35 Burst results for "Bank Account"
GOP Senator Tim Scott Seeks to Block Controversial Proposed Bank Account Monitoring
"I saw senator Tim Scott make a little speech about this woman that the Biden administration once confirmed as a top ranking Treasury Department official. And he just seems like he's in a state of shock. The left is trying to defend this doomed nominee and she better be doomed. You can not have somebody in charge of the purse strings who wants to blow up the banking industry. And wants to nationalize wants to federalize banking. Yeah, that's just what I want. The government calling all the shots with my checking account. They're nuts. They're purposefully picking people who are who are so radical and bizarre. I mean, Sean wants you to hear a little bit. We have senator Tim Scott queued up, right? I want you, this is four minutes. Like, it's like four and a half minutes. I want you to hear the whole thing. Because she was also convicted of shoplifting 25 years ago. Now, you could make the case 25 years ago is a long time. Incidentally, that's funny how the left and the woke crowd and all the crazed activists on social media don't seem to mind if it's 25 years ago if it's something they don't approve of. Then you better cancel somebody over what they did 25 years ago. But when it's a Biden nominee to do something like, oh, I don't know. Control the purse strings of America's monetary system well, that was a long time ago she should be forgiven. In fact, they say, those are personal attacks. You're attacking her. I mean, I don't even know what she's Asian, right? I don't even know what her ethnicity is. She appears to be Asian. I'm sure there's the left is ramping up all their bigotry defenses for her, right? All these mean Republicans don't like her because she's Asian. They're bigots. They're just they're just racists and bigots. No, she's a radical kook who has no business, no business whatsoever in a responsible position of authority at the Treasury Department. So keep all that in mind. Bear in mind that she shoplifted a couple decades ago, so people are mocking her for that. There's the racist thing. There's the same, you're getting personal with her. These are personal attacks. Don't do personal texts. So listen to this reasoned, eloquent, short of every man approach that U.S. senator Tim Scott from South Carolina takes in addressing Biden's nominee. I want to be fair, and I will be fair. I won't be hyperbolic, but I will be Frank and honest. I can not think of a nominee more poorly suited to be the control of the currency based solely on your public positions, statements, and the weight of your writings. Than you are. Let me just quote you versus anybody else. On the Green New Deal champion, you propose taking economic and climate policy making from Congress and creating an unaccountable bureaucracy called the national investment authority. In a round table this year, this year, you push to make the NIA the dedicated institutional platform at the federal level for really being the kind of fighting muscle of the Green New Deal and fighting muscle of you know all of these other movements that pursuing environmental justice, social equality and so on. You're disdain for the financial services industry. In 2019 in the documentary, titled, I'll be kind, buttholes, a theory. You said the financial services industry in my view and I don't think I'm alone here is the quintessential butthole
Rep. John Kennedy Lists Reasons Why Saule Omarova Is a Communist
"You wrote your thesis in college at Moscow state university on the title was Karl Marx's economic analysis and the theory of revolution in the capital But you won't send senator to me a copy You studied at university at Moscow state university scientific communism Which is the science regarding the working class struggle and the socialist agenda In 2019 not 30 years ago in a Canadian documentary you called the financial services industry quote a quintessential industry You roll a paper called systemically significant prices calling for the federal government to set wages food gas prices In 2020 you wrote a paper called the people's ledger Where you said we need to abolish bank accounts and make everybody set up an account at fear with the federal government will have access to your data In 2020 you wrote another paper called the climate case for a national investment authority where you said what we need to do the oil and gas industry is have the federal government bankrupt So we can tackle climate change In 2019 you joined the Facebook group a Marxist Facebook group to discuss socialist and anti capitalist views Now that's what I see from your record And you have the right to believe everyone of these things You do This is America But I don't mean any disrespect I don't know whether to call you professor or comrade Oh my goodness Senator I'm not a
'Covington Kid' Nick Sandmann Thinks Kyle Rittenhouse Should Sue for Defamation: ‘Hold the Media Accountable’
"One more note here is we're watching the Kenosha trial of Kyle rittenhouse. Remember the Covington Catholic high school student Nicholas Sandman who won millions of dollars from the mainstream media, one of the few people I've ever seen to take on the beast and he won. By the way, that kid get all that money? 'cause it was like 20 some $1 million. Is that kid walking around with like $27 million in his bank account? He filed defamation lawsuits as you'll recall against CNN, Washington Post NBC for out of context portrayals of the then 16 year old student, appearing to mock the Native American Nathan Phillips. He won like millions. Well, Nicholas Sandman is saying that Kyle rittenhouse should do the same that he did and filed a defamation suit against the media beast. Maybe a couple of maybe a couple of rich kids thanks to the mainstream media
Nancy Pelosi Flaunts US Return to Climate Leadership After 'Unfortunate' Trump Years
"Do you know Pelosi yesterday? She's at this climate change summit. How long is the climate change summit gonna go? Till 2026, this is the longest summit in the history of summits. Boy, I hope they can figure out how to solve the polar bears being stranded out there on the melting icebergs by summer. Maybe they could figure this out by summer of 2023. They're still going on. Everybody's going over there in their private jets because I guarantee you Pelosi didn't fly private. I mean, a commercial. And she talked about the dark time the nation just came out of with the four years of Trump. Yeah, nothing screams dark times like record unemployment like more money in our bank accounts than ever before than a controlled border, respect for the military, historic jobs, creation. Yeah, yeah, real dark time, lady, keep spinning. Keep
Robinhood reports data breach affecting 7 million customers
"Hi Mike Rossi a reporting Robin Hood announces a data breach exposing users emails and names the investing app Robinhood said Monday it was hacked last week in a statement Robin Hood said hackers accessed some personal information for roughly seven million users and demanded a ransom payment Robin Hood said it believes no social security numbers bank account numbers or debit card numbers were exposed for most affected customers the only information obtained by the hackers was an email address or full name although some customers had more extensive account details revealed more than twenty two million users have funded accounts at Robin Hood hi
"Let me ask you. What is your definition of prosperity. While i would think of the word prosperous as its reach and then think about what that means to me and to me. That means you're doing well. There's an abundance this. A positive ity is success around what you're doing and whatever it is undertaking. I think that's what it would mean to me. Thank you so much for sharing. i agree with you. I believe that there's one more aspect where we can see prosperity. And that is in life. Overall when we look the prosperous flora and fauna meaning the animal world and the growth of plants and flowers and algae. It is just so amazingly prosperous when we just start looking. It is even when you take a piece of sand and put it under a microscope. Then you see so many facets or when you look at the crystal as it's growing it's prospering now. Ideas can prosper. To creativity can prosper. Now another aspect is ourselves so many cells are dying billions of cells in our bodies. Every single day are dying and we're building new ones that's prosperous so when we become so aware of that level of prosperity then we can realize that we are not even off off prosperity but we are prosperous. Only because mainstream media tells us. Oh you're real guy when you don't use this particular play to shave or the woman who does not wear specific shoes because otherwise she's not feminine enough. That's really all illusion When we start focusing on how prosperous we already are. And i'm not even going to the basic look at oxygen. Have you ever wondered. I wonder where my next breath comes from. Probably not and they'll always was much much more so unless you diving and free diving for example because then you really need to measure the volume in your lungs so how much oxygen you had then let it slowly out. The deep adieu go so prosperity is all around us and it is really a disbelief. I believe to focus solely on one angle of prosperity and that would be the zeros behind a number on your bank account unless they're read because then you don't worn all these zeros again. It's very important that we define it so prosperity. When i look at you you're prosperous loc- you can talk. You can walk. You can think you can smile all the muscles you have in your face that make you smile. The blinking of your is That grin that cute little. I don't even know how you call those these little bumps in words. I don't know how you call them. Tim posey saiga have deposed. Yes so imagine having these dimples what prosperity. That is your fingers how they're moving. They can switch on and off recording buttons and put up and down. The headphones plugged in and out the microphone. That's prosperity we just have learned prosperity. I believe in a very limiting shape and form. You're absolutely right. I think that we probably auctioning. Paik was is right now with this conversation. Because that's how on feeling we've been trained through Current social systems. She believe prosperity only means money. And that shut down all of these other facets of so important to have this conversation and bring to people's awareness. What prosperity really is so that they can embrace it and feel it and it will on it sign. I think when you do embrace this come ass in every facet including the money like. That's the other side. I think if we can embrace it holy in every piece of allies then. The positive outcomes are
