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Ruben Diaz Jr. slips Carl Heastie cash at Sharpton event

Carl Heastie’s new job as ­Assembly speaker is already paying off.

At the end of a meeting of the National Action Network in Harlem on Saturday in which Heastie waxed poetic about renewed focus on Albany ethics — and as the Rev. Al Sharpton pressed his high-profile guests for donations — Bronx Borough President Ruben Diaz Jr. slipped Heastie a wad of cash.

But it wasn’t your typical Albany payoff. It was just Diaz trying to save his fellow Dem from looking ungenerous.

The two pols were seated next to each other on stage when Sharpton, as he usually does after his Saturday speeches, called out for handouts like an auctioneer.

As people began tossing money into a wicker collection basket in front of the stage, the new speaker seemed to come up empty-handed.

At that point, Diaz divided the bills he had clumped in his own fist, discreetly handing half of the cash to his pal.

Diaz wouldn’t disclose the amount of the impromptu loan — the bills looked likely mostly ones and fives — but it seemed like he might forgive the debt.

Sharpton (left) gives Heastie a hug at the Nation Action Network in Harlem.Photo: R. Umar Abbasi

Asked if Heastie would be repaying him, Diaz chirped: “He doesn’t have to. He’s a great guy! Everybody knows who he is so he’s good for it.”

Fortunately for Heastie, an accountant by trade, he won’t have to list the loan on his annual financial -disclosure forms since it was likely smaller than $1,000.

One thing that is known about the donation is it’s going to a non-profit that, according to 2013 records, is saddled with more than $800,000 in unpaid taxes and led by a preacher who owes $3.77 million in federal and state taxes.

The payoff came the same morning Heastie was making his first public address since he was sworn in Tuesday as speaker, following the ouster of Sheldon Silver, who has been indicted by the feds on bribery charges.

It also came as he trumpeted a panel he formed to hire an Albany ethics watchdog.

A group of six Assembly members will lead a national search for an executive director of the new Office of Ethics and Compliance, according to Heastie.

The panel includes Republican Assemblywoman Janet Duprey. Duprey was the subject of an ethics complaint last election when her opponent accused her of bullying rival supporters.

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[…]

Discover Financial Services (DFS): New Analyst Report from Zacks Equity Research – Zacks Equity Research Report

Summary:

Discover Financial’s strength lies in its strong inorganic growth story and solid cash position that also enables efficient capital deployment. However, weakness prevailing in the Payment Services segment and escalating expenses raise caution. Its third-quarter earnings surpassed the Zacks Consensus Estimate on lower share count and card loan growth. Moreover, the company’s quality services keeps it cushioned against high customer attrition. An extensive student loan portfolio, global expansions, prudent capital management and increased card sales position it well for long-term growth. Additionally, implementation of the core banking platform supports all the deposit products, thus accelerating customer service. However, competition, lawsuit damages and regulatory challenges remain headwinds. We maintain our Neutral recommendation on the stock.

Overview:

Founded in 1986 and based in Riverwoods, IL, Discover Financial Services is a direct banking and payment services company in the United States. The company offers credit cards, personal, student and home loans as well as deposit products. In Mar 2009, Discover Financial became a bank holding company under the Bank Holding Company Act of 1956 and a financial holding company under the Gramm-Leach-Bliley Act in connection with its participation in the U.S. Treasury’s Capital Purchase Program.

Discover Financial offers its products and services with acceptance in more than 185 countries and territories. The company operates through three networks:

The Discover Network Discover Financial’s credit card payment network.

The PULSE network Discover Financial’s ATM, debit and electronic funds transfer network.

Diners Club International Discover Financial’s global payment network.

Discover Financial manages its business activities in two segments:

The Direct Banking segment (accounted for 96% of total revenue in 2013), formerly referred to as the U.S. Card segment, includes Discover card-branded credit cards issued to individuals and small businesses in the Discover Network. The segment also offers personal loans, student loans, home loans, prepaid cards and other consumer lending and deposit products.

