specific questions as to the petitional all to your activities, you seek the advice of legal counsel.
"bank account" Discussed on The Bank Account
"Today is Thursday, December twenty seventh two thousand eighteen welcome to the Bank account with co host John Hightower myself, rob Klingler, we are with partners and Bryan cave late and Pacers financial services corporate regulatory team. Jonathan did you know the podcast was now available on Spotify. Now, I didn't. So I can just ask Alexa for the podcast in a way. It goes. If I've got Spotify connected apparently. I haven't tried it. All right. I'm still catching up on just now found out over Christmas weekend that we have apple music on our Alexis. So I'm very excited. This good news. Good news. So it's been a little while at least since we've done the Bank account. We had another recent podcast. That was a lot of fun. It has we recently recorded with Evans sparks and Sean KARN. With the American Bankers Association podcast that dropped December twelve on the outlook for two thousand nineteen. So we should say that I think looking back on that we sounded awfully Chipper and optimistic and really to. Reasons for that. I George had not lost in heartbreaking fashion in December two Alabama. At that point. Also, the market had not quite gotten fully involved in its downturn that we've seen in December. So yeah, things are a little different. Now things are different. However, many of the things we predicted in the time other than the market and joy, I think we might have predicted Georgia losing at least I did. But some of the things we talked about in that podcast have already. We're not in two thousand nineteen but are already coming true. Yeah. If you go and listen to the podcast, one of the points that we brought out was that we thought we would see more large deals in metro markets, and certainly close to home that has been the case for the last several weeks. We've seen a lot of good deal announcements here in Atlanta. So I think that's a good transition. Let's talk about some of those deals that we've seen in Atlanta. Yeah. So start out with one that maybe it was a little further off the radar from a national perspective. And this is actually a little further outside Atlanta. But we saw colony down in FitzGerald, Georgia place. Best known, I think for the chickens in downtown FitzGerald agree to acquire calcium Bank in LaGrange Georgia has been longtime friends of ours. And we're happy to see a good announcement for for both sides there. But again, one thing we talked about in the podcast was banks that maybe weren't household names at this point going out and making moves, and then colony you've got a new CEO there in our friend heath fountain. And it's really great to see, you know, heath start to to put his stamp on the future of colony by striking deal. That's right. And then also last week and sticking on that trend of banks outside the metro areas, potentially new acquirers we had a combination of three. Three banks in Georgia. Heritage Bank in Jonesboro. Heritage Bank down in hinesville and providence Bank in Alfa Reta of announced coming together on the sole holding company structure, and that creates a another potential acquirer going forward as we lose some of the larger acquires. Yeah. That's a really interesting deal. Obviously, it's not every day that you see a tripartite combination. When that we were pleased to be involved with and what for to see him with that organization does going forward if nothing else it combines to heritage banks in Georgia. So it produces a lot of confusion for us. Definitely reduces the confusion for us and time sheet entries without having to specify the city as well. Speaking of the the larger banks Ameris announced a deal to acquire fidelity Bank, which certainly expand or deepens their presence in the market and then to banks not headquartered in. Georgia, but with significant overlaps in the metro Atlanta area, center state, Bank, acquiring national commerce of Alabama to frequent acquires in the metro Atlanta and Georgia markets over the last several years now coming together as one, but as a much larger institution, which could create negative incentives for them to continue to be an acquirer of smaller community banks in Georgia. Yeah. First congrats all around to those parties. I mean, these are are really great looking deals and a lot of exciting possibilities for these companies going forward. But I think we can now start to talk about the Atlanta banking landscape as having been reshaped rather than a reshaping Atlanta banking landscape. You know, you have a few community banks still left in Atlanta, and you know, larger number that operate in around Atlanta. But once you get outside that handful of. You know, under one billion dollar asset banks, you jump pretty far up the scale with only a couple of exceptions. So it really is maybe a tale of two cities when it comes to the banking market really is going to be a gap between those banks that are one and a half billion and less and those greater than ten billion without that kind of space in the middle there as natural acquirers for the under a billion crown in a really interesting to see how that shakes out and again, it's foolish to think that the MA churn
"bank account" Discussed on The Bank Account
"Then you can pretty much do whatever else you want. And that that was a little scary. I think we commented at the time. And I think folks WADA smart people put thought into that and said that concept does make sense to a point. So when we had bipartisan regularly, if there is a concept there that says the regulators will develop and appropriate leverage ratio somewhere between eight and ten percent. So pre tight band that that. Congress put around that. And if you maintain that leverage ratio, and you have less than ten billion in assets, and very importantly, you don't engage in high risk activities that would include such other factors as the federal banking agencies deem appropriate. Then you are eligible to exclude yourself from compliance with the risk based capital ratios, and I think the idea there is we're just going to simplify things if you're just a little plane community Bank, and you maintain a level of capital that we think is appropriate where does not gonna look anywhere past that. Now, I think that still has some dangerous to it. You know, the Basel rules put in some fairly thoughtful rules around