Finance debt – MMA Fighter http://mma-fighter.com/ Fri, 23 Apr 2021 06:43:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://mma-fighter.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Finance debt – MMA Fighter http://mma-fighter.com/ 32 32 Federal student loan repayment still pending – what it means for residents https://mma-fighter.com/federal-student-loan-repayment-still-pending-what-it-means-for-residents/ Wed, 07 Apr 2021 23:13:34 +0000 https://mma-fighter.com/federal-student-loan-repayment-still-pending-what-it-means-for-residents/

With the recent passage of President Joe Biden’s coronavirus relief program – the “American Rescue Plan Act of 2021” – repayment of federal student loans will remain on hold, interest-free until the end of September. This legislation, in tandem with the CARES Act, means that federal student loan repayments will be suspended for a total of 18 months.

“Given the availability of vaccines, this is expected to be the end of the interest payment holiday,” Alex Macielak, who works forLaurel Road, a KeyBank NA brand that offers student loan refinancing, said in a recent online seminar co-sponsored by WADA. “But it’s worth keeping an eye on the legislative outlook.”

With the recent passage of President Joe Biden’s coronavirus relief program – the “American Rescue Plan Act of 2021” – the forgiveness of federal student loans will be tax-exempt until 2025.

Find out what else Doctors Should Know About Presidential Coronavirus Relief Bill.

Read on for answers to other key questions that medical residents – or any doctor who continues to pay off student loans – might be asking.

Related coverage

5 key questions about refinancing medical student loans during residency

    1. If you have federal student loans as a doctor, you may be hoping to qualify for the PSLF. The goal of this program is to pay as little as possible, so that borrowers could likely save some funds that they might otherwise have spent on loan repayments. Get expert advice on what to do with those dollars and cents.
    1. For people with private loans, refinancing right now is an obvious decision. For those with federal loans, it doesn’t get better than 0% interest on zero dollar payments, but those days will eventually come to an end. Learn more about the pros and cons of refinancing given historically low interest rates.
    1. When doctors with federal loans are finally asked to start repaying, they will likely have to make the same number of payments at the same interest rate as before the pandemic. Doctors will lose all current or future federal benefits such as income-based reimbursement, loan forgiveness, and COVID-19 relief. Learn more about this aspect of the problem.

Related coverage

4 key questions about medical student debt in 2021

WADA chose Laurel Road as preferred supplier to help you navigate your financial future. WADA members who refinance their student loans withLaurel Road benefit from an additional reduction of 0.25% on the rate via Benefits of AMA PLUS members.

The 0.25% interest rate reduction for AMA members is available on new student loan refinancing applications from an active AMA member. The AMA discount is applied to your monthly payment and will be reflected on your billing statement. The discount will end if WADA advises Laurel Road that the borrower is no longer a member. This offer cannot be combined with other discounts for members or employees.

Learn more about the WADA Residents and Associates Section and how it gives a voice and advocates for issues that affect residents and fellow physicians.


Source link

]]>
Legal-Bay Reports Increase in Claims for Settlement Loan Funding as Courts Reopen https://mma-fighter.com/legal-bay-reports-increase-in-claims-for-settlement-loan-funding-as-courts-reopen/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/legal-bay-reports-increase-in-claims-for-settlement-loan-funding-as-courts-reopen/

CALDWELL, NJ, April 6, 2021 / PRNewswire / – Legal-Bay Pre-Settlement Funding reports an increasing number of funding applications now that most of the country is returning to normal life. The entire legal system was moving at an even slower pace than usual due to the effects of Covid-19, which resulted in massive delays in the courts.

Many lawsuits that were due to be tried have had to be postponed due to reduced court hours or the outright closure of courts in direct response to the coronavirus pandemic. However, now that most of the country has resumed normal operations, the stacked files are finally being processed. With renewed activity, Legal-Bay sees an increase in facility finance loans.

Chris Janish, CEO of Legal-Bay, commented: “The industry has been hit hard as business has seriously slowed down due to Covid. But now that more and more people are on the road, we are starting to see an increase in car crashes and pre-settlement bodily injuries. While any personal injury can be devastating, Legal-Bay takes pride in helping you solve your financial problems until your affairs are back to normal. ”

If you are a lawyer or a plaintiff involved in an active lawsuit and need an immediate loan in the event of a lawsuit against an impending settlement, please visit Legal-Bay HERE or call toll free at 877.571.0405.