The Payment Services segment (4%), formerly referred to as the Third-Party Payments segment, includes PULSE, Diners Club and its network partners business (previously referred to as the third-party issuing business), which includes credit, debit and prepaid cards issued by the third parties on the Discover Network.

Discover Financial continues to grow inorganically through acquisitions. In Dec 2010, the company acquired The Student Loan Corporation (SLC) in a merger transaction for $600 million and received a purchase price closing adjustment in a cash payment of approximately $234 million from Citibank, the 80% owner of SLC before the merger, resulting in a net cash outlay of approximately $366 million for the acquisition of SLC. In the transaction, Discover Financial acquired SLC’s ongoing private student loan business and approximately $4.2 billion of private student loans and other assets, along with approximately $3.4 billion of SLC’s existing asset-backed securitization debt funding and other liabilities. It also acquired the loans and other assets at an 8.5% discount. SLC is now a wholly owned subsidiary of Discover Bank.

In June 2012, Discover Financial announced the completion of the purchase of almost all operating and related assets of Tree.com Inc.’s subsidiary Home Loan Center. The company has already paid $49 million for the deal, including payments made prior to the closing. Another $10 million was paid on the first anniversary of the closing date, that is, June 2013. Home Loan Center originates and processes residential mortgage loans across all 50 U.S. states as well as the District of Columbia.

Following the acquisition of Home Loan Center, Discover Financial expanded its product portfolio to include residential mortgage with the launch of Discover Home Loans in June 2012. The company now offers commercial and Federal Housing Administration loans with both variable and fixed rates.

In Dec 2012, Discover Financial’s board approved a change in its fiscal year to Jan 1 Dec 31, effective from Jan 2013. Earlier, the company’s fiscal year ended on Nov 30. Due to the change, Dec 2012 was a transition period and was reported separately with the financial results for the first quarter of 2013 and full-year 2013.

Discover Financial Services (DFS): Read the Full Research Report

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Mortgage Experts at Network Capital Funding Renews Sponsorship of The Mortgage Radio Show

IRVINE, CA–(Marketwired – Oct 28, 2014) – Network Capital Funding, an award-winning national full-service leader in mortgage lending, is proud to continue its ongoing sponsorship of “The Mortgage Radio Show.” Launched in 2009, “The Mortgage Radio Show” is a popular podcast that delivers useful updates on mortgage rates, negotiating terms, working through the loan process, and other helpful information. Whether the topic is purchasing a first home, refinancing for a lower payment/term, or pulling cash from home equity, “The Mortgage Radio Show” provides experienced, professional advice. Co-hosts of the show include Emmy-winning writer and well-known radio personality Teresa Strasser and mortgage expert Sean Meador. Strasser’s credits include co-host on “The Adam Carolla Show,” “Win Ben Stein’s Money,” and TLC’s “While You Were Out.” Sean Meador, with over ten years’ experience, has become one of the top performing producers in the mortgage industry. He advises listeners on the mortgage loan process, loan programs, and credit qualifications, such as first and second mortgages, as well as numerous government programs. He loves the close relationships he develops with clients while helping them to save money and accomplish their mortgage goals.

With mortgage rates at their lowest in over 50 years, anyone who owns a home or is looking to buy one is the prime audience for “The Mortgage Radio Show.” Everyone should have the opportunity to take advantage of low rates and the radio show offers great advice on how one, regardless of lifestyle or living situation, might improve his or her financial outlook.

Finding a mortgage is often stressful and time-consuming notwithstanding whether the borrower is a first-time homebuyer or a seasoned veteran. Founded in 2002, Irvine-based Network Capital Funding works to make the process simpler for each and every one of their clients. They were recently honored by making Inc. Magazine’s 2014 list for the “Fastest-Growing Companies in the U.S.” — their fourth year in a row, which have seen over 1,027% growth for the Irvine-based company. Other recognitions have included being named one of “The Best Places to Work,” 2012 – 2014, by the Best Companies Group and the Orange County Business Journal. The company enjoys an overall 98% customer satisfaction rate.

