Vermont attorney general assists Google in ban of payday loan advertising

first_imgVermont Business Magazine On May 11, 2016, Google announced(link is external) that it will ban advertising for high-interest personal loans, sometimes referred to as “payday loans.” In 2014, as part of a statewide crackdown(link is external) on high-interest lending, the Vermont Attorney General Office’s collaborated with Google. Over the past two years, Vermont identified(link is external) for Google hundreds of online lenders who violated Vermont or other state law by: (1) charging excessive interest, often 300% APR or more; or (2) failing to obtain a license as required by Vermont and other states that regulate personal loans. Consequently, Google disabled advertising for the identified illegal lenders.“I am pleased that Vermont led the states in working with Google to stop online advertising by predatory lenders,” said Attorney General William Sorrell.  Now, Google has taken a further step and simply banned advertising for all personal loans that charge over 36% annual interest or require repayment in under sixty days. The ban goes into effect July 13, 2016. Attorney General Sorrell applauded Google’s announcement: “Google’s advertising ban is a critical tool for consumer protection. The ban will prevent consumers from being deliberately targeted by the seller of a deceptive and harmful financial product.”More information on illegal loans is available on the Attorney General’s “Illegal Lending” website(link is external).Vermont AG: May 17, 2016last_img read more

Fat Lad At The Back reports 223% sales growth over summer…

first_imgFat Lad At The Back, the ‘community based cycling brand that focuses on creating an inclusive space for cyclists’, has reported a strong sales uplift over the summer. The company has announced that sales grew 223% over the summer – ‘due to lockdown and the government’s support in getting people back on the saddle.’Welcoming over 3,000 more riders into its community, Fat Lad At The Back’s co-founder and ‘Original Fat Lad’ Richard Bye said “The number of new cyclists taking to the roads is tremendously encouraging. Whilst the country battles with the virus, it’s amazing to see so many people taking control of their health.”Named after Richard’s nickname, ‘affectionately appointed to him by his cycling mates’, Fat Lad At The Back launched in 2014. It provides premium cyclewear ‘for all shapes and sizes of cyclist’ after an appearance on Dragons Den. The brand has since reported ‘consistently steady growth’ and now has a community of over 50,000 cyclists in over 80 countries.When asked what challenges this has brought, co-founder Lynn Bye said “Predicting what stock is required always presents a big challenge for any retail business; but these last few months have brought even bigger issues and a heap of frustration.“Like any other brand, we want to ensure our customers are able to get what they need when they need it but challenges throughout the whole supply chain, coupled with the comprehensive uptake in demand, has made these challenges even harder. Nevertheless, the growth we’ve seen has been really positive.”Richard Bye continued “The mental health issues of lockdown are widely reported; and as I have experienced personally, cycling is a huge release for many people locked inside their homes. Cycling is one of the few things you can do without breaking any rules. An hour on a bike is an hour for yourself, regardless of how fast or how far you go, it’s still your time which can make such a difference.”Supplying tops, jackets, shorts and a growing range of accessories in sizes ranging from 28” to 60” waist and 36” to 58” chest, Fat Lad At The Back notes that garments are based on actual waist and chest measurements, rather than the traditional ‘XL/XXL’ sizing.The range is manufactured in Europe and the UK, using ‘high performance, Italian, technical fabrics that are breathable, sweat-wicking and quick-drying for optimum cycling comfort.’A new range is launched every few months, with more colours and combinations being incorporated into the collection every Relatedlast_img read more