Legal-Bay finances all types of legal loans including personal injury cases, dog bites, car and truck accidents, medical malpractice, Purdue OxyContin cases, Boy Scouts of America or clergy abuse, sex abuse at the New Hampshire Youth Center, wrongful dismissals, sex abuse convictions, discrimination, wrongful death and many more.

Legal-Bay’s pre-settlement funding programs are designed to provide immediate liquidity before an applicant’s early monetary award. Non-court loans – sometimes referred to as lawsuit loans or settlement loans – are risk-free because the money does not need to be repaid if the recipient loses their case. Therefore, the loan settlement is not really a loan, but rather a cash advance.

To apply for any of Legal-Bay’s lawsuit funding programs, please visit the company’s website HERE or call toll free at: 877.571.0405 where agents are ready to answer all of your questions regarding settlement loans.

Contact: Chris Janish, CEO
E-mail: [email protected]
Phone: 877.571.0405
Website: www.Legal-Bay.com

SOURCE Legal-Bay, LLC

Related links

http://www.Legal-Bay.com


Source link

]]>
Boy Scouts Propose Sexual Abuse Settlement, Aimed To End Bankruptcy https://mma-fighter.com/boy-scouts-propose-sexual-abuse-settlement-aimed-to-end-bankruptcy/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/boy-scouts-propose-sexual-abuse-settlement-aimed-to-end-bankruptcy/

The Boy Scouts of America donate cash, artwork and other assets to victims of sexual abuse as part of a bankruptcy plan filed Monday, an opening bet of the youth group to overcome child protection failures that have threatened its position in American society.

Sexual abuse by Scout volunteers has put the survival of the organization in jeopardy unless it can secure support for its Chapter 11 exit proposal, which offers a reward to victims of abuse for the damage it inflicts. ‘they suffered as children. The Boy Scouts apologized and said they wanted to make peace with the 85,000 people who came forward after the organization filed for bankruptcy to claim they had been sexually abused.

For the Boy Scouts to succeed, a judge in the U.S. bankruptcy court in Wilmington, Del., Will need to rule that the settlement offer the institution outlined on Monday is fair. Victims will have the opportunity to vote, as will other stakeholders in this 111-year-old organization.

BOY SCOUTS BANKRUPTCY PANEL CHOSEN TO REPRESENT VICTIMS

The Chapter 11 plan would create a settlement trust to assess abuse claims and administer payments, building on the assets contributed by the Boy Scouts. The organization offers to contribute towards a collection of paintings by Norman Rockwell, certain oil and gas interests and the organization’s excess cash flow above a minimum of $ 75 million.

Insurance companies that have written policies covering the Boy Scouts have big financial interests at stake. These policies, on which victims rely for a large part of the group compensation, would also be ceded to the trust.

The Boy Scouts went bankrupt more than a year ago as they faced around 275 sexual abuse lawsuits and the potential for many more as states like California and New York suspended lawsuits. limitation periods on such claims.

They were following a strategy started decades ago by companies facing crushing liabilities over asbestos, a carcinogenic material that was once widely used. Bankruptcy has offered a avenue of preservation for some companies overwhelmed by product liability cases in the tens of thousands.

MORMONS WILL SHOT 400,000 YOUNG SCOUTS BOYS IN FIGHT

In recent years, bankruptcy has offered a way to resolve an increasing array of faults or alleged negligence that have sparked litigation. Catholic dioceses and religious orders, the governing body of American gymnastics, and Harvey Weinstein’s former film studio has filed for bankruptcy to respond to allegations of sexual abuse.

When the Boy Scouts filed for bankruptcy, they expected about 12,000 sexual abuse complaints to be filed. Instead, around 85,000 claims have emerged, making it the largest Chapter 11 filed on sexual abuse, eclipsing the combined total of claims in more than two dozen bankruptcies filed by Catholic dioceses and religious orders since 2004. .