Network Capital Funding works to make homes affordable by eliminating lender fees, upfront application fees, rate lock-in fees, and offers some of the lowest rates available on the market. Working as a direct lender, they have taken the middleman out of the loan granting equation and by fully underwriting a file, the company can offer a “Same as Cash” pre-approval process which allows a buyer to compete with cash offers. They can often close within as little as seven days rather than the typical 30-45 days of escrow. Loan options include $0 down payment for a VA Loan; 3.5% down payment for an FHA Loan; and 5% down payment for a Conventional Loan.

Network Capital Funding Blog: http://www.NetworkCapitalFundingNews.com

Facebook: http://www.facebook.com/NetworkCapitalFunding

Twitter: http://twitter.com/NetworkCapital

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[…]

Podcast Patent Troll, Payday Loans, Fedex Trafficking Drugs

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Top 10 in Law Blogs: Podcast Patent Troll, Payday Loans, Fedex Trafficking Drugs

By Colin O’Keefe on August 21, 2014 in Best in Law BlogsCommentsLikeEmailLinkedInGoogle Plus

Apologies for this going live a bit later than normal, but we’re here with today’s Top 10 nonetheless. Some highlights: Foley & Lardner’s Matthew Riopelle asks an interesting question, on whether or not driverless cars will be adopted by consumers, and Scott Riddle explains why taking out a payday loan is a horrible idea. Total posts on the LexBlog Network today: 176.

The Big Impact from Nixed Recess Appointments: Supreme Court’s rejection of President Obama’s NLRB picks could upset hundreds of decisions. – Chicago lawyer Kenneth Dolin of Seyfarth Shaw on the firm’s Employer Labor Relations Blog Waiting for Claim Assignment Doesn’t Toll Statute of Limitations: American Family v. Plunkett – Chicago lawyer Joshua Glazov on his blog, Construction Law Today State of the Creative Series: Interview with the Chief Creative Officer at R/GA – New York lawyer Ronald Urbach of Davis & Gilbert on his blog, Madison Ave Insights Standing Out in a Sea of Content: A Webinar Recap – Legal marketing expert Lindsay Griffiths of International Lawyers Network on Zen & The Art of Legal Networking ProPublica and the Problem With JournalismPatrick Maines, president of The Media Institute, at the Institute’s Media & Communications Policy Blog Personal Audio No Longer Trolling Adam Carolla – Houston lawyer Michael Pham of Winstead on the firm’s blog, WinTech Payday Loans: It Could BeThe Worst Decision You Could Make – Atlanta lawyer Scott Riddle on his blog, the Georgia Bankruptcy Law Network FedEx Charged with Criminal Distribution in Crackdown on Prescription Drug Abuse – New York lawyer Mik Shin-Li of Perkins Coie on the firm’s blog, White Collar Briefly ’90?s Flashback: Prince’s Trademark Cautionary Tale – Nashville lawyer Randy Michels of Stites & Harbison on the firm’s blog, Trademarkology Will Self-Driving Cars be Accepted by Consumers? – San Diego attorney Matthew Riopelle of Foley & Lardner on the firm’s blog, Dashboard Insights

For more of the best, check out LXBN, a complete review of the top insight and commentary across the LexBlog Network.

LikeEmailLinkedInGoogle Plus […]