Prosperity - burst 3
"I believe that there's one more aspect where we can see prosperity. And that is in life. Overall when we look the prosperous flora and fauna meaning the animal world and the growth of plants and flowers and algae. It is just so amazingly prosperous when we just start looking. It is even when you take a piece of sand and put it under a microscope. Then you see so many facets or when you look at the crystal as it's growing it's prospering now. Ideas can prosper. To creativity can prosper. Now another aspect is ourselves so many cells are dying billions of cells in our bodies. Every single day are dying and we're building new ones that's prosperous so when we become so aware of that level of prosperity then we can realize that we are not even off off prosperity but we are prosperous. Only because mainstream media tells us. Oh you're real guy when you don't use this particular play to shave or the woman who does not wear specific shoes because otherwise she's not feminine enough. That's really all illusion When we start focusing on how prosperous we already are. And i'm not even going to the basic look at oxygen. Have you ever wondered. I wonder where my next breath comes from. Probably not and they'll always was much much more so unless you diving and free diving for example because then you really need to measure the volume in your lungs so how much oxygen you had then let it slowly out. The deep adieu go so prosperity is all around us and it is really a disbelief. I believe to focus solely on one angle of prosperity and that would be the zeros behind a number on your bank account unless they're read because then you don't worn all these zeros again. It's very important that we define it so prosperity. When i look at you you're prosperous loc- you can talk. You can walk. You can think you can smile all the muscles you have in your face that make you smile. The blinking of your is That grin that cute little. I don't even know how you call those these little bumps in words. I don't know how you call them. Tim posey saiga have deposed. Yes so imagine having these dimples what prosperity. That is your fingers how they're moving. They can switch on and off recording buttons and put up and down. The headphones plugged in and out the microphone. That's prosperity we just have learned prosperity. I believe in a very limiting shape and form. You're absolutely right. I think that we probably auctioning. Paik was is right now with this conversation. Because that's how on feeling we've been trained through Current social systems. She believe prosperity only means money. And that shut down all of these other facets of so important to have this conversation and bring to people's awareness. What prosperity really is so that they can embrace it and feel it and it will on it sign. I think when you do embrace this come ass in every facet including the money like. That's the other side. I think if we can embrace it holy in every piece of allies then. The positive outcomes are
Senators Joe Manchin and Kyrsten Sinema Continue to Block Biden's Agenda
"Nothing's over yet. We have a long way to go before we can reclaim America, but I like the momentum. I like the way things are going right now. Biden's agenda is blowing up. He's making a last ditch effort to try to save it. It's fallen apart thanks to Joe Manchin and Kirsten sinema. I can not believe that our entire country hangs in the balance with a couple of feisty, moderate Democrats holding the line. They are. They're holding the line and Joe Manchin is evidently talking Biden out of the capital gains tax increases. He's talking Biden out of the IRS, snooping around our bank accounts. It's quite a thing
Biden Administration Wants to Use the IRS to Spy on Your Bank Account. Period.
"So peppermint patties up there at the in the Brady press room And she can't stop lying It's like an impulse control problem Peter doocy is pressing her right now on both vaccine mandates and the IRS snooping and she just can't be cheesy incapable I believe physically incapable Like the vocal cords the tongue the whole mechanism for which she produces sound is incapable of producing a sound that resembles the truth Listen to me and listen clearly The IRS under Joe Biden Joe Biden's administration wants to use the IRS to spy on your bank account Period That's not open for debate That's not open for discussion I don't play euphemisms games That's a fact They think your money is their money and therefore they should be able to see everything you spend money on every withdrawal That's why they want a digital currency as well There's nothing more they'd like and to monitor your transactions outside of the bank as well Listen to me This is what totalitarians and tyrants do They do totalitarian stuff which is totally running your life and taking from you what they believe is theirs That's why they want you to stick things in your body like a vaccine whether you want to or not That's why they demand access to your bank account And she can not stop lying She's trying to play this fancy word game Well now we were gonna look at everybody's bank account that had $600 in transactions Now we're just gonna make it 10,000 Folks most people have direct deposit I assure you the overwhelming majority of Americans are going to have some transactions in their account that total the $10,000 or more Why are they entitled to
Pelosi: 'Yes,' IRS 'Tracking' of Bank Accounts Over $600 Still on Table as Opposition Grows
"The idea would require banks credit unions and other providers of financial services to track and submit information to the IRS about the total inflows and outflows of every account that features a balance over $600 at any point during the year or with at least that much an annual transactions. Speaker Pelosi was asked about it this week. Yuri, let's play. Can we play the Nancy Pelosi clip? She was asked about this by a reporter and she seems very intent on making sure this is part of the Democrats reconciliation package. Listen to this day, listen to this David. In the build back better build that's been proposed is IRS cracking down on the banks are starting to get calls from customers and they're reporting these calls. They're concerned about its tracking of transactions that is greater than $600. So Americans are starting to be worried about this. Do you think that this paper of getting the IRS more money to check on an unpleasant taxes is going to stay in the reconciliation? Yes, what do you think? Yes. Yes. Yes. Yes. Well, I mean, with all due respect, the plural of anecdote is not data. I've said that before here. Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think 600. That's a negotiation that will go on as to what the amount is. But yes. That is very clear. This is going to happen as far as if they get their way. But David Williams, there's been a tremendous amount of pushback from customers from Americans from the lobbyist with the banks, maybe maybe this is something that doesn't soar through the way the Democrats hope it
Biden's Bill Will Empower the IRS to Track Your Every Transaction
"One One of the core aspects of this bill Biden and the Democrats are pushing Is to massively increase the power of the Internal Revenue Service Now for people who don't pay taxes and are on the doll that's not a big deal But for people who do it is a big deal Because it's intended to again Bully threaten intimidate law abiding American citizens who are actually pay the freight in this country While people on the dog get to watch and laugh John barrasso at a press conference today cut 6 go The Republican Party is not going to allow the IRS to spy on your banking accounts On this single topic alone I've gotten more emails and calls in the last three weeks than I have on any other item over the last of the times I've been in the United States Now what is he talking about Well we've talked about now for weeks and I've done it on television as well And that is this Biden is proposing that any Movement of money that is $600 or more can be monitored by the Internal Revenue Service They can try and figure out what it's for Whether it's coming into your account or going out of your account and not just your account it could be PayPal or Venmo or whatever it is That the Internal Revenue Service would be empowered to trace that And to monitor that
Katie Hopkins Is the Most Banned Woman on the Planet
