Resort profit – Sutherland Crossing http://sutherlandcrossing.com/ Tue, 22 Nov 2022 04:34:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sutherlandcrossing.com/wp-content/uploads/2021/07/icon-2021-07-06T150818.586.png Resort profit – Sutherland Crossing http://sutherlandcrossing.com/ 32 32 SAFE Lending Act: Congressional effort to protect consumers | New https://sutherlandcrossing.com/safe-lending-act-congressional-effort-to-protect-consumers-new/ Mon, 21 Nov 2022 20:00:00 +0000 https://sutherlandcrossing.com/safe-lending-act-congressional-effort-to-protect-consumers-new/ U.S. Senator from Oregon Jeff Merkley joined Reps. Suzanne Bonamici (D-OR-01) and Pramila Jayapal (D-WA-07) to introduce the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act Act. The SAFE Lending Act will protect consumers from deceptive and predatory practices, especially in online payday loans. Metro Creative CLogin The SAFE Lending Act will protect consumers […]]]>

U.S. Senator from Oregon Jeff Merkley joined Reps. Suzanne Bonamici (D-OR-01) and Pramila Jayapal (D-WA-07) to introduce the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act Act.






The SAFE Lending Act will protect consumers from deceptive and predatory practices, especially in online payday loans.




The SAFE Lending Act will protect consumers from deceptive and predatory practices that rob working families of wealth by cracking down on some of the worst abuses stemming from the payday loan industry, particularly in online payday loans, according to a Merkley press release.

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Studies show gains versus hunger lost with tax credit ending – The 74 https://sutherlandcrossing.com/studies-show-gains-versus-hunger-lost-with-tax-credit-ending-the-74/ Fri, 18 Nov 2022 17:03:06 +0000 https://sutherlandcrossing.com/studies-show-gains-versus-hunger-lost-with-tax-credit-ending-the-74/ Support The 74’s end of year campaign. Each donation will be matched dollar for dollar. An article in the Journal of the American Medical Association in October confirmed previous research that food insecurity increased significantly after the monthly Federal Child Tax Credits expired on January 15, 2022. The study looked at the period between January […]]]>

Support The 74’s end of year campaign. Each donation will be matched dollar for dollar.

An article in the Journal of the American Medical Association in October confirmed previous research that food insecurity increased significantly after the monthly Federal Child Tax Credits expired on January 15, 2022.

The study looked at the period between January and July of this year in a series of national surveys and found an almost 25% increase in food insufficiency, affecting black, Hispanic and Indigenous families the most.

The article published Oct. 21 in JAMA, “Association of the Expiration of Child Tax Credit Advance Payments With Food Insufficiency in US Households,” involved a cross-sectional study of repeated surveys of a nationally representative sample of 592,044 US households.

“The results of this study suggest that loss of monthly payments (child tax credit) was associated with an increased prevalence of households with children in the United States reporting sometimes or often not having enough to eat, a condition associated with adverse health effects across the lifespan,” the paper concludes.

Monthly American Rescue Plan Act (ARPA) Child Advance Tax Credit (CTC) payments were administered to more than 35 million households with children in the United States between July and December 2021. Center figures on Budget and Policy Priorities show the appropriations benefited about 2.37 million children in Ohio. Tax credits were associated with a substantial decrease in food insufficiency, according to the study.

Under ARPA, three major changes to the credit have been enacted for the 2021 tax year: an expansion of eligibility to include families with very low or no income; an increase in credit amounts from a maximum credit of $2,000 per child per year previously to $3,000 per child 6-17 per year and $3,600 per child under 6 per year; and provision for half of the loan in the form of a monthly advance between July and December 2021.

As a result of these changes, about 92% of families with children were eligible to receive $250 to $300 per month per child between July and December 2021, according to the study. National data shows that parents report spending monthly CTC payments on food, utilities, rent, clothing and education costs, according to the article.

These monthly payments expired in January 2022 after the US Congress failed to extend the policy.