what is going to to be hit with an excess sort of risk based factor. And I think that was done very intentionally because the regulators wanted to curb investment and those types of assets, obviously that wouldn't apply to these banks, unless of course, doing so is deemed I high risk activity in which case, what does this really gets you? But it will be very very interesting. Just like the Volcker rule rugs to see where this goes as the regulator study. Yet more to come on this. But I think there'll be a lot sudden a lot written about all looking at provision where the regulations have been adopted as the expansion of eighteen month exam cycle from institutions less than a billion bringing that up to a three billion dollar threshold for well-capitalized outstanding CRA institutions. You know, when we talk about kind of regulatory burdens often were thinking about kind of detailed regulatory changes. But let's not forget an, and I think this is one way or lawyers may forget it more than our clients are forgetting that a lot of the day to day regulatory burden is associated with the exam process itself hosting the examiners answering their questions in advance and the distraction and time it takes while they are on site and doesn't take a rocket scientist to realize that an eighteen month exam cycle means less frequent exams less frequent distractions the twelve month exam cycle. No doubt, and sort of similar item with the short-form call reports, you know, there's still work to do. There's just less on it. So that's nice. They're shorter. That's better. That's right. We were talking earlier about even for us. There's a lot less extraneous information. To flip through when we were really looking for, you know, an identified ratio. That's right. The key information will still be there. It's the pages we were skipping anyway that we no longer have to skip over. That's right. That's right. So, you know, kind of final thing catch off from our perspective is the federal changes, get the most attention for obvious reasons. Those sort of applaud everyone at the state level, though, there are some really interesting things happening around the country. I think when you look at Bank of the going to the Arkansas legislature with the Arkansas Bankers Association and saying, hey, we need you to to update our code. So that we don't have to have a holding company that sort of thinking is sort of rippled around the country, certainly here in Georgia. Our legislature has always been fairly nimble and responsive to the needs of businesses, including banks we've seen some interesting changes here. So depending on which state you're sitting in and if you're not a national Bank, certainly keep those changes in mind because it seems like the operating environment is getting much better across the board from a legal and regulatory stay. Point. Although I think that also highlights even more how outdated the national Bank act is especially in those do I need a holding company or not often. The first question is do you have a national Bank? That's right, and what's really our hoop and congress taking up the corporate governance provisions that are imposed through the national Bank act. You know may not make it in a particular agenda who knows. And of course, the other offset is the topic. We started this conversation with which was the increase in the small Bank, holding company policy statement, where having a holding company also just has significant capital flexibility completely apart from corporate governance regulations. That's right. If if you're under that threshold and have any prospect of a desire to use debt fund, your growth, it's probably gonna make sense to have a holding company all things considered. And by the time we've now crept up to three billion. We're catching a tremendous percentage of. The number of banks in the country. Absolutely. All right. That was fun. Rob. I was good. We should do this moral. Absolutely. The Bank account is a podcast series produced by the financial services corporate and regulatory team of lawyers at Bryan cave. Layton pays ner follow Jonathan on Twitter at Hightower banks myself at Robert Klingler, this podcast is to provide general information of interest to bankers, the statements made here in our provided for educational, and or entertainment purposes, only they do not constitute legal advice and are not intended to create an attorney client relationship between you and Brian cave late and paste if you have specific questions as to the application law is to your activities, you should seek the advice of legal counsel.
"bank account" Discussed on The Bank Account
"Today is Friday September twenty eight two thousand eighteen welcome to the Bank account with co-host Jonathon Hightower and myself, rob Klingler, we're both partners and Bryan cave. Layton, painters, financial services, corporate and regulatory team and college football is back. Thank goodness. It really gives us something to do in between, you know, helping our clients with their fun activities and going to kids soccer games and going on the occasional run. So it's it's good to have it back gotten a game day shirt on today, which is really not much different from any other day. But you know, it's fun. We got Tennessee come into to Athens this weekend. Hopefully by the time, everyone listens to this Georgia has already won that comfortably. But we'll see. That's what makes it fun. I'm not sure they're going to have as many turnovers against you. They had against so, you know, poor poor Tennessee, they're just on their way back. I guess they're headed in some. No, they fumbled. They're going in. So what's new era? What you've been up to. Just enjoying life. Enjoying the anticipation of fall weather coming. Yeah. It's it's been a little rough little muggy not not so fun to be outside here in the southeast lately. But we'll get there eventually the kids fall sporting events still feel like the kids summer sporting events being out there. But it's it's been good. Been busy at work. Always appreciate that. And enjoyed reading piece you recently wrote for Bank, Bryan, cave late and pays her on a football fans guide to emanate transactions. I had some thoughts hit me one. When commute in one morning thinking. Listening to sports tied gases. I'll often do on the way in and thinking, you know, a lot of these points that these coaches repeatedly make to the media and their talking points kind