Guidance from (very) recent history

first_imgGeorge Santayana in The Life of Reason offered this observation, “Those who cannot remember the past are condemned to repeat it.” Everyone’s heard a variation on Santayana’s observation. The lessons of history have many things to teach us. When it comes to 2015’s upcoming RESPA/TILA changes, the industry’s recent experience with the QM/ATR Rules is helpful. This year’s rules required changes to most functions throughout the mortgage origination cycle. Not only was it valuable practice, it provided five valuable lessons for the work ahead on this next phase of Know Before You Owe.Lesson 1: Understand the impact of change as it affects your workflowQM/ATR affected workflow. Every regulation does, but RESPA/TILA has a significantly bigger impact for this reason: It mandates pre-closing release of the Closing Disclosure. Today’s borrowers typically do not see any portion of their closing package before they pull out their pens to sign. After August 1, 2015, every borrower must have the closing disclosure in their hands days in advance of closing. RESPA/TILA means more than the replacement of documents; it mandates a seismic shift in lending processes. Now is the time to determine and design new, compliant workflows.Lesson 2: Do not procrastinate in determining the impact these changes will have on your productRESPA/TILA potentially affects your mortgage products, but it also has the potential to affect your investor relationships. Sure, conventional/conforming fixed rate and ARM loans are likely to remain unaffected. It may be a different story for interest-only loans, however. If your product mix is diverse, now is the time to evaluate exactly what changes might have to be made as a result of this new regulation, both on the offering side and on the investor side.Sound daunting? There is opportunity here, too, especially if you update your marketing plans and materials to communicate the compliance-friendly nature of your real estate financing program.Lesson 3: Do not underestimate the effort required to train your peopleLet’s define “your people”. Obviously this term includes your staff — not just the mortgage staff or the lending staff, but the entire team. RESPA/TILA replaces three documents all lenders and homeowners have come to know over the last three or four decades. Two new disclosures replace them completely. The format is new. The language is new. Educating your people should start early because there is a great deal to learn.The other reason early team education is important is that the term “your people” also includes your borrowers. Repeat buyers are going to see something completely different on August 1. They will have questions. First time homebuyers, by their very nature, ought to have even more questions. You will want to make both of them feel very comfortable. A knowledgeable team is an essential element for doing this.Lesson 4: Understand the Potential For Interest Rate Risk.Interest rate risk? Isn’t this a disclosure regulation and not a capital markets rule change? Yet RESPA/TILA has the potential to affect loan delivery thanks to the disclosure delivery requirements. Interest rates are bound to rise in the future, and when you have mandated “cooling off” periods between disclosure and closing, you might face rate lock expirations, which could become costly should you be forced to honor rates as disclosed. As was the case with Lesson 1, assessing secondary market processes while analyzing all lending processes is going to be important. RESPA/TILA has the potential, at least at first, to slow lending velocity.Lesson 5: Track your investor’s positions, definitions/calculations, documentation requirements and product impacts.Make sure you understand your obligations, your investor’s requirements, and the gap between them. A requirement may look similar but in fact might be a different requirement and what may be duplicative. As with Lesson 4, this may seem odd — since RESPA/TILA is not a capital markets rule – but I cannot stress enough how much broader a regulation this is than a simple disclosure replacement.We have become used to broad-based, rapidly changing regulations. The environment will remain dynamic for the foreseeable future. In this situation as in many others, the best advice is to look to history for guidance on the future. 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Levonick In drawing from his advisory experience, John works closely with Mortgage Cadence clients to assist in interpreting compliance requirements, develop risk mitigation strategies and implement the requisite controls within the … Web: Detailslast_img read more