In a series of surveys conducted by researchers just before the CTC expired, the unadjusted household food insufficiency was 12.7% among households with children.

In late January and early February 2022, following the first missed monthly CTC payment, 13.6% of households with children reported food insufficiency, rising to 16% in late June and early July 2022.

“Given the well-documented associations between the inability to afford food and poor health outcomes across the lifespan, Congress should consider prompt action to reinstate this policy,” the JAMA article recommended.

These latest findings mirror previous research done by the nonpartisan National Research Group at the Brookings Institution and published in April 2022 in a report titled “The Impacts of the 2021 Expanded Child Tax Credit on Family Employment, Nutrition and financial well-being”.

Brookings researchers said the temporary tax credit expansion “has unprecedented reach” and lifted 3.7 million children out of poverty by December 2021.

“The expanded CTC significantly improved food security and healthy eating among eligible people,” Brookings found.

Moreover, according to this study, around 70% of CTC recipients who were negatively affected by inflation said that the payments had helped them better manage rising prices.

Besides increasing food security, other areas Brookings said tax credits help families include statistically significant declines in credit card debt compared to those who were not eligible; reducing reliance on expensive financial services such as payday loans and pawnbrokers, as well as reducing blood plasma sales rates; increased capacity to manage emergency expenses and strengthened family emergency funds; and a significant drop in evictions.

Brookings also found that credit enabled families of color to make significant investments in their children’s long-term educational outcomes. Black, Hispanic and non-white households were more likely to use the credit for child care and education expenses, Brookings found.

South Dakota Searchlight is part of States Newsroom, a grant-supported network of news outlets and a coalition of donors as a 501c(3) public charity. South Dakota Searchlight maintains editorial independence. Contact editor Seth Tupper with any questions: info@southdakotasearchlight.com. Follow South Dakota Searchlight on Facebook and Twitter.


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Payday Loans vs. Bank Loans https://sutherlandcrossing.com/payday-loans-vs-bank-loans/ Tue, 15 Nov 2022 04:19:44 +0000 https://sutherlandcrossing.com/payday-loans-vs-bank-loans/ Payday Loans vs. Bank Loans You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision. Payday loans and personal loans differ mainly in three […]]]>
Payday Loans vs. Bank Loans

You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision.

Payday loans and personal loans differ mainly in three ways: how much you can borrow, how much interest they charge, and how long you have to pay them back. Compared to bank loans, payday loans offer smaller loan amounts, higher interest rates, and shorter repayment terms.

WHAT IS A PERSONAL LOAN?

This is a high interest rate unsecured loan which is especially useful in times of need. Borrowers repay the loan amount when they receive their next salary or other source of income after loan approval. Because payday loans are designed specifically for working professionals, they are very beneficial. You can use your loan for anything you want by purchasing moped and moped insurance.

Personal loans can be used by salaried professionals even if they have exhausted their salary at the beginning of the month. Despite their high interest rates, payday loans are an attractive option. Paying rent, EMIs, and living expenses are common uses for these loans.

WHAT IS A PERSONAL LOAN OR A COMMON BANK LOAN?

The purpose of a personal loan is to cover expenses such as weddings, renovations and vacations. The loan amount can be spent as the borrower wishes. Based on the borrower’s credit rating and ability to repay the loan, the loan is approved. A fixed monthly payment plan is generally used to repay the loan. A bank’s interest rate on a personal loan varies.

WHAT ARE THE DIFFERENCES BETWEEN PERSONAL LOANS AND PAYDAY LOANS?

Here are the main differences between the two types of loans:

Time based rates. Variable rate personal loans reduce interest over time because you can only pay interest on the outstanding loan amount, while payday loans increase interest over time. The interest rate on a fixed rate personal loan remains the same for the entire term of the loan.

Fees and interest. Interest rates on personal loans range from 6% to 23% per annum. For loans over £2,000, payday loans have an interest rate of 48% but can charge up to 20%. The actual cost of the loan can therefore be extremely high.

The cost. A payday lender may charge you several things, whereas a personal loan is usually fixed and secured by your assets.