of transitioned over to business and got me thinking about an article I read from is about Jimmy Sexton, the famous college sports agent who had said when talking about Nick Sabin and others that you know, these guys are smart enough to run companies like GM, they just shows to be in football. And it it really does translate. We all like to use sports metaphors military analogies when we're talking about work because that makes it sound like who were then just being lawyer. But yeah, I had a little fun with that that article and hope everybody who read it enjoyed it. And for those of you listening to the podcast who enjoy the band tour, certainly encourage you to read the article there is both good substantive takeaways for understanding kind of some of the intricacies that go in and the. Not the technical details, but the big picture on perspectives when looking at emanate transactions, and then if that's not enough encourage you to look at Jonathan's Twitter feed. Just a an amazing diatribe comparing looking at all of the SEC teams and the messages that they bring to emanate transactions, and I this was written before the Florida Tennessee game. But it's still talks with Tennessee about turnovers now it's turnovers in management affect in. But it it just was that visionary of a piece as I mentioned, MRs what happens when I get stuck on an airplane. I was headed to a board meeting and thoughts. Let's let's have a little fun with us. So yeah, that was a good time. So we've been looking a lot of the time this summer at individual transactions, and where banks are going over the next couple of years from a strategic standpoint. That hasn't left us a ton of time on a day to day basis to think about the regularly package and how it's being implemented. And where that's going. Fortunately for us. We have an opportunity to speak at the Georgia Bankers Association Bank council get together here in a couple of days that gave us an opportunity to think through where we are in that process. What we have really seen that has been imported not only a big picture level. But at a practical level and also what we're anticipating coming. So thought we might take a few minutes and go through the highlights of that, rob. You had also posted a piece on this sort of getting the appetite wetted for folks. So with that take us away. Sure. So in general, we're talking about at least they federal level the relief provided by the economic growth regulatory relief and consumer Protection Act Aggripa. I prefer Agra Sipple. But it is certainly acronym challenged as far as regulatory reform goes. And we all struggle. I think with how to refer to it easily because it just doesn't get referred to easily. But one of the most important changes that is in Agra Sipa, or whatever we went to. Is the expansion of the small Bank, holding company policy statement, this is one that is sort of a well kept secret and in banking, but is hugely important to community banks and particularly community Bank holding companies, and what this policy statement says is that those companies under the specified asset threshold that don't have material securities registered publicly or material nine Bank activities are eligible to use this small Bank, holding company policy statement, and that means that they're consolidated capital ratios aren't measured and they can use leverage to a great extent in acquisition activity now at the beginning of my career. I think that policy statement was set at one hundred and fifty million than it went up to five hundred than a billion. And now it's two three billion as a part of the wreck relief package and an interim final rule that was promulgated in late August, and again, that's huge the. Premise behind that. At least initially was these are companies that are so small that they don't have ready access to capital. They can't just go out to the public markets. When we talk about a three billion dollar Bank holding company date today. That's in a good market and well performing it most certainly can go public and access capital at a pretty attractive valuation as we sit here today. So I'm not sure that still holds true. But I think there's still a great policy reason for to be around and we've seen that already. And that is that frequently you have banks that are, you know, maybe not the biggest markets, but maybe they sit at six seven hundred million in assets. And they are the ones that are willing to go out and combined or Bob branches from a Bank that's in a more rural or tertiary market. Well, now, they can do that without making huge plans to beef up their consolidated capital ratios. They can instead continue to use that leverage and continue to grow. And that really is. Parting facilitate some conversations and some actual activity among our client base. So it's neat to see. I think that's right. And you know, it's important to note that the policy statement is written in the context of taking on debt in an acquisition context. But it also its application is far broader than that again by eliminating the consolidated capital requirements. There is much greater ability to leverage the banks returns. Obviously, there are always risks that go with that leveraging and we certainly saw that during the downturn. But properly managing the risk in turn allows sub debt or holding company lines to be used to downstream to the Bank level to fund growth, potentially even in the long term. But certainly in the short term to allow for the capital to come in at a at the right time as opposed to having to come in advance does right. And we've mentioned. Us on this podcast series before. But the important thing remember about this threshold or this policy statement is that the regulators aren't acting as the governor on how much debt a holding company can take on. So the board really has to be active in modeling. Does this make sense for us? Are we comfortable with this amount of financial leverage? It also helps the sub debt buyers and certainly the Bank lenders out there have their own thresholds. They want to see you see here at. So
"bank account" Discussed on The Bank Account
