The steep price of the missing affordable “small-dollar loans”

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Last week, Richard Cordray, director of the Consumer Financial Protection Bureau told the Wall Street Journal, “I personally believe banks and credit unions can be low-cost providers of small-dollar loans. I think that working with banks and regulators involved, there would and should be an ability for them to offer decent products.”While this move could fuel opposition from the $38.5 billion payday-lending industry, which fears the watchdog agency’s new rule would wipe out much of its business, Cordray believes banks and credit unions should be able to offer small-dollar loans as “rescue products” for their customers.The fact that the CFPB is discussing ways to make it easier for banks and credit unions to offer “small-dollar” loans means the agency has a big interest in reining in high-interest payday loans.  This intrigues us at Filene, as we are in the midst of several years’ research into finding solutions with credit unions to increase access to affordable financial services and providing viable options to predatory practices such as payday lending.The QCash SolutionOn January 5th, in collaboration with QCash Financial, Filene launched a new Pilot for credit unions interested in offering members a fast and easy-to-use alternative to obtain small-dollar loans. continue reading »last_img read more

Cowboys’ Ezekiel Elliott does the ‘Dak Dance’ to celebrate touchdown vs. Lions

first_imgI’ve seen people having fun with the video of Dak Prescott warming-up, so I had to do it too by adding MC Hammer. 🤣🤣 pic.twitter.com/3daN5WNmZz— George Montes (@george_montes) November 11, 2019During Sunday’s Dallas-Detroit throwdown in Motown, Prescott’s running mate caught the fever, as well, following a touchdown vs. the Lions. Dak Dance fever has infected Ezekiel Elliott.Prior to last Sunday night’s game vs. the Vikings, NBC highlighted quarterback Dak Prescott’s interesting pregame routine, which includes what can best be described as a “hip thrust.” 🤣 @EzekielElliott broke out the @Dak Dance on this TD celebration pic.twitter.com/oTG3SdywSr— FOX Sports (@FOXSports) November 17, 2019The Cowboys would go on to win 35-27, with the Dance once again taking center stage.The Dak Dance (or Prescott Pirouette, if you prefer), took Twitter by storm — and the NFL soonafter. Earlier this week, 49ers players Jimmy Garoppolo and Nick Bosa were caught mimicking the Prescott Pirouette.This might be the best bromance the NFL has seen, while the dance is already better than the Floss, the Wu-Tang and the Electric Slide.last_img read more

Florida Supreme Court Clears the Way for $15 Minimum Wage Amendment

first_imgFlorida voters will have an opportunity to decide this November whether to gradually raise the minimum wage to $15 an hour, after the state’s Supreme Court on Thursday unanimously approved a ballot proposal. The measure will appear on the ballot as Amendment 2.The proposed constitutional amendment, which is spearheaded by Orlando attorney John Morgan, would need approval from 60 percent of the voters to take effect. If that happens, the state’s minimum wage would increase to $10 an hour on September 30, 2021 and increase by $1 each year until it hits $15 an hour on September 30, 2026. The minimum wage is currently $8.46 an hour.Morgan, who also led a ballot drive three years ago that legalized medical marijuana, issued the following statement Thursday:“Now, the sprint to reverse decades of inequality really starts — and let me tell you — this is going to be a tough challenge,” Morgan said. “But just like voters overwhelmingly voted in favor of medical marijuana in 2016, I’m confident that we will do the same in 2020. I’m confident because Floridians are compassionate and know that giving every worker a fair wage means not just lifting up those who would directly benefit but lifting up our broader economy when hardworking folks have more money to spend.”On the other hand, Governor Ron DeSantis and groups including the Florida Chamber of Commerce fear that increasing the minimum wage could raise costs for many businesses, and lead to job cuts.According to Edie Ousley, vice president of public affairs for the Florida Chamber, “We fully expected it to be confirmed (by the Supreme Court), but that doesn’t make it a good idea. This ballot measure will actually hurt the very people its proponent claims it will help. In fact, Florida could very likely lose nearly half a million jobs by 2026, and we’ve seen estimates that are higher than that. This is the poster child for a proposed constitutional amendment masquerading as a turnout weapon to impact the presidential election.”The Supreme Court does not typically consider the merits of proposed constitutional amendments. However, it reviews issues such as the wording of ballot titles and summaries that voters see at the polls. Justices weigh questions such as whether proposals might be misleading and whether summaries meet a 75-word limit.Thursday’s opinion stated the minimum-wage proposal “clearly and accurately identifies the subject matter, and it complies with the word-count requirement.”“Likewise, the ballot summary is clear and unambiguous and complies with the word-count requirement,” the opinion continues. “Indeed, the ballot summary is nearly identical to the language of the proposed amendment itself, and it explains in a straightforward and accurate manner how the proposed changes would affect the existing system — by raising the minimum wage incrementally on an annual basis to a certain point and then resuming the existing system of adjusting the minimum wage annually for inflation.”last_img read more

WATCH LIVE: Launch of Starliner Capsule

first_imgThe launch of the Starliner capsule today could be the last major step toward once again launching humans into space.The Starliner capsule is scheduled to launch into space and dock with the International Space Station over the weekend, mimicking the flight path it will take when it flies its first manned mission next year. Liftoff is slated for 6:36 am ET.last_img