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

Sexual predators began to infiltrate the ranks of the Scout volunteers almost as soon as the organization was formed, as can be seen from the Scout’s internal files of reports of abuse dating back decades. The Boy Scouts were forced to disclose thousands of files in an abuse case in Oregon in 2010, offering a clue to the scale of the scandal.

The bankruptcy aims to restore the Boy Scout brand, compensate victims, protect critical assets and safeguard most of the billions of dollars in wealth held by the organization’s local councils, which are not themselves in bankruptcy.

Local councils are being asked to contribute $ 300 million towards the settlement, in return for the same protection against legal liability for sexual abuse that the national organization is seeking. Local councils have not agreed to support the framework of the agreement and remain in private mediation with the victims’ lawyers.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

Insurers also failed to sign and fought, filing a pre-bankruptcy lawsuit to challenge the Boy Scouts’ right to operate policies and cast doubt on the veracity of thousands of claims filed after bankruptcy for compensation.

Like the Boy Scouts, insurers owned by Chubb Ltd. and Hartford Financial Services Group Inc. follow an established guide to bankruptcies of companies that manufactured asbestos products. Insurers have argued that the prospect of paying a large bankruptcy trust has resulted in fraudulent claims, fueled by greedy lawyers whose clients should be faced with questions to determine the degree of potential fraud lurking in the 85,000. complaints.

The Boy Scouts have said they believe the victims and want to repair the damage. The largest abuse victims committee said insurers were only looking to intimidate and re-traumatize victims for a better deal.

The Chapter 11 plan calls for the protection of the Boy Scouts’ four flagship high adventure camps – the Philmont Scout Ranch in New Mexico, the Northern Tier in Minnesota and Canada, the Summit Bechtel Reserve in West Virginia, and the Sea Base in Florida.


Source link

]]>
NICE Actimize Introduces AI-Powered SURVEIL-X Solution to Reduce Compliance Risk for Wealth Management and Insurance Companies https://mma-fighter.com/nice-actimize-introduces-ai-powered-surveil-x-solution-to-reduce-compliance-risk-for-wealth-management-and-insurance-companies/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/nice-actimize-introduces-ai-powered-surveil-x-solution-to-reduce-compliance-risk-for-wealth-management-and-insurance-companies/

HOBOKEN, NJ – () – Financial services organizations that provide investment advice and sell life insurance, annuities and other wealth products are finding that regulators are stepping up to how closely they monitor the behavior of advisers. To help these businesses reduce the risk of compliance, NICE Actimize, a NICE company (Nasdaq: NICE), today announced the introduction of SURVEIL-X Adequacy for wealth and insurance, a comprehensive AI-powered monitoring and adequacy solution that leverages the capabilities of the industry-leading SURVEIL-X holistic monitoring platform from NICE Actimize.

Already adopted by a number of leading global FSOs, SURVEIL-X Suitability combines communications oversight, sales practices and suitability, and Best Interest Regulatory (Reg BI) oversight into a single platform. built-in cloud native.

A growing body of global regulations and recommendations are pressuring financial services organizations to more closely monitor regulated employees; review their investment recommendations, transactions and accounts for relevance and undue risks; and ensure that mandatory disclosures are properly communicated. Among these regulations are FINRA Regulation 2111 and 3110; Investment Industry Regulatory Organization of Canada (IIROC) Rule 1300; the best interests of SEC regulation; the Ontario Securities Commission (OSC) Client Focused Reforms; advice from the Monetary Authority of Singapore on private banking sales and advisory practices; and the Securities and Futures Commission and Hong Kong Monetary Authority aptitude obligations.

“As the complexity of regulation increases, it places a huge burden on compliance organizations and increases exposure to risk,” said Chris Wooten, Executive Vice President, NICE. “As a leading end-to-end cloud native solution designed to meet these regulatory requirements, SURVEIL-X Suitability covers a wide range of oversight and monitoring challenges and ensures that advisors provide advice and sell insurance and other coherent investment products. with customer suitability profiles. By automating the monitoring and oversight of sales practices, SURVEIL-X Suitability reduces wasted resources and costs, while protecting businesses from regulatory violations, fines and reputational damage. ”

Suitability of SURVEIL-X Extends the benefits of SURVEIL-X Holistic Conduct Surveillance to wealth management, mutual fund, pension and insurance companies through expanding these capabilities:

  • New risk detection models that detect convenience and best interest breaches related to life insurance, annuities, account renewals and loans on insurance policies. SURVEIL-X Suitability leverages SURVEIL-X’s advanced anomaly detection, AI-powered analytics, and a robust collection of out-of-the-box risk detection models. New insurance models rely on a client’s financial resources, detect spikes in replacements, surrenders or withdrawals related to specific advisors and accounts, and look for other telltale signs of behavior at risk. risk (for example, when customers take out long-term loans insurance policies to purchase other investment products). SURVEIL-X Suitability also incorporates Reg BI-centric models that monitor appropriate disclosures and recommendations.
  • Self-development skills for companies to easily create, test and deploy custom analytical models to meet unique business needs and new regulatory requirements. Businesses can incorporate additional checks and balances into their monitoring programs by adapting models to identify advisers with excessive alerts who should be subject to increased monitoring.
  • Automating monitoring and supervising regulated employees, scoring transaction risks (based on client suitability information) and reviewing investment recommendations and disclosures. SURVEIL-X Suitability automatically alerts compliance analysts to risk and enables them to investigate effectively.
  • AI-powered disclosure reviews assess and confirm that written and verbal disclosures have been presented to clients. Using natural language processing and advanced communications monitoring capabilities, channels such as email, text, chat, phone calls, and CRM notes can be analyzed and compared to the disclosure text required to bring into play. highlight potential gaps in appropriate communication.

Momentum is also building in the United States at the state level as more localities create regulatory frameworks, such as New York Regulation 187, which requires New York businesses selling policies to life insurance to act in the best interests of their clients. In addition, many states have adopted the National Association of Insurance Commissioners (NAIC) Model Regulation 275 in annuity transactions, which also imposes a “best interest” standard when recommending annuities. This regulatory model requires companies to establish reasonable procedures to detect inappropriate recommendations.

For more information on SURVEIL-X and the SURVEIL-X suitability Click here.

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked first in this field, the experts at NICE Actimize apply innovative technology to protect institutions and protect consumer and investor assets by identifying financial crime, preventing fraud and ensuring regulatory compliance. The company provides real-time cross-channel fraud prevention, money laundering detection and transaction monitoring solutions that address issues such as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us on www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes provide better customer service, ensure compliance, fight fraud and protect citizens. More than 25,000 organizations in more than 150 countries, including more than 85 of the Fortune 100 companies, use NICE solutions. www.nice.com.

Brand Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE ratings, please see: www.nice.com/nice-trademarks.

Forward-looking statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of management by NICE Ltd. (the society”). In some cases, these forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “plan” “,” Anticipate “,” “Plan”, “estimate” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including, but not limited to, ‘impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the company’s growth strategy; the success and growth of the Company’s Cloud Software-as-a-Service business; technological changes and market demands; declining demand for the company’s products; the inability to develop and introduce new technologies, products and applications in a timely manner; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the company’s reliance on third-party cloud computing platform providers, hosting facilities and service partners ;, cybersecurity attacks or other security breaches against the company; the effect of any newly enacted or amended laws, regulations or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the United States Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the Company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company assumes no obligation to update or revise them, except as required by law.


Source link

]]>
The American Property Casualty Insurance Association takes legal action to end regulations that will likely raise insurance rates for more than a million consumers in Washington https://mma-fighter.com/the-american-property-casualty-insurance-association-takes-legal-action-to-end-regulations-that-will-likely-raise-insurance-rates-for-more-than-a-million-consumers-in-washington/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/the-american-property-casualty-insurance-association-takes-legal-action-to-end-regulations-that-will-likely-raise-insurance-rates-for-more-than-a-million-consumers-in-washington/

WASHINGTON, April 7The American P&C Insurance Association issued the following statement on April 6, 2021:

* * *

The following statement concerns the legal proceedings initiated today by the American Property Casualty Insurance Association (APCIA) in response to emergency regulations recently filed by Washington’s Insurance Commissioner Mike Kreidler, which prohibit the use of credit-based insurance scores in rating and underwriting insurance. This statement can be attributed to Claire Howard, Senior Vice President of APCIA, General Counsel and Corporate Secretary.