"Today is Friday, April twenty two thousand eighteen will at the Bank account with co host Jonathon Hightower and myself rub Klingler we are both partners Bryan, cave late and Pacers financial services corporate and regulatory team. So Jonathan there's been a lot of banking news past week some see SEL relief calming or at least some transition relief. Lots of action regulation best interests, some Merican banker articles that we found interesting. Not sure we want to talk about any of that right now. No. We'll go ahead and put the disclaimer out there for anyone who downloaded this podcast hoping to hear about the latest and greatest in banking. We will throw some of that end at some point during this this podcast. Audible just so we can appropriately put it under the moniker the Bank account. But we're update everyone on how the Ragnar went. And I think we're going to get that done. I think so. And I think the best answer that is we are still standing. Yeah. Well, currently. Setting. But we can't stand. Roberts. It's pretty amazing that you can. I think the the big headline from the event other than the fact that it was awesome. Lots fun. We enjoyed it immensely was our star runner on team. AM L S was the the group of lawyers running the awkwardly moving lawyers. Sorry almost messed that up. Our best runner went down on his first loop. Dan, Wheeler rolled his ankle by the time. He got back to camp, it was already swollen. So that sort of left us staring at each other figuring out how we're going to get those last two loops covered because it was immediately obvious to everyone. But Dan that he wasn't going to be running anymore, and rob you you stepped up and went full beast mode and covered a total of five loops. So are you so are still I am. But I want to go back to the thought that Dan thought that he could keep running that when we're all looking and his ACL essentially at a different angle than the rest of his leg is one of the more. Harder things to look at. Well. And in fairness to Dan, correct me if I'm wrong, but I think he actually did run a bit after that. He ran another mile at that point from from his injury. And then did attempt his third leg as well. But it was. I don't know if it was the endorphins or the beer already consumed at that point that inspired me to say. Okay. I guess I'm running some additional legs. And that you did we wound up finishing and actually a pretty decent time. What was our overall ranking for the event sixty three s some I'll go with that. Yeah. So not too bad at all. But real congratulations to the bankers who ran with us. They finish first in the corporate division and top twenty five overall for the event, I think that's right out of about two hundred teams running. So that's that was really impressive. And looking at some of the times. I don't want to add ages to that spreadsheet because we definitely got whipped by some people who are shall we say more experienced adequately. Charlie crawford. Jackson McConnell, just a tip for everyone listening if they ever challenge to race. Don't don't do it. It helps for money any distance just say, no. Yeah. Those guys can really they will win. Also, amazing was just the natural competitiveness that came out and. Everyone does you know me know that I am not a very experienced runner at all. But after my first loop came back and everybody out was and I was like well. Eight to one. Kinda got some strange looks like past eight people, and and one pass me, and rob your quick to correct me. Those are called kills correct? Apparently that is thing that everyone likes to keep up with. And so we we started to keep track of that sort of team widen event wide basis, and our friend. Jim Walker was quick to point out on his last loot that someone had passed him. And then he thought, you know, not today and pass that person right back and never saw him again. And Charlie the F or missing Charlie Crawford Mets on his first loop that someone passed him and he thought to himself. I'll see you again in a minute. And he did. So again, very very competitive group. The only thing I would say about the bankers, and I heard this mentioned by several people as our listeners might know with a Ragnar use you sort of gather at the finish line for the last runner and run over the finish. Line together. It would have just been perfect. If all of our bankers had had their blue blazers to put on and run over the finish line, and their blazers that would've really captured it I feel like they did bring them with them on sure his part of the uniform. Absolutely. But we did not think about beforehand that they should run into gather that way in addition to the competitiveness, and and I guess personally note a lot more kills on my first and second leg than my fourth and fifth as I was just trying to hang on. But in addition to the competitiveness. The commod ary and team spirit, and the help that we got from so many people both kind of our fellow runners as well as our colleagues who aren't running certainly went above and beyond. Whether it was helping get us there. Get get the bankers. They are to the event helping to set up at the event, taking volunteer shifts, bringing us drinks Breen us food above and beyond. What you would. Kind of why we come to work every day because we like these people apparently they like us to well. And we always mentioned same cats at the end of our podcast. She sitting here with us. The main thing that she contributed was putting up with me the entire time before the event, we we had some gear that we wanted to give away for everyone and I had some fairly exacting specifications. I wanted for it. So she may have been noted by the rest of us. She she was patient with me and allowed me to work through that process. And then allowed me to actually purchase them with our our marketing budget. So that was good and ranged fabulous camping experience for all of us. And generally just interfaced between us and the Ragnar organization, and we do appreciate it. Yes, we learned a lot actually in this process. Not only with Ragnar being a great team building event. But also to some new new facts about our friends and new terms in the lexicon, for example, thanks to our friend. He Felton now anytime you take on a difficult task and a slow steady methodical manner that is going to be called power hiking. I just power hiked through that. The it wasn't much fun. But I got to the end of it heath reference that there are a few hills on the course that that he chose to power hike. Also learned that our colleague Meghan canning is deathly afraid of the dark, and when she ran at night, she was able to do that. At an alarmingly fast pace. It was amazing. She got back to camp for anyone expected her to even be halfway.