Headed into conference play, freshmen can change the Gophers’ Big Ten fate

first_img“He’s a good back,” Ciarrocca said. “Just to have some more depth at the position. [Williams] carried the ball how many times? 33. That’s a lot to ask of any back.”Rashod Bateman and Chris Autman-Bell make up two of the three top-producing wide receivers. Bateman has 13 catches for 124 yards, and Autman-Bell has seven catches for 89 yards this season. Each has yet to catch a touchdown pass, but their presence has taken attention off veteran wide receiver Tyler Johnson, who has five touchdowns through three games and averages nearly 100 yards-per game.The final starter on the offensive side of the ball is right guard Blaise Andries. Andries has started each game this year after redshirting last season. He was ranked as the top prospect out of the state of Minnesota in the 2017 class.On defense, the only starter is defensive back Terell Smith. Smith has 18 tackles through the first three games. He nabbed the first interception of his career in the win over Fresno State.“He’s been a guy that’s really stepped up,” defensive coordinator Robb Smith said. “He’s just a great young man. He’s elite and he gets better, and he changes his best every day.”Freshmen will be a big part of the team going into conference play. The inexperience hasn’t been a problem yet, exiting the non-conference schedule 3-0, but there will be challenges in the growth that needs to take place for a successful campaign in Big Ten Play.“I feel like that’s the energy from every one of the freshmen,” senior linebacker Julian Huff said. “Once you get that first game under your belt you kind of get in a rhythm, and you understand what to expect.” Headed into conference play, freshmen can change the Gophers’ Big Ten fateThere have been 27 true or redshirt freshmen to play this year for Minnesota.Courtney DeutzFreshman Bryce Williams avoids a tackle on Saturday, Sept. 15 at TCF Bank Stadium in Minneapolis. Jack WarrickSeptember 20, 2018Jump to CommentsShare on FacebookShare on TwitterShare via EmailPrintGoing into Big Ten play this week against Maryland, the Terrapins will see a much different team march into their stadium than the one they saw at TCF Bank Stadium last year.Twenty-seven true or redshirt freshmen have played for Minnesota this year. Whether that be on special teams, in a limited role, or as someone as important as the starting quarterback, Minnesota has and will need to use inexperienced players to drive the season forward.“Do we have older guys? Yes we do, and they’re playing really well,” head coach P.J. Fleck said. “But 60 guys on our team are freshmen. That’s way over half. So for us that’s got to be the focus because that’s the level [of] our leadership. Yes we have some of that at the top, but you’re only as good as what’s on the bottom, and we’ve got to be able to bring that up.”Many of the key positions on Minnesota’s offense are filled by freshmen. The quarterback, Zack Annexstad is a walk-on true freshman. He has yet to throw an interception and has thrown 44-79 for 537 yards and four touchdowns. Last year, the quarterback duo of redshirt senior Conor Rhoda and redshirt sophomore Demry Croft threw 110-233 for 1,513 yards with 11 interceptions and nine touchdown passes.“What I love about [the freshmen] is their attitude,” offensive coordinator Kirk Ciarrocca said. “To come into this program and the stage not be too big for them, and them to come to work every day on a daily basis.”Both running backs are freshmen in Mohamed Ibrahim and Bryce Williams. Former starting running back Rodney Smith suffered a season-ending injury in the game against Fresno State, which means those two will play a bigger role going forward.Williams ran for 141 yards on 33 carries in last week’s game, with one catch for 35 yards. Ibrahim had 101 yards on nine carries against New Mexico State, and he is expected to return from an injury this week against Maryland.last_img read more