COMPARISON OF PERSONNEL LOANS AND PERSONAL LOANS

Personal loans and payday loans mainly differ in their terms. The duration of a personal loan is generally less than one month, while that of a personal loan is at least two years.

As a debt consolidation loan or to pay for an emergency, personal loans have a lower interest rate than payday loans. The maximum amount for payday loans is usually less than £500. Depending on the company, you can borrow up to £100,000.

A personal loan is much easier to obtain than a personal loan. A payday loan store can provide you with a loan within 30 minutes if you stop. Processing a personal loan can take a few days.

Only personal loans appear on your credit report, a lesser-known difference between payday loans and personal loans. Your credit score will increase if you take out a personal loan and make payments on time. You can qualify for better loans and interest rates in the future if you do.

As with payday loans, personal loans are often unsecured, so no property or assets back them. You cannot be seized by the lender if you default on a payday loan or personal loan.

Personal loans are always more expensive than personal loans if you have the choice between the two. Consider other options if you don’t qualify for a personal loan.

Does your boss allow you to ask for overtime or sign up for a side job? Is it possible to borrow money from family or friends? Such alternatives are better – and cheaper – than payday loans.

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This year, voters circled disconnected politicians https://sutherlandcrossing.com/this-year-voters-circled-disconnected-politicians/ Fri, 11 Nov 2022 22:19:40 +0000 https://sutherlandcrossing.com/this-year-voters-circled-disconnected-politicians/ This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” . They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They […]]]>

This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” .

They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They heard story after story of family members, friends and neighbors struggling to afford quality health care.

The purpose of this tour: to build support for a ballot initiative to help more South Dakotans get the care they need.

Through such initiatives, citizens can circumvent elected officials who have become disconnected from their constituents.

In this year’s elections, voters in more than 30 states committed to this form of direct democracy. These voters enshrined abortion rights in states like Michigan, funded universal preschool and child care in New Mexico, and clamped down on medical debt in Arizona.

In South Dakota, the “Love Your Neighbor” campaign won big. By a margin of 56 to 44, voters approved a proposal to force their state government to expand Medicaid eligibility, a move that will help about 42,500 working-class people get treatment.

These people earn too much to qualify for the state’s existing Medicaid program, but too little to access private insurance through the Affordable Care Act. Since 2010, the federal government has covered 90% of the costs when states expand Medicaid, but political leaders in South Dakota and 11 other states have refused to do so.

This isn’t the first time South Dakotans have used effective strategies of people-to-people organizing and ballot initiatives for the good of their neighbors.

In 2016, a bipartisan coalition with strong support from the faith community won a stunning victory against financial predators, winning 76% support for an election measure to impose a 36% cap on loan interest rates. on salary. Previously, those rates averaged around 600% in South Dakota, trapping many low-income families in a downward spiral of debt.

In this midterm election season, Nebraska offers another inspiring example of citizen action to circumvent out-of-touch politicians.

For 13 years now, Republicans in Congress have blocked efforts to raise the federal minimum wage, leaving it stuck at $7.25 since 2009. Nebraska’s entire congressional delegation — all Republicans — has always opposed the hikes minimum wage. Rep. Adrian Smith, for example, recently attacked President Biden’s $15 federal minimum proposal as “economically harmful.”

Nebraskans see the issue differently.

Voters there approved an increase in the state minimum wage to the same level Biden has proposed — $15 an hour — by 2026. The measure, which was accepted with 58% support, will mean bigger paychecks for about 150,000 Nebraskas.

Election measures like these can send a healthy wake-up call to political leaders who aren’t listening to their constituents. But some special interests, especially those with deep pockets and driven by narrow profit motives, don’t necessarily want ordinary Americans to be heard.

State legislatures across the country have seen a slew of bills aimed at restricting or eliminating the ballot measurement process. According to the Ballot Initiative Strategy Center, the number of such bills increased by 500% between 2017 and 2021. Dozens more were introduced in 2022, including efforts to raise the threshold for passing a measure. voting beyond a simple majority vote.

