35 Burst results for "FDIC"
Big Tech Critic Lina Khan to Lead the Federal Trade Commission
"Start with lena. Cohen who is appointed confirmed the federal trade commission. That's a big deal. It's a really big deal. So this week. She finally received a floor vote. It was a bipartisan vote. Republicans and democrats not going to say all republicans but enough to get a confirmed voted for her and that was early in the morning about eleven thirtyish and then a couple hours later i was watching this hearing on smart home. Check in competition and amy klobuchar friend of the pod. She leaked g basically scooped. Everyone that lena was going to be the chairwoman. Fdic and lead the agency a mad scramble to be like what you say right. It was like chima speak and all of a sudden reuters is reporting. This is confirmed and everyone was like. Oh dang okay cool so. She took her oath of office. On tuesday believe and she is currently leading the. That's amazing. so lena somebody also a friend of the bug. She's been on the verge before probably listeners. Quickly she was a law student. Columbia have really influential lottery. Paper about amazon called amazon's trust paradox. remarkable for a law students. Love your article three. That influential chee ended up advising agencies advising the fcc than she was on david sicily's antitrust subcommittee wrote a lot of the investigation than was nominated for that. And now she's the chair at the otc like she's in charge of overseeing mergers acquisitions of making sure the markets are competitive just a real rocket ship of her career from law school to leading the and she's not been shy about how she perceives the power of these big
FDIC campaigns to get the unbanked to open accounts
"There's an industry term for people who don't have a checking or savings account the un banked more than seven million americans fall into that category according to the federal deposit insurance corporation and one consequence of that is not having a place to deposit those federal relief payments. Nancy was talking about now. The fdic has launched a public campaign aimed. At changing that marketplace's justin how reports households that are unbagged tend to have lower incomes more volatile incomes less education leonard chain is deputy to the chairman of the fdic. He says two and a half percent of white house or on banked and that in contrast to about fourteen percent of african american household and about twelve percent of hispanic households were unbanned. There are plenty of reasons why disadvantaged communities might avoid the banking system. You may have immigrant communities where people come from countries where where they can't trust the banking system like you can in the us. Robert james the second is the chairman of the national bankers association which represents minority lenders. You may have situations in the us where you know. People come from communities that have historically been underserved or been preyed upon by the banking system. Some minority on lenders have been trying to overcome that historical hesitation. Dominic thanh runs off this bank. A black owned lender in south carolina. It offers a checking account with no minimum opening balance and no fee if users keep at least one hundred dollars in it intentionally designed to account to be very simple very transparent there you to us through its campaign. The fdic is trying to let unbagged. People know all of the advantages opening a bank account. Leonard chain with fdic says instead of taking a check to a check cashing service paying a fee then. Walking around with a bunch of cash. The funds are going to be in an insured account as opposed to a check coming in your mailbox or even a prepaid card coming in your mailbox. Plus he says you have access to funds right away to transfer around or pay bills.
"fdic" Discussed on Consumer Finance Monitor
"In effect I think that possibility was recognized by acting comptroller Brooks that during that online policy lending event that we were talking about earlier for now the likelihood. Is sorta hard to predict You know I for Congressional Review Act to function it has to happen within sixty legislative days from the publication of the rule now I believe the OTC rule has been published. The I see role has not, but after sixty with that it has to be done with sixty legislative dates. They've got to be a resolution. Both houses of Congress and the president has to sign that. Whether, that can happen well. They probably get through the house. Don't you think? Gliding with the House. Being very much controlled by the downs uncertain whether they get it through the Senate and and I guess uncertain what? What trump would do? I would assume that if it's got heavy Republicans support, trump would end up a signing the resolution. At least that's what he's done. In prior instances can think of There's also a likelihood that these rules, even if they're not overridden by Congress that. There will be some legal challenge. To them, so that consumer advocates are not at all happy with what's going on and one would think sooner or later. It's going to get challenged in court, right. Yes, I think you're right. Allen The you know the unlike the position, the regulators have taken that they're codifying existing law or filling in statutory gaps, others may see it as as an abuse of power or overstepping authority that they may have and some consumer groups have come out and said that these could be subject to legal challenge as well so so that's a possibility you know the I think the more interesting situation might be with respect to the the true lender regulation that that they acted comptroller was talking about. The fact comes out in a whether that would be subject to Congressional review. Act Power being overturned by that or depending on the timing you. You know with if there's a if the presidential election results in abide presidency, we may well see them. You know the that the now president controller and the directors of the FDIC may end up either being different people or following different priorities are maybe taking a different view of the true lender issue as a stance that that's different from what.
"fdic" Discussed on Consumer Finance Monitor
"In. The FDIC determined to add that last phrase in whole, or in part to support securitisations in the sales of participations, and to alleviate the issue of whether the transfer of a loan full stop would contemplate a the the sale of transfer of a of a partial if you will interest in in the loan or part of the bundle of rights, that a creditor has under the loan. So I. Again, the rationale for doing so was very similar to that of the O c. see one of the concerns that they you know I. They were careful to say that they were codifying longstanding guidance in this area. Like the like the OCC had again, we were discussing some of the market uncertainties that the you know that the current state of affairs had with respect to valid when made. It was really attended to address that marketplace uncertainty in to quell it. They also had a concern that in the event the FDIC would have tate would take a bank into receivership and would be in the position of having to sell assets. They wanted to be sure that they would be able to price those assets at that the traditional valuation of those assets. Assets and not have have discounted because of concern over a valid when made and then finally it, in terms of supporting the civility of the financial system the FDA recognized that in addition to its duties as a conservator that there was the other to provide assurance to the marketplace regarding a buyer's ability to to charge that same interest rate of. So those are the main rationales in the main points of the rule I will point out that that the FDIC rule when beyond this most important change. In at provided other provisions in par three, three, one, mainly to codify existing law with respect to a interest rate parody between state, Bank and National Bank branches that are located in hosts states that had long been the law. There hasn't been any implementing rag. They took the opportunity to do that again. To further strengthen the parody between exportation and. In Interest Rate Brampton of that is typically been unseen between the State Chartered Banks under the AC and national banks under the National Bank. Okay So, Let's turn now to the so called Trud Lender. Doctrine and I'm GONNA. Go back to you bland on that Could you describe? What. That doctrine is all about and. And, how does it differ from the so-called mad doctrine? The truth lender. Doctrine is the other Arrow in the quiver, if you will of the state regulators and Agee's and consumer groups that seek to attack the the back model, thank sponsorship programs that we've been discussing. The concept generally is that. In the scenario that I had described earlier. The bank is really not the true lender. They're they're apply. They're approving alone. Then immediately selling it off to the say the online provider and online provider is typically providing the servicing in the marketing and all of the other aspects of this product that in fact, it's a sham that in fact, it is not the lender. The bank is not really the quote, true lender, but rather is the online provider. And why are they making that argument? Because by by switching out who the actual lender is, they no longer can. The provider can no longer rely. Rely on the fact that it was a say, a national bank or a state back the had made the loan, and therefore can't rely on the preemption authority that those banks have therefore they are then left with whatever state they're operating in and the usery laws that may be in effect in those states and can find that though.
"fdic" Discussed on Consumer Finance Monitor
"Access alternative funding sources manage concentrations of assets and better meet customer needs and be able to lend. The OCC addresses the numerous comments it received on the on the notice proposed rulemaking, indicating that this this rule is not subject to the preemption determination requirements that were established under dodd frank in other words. It's not a preemption determination. It's an interpretation of federal law. And the OCC answer the question. Does this support predatory lending with a very strong statement that the OCC does not approve of predatory lending, and this does not support predatory lending and consumers are well protected by a number of mechanisms at the OCC sites. So that's the OCC ruling a nutshell. Okay, Let's go to Glen now. To tell us about what the FDIC did. Sure thing Allen the FDIC rule was just issued five days ago. So it's it's very fresh. Indeed, it is intended according to them to mirror the OC final rule, though the two final rules are are not identical in every respect, the the FDIC had posited that section twenty, seven of the Federal Deposit Insurance Act, which along with section, twenty, four of that act sets up the statutory framework for the ability of state, chartered insured depository institutions to enjoy parallel interest, rate preemption and most favored lender benefits that are permitted for national banks under under the National Bank Act. Act in they posited that the law contained couple of statutory gaps as they refer to them. I section twenty seven doesn't explicitly state at what point in time the validity and enforceability of the interest rate of a bank's loan should be determined for purposes of that section, the other gap that they perceived was a section twenty seven, while while expressly gives state banks, the right to make loans in the rates permitted by their home states the section doesn't explicitly list all the components of that right like the right to assign the loans made under the preemptive authority of section twenty seven. So one of the one of the rules that the FDIC put out really addresses. Both of those points by in their parts, three, three, thirty, one of title twelve provides that whether interest on a loan is permissible under section twenty. Seven of the FDA is determined as of the date. The loan was made. And then interest on a loan that is permissible under section twenty seven would not be affected by a change in state law. A change in the relevant commercial paper rate after the loan was made in that language has put in because one of the permissible interest rates that can be charges based on a margin above the the commercial, the corporate paper rate, and so that carries through that language carries through or the sale, assignment or other transfer of the loan in whole impart..
"fdic" Discussed on Consumer Finance Monitor
"That rate under section, Eighty five or section twenty seven a along with a US supreme. Court case in the Marquette National Bank. opinion allows that credit card issuer to export the interest rate throughout the country, regardless of what state usery limits exist. and. Matt End. In Second Circuit Madden was presented with the question of. For. How long can that last certainly bank of America could charge the deregulated great, but once it got This receivables transferred to Midland no-longer. They were subject to the regular usery limit, so let's start with you. Mindy and Why don't you US Spurs of Ball? Our Listeners WanNa know the outcome before we get into any more detail. So what happened in the second circuit so before? Thank you, Ellen in good morning. Everyone or good afternoon. Before, I answer that question of Allen I am GonNa go back in history, a little bit and talk a little bit about the preemption and participation rights that have been enjoyed by national bank and state banks. The concept of preemption, meaning a federal law will override a state law in certain circumstances derives from the supremacy clause of the constitution, and as interpreted by the National Bank. Act and they fit the FDA. The federal laws and regulations can explicitly preempt the state laws that if the state law prevents or in some cases, conflicts with or interferes with a National Bank, a Federal Savings Association or state banks ability to conduct its business as permitted under state or federal law. So. There is a long strong history. Under the National Bank Act and the owners Loan Act That allows national banks and federal savings associations under more recently under the FDA state banks to charge the rate of interest at the maximum rate permitted by the state where the bank is located regardless of where the borough lives, and there are decades of of the federal. Agency primarily OCC interpretations that support this right and explain why it's important for the business of banking for the financial marketplace, and to the benefit of consumers and the economy alike within. When in twenty ten? When dodd-frank! Started working its way through Congress. There was an attempt to narrow preemption by adding subsection that required preemption determinations to be made according to certain standards or on a case by case basis..