“APCIA and our members who underwrite auto, home and tenant insurance policies in Washington strongly oppose the unilateral action taken recently by the Washington Insurance Commissioner Mike Kreidler. The Commissioner’s extreme action exceeds his authority, bypasses the legislature and deprives consumers of the benefits of a highly competitive private market.

“That is why APCIA has taken legal action to remedy this abuse of power. A request for declaratory and injunctive relief was filed today in Superior court in Thurston County, which asks the Court to declare the action of the Commissioner invalid and to prohibit its execution. This lawsuit seeks to prevent the Commissioner from acting beyond the scope of his authority and to require him to comply with existing laws governing the use of credit-based insurance ratings by the credit industry. insurance, among other laws.

“Commissioner Kreidler is trying to ban an important risk-based scoring tool that has been in place for almost 20 years for the benefit of consumers. The Commissioner is trying to get around the Washington Legislature by taking action that the legislature recently explicitly rejected.

“The arbitrary and capricious actions of Commissioner Kreidler will harm more than a million Washington frequent insurance consumers Washington, who now pay less for auto, home and tenant insurance because of the use of credit insurance scores to effectively predict risks and set accurate rates.

“Most consumers save money when credit-based insurance scores are used to gauge the amount they pay for insurance. Insurance scores are not credit scores like the ones used. by banks to offer loans or credit cards. Insurers use specific information about how consumers use credit. as a factor in offering consumers the most affordable and accurate rate. Many other factors determine how much you pay for insurance, but not race or income. Without these tools, insurance rates could rise for over a million Washingtonians already struggling to pay bills during the recession pandemic COVID-19.

“A new report from Lexis Nexis shows that during the COVID-19 pandemic, credit insurance scores remained stable nationwide and in Washington, and there is no information to conclude that a decrease is in progress, so that the Commissioner Mike Kreidler emergency rule unnecessary and truly detrimental to those who pay for auto, home and tenant insurance.

Equally important, when a legislative solution was on the table to help consumers facing extraordinary life circumstances such as financial setbacks from COVID, Kreidler objected, insisting on an all-or-nothing ban. “.

“These actions go beyond the statutory authority of the commissioner, violate the separation of powers between the executive and legislative branches of government, and are in direct conflict with several existing laws, including those that regulate, but clearly allow, that credit information be taken into account by insurers.

“In addition, these regulations could cause significant market disruption at a time when the business community is working together for a long-term economic recovery. Washington consumers who will suffer, at the worst possible time, for the state economy and family budgets. That is why we are seeking to remedy this abuse of power in the courts. “


Source link

]]>
Banks step up guidelines for detecting signs of financial abuse https://mma-fighter.com/banks-step-up-guidelines-for-detecting-signs-of-financial-abuse/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/banks-step-up-guidelines-for-detecting-signs-of-financial-abuse/

Australian banks have revamped their guidelines to help bank staff identify signs of financial abuse against family members and the elderly.

The Australian Banking Association says the update is part of an industry-wide goal on preventing family violence and elder abuse.

“This type of behavior is a form of domestic violence,” said Anna Bligh, executive director of ABA. “It can be a way for partners to keep women trapped in abusive and often dangerous relationships.

“It is also used against the elderly. Elder abuse can take many forms. “

Elder abuse can include spending money without authorization, forging signatures, getting older people to sign documents, and using bank accounts or credit cards without consent. It can also be loans that are never repaid or forcing a person to be a guarantor of a loan.

The association warns of increasing financial abuse during times of crisis such as the COVID-19 pandemic, floods and bushfires.

Under the revised guidelines, bank staff will be trained to better detect signs of financial abuse and report them to the appropriate authorities.

Staff will also be trained to recommend more secure account settings and help victims of domestic violence open new accounts.

The revised guidelines reflect the role of digital banking in financial abuse, with the ABA warning of new risks such as using a message in a digital transaction description to threaten or intimidate someone.

“Bank staff are well trained to detect red flags and respond to cases of financial abuse,” Ms. Bligh said. “These guidelines will ensure that the protection of vulnerable clients remains a top priority.”

She said anyone who is financially abused should speak to their bank. The guidelines were last updated for financial abuse in 2014.