The purpose of these restrictions? To undermine the will of the people.

At a time when more and more Americans are worried about the future of our democracy, we should applaud the advocates in South Dakota, Nebraska and elsewhere who engage their fellow citizens in the political decisions that affect their lives. .

We need more democracy. Not less.

Sarah Anderson directs the Global Economy Project and co-edits Inequality.org at the Institute for Policy Studies. This editorial was distributed by OtherWords.org.

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Could a personal loan help you pay off more debt by 2023? https://sutherlandcrossing.com/could-a-personal-loan-help-you-pay-off-more-debt-by-2023/ Wed, 09 Nov 2022 18:00:42 +0000 https://sutherlandcrossing.com/could-a-personal-loan-help-you-pay-off-more-debt-by-2023/ Image source: Getty Images If you’re hoping to be debt free, you should read this. Key points Paying off debt can be a challenge, and this is especially true if your debt has a high interest rate. A personal loan could help lower the cost of your debt and make repayment easier. If you’re hoping […]]]>

Image source: Getty Images

If you’re hoping to be debt free, you should read this.


Key points

  • Paying off debt can be a challenge, and this is especially true if your debt has a high interest rate.
  • A personal loan could help lower the cost of your debt and make repayment easier.

If you’re hoping to be debt-free by 2023 — or at least reduce your debt significantly — you don’t have long to work on that goal. And, there’s a potential move you could make that could make paying off your balance much easier (depending on your situation). You could take out a personal loan.

Borrowing more money can seem counter-intuitive when trying to get out of debt. But, in some circumstances, it could be exactly the right decision. Here’s why.

How a Personal Loan Could Help You Pay Off Your Debt Faster

Taking out a personal loan could actually help you pay off more of your debt by 2023 if your personal loan is at a lower rate than the debt you are currently trying to pay off.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

You see, if you have high-interest debt (like credit cards), chances are a big chunk of every payment you make will be eaten up by interest. You may be paying very little capital because your financing costs are very high. So all those payments you work hard to send to your creditors may not help you progress towards your goal of becoming debt free.

If you can qualify for a low-interest personal loan, you can turn that debt from high-interest to low-interest. For example, instead of paying 17% annual interest on a credit card (or more), you could pay 8% or 10% or whatever rate you can qualify for on your personal loan. You then use the proceeds from your personal loan to pay off that expensive credit card debt.

If, for example, you owe $4,000 on one card and $5,000 on another, a personal loan of $9,000 could free you from both loans. You would only have one debt to pay and at a lower interest rate.

Once you lower your rate, more of your monthly payment should go towards reducing your balance so you can get out of debt faster. This can help you make much more progress on your debt repayment methods over the rest of this year and next year.

Does this decision suit you?

Refinancing your high-interest debt may be the right decision if you can qualify for a new loan at a lower rate and you’re not extending your repayment schedule too much by doing so. You can use your new low-interest personal loan not only to lower credit card rates, but also for any type of expensive debt you have, such as payday loans or medical debt.

You can shop around and find out what rate you can qualify for without affecting your credit score to find out if this approach will work. You’ll also want to make sure you can comfortably make the payments on your new personal loan and that you’re sticking to a budget so you don’t charge your credit cards more after you pay them off.

If you can get a new loan at a low rate and you can count on yourself to be responsible for the repayment, there is no reason not to go ahead with this strategy as soon as possible so that you can repay the amount. maximum of your debt by 2023.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Financing options for Lyft and Uber drivers https://sutherlandcrossing.com/financing-options-for-lyft-and-uber-drivers/ Fri, 04 Nov 2022 16:14:13 +0000 https://sutherlandcrossing.com/financing-options-for-lyft-and-uber-drivers/ A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>

A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the various alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is given to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.