Sexual abuse allegations surface in fighting game community
"Once again, not the happiest of weeks when it comes to sports, I'm just. I'm going to be real with the listeners here new age. Not The happiest of weeks we had an ups and downs right like after it. I say weeks. It feels like it's been weeks since our last episode with all the news that broke and. A couple of days. We've basically seen whole gaming community after we did A. Lovely Documentary Review. I felt like on one of the best documentaries I've seen right the smash brothers a lot of fun to do that in watch it in and then to see all of this as like well. That community just killed itself off essentially now. with on I'm sure with you know. Obviously. News is changing every single day. It does look like it's more of the ultimate side. It seems like it's more of the new school. Kids and not so much the crowd, so maybe we'll give him that. Maybe that's just me with my Malay glasses on like i. just want those guys to be good I. Don't want them to be pedophile and shit like that, but that's what gets me right. Is We finish the show? Last episode. I mean it was more so just kind of still talking about sexual assaults around like counter strike in things like that, and like we said like what do we say like with doc? Right is look sexual assault or sexual assault. You never want to see it. You never do, but if in this world there's going to be bad thing so if you have to pick one like. Make it to where it's? And it's just you know whatever I don't WanNa. See Pet of I. DON'T WANNA. See Pedophile. That's where I get emotional. It's where I'll get upset and it's not really fun to talk about and Lo and behold the FCC was like. Hold my controller. Watch this and it's like you. You saw one story news and you're like. shed. That's bad, and then like another one came after you're like. ooh, that's actually worse like I don't understand like. We've gone from words to action all of a sudden. Words are bad enough. And that it wasn't even like you saw one thing, and like okay, and then it was like everyone would tweet like. Oh well, this person knew about it. That person knew about like everyone in the smash scene, and the fighting game seemed kind of loosely knew all of this was going on the whole time. But regard for whatever reason ever said anything or never felt like they were in the position to, or they felt like it should have been handled behind closed doors which I'll say this because I've seen some people tweet out about it Richard Lewis. This is like he's loving. This in the sense of he can finally take shots back at the FCC for how they treated him with illeg, which was awful like. We've talked about on the show. Before the way, the FCC response to outsiders, coming in is like the worst I mean hell. We've even seen it trying to get into some of these fighting game events where they're like. No like you guys aren't exclusively talking fighting each sport, so we can't have you in the FTC event, look. Bad about Yvo. Part of that crowd. Reason no reason yeah, so there's there's that, and this is not though in my opinion, even though this episode is pretty much going to solely be focusing on the FTC, I don't think this is an FDIC issue. I don't think it's a smash. Brothers community issue. I just think this is an issue like I. Think there's something that got out of hand in a group of people it's. The numbers are a little bit more staggering, obviously, upwards of fifty people involved and counting right. Yeah, like I mean it feels like it could potentially be the start and I feel like more stories and. victims will come forward, but. It's a little bit. It feels a little bit more prominent to me. In the in the community of FDIC at the moment compared to others like it's been spread out everywhere else you know like it comes to streamers, but streamers are not. Like their their own, also their own community, right big name streamers, so I guess you could say that that community is also flawed in my eyes, but that's not. As surprising just based on like the personalities and all that kind of take place in Edgy, sees kinda known to be like more like socially awkward in. We've set it on the show like I don't think you have to beat around the bush. especially. This time I feel like. If you got your shots, shoot them right. The FCC is weird. And before that was always kind of I said that as a compliment right like almost like. Hey, take it as a compliment, you guys. Are Weird. You really love your anime. You like your firs-. Your neck owes whatever your I get it. I get it put. It's your thing and whatever right? You guys are happy with it. You're weird, but it's okay. That's who they are. Exactly that's that's who they were. They were a different side of e sports. And now it's kind of like. Oh! No now it's weird. It's like the tone on that Tad different with me now where it's like. Okay I. You know as creepy it's. Weird alike it's a full of a bunch of creeps again. It's not everybody so it's not a blanket statement that we're talking about. Here is just the fact that there's so many players accused so many big name players accused. You saw people like in the. Narrow situation in particular like you saw people like. Telling them to do it, you know that the conversation that was leaked the person at blurred out the name, but they were able to figure out who was drawing a blank on that now, but they were like instigating them in like. Saying like yeah, this is like this is how it is like. This is okay. You know in, so you know. A lot of people knew about what was going on behind the scenes. Hell like these events are significantly smaller. These people are always together when they're going to them. Some of these events are like home style events. Still you know and so It just. Leaves a really bad taste in your mouth, because of not only the the high volume of people. It's the people that are involved. They're high profile individuals in I. Think the fact that it seems like the lot of the community knew it was happening. In worked trying to stop it or weren't helping out,
"fdic" Discussed on KIRO Radio 97.3 FM
"This was the plan member FDIC thanks to their drug are run on our top stories will go over the reopening plans I'm very excited we have a car tab update Mike Lyons will join us to tell us what we now know about the Theodore Roosevelt incident and and a lot of the Cornell glee club who I sang with has repurposed Dave madrigal for the age of isolation K. I. R. O. F. M. Tacoma Seattle CBS news on the hour presented by Capital One bank I'm Steve K. fin in northern New Jersey the federal framework is now out there to get the nation re open for business again governors have to decide what's best for their states when the corona virus pandemic begins two weeks we're starting rejuvenation the president says several states are in his view ready to be re opened now he even said in some parts of the country people might soon be attending sporting events you'll be able to have those fill arenas the plan calls for governors to phase in the re opening after cases have declined and testing is robust you have to pass heard Dr Anthony Fauci warns the virus could return even after all three phases of the new guidelines are implemented it's not okay game over it's not Steven Portnoy CBS news Washington post CBS news medical contributor David Egan says there are risks by loosening restrictions in certain places and keeping them in others what I don't want to see happen is one county relaxes because a few cases and everybody goes out to dinner from the county over and spreads the virus there those kind of things certainly worry because the president did say it doesn't have to be a whole state policy governors can do it county by county in the virus hot zone New York City mayor bill de Blasio seem more encouraging signs in city hospitals this was a good day definite movement right direction not a perfect day yet we want to have those really clear positive days good days moving in the same direction over the course of ten days to two weeks New York state rules requiring face coverings in public places go into effect today thousands of American troops are still in Iraq training local security forces but as we hear from CBS's Cammy McCormick it's a little different now thanks to the virus pandemic the U. S. military says the fight against ISIS is continuing the U. S. supported Iraqi forces with air strikes during a recent operation but there were no advisers on on the ground and due to the corona virus outbreak the U. S. military now says it's using drones to observe the Iraqi training some NATO countries have pull their troops out of Iraq China's made a revision that added thirteen hundred people to the virus death toll in Wuhan where the outbreak got it starts Asia correspondent Ramy Inocencio sequencing one news citing late or missed reporting of deaths overloaded medical staff and sick residents who died at home and who hadn't yet been counted criticism of the new official data quickly followed though with many accusing China of continuous under reporting that China says it's a comedy Connie that is shrank nearly seven percent in the first quarter of the year Wall Street right now the Dow is up four hundred.
FDIC warns of scams saying banks in trouble from outbreak
"One scam is a claim banks are limiting access to customers money the FDIC says there's been an uptick in calls text messages letters and emails from scammers pretending to be FDIC employees using names of people actually work at the FDIC they say there are security issues with bank deposits the FDIC says they're out to get bank accounts and other personal information no depositor has lost money since the FDIC was created in nineteen thirty three because of the corona virus many banks have shortened branch hours or are pushing customers to use online banking I'm at Donahue
Pension Time Bombs
"Today our subject is It started off as a five piece. Subject is called. Who stole my pensions. And the more we do these things the number of people coming out of the woodwork. Who went to tell their stories about what happened to the. Pensions keeps growing. So let's start off as a five program of five unit program is now going to ten and the reason it's important for all of you. Listen to this. You know the story about the pension time bomb is because it is the biggest story that nobody knows about. And it's only now making the news. And the reason pension time bomb is so important because as much like this corona virus and all that is a systemic problem like chronic viruses. About you and me. Getting the SNIFFLES. It's about the whole supply chains breaking down all over the world which will cause crashes all over the world. This is number three as start off as a five unit program and now it's expanding so app some very exciting people who just want to tell all and let the world know how this pension program is going to blow up and it's GonNa bring down the biggest crisis bigger than corona virus bigger than the subprime of two thousand eight and Becker than they Student Loan Program simply says you've been ripped off. That's that's really what's happening here being ripped off and one of the ways that Wall Street the US government and the banking system. Reps this office via our pensions so stay tuned on the Rich Dad. Show have more of these programs come to let you know how Wall Street the government and the Crooks of the world have been stealing our wealth via different vehicles and our this vehicles pension. One of them is student loan. One is your home mortgage one is the stock market. So this is a very important series of programs started off as five and what might stop at ten whenever no so our guest. Today again is tense Adele. Here's my co author on the book. Who stole my pension and our second gases. Mark Rain and Mark. Green is in the book who stole my pension and mark is a thirty year veteran a ups driver from upstate. New York he is former. He is formerly the organizer and president of the Teamsters Alliance for Pension Protection Aka T. a. p. p. a. grassroots pension watchdog organization mark led to raise funds to perform the first ever forensic investigation of a union multi employer plan the New York State teamsters conference pension and retirement fund. They are robbed blind. So Ted. Let's start with you because you're my co author on who stole my pension. Please give them a little little bite. Your background about why you and I are interested in pensions. My Dad didn't have a pension poor dad and your dad that have a pension so please introduce yourself tent and then how you got interested in. Pensions sure thanks Robert. My background is I'm a former. Fdic attorney and I have done over a trillion in forensic investigations of pensions. And some of the first investigations. Ever done and one of the things that I uncovered it in these investigations. Is that the reason these pensions were? Failing was not because not enough. Money was going into them or the benefits. Being paid out to workers to rich was because the people running the pensions were grossly. Mismanaging the money what we call Bros. Malpractice generally crafty and For the investigation ideas more threes. Pensions The New York State. Teamsters pension is in the book In the exhibit to the and that was the first forensic investigations of over one hundred. Twenty one multi employer pensions. That are going to be taken over by the government and so that was the first one that was ever done so and also You know like my dad lost his pension because of corruption again in government and he ran for Lieutenant Governor of the State of Hawaii and got crushed and lost his pension. And what up until your dad? My Dad was working in the intelligence community so he disappeared in nineteen seventy one in east Africa and it turned out he'd been murdered in Africa in doing an investigation for the American government of being the brutal dictator so since he just could not be found his life insurance wouldn't pay social security wouldn't say his state couldn't be pro baited so there was nothing available for those of us in the survivors of the family. Also so he had no mention either so so one of the reasons I think Ted ireson paddock. Oh you know brothers on this project. A book called. Who STOLE MY PENSION? Is that our fathers. Had their pensions taken. And we're very concerned at this moment. There's many mothers and fathers who will find out if if they already have not found out they have no pension and that's why the but it's more than just