"By name is katie hopkins and for people that say. I have no clue who you are. And that's my favorite kind of person. Isn't it because then you just normal. I am just normal. But i am and i introduced myself as a straight white christian conservative married mother of three children. And i'm proud of all of those things because those things are all the wrong things to be these days and despite never having broken law despite never having owed anyone any money or never having harmed anyone. Apart from my first husband was fine. I am the most banned woman on the planet banned from south africa. Banned from australia. Banned from wales. I don't have a bank account. After trump tweeted. They took my twitter no way. We're i think we're confusing categories. You i think part of what you're saying has to do with the covert madness right. You're not allowed to go to certain countries or something. Is that what we're talking about now. No i'm banned from south africa for reporting on the genocide of white farmers. I spent three months living on white farms in south africa. In any of your burr south african audience which you'll have plenty of most of my audience are bores. Thank you very much ladies and gentlemen. You've been a great audience. We're here down to three
Nebraska Will Oppose IRS Snooping in Biden's $3.5T Spending Plan
"A lot of people are looking for a roadmap. How do we move forward. While the nebraska treasurer it becomes the first state. Says they refuse to comply with biden's plan to let the irs view your bank transactions nebraska says nebraska state treasurer. John miranda said they will not comply if the administration sues. He will take it all the way up to the supreme court i'm reading from the gateway pundit dot com as a state treasurer i have an obligation to safeguard personal information of hundreds of thousands of these accounts. And it's absolutely wrong to ask american citizens who have an accuser wrong during the turn of their wrongdoing to turn over the private bank information the federal government. There's no excuse for it. He says moronta. The state treasurer. Says i t i don't typically engage in legislation. That's going through congress but on an issue like this is something that myself and many of my colleagues across the country believe we have to stand up and fight. And i would say this. Even if the supreme court says it's constitutional don't comply seattle san francisco portland los angeles chicago new york philadelphia. They did not comply with federal immigration law. Because they didn't like it with all of a sudden the biden regime is going to say. Yeah we wanna see your bank account information. The state attorney generals and treasure should say no. That's not how this works. And i wanna just praise nebraska for saying the sell out saying that they are going to have a noncompliance agenda when biden decides to completely and totally overreach and go in a direction that we have never gone before in our country that they can see your most intimate banking information your transactions as you make them for what reason exactly because they want to monitor you and of course they'll target conservatives more than liberals obviously they'll target republicans more than democrats especially republican donors and people that are making a difference obviously
Democratic Strategists Pose as Republican Group to Attack Glenn Youngkin
"And even axios a left wing site says Dems sneaky sabotage a group tied to prominent democratic strategists is posing as a conservative outfit To try to drive a wedge between the Republican candidate for Virginia governor and his core vote as axios has learned During the past week virginians have been targeted with ads on Facebook Instagram Google and SnapChat questioning Jenkins commitment to the Second Amendment Though the work of a new political group called accountability Virginia pack its website says nothing about the individual's organizations behind it This is how the Democrats did They are a sleazy diabolical operation While the NRA backs Donald Trump they refuse to endorse Glen junk and we can't trust glennon on our guns one of the ads says public records show that PAC has spent more than 25,000 on the ads which have been viewed between one and 5 million times While clearly designed they hit youngin from the right all indications point to Democrats behind the pack Accountability Virginia's online donation page has hosted by democratic fundraising platform act blue It's bank account is amalgamated bank a labor union owned financial institution popular with democratic political groups The PAC was incorporated in Virginia by compliance consultants of the NBA MBA consoling group which works uniformly with Democrats Its ads on SnapChat were purchased by gambit strategies a firm founded this year by the Biden presidential campaign's digital director former head of democratic super PAC priorities USA Fake information is prevalent on the Internet gambit's website warrants research shows time and time again the best way to combat false negative information Is to provide people with positive information about a candidate Now they're gambit in north NBA consulting responded to axios request for
R. Kelly Assistant Says He Made Her Write False Confession
"A long time assistant R. Kelly is the latest to testify at his sex trafficking trial Diana Copeland served as an H. R. Kelly for fifteen years and she says well she never saw any of the alleged sex abuse that the R&B star is accused of she did witness some odd stuff when she says he asked her to change into a robe to prove that she wasn't secretly recording him and she says Kelly even had her write a letter falsely confessing to stealing from him she testified also about how Kelly relied on his inner circle for example Copeland says the singer struggles to read and write and had no control over his own bank account well where his royalties were going she also says R. Kelly didn't even know his own social security number I'm a squirrel's Gabriel
Joe Biden Is Losing Political Capital Every Day
"At an Oscar ceremony. I get it. I'm not suggesting, you know we should take a victory lap. Crack the champagne. Get on the medal stand. I know it's a small thing. I understand that. But I'm not going to come on the air all day and be Danny Downer and act like the whole world is collapsing every single minute when we are starting to rack up some political victories here and there. You've seen Gavin Newsom in California struggle. He's how to spend upwards of $75 million in this California recall election. He's fending off a group of Republican challengers who have a real chance. Are they going to win? I don't know, folks. I have no idea what's going to happen, but the elections coming up and I hope, our KBC KSFO and our other California affiliates, I hope you're all voting. We got a real shot here and I would make the case to you. Yes, Obviously we want to win that election. But I would make a shot you we've already racked up some small victories. Folks listen. The money is not replaceable. Gavin Newsom has had to spend tens of millions of dollars on an election that should never have happened. Never have happened. That money is gone. It's been consumed. It's been pumped into T V ads that have already played. It's not coming back. It's not an unlimited pool of money. There's not that's now money that can't go to other places in California and around the country. Is that a huge win? No, just like Chipman. Is that the biggest win ever in the history possible, but it's a good one. I'd argue that we are already starting to rack up wins because Joe Biden's political capital, his political bank account, what we think he has is even less than he actually has. The guy is losing political capital and withdrawals of being taken every
A $1.5T Asset Manager Is Getting Into Bitcoin
"Block works. This morning tweeted a job application from franklin templeton who are hiring a traitor dash crypto space currency. Yes that is how they described. Crypto currency crypto space currency. Franklin templeton is a company that was founded in nineteen forty seven it went public in nineteen seventy one and is basically just kept growing. The firm has more than four hundred fifty different mutual funds. The story here of course is just the continued integration of bitcoin into large institutional offerings and the current system along that front bitcoin magazine reported on a similar story. Customers at vast bank can now buy and sell bitcoin directly from their. Fdic insured checking accounts. Vast ceo. brad. Scrivener has made the argument in the past that he thinks that banks should be the best place to buy bitcoin quote or familiar with regulation. We're going to do the right things. We're going to do things to make sure the financial system is kept safe and sound. There's lots of different customers out there. That may want to control everything and have their own wallet. They're on passcodes. And then there are those who are crypto curious and may prefer to work with the bank or an intermediary just because they don't quite understand. Now that's the same argument driving a lot of the partnerships that breakdown sponsor ninety has been doing to get bitcoin buying selling in holding straight into customers bank accounts. So it's clear is. The mainstream is just plotting right along coming to bitcoin at its own pace in the meantime btc. The acid is back up over fifty k. But still many are wondering where. Bitcoin is from a market perspective for that. I'm going to do a mini long. Read sunday right in today's episode by reading this excellent thread from my friend and frequent breakdown. Guest travis cling he writes. Bitcoin is an interesting spot at the moment. A couple thoughts forty four days ago. The bitcoin chart was in big trouble. It had broken all sorts of support levels and had many people seriously doubting whether thirty thousand could hold again in the subsequent forty four days. Bitcoin covered a tremendous amount of ground. It did that thing it does. Sometimes we're just runs away from people. Oh you thought you were going to buy thirty or even lower. How about forty eight. A massive amount of damage has been repaired to the chart. We punched major fibs and points of control retested and held. Sr flips battled with the two hundred day and then firmly reclaimed. It impressive stuff.
Q&A: Should I Share MRR With My Employees?