Summary

There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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New rules on the way to buy-it-now and pay-later plans https://sutherlandcrossing.com/new-rules-on-the-way-to-buy-it-now-and-pay-later-plans/ Wed, 02 Nov 2022 11:39:25 +0000 https://sutherlandcrossing.com/new-rules-on-the-way-to-buy-it-now-and-pay-later-plans/ The government wants to introduce better checks to buy now, pay later to protect vulnerable Kiwis. Laptop screen showing buy now pay later services. (Source: 1News) “Buy now, pay later” programs are a growing form of unsecured short-term credit used by consumers to pay for goods and services. It does not charge interest, although late […]]]>

The government wants to introduce better checks to buy now, pay later to protect vulnerable Kiwis.

“Buy now, pay later” programs are a growing form of unsecured short-term credit used by consumers to pay for goods and services.

It does not charge interest, although late fees are charged if a payment is missed.

“It’s the right thing to do,” said Trade and Consumer Affairs Minister David Clark.

“As the global cost of living crisis puts pressure on New Zealanders and their families, we are taking action to help them avoid unmanageable debt, particularly as the Christmas season approaches.”

He said the sector has proven popular and grown rapidly – ​​the amount of money spent on these programs in 2021 was $1.7 billion, up from $755 million in 2020.

A spokesperson for Afterpay said it “has always advocated for regulation that delivers good outcomes for consumers, is fit for purpose and proportionate.”

“Getting the right regulatory balance will mean that consumers won’t be pushed back into credit cards and payday loans – products that benefit people who go into debt.”

The government wants affordability checks for purchases over $600 — the same protection in place for borrowers who want to use credit cards and personal loans.

Small loans wouldn’t have to go through the same process, but full credit reports would have to take place, Clark said.

Lenders would also be required to put in place a process in case of difficulties and to adhere to a dispute resolution system.

Consultation on the proposed changes is expected to open later this year, with final regulations adopted in 2023.

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Unbanked Americans at rock bottom https://sutherlandcrossing.com/unbanked-americans-at-rock-bottom/ Sun, 30 Oct 2022 07:20:24 +0000 https://sutherlandcrossing.com/unbanked-americans-at-rock-bottom/ NEW YORK – The number of Americans without bank accounts fell to a record low last year, as the proliferation of online-only banks and an improving economy bring more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. published last week revealed that 4.5% of Americans – representing about […]]]>

NEW YORK – The number of Americans without bank accounts fell to a record low last year, as the proliferation of online-only banks and an improving economy bring more Americans into the traditional financial system.

A new report from the Federal Deposit Insurance Corp. published last week revealed that 4.5% of Americans – representing about 5.9 million households – did not have a bank account in 2021. This is the lowest level since the FDIC began tracking the data in 2009 and compared to 5.4% of Americans in the 2019 survey data.

The decline in unbanked households can be partly attributed to the coronavirus pandemic. States and the federal government handed out trillions of stimulus dollars to Americans after covid-19 crippled the US economy in March 2020. Benefit programs largely needed a bank account to send funds quickly to people affected.

“During the pandemic, consumers opened bank accounts to quickly and securely access relief funds and other benefits,” Acting FDIC Chairman Martin J. Gruenberg said in a statement. .

But the FDIC attributed most of the improvement to the strength of the economy in 2021, as restrictions related to the coronavirus pandemic largely expired and the unemployment rate was low.

Black and Hispanic households remain much more likely to not have a bank account, though those numbers are improving. About 11.3% of black households do not have a bank account, up from 13.8% two years earlier. Among Hispanic households, that figure fell from 12.2% to 9.3%.

The top reasons someone would choose to be unbanked were largely unchanged from previous surveys. One in five unbanked households said not having enough money to maintain an account was the main reason they didn’t have one – a sign that being unbanked remains a problem. economic inclusion.

The FDIC began tracking unbanked Americans in 2009. In 2011 data, the number of unbanked Americans increased significantly following the Great Recession. While Americans have kept their bank accounts during the coronavirus recession, the number of unbanked Americans may increase in the future if inflation continues to hurt the economy and unemployment rises.

Other households had privacy and trust issues with banks. Large companies like Amazon have tracked consumer data through credit card usage for some time, but banks also profit from this data.