a pension is the ripple effect like the corona virus is going to have upon the whole system of the world economy so mark grain Plea thank you and welcome to the program. And I'm glad you raise the money to hire Ted's saddle to go in after the pension so tell us your story Mark Place. Thank you for having me on. I really appreciate you guys working on this project and bringing attention to this pretty serious issue which is affecting us in upstate. New York and of course the whole country so You know how I met Ted. You know it started back in two thousand ten actually the story. We have to step back. A little bit are fun. Started sending US letters in the mail saying We were under sixty five percent funded which is critical status so there was a law passed under the protection. Act of two thousand six. It said the trust. These hasn't make benefit cuts and implemented funding improvement plans. So that's what we first started forming committees. That's when I started getting people together calling attention to this problem and we saw a lot of irregularities with the trustees with telling US misleading statements and we call them out on so as the years went by kept saying. There's enough money in plan to pay low the commerce fabulous and you have nothing to worry about. That's what they were telling people publicly. This is thirty. Four thousand member plan with three or four thousand families involved. Keep in mind privately. They were telling us that the fun needed a fourteen percent. Investment returns every year for the next ten to fifteen years just to break even and not take that step so we knew they were not being honest with the participants. So we had these meetings parking lot meetings town halls and we started raising money in two thousand sixteen to get some inter interventions and. That's where Ted Payments. So thank you ted. I appreciate your work on this investigation and unfortunately we find that the plan was grossly mismanaged and now. I can't retire. You know me along with thousands of other people can't retire because the benefit is way too low and so That's the story as of right now. We can't get the money back but certainly wants to reform of pension legislation to make sure this doesn't happen to anyone
How the Federal Reserve’s “discount window” works
"I'm thinking the best way for us to frame things today. When just how different things are has now? Become so clear is do what we've done a couple of times. The past couple of weeks macro micro big picture to actual people in an economy that is coming to a very sudden stop. You don't get much more big picture of course than the Federal Reserve on a Sunday afternoon pulling out. Maybe not all but certainly a whole lot of the stops that had has that huge cut in their short-term interest rate that you have heard about Shirley and other big bond buying program echoes of the financial crisis to be sure also a cut in something called the discount rate short-term emergency loans dispensed through what is known as the discount window sounds a tad. We D I know but in reality it is so big picture because what we're talking about here is the Fed making some really big moves to keep credit flowing to households and businesses marketplace's. Amy Scott gets us going with what the discount window is and why it is so important in a crisis. Think of the discount window as a shot of. Wd Forty if advanced is short on cash to cover customer withdrawals or make loans it can borrow money short-term directly from the Fed in effect it's kind of keeping the finances lubricated during a stressful time banking consultant. Burt Ely says the problem is banks are reluctant to reach for the Kellyanne. Borrowing from the Fed is usually more expensive than borrowing from other banks and Joe Gagnon with the Peterson Institute for International Economics says that looks bad. I mean if a bank has to pay a higher rate to get credit it's usually because other banks are leery of landing to it so it looks like it might be in trouble. The Fed is trying to reduce that stigma by slashing the discount rate and by urging banks to use it and not add. Mahdi teaches finance and economics at Stanford. If they say well please come. Please come which they also did during the financial crisis. Then it's like everybody's doing it and it's okay and it's legitimate. It could help the J. P. Morgan Chase recently said it plans to use the discount window to help break that stigma. Gerard Cassidy an analyst with RBC capital markets says bank balance sheets are really strong right now partly because of nervous customers. There's been an influx of deposits for the safety of the FDIC deposit insurance. So I don't think the banks are going to be forced to go to the discount window but he says better to get them comfortable with the idea before. There's a real
Retirement Investments for a Steady Stream of Income
"What are some good investment strategies that we use for retirement income and their several of them search the list list let's go down the list and since the market so crazy this week let's talk about dividend stocks we use them a lot yeah I the thing is how do you possibly maintain your picture if you don't have something creating the withdrawals that you're taking and and that's the danger in not planning to use income producing things I'm not saying you should all be that but the dividend stocks can be critical because let's let's say you've got a million dollar portfolio new create four percent of dividends well me that's forty thousand a year just dividends you're not including capital gains by liquidating some things along the way so you would want something doing dividends and that's what we recommend in your portfolio you almost need to ask it's crucial to me and if you're one of these people that you know just cuddles up and next FDIC insurance and you're terrified of everything to do with the market we talked earlier about how low rates are ten years at all time low well you know that's gonna affect CD rates in money market rates and all that kind of stuff you'd be lucky to pull one and a half percent off a CD so where you gonna we're you gonna find that gap or you gonna start touching your principal is your drawing money down that I mean that that's just you're watching your nest egg get lower and lower and lower with every withdrawal you make and that's a scary thought so one is absolutely right it's nice to build into your plans something that's kicking off more income than you know the typical safe investments like CD's and even bonds nowadays yeah and there are companies wall street's call into kind of a cool name dividend aristocrat these are companies that have increased their demand for a minimum of twenty five consecutive years and and there's you know companies on there like AT and T. and Exxon you know I mean there are some good companies on there and in other words the they can't guarantee it evident in the future but they're reliable dividend plan payers and increasing Procter gamble I thinks up to like sixty five straight years so so when when things like Exxon and oil and gas sales go down which they've gone down dramatically recently remember those dividend payers and you know what I'll just bring in another point one of the privileges we have a meeting radio listeners as we some of them have advisors and the we see this in a more typically than we ever have the adviser has all mutual funds are all ETF science not emphasizing dividend but emphasizing growth now growth recently in recent years has been really good until this week anyway but there's not much not a lot of dividend paying so so anyway we believe an individual high dividend stocks says one source of cash flow yes Sir yeah and you know Warren Buffett said it best to me he says if you're buying a business and that's what stocks are you going to own the business for ten or twenty years and so and then he says the real question is has the ten year or twenty year outlook for American businesses changed in the last twenty four hours good question if you buy dividend aristocrat you're buying a dividend aristocrat for that purpose you'll probably hold it for years yeah yeah yeah yeah one thing to consider is when stock prices go down dividends are fixed we got a company that's worth a hundred dollars a share on the market four weeks ago and is paying a five dollar dividend span a five percent dividend if that company gets cut in half does down to fifty dollars a share it's still paying that five dollar dividend but now the dividend yield the percentage yield has gone up from five percent to ten percent so a lot of people don't realize that and then I found that for meeting with radio listeners that that percentage that the that the income equates to that fluctuates but the actual dividend itself that's a fixed and stated dividend that's going to continue on so it's important to look at that and those yields with stock prices compressing have gone up so it might make sense to you know seriously consider adding some exposure to this the side of the market
How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank
"One other question. When as he was. Who Do you expect your customers to be well for Vanity? We're going after the institutional market there are a couple of others that are hanging around the hoop and Wyoming who are going after the retail market. And we hope to be able to do some things with them if we all make it through the process and get our licenses. But there wasn't anybody stepping up for the institutional market which is where I saw a need in particular. The best example is the universities that would like to receive digital asset gifts from alumni but are not in a position to accept them because there isn't a third party that's willing to work with them to provide the services that they need for example under an in in the US under the custody rule. Asset managers are required by law to have a third party store their assets that the the management of the assets has to be separated from the custody of the assets and again the big custodians are FDIC insured banks so as a result were in that catch twenty two where there was a log jam that needed to be broken. And so I was GonNa ask you like who your competitors would be but I realized in a way. Maybe it's set your sort of forming a new category. Or would you say like are you 'cause Gascoyne base does serve some institutions right with Coyne? He's custody and stuff like that. Sure source her. I think the difference is the definition of institution. There are a lot of folks in the crypto world who look at You know small. Twenty five million dollar Crypto Fund and say. That's an institution and technically it is. But what I'm looking at is the markets that I came from earlier in my career. The Pension Funds Endowments Foundations Sovereign Wealth Funds. These are the really big money. Investors for whom the ASSET CLASS UP UNTIL. This point has actually just been too small and not investable will. Now we're getting to the point where it to the extent that Bitcoin does continue to go up. It becomes a bigger asset class. It starts to become too big to ignore and then they start looking around and saying where's the infrastructure. One of the other points that that I've noticed is that the the institutional infrastructure in this market isn't ready for primetime with these very big traditional big asset owner institutions again. It's more more aimed at the the smaller. More risk risk-taking institutions like hedge funds or small small funds that already exist and most most folks when they say there are institutions in Crypto. That's what they mean again. The big guys really are not there. They have a much much much higher standard of professionalism that they require and when I looked around at the folks that are that are that are serving the institutional market right now first of all their trust companies from a regulatory perspective and there are two issues with trust companies for the big big investors. One is that they're not directly connected to the Fed because they're not banks and there's a reason why stay straight and Bank of New York you know in the securities industry are banks. They're connected to the Fed and that's what the institutions WanNa see And then the other is that the the trust companies are that you don't know what your status in bankruptcy is and again. This is another one of the reasons why the banks win from a regulatory perspective. But there's a there's also another issue that I I started looking at the terms and conditions of the folks that are serving the quote unquote the institutional market right now and it is it to be honest in in some cases it's a joke There there's one that serving the institutional market that defines bitcoin as quote a digital asset. If they all of a sudden wake up and decide that bitcoin suddenly bitcoin cash and the customers go to sue them. They would have no claim in court because the contract was so vaguely drafted. There was really nothing promised. The four policy is another one where I was looking at one again institutional firm and the Ford Policy said that they had in their sole discretion the ability to follow a fork. If any and again what's the legal legally enforceable promise in the language there there's nothing So when when an institutional attorney and again I'm talking about a pension fund type of attorney starts looking at the terms and conditions in the contract. They're they're going to say look that that's not even close to the standards that I need. And lastly there's another piece of this you alluded to it in in your question. Why Oh Ming defined the status of digital assets under Wyoming's commercial law. We're the only state to have done that. And that would therefore the only state that would be allowed to start a bank because you have to know what the status of those assets would be in in a legal dispute again. This gets back to institutions needing to have clear clear rights and obligations in the transactions. And if you don't know what the status of the asset classes in a legal dispute. You're taking a lot of risk that a judge is is Is is going to determine a lawsuit you rather than in your favor and institutions. Just can't take that risk they also can't take the bankruptcy risk and again if a judge doesn't know what the exact status of the assets are under the law. Then then you don't know what your outcome is going to be in bankruptcy so all these things are important building blocks that had to get put in place before we really go prime time.