"My co-founder. And i probably be hiring someone in the near future i hire. I was just wondering when you hired in the past. Would you share financial metrics like m. are with employees or. Would you keep that just between you and your co founder is curious to hear what other people do in this situation. It's a good question davis and think the way i would do. It is the way that i did it with drip to be honest if felt weird to me to not share r. m. r. was was our. Kpi right it was the key performance indicator that drove the business and if mara was growing than the business was successful. I'll say. I mean that was the number one. Of course everything flows out of of mr. I wanna be clear. Obviously happy customers happy employees. There's a bunch of stakeholders but just to boil it down to one number to me. It is immoral. Tell so much about your market share about your enterprise value. If you were to sell the company about how much profit you could potentially have all these things so everything flows from our then. It's right like the lower your turn the faster. Mtr is going to grow and without telling let's see my marketers or my customer success people or even my developers where we were it would have felt weird. I think people will likely if they're working for you and they don't know you're probably think it's a lot more than it is and that can sometimes lead issues in terms of why not getting paid more wire. We so stingy with our amazon hosting or why are we paying more for xyz service. Why don't we have better benefits or whatever versus if they start and it's like yeah. We make thirty grand a month and you can do the math here. There's four of us. We're pretty much at break. Even which is in essence. What i would tell every employee i would hire at drip obviously before we were acquired because once we required we were venture backed essence. But i would tell them you know you're going to learn what are monthly recurring revenue is. I'm gonna let you know that we spend all of that every month sometimes more to grow this company so what i was trying to do is level set. You see that number. That's forty grand sixty grand one hundred grand whatever month that is not going into my personal bank account. This business is in essence. A growth business and growth costs money
"bank account" Discussed on Everyday Buddhism: Making Everyday Better
"Well come to episode forty seven of everyday. . Buddhism making every day better I'm back. . I took a few weeks off as is obvious from the. . Missing podcast episodes that usually are there every couple of weeks? ? Just to sort of rebuild. . <hes> rebuild. . My strength <hes> my optimism and sort of developer. . Resilience Bank, , which is what we're going to be talking about in this episode. . You know and I just. . Explained what I was about to do on facebook post about three weeks ago I shared was probably more about four weeks. . Now, , a shared a post and a link to an article called your surge capacity is depleted and it's why you feel awful. . It's an article written by Tara Haley. . and. . Shared my personal facebook page, , and also the everyday <unk>. . Buddhism <unk> group I wrote I'm sure many of you have already hit the point where you're surge capacity is is totally depleted either just recently are months ago. . And in the last few weeks, , so this would have been. . About a month ago I faced up to the fact that I'd been feeling off and awful for days on end. . And feeling that way is something I am not at all familiar with as nearly incorrigible glass half full person. . I totally identified with Tara, , Haley's description about what she's going through and how strange it was for her being a high achiever to feel what she described as a quote anxiety tainted depression mixed with on we that she couldn't kick. . And it was also along with the complete inability to concentrate. . And I read that it was exactly the way I'd been feeling. . So those of you in my everyday Sanga in everyday. . Buddhism membership community know that I recently did face up to the fact that I needed to give myself a little break. . And in in the article Tara Haley points out that expecting less of yourself is exactly what you should do to help yourself go the distance in this pandemic even though we don't know how long distances or what we're gonNA find at the end. . Her article talks about this thing called them big use loss and it's why we feel so bad. . And how it's news for Motif <unk> for many of us. . <hes> and how we have no coping skills. . Much like my recent everyday Buddhism podcast called six steps for coping with uncertainty with Gregg creech healy asked the question. . How do you adjust to an ever changing situation where the quote new normal is indefinite uncertainty So, , it's been a little over a month since I released the episode with Gregg. . Creech and it gave myself time to think about. . Writing, , content having ideas for content or recording content. . I. . Also took time away from hosting the Everyday Buddhism Sanga or which we call the Everyday Sangha with gratitude for volunteer hosts from the Sanga who took over for me. . Just a few weeks prior to recording the episode with Greg <hes>. . We lost our dog Bella. . She was fifteen and the last dog in the House since we lost her litter mate brother back in April of two thousand nineteen. . So I did realize that I was personally was dealing with a mix of this thing called ambiguous loss as well as the more tangible loss and grief of losing Bella. . You know a while ago. . I expected to snap out a feeling awful within a week or two into this past month of my break. . But I'm here to report that just giving myself a little break wasn't a magic solution. . I did what seemed to be all the right things I took more walk spent more time outside read more and. . Let Myself. . Sleep in. . But it still seemed harder for me to focus and get motivated to do the things I needed to do. . But see it's Haley's article <hes>. . She she she points out that this is very typical. . <hes> she did interviews with an masten, , PhD Pauling boss, , PhD and Michael Madhouse <unk> md.. . About. . Our adaptive surge capacity that we call on in response to a short term stressful situation like a natural disaster and it's that adaptive surge capacity the it's it's met for the short term situation. . So therefore, , it has limits. . And in this situation that we'RE DEALING WITH WE'RE WE'VE depleted that surge capacity because our emergency is no longer short-term, , it's now chronic. . And I've been hearing from friends family and Sanga members who feel the same way he in the Article Pauline boss emphasizes how are solution oriented culture and way of thinking is actually destructive when faced with the problem that actually has no solution. . This time of ambiguous loss causes feelings of helplessness and hopelessness and a better way to deal with these feelings is not through trying to think our way out of them or find
"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 Edmund Garey Credit Repair Show
"And also ask credit bureaus. Did they investigate each item? You have a right per the fair credit reporting act. So again when disputing your items, one anyone tell you do not dispute. Online gives them extra fifteen days forty five days. When you order your free year quarter before. The WW Experien- DOT COM pete at one dollar. Get a free trial seven days. In his nineteen ninety five a month after that, but it'd be a hey. Pick up the phone. Call to hey I can't afford this though knocking down the fourteen ninety five a month. So that's way each month. You can monitor your credit. She was going on with credit report. Like I said when you do, do you credit report you dispute letter, get a piece of paper out. He disputing five accounts make sure you go to each account. Do not put this, not mind. If the balance is wrong. To a question mark said, please investigate this balanced question mark. SAYS THIRTY LATE PUT questions. Please investigate. This did not say this account is not mine. And once again this items that we want to talk about certain things. How disputes credit items now also WANNA. Go over again is. Thirty. Five of your credit score is based on how you hey. Make sure you made that minimum payment.
"bank account" Discussed on Edmund Garey Credit Repair Show
"Them here. In Georgia is just by looking them up on yellow pages. You can find out where they're located at. So again. They were discussing the day is. The best second chance bank accounts that you can get. Through when you've had credit problems, you've had bankruptcy low credit score. You hear, apply platform account at. WELLSFARGO. Go ahead account at a bank of America. Constantly keep getting turned down. You get tired of that. So again what I've done. Is I research? He banks in these four excellent banks. BBVA's a number one online checking. With no hidden fees, no monthly amount known monthly charges..
"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 The Bank Account
"Thanks rob the P P P loans are in a maximum amount of the lesser of ten million dollars in two and a half times the borrowers average monthly payroll for the prior twelve months or calendar year. Twenty nineteen seasonal businesses may use average monthly payroll for the period between February fifteenth or March First Nineteen and June thirtieth twenty nineteen if a borrower with not in business during those windows of time. They may use their average monthly payroll for the first two months of twenty twenty. The interest rate applicable to the payroll protection program loans is one percent per annum loans will have a two year term and no payments will be required during the first six months there also will be no collateral or guarantees required from the owners of the small businesses. Who are the recipients of these loans in determining the maximum amount of the loan? You I look at the payroll costs for the prior twelve months as I mentioned before the items that you include for determining your average monthly payroll costs include cash compensation paid to employees whose principal place of residence is in the United States in the form of salary wages commissions or similar compensation you also include cash tip or the equivalent which are based on employer records of past tips or in the ABC incidents such records a reasonable good faith estimate by the employer payment for vacation parental family medical or sickly is.
"bank account" Discussed on The Bank Account
"Last Friday was the first day that applications can be submitted by entities and applications for sole proprietorships and those who are self employed. We'll be I available tomorrow. This speed carries with it kind of two overall Fox. I is due to the public private partnership between the SBA AND BANKS. The money for the paycheck protection program is getting out into war very quickly to those companies who need it and I would contrast this with the relatively simple part of the cares act it proposes to or that we'll send money to US citizens that money is still months away but secondly cannot imprecise this off the rules and the guidance are changing. Continuously follows in this presentation is our best knowledge as of three PM Eastern on Thursday night but it is changing daily. So let's turn and talk about the eligible entities. I think we better start with the concept that all small businesses are intended to be eligible and that includes companies. Llc's partnerships five. Oh One C. Three nonprofits certain veterans organizations tribal concerns and all of those entities again were first available to apply eligible to apply last Friday April third in addition sole proprietorships and self employed individuals are supposed to be able to start applying tomorrow Friday April tenth again. I would note that while the application for those sole proprietorships and self employed is the same form and both the and is available on the Treasury's website As of this moment there is no material further guidance to the banks on how the process those applications but they are eligible to apply. We start with kind of all. Small businesses are eligible to apply. We then I have to apply a caveat of there are certain businesses that are ineligible because of general. Sba rules so the following business entities are not eligible for the plan. Those involved in the business of lending that would include both banks and non banks But does not include pawnshops. Pawnshops remained eligible Hassett businesses are ineligible under the program example of that would be landlords that aren't using the property for an operating business but just renting it to someone else. Private clubs are ineligible in any business that engages in an activity that is illegal at the federal level so essentially any marijuana related business may not apply and he's not comfortable for the loan otherwise when looking at eligibility we also generally have to include any affiliates or affiliated companies all of the company applying that standard of facilitation is generally working at those entities that are commonly controlled with the entity that would include teeth. That are more than fifty percent owned that have common stamp ownership for example owned by a husband and wife they would need to be looked at together If those businesses have common management As well as concepts of negative control even if a minority shareholder doesn't own fifty percent but having the ability to prevent certain corporate actions that can be deemed control. Indeed chilly and does look at the standards. It's looking at the affiliation together. So if you have a small business that isn't one of the ineligible and you combine it with the affiliates. You're then looking at one of three standards to apply to be eligible. The first standard is having less than five hundred employees. There are certain industries in which that threshold is higher under general SBA rules those higher thresholds would apply but everyone else has a minimum maximum threshold of five hundred employees. That is based on the average count essentially over the last twelve months alternatively if you are a small business concern under normal. Sba standards you are also eligible to participate. And lastly if you're a small business concern under what's called the alternative size Stanford you are eligible. The alternative size standard is that you have a maximum tangible net worth of not more than fifteen million and then average net income after federal income taxes for the average for the last two fiscal years of not more than five million so again. Those are the three standards generally less than five hundred employees a small business concerned under SBA standards or a small business concern under the alternative size standards. If you meet any of those standards any one of those standards then you're eligible to apply for a loan and turn it over the care and freeze to talk about the terms of that..