Americans outside the traditional financial system face many hurdles with their day-to-day finances, which is why policymakers are pushing so hard to get unbanked households to open a savings or checking account. Check cashing services, utility payment services, rent payments without a bank account often come with fees, money that someone with a bank account would not be subject to.

New immigrants and refugees are also among the unbanked. Jhuma Acharya, a former refugee from Bhutan and a case manager with Refugee and Immigration Community Services in Columbus, said he’s seen an increase in clients calling him about businesses that won’t accept not their money.

“I have never worked with a single (new) refugee who said they used a credit card in their lifetime,” Acharya said.

Acharya said customers typically take at least five months to build up enough credit with banks in the United States to open an account. In the meantime, Acharya said they are trying to educate customers on how to set up a debit card and how to use their electronic benefits transfer card.

There has also been a growing number of businesses that no longer accept cash as a form of payment, an issue that several state legislatures have begun to address.

Some states and cities required cash to be accepted before the covid-19 pandemic, such as New Jersey, Massachusetts, San Francisco and Philadelphia. However, at least seven states have passed such bills since the pandemic began, mostly in response to the growing number of contactless businesses following CDC recommendations to limit cash use for fear of spreading the virus.

Delaware, New York, Oregon, Arizona, Colorado, Connecticut and Rhode Island have all passed bills requiring businesses to accept cash, according to data from the National Conference of State Legislatures. More than a dozen states have introduced cash-mandated bills since 2020. At least three bills in the Republican-majority states of Florida, Mississippi and North Dakota have died in committee, along with two bills in New Hampshire and Wisconsin, mostly held by Democrats.

In Ohio, State Senator Louis Blessing III, Township of R-Colerain, introduced a bill in the 2021 legislative session that would open businesses up to lawsuits if they don’t accept cash as a means. of payment. Blessing cited protecting immigrant and poor communities as a driver of the bill, as well as protecting the data privacy of consumers and older people, who are more likely to use cash.

The bill is still pending in the Ohio legislature.

“I think if this bill went to a vote, every Democrat in the state would vote yes,” said Blessing, who was voted down mostly by his Republican counterparts in the Republican-held state.

The survey also revealed that the percentage of so-called underbanked households – those who have a bank account but still use expensive financial services like check cashing, pawnshops, loans payday and remittances – also declined.

The FDIC also found that about half of all US households used a non-bank payment service such as CashApp, Venmo, or PayPal in 2021.

Information for this article was provided by Samantha Hendrickson of The Associated Press.

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Aged care industry turns to financial wellness tools to attract staff: Wagestream https://sutherlandcrossing.com/aged-care-industry-turns-to-financial-wellness-tools-to-attract-staff-wagestream/ Thu, 27 Oct 2022 02:04:00 +0000 https://sutherlandcrossing.com/aged-care-industry-turns-to-financial-wellness-tools-to-attract-staff-wagestream/ SYDNEY, October 27 2022 /PRNewswire/ — Financial wellness fintech Wagestream has signed with Southern Cross Care, Vacenti and CareChoice in quick succession this month, as Australian aged care and care companies increasingly turn their attention to towards innovative, technology-enabled financial wellness tools to address today’s talent and hiring crises. Josh Vernon, CEO of Wagestream Australia […]]]>

SYDNEY, October 27 2022 /PRNewswire/ — Financial wellness fintech Wagestream has signed with Southern Cross Care, Vacenti and CareChoice in quick succession this month, as Australian aged care and care companies increasingly turn their attention to towards innovative, technology-enabled financial wellness tools to address today’s talent and hiring crises.

Josh Vernon, CEO of Wagestream Australia

Overall, Southern Cross Care Queensland, Vacenti and CareChoice employ around 2,500 people caring for over 10,000 vulnerable Australians.

They will join a cohort of more than 500,000 older and healthcare workers on the Wagestream platform globally, which already serves Bupa and 300,000 National Health Service (NHS) staff in the UK alone.