DC’s first new community bank in 15 years gets FDIC approval
"A new community bank is in the works for DC founders bank has received F. D. I. C. approval and is set to become the first new community bank in the district in fifteen years its first branch beyond friendship heights founders bank is led by former bank of Georgetown executives bank of Georgetown was acquired by union bank in two thousand
"fdic" Discussed on Consumer Finance Monitor
"It would be helpful to the saying goes loose lips sink ships. I wouldn't put it quite that wave but that is say right. So You sort of wonder whether the FDIC I see is trying to chart the staying with the ship Analogy chart a middle course. Here you know trying to you know. Give the industry man But make clear they're not dealing with true lender and by the way they really Have Somewhat of a jaundiced view of Certain kinds of partnerships that state chartered banks thanks of entered into One wonders what's wrong with entering into. I mean I the premise of the FDIC Diz. I guess I would challenge that head on and say so what I understand Your your argument argument jury vile skin in the game and the bank retaining at least five percent interest but banks have always always For for many many years relocated their principal office for the specific purpose of evading. The usery lot lot of a lot of states I would say avoiding usually. Yeah well avoiding Why isn't this Just another avoidance technique and what the Heck is wrong with. Is there anything wrong with it. Okay so book my my. My philosophy is I I like to see consumer choice. I do not a dot paternalistic view that is reflected in many narrow usury laws So I'm quite comfortable with banks Making loans throughout the contrary at Effectively deregulated interest rates. And if banks can do it Dan. The question becomes. Well why not non-banks non-banks now One role that banks heaven properly structured program of this type is that they exercise supervision and control over the program. And so when you think of a fantastic company that wants to that has a great new idea for Making or delivering loans The ads are that that company will not have the Broad base of knowledge of a federal banking laws of of consumer protection laws required to deliver the product effectively fairly on its own So there really is a valuable role played by banks that are engaging in these programs properly in that rolls a supervisory role that the bank approved loan documents it approves the marketing messages it approves a basically everything Zang that the the BAC is doing. And this is a feature of Well done programs now. How are the programs that are out there where the bank itself may lack sophistication may not be exercising the requisite level of supervision control Suspected there are or that there are banks that are seeking to to do that in an perhaps You Out via charitably. That's that's what these comments are all about that there ought to be SOM- important role for the back of and in my view that at that row with the supervision and control and frankly the bank is on the hook for legal violations For the loans that it mace space and it is in when it sells a participation interest. As opposed to selling the whole loan it remains on the hook after after the origination along for the proper servicing alone and the OCC or the FDIC can examine the nonbank bank partner right. They've got a right to go in and kick the tires to see You know Are they treating consumers consumers. Okay yes yeah and you will find that that sometimes the fintech folks are surprised at the level of supervision that They encountered both from the band directly and indirectly from the federal banking regulators. Right well Jeremy I wanNA thank you very much are for sharing your wisdom with us today about madden and true lender This is a topic. Certainly it's not going to go away and I'm sure you know once the comment period is over and We we can gauge sort of the the the level of opposition to the saying it may be worth revisiting it again sometime sometime in the next several months but thank you And for our listeners. Thank you for listening today. They make sure to visit our web our website. WWW DE BALLARD SPAHR DOT com. Where you can subscribe to our show Joe a either an apple podcast? Google play spotify or your favorite podcast platform and don't forget to check out our blog. CONSUMER FINANCE MONITORED DOT COM for daily insights of the consumer finance industry. And if you have any questions or suggestions for our show a few.
"fdic" Discussed on Consumer Finance Monitor
"Or more likely the banking agencies to get involved in these issues. I think the agencies agencies Right now we have a number of FDIC supervised banks that are engaging in loan programs with nabet agents assisting in the delivery of the loan products the FDIC is clearly aware of these programs in his leading them. Proceed and so it is apparent that the FDIC believes these programs are lawful The agency however however has been somewhat reticent in communicating that view explicitly. Well isn't it even uh beyond resident reticent isn't it can you argue based on some of the the language in the Not In the rig itself but in the commentary accompanying the rag that the FDIC seems hostile to these kinds of programs It has some negative things to say about Out The program I right yes and what what. What are the say so actually there were two statements in in the preamble to propose row? I'll just read one of them of it says the FBI the FDIC views on favorably. A state banks partnership with a now back entity for the sole purpose purpose of evading a lower interest rate established under the law of the entities licensing states. That is clearly clearly A A warning shot to participants in programs of this tight. Now what I would like to say and what I think is fair air for the industry to request is Although this may fall on the rubric of be careful what you wish for but I would like to see see the FDIC articulate the scenarios where it feels comfortable with programs of this tight and And scenarios where her it clearly feels it. There's something going wrong for example when Tigress enacted dodd-frank and it It adopted skin in the game roles for acid That securitisations in basically it said adds that the promoters of these securitisations ought to retain at least a five percent economic interest in in the underlying in loans in what Congress was effectively saying is that five percent is enough to impose discipline on the market to make sure that the promoters I have a meaningful economic day now seems to me that in programs Wear a bank retains lanes of five percent economic interest in transfers ninety five percent either to the non back Asia or to a third party a passive institutional investor for for example that by analogy to what was approved by in Dad. Frank Back securitisations that The five percent oddity enough now. I'm not saying that that's Oughta be required but I think that For the FDIC articulate realized that at least in that scenario something is going on here beyond just a mere attempt to evade usury law state. Usury Laws Austin something that the FDIC had a problem with. I think they could say clearly when the bank is retaining meaningful economic interest. Either five percent sat or something that is meaningful at least to the back which might be less than five percent for a a small? ACT that in that scenario what's happening is inappropriate use of federal banking powers that the bank is a Is Putting assets on its books. It's taking a risk. It is acting as a true lender but it is using the auspices of of non-bank Party to market answer and This is a what do all the time banks don't go they. They have service providers including of course snapback service providers riders in I would like a I think the FDIC in the preamble has a raised an issue and hand. I hope that I think it's it's gone a little bit down the road of raising this issue and I think it really would behoove the FDIC to clarify. It's it's concerned at least articulate Situations where it does not have a problem with with did the OCC OCC address the subject in its preamble yet did not but the statement by the FDIC. A A is is very very similar to A statement Articulated I think by the former acting control the currency Keaton Reich. I think it was director who basically Make comments that were very similar. And and I know we we're scratching our head at the time trying to understand what What he was trying to Communicate end bike. I said There's a possibility of Paul over these programs created by language of this type And.
"fdic" Discussed on Consumer Finance Monitor
"I just be guessing. I I think I wouldn't expect to see a vital role in less than three months or so but It seems to me that this is a more discreet role making than others we've seen for example day Lung alone rulemaking. Where cycle to be controversial? Don't you think there will be a lot of consumer advocates and plaintiff's attorney's That may be involved in cases where this could have an impact I would assume They will not like what the OCC the FDIC you're proposing here. This will clearly be controversial. We have already seen blockposts from The plane of side or consumer advocacy groups that Really they're up in arms about the proposed any professor Adam. levittown add ED GW George Talent. I can't remember which one He's already written A pretty detailed blog post setting forth a His position Now he's I know didn't like the filing of the AMIGA spree and it doesn't like the proposed right here at all I guess just a concern I have the the agencies better get this thing wrapped up Before the end of the year probably early before the election But let you know assuming hypothetically We have a Democratic president next January changes will happen at the the OC in the FDIC and Just the gas. I'm not prepared to accept that your hypothetical but yes I I think there is you magic professor Lebanon. And he is a very bright guy and he Writes forcefully absolutely so It is incumbent upon the industry to have its advocates Put their best foot forward in support of this role in. Yes it if it doesn't happen this year before January There is at least posssibility that it will never happen. Yeah so assuming it gets finalized Jeremy This really happens. Do the problems in this area goal way or is there anything else left for us to worry about the so the browns do not go away away and There are many programs are out there where a bank in a nonbank Asian will will partner together to offer loans and other consumer financial products and these programs are subject to attack not only under the mad doctrine but also under a a a row called the true lender roll in here the Opposition says that while the longest formerly made by the back that in in substance. It's the non back that He has the greater financial interests the so-called predominant economic look interest in the loans. In that win the nine back does all the marketing does all the servicing and acquires the loan or the Overwhelming economic interests in the loan that each should be regarded as in substance. The true lender and since nine banks do not have the special usery authority provided by federal law than If the lender is required derived this the non-banking agent The parties to these programs are basically in a world of her. Isn't this an issue that you and I- litigated many years ago when payday lenders had partnered with Banks I think. At the time it was principally unsuitably national banks but there may be some state chartered banks involved and there had been a class class action litigation and I seem to recall. You won an important case the Hudson case. If my recollection serves me correctly was in federal court in Indiana. My there's no way you forgotten that case. It was a big case it was an important case and and yes. The decision was favorable to the industry in the court. Basically said this is not an area where piecemeal litigation should establish the rules that CAQ that the Supreme Court recognized in its leading case the Marquette decision that certainty was important to the banking industry. It further recognized that The protection of usury laws was a matter best left to Congress and the courts by establishing exceptions to The the principle that were outlined by Congress So that was basically what we argued in Hudson and the court adopted. That argument basically said that There were some superficial appeal to this idea of recapitalization but it was something best left to Congress in perhaps the banking agencies sees and and I felt that way ten years ago or when Hudson was decided in. I still feel that way I think there really really is a place for Congress.
"fdic" Discussed on 600 WREC
"FDIC says it was a proportional response I'm Jack Callahan fox news Tehran firing fifteen ballistic missiles in the direction of American troops into our Iraqi military bases this in retaliation for the drone strike that killed in a radio general last weekend but no American forces work to and from the White House talk to John Roberts reports that may have been by design a more precisely targeted attack would have cause more damage and certainly may have caused you as casualties the fact that there are no US casualties is being seen by some people in Washington as an indication that may be Iran was deliberately not as precise with its missile attack as it could have been as Washington watches to see if the president will order a counter response South Carolina senator Lindsey Graham says he'd be within his rights to this was an act of war by any reasonable definition the missiles were launched from a Ron at targets inside of Iraq housing US military personnel the president has all the authority needs under article two the response of the troll pledges statement from the White House in the morning Congress will get a briefing from the administration today about the decision to take out the world's general solidity president trump defense secretary mark Casper and secretary of state Mike Pompeii also Iranian general because some sell a money presented an imminent threat to American interest anytime a president makes a decision of this magnitude there are multiple pieces of information that come before us we presented that to him in all its broad detail Hey is expected to be among those briefing lawmakers today separate closed door sessions are scheduled for all members of the house and Senate house speaker Nancy Pelosi and other Democrats have criticized the administration's notification about the air strike logs jerit help ruled Capitol Hill with commercial jetliners crashed into Raleigh Ukraine international airlines seven thirty seven carrying one hundred.
SEC moves to expand mom-and-pop investor access to risky funds
"And more tech firms have been advancing into banking here to explain is the Wall Street. Journal's tell us tell us tech firms have been increasingly partnering with banks to offer financial products. Broadly why do tech companies want to be involved in finance tech companies. See an opportunity to extend their relationship with their customers through the device or through what they use for email or other things into their financial life and the vision is that the money should become something. Sort of seamless. To what you're doing so if you're sending an email and that email might be about Oh I owe you some money. Ah that money transfer could just be seamless with that email using your device paying for things You don't need to bring your wallet when you go shopping. Just bring your device ice. Just bring your iphone or your Samsung phone or whatever that might be so tech. Companies see an opportunity to further embed their products in your life by also tying them into your financial life. Google is partnered with Citi. Group apple has a partnership with Goldman for tech companies. What's the benefit of working with a financial institution rather than going it alone. So one of the scary things. Tech Company when offering financial services is the threat of being regulated by banking regulators. When they're offering those services that might have to cause them to radically addict changed the way they do business the way that they organized their company. It would be quite a big leap for apple or Google or whoever to suddenly just directly Gli go into the banking business or certain parts of the banking business by partnering with the Bank. They can have that bank. Do the highly regulated stuff and then an offer that service under their brand or through their systems. How exactly are these. Banking Tech Partnership structured. Is there a certain type of bank. That's more likely to win a partnership ownership with a tech company so far a lot of small banks have actually had great inroads into working with some very big tech companies. Green dot for example is one Pretty Small Bank. I think that actually works with some big technology companies like apple for example the advantage there has been that those small banks aren't necessarily trying to nationally you create a banking business retail banking business in the same way that a big bank like a city group or J. P. Morgan Chase or Bank of America might be and so that small bank might be willing to kind of do a lot of that behind the scenes work for that Tech Company and Big Tech Company might have some negotiating leverage over a small bank that it doesn't with a big bank let's talk about core deposits versus brokered deposits of the Federal Deposit Insurance Corporation the FDIC said that it wants to modernize how broker deposits or classified to account for changes changes in technology. How would it do that. And what purpose would such a change serve. How exactly a deposit is treated by. Regulators has been an issue for many years back in the nineteen eighties eighties. There were some notable bank failures because those banks relied on what are considered brokered deposits brokered deposits or deposits. Don't necessarily come in directly I e you you walk into the bank and you say I'd like to be a customer. Here's my money. They come in through some third party that might be say a brokerage firm that doesn't offer banking services. This is part of what it does is part of wealth management but sort of puts its clients money all into one bank one time and could move that money around as it sees fit without. Its without the ultimate ultimate customer. The person whose money it is really even knowing so these broker deposits at the time in in the past been called hot money because of how quickly they might move and regulators regulators fear has long been that broker deposits would flee a bank very quickly. Should that bank start getting into trouble. What regulators are now saying. Is that a lot of the rules rules. About what exactly. A broker deposit is which were set. Many years ago don't account for how technology has changed and how a lot of deposits are inter mediated in some way shape or form through an APP through a website through some other thing that might in some respects make them look like a broker deposit. There's a third party involved but don't necessarily act. Ah broker deposit and the the the FDIC which is the main regulator is considering modernizing some of those rules to account for how some brokered deposits some things that might considered broker deposits actually look like what regulators call core deposits which they consider the the safest least likely to flee a bank in signs of trouble form off deposits and this would benefit tech companies if these rule changes were enacted tech companies are at risk of being labeled as brokers Because essentially they are are the front end. The customer knows. Oh I have a checking account with this tech company right. I have a Google checking account. Should they offered. I haven't apple checking account. I have my money honey with square or with Amazon. Whoever might be they they might not necessarily know who the bank behind that ultimately is. So the question is so to those. Those relationships are likely to possibly look like a broker deposit the FDIC by reclassifying. Exactly what a broker deposit is in who a broker is might make it much easier. For those tech companies to to be delivering what our core deposits to banks and that makes tech company relationships that much more valuable to banks and it kind of shifts a little bit of the balance of power towards the tech companies away from the banks because the banks so far have been able to say look where the regulated party. Here we call the shots but if things things get a little easier on the regulatory front than the Tech Company might be able to say. Hey we're bringing you good steph. Here give us a good deal.