"bank account" Discussed on The Bank Account
"Today is Saturday April Eighteenth. Twenty twenty welcome to the bank account by name is Rob Klingler. I'm a partnering Bryan. Cave Layton pays nurse Financial Services Corporate in regulatory team. This episode of the bank account is unlike any before canceling unlike any coming forward to for the last several months. I've been thinking about ideas for new bank account episodes. Frankly it's pretty exciting. Things planned of course corona virus and covered nineteen have changed all those planes unlike many. Npr podcast. That I'm listening to. I would knowledge that. I'm not barricaded under blankets to improve. Sound quality sorry just not my style. This episode is all about the paycheck protection program having spoken with so many of you over the last three weeks. Not Anything in this. Podcast would be news to paint management but nonetheless. Alva- This podcast for those that it might benefit including bank directors and bank customers. I also we've all been buried in client alerts and new government announcements perhaps an audio presentation. A Nice Change. The rest of this podcast is actually a separate recording. That I was part of on Thursday April ninth along with two of my colleagues Karen Freeze in Saint Louis and Mike. Royal can't city of course as I record this true. I think we're all waiting for Congress to figure out when and how it will provide additional funding and what changes they may want to implement. Accordingly my part in the following presentation regarding eligibility in the paycheck protection program is probably not that much current interest. However I think Karen's presentational terms of the loan and Mike's Presentation on forgiveness remain incredibly relevant have also spoken to many borrowers last three weeks. I know that many of these details were overlooked as we all rushed to get the money out or in the door. I hope to vaccine with new bank account episodes but until then. I hope you enjoyed following Bryan Cave weight and pays no presentation on the paycheck protection. Hello and welcome to this. Episode of BBC Vid Nineteen and nineteen podcast in this episode partners. Rob Klingler CAIRN freeze and Mike. Royal address the PAYCHECK Protection Program for small businesses topics addressed will include terms of the program eligibility requirements and how small businesses can have their loan. Forgiven we hope you find this useful and please get in touch if you have any questions. Good afternoon and welcome to this presentation by Bryan cave late and painter or coke.
"bank account" Discussed on Real talk at up at night studios podcast
"God he has given you tori and you need to know that you need to know that you can have what you say you need prayers answer. Will you go to church. You should be expecting some things. Faith should be heard in your church. If is not hurry. heard in your church. They may be the wrong church. Singing songs is not gonna change anything. Although singing is beautiful but it does not move god. You need to understand that. That's how he works. If you need healing you got to learn. That healing is a children's bread. Psalms one or three three states who forgive all that iniquities who he'll with all our diseases. Jesus paid the price for you and me. You don't have to burn yourself and keep illness on you. God wants everyone to be. He'll but we also know that that's not realistic. Because everyone has different measures of faith some folks were have that god that god type of faith and some. Don't god put doctors here to help you get better by giving you medicines and something dead of dead if you kiss k. Half acre for something. And you don't you believe. God for healing god has also placed doctors and gave them knowledge to heal your body to help heal your body. By certain medicines sir plant based medicine certain things there are natural remedies and then imitation remedies which pharmaceuticals do have and then. There are some things that you know. Of course a lot of the medicines are not good for you but then their medicines to help you get him and get better and stronger so you know it's up to you what you wanna do. I ain't saying it'd be a fool in. Don't take high blood pressure medicine or or any type of or sugar diabetes medicine if you gotta take take it but then there's a natural way of doing things in probably get off of that stuff is by doing it a natural way and fan out to chase certain things maybe changing weight eating how you eat what you eat. And it may dissipate all of the diabetes at the same time. So you know. God gives you that authority to do that. You have to make a choice. Mimic god does not twist your arm to make you do anything. You have to decide what you want to do. Even trust god eating believe in his word or not. that's just the bottom line. You have it. No no two ways you you k. You can have your cake and eat it too. God is the god of today and not tomorrow. I hope he receives. Something does night at up at night studios your host henry harris. I really appreciate you sharing this podcast with as many people as you possibly can and again i want to thank you for listening. All right we got to do another episode of how to receive from your bank account and heaven. This is episode number three. Please look from the episode before two cups gave.
"bank account" Discussed on Real talk at up at night studios podcast
"Excuse me the churches that alcohol hooper in holland all the churches to scream and shout and dance around and and run run run around church and at after. It's all over you know. I really haven't received anything from it. I just see a bunch of people screaming at holidays. Shout and now. I believe that you should lift your hair's until the lord and i believe that you give him our praises. I believe that that's something that people would actually go to church to do. If it's something good. But i never did understand you know why people do all screaming and shouting and falling all over the place and i just i i don't i don't i didn't agree with me now. I don't know about about what you think. And how you believe i. I have no idea. But i'm talking about the god that sits in heaven and the holy spirit and people would say that they got the holy goes they got the holy goes and as i was growing up at church. I see these things happening with these people jumping around swinging on chandeliers and saying jesus. Jesus jesus jesus and screaming shouting and fallen under the female's just falling all over the place and you know i mean it's just to me just i i believe it to be an emotional thing and the reason why i say that actually. I have a reason for saying what i'm saying. God the holy spirit is supposed to be gentle. He don't take over your body to make you run out and scream and he's a gentleman. Okay i'll say it again. He is a gentleman the holy spirit of a gentleman he has. He has things that he does and he operates a certain way. That if you even look in the bible and you study the word you'll find that a whole lot of people didn't do a lot of running around in the church and they didn't do allow jumping in and screaming and our mean in in a negative way. But i mean they didn't. They didn't fall all over the place the because they had the holy spirit. And a lotta times. The bible talks about and he was full of the holy ghost and he was full of the holy ghost and he was move by the holy ghost and he was moved by the spirit of god and ended have anything to do with shout and scream and in following all over the place even even in acts one eight. The bible says that you shall receive the holy goes even the next one eight but even those people who received the evidence of the holy ghost they began to speak in talks. That's what the bible said. The navy began to speak in tongues tongs from other Different types of people that they her their own language from these other people. That weren't the same people from their sect of from there You know They they weren't the same people. They weren't mexicans or or anything like that they was they was jews. Day was disciples and they spoken of the torah. They spoke hidden different languages. Probably arabic and some of the language. We probably don't even know about. But they heard these men speaking their own language in their own language that they understood. And i believe that's what the holy spirit instills when he When you're operating it's a gift. It's a gift from the holy spirit as what i believe. Okay there. People need to understand that. God is not one of those gods that push you into doing anything he never has and he never will. He has always nudged you to get you to see some things that it perhaps may change your whole life but you still have a choice. You have a choice to do certain things perform certain things. And i think that's so important you could show up put church. Should you could be a pew member of bench member and when you leave church you studio are the same and you never got anything. I don't know i when i come to church now I have expectations. I would say. I would have expectations to receive something from god by the way. The word is spoke. That's how i look at it now. I sit on the edge of my seat allow times because the information is so good that it feeds my spirit and i want to continue to hear more more and more information from the word and i believe that's when you when you go to church every sunday oi reciter or every friday. I believe that you go. Because i'm i'm just saying mean. I go because i heard something and uplift my spirit and it made me want to come back to hear some more call the good news and because when i leave church this is how you know that the church's effective to you. When i leave church. I can remember scripture. That detached talked about if you ask me. What did he talk about. I can tell you he talked about this. This this or this and i got in my spirit and i can relate to those things because the word of god gets in your spirit and you begin to do the things of god. You know Even the bible says faith covered by hearing and hearing by the word of god and the only way. You can hear things that pertain to you or that you need. Is you gotta hear it from someone that is teaching or preaching the word. Okay here's a good example And what i mean by that is what makes sense i think i can appeal to your census. Now not.