"bank account" Discussed on The Bank Account
"That that path interesting. So do you see the new CD beneficial ownership rules as more of a systems challenge? More of a personnel and training challengers at kind of a combination of the I think I think combination of both and part of the reason for that your larger institutions and your international institutions have traditionally done a lot more with beneficial ownership based on requirements and expectations possible to them and also overall risk-based determination a resource availability. So a lot of largest have been doing this type of thing for while integrated beneficial ownership high risk customer types drilling down on an Hance due diligence to collect that type of. Mation? So for them, maybe some tweaking maybe some additional training on the end of the spectrum. You know, you could be updating an account -cation and related account opening procedures. So you know, depending on you have some flexibility for how you integrate the required, certification and info collection experience. So. Kind of depends on the size of on the risk related to your business unit or your business model. So I'm I'm somewhat reminded of the law firm conflicts report and training tip that I got well more than ten years ago now, which was to say, we're gathering all this information. Our new matters on a daily basis distributed amount. We're looking at it lots of different ways that also presents us with an opportunity to have more awareness of what we're doing. What's going on cannot come back who's been on the podcast several times, always talks about in the era of data collection? What an opportunity banks have to actually leverage that data and learn from and do something with it any thought says two possibilities on that front of you seen any fintech companies trying to take that angle. I think like you said in many ways the data that's required to be collected to meet minimum, legal and compliance. Expectation is the same data types that would be helpful for marketing from an awareness perspective. What needs might be within your customer base complying with other rules in this case, we're talking about BSA AM L fach monitoring screening, but have privacy opt out and other lists management function. So I think that there are partners out there who their solution is obviously about the data. And so if you can integrate those opportunities in those solutions with your other systems, you know through various feeds and meet other needs. I think that can make for a compliance cell. If you will you can always get those functions in a perfect state. You could you could pay for some of the compliance Gatien's. You certainly wouldn't want it to be. Silence. So I think developing these things insiders would be the worst result of all. But like you said best case you're presented with an opportunity to to to more than one thing. Given the overlap with the systems and the data that you need. Interesting. So what else are you say? Now there that we ought to be thinking about well more to come on this from from from this perspective on the blog if you follow. And by the way, longtime listener first-time caller, some is real treat to be on here. But we have rakes changes going live after long last on July first. And so more to come on that as I said there is I think the single biggest item out of those amendments will be clarification with respect to who's liable for a remotely deposited check. That comes in twice. So like, I said won't want to make sure that you're ready for that that up coming event I mentioned as MLA Imlay went live with a couple of minutes, relative to revolving credit, types, credit cards, and overdraft lines being the the major topics. So that's you know, probably Earl. Early enough still that you're going to start to see your first exam covers on those topics, but again, recent activity and absolately here to stay see if he has successors in interest on the mortgage servicing side that's in a couple of weeks. And so, you know, coming down the pike from the regulatory perspective, you have those items on the innovation and implementation side blockchain applications, of course, peer to peer person person payments, again going back to the tick fintech theme. You know, they're there continue to be a run of those opportunities and turn with your data and analytics expectations in these. You might find fun of match out. There's still a lot coming down the pike. Well, well, more to come on that as mentioned some folks yesterday for a mature industry. This thing seemed to change in awful lot. So welcome back again, Barry, we're excited to have you here back in firm, and we look forward to having you back on the podcast again. Well, it's great to be back Braves or raves playing. He's a blooming get the master's Tigers making a comeback. And so am I and berries back? Yes. The Bank account is a podcast series produced by the banking team of lawyers at Bryan cave late and pays ner. Follow. Jonathan on Twitter at Hightower banks, myself, Robert clearer and berries now at compliance time. Our industry focused blog is still at Bank, Bryan, cave dot com. But also available at Bank dot com. Thanks to same cats for making a sound better on in recording than we do in real life. This podcast is designed to provide general information of interest to bankers the statements made here in our provided for educational purposes, only, they do not constitute legal advice and are not intended credence Turney client relationship between you and Brian cave late and ner if you have specific questions as to the location of to your activities, you should seek the advice of legal counsel.
"bank account" Discussed on The Bank Account
"Today's Friday, April six two thousand eighteen will come to the Bank account with co host. Hi, Terry, myself, rob Klingler, we're both partners and Bryan cave late and pays Nur's financial services corporate and regulatory team. So Jonathan we are exactly one week away from running through the woods for twenty four hours straight. You ready? I never signed up for running twenty four hours straight. I didn't know that was a part of it. Touche? We we will be having two teams. Oh, twenty four. I was gonna say my training has been a bit off in the last couple of weeks. But I will seriously in trouble. I was going to have to run twenty four hours straight. Now. The teams are team and AM L. Of course, bankers speed ahead and awkwardly moving lawyers and looking at the times, the bankers are definitely faster than us. Yeah. I'm not sure what that's all about. But maybe it's all the Organon IX and stand up desk, they have more mobile than we are. I don't know something about it. But we have had lots of success fundraising as well. You know that really has been gratifying part of it. We wanted to do something to benefit the Frazier center, which is a great charity here in town that the firm's been involved with for a long time and people have really come on strong to support that we have the ABA listing of how banks use tax reform to benefit. Their communities, and we hear people make comments of you know, maybe that was just Republicans purposes or maybe that was because the tax affect was better. But no big part of that is this industry is filled with really great and generous people and we've really appreciated that. So you can look forward in the next episode of the count our creaking bones and description as to how much faster the bankers were by