Source link

]]>
The Fond du Lac prosecutor announces the appointment of the Attorney General https://mma-fighter.com/the-fond-du-lac-prosecutor-announces-the-appointment-of-the-attorney-general/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/the-fond-du-lac-prosecutor-announces-the-appointment-of-the-attorney-general/

MADISON, Wisconsin (AP) – Fond du Lac County District Attorney Eric Toney will challenge Wisconsin Attorney General Josh Kaul next year.

Toney announced his candidacy on Saturday afternoon in a statement. He is the first Republican to enter the race. He accused Kaul, a Democrat, of being more interested in politics than law enforcement, saying Kaul strives to advance liberal causes such as student debt cancellation.

Kaul’s campaign spokeswoman Ruthie Posekany said in a statement that the attorney general had addressed issues important to the public, “not to powerful and well-connected special interests.”

“As Attorney General, Josh Kaul has put public safety first,” she said.

Kaul joined a group of 23 attorneys general in a letter to U.S. Education Secretary Miguel Cordona on Wednesday calling for more reforms to make the student loan repayment process easier and prevent borrowers from repaying old college loans. .

Toney was elected first district attorney at Fond du Lac in 2012 and is in his third term. He is also president-elect of the Wisconsin District Attorneys Association. He holds a law degree from Hamline University and has completed seven marathons.

He said he had reorganized the district attorney’s office to allow full-time prosecutors to handle cases of minors, domestic violence and sexual assault. He also praised himself for making the office paperless to operate more efficiently during the COVID-19 pandemic and for leading an effort to bring a drug court to the county.


Source link

]]>
Work quickly to resolve first and second draw PPP loan issues https://mma-fighter.com/work-quickly-to-resolve-first-and-second-draw-ppp-loan-issues/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/work-quickly-to-resolve-first-and-second-draw-ppp-loan-issues/

During the early roll-out of the Paycheck Protection Program under the CARES Act of 2020, lenders were able to make and approve PPP loans without prior Small Business Administration (SBA) review. After the loan was granted, the ASB then applied an automated filtering tool that used public information and applied eligibility and fraud detection rules to identify non-compliance with eligibility conditions, fraud or abuse, or other anomalies indicating non-compliance. This review resulted in the issuance of hold codes on some 2020 first-draw PPP loans, requiring more information from the lender and the applicant before using an approval number.

After:YOUR MONEY: The seven benefits a CFO can bring to your business

Things changed from 2021 when the SBA began performing front-end compliance checks (before issuing an SBA loan number) for the first and second ready-to-shoot using ‘A modified automated filtering tool and information from the Treasury Do Not Pay Lists. If a problem is identified, the tool generates a compliance check error message which in most cases identifies the same error as the 2020 First Draw PPP Loan Block Codes.


Source link

]]>
CFPB signals aggressive stance on abuse by pulling on Trump-era policy statement https://mma-fighter.com/cfpb-signals-aggressive-stance-on-abuse-by-pulling-on-trump-era-policy-statement/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/cfpb-signals-aggressive-stance-on-abuse-by-pulling-on-trump-era-policy-statement/

United States: CFPB signals aggressive stance on abuse by withdrawing Trump-era policy statement

To print this article, simply register or connect to Mondaq.com.

Nancy Thomas spoke to S&P Global Market Intelligence about the Bureau of Consumer Financial Protection reversing a Trump-era policy statement signaling a return to stronger and more frequent crackdowns on abuse.

According to Nancy, financial institutions don’t know when they might face abuse complaints.

“The office did not clear a separate space for what the abuse means,” she said. “The industry wants guardrails and guidance. To try to get that guidance from law enforcement, regulated entities have to read tea leaves.”

Read it full article (subscription required).

Originally posted by S&P Global Market Intelligence

Due to the generality of this update, the information provided in this document may not be applicable in all situations and should not be implemented without specific legal advice based on particular situations.