"bank account" Discussed on Real talk at up at night studios podcast
"Is henry harris up at night studios. Got more information for you today. His f- december twenty ninth. What we almost at the end of this this year. It really really has happened quickly this year. At least it seems like it anyway and now we're headed right into twenty one t boy. Oh boy oh boy. I'm being blessed right now. I believe that this coming year the new year which we start would be a blessing as well. And i just pray that i can bring blessings to other people as well that i might bless them and give them some word. You know we're back talking about. How do we see from your bank account heaven. This is my third episode. That i'm working on with you. I kind of want to give you some real good information that perhaps you may have not even thought about but you may consider down the road if it don't fit just put it on the shelf or throw it away if it does and you still want to You know really think about it. Put it on the shelf and save it. Because i think that the information that i'll give you is pretty pretty interesting and it should have you said Wow i never thought about that. So let's get started at net. I'd like to talk to you more about The different types of churches elite few of them anyway Some people go to a catholic church and you know. I am finding that a lot of people do go to catholic churches now. I mean you know. They was raised in a A catholic church People only become catholic because that's what they were taught and i would also say that You know that's what they believe. That's fine. I'm not putting it down but excuse me there's something about Catholic churches dead. I disagree with and it's okay to disagree you know I just don't. I can't really see myself What is it. excuse me doing a confessionals at just. That's just my opinion. You know Everybody has the opinion they have. They believe i'm just saying. I just can't see myself. Confess my sins to a physical flesh and blood man that since every day like i do i i just don't see it and i don't see you know i. I really dare so many reasons. I don't see certain things in a catholic church but again that's what people believe in There are also churches like the episcopal churches baptists churches. There are what they call them Church cries seven day event is all of those religions Are just religions are they are man. Made a lot of them and You know i you know i. I have my doubts about him. I just believe that you know satan causes confusion among the people and you could miss the mark by listening to all the noise and what i mean by. That is a lot of times we should be able to less like I i should be able to go to the father directly Because i'm the one that's in san and i should be able to pray to god Which is in the heavens directly and repent of my sins rather than go to a priest and to expiate my sense Through this man. I just don't believe. I should go to a third party when i have the right to go directly to the god through his son. Jesus christ i just believe that's the way it should be When you go to church a lot of times you know. I don't know and you know You can't you can't say what's in every person's heart but what do you expect when you go to church. I mean are you going to church to receive something or are you just going to look at the people. Are you just going to listen to the minister pastor or are you just going because fashion show to you are just something to do. You know I don't know you know some people go to church to sincerely get something from god i would. I would assume that. That's the reason why they go to church to get some good information so it lasts all week now. I don't know already know me myself personally. That when i went to a baptist church Growing up you know if if someone would ask me what did you would would pass a talk about. I would often believe me. I would often not remember in. Know anything about what that pastor said when i left church to me it was just like there was nothing in his preaching that really made my spirit hunger for more information and i found that to be true. And you you probably find it to be true. Was well when you go to church every sunday or wednesday night or saturday or whatever there you go You it's like an obligation to go just to either satisfy routine that you have or you're going to church to actually receive something for from whatever pasha was preaching or teaching about now baptist churches. They they have what they call. I would call them preachers or who went in holland churches some of them and.
"bank account" Discussed on Real talk at up at night studios podcast
"Host henry harris. Oh boy december twenty six. We're almost at the end of the month. The thirty first is coming around a corner and next thing you know we'll be into twenty twenty. Wow this year has been a blast. It's been a quick year. it seems to me Summertime was here for a moment. You know The lease had blown for the spring time. All of a sudden here we are into wintertime. But we look we still get. We got Fifty degrees temperatures right now on december the twenty six and i think we had On christmas day we had In the fifties on christmas day how about that man. We talk about some wonderful weather and it. It hasn't been too cold yet. And i think the temperature's going to drop down just a little bit Fought on tomorrow and It just still be a beautiful day. We're not in below zero temperatures at all. We're not in the teens at all. So i'm thanking god for every warm day that we can get. I'm telling you because. I cannot stand the cold. It's something that i do not like to deal with And i'm sure a lot of you feel the same way so anyway What i wanna talk to you about gin. Is i want to talk to you about how to receive from your bank account and heaven. This is my second episode. I'm actually talking to you about. Because i want you to understand basically There are principles to hog out operates. And what he's expected of you especially if you are a kings kid you need to know exactly how to operate from a standpoint of a child god and what to say and how does say things where you could get things moving and happening and releasing from your bank account in heaven to actually appear on earth and because you have that type of faith god will honor that faith you know the bible says faith comes by hearing and hearing by the word god so if you hear the word of god you know a you. Get down into your spirit. Then when time's calm you will be able to believe for something by faith that god would act on it because of your faith now you know. A lot of people really don't know how to operate in faith they don't know anything about it. All they know is that expression that you hear all the time is I i that let me see. They always tell you. Good luck. good luck. Good luck with that. Good luck with that. I don't believe in luck folks. I believe in faith. I asked no. Such animal is look. Did you hear me. There's no such animal as luck. So you need to stop where you are in your tracks and start believing god with faith in god we to your faith and then therefore you can receive what you ask for indus physical three dimensional world that we live in you can have it in your hands because of your faith. God wants you to speak those things that be not as though they were. And he want you to have the fullness the fullness of life here on the earth and you know when you're a kings kid you got to understand that you have all authority right now as you speak the word by faith and when you say what you say by faith in other words you need to speak what god speaks say what god says do what god does. It will come to pass because you said it. It's yours you got it and you're just walking by faith not by sight. It doesn't care you don't even care what it looks like. You don't care what the situation looks like a rounding all you know. Is that when you say something you know that you know that you know that you know that you know that what you said will come to pass because you are a kings kid and you've got all of heaven back in you. You believe that all of heaven so let me give you a little bit more scenario for instance on You know why set such the soul you know. Why said these things because you know. There's nothing like understanding the communication Especially when you talk about. You know how god operates and God won't step outside his word in order for him to perform things for you. He said are performed those things. When you speak my word i'll perform it for you. And and other words. God only goes by his word and if you stick with what he says and say and talk like your daddy talk in heaven you can have those things no matter what it is in life. God wants you to be ahead so anyway let me give you an example of what i mean by that then and i just want you to just kind of get an understanding of where i'm coming from and why we need to actually focused and duties things so let me let me share this with you. Okay one day. I was riding a motorcycle. I had bought a brand new motorcycle. awa- years ago. I used to live in dallas fort worth texas and What happened was I used to ride my motorcycle. Motorcycle every day to work and It was really a nice thing to do and get a motorcycle and ride. You know. I really good at ride motorcycle. I had to learn. I fell a couple of times. But that's okay. I got back up and i continue to go But as time went on. I just can't get tired of getting wet all the time and I realized that you know it would be nice to be on the inside when it rains rather than to be on the outside when it rains. Because i'm telling you. Even though. I had a helmet and i had some rain gear and i was trying to stay as dry as possible even had a a little small wind. Chill on my motorcycle and that really helped. But it's not like sitting in. The car rolled up the windows. You know wish rain get you wish your wipers on and you know that you dry. It has no water coming in but what a motorcycle is a whole lot different. So.