hopefully, good time to be had by all. Absolutely. So rob we've had a lot of excitement recently. It's been March madness and a couple ways. So what comes to mind in terms of recent change, your interest in different intro was a little bit longer because the firm name is longer. We have grown. It's now Bryan cave latent peyser. This combination of two great firms. Bryan, cave, historically, US focused firm with international offices and Berlin late. And pays ner. A a international firm headquartered in London that brings even more global reach to our combined practice absolutely folk to listen to the Bank account or work with ice know that as much as we enjoy practicing law. We enjoy talking about business probably even more than that. And so it was just really exciting to be part of a deal like this which is unique in its structure, and the the legal profession and really does serve as a game changer for the firm heard the comparison by an entrepreneur of operating internationally versus operating globally. And I think that's the change with just made. He said the distinction is when you operate internationally, you have a home country, and you sort of put things in place around the world to say you have offices there. Now, we have real dense populations in major markets that stand on their own. They're great. Taxes in their own right? And now, we're believe global firm pretty cool. That's right. And for our clients. The relationships will stay the same. We're still here. We're still going to address their needs just as we always have. But we have additional resources now for those that are looking for in the international advice or for specific finance advice. We have some now not just US leaders, but international leaders in the field, they can lend their expertise as clients need them. That's right. And we refer to ourselves often because it's true as a third generation community Bank preps. And since the foundation of that practice. What are the things we have offered to our clients is the best and brightest in terms of specialists outside our group, whether that's benefits tax labor litigation unit. I think with this platform, we've got the ability to continue that for no. Three generations because it will be very attractive to the best and brightest. And when we talk about offering the best and brightest. We also have another change. Oh, yeah. This one. This one's a little closer to home. Maybe a little closer to some of our clients. We have grown as a practice group. Welcome berry Hester. He's been sitting here with us the whole time, very silently, not breathing into the microphone. Welcome berry. Not only to the Bank account. But also to the team. It's it's great to be here. Almost as big a headline as the firm's merger so slightly over shadowing me, maybe maybe just a bit. But again, very important to us and to our clients so berry, you started out your legal career with us took a little sabbatical. You know, that's allowed tell us what you're doing while you're away. Sure. Well, it is great to be back with you guys. So almost five years ago when it house with ever Bank now part of TIAA and really had a great experience. Lot of great colleagues there in frankly, a a longer term than I might have. Anticipated originally being part of a group that I really enjoyed here in a practice that enjoyed so they're both long legacies of success with those two organizations and really exciting combination that I was a part of for almost the past year in the form of that that merger ever Bank having a history as an internet Bank and a an innovative mortgage company and TI, of course, having a celebrate and one hundred year anniversary this year. Founded by Andrew Carnegie for the benefit of teachers at professors in retirement, so great combination again, really had a had a wonderful experience doing that. Of course. I miss you guys again, given those those business platforms and backgrounds was a a lot of innovation, and we got to be part of a lot of a lot of new bigger and better banking opportunities and exercises. So we did see a. Fairmount. And I think, you know, consistent with the industry at large fintech opportunities and partnerships, so happy to get plugged back with you guys and try to to to to deliver a high level level of value as part of this global platform. So
"bank account" Discussed on The Bank Account
"These extra resources to buy back stock whether that. This is true or not remains to be seen so Jonathan in addition to stain business. Staying busy at the office. What else are we both working on at this point? Well, I mean the big initiative outside of the day-to-day legal work is we're getting ready for a Ragnar event. And for those of you not familiar with the Ragnar. It's not something that I knew a lot about before. Rob introduced the idea to us. This is a trail rerate relay race can't run it apparently. But it will be a team of eight of us from the firm along with a team of eight of our friends in banking running this relay race that is also combined with a camp out takes the course of about twenty four hours. We hope to get it all done. And I think it's going to be a great time. But it's certainly going to be a test requires a little training. Of course, no problem for you since your training marathon. Anyway, I just hope to have recovered in time for mid April for the Atlanta. Ragnar trail run. Yes. My big obstacle between now and then literally an ounce. Go running another obstacle course race and trying not to break a bone this time. So we'll see how that turns out. But certainly excited about the Ragnar at something that we're doing not only to have some fun. But to raise the money for one of our local charities Frazier center where I serve on the board. And we'll get a link out to everybody how they can participate in that aspect of the run or, hey, if we've still got a couple of months, it's April thirteenth. So if you were your banking friends wanna put together a team and run it with us in Conyers, Georgia on the thirteenth, the more the merrier. Finally, rob. I guess we've got GB event coming up that we need to tell everyone about that's on April fourth in Macon, Georgia. This is a see-saw conference primarily put together by Monin Jenkins. They invited us to come along. And at our perspective, rob you, and I will be talking about tax reform and its strategic implications. Far beyond just the escort conversation that we've had in prior podcasts or the reinvestment opportunities. We really wanna talk about. What does that mean going forward for your goals as a banking institution, and how have changed? We'll also have our friend cannot come back who's been on the podcast before along with a person to be named later. Very exciting. Special guest with him talking about compliance and technology. So that's going to be a good time. Hope you guys in Georgia can join us and make an on April fourth and with that, rob. I guess we need to get back to work that we do. The Bank account is a podcast series produced. By the nationwide financial services team of lawyers, Bryan cave. This podcast is designed to provide general information of interest to bankers, the statements made here in our provided for educational purposes, only, they do not constitute legal advice and are not intended to create and attorney client relationship between you and Brian cave. If you have specific questions as the application of the law to your activities, you seek the advice of legal counsel.