Adopting a technology-enabled “financial wellbeing” strategy for Australian aged care workers could help address a growing national workforce crisis as well as the unique structural challenges facing the industry.

Aged care is notoriously poorly paid, with many workers (mostly women) living on paycheck to paycheck, struggling to bring income in line with expenses and being hit with an additional ‘small penalty’ due to fees being late and using expensive credit cards or payday loans. cope.

There has also been a significant lengthening of pay periods for employees – sometimes even beyond a month – due to the widespread use of part-time shift work and the use of placement agencies.

And its large proportion of older employees, English as a second language (ESL), and immigrants may also struggle with financial literacy and reading fluency, and additional financial commitments like remittance payments. .

To combat this, the Wagestream”Flexible compensationallows users to access a percentage of their salary when faced with a shortfall for a transaction cost of only $2.49 to avoid the wrong penalty, while his “Track(the most used feature worldwide) allows employees to see their earnings in real time, so they know when to take extra shifts.

There “Growing up“allows employees to automate transfers to fill savings gaps related to family responsibilities and part-time work, while”Coachoffers live chat with financial coaches to work on financial behaviors, goal setting, action plans, and any unique financial questions.

All of these tools in tandem could help improve the financial security, engagement, education, literacy and general well-being of employees in the care sector, according to Wagestream.

Josh VernonCEO of Wagestream Australia, said: “The aged care sector has been hit hard by COVID-19, now entering its third year. We are witnessing the effects of years of overwork, stress, fear, loss and sadness. Many workers are exhausted and reassessing what’s really important – including their workplace.

“But many of the problems in the sector also existed before the pandemic, which has simply exacerbated them. Workers have also always been hit harder by economic challenges such as the current cost of living pressures.

“Care employers must urgently recognize that the financial well-being of their employees is inextricably linked to their job satisfaction and productivity. Forward-thinking employers will therefore find ways to offer practical tools and practical guidance that address these unique challenges and allow employees to live more comfortably, so they can better enjoy their work.”

Australia Case Study: Southern Cross Care Queensland

Southern Cross Care Queensland (SCCQ) has partnered with Wagestream to July 2022, and now offers the app to more than 1,100 staff who care for more than 2,000 vulnerable Australians. One in four SCCQ team members have used the Wagestream app since it became available.

Head of the People and Culture Service of the SCCQ, Adam Priestsaid: “Engagement with your staff should be more than ‘thank you for coming to our monthly barbecue.’ Staff seek employers who understand their unique challenges and offer practical ways to support their physical, mental and financial well-being.

“For example, our predominantly female workforce comes from a wide variety of backgrounds, so their financial circumstances may involve additional care obligations or payments to family overseas. When addressing their financial well-being, these different circumstances must be taken into account.

“We believe the Wagestream financial wellness app will be absolutely helpful to the majority of our frontline workers at some point during their stay with us. It offers ways to increase your savings and set goals, and as we head into a pretty turbulent time with inflation and interest rates rising, obviously people are looking for help in that space as well.We’re really pleased and not at all surprised that a quarter of our staff have already tried the app, and we expect that number to grow.

“We believe that taking care of our staff and their families and taking care of ourselves will naturally lead to better talent attraction and retention. Wagestream is certainly part of our strategy to achieve this.”

Wagestream (www.wagestream.com/au/) is the financial wellness app founded by charities, designed for employees and built around compensation. It makes work more inclusive, fair and rewarding for one million people, giving them access to fair financial services built around their earnings.

Workers use Wagestream to choose their own pay cycle, manage their budget, save for bad weather, chat with a personal financial coach, and get fairer deals on financial products – all in one app, with no changes to payroll.

Wagestream is guided by a social charter: every service it provides must measurably improve financial well-being. Over 70% of people using Wagestream feel more in control of their money, resulting in a happier, healthier and more productive workforce.