News Scan for Sep 19, 2014

first_imgSaudi audit finds 16 earlier MERS cases; 1 new case reportedAn independent audit of MERS-CoV data in Saudi Arabia yesterday identified 16 more infections with illness onsets before Jun 3 and has reclassified a handful of previously reported cases, the country’s Ministry of Health (MOH) announced yesterday.It said the review is part of an ongoing effort to ensure that MERS-CoV (Middle East respiratory syndrome coronavirus) data are accurate.Many of the new cases were found during a review of patient records at hospitals that conduct on-site lab testing, and all but three of the cases are from Jeddah. The health ministry said it has shared the new data with the World Health Organization (WHO).In addition, among the previously reported cases, one duplicate was found and deleted and two cases reported on Jun 9 and Aug 26 were identified as false-positives and have been deleted from the case total.Records were updated for 21 cases, with 18 changed from active to recovered and 3 changed from active to deceased.Sep 18 MOH statementIn a related development, the Saudi MOH today reported one new MERS case, in a 65-year-old man from Taif who is hospitalized with symptoms and is in stable condition. It said the man had animal exposure and has an underlying health condition. The MOH said he is not a healthcare worker.The health ministry has confirmed seven MERS cases since Sep 8, five of which involved intensive care.The new case, plus the 16 retrospective cases and deaths, push Saudi Arabia’s number of MERS-CoV infections to 749 and its death total to 316.Sep 19 MOH update Sep 17 CIDRAP News Scan on previous case FSMA revisions aim to give flexibility to producers and suppliersRevised provisions to four proposed rules that fall within the Food Safety Modernization Act (FSMA) were announced today by the US Food and Drug Administration (FDA) in a news release.Taking comments on revised proposals before arriving at final rules is “a very unusual step” that shows the agency’s “determination to get the rules right,” a Food Safety News (FSN) story quoted FDA deputy commissioner for foods and veterinary medicine Michael Taylor as saying.FSMA focuses on preventing food-related problems rather than responding to them after the fact, the FDA said. Today’s revisions address rules on produce safety, preventive controls for both human and animal food, and foreign-supplier verification. The revisions were developed in response to thousands of comments from farmers, consumers, the food industry, and academic experts after the rules’ initial issuance.Specifically, the changes address:Water quality testing rules so they account for natural variations in water sourcesAdjustments in regulations about the use of manure and compostThe definition of which farms are subject to produce-safety rulesUse of spent grains, which are byproducts of brewing and distilling that are fed to animalsMore flexibility in foreign-supplier verification based on risk and historyThe changes in the proposed rules are open for comment for 75 days. Comments can be made beginning Sep 29 at Sep 19 FDA news release with links to proposed revisionsSep 19 FSN article WHO: Mixing error in measles vaccine that killed Syrian childrenThe WHO announced today that 15 Syrian children died this week after being vaccinated with measles vaccine that mistakenly contained a muscle relaxant, according to a Reuters story. A measles vaccination campaign that began Monday in war-torn northern Syria with support from the WHO and the UN Children’s Fund (UNICEF) was promptly halted while the event is investigated.The vaccine, from an unnamed manufacturer, was reportedly shipped in powder form along with a dilutant to a hub in Syria where the two ingredients were refrigerated before shipment to vaccine sites. The refrigerator apparently also contained the muscle relaxant Atracurium, said WHO spokesperson Christian Lindmeier said at a news briefing in Geneva, according to the story.The vaccine powder appears to have been packed with ampules of Atracurium instead of the dilutant for delivery to vaccination facilities in the Zor and Idliv provinces, where the two were then mixed for use within 6 hours.Some 50,000 children received the incorrectly mixed vaccine. Lindmeier is quoted as saying, “Both at the packing and at the unpacking there had to be gross negligence.”Atracurium is normally administered as an anesthetic for surgery with the dosage calculated by weight. The children who died were all under age 2, and older children, who presumably weighed more, experienced vomiting, diarrhea, and anaphylactic shock.It is not clear yet whether the error occurred inadvertently or by intent. “It seems very clear that it was not the manufacturer’s fault, not that the vaccine is contaminated, but it’s a fault on the ground . . . whether it’s human error or deliberate,” said Lindmeier. Reports earlier this week raised the possibility of sabotage in relation to vaccine contamination in northern Syria.Sep 19 Reuters story Sep 17 CIDRAP News scan on reports of vaccine contamination International group suggests premature death targetsWith the United Nations (UN) planning later this month to discuss replacing Millennium Development Goals (MDGs), which expire next year, a global group of researchers today proposed a more specific health goal, one involving infectious diseases. The team published its findings in The Lancet.The UN will be looking at 17 “Sustainable Development Goals,” effective between 2016 and 2030. The new health goal is to “ensure healthy lives and promote well-being for all ages.”To come up with their more specific goals, experts looked at death patterns from various causes over the past decades. The more specific goals they call for include targets for each country geared toward reducing premature deaths before age 70 by 40%. The goal would build on causes already targeted by MDGs, as well as other noncommunicable disease and injury causes of early death.Looking back at death patterns, they found that the risk of premature deaths has been dropping in all countries, except those carrying high HIV and political disturbance burdens. The most striking change from 2000 to 2010 they found was a drop in childhood deaths from vaccine-preventable diseases.Their proposed targets include a two-thirds reduction in child and maternal deaths from HIV, tuberculosis, and malaria. They predicted that moderately accelerating the overall achievements seen from 2000 to 2010 would achieve 2030 disease-specific reductions, at least in areas not affected by war, political conflict, or new epidemics.Sep 19 Lancet study CDC business publication focuses on coming flu seasonThe latest edition of the CDC Foundation’s quarterly Business Pulse publication focuses on influenza, offering employers and workers resources and information on the upcoming flu season, said a news release yesterday from the Centers for Disease Control and Prevention (CDC).Challenges faced by businesses in relation to influenza are addressed, and a Q and A feature and an interactive infographic are offered.Through Business Pulse, CDC intends to help businesses and workers protect themselves against both chronic and emergency health threats that could lessen productivity, says the release. Each issue focuses on a different topic. Sep 18 CDC news release Business Pulse flu prevention issuelast_img read more

BARRY GILBERTSON: ‘To have and to hold’ is best policy for distressed property owners

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Property Week Global art editor wins top design award