MacDill Air Force Base on lockdown after reports of an active shooter in area

first_imgAn active shooter situation initially reported at MacDill Air Force Base in Tampa, Florida did apparently NOT involve the actual base itself. A lockdown order was sent out but officials now say the report that triggered the move was related to shots fired near the base. MacDill serves as the headquarters for U.S. Central Command and U.S. Special Operations Command. Authorities are still assessing the situation.last_img

Florida Could Soon Change Fireworks Law

first_imgFloridians might soon be able to more easily buy certain types of fireworks to celebrate holidays such as the Fourth of July and New Year’s.The state’s Senate Rules Committee approved a bill on Wednesday that would legalize the use of exploding fireworks on those holidays.Currently, Floridians are required to sign a document that claims the person is purchasing such items in order to scare birds away from farms and fish hatcheries.Those are the only uses allowed under the current law.“Fireworks law in Florida is one of the craziest laws we have on the books. We literally require you to commit fraud in order to purchase fireworks,” says Republican Senator Jeff Brandes. “You can buy sparklers in Florida, that’s no problem, but you can also buy mortars. All you have to do is sign a piece of paper to say you’re using them to scare birds.”His colleague, Republican Senator Travis Hutson, is sponsoring the bill.According to Hutson, “I believe Floridians should be able to enjoy their holidays and not be confused or discouraged by our fireworks laws.”The bill now heads to the full Senate for a vote.last_img read more

49ers Kyle Nelson blames supplements for 10-game suspension

first_imgSANTA CLARA — Kyle Nelson, the 49ers’ long snapper since 2014, claims that tainted supplements led to his 10-game suspension Tuesday from the NFL for violating its performance-enhancing drug policy.It’s the longest suspension ever for a 49ers player.Nelson issued a statement, through the 49ers, confirming the NFL informed him of a positive test for a banned substance, and he is taking steps to identify the cause.LONG SNAPPER: San Francisco 49ers long snapper Kyle Nelson (86) during an NFL …last_img read more

Looking for production at second base, Athletics call up hot-hitting Corban Joseph

first_imgSAN FRANCISCO — He goes by CoJo, mostly because people he meets often switches Corben Joseph with Joseph Corban.“Just a little reminder, Corban goes first,” Joseph said. For now, Joseph will play second for the A’s. The 30-year-old left-handed hitter will bat seventh against Giants right-hander Tyler Beede on Wednesday afternoon, and this could be routine against right-handers in these final weeks of the season.“We’re just trying to do the best we can from the position, with a guy who’s …last_img read more

GoodBulk Looking to Buy Up to 13 Capesizes

first_imgzoom Owner and operator of dry bulkers GoodBulk Ltd has entered into an agreement to acquire 7 to 13 Capesize dry bulk carriers from entities managed by CarVal Investors. Funds managed by CarVal Investors will receive for the initial 7 vessels up to 10.5 million common shares in GoodBulk, with USD 61 million of existing borrowings expected to be refinanced under current and new GoodBulk credit facilities.Upon completion of the base transaction of 7 Capesize vessels, GoodBulk will control a fleet of 19 vessels with an average age of 9 years, consisting of 16 Capesize, 1 Panamax, and 2 Supramax vessels.Delivery of the vessels is expected to occur during the fourth quarter of 2017 and the first quarter of 2018.GoodBulk will have the option to acquire up to an additional 6 Capesize vessels.“We are excited to partner with CarVal Investors in this transaction as we continue to execute upon the company’s strategy of building an industry leading platform for investment in dry bulk vessels,” John Michael Radziwill, Chairman and CEO, said.The transaction provides GoodBulk’s shareholders with increased Capesize exposure at “an opportune time in a recovering market,” the company said, adding that the purchase is expected to be immediately accretive to Net Asset Value per share while reducing GoodBulk’s normalized break even cost by ship ownership day and reducing the average fleet age by approximately 1.4 years.“Furthermore, with a significant share component priced at a premium to NAV this transaction underscores the value of the GoodBulk platform,” Radziwill added.The company’s leverage ratio of net debt to gross asset value is expected to remain below 30%.Following completion of the transaction, funds managed by CarVal Investors will be GoodBulk’s largest shareholder.“CarVal’s decision to partner with the company in this transaction further validates GoodBulk’s market positioning and ability to develop into a landmark dry bulk shipping platform,” Milos Brajovic, Partner of Lantern Capital Partners, said.last_img read more

Walgreens expands prescription delivery program nationwide

first_imgWalgreens is joining drugstore competitor CVS Health in expanding home deliveries for prescriptions nationwide, as stores continue adjusting to a retail world made more customer-friendly by online competition.Walgreens said Thursday it will partner with FedEx to deliver prescriptions as soon as the next day for a $4.99 fee, and it also is providing same-day deliveries in several cities. The Deerfield, Illinois, company started offering deliveries in several markets last October.CVS Health Corp. announced similar nationwide prescription deliveries last June.Retailers have been breaking out more customer-friendly services in recent years to hold Amazon.com at bay. The online retailer offers members same-day deliveries of goods typically sold in drugstores in some places.Walgreens Boots Alliance Inc. and CVS Health both run more than 9,000 U.S. locations.The Associated Presslast_img read more