"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
"This always reminds me whenever we talk about going public. I think back to now many many years ago when I was in law school, and my securities regulation, professor discussing all of these exemptions. And a student asked will why don't we talk about registering at all all of these exceptions have various limitations seem rather problematic. Why don't we talk as lawyers as to? How the registration is done. And my professor said, well, that's just filling out forms. So for those who have been public companies and certainly for lawyers who practice in the round like Kevin myself. We understand there's a lot more than just filling out forms to going public. But this is where you're talking NS. Four registration statement that you can use to go public, or if you're already public so much easier form, but you are looking at SEC review of that disclosure numerous requirements for what is included in that disclosure, and then ongoing reporting obligations to be clear absent being a Bank without a holding company. This is the only way to be listed on national security exchange by which we mean, new York Stock Exchange or NASDAQ, it is not a requirement for an over the counter listing on the over the counter bulletin board or the pink. Sheets. Those approaches can also provide some liquidity those discussions, obviously are separate from the Manet context. But it is important to understand what liquidity you're going to be offering to target shareholders. That's right. And the real upside is that once your public you have kind of the benefit from both sides. You can still do tax-free reord for your target shareholders. But you can also offer them liquidity from day one, which is difficult to to really offer them in any of the subsequent structures were to discuss. I think that's right. I guess I would also say kind of in my experience I mea can be very attractive way to go public because you do often want a story to go with going public into have a real use of proceeds even if you are paying cash in the acquisition to use the public markets to raise that cash kind of an aside from the transactions were otherwise talking about here with stock consideration, but using that mechanism can make a lot of sense from an asset size perspective. I think generally we're now seeing that being a public company is not worthwhile until. Institution is at least a billion dollars in assets is it's kind of a minimum threshold at which you're going to have enough of a shareholder base to take real advantage of those public markets. The next major category of ways to go about this private company is reggae. Plus reggae has been around for a long time. But the limit is five million dollars, and it was not widely used the jobs act increase that from five to fifty million dollars, which makes it a much more attractive vehicle. These are thought of as sort of a mini public offering you prepare this form one a with SEC which will review that sort of somewhat similar to an S one, which is the document us for an IPO, and again, it's just filling out forms just fill real simple. That's right. And there are like an S one. You know, he's going to be an evolved documents pretty long. You have to include financial statements management discussion and analysis. So it's somewhat similar to s four there is that a lot of up front cost. They're also to tears within reggae plus up to twenty million dollars. There's no ongoing reporting requirements. So it's basically you filed that one document with SEC, and then with a lot of caveats, limitations and other small things to do you're out of it. The second tier so between twenty and fifty million dollars. All you can also Bill yourself at the second tier under twenty million dollars. You have ongoing exchange reporting, which are somewhat similar to have you gone the s four route. But you only have to report semi annually rather than quarterly, and you can exit those reporting requirements so long as you have twelve hundred shareholders after I think it's a year. I think that's right. It's a kind of a nice way to test out whether you want to be a public company, it's kind of like public company light going public light. It does have the advantage of the shares received or freely tradable by the shareholders that receive it not subject any resale registration requirements, and you can fairly easily exit the reporting regime afterwards as long as you don't have too many shareholders at that point. It is definitely vailable four mergers activity SEC guidances explicit. We said, yes, this is allowed available exemption. There have been the number of transactions closed using reggae this, not wholly unchartered territory or firm has been involved with an acquirer who used the reggae process to complete their acquisition. So it's definitely out there. But Kevin as you suggest it's not widely used in large part because some of the other exemptions are fairly attractive as well. And partly because you know, it is I think properly viewed is kind of a step towards going public. And a lot of institutions looking in that direction will decide to go ahead and bite the bullet and go fully public up front. That's right. It does give you a little bit of flexibility more. So than s for in that if you if you want to do a transaction to reggae, plus you can kind of decide over that next year at the end of next year which direction to go in maybe find another deal, you wanna do S four and jump all the way in or maybe strategy or the market of change. And you decide to go ahead and. Stop with ongoing public reporting
"bank account" Discussed on The Bank Account
"Today's Tuesday may seventh two thousand nineteen welcome to the Bank account. I'm rob Klingler. And I'm joined today by Kevin strong. We're both attorneys and Bryan cave late and pays nurse financial services corporate and regulatory team as you may have gathered from the introduction. Some things have changed Jonathan hightower's left. Bryan, cave late pays now. While I'm sad to say, this means there will be a little less, Florida. Georgia banter, I'm quite pleased to say we're going to replace it with some Auburn, Florida banter hundred percent origin, blue even if we disagree as to exactly who that should be. Ultimately, I'm thrilled to have Kevin join us today to Kevin house March madness too soon too soon, but we're looking forward to football season. It's the SEC we can always look forward football season. So, unfortunately, one other thing has changed since we last recorded, and that is the patriarch of our banking group. Passed away won't mailing was an amazing lawyer both for the benefit of clients for the benefit of his colleagues and for the benefit of the profession as a whole. We have been so appreciative of the stories that we've heard about Walt from clients non-clients and even competitors. Personally. I also have to knowledge how much won't meant to me and helped me as a surrogate. Father following my own father's passing eight years ago. Well, we are all saddened by waltz passing. There is no question that the world is better off because of Walter G mailing the fourth. We have a remembrance on Bank p dot com. It'll be linked to in the show notes which itself has lots of other links to other items about Walt but also wanted to highlight to earlier podcast episodes in which Walt joined us, we'll have those links in the show notes as well. And and encourage you to go back, and listen those stories live on and we Miss World. So with that out of the way and me trying to regain my composure, Kevin it's been busy couple of weeks. It has been rob by my count. We close to him and angels, we signed up another one we close to sub that investments close the sale of mortgage division signed a purchase agreement for a registered investment advisor. And we signed. As a significant minority investment in a new Bank. So a lot going on here. But we found time to get back in the podcast studio. So Kevin, I think you raised with me an interesting topic for discussion one that we often deal with with clients. And then in fact was involved in a couple of those transactions. Tell us what that is. Sure, rob what we're talking about. Today is the ability of private companies to issue stock in a merger. And this was prompted by what we were just kind of talking around the office about a couple of misconceptions that we think are somewhat prevalent out there in the industry. The first is that if you're a private company you've got to use cash to acquire another Bank, basically that you're sort of foreclosed from issuing stock as merger currency. The second misperception is that when a private Bank decided that they do want to issue stock. They can just do that without really paying that much. They should just plan on being to do that freely without really paying attention to the securities laws, but federal and state, I think that's right. Those two misconceptions while entirely opposite of each. Or both ones that we see regularly either that there's no way to do it. Or, you know, there are no restrictions when you choose to do it. They answer is is much more in the middle. It's you need a lawyer to help through that path. That's right. So I think what we want to focus on today is really ways that a private company can issue stock and can approach a target with the possibility they would be able to issue stock in a merger in addition to or instead of cash the first path to do that is kind of an exception to the rest of the conversation. And that's if you don't have a holding company. So if you are a Bank without a holding company, you may rely on the securities exemption for issuance by banks, and you can do that in the merger. Just like you can you know day to day. That's right. So this hearkens back to one of the earlier podcast, we record where we talk about some of the benefits of having a holding company or not having a holding company, and this certainly can be one of the advantages to not having a Bank holding company is the. Temp nature of banks stock now, we won't rebroadcast that entire podcast episode. Here's Feis say there's lots of advantages as well, including the ability to take on debt to finance those merger transactions. But certainly a Bank looking to do an acquisition, even if it is an acquisition of another institution. That has a holding company does have significant flexibility from securities point of view with one significant caveat national banks as with the discussion with Bank holding companies generally under the national Bank act, the has effectively adopted all of the regulations of the SEC and apply them to national banks when it comes to security issue Ince's. So both the issuance itself has to either be registered with the OCC or an exemption. We'll talk about those exemptions shortly. And if you do register you have the ongoing periodic reporting obligations just. Like, a public company would state banks, however, have much broader ability to issue stock without addressing specific exemptions. And without concerns about undertaking a periodic reporting requirement unless they are also listing on the national security exchange. So more details than we can get into any podcast. But I think that's the Bank exception to the rest of the conversation. That's right. So the good news is if you are a state Bank without a holding company, and you don't plan on listing on a national exchange that this first option we talked about is really good for you. And you pretty much can stop listening to the podcast right now. Well, we encourage courage to continue listening, but as far as ability if you're a state Bank without a holding company, the substance of the conversation has pretty much concluded at this point. That's right. The second option, and this is almost almost cheating is not being a private company anymore. So if you decide that you really want to issue stock as merger consideration, you should consider going public. And then staying public in the way, you do that through filing the form s four with SEC. And as you probably suspect, you know, very long involved process. It's a big document it's going to be expensive upfront expensive ongoing. But particularly if you plan on doing being an acquisitive company going forward, and you plan on doing a few of these you'll have a public currency that you can use for for a string of acquisitions this