"bank account" Discussed on The Bank Account
"Today is Friday. February sixteenth two thousand eighteen welcome to the Bank account with co host Jonathon Hightower myself, rob Clinger, we're both partners and Brian case financial services corporate regulatory team. Glad to be back in the studio today, and Jonathan I have to say I've been talking to several over listeners, and they have a question that they want me to ask them not doing this for myself. But we have to return to the national championship doing. I am healed emotionally. Fortunately, did not get physically injured, even though that was certainly possible as people tried to get out of Mercedes Benz stadium. Our glad rated they're adding a couple of exits as you might imagine Georgia fans, we're in a pretty big hurry to get out of the stadium after the last play. But now it was it was good experience. I wish I could have enjoyed it. And not spend all the money to get in the building. But you know, it was it was fun. I'm struggling struggling to say it was fun because it's a little painful to think about but as a relatively neutral fan of college football, the second half overtime. Excellent game. Yes. Yes. First half a little boring, but good to know that we'll be in those highlights for many decades to come you get to quote, unquote. Enjoy seeing those highlights again and again. Yeah, it seems like a long time ago though, because there's just been a lot going on between headed out to a Oba and having are tied gas that. I hope everyone enjoyed from a Oba and then a lot going on with our clients busy season. Even though we don't normally have such a thing around here, meaning a particular time of year when we're busy it feels like it right now. So it's a fairly exhilarating to be banging right now. That's right. I think we're seeing a lot of reaction to the continued. Lighter regulatory environment that they're in as well as the economic impacts of the tax reform legislation. Absolutely. And this is not to minimize the seriousness of all of our clients planning. But it sort of reminds me of when I played the Stanford banking game in college, and you're giving this Bank in your giving these resources, and you have to decide how to deploy him in order to outperform the other banks in the game. I know a lot of folks play similar simulation in graduate banking school. But it's sort of like that now tax reform and overall improved earnings you've got some free funds to play with and think about how are you going to invest those or how are you going to use them to grow? Are you going to give them back to your shareholders? So a wide range of activity out there among our clients. And it's really pretty neat to see. You know, obviously we start with MA. That's always the first place that growing. Let's go and certainly seems like twenty eight teens going to be a very active year. Even though the anals deals at the beginning of the year have been a little slow from there. Rob with also seen a lot of discussion of investments in technology. We have had a client make a FedEx investment, which is fairly rare to see it was a non controlling piece kind of a foot in the door. But more broadly definitely see in banks interested in upgrading their technology game. Hopefully, we will see the benefits of that for years to come. That's right. And we're also seeing as throughout the industry, there are wage increases bonuses being paid a fair amount of discussion of of charitable endeavors really trying to. Maintain and build a place within the banks community to support the broader growth. Absolutely. And we've talked about this before I think whether it's positioning from an overall brand perspective or a true desire to share the benefits of tax relief. We have seen those wage increases those charitable endeavors. All of which is a great thing. One thing that's near and dear to my heart. As a lawyer is also seeing a number of clients say, okay, we've got this extra money. Now. Let's go back and tidy up some of the things that we've been cost conscious about whether that's some corporate formalities going back and really taking a good look corporate documents and getting those up to date or just generally go into a legal department or a compliance officer and say, okay, here's a little budget for you to do some spring cleaning and some upgrading obviously with the enforcement actions that we continue. In you to see announce in the compliance area that is much needed area. Focus. Absolutely. So what else are you seeing rob in terms of people deploying resources out there? Well, I I encourage everyone who hasn't to go to the American Bankers Association website and their overall list of the the public announcements just for a understanding of the breadth of things that individual banks are looking at doing. I was one of the things that I really took pleasure in seeing was the number of banks that are taking some of the savings and really reinvesting them in their employees and not through just bonuses and salary increases, but tuition reimburse it 'imbursement increases professional development activities, reducing the healthcare costs for their employees, but really recognizing that the strength of so many community banks or the people they are and improving those relationships in their ability to service their community that way. Absolutely. And it's something that we hear from bankers alive that they are very concerned about the future of recruiting top talent into banking. We went through close to a decade where though ver- all image of the banking industry. Had been tarnished a little and now that we're coming out of that. And there are some resources available. It makes sense that we'd be working to change that image and really move banks forward with the next generation making sure we've got a new good crop of bankers coming in. Also, see saw a number of banks indicating that they were looking hire additional people or develop new products. And and some were were rather just we're going to increase the rates playing on deposits, and whether that's just competitive pressures, forcing them to or their voluntarily choosing to to grow their deposit base in that way, it is a recognition that you know, we can take this savings and deploy it back into the entity to further accelerate growth going forward. Absolutely. And you talk about you know, paying more on deposits. That's a big theme for this year is pressure on deposit competition, maybe pressure on margin. You hate to see tax relief turn around and be used to offset decreases in margin. But no doubt some of that is necessary, especially if you're not seeing a lot of long growth overall. And that is something that. Maybe has been a little disappointing. So far is I don't know that we've talked to a lot of clients that are just seeing a tidal wave of loan