Woman Must Arbitrate Payday Loan Claims – Courthouse News …

Woman Must Arbitrate Payday Loan Claims

By MARIA DINZEO

SAN FRANCISCO (CN) – A federal judge dismissed a woman’s lawsuit accusing several banks of acting as middlemen for usurious payday lenders and ordered her to arbitrate.
Lead plaintiff Johnetta Riley received $2,600 from four payday loans between September 2012 through May 2013, with interest rates of 25 to 30 percent, all through online payday lenders like Cash Jar and SWB Funding. She authorized the lenders to debit her checking account with Wells Fargo, through an electronic payment system called the Automatic Clearing House.
BMO Harris Bank, N.A., First Premier Bank, and Missouri Bank and Trust were the originating banks, and giving the lenders access to the ACH network.
Riley filed a class action against the banks in October 2013, claiming that by collecting on the loans, they allowed unscrupulous lenders to take advantage of her with illegal loans at “unconscionable rates.”
“Indeed, it would be impossible for Illegal Online Payday Lenders to deposit payday loan proceeds or debit payday loan payments from customers’ bank accounts in states where the loans are illegal and unenforceable without defendants’ willingness to allow the illegal online payday lenders to access the ACH Network,” the federal complaint says.
Judge Colleen Kollar-Kotelly in the District of Columbia rejected Riley’s contention that she isn’t bound by the loan agreements to arbitrate her claims.
“The court finds that plaintiff’s factual allegations indicate that her claims arise from and are thus intertwined with the loan agreements containing the arbitration provision,” Kollar-Kotelly wrote, adding, “The court finds that plaintiff agreed to arbitrate with an undefined, but expansive class of entities conducting business with the lenders and thus cannot deny the foreseeability of having to arbitrate her claims against BMO Harris Bank and First Premier Bank. This is not a case like the cases on which plaintiff relies where the non-signatory has no relationship with the non-plaintiff signatory of the underlying agreement or has no role in performing the underlying agreement. As plaintiff’s claims rest heavily on the existence of the underlying loan agreements and defendants have a close relationship to the lenders’ activities, and a textual connection to the arbitration provisions, the court finds that plaintiff is equitably estopped from avoiding arbitration of her claims against defendants.”
Kollar-Kotelly also rejected Riley’s argument that the court shouldn’t enforce arbitration because the loans are illegal in the District Columbia, writing, “the court finds that plaintiff’s arguments regarding the legality of the loan agreements have no bearing on defendant’s ability to enforce the agreements’ arbitration provisions.”

[…]

Obama’s student loan proposal: More pain than gain?

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By Catey Hill, MarketWatch

Millions of cash-strapped Americans may soon be able to reduce their monthly student loan payments thanks to a proposal President Obama will make Monday. But just because you can cut payments, doesn’t mean you should.

President Obama announced Monday that he will expand a federal program designed to reduce student loan payments. The program — dubbed “Pay As You Earn” — will give as many as five million more Americans with federal student loan debt the ability to cap their monthly student loan payments at 10% of their income and to have their remaining debt forgiven after either 10 years (for government and some non-profit workers) or 20 years (for other workers). “This can be very important to folks who aren’t earning what they’d hoped to earn based on how much they invested in their education, says Mike Sullivan, chief education officer for Take Charge America, a national nonprofit financial education agency offering student loan counseling. “It could represent a 50% or more reduction in the amount due each month.”

Click to Play

Obama: Student-debt burden too big to shoulder

President Obama talks about the burden of college graduates making ends meet before signing a presidential memorandum on reducing student loan debt. Photo: AP.

The current program is only available to Americans who began borrowing after October 2007 and kept borrowing after October 2011; the new order will allow students who borrowed money before October 2007 and those who have not borrowed since October 2011 to participate. The new program will begin in December 2015.

The move could offer relief to many former students. Outstanding student loan debt climbed by $114 billion in 2013, hitting $1.08 trillion at the end of the year, according to the Federal Reserve Bank of New York. Student loans now have a higher delinquency rate than that of credit cards, mortgages or auto loans, as more than one in 10 student loan payments are more than three months late. Furthermore, the demand for repayment plans that take into account one’s income is already high.

The number of borrowers who are currently using an income-based repayment program or Pay As You Earn program to repay their student loan debts has climbed 24%, to 1.63 million just from January through March, according to the Education Department . (The income-based repayment program lets those with certain financial hardships reduce their payments to a maximum of 15% of their discretionary income.) Currently, nearly one-tenth of all outstanding federal student loan debt is being repaid using an income-based repayment program or Pay As Your Earn program .