© Morrison & Foerster LLP. All rights reserved

POPULAR ARTICLES ON: Finance and Bank of the United States


Source link

]]>
Chicago Suburban Tax Preparer Charged With COVID Fraud | USAO-NDIL https://mma-fighter.com/chicago-suburban-tax-preparer-charged-with-covid-fraud-usao-ndil/ Wed, 07 Apr 2021 23:13:33 +0000 https://mma-fighter.com/chicago-suburban-tax-preparer-charged-with-covid-fraud-usao-ndil/

CHICAGO – A suburban Chicago tax preparer has been charged with federal fraud charges for allegedly fraudulently helping clients obtain millions of dollars in loans under the Coronavirus Aid, Relief, and Economic Security Act.

HADI ISBAIH, 39, of Palos Heights, Ill., Was indicted in an indictment returned Monday to the Northern District of Illinois on four counts of wire fraud. A first court appearance is scheduled for 2:15 pm today before US Justice of the Peace Beth W. Jantz.

The indictment was announced by John R. Lausch, Jr., United States attorney for the Northern District of Illinois; Emmerson Buie, Jr., special agent in charge of the FBI Chicago field office; Tamera Cantu, Acting Special Agent in charge of the IRS Criminal Investigations Division in Chicago; and Sharon Johnson, Special Agent for the Central Region of the Office of the Inspector General of the US Small Business Administration. The government is represented by Assistant US Attorney Nicholas J. Eichenseer.

“The relief programs provided by the CARES Act were designed to help small businesses struggling to survive the COVID-19 pandemic,” United States Attorney Lausch said. “Our office is committed to working with our law enforcement partners to root out abuse of these important programs and hold anyone accountable who seeks fraudulent profit.”

“These programs were developed to help small business owners survive the devastation caused by the COVID-19 pandemic, it is unfortunate that anyone thinks they are taking advantage of these programs,” FBI SAC Buie said. “We are honored to work with our law enforcement partners to identify who these perpetrators are and ensure they pay for their crimes.”

“This indictment is an important victory for American taxpayers who play by the rules and have no tolerance for those who make up their own,” said IRS-CI Acting SAC Cantu. “Those who use the CARES Act relief funds as a free kitty steal vital lifelines from those most in need during the COVID-19 crisis and could face criminal prosecution and lengthy sentences IRS Criminal Investigation has committed our resources and is providing our financial expertise to prosecute COVID-19 frauds of all kinds, and those like Mr. Isbaih will be brought to justice.

“Forging documents to fraudulently access SBA program funds is unacceptable,” SBA-OIG SAC Johnson said. “SBA-OIG will aggressively seek evidence of fraud against SBA programs aimed at helping small businesses across the country grappling with the challenges of the pandemic. I want to thank the United States Attorney’s Office and our law enforcement partners for their dedication and commitment to ensuring that justice is served. “

Two sources of relief established by the CARES Act, which passed in March 2020, were the Paycheck Protection Program (PPP) and the Disaster Economic Injury Loan Program (EIDL). The programs enabled eligible small businesses to receive low-interest government-guaranteed loans to cover temporary loss of income.

According to the indictment, Isbaih owned and operated Flash Tax Service Inc., a tax and investment consultancy firm in Bridgeview, Ill. From April to October 2020, Isbaih submitted on behalf of hundreds of Flash Tax clients PPP and EIDL claims containing materially false claims. statements and misrepresentation about customer activities, such as gross income, expenses and number of employees, states the indictment. Isbaih’s misrepresentation and misrepresentation resulted in the disbursement of millions of dollars of fraudulently obtained PPP and EIDL funds to these customers, according to the charges.

Isbaih charged Flash Tax clients an upfront fee of around several hundred dollars before submitting the fraudulent claims on behalf of the clients, the indictment says. If customers received the PPP or EIDL funds based on these requests, Isbaih would charge customers an additional fee of around $ 1,000, the indictment says.

The public is reminded that an indictment is not proof of guilt. The defendant is presumed innocent and has the right to a fair trial during which the government bears the burden of proving his guilt beyond a reasonable doubt. Each count of wire fraud carries a sentence of up to 20 years in federal prison. If convicted, the court must impose a reasonable sentence under federal law and US sentencing guidelines.

Anyone with information about an attempted fraud involving COVID-19 can report it to the Department of Justice by calling the National Center for Disaster Fraud Hotline at 866-720-5721, or by filling out an NCDF online complaint form at https: //www.justice. gov / disaster-fraud / ncdf-disaster complaint form.


Source link

]]>