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CFPB funding decision key to agency’s law enforcement challenges https://sutherlandcrossing.com/cfpb-funding-decision-key-to-agencys-law-enforcement-challenges/ Mon, 24 Oct 2022 19:09:25 +0000 https://sutherlandcrossing.com/cfpb-funding-decision-key-to-agencys-law-enforcement-challenges/ A Fifth Circuit ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional quickly turns into an enforcement headache for the agency. At least two companies targeted by the CFPB’s enforcement actions have already flagged the decision to ask other courts to dismiss the actions on constitutional grounds. Others will use the U.S. Court […]]]>

A Fifth Circuit ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional quickly turns into an enforcement headache for the agency.

At least two companies targeted by the CFPB’s enforcement actions have already flagged the decision to ask other courts to dismiss the actions on constitutional grounds. Others will use the U.S. Court of Appeals for the Fifth Circuit ruling in settlement negotiations and battles over civil investigative claims until ruling appeals are exhausted, lawyers say who represent the companies.

“Very few companies will settle with the CFPB, except for one small change,” said Alan Kaplinsky, senior counsel at Ballard Spahr LLP, which represents companies fighting the agency.

The CFPB has previously signaled that the Fifth Circuit ruling, which is not the first such legal threat the agency has faced, will not slow its efforts. Nevertheless, having to wrestle with the decision in enforcement action will cause delays and drain office resources.

The CFPB did not immediately comment. After the ruling, a spokesperson said the agency “will continue to carry out its vital work enforcing the nation’s laws and protecting American consumers.”

Trans Union argued that a CFPB lawsuit regarding alleged breaches of a 2017 Consent Order regarding deceptive marketing and sales practices, as well as the Consent Order itself, should be dismissed based on of the Fifth Circuit’s ruling, in a filing Oct. 20 in federal district court in Chicago.

Online lender CashCall Inc., which has been locked in a legal battle with the CFPB since 2013 over a case alleging the company provided illegal payday loans through a tribal lender, has asked the court to US Appeal for Ninth Circuit Leave to Challenge the CFPB. ability to bring the case to a filing on October 21.

The Fifth Circuit’s decision shows “there is a substantial, non-frivolous issue of the most serious constitutional magnitude regarding the CFPB’s authority to take formal action, including its pursuit of this enforcement action against CashCall.” , the company said in the filing.

Ongoing investigations could be stalled by battles over document requests and civil subpoenas, potentially forcing the CFPB into court where it will have to overcome constitutional challenges to obtain documents, Kaplinsky said.

As per usual

The office led by its director, Rohit Chopra, is not expected to become less aggressive, despite the unfavorable ruling. Besides enforcement, the agency is moving forward on several high-profile rules, including one on sharing personal consumer data and collecting small business loan data.

“In fact, it may spur Director Chopra to act more quickly and to act on a wide range of issues sooner than expected,” Consumer Bankers Association President and CEO Lindsey Johnson said in a note. of October 21 to member firms obtained by Bloomberg Law.

The CFPB survived other major legal challenges before it opened in July 2011.

Opponents of the CFPB initially challenged the validity of the bureau’s actions following the vacation appointment of Richard Cordray, the agency’s first director, in January 2012. Once Cordray was officially confirmed, opponents of the agency have turned their attention to its single-director leadership structure, including removal for cause. protections.

This fight ultimately ended in the Supreme Court, which ruled that the CFPB’s leadership structure was unconstitutional, but denied the chance to eliminate the agency. Instead, the Supreme Court eliminated protections against the CFPB director’s removal for cause.

Those fights have also not stopped the agency’s law enforcement efforts, agency observers said.

“They have a lot of muscle memory about how to function in the midst of existential threats,” said Jenny Lee, partner at Reed Smith LLP and former CFPB attorney.

The bureau will have the added work of defending its funding structure in investigations and enforcement actions, said Jeff Ehrlich, former deputy director of enforcement for the CFPB. Some companies, however, may feel the risks of litigation are too great to sustain a fight, Ehrlich said.

“It can slow down the work of the office, as it did when the single director issue was in dispute in many cases,” Ehrlich, now a partner at McGuireWoods LLP. Early legal battles “didn’t stop us,” Ehrlich said.

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