Many debtors who may be newly eligible for “Pay As You Earn” are wondering whether they should try it — or another, similar income-related repayment plan like income-based repayment plans, income-contingent repayment plans; and income-sensitive repayment plans. First, it’s important to note that these plans are for people who have both low incomes ( income levels vary depending on size of loan debt ) and are struggling to make monthly payments on their student loans, says Sullivan. “Look at what percent of your disposable income is going towards your student loans — if it’s significantly over 10%, it’s worth exploring [other repayment] options; if it’s over 20%, it’s definitely worth it,” he says.

On the other hand, “if your total student loan debt at graduation is less than your annual starting salary, you can repay your student loans in ten years or less,” says Mark Kantrowitz, the senior vice president and publisher of Edvisors Network Inc. — and in most cases, if you can afford to repay your students loans quickly, you should. (Otherwise, you’ll likely pay significantly more — sometimes tens of thousands of dollars — in interest over the life of the loan; the Pay As You Earn program, for example, extends your payments out to 20 years, which means you’d likely pay significantly more than you would have during a 10-year period.)

Click to Play

Obama: Higher education most important investment

In a White House appearance to sign a presidential memorandum reducing student loan debt, President Obama stressed the the importance of higher education in an improving economy. Photo: AP.

Most students who can afford to pay off their loans via the 10-year standard repayment option likely won’t qualify for the Pay As You Earn plan anyway. Indeed, for many people, the “Pay As You Earn” plan — even if it does require you to pay more money over the life of the loan — makes the most sense if it’s one of the only ways they could make their payments. For such borrowers, experts say, the program should be taken advantage of so that their credit score isn’t harmed due to delinquencies.

All of the payment-relief options are detailed in this U.S. Department of Education chart . (Borrowers can also ask their loan servicers to help them go through these options.) Some plans make more sense for certain borrowers than others, and not everyone will qualify for all of these options (for example, they typically don’t apply to private student loans and consolidated loans), says Sullivan.

Experts say many public service or government workers may want to try “Pay as You Earn” even if they can afford their normal repayments. “Almost anyone who qualifies for the public service loan repayment after ten years will get a financial benefit,” says Kantrowitz — because whether you do standard repayment or an income-related payment (which has lower monthly costs), the loan term ends in 10 years (and with the Pay As You Earn plan the outstanding loan amount at the 10-year mark will simply be forgiven). Furthermore, for other types of workers, “if you are negatively amortized — meaning your monthly payment is less than the new interest so debt is growing — you could get a significant benefit at the end of twenty years [when the debt is forgiven],” says Kantrowitz.

There are some things that people who opt for “Pay As You Earn” must understand before they jump in. First, if your income later rises, you may have to pay significantly higher payments. “It’s wonderful relief in the short term, but don’t lull yourself — it’s not a guarantee of modest payments forever,” says Sullivan. Plus, the “Pay As You Earn” program requires you to submit documentation every year on your income and family size — or you risk having your payment reset — and you may have to pay taxes on the amount of the loan that is forgiven at the end of 20 years.

Bottom line: Every student loan repayment situation is unique, so use calculators — like those available from the U.S. Department of Education — to compare plans both in terms of monthly payments and lifetime cost.

Also see:

Hidden deal: Up to 25% of grads can get public-service debt forgiveness

Study Obama student-loan plan: policy vs. politics

Half of parents support their kids after college

Catey Hill covers personal finance and travel for MarketWatch in New York. Follow her on Twitter @CateyHill.

[…]

Should you apply for Obama’s student-loan relief?

Thumbnail

By Catey Hill, MarketWatch

Millions of cash-strapped Americans may soon be able to reduce their monthly student loan payments thanks to a proposal President Obama will make Monday. But just because you can cut payments, doesn’t mean you should.