Democratic Debate Back on After Agreement in Venue Labor Fight
"That reminder C. N. B. C.'s Jessica adding it's twenty four past the age to buy tobacco in vaping products could be going up more from correspondent bill Michaels Congress is moving ahead with legislation that would raise the age to buy tobacco and baby products from eighteen to twenty one the sales restriction has the support of two unlikely backers Marlboro cigarette maker all trio an E. cigarette maker jul the proposal comes in response to a surgeon underage Peiping by U. S. teens raising the purchase age is expected to curb young people's access to E. cigarettes and regular cigarettes and eventually save lives by cutting the smoking rate anti tobacco advocates say all tree and jul are backing the measure to head off even more damaging restrictions on tobacco and vaping bill Michaels Washington now twenty five after well potential change in measurement set us off on the right foot when American morning continues after these messages okay you know how it feels when you've saved enough for that long awaited home addition now imagine in addition on that addition that's the feeling with Capital One renew savings account earns an interest rate five times the national average that's right five times as represented by five times more singers banking remain capital one what's in your wallet terms apply we comparison based on FDIC national right Capital One N. A. member FDIC sarcoma also you've never heard that word before for the forty people diagnosed with star home every day it is a life changing more because this cancer and research the sarcoma foundation of America families whose lives have been turned upside down cancer they never heard least once in
Damage related to climate change will only grow -- who's liable?
"Support for climate cast comes from Bank of America financing clean energy initiatives and advancements in renewable energy and spurring innovation and the growth of environmentally focused companies it gets in Jobs Bank of America. NA member FDIC who pays for climate change damages I'm NPR chief meteorologist carbon in the in the atmosphere and then ties that amount of carbon in the atmosphere and warming to the increases in flooding ceiling fire victims how do you see individual consumers fitting into these lawsuits moving forward it's very difficult for individuals to have
"fdic" Discussed on Consumer Finance Monitor
"Podcast. This is something that i know you're gonna find great interest and that is the recently released f._d._i._c. consumer consumer compliance supervisory highlights for almost sense the creation of the c._f._p. <hes> <hes> <hes> that agency has been issuing supervisory highlights. This is a recent development for the f._d._i._c. so obviously the f._d._i._c. and the banks that are regulated by the f._d._i._c. the do consumer sumer compliance exams of the f._d._i._c. <hes> they <hes> probably have they liked what the cfpb p._b. Was doing i mean <hes> and now they're going to try to copy it and i think <hes> the the first edition of the highlights allied side would say is a could a good first effort by the f._d._i._c. so let me introduce my guest us today and my guests are colleagues of mine ballard spahr both of them members of the consumer financial services group and both of them highly qualified to talk about the topic today. Let me first introduce james kim. James ames is a partner in our consumer financial services group and works out of our manhattan office prior to joining our firm. James served a stint in the c._f._p.'s manhattan office where he was the senior enforcement attorney while he was in the p._b. He he led nationwide investigations evolving consumer credit mobile financial services emerging payment systems and processing warpage origination debt collection excetera james's also very heavily involved in coordinating join enforcement initiatives with the f._t._c. and state attorneys general at our firm james advises banks other companies and individuals in matters is involving financial regulation and litigation and the myriad of federal consumer finance laws. You also defense banks and non banks being investigated by federal and state government agencies including a force c._f._p. Bay <hes> welcome welcome to our show today. James bo ronnie is a member of our consumer financial services group. He works out of our d._c. Office bow joined us several years ago from the p._b. Where he was a presidential management fellow and later in examiner incharge he worked in both compliance and enforcement and at the c. p. b. he'd lead compliance exams the bank and non bank institutions as the examiner in charge and as the team lead in his responsibilities included meeting with senior management if financial institutions to discuss and address alleged violations since joining us <hes> bo council many of our clients as they prepared for c._n._n. P._b. exams or during c._f._p. Be exams bo has the unique perspective to bring to bear since he's been on both sides the cfpb p._b. Exams some of which have involved in to enforcement matters so bo warm warm welcome to you as well okay so <hes> first question to lead things off bo what what are supervisory highlights and why are they important. Thanks thanks for including on the podcast today. Supervisory highlights <unk> are used by the regulators to publish anonymous exam findings and outcomes to help companies subject to federal regulators supervision with their efforts to apply with applicable laws and perhaps more importantly <hes> supervisor highlights help. Most companies anticipate what the regulator will be looking at. We're going to be focused on during next exam so here with this first condition of the f._d._i._c.'s consumer compliance supervisory highlights the f._d._i._c. he's giving us and f._d._i._c. supervised banks a high level overview of consumer compliance issues at the f._d._i._c. identified during twenty eight t being examinations in reported the f._d._i._c. notes that it conducted approximately twelve hundred consumer compliance exam last year and in this report it provides some of the most salient issues encore that the f._d._i._c. identify during those two thousand eighteen consumer compliance exams so this publication provides a distillation of the most important violations of law identified by the f._d._i._c. during those twelve hundred consumer compliance exams conducted <hes> last year so supervisory highlights like this publication provide f._d._i._c. banks and other banks and financial institutions and with similar products practice it gives them a roadmap of potential violations of law that your federal regulator may come ask about during <hes> your next exam. Thanks <hes> <hes> but i am i right the technically speaking <hes> these supervisory highlights would only apply apply to institutions that are subject to consumer compliance examination by the f._d._i._c. or put differently. You would not cover the larger banks those that have ten billion or more in assets <hes> who who's a consumer compliance exams are dumb by the c._f._p. Am i right there well technically. They're not even binding on f._d._i._c. Supervised is banks. <hes> there's a recent interagency statement made clear that supervisory guidance like this unlike a law or regulation does not. I have four law agencies including the bureau f._d._i._c. federal reserve o._c._c. and away. They all made clear that they don't take aac enforcement actions based on supervisor guidance so a financial institution. That's not supervised by the f._d._i._c. is not required to follow f._d._i._c. z. Supervisory guidance and guidance doesn't have the force of law for f._d._i._c. supervised banks but regardless of whether you're subject to f._d._i._c. supervisory is we oversight or you just have products or processes similar to those at issue in these supervisory highlights. I would strongly recommend <hes> that companies companies should review these observations and consider whether you may have similar issues i think if before you took a test you are allowed to see the test results of hundreds of other test takers who've taken that same test you're studying for and you could use those test results to bone up on your own studying and improve your our own test score so while it's not binding required. I don't know why you wouldn't take the opportunity to review exam results. There's some revised <hes> summarized in supervisory three highlights like this to potentially improve your own exam outcomes and potentially ward off a possible enforcement investigation and end <hes>. This is a new thing for the f._d._i._c. right. <hes> i mean they have not previously issued. Supervisory guidance related to consumer issues. This is their first edition of other consumer compliance provisory highlights so bo. You were an examiner in charge at the c._f._p. Before joining our firm did you use. Supervisory is we highlights issued by the c._f._p. <hes> in connection with examinations you were conducting. Oh yeah i certainly <hes> <hes> those bureau provisory highlights and other federal regulatory <hes> supervisory highlights are not only for the regulators to alert industry issues day by defy but they're also tremendous tools for examiner so <hes> before sending the initial information requests and kicking off an examination <hes> i would and an exam leaders generally <hes> would regularly consult both supervisory highlights to consider previous findings at other companies across the country and then use those findings to help focus their own exams yet. I take it <hes> while you would do that. When you would write somebody somebody up you know for violation. Did you back then and i recognize you. Were at the c._f._p. Few years ago would you actually rely yeah. I on the suit site the supervisory guidance back then <hes> no certainly within any of the written correspondence we'd have with our supervised improvised institutions. We wanna use the text of the rank or the text of the cometary as the basis for our patients certainly in discussions we would bring up and provide links for the company to that prior supervisory highlight but that was more a part of just to going supervisory dialogue about <hes>. When did your c._m._s. Identified this or why. Do you think your c._m._s. Did not identify this potential riskier and that was the point of that discussion but we never used it as a basis for communicating. The preliminary findings dance tunes okay <hes> tho- james <hes>. You're at the c._f. P._b. As well although you were worked worked in the enforcement area <hes> do enforcement attorney said the bureau review supervisory highlights rely upon them definitely <hes> there. There's no doubt about it. Let's talk about the bureau first and then the federal prudential regulators because i think enforcement attorneys played different roles those agencies but but at the c._f._p. Everyone should be reminded number. One that enforcement attorneys although invisible visible still support examinations so you have enforcement attorneys in the background of advising the supervisory personnel all the examiners about potential issues especially ones that are thornier such as you'd apps so i think like others like the examiners themselves <hes> enforcement attorneys read various supervisory highlights primarily from the bureau but from the other agencies and certainly now with the f._d._i._c. putting consumer supervisor highlights the they showed in a will include this in the reading list to stay abreast of <hes> potential issues that or patterns that may be emerging in in these supervised provis institutions and then to at the cfpb p._b. This is where the bureau is different than the banking regulators the o._c._c. the f._d._i._c. in the majority of the enforcement actions at the c._f._p. Originate outside of examination so i think there's always been this myth breath. That exams were feeders. Primarily the primary feeders enforcement investigations that simply was not the case enforcement attorneys have a wide variety we of sources of information they breed newspaper articles just like everyone else they read the supervisory highlights for ideas of they also have sources sources even formations from complaint databases state agencies so i i my point is is that the supervisory highlights were among the various sources of information that enforcement attorneys would use to originate new investigations aside from handoffs from supervision and then turning to the you know the the prudential regulators of whom we have plenty of dealings with. I think it's a little bit different. They are i'm sure they review them for a lot of the reasons that that they discussed except they probably don't read them to originate investigations at most these thinking agencies agencies the enforcement attorneys are getting handoffs from supervision. Were violations have been previously identified. Two examinations in the enforcement attorneys <unk> are essentially kind of taking that taking those findings and then um handling it through a public consent order rather than confidential supervisory means but they're not using museum to originate new enforcement actions typically <hes> let me let's now delve into a few of the items that were mentioned in the f._d._i._c. supervisory highlights the first issue noted by the f._d._i._c. <hes> bo relates to overdraft programs programs. We've seen similar concerns from the c._f. P._b. and other regulators savelly this isn't really a new issue. That's right the p._b. A and federal reserve among others have previously shared these concerns about overdraft practices and public publications and statements which again highlights highlight the overlapping nature of these publications so again i would say f._d._i._c.'s provides banks would be well