"bank account" Discussed on The Bank Account
"Are those can be different answer. I'll go with four thousand community banks. Okay. That's you know, I actually thought you might say five thousand I would say, but my personal Jonathon Hightower definition, they're far far fewer. So I'm going to say that a community Bank is something a Bank, which has an existence that is sort of self justified. If a community really needs the Bank in a way that it's irreplaceable, then that's a community Bank that there's probably you know, in Georgia. It's a solarge state. It's got a lot of very communities in it. So, you know, we we might say there were up to one hundred and Georgia most states may only have a handful, of course, lost as only handful of banks period. But I think it's a much smaller number, but I think that's very informative or should be informative. When it comes to strategy. So. So if you're think about this, and maybe podcast is not the right forum for this because it's much better visual. But if you're draw sort of four quadrants and say on one side, we have community banks on the other we have nine community banks if on the community Bank. My job is a strategy officer just got a lot easier or maybe it got kind of boring because I think if you're in a community Bank, and you look around and see boy, I'm in a community that really needs me. And I've got tools around me. I've got people who wanna do a good job that got the energy for it. Then I can go to work on what other pieces do I need so technology, for example, you know, that that may be something that we want to look hard at if we feel like we've got an infrastructure built. And and we have all this excess capacity in terms of talent and whatnot. Maybe we're going to go out and try to figure out how we buy other banks again. I think maybe that's a difference. And the way I would look at this versus what we actually talk about ourselves a lot Imon a being a tool within a strategy as opposed to strategy in and of itself. So I think that's interesting perspective. And I agree completely with starting with looking at internally what the institution is. But I would challenge that the first approach should be the first question to ask is who are shareholders. And what do they want looking at our fiduciary duty to our shareholders and not just the community at large often that could be a long term growth strategy could be a income strategy along the way, I think it's often not a short term maximization. But a long term value maximizing which could come back to what are the institution's strengths and its ties to the community. And how do we deepen that and maximize the value for both sides in that? But I think it has to start with is that benefiting the community just to benefit the community, or is it benefiting the community to turn around and benefit the institution and the value of that institution for its owners. That's a really good point. And it mirrors some conversations we've had in the last month woods different clients who are starting to the planning process for twenty nineteen particularly in rural markets today. You know, you you really do have to analyze what are our shareholders of for. You know, if it's something where your shareholders willing to walk down, the path and say this banks imported the community and the community would collapse without the Bank and the community is important to me. Shareholder, right. Certainly we have institutions wear. There is a symbiotic relationship from the different organizations that are critical to that community one of which is the Bank and many of the others of which are, you know, run by or common directors with our own shareholders bright, and I think that's where we can also get into the fallacy of. Well, that's why you don't want institutional investors coming down because they don't get that community dynamic that may be true. But it's not always some mean person sitting on Wall Street who has that disconnect. It can easily be a member of the community who just has a different mentality about his investments are investments or who moved or who moved or who is second generation and moved away and doesn't have the same value structure or third generation or fourth generation at this point. Right, right. Very very important to analyze that. So I guess continuing. With with my quadrant. If I feel like I'm in a community Bank. And maybe I don't have those right tools, and I don't have the right energy. And maybe to your point. I don't have the shareholders support to move forward. Well, then I guess my job got kind of easy then to, but maybe I should take a fresh look at my resume and give the offer McCall back. Those are those are really tough situations. I guess on the other side, let's say our existence is not self justified. Which again, in my opinion is as most banks. There's nothing wrong with that. There's nothing to fear there. But you have to accept the challenge that you're in an extremely competitive world at that point because people can really access financial services from a lot of different places. If there isn't that special unique relationship that we see from community banks, and if we're sort of on the mirror image of my no energy community Bank. And we have the no energy on community Bank. That is loosely defined as the bottom quarter of performers that that exists, you know, to make the other three quarters, look good. I guess, but I think that dynamic is as out there as well. And then again, just completing the the quadrant piece if you were in a non community Bank, and you've got all the right tools in place. You know, those are the the banks that tend up tend to make the headlines in the industry news because they're out there scratching clone and fighting every day to be the best. I think that's probably the the biggest challenge if you're in the strategy officer seat, but also probably the most rewarding because it is the hardest and and there's plenty of options out there to to get it figured out. So I guess, you know, if if we've got my assessment done, we've got your assessment done, you know, what is the landscape today for executing on a strategy. You know, again, I think this dynamic of fewer attractive sellers out there to to execute on strategy with might lead me as a strategy officer to get away from that little box of thinking and start to think about for me. Probably the first four can the road is wanna invest more in people or more in technology. We seem to see a lot of difference of opinion on that. And I think people who have drawn the conclusion that technology is the path to invest in probably look at folks who've made the the other decision and say, well, you just don't get it. You don't understand technology. I don't necessarily view that as the case. What do you think about that? I would draw additional distinction because I think there is the buying technology off the shelf or buying the people. Who can generate that technology, and certainly for smaller institutions that is a hard path to go down. But you know, sometimes if you can develop in house something that works for your institution. There's just going to be greater buy into that greater value creation than participating in an off the shelf tech platform. No, I think that's absolutely true. It's something that really escapes me for the most part. I am. I'm not a tech person. Rob you're much more fluent in that realm. So I tend to be somewhat mystified by hell people generate tech solutions. And and really even where it's going. We were having this conversation a little bit earlier today about the use of technology in law firms which law firms are generally reflections of what their clients are doing and just trying to catch up clients at this point is as. Challenge. But again, I think if if you're sitting there at that fork in the road, some real expertise and thought and probably use of marketing, and in an interesting way, you know, I think had a banker told me recently that most banks confuse marketing with advertising, which I think is very true. But understanding, you know, who are my target markets. You know, what are those folks? Like, what are they interested in where we're going really should form that that tech strategy as well anything else about the landscape today that? My puzzle this out I think I keep coming back to if if I'm hired as chief strategy officer. I think my first assignment is recommending firing whoever decided to hire that was not the right decision. That's not where I should be in an organization, that's not the value maximizing approach there. So I think I still challenge the general premise of the question one last point, maybe this is something that I was talking with a banker about this week talking about locations and Cilla use any said, you know, whatever we choose that makes a statement. And I thought, you know, that's that's really interesting and as banks looked to expand, particularly in terms of physical locations that something worth thinking about, you know, it's it's an ad for you. That's a monument on most people at least in the past that and said we need to have a really nice facility. But again think about that sort of marketing and brand consistency. In those some of my favorite branches up into recently. Use a tremendous amount of glass, there's a great deal of transparency with who's there? And what they're doing all those things I'm sure there's some psychology behind that that I don't really understand. But you know, those are things to think about when you you think about how you wanna plan to approach the market on the opposite end of the spectrum one of my favorite branches. And really it's the main branch of a good client of ours is a very small floorspace. Inside the middle of an office building with limited hours, and you have to get through security to get to the institution, but they can use that as a base of operations for their people who are upstairs and are going out and meeting the customers and generating relondo may on and the deposits are all handled electrically anyway. So it makes for a very different business model, but is the right one for that institution in this market. So if you hadn't said small, and we had just focused on security out of thought you were talking about in the Federal Reserve Bank Mellon. But yeah, that's that's not small at all now. Anyway, different think those are probably twelve to eighteen minutes of thoughts about what would happen. If you hired a lawyer as your chief strategy officer, you could get all the good out of him or her and about fifteen minutes. So hope everyone enjoys in rob send us out. The Bank account is a podcast series produced by the financial services corporate and regulatory team of lawyers at Bryan cave. Layton pace ner this podcast is designed 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. Hiring advice and are not intended to create an attorney client relationship between you and Brian cave. Layton, painter if you have specific questions as the application of law to your activities, you should seek the advice of legal counsel.