President Obama announced Monday that he will expand a federal program designed to reduce student loan payments. The program — dubbed “Pay As You Earn” — will give as many as five million more Americans with federal student loan debt the ability to cap their monthly student loan payments at 10% of their income and to have their remaining debt forgiven after either 10 years (for government and some non-profit workers) or 20 years (for other workers). “This can be very important to folks who aren’t earning what they’d hoped to earn based on how much they invested in their education, says Mike Sullivan, chief education officer for Take Charge America, a national nonprofit financial education agency offering student loan counseling. “It could represent a 50% or more reduction in the amount due each month.”

Click to Play

Obama: Student-debt burden too big to shoulder

President Obama talks about the burden of college graduates making ends meet before signing a presidential memorandum on reducing student loan debt. Photo: AP.

The current program is only available to Americans who began borrowing after October 2007 and kept borrowing after October 2011; the new order will allow students who borrowed money before October 2007 and those who have not borrowed since October 2011 to participate. The new program will begin in December 2015.

The move could offer relief to many former students. Outstanding student loan debt climbed by $114 billion in 2013, hitting $1.08 trillion at the end of the year, according to the Federal Reserve Bank of New York. Student loans now have a higher delinquency rate than that of credit cards, mortgages or auto loans, as more than one in 10 student loan payments are more than three months late. Furthermore, the demand for repayment plans that take into account one’s income is already high.

The number of borrowers who are currently using an income-based repayment program or Pay As You Earn program to repay their student loan debts has climbed 24%, to 1.63 million just from January through March, according to the Education Department . (The income-based repayment program lets those with certain financial hardships reduce their payments to a maximum of 15% of their discretionary income.) Currently, nearly one-tenth of all outstanding federal student loan debt is being repaid using an income-based repayment program or Pay As Your Earn program .

Many debtors who may be newly eligible for “Pay As You Earn” are wondering whether they should try it — or another, similar income-related repayment plan like income-based repayment plans, income-contingent repayment plans; and income-sensitive repayment plans. First, it’s important to note that these plans are for people who have both low incomes ( income levels vary depending on size of loan debt ) and are struggling to make monthly payments on their student loans, says Sullivan. “Look at what percent of your disposable income is going towards your student loans — if it’s significantly over 10%, it’s worth exploring [other repayment] options; if it’s over 20%, it’s definitely worth it,” he says.

On the other hand, “if your total student loan debt at graduation is less than your annual starting salary, you can repay your student loans in ten years or less,” says Mark Kantrowitz, the senior vice president and publisher of Edvisors Network Inc. — and in most cases, if you can afford to repay your students loans quickly, you should. (Otherwise, you’ll likely pay significantly more — sometimes tens of thousands of dollars — in interest over the life of the loan; the Pay As You Earn program, for example, extends your payments out to 20 years, which means you’d likely pay significantly more than you would have during a 10-year period.)

Click to Play

Obama: Higher education most important investment

In a White House appearance to sign a presidential memorandum reducing student loan debt, President Obama stressed the the importance of higher education in an improving economy. Photo: AP.

Most students who can afford to pay off their loans via the 10-year standard repayment option likely won’t qualify for the Pay As You Earn plan anyway. Indeed, for many people, the “Pay As You Earn” plan — even if it does require you to pay more money over the life of the loan — makes the most sense if it’s one of the only ways they could make their payments. For such borrowers, experts say, the program should be taken advantage of so that their credit score isn’t harmed due to delinquencies.

All of the payment-relief options are detailed in this U.S. Department of Education chart . (Borrowers can also ask their loan servicers to help them go through these options.) Some plans make more sense for certain borrowers than others, and not everyone will qualify for all of these options (for example, they typically don’t apply to private student loans and consolidated loans), says Sullivan.

Experts say many public service or government workers may want to try “Pay as You Earn” even if they can afford their normal repayments. “Almost anyone who qualifies for the public service loan repayment after ten years will get a financial benefit,” says Kantrowitz — because whether you do standard repayment or an income-related payment (which has lower monthly costs), the loan term ends in 10 years (and with the Pay As You Earn plan the outstanding loan amount at the 10-year mark will simply be forgiven). Furthermore, for other types of workers, “if you are negatively amortized — meaning your monthly payment is less than the new interest so debt is growing — you could get a significant benefit at the end of twenty years [when the debt is forgiven],” says Kantrowitz.