served to pay close attention to bureau and other regulators laters supervisor highlights even if you're not subject to their supervision so here the f._d._i._c. identified to overdraft issues one one with practices related to use of an available balance method and a second regarding overdraft fee disclosures so i the f._d._i._c. identified a concern where banks they're using an available balanced method assessed overdraft fee on any point of sale signature is your base transactions <hes> but settled against a negative available balance even though the institution may have previously authorized the transaction based on sufficient should funds available at the time of your authorization so jesse provide an example to illustrate this <hes> in their example consumer. It has an account balance of fifty dollars at the beginning of the day and a point of sale signature based transaction of thirty dollars would authorize against the fifty dollar balance and that would lower consumers available balance to twenty dollars now if the customer authorized another thirty dollar transaction but second and transaction would authorize against an insufficient available balance and that was lower the consumers balanced to negative ten dollars <hes> the concern arises where <hes> at first transaction settled after the second transaction that posted and the banks payment system assessed or fees at final all settlements such that or fees or assessed on both transactions even though the consumers balance was sufficient to cover that first transaction when it was authorized thrived the second concerned the f._d._i._c. identified <hes> they found some banks did not sufficiently disclose how or jeff fees are assessed so that <hes> in the words of reasonable consumer would understand when an overdraft could be imposed so hopefully the f._d._i._c. z. Within the supervisory highlights your calls out ways to mitigate the risk of these violations so first off the p._s._e. Recommends that for financial institutions using the available balance method that they should ensure that any transaction is authorized against the positive available balance does not incur an overdraft fees even if that transaction later settles against a negative available balance and two if you recommend that companies should consider their overdraft program descriptions that are given to consumers to make sure they're providing clear and conspicuous disclosures about potential overdraft fees so that consumers can understand when overdraft fees will be assessed <hes> and make informed decisions to avoid the assessment of such overdraft fees so so those are the overdraft concerns from the f._d._i._c. in these supervisory highlights james number of state attorneys general recently made an announcement mental about overdrafts what that announcement about he had just a few weeks ago in early july in fact in a letter dated july ally one you had twenty five state agee's submitted joint letter to the c._f._p. B basically calling on the bureau knots lots to roll back or scale back the existing overdraft rule enraged e and in fact the the state agencies he's and then the commissioner in hawaii were proposing stricter regulation and overdraft to extend it beyond debit transactions to also cover a._c._h. Is and check transactions but i think that the the origination or the reason for this is that in may of twenty nineteen leaned bureau announced that would revisit and reconsider a series of rules including the overdraft rule specifically to see it was overly burdensome. Where the cost benefit analysis <hes> was such that you you know the the cons outweigh the pros especially for smaller entities <hes> but i think consumer advocates and <hes> the stating genius they're concerned that the review the rule <hes> focused purportedly on small entities can be a trojan horse so to speak for the bureau to rollback the rule in general for all institutions russians <hes> and and i think that's the reason for the rule i mean fit letter in the letter the note that there's no data that they're aware of of a supporting such rollback and that in fact the data shows that regi the overdraft rule has greatly protected consumers and produced overdraft fees so <hes> you know that that's just a i think important thing for people to note that in addition to complying with existing rule <hes> <hes> there there is a battle essentially on whether or not the current rules should be revisited scaled-back were expanded. Am i right. James said <hes> the reason for the focus on the overdraft rule is because of a requirement a statutory requirement that says has every ten years the ten years after the promulgation of a regulation the agency needs to examine the impact on small all businesses and it was an is if the c._f._p. Out of concern had tremendous concern about the overdraft draft rule and decided to do a review of it right..
Media changing their tone on climate change
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC, a major news organization is changing the way at talks about climate change. I'm NPR chief meteorologist Paul Hutton her, this is climate cast. But study by media matters found broadcast TV news coverage of climate change plunged, forty five percent between twenty seventeen and twenty eighteen and had happened at the same time climate change enhanced extreme weather disasters spiked in the US now a major international news organization is changing their description from climate change to climate emergency as climate events, become more extreme. What's the most accurate way for news organizations to describe climate change? Susan, joy, hassle is a climate change communicator, analyst, and author. I spoke with her via Skype the cabinet. I really pressure is climate disruption. I think that term gets the point that this is human caused where disrupting global climate system and yet it avoids a term like crisis, or emergency that some journalists type think might feel a little uncomfortable with Susan. There is a push among many scientists and journalists as you touch on to really kinda sharpen the. Language around climate change to more reflect the urgency of the situation, and you touch on this, but I'm curious how far is too far? And is there a tune out threshold? I think it's really important to know that climate change is real. It's us. It's bad. But also that there's hope that there's a lot that's currently being done, and we need to do more. And we need to do a faster, but the future is largely in our hands. Sometimes I worry that if we talk too much about the crisis, and especially if we do it in a way that just scares the bejesus out of people or makes them think that it's inevitable, and that there's nothing we can do about it. That that's really a mistake because for one, it's not true. And for another, I think that fear alone is not enough to make people want to act. They need to know that there's something we can do about it climate change communicator, and author Susan joy hassle. Thanks so much for your perspective today. Sure happy to be with you. My name is Aletta Brady, and I am the executive director of our climate voices. I am originally from south Minneapolis. My name is Kia Johnson. I am the outreach director at our climate voices and I am originally from the east side of Saint, Paul are come invoices, is a use led storytelling platform that is humanizing the climate crisis. So what we do is we work with people to share their personal stories with climate change. How climate changes impacted them the facts are scary? Sometimes it gets to the point where sometimes you just kinda don't think there's anything you can do. And storytelling. Really humanizes. It, it connects us to climate change, and how it's impacting people climate change is not an issue if the future is something that's impacting us now. And so a big part of what we're trying to do is tell current stories about the ways that ourselves and our communities in our friends and people are being impacted it like right now. And so it's difficult to create change if we feel distant from climate change, you know, you talk about the glacier, smell. Team while they're on any glaciers right here. So we feel like that's really impacting you. So when you can see how it's actually impacting communities, an individual people, this is when you're inspired to take action. We really believe that everyone has a climate story. So whether you are dealing with homelessness and impacted by increasing heat waves, or, you know, in Minnesota year recreational things change skiing running because of weather patterns, like understand how it impacts, you personally, when human beings, we all have a right to nature. We all have it right to clean air, clean water to being outside and that, right? Isn't necessarily being honored for everybody for all communities, including my own community communities of color are more impacted by climate change as well as impoverished communities. And so I'm here to be that voice or, or help those voices be heard on so that those communities in what's happening in those communities that people see that. You look it up volcano, and it's really scary, and it basically wipes everything out. But then there's like this new opportunity for growth in a new environment. I really think that as communities as we fight against climate change and climate injustice, that we're almost seating for a new environment that can really grow and flourish. That's climate cast. I'm NPR chief meteorologist Paul hunter.
How do species adapt as climate shifts habitats?
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC. Climate shifts habitats. How do species adapt? I'm NPR chief meteorologist Paul hunter. This is climate pass. Some recent studies on the rate of species extinction are getting a lot of attention lately. We know habitats change as climate shifts how will species adapt to those changes. Elizabeth Krohn is a biology professor at Tufts University. How quality habitat is an area where population has all the resources at needs to complete a full life cycle for butterflies in particular. They are usually fairly specialized as caterpillars, so the adults will lay their eggs, only on a few species of plants, and that's all the caterpillars eat, and then as adult, they get energy for movement, and some for reproduction by collecting nectar from different species of flowers. So abundant host plants and nectar plants or what say a butterfly needs to persist in a prairie low quality habitat are areas that are not hostile to a species, but has only some or possibly, none of these key resources that they need to eat. And reproduce. So in reading some of these thoughts and ideas about low quality habitats it struck me that creating climate change migration. Route is kind of like a guest room. Right. You wanna make it nice enough to stay in for a little while. But not so nice that your guests will hang around too long. Does that seem reasonable that seems quite reasonable? So let of the things we did. In our study is we showed that animals tend to move more slowly through higher quality habitat and to move more quickly through lower quality habitat. So if he wants a population to be able to expand over multiple generations than it needs to have some high-quality, how fat, but you also want some of this lower quality habitat, so that animals will move quickly and cover longer distances and their lifespan. So I'm curious about people at home if they're interested in creating habitat for different species. What can they do to create favorable habitat that can help species adapt? Opt and move as climate shifts the optimal balance for range expansion is about fifteen percent, high quality habitat and eighty five percent low quality habitat. And so what that got me thinking about is the potential for urban landscapes to serve as quarters for movement. You know, most urban landscapes are something like thirty to fifty percent Greenspace than if we take the Greenspace and convert about a sixth of it into pollinator gardens than we've created this mosaic high on low quality how the top that helps populations move through the landscape. Elizabeth grown biology professor at Tufts University. Thanks so much for your perspective today. Thank you. My name is Hannah field. I'm a bicycle commuter in the twin cities. I really enjoy bicycle commuting for number of reasons. First and foremost for the environmental reasons, I'm very concerned with climate change, and just our dependence on fossil fuels and greenhouse gas emissions. So I see it as my way of doing something to reduce our dependence on fuels. I'm not driving a car. I also really like it because I think it's a really awesome way to get to know a place. I find that the twin cities. They're not huge. But they felt bigger than they feel now. In the fall of two thousand seventeen myself and three other young women. My age we biked coast to coast across the United States, and we did it for public lands, which was a cool mission to integrate into a bike trip because we could actually visit a lot of public lands, and public lands being national parks, national monuments national forests sore mission was to educate and raise awareness on the importance of public lands. But also the threats facing them. My biggest message for folks is just to kind of evaluate what you yourself can do to, to make a difference. I know it can be frustrating because it's hard to see how one individual's actions can really make a difference, but I think it's really worthwhile anyway, and it's so much of a mindset and it's not just about like being perfect and everything we do. But just like being aware of how our actions are so interwoven with each other and the environment. That's climate cast. I'm NPR chief meteorologist Paul hunter.