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Living Alone, But They’re Not Alone

first_imgFor over 30 years, East Hampton Meals on Wheels has been serving homebound residents from Montauk to Wainscott. Over 70 percent of its clients are older than 80; its oldest is 94. Currently, the nonprofit delivers two meals per day to clients, Monday through Friday. Weekend meals are provided on Friday upon request. When the COVID-19-related lockdown was ordered, the organization was committed to stepping up during what was clear, from the beginning, to be extraordinary times. It reassured the community on its website that during the novel coronavirus outbreak the organization “will continue to deliver nutritious meals during this crisis. Our priority is to keep our clients and volunteers healthy.” But there was no knowing that soon after posting that message, the East Hampton Senior Center, a major community resource providing meals to a large number of non-homebound seniors, would close due to the pandemic. “Seniors who weren’t homebound, but concerned that going out shopping would expose them to the virus, began calling upon us for our services,” said Meals on Wheels President Tony Giannini. New client requests rose quickly, and in just a few short weeks, Giannini said the list had doubled. “We receive no federal, state, or county financial aid. Our ability to fund our efforts relies on private donations and sliding scale donations from clients able to provide them, and almost half are unable,” he said. “Compounding the difficulty of the new and unprecedented situation is the fact that most of our volunteers are seniors themselves. While most have continued working with us, we have no choice but to be prepared for a shortage on that front, as all involved must ask, ‘Is it unwise for them to be out and about?’” All volunteers wear gloves and a mask, Giannini said, and Meals on Wheels delivery drivers remain in their car while the food is placed in their vehicle. He said the nonprofit takes all necessary precautions and follows the Centers for Disease Control and Prevention and New York State Department of Health guidelines for everyday preventative actions that can help stop the spread of the coronavirus. Colleen Rando, Meals on Wheels’ secretary, who, with her husband, Rob, also volunteers, said during a home visit she noticed a Christmas card sent by the organization still atop the client’s mantle.“It was the only card there,” she said. “It was proudly displayed, front and center, many months after the holiday.” “It’s important to remember that our home visits are also wellness checks,” Giannini added. “My own 89-year-old father, a Meals on Wheels client himself, lives in Indiana. My sister had just visited him, but after she left, he took a fall and couldn’t get up. If it weren’t for the timely visit from Meals on Wheels, who knows how long he would have waited for help. Meals on Wheels saves lives. I speak from personal experience. And with profound gratitude.” He reiterated donations have never been as important as they are now, and with the probability that summer fairs will be cancelled, which is where a major portion come from, the nonprofit is looking to safeguard for the future, too. “The homebound population we serve depends on us for more than just food,” Giannini said. “In many cases our volunteers provide the only social interaction our clients have. We are a reassuring presence to them, a daily reminder that while they may be living alone, they are not alone.” To learn more information, find out how to volunteer, or to donate, visit Sharelast_img read more

UK LNG storage site for sale

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Wartsila to Service PGS’ Vessel Fleet

first_imgWärtsilä and PGS have signed a service agreement under which Wärtsilä will take care of the maintenance of engines and propulsion systems on board PGS’s fleet of eight seismic vessels. The 3-year-agreement was signed in December 2016 and it includes an extension option for additional two years.In the first phase of the contract Wärtsilä will optimize the operations and maintenance of the Wärtsilä engines and propulsion systems installed on board PGS’s vessels.Four of the PGS vessels are also connected to Wärtsilä’s condition based maintenance solution (CBM). The CBM balances safe operations with optimum engine performance and extended times between overhauls.Automatic transfer of data from the installations to the CBM centre enables online monitoring and troubleshooting of the engines on board.In the second phase of the contract Wärtsilä and PGS will identify how PGS can utilize Wärtsilä’s digital solutions to further secure maritime uptime and minimize risk and costs, the company said.“We are very proud to announce this new cooperation that makes Wärtsilä the preferred partner for PGS. Ensuring the availability and reliability of a large, globally operating fleet requires a wide service network, which we are able to offer. With Wärtsilä’s advisory service and support, PGS is able to concentrate on what they specialize in – offering seismic services for their customers,” said Hans Petter Nesse, director, Service Unit Norway, Wärtsilä Services.“Marine geophysics is a highly specialized and technology-driven area, and the reliability and safety of our fleet is essential, as it ensures that we can deliver these services, as promised, to our customers. We are confident that we in turn can rely on the maritime solutions and expertise of Wärtsilä. We are looking forward to the coming years of fruitful cooperation,” said Håkon Matheson, global sourcing manager PGS.last_img read more