applications because people are so excited about the the tax reform definitely not talking to many clients if any who see a tidal wave of new loan applications, but I am hopefully optimistic which I think is the only way to be optimistic any way that it's still early to see that, you know, the primary affect of the tax reform is businesses now have better cash flow and more cash in their pocket. The immediate result of that should be less need for them to borrow money to support their day to day business or even to grow. But the hope is for the industry that over time, you know, third quarter fourth quarter this year. We do start to see an increase in loan demand to support an over. Overall, stronger economy. That's right. And to the extent that we're not seeing overall loan demand increase in overall -tunities for growth increase. We are hearing some boards talk about well, maybe it's not a reinvestment of this extra money. Maybe it's just a straight flow through to our shareholders because they're in a better position to benefit from this extra money than we are. And there's nothing wrong with that. Now, the question is how you know. Do you just increase dividends are start paying dividends where you had not been before? Or do you want to be more selective? And whether you're a public company or private company start thinking about Bob back program standalone, Bob, AXS cetera. I've seen some commentary heard some conversation that this should really stave off in a activity for smaller independent banks that lack liquidity for their shareholders. Because now they can use these
"bank account" Discussed on Millennial Money
"You can really achieve it so i i say make a budget of pictures i know this sounds stupid and silly but i swear to you i have spent so much time was so many different people that i know this works dry out rate only by on sunday's four dinners a week grosz i only going to grocery with the list then put a picture of what you're saving four because what super important is in the whole reason you're doing any of this crop to begin with is what is that thing where are you playing for what is it that you're doing all of this for rate is it that you want to have that awesome honeymoon or that that amazing trip maybe you want to start a family or by a new home you want to start a business may want to quit your job i i mean there's it could be big things you could be tiny things could be a little thing right maybe it's a you're playing for the you wanna have one hundred bucks to play on lion and and by yourself some new clothes i don't know whatever it is it's different for you right but if each month you have something you're playing for and you can visually see it you can visually see it that is where you can really start connecting and making changes because i i again i say this to everyone what you're playing for it in your bank account it's in your bank account right now now vohor out might not be there let's say you're saving you know you're a save five grand for a triple you're probably not gonna have five grand sitting your bank account break but you're going to have a fraction of it and if you can figure out okay it's going to take me nine months nine fractions if i if i set these kind of boundaries for myself and nine months i go on that trip bright so every month or every week.
"bank account" Discussed on Millennial Money
"Yes we grub thing was putting your money where your heart is and and a lot of people wanted to do well but the where their money is being held the bank's where the money's being held the way their money's being lent out i those institutions and so on isn't in line with where their own heart is and and there's no reason for that in this day and age a you can get a better financial product and do better for the world around you yeah i mean a early it's really like it it's not a revolutionary concept and yet you know for so many of us like we just never thought about we have those options for our bank account it was just prematch you know well where's the closest bank and this is something that i've been really curious about myself and you excited to bring lots of different ideas of different ways of doing this to listeners if there is a listener that's thinking about making the switch to an online banking or what should they be comparing rethinking about that's good question i think if you're somebody who really needs to go into a bank ranch am pretty often the probably online bank is is not gonna be the ads free you but that's not that most people humble most of us were the rudest by any big not have to walk into a bank branch uh you know when you're opening account with a place like aspiration you have basically all of the same functionality that you would for a traditional bake you have mobile check deposits so when you get a check you can deposit directly into your account right through your phone and are you happy eight can that be any denomination check yes absolutely on you have on buying a bill pay you have uh uh it's fdi e c insured so your money is just a safe with aspiration as it is with uh with any of these other institutions and you can take money with aspirations take money out from any atm so you're not hunting round looking for your banks a t m a any atm is going to be totally free for you to take money out of and also i if if if i'm not correct its.
"bank account" Discussed on Rich Bitch
"What's up my lovely tribe if your brand new wall gums so excited i know there's a ton of new ladies in this rich bitch community ad i i really look yet i really love ya eurimage freiburg your make people and i'm super excited to get to know you i love hanging out on instagram that's where i get to be a group i get to do behind the scenes videos for you guys so head over there if you want to hang out slide into my d m hand sent me a message in say hello tell me what you're working on your business let me know how i can help you let me know what topics you love for me to cover let me know what episode already love send me a weird video of your dog if you're also obsessed with your dog meat ball i love you all right let's get into this episode in three two well it's about to get hot in steamy in this episode were chatting money dates what is a money date it's an exercise where you're checking in with your bank account you're seeing what's going on with your finances and you're doing so without fear the reason i want to encourage you to do this exercise this week and hopefully every week for the rest of your life is to build some financially litteria see hey that were it so boring but to get you confident with with your money into realize that it doesn't need to be scary and i think this is mean a lot of women want support with this basic exercise is simple it's easy to do and i genuinely think it's going to change.