There are some things that people who opt for “Pay As You Earn” must understand before they jump in. First, if your income later rises, you may have to pay significantly higher payments. “It’s wonderful relief in the short term, but don’t lull yourself — it’s not a guarantee of modest payments forever,” says Sullivan. Plus, the “Pay As You Earn” program requires you to submit documentation every year on your income and family size — or you risk having your payment reset — and you may have to pay taxes on the amount of the loan that is forgiven at the end of 20 years.

Bottom line: Every student loan repayment situation is unique, so use calculators — like those available from the U.S. Department of Education — to compare plans both in terms of monthly payments and lifetime cost.

Also see:

Hidden deal: Up to 25% of grads can get public-service debt forgiveness

Study Obama student-loan plan: policy vs. politics

Half of parents support their kids after college

Catey Hill covers personal finance and travel for MarketWatch in New York. Follow her on Twitter @CateyHill.

[…]

Hector Sants introduces network of credit unions to rival payday …

Image Hector-Sants-011.jpg

Hector Sants leads a task force to take on payday lenders on the behalf of Justin Welby, Archbishop of Canterbury, a job that is unpaid and will take up an estimated one day a month. Photograph: Sarah Lee for the Guardian

Hector Sants, the former chief City regulator, has introduced a national network of churches, communities and credit unions that aims to take on payday lenders.

Sants, who headed the Financial Services Authority until 2012, is leading a task force set up by the Church of England as part of a campaign led by the archbishop of Canterbury, Justin Welby.

Lenders such as Wonga, which give short-term loans at interest rates that work out at over 5,000% on an annual basis, argue they fill a void left by high street banks and that the loans are meant to be repaid within a month.

Welby, however, says such loans, which are intended to tide borrowers over until their next pay packet, can drive vulnerable people into debt. He has pledged to put the companies that offer them out of business.

Sants said the network bringing together churches and credit unions would initially be piloted in three of the Church of England’s 44 dioceses: Southwark, Liverpool and London.

“This is a grass roots initiative that will only succeed with the enthusiasm and engagement of the local church,” he said in a statement. “I am confident that the successful implementation of the Church Credit Champions Network will equip churches to be even more relevant to their local communities, and transform the lives of the many people we hope will be served as a result.”

The task force’s aim is to build support for community-based financial services and encourage responsible lending and saving, driving cultural change. Credit unions, a small part of Britain’s financial landscape, have grown since the credit crisis and typically offer much smaller loans than those available from banks and building societies.

They are companies owned by their own customers. The majority of the money they lend comes from members’ savings and they tend not to tap financial markets for capital.

Sants, 58, ran Britain’s Financial Services Authority through the financial crisis and joined Barclays at the start of 2013. He was placed on sick leave in October that year for stress and left the bank a month later. His new position is unpaid and will take up about one day a month, the church previously announced.

Welby, leader of the world’s 80 million Anglicans, was embarrassed last year to learn that the church’s pension fund had invested in a US venture capital company that led Wonga’s 2009 fundraising.

The church has yet to exit this investment, with its finance arm, the Church Commissioners, stating in its 2013 annual report last week that this could take “some considerable time”.

[…]

Big Banks Withdraw from Making Small Loans

MILWAUKEE, Feb. 26, 2014 /PRNewswire-iReach/ — As reported in the Winston-Salem Journal, a major bank has made the business decision to withdraw from short term cash advance products. Citing stringent standards imposed by federal regulatory agencies, two major banks have made the decision to leave the short term loans market.

Apparently, there are many banks that find the new regulatory standards to be either too cumbersome or ROI-draining. As banks leave the short term cash advance loan market, however, online lenders and lending marketplaces, such as NationalLoans.com are seizing the opportunity to cash in and serve a wide range of borrowers with extremely cost-effective cash advance loan structures.