Minn. leaders meet to address threats to lakes, rivers
"Support for climate cast comes from Bank of America financing, clean energy initiatives, and advancements in renewable energy and spurring innovation in and the growth of environmentally focused companies markets and jobs, Bank of America, NA, member FDIC. I'm in Walker Minnesota at an annual meeting of rivers and lakes advocates and lakeshore. Homeowners associations and one thing they're seeing is the data is clear. Minnesota is getting wetter overall and as our climate shifts. That's presenting challenges for these folks. Jeff Forrester is the executive director of Minnesota lakes and rivers advocates. Well, I hear from people across the state and, you know, obviously water levels are changing, you know, some areas dryer. So there's drought other areas are over the shoreline and then we're also getting plants native plants there, didn't used to be plants people are saying, well, you know, we've got this northern mille-feuille which is native. And now it's growing right to the surface, and it's in places that never was before we can't get boats through my guess is that warmers having an impact, and then the cloudbursts events are flushing more nutrients cynical ex. And I'm just thinking, you know. No, it's really time to focus, some science, some energy on. What are the impacts going to be? How do we mitigate? How do we build resilience into our systems? The changes that we're seeing in the lakes. How much science is there in terms of linking that to climate? Well, my sense is, there's some, but there's not a great deal with agriculture. They've, you know, the farmers and farm groups have done a pretty good job of looking at the impacts on farms, and did oh with the timber industry and did o with people who deal with the infrastructure of our cities. But there hasn't been a real focused effort on what's going to happen to our lakes and rivers because there isn't the same kind of constituency. And that's really what this event is about is bringing in people who are focused on water and one part of the state one week or one, watershed and bring them together to kind of start talking about these larger issues. We we've seen a couple of recent records that have really jumped out at climate watchers with regard to precipitation, Minnesota, one was the, the twin cities record for all time annual precipitation of forty inches in two thousand sixteen. And then just last year, we had harmony that came in. With sixty inches of precipitation, that's the all time state record. That's closer to a New Orleans level average annual rainfall this spring. We're seeing many lakes, over Bank full are people noticing those changes on their local legs, people are definitely noticing, and I'm getting emails about it from across the state, and I think some are starting to connect the dots. Some maybe not so much. They're wondering what they can do about it. Because it's a climate impact and the climate is changing, and it's going to continue to change. That's why I'm thinking about resilience. What can we do to build resilience into the systems? What, what, what can we do to begin to manage our likes a in adaptive management holistic way, rather than just focusing on the walleye while we're gonna stock while focus on we? It's all well we're going to treat the weights here. We're going to do this, or that, discreet activity isn't going to get us. What we need. We need kind of a bigger vision. That's climate cast from Walker. Minnesota at a water conference. I'm NPR chief meteorologist Paul Hutton there.
Hurricane season 2019 is here, and could be intense
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC. What's the latest science on hurricanes and climate change? I'm NPR chief meteorologist Paul Hefner. This is climate cast. It's hurricane season again, in the past few years, several hurricanes have intensified so rapidly. They surprised forecasters. So what do we know about climate science and hurricanes in twenty nineteen hurricane expert? Gabe Vecchi is a professor of geosciences at Princeton University. So with hurricanes and climate. It is generally difficult to find very strongly detectable and very strongly. Attributable signals. This place is very differently than say temperature or rainfall for which, there are strongly detectable in the trivial signals. But what are starting to emerge in, tropical cyclones, as more modestly detectable in the tribute, -able signals are things related to, in particular the amount of rainfall, one example, is Harvey, where there has been some studies attributing. Aspects of the enhanced rainfall from Harvey on the warming that has happened to date for other things like the number of hurricanes in Atlantic. It's a little more problematic to make either detection or attribution statements in part because the way that we observe hurricanes now is very different from the way we observe them, fifty years ago and exceedingly different from the way we were observed them a hundred years ago. And so when we see a change, it's hard to know whether that is due to us looking at the storms differently or due to an actual change in the storms. So at this point where we sit today. What's the best message? You can give people about the current and future state of the science on climate change in hurricane. Well, I think that message that I could give people is the good news is we understand hurricanes and tropical cyclones and how they interact with climate much better. And in addition, this information has in a parallel way. Sometimes feeding back coincided with the development of better weather forecast models. So we're in a position where it can provide a lot better information on the bad news. It seems that many of the changes that we think are likely to occur from warming climate to hurricanes are the types of things that would, if we don't adapt, if we don't change our vulnerability lead to generally undesirable outcomes. And so what we have now is the opportunity to digest this physical science and try to understand how best to react to it gave Becky professor of geosciences at Princeton University. It's a great conversation. Thanks so much for your perspective today. Oh, you're welcome. Hi. My name is Joshua Hodak. I live in Minneapolis Minnesota, and I ride my bike, I ride my bike, because I enjoy it. It helps keep me healthy and minimize my impact on the environment and climate change. Bicycling's important for me because not only is it fun. But it also helps me stay healthy, I build in exercise otherwise would not get by riding my bicycle to and from work, and where I need to go, and it's a way for me to make a significant contribution to the environment and climate change. Transportation is the number one source of climate change pollution in Minnesota and the United States and our trips in our vehicles, particularly short trips that are under two miles, even are actually are most polluting trips and so by bicycling, even those short little trips. Those are the easiest chips to convert to bicycling to walking to Hoppy non of the bus or a train to sharing a ride in. So if we can convert more of these short trips we could really. They make a significant difference. That's climate cast. I'm NPR chief meteorologist Paul Hutton here.
Minnesota fifth graders, dads head to Washington to lobby on climate change
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA member FDIC Federico, tell us where you are right now. And why? I'm in electric car. I'm about ten miles away from the Pennsylvania border, and I seventy with my daughter on my friendlier his daughter, Elena. We're coming back from a conference in Washington DC held by citizens climate lobby and organization that it's doing their best move our government to act on climate change. And we had an opportunity over the last three days to various different sessions. Learn about climate change its impact on health and among other things as well as we had a chance to speak with some of our elected officials. I've been following your blog, and I liked this line to Italian dad's Feddie and Leo in there to fifth grade climate activists daughters audience, and Elena. How did your daughter's talk you into making the trip to Washington? DC. Well, she developed an interest in all sorts of environmental issues over the last three or four years, or so, and particularly climate change over the last couple of years, and try to do certain science, fair like project at school and whatnot last year, we went to a abors birthday party, and she was there just playing with the other kids and somehow what does learn about taking on their car was at him or make you can talk to your data into coming to a conference out and see. Well, you know, she came back home. We talked about it for a long time, and then we decided to go and get go last year received this year in the spring, she was starting to push for it to do it again. I was somewhat hesitant, then she said, well know even my friend Ellen wants to come as well. So then I started thinking of Elena's dad, who actually has an electric car, and go at Karm, and it would be really low carbon footprint, so we talked to Leo and at first layer with a little hesitant to thinking back to me later. I mean, this sounds great. Let's do it. Maybe an extra coffee stop her. About what it would mean literal. So why was. Really long trip, but we learn actually really not that big of a deal when you're gonna zone really long road trips going to do planning where you're staying you know, maybe book for hotel. But this just adds a little bit more later to it. Would you look at the map and you look at where all the chargers are, and then you have to sign your stops around those, and there's plenty of charter so that every three hours yet ample opportunity to stop and go to the bathroom. Eat a meal and the car can get charged up. Sometimes it's, you know, twenty minutes or under our and then you're good to go for another two three hundred mile you meet with. Yeah. Exactly. Just over fourteen hundred people there from all around the country, and then what happens is you end up meeting up with a small team now. MA even right from the on your group early billfish eighteen. So you have you have been pre lobby day meetings, where you sort of come up with a fine about what we want to bring up with our brand, Senator intervene. Cathrine hazo count in one day. Would you walk into their offices and spent some time we're discussing issues? So we met with the staff or for they'll Omar and we met with teams Phillips, while Leone hill and met with the Steph for Ilhan O'Meara and solemn Peterson actually met with him. That's absolutely right. That's gonna mention that. But that was that was really a highlight of strip, by the way. Big picture. What did Allen and audience take away from this? First of all, we were impressed, how communicates and you have the reputation for, but we were really impressive media, so that stiff raiders really pretty much absorbed, everything. She said, but the other thing, and they could even tell themselves how she's sort of spoke to important file days Sunday, the as father. What did you learn about your network? On their value system that have and try to look for common ground. I'm how Saima change is, is important and fits into their value system, and how you know how we can together best to combat it. With with tell you that you're away from it, and there's no for Tunde for in this country to bring our concerns tore elected officials and encourage him put pressure on jewel, ask them to do something about lean problems that were what message do you have for other dads, who might have children who are concerned about climate change? I think both lay when I would agree that we learn about him. Is that their food? I, I have to tell you, I was a little for about how they would handle all these hours of car and by no means is trip over. We probably have sixty dollars to forty hours will have taken us drive on trucks, but these girls really got into it, and really understand why weren't drivers have that's gonna affect. Our Harpo footprint and just a fraction of what he would tell you in dad's every Karasu layover rapidly and darling. Whereas daughters. Thanks for your perspective and safe travels home today. My message to their that have similar concerns. Do their best rates really really talking about their future. At this point, this will affect all of us, but certainly more children than than the wrestler. They have hopefully a longer time on this planet than we do. And I think this is a serious concern and certainly shooting seem level urgency to send the Shida and I wanted to my best one power heart to do something about it. Great. Thanks.
Mercedes Benz is going carbon neutral
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC. Ben's going carbon neutral. I'm NPR chief meteorologist Paul hunter. This is climate cast German automaker Mercedes Benz is the latest to make the move toward a carbon neutral auto fleet. The automaker pledges to change factories and vehicles to go carbon neutral by twenty thirty nine but how does a high performance automaker shift to a climate friendly fleet in just twenty years, I asked transportation analyst Mickey Mainur the business incentive for Mercedes. Is that Europe obviously there German based company is far far ahead of the rest of the world in getting serious about climate change. And so all companies, no matter whether it's McDonald's or Mercedes are under pressure to become more compliant. Mickey it looks like a pretty aggressive plan by Mercedes Benz by twenty thirty the German manufacturer aims to have electric and hybrid models. Comprise, half or more of total car sales is that real? Mystic in your eyes, a lot can happen in ten years. I mean, if you think back ten years, tesla was just in its infancy, and I remember in Chicago, that a tesla dealer popped up around twenty ten or twenty eleven and just how unusual that seemed and now they're tesla dealers in all parts of the United States, Europe, Canada Asia show. Ten years sounds like a long time, but it's too product cycles in the auto industry. And while you don't see massive change in one product cycle, you can see significant change into product cycles. It looks like part of the strategy for Mercedes is to use renewable energy to power some of their manufacturing plants is that part of the goal to get them to that carbon neutral designation. Yes. It's a two-part strategy. So it's the vehicle strategy at what comes out of the manufacturing plants. And then it's also the way those manufacturing plants are deployed, I've been in most of Mercedes. Major operations in Germany, and in Alabama, and in the last couple of years, there's really been a focus on leaning. Everything down fewer people less electricity. Less packaging coming in with the parts. It's going to take a lot of work. A lot of effort for these factories in Europe to become more climate neutral or carbon-neutral, excuse me, because they're big, and some of them are old even though they've been refreshing. And so I think for me I'm a manufacturing geek and I find this just as interesting as the vehicle side of it. I mean, if they truly can transform those factories, it's going to say a lot to the rest of the auto industry, author journalist educator and transportation analysts Mickey Maynard, thanks for your perspective today. It's my pleasure. Thanks for having me. Eric berger. I live in the Dayton's bluff neighborhood has Saint Paul. I'm an architectural, CAD drafter by day and a former BMW master technician, actually got in Devi ownership because the fastest cars out there and the efficiencies, nice bonus might decision to get an V kind of started with my actually buying a gasoline, Fiat, five hundred when they came to the country in two thousand twelve and then it was actually gonna upgrade to the faster one, but then actually found that Fiat Chrysler mayday compliance vehicle in the state of California, the five hundred electric and it was actually faster than the gas one that I was going to upgrade to. So I decided why not just put electrical service and my hundred and ten year old houses garage, which it had never had before. So I had the ability to get a fast charger, I own a fleet of eleven or twelve gas cars to in the fact that I show up anywhere, really in a little electric Italian car. They're like, what doesn't make any sense? But once people drive it because I tossed the keys on this thing to anyone. I've singlehandedly had three of my friends go out and buy this. Exact vehicle and a lot of others of Baden, tesla model threes. One bottle leaf yet really opens people's eyes are like, wow. There really isn't a compromise here. If you have x y and z in your life, it's not a compromise. There's really never a time where I can't plan around the cars range. So the electric car why I got into mainly because it was the fastest available in that body. But then it turned into the more conventional decision which I want to be kind of environment. Now, I'm fully on board with the whole electric vehicle movement and then green stuff. That's fine at cast. I'm NPR chief meteorologist Paul hunter.
"fdic" Discussed on News Radio 920 AM
"FDIC. Watch the games top stars in action on tennis channel as they play. At one of the year's biggest events that BNP terrible open in Indian Wells, California debut live coverage now through March seventeen on tennis channel, check your local listings. Sharon. Clyde lewis. You're listening to ground zero. The numbers are called nine AAA six seven three thirty seven hundred that's triple eight six seven three thirty seven hundred so discussion with my wife over the weekend. Let us to talk about honesty between both of us on how we feel about the future. And even though a lot of what we were talking about was Dr we did have a lot of I guess a lot of discussion about how we see this happening. What what may be going on? And what we have look out for. We have we agreed that we're headed down the path of some intergenerational conflict with more than one quarter. We we found that one quarter of Americans believe that there will be political ideological battles between young and old. He used to be we respected our elders. Now, it's not that way the elders old they're irrelevant. And this is why we're seeing a change a shift ideologically and politically in this country, and they're the most pronounced at this time. With this further division. We're going to be right for the taking. And this is what is what is most troublesome is because. We as the older generation have always felt that you know, we're pretty much protected. We we are protected. The average American. Says well, we're we're living pretty good lives. We don't see any real sudden. Unexpected chaos on the horizon, there's always the threat of death and destruction in the world. And a lot of people would immediately. That they would immediately believe that everything going on in the United States just random the nothing's really planned out. There is certainly an organized conspiracy. But what is that conspiracy consists of is is it is it a conspiracy within the deep state is busily plotting against the United States is deep state conspiracy. Just plotting against Donald Trump is deep state conspiracy lives leaves US Open from World War. I mean, look, this is the case. That even though the United States feels like they're far removed from any of all the chaos that goes on in the world. We're right smack dab in the middle of it. Especially with the way, we are treating each other this company there, many people United States bit believed that when death comes knocking on the door of foreign countries. That's fine because it always comes knocking on the door foreign countries. And it's our duty to find a way to discourage you from spreading here in the United States. So what do we do we send guys over to fight all these wars? And we've seen so many victories with the smaller wars, we fought because the enemies we pursue a relatively weaker than we are. Sick and twisted problem. The United States of America today is our puffed up and egotistical political views, but are so myopic that we cannot see that our warlord. US foreign policy. Since the last administration was show horrendous. And we have not heard how Donald Trump or anyone's trying to patch up the mess. Even though we've seen him meet with people like Kim Jong UN and others. Now, even thinking that Kim Jong UN when he walked away from the toxin Hanoi. Basically what Baxter I building is missiles again. So it's hard to approach any of this. With a degree of objectivity or even positively because. With every war. We appear to win. We are kidding ourselves here in the United States. We would be strong enough as a people. Twist and a war from outside of our own country were warring with each other now in this country. The question is are we strong enough to withstand a nuclear conflict that we are we strong enough as a people to pull together if that happens. As many of the major powers are now planning for the possibility of such a conflict, we are acting as though the entire world cares about how we feel politically when it really doesn't care. The entire world is growing tired of watching the decline of our country. And the players know that a country that is politically divided is a country with no loyalty. So the hearts and minds of the people can be won over by philosophical proposal of world order. And that's where right now with the young people. They're ready for. Those who wish to be stubborn and decide not to participate. Well, they'll be left to fight for their own survival. Because it seems like the majority is growing for socialist views the idea of a panopticon police day, all this people. Call me and say, CLYDE, we should declare martial law. They don't even know what it means. Declare martial law. They wanted. People say they want war will wars what they're going to get it. That's what they're doing. I mean, we're fighting fighting fighting we want someone to cast the first stone make it okay for all us to step in and fight at the same time. They're waiting for that starting gun there waiting for that. I rock to be thrown there waiting for that first bullet. They contact with something. So they can all throw their hands in the air and run and scream and yell and cause riots and bring about the. The end of destruction..
"fdic" Discussed on KTRH
"An equal housing lender. Right. Member FDIC. I am not doing this on purpose. I'm not trying to string you along. I keep interrupting myself, I fully intend to have been done with the Cuomo stuff by now, I haven't even started. And there's not enough time to start and finish it now in the segments. I'm gonna go to the phones. And I promise that I'm gonna commit to opening the next segment with it. 'cause it's juicy doesn't matter. I don't think I could build this up too much. And have it not meet your expectations because it's. It's fabulous. It's just dynamite. But I don't have time to do it now. So we'll get to it immediately. Go back to phones. Fred in Cleveland. Welcome, sir. And I'm glad you held on. Hi, good day rush. I would like to get your thoughts on the abortion issue, and how for the past fifty or sixty years the Republicans have been afraid of the issue. And my question to you is the sweet irony of what is going on now. And I think in twenty twenty if abortion is an issue, which it will be Trump will win handily. The American people will not deal with the killing of live. Infants. And the Democrats have gone too far. Yes. But air blowing the election. Yes. But how many Americans have been told this? Rush. There a date and have the same law that New York just passed or similar, you know, don't quote me on it. But there are eight states in the US that have those same laws as New York half of the people in those states. Probably don't even know it. Worked for it will be forefront is my point. That is my point. We make the mistake of assuming that when we learn it the rest of the country is going to the rest of the country. Still doesn't know the truth of what happened to the Covington high school kids, the most of the country still thinks that those kids were the bullies and provoked the Indian most people don't know what the New York state legislature did. In virginia. The media is trying not to report that by focusing solely on Ralph northern black face period with his yearbook photo and so forth. The it. It is certainly when it is reported by the drive by media. There's no accompanying outrage. In fact, it's reported almost with applause as yet another advance in the ongoing battle against the strict right wing for a woman's right to choose. But there isn't in-depth ex when the Project Veritas videos came out the secret videos that recorded Planned Parenthood executives laughing and negotiating the sale price of dead baby body parts. They didn't pick that up. They immediately embarked on two things either ignore the Project Veritas videos or run hit pieces on James O'Keefe, the founder, and and grand poobah, but they did not report the substance. I I would venture to say that at least half the country doesn't know Planned Parenthood. Does that? So it's I I'm not trying to depress you I'm trying to just got to keep things in perspective. We have to media's in this country. Just like we have two tiers in the Justice system. We have we have a two tiered climate change operation. We've got the people that know it's a hoax and the people that well, both both sides. No one's a hoax. But one side knows. It's a hoax and is willing to lie to their supporters to convince them it's not. And the media sides with the people reporting a hoax is real not exposing the hoax. And so we just can't make the assumption that when something big and momentous like this happens that the American people are going to find out about the drive by media. Is not going to report on any of this in a way that is harmful or critical to the democrat party. They will circle the wagons and try to cover it up or misdirect.
"fdic" Discussed on WJR 760
"And we get what banking should be more importantly, we get you. We get that. You have a life priorities and hometown pry, we get that you have things that make you tick and things that take you off. We get what you want and need from your Bank. That's why we promised to think act and talk like real people who also have a life and share your priorities and hometown pride mercantile gets member. FDIC? So. Gene. Their song ever. Well, as you my guests, this place is absolutely packed here. But then if you give students free tickets.
"fdic" Discussed on WHAS 840 AM
"Card is issued by MetaBank member. FDIC cartoons conditions an expiration. Continues my.
"fdic" Discussed on News Radio 920 AM
"FDIC equal housing lender Josh, Smith will face hotter checkup six seventy The last name basis. Forty two he leads, Josh Smith has won his last two starts Would you believe that this guy is. Eight and five if he can get through to, more innings and qualify for a win it could be his ninth victory. Of the year and he would. Be the team leader will in victories gets the lefty John camera the. Power threat up their, first pitch is yanked. On the, ground foul, up first base line. That's all in one Tweet, the two Josh Smith's they have thirteen wins Josh a Smith is five. And four Josh d Smith eight. And five that is the exact box coming home right there the track. Not many had that If you, combine them into one pitcher you'd. Have the pitcher of the year in the aisle. Well let's let's get that going The Olympics that's granted towards third but just foul off the hands of Tampere former Astros far mandatory to be honest Josh I. Think the other the right hander is the, more surprising only say that because of how looked initially. Lost, his job out west and It's so This guy kinda crafty showed some dial back. And forth I, mean both the remarkable stories don't get me, wrong oh to pitch camera takes away, one, or two but it looked to me seriously like Josh as Smith's career might be over and the way that he's been able to. Get it back between the lines and dominate That's been great to watch bitch Thursday here the ones who pitch camera takes just off the plate low and away Connor Last. Weekend the Durham bulls found out about the lethal Josh Smith. Combo Lefty beat them Thursday the Radi beat up Friday It'd. Be great to to pitch swing and a miss. He, just flailed that, slider and camper is gone Strikeout number four four Josh Dwayne Smith You mentioned how to.
"fdic" Discussed on Newsradio 700 WLW
"Yeah that's when it comes to your pensions you have the it's the pension benefit karen pre trust sunshine something like that which is supposed to work somewhat like the fdic that's the federal deposit insurance corporation whatever the backs up supposedly our our bank accounts the problem with the pension benefit guarantee trust is the sheer scope the size of i believe they said that central states pension alone if it were to go completely belly up would be enough to to wipe out the the pension benefit trust somebody can somebody more in the know could help me out on that singing that's because we've got dozens or well over a hundred i think other various pensions most of which are smaller and some of a much smaller than the scope of the central states pension fund but all that are at risk of also becoming insolvent in a few short years you'll wipe out that pension trust and there's an there's virtually nothing left that's kind of what they were working on this.
"fdic" Discussed on 1075 KZL
"Fdic the more sixty five cheese liu cheering haiti's a battle of the sexes coming up next mm from the south first alone adding here now go langer john fifteen this justice logan the man so no sza yeah drew his justice the new and in the moon breeze in the the thing sandra live so owner how that is the man only amman bad jon rahm fifty this gene fast.