While the loan amounts tend to be small, the headaches for the lending network tend to be very complex. The phenomenon is not restricted to the US alone. Banks in many countries are leaving the short term borrowing business to companies, such as National Loans, which are developed to cater to the exclusive niche of short term borrowers.

“We have special safeguards, systems, and infrastructure that have been developed over a course of decades. Due to the extremely agile nature of our business, we can adapt to regulatory requirements on the fly. Furthermore, due to the fact that we work with an extremely wide range of lenders, it is very easy for us to find programs that would be beneficial to our customers,” explains James Shank, who is the brainchild behind http://www.nationalloans.com/, a company that specializes in providing short term cash advance loans to borrowers with bad credit.

“I was turned down by my local bank. Apparently, the process was very cumbersome and the underwriter decided that it was cost-prohibitive to make a short term loan to someone like me. With fewer options and an emergency, but non life-threatening procedure fast approaching, I had no choice to work with National Loans. Not only did I receive my loan amount in hours, I was provided with valuable support that even my bigger banks had failed to provide,” explains Sam, who applied for a pay day loan with National Loans.

“Our network is one of the biggest in the industry. It is relatively simpler for us to find cost-effective short term loan programs,” adds Shank.

National Loans is a nationwide network of cash advance loan providers, including non-traditional banks and other lenders who are recognized for delivering cost-conscious programs for borrowers. A dedicated team of representatives continuously monitors the loans marketplace to find the best lenders and programs possible for National Loans’ qualified pool of borrowers.

Once the applicant submits a request, lending institutions typically respond to the request within twenty four hours and help borrowers achieve their financial goals within a very short period of time.

Media Contact: James Shank, National Loans Inc, (512) 571-3828, info@nationalloans.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

[…]

Advance Funds Network Bankrolls Record-Breaking Million-Dollar Loan

BROOKLYN, NY–(Marketwired – Feb 5, 2014) – Microloans have been a godsend for many small-business owners weathering the recent recession. As the recovery gains momentum, merchant cash-advance lenders are taking off as well.

The merchant cash-advance industry is worth $500 to $700 million dollars a year as of mid-2013. Over the next several years, that figure is expected to skyrocket to $3 to $5 billion a year — clearly, merchant cash-advance lenders are filling a need for small businesses that have been repeatedly turned down by traditional banks.

Advanced Funds Network (AFN) is among those stepping up to the plate for America’s small businesses — and they’re funding loans that should make traditional banks take notice. Last month, AFN funded an unheard-of million-dollar cash advance for a carpet company in Texas.

The Texas carpet company, which specializes in carpet installation in Dallas, Austin and Houston, plans to use the cash advance to expand their business and better serve their current market. The company also plans for a year of significant expansion that will make them the largest carpet installation firm in Texas.

AFN hopes this milestone loan will encourage more small businesses to take advantage of their fast, convenient small-business loans, unsecured credit lines and merchant cash advances. The merchant lender specializes in credit products for small businesses that need loans smaller than traditional banks will give or that don’t meet traditional lenders’ rigid criteria for loan candidates.

Small-business owners who are strapped for funds often don’t need much to keep the wolf from the door — just enough to fund payroll during a lean month or to pick up some new equipment. AFN meets that need with loans, business cash advances and unsecured credit lines from $2,500 to $3,000,000.

AFN is known for its customer service and quick funding for most applicants. Eighty-five percent of applicants are approved and funded in five to seven business days. Businesses that don’t accept credit cards are welcome, and there are no upfront fees. AFN now offers business loans in all 50 states.

If you’re looking for a financing solution for your small business, contact Advance Funds Network at 888-772-7755.

About Advance Funds Network
Advance Funds Network (AFN) is one of the easiest ways to obtain financing for your business. Since 2007, AFN has established itself as a leader in the small-to-medium-sized business marketplace. AFN provides your business with several funding options until it finds the one that works best for you. AFN doesn’t charge any upfront fees. The process is simple, and the lender’s goal is even simpler: Approve your business for financing.

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