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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
April 21, 2020
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"We recognize that some small-dollar loan customers may undergo financial hardships during this pandemic, and therefore, we are encouraging our members to go above and beyond our association's Best Practices and give customers experiencing hardships more time to repay their loans during this period of uncertainty,"
said CFSA Chairman D. Lynn DeVault.
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The next coronavirus relief bill needs to solve America's unbanked and unwired crises
Just two weeks after Congress passed the $2.2 trillion CARES Act to provide relief to businesses and families hammered by the coronavirus lockdown, discussions are turning to another legislative package, which simply must address two urgent problems: Too many Americans don't have access to banks, and they don't have high-speed broadband. If they don't get both soon, they will be in desperate straits.
We already know that low-income people and people of color are being infected and dying at higher rates and are facing the worst economic fallout. Rural areas - many of which have similar health and economic vulnerabilities - could face the same problems when coronavirus hits their communities. Getting immediate access to relief funds and to high-speed internet is, literally, a matter of life and death for millions of Americans.
Consider that, this week, Americans will start receiving some of the $290 billion in direct payments authorized under CARES Act. The average household will get $1,523, and 60 million payments will be made immediately by Treasury through direct deposit to people with bank account information on file with the IRS. Read more at THE HILL
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Personal Loan Demand and COVID-19. What Now?
by Kristen Hoyman
READ
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El Paso pawn shops see spike in business as people look to get quick cash
EL PASO, Texas (KFOX14) - While thousands of businesses across the Borderland remain closed due to the COVID-19 pandemic, others are busier than ever.
George Hogan owns Mesa Pawn and Jewelry in west El Paso, and has been in the pawn shop industry for over 18 years. Since El Paso's stay-at-home order went into effect, sales at his store have increased, but he expects the number of loans he'll be giving out will double within the next few months.
"We loan money and people just kind of forget about us because most people think of getting a loan through the bank. We do loans for all types of people," said Hogan.
Read more at KFOX14
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How Far Do The Stimulus Checks Really Go?
Depending on the size of your household, the impact varies widely.
The stimulus checks will only cover 48% of individuals' monthly spend on average, or 15 days worth.
Households with up to four people will benefit the most.
14.1 million Americans do not have a bank account, and will be last to receive their checks.
The CARES Act will provide much-needed economic assistance to tens of millions of Americans who may lose their jobs, their sources of income, or be in some way impacted by the economic recession brought on by the 2020 pandemic.
Read more at Investopedia
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What to expect in new $370B relief package
The evaporation of the program's funds came at a critical time: Over the past four weeks, 22 million Americans filed for first-time unemployment benefits
Democrats and the Trump administration are close to a deal for Congress to replenish a tapped-out program to help small businesses stay afloat as the coronavirus forces a broad shutdown of the nation's economy.
Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said Sunday the two sides were nearing an agreement that would include funding for the Paycheck Protection Program, a $349 billion fund that was part of the federal government's stimulus package passed at the end of March, as well as provide money for coronavirus testing and overwhelmed hospitals.
The evaporation of the program's funds came at a critical time: Over the past four weeks, 22 million Americans filed for first-time unemployment benefits, a stunning sign of the massive economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week period was 2.7 million in the fall of 1982.
Read more at FOX BUSINESS
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What' In Your Mailbox? Episode 1: "Direct Mail vs. Google Adwords"
Google Adwords is the new post office:
When I was growing up, advertising pieces stuck in our Sunday newspaper was the only way to see what was on sale.
Fast forward 30 years, we now whip out our mobile phones and search. Searching is the way we get information now and there's no way to get back.
From the advertiser's perspective, this change of behavior is detrimental to their marketing spend. They now have to "compete" for eyeball time. It's either the "first-page" or death and Google has a chokehold on everyone that tries to get their product and services in front of the right people.
MaxDecisions
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How To Get Your Paycheck Early (If You're Fortunate To Still Have A Job)
In a recent study looking at the impact of the COVID-19 crisis on employment in the US, two professors (one from Virginia Commonwealth University, one from Arizona State University) wrote:
"The employment rate decreased from 72.7% to 60.7%, implying 24 million jobs lost. Those who still have their jobs are working fewer hours; 21% report a decline in earnings."
Waiting until payday was already hard enough for many people-now it's getting worse.
Have you ever thought about why we receive a paycheck just once or twice a month? The answer is simple: Because, back in the day, it wasn't economical for employers to print and send a check out everyday.
An employer like Walmart, with 2.2 million employees, would spend $800,000 per day-$290 million per year-just to mail out paychecks if they were cut every day.
Read more at FORBES
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CONSUMER FINANCIAL PROTECTION BUREAU ADVISORY COMMITTEES TO MEET ON MAY 1, 2020
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (Bureau) announced today that the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), the Credit Union Advisory Council (CUAC), and the Academic Research Council (ARC) will meet jointly on May 1st from 2:00 to 4:15 pm ET via conference call. The call will be open to the public.
The meeting will focus on the COVID-19 pandemic, including a snap shot of consumer complaints as a result of the pandemic, and the impact of the pandemic on consumers, including servicemembers, students, older Americans, and the underserved.
Consumer Financial Protection Bureau
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A guide to COVID-19 economic stimulus relief
This blog was originally posted on April 10, 2020 and was updated on April 15, 2020 to reflect new information.
Americans are increasingly feeling the impact of the coronavirus, both on their everyday lives and their financial well-being. As a result of the recently signed CARES Act , the majority of Americans will start to see some financial relief in April through economic impact payments being issued by the Internal Revenue Service.
We've worked to break down the most common questions about the economic impact payments, including how much you're eligible to receive and when you can expect to receive it:
Consumer Financial Protection Bureau
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Big Government Is Bad for Productivity
(Bloomberg Opinion) -- The coronavirus pandemic and its devastating effect on the U.S. economy has ensured that big government-the one that's already spending some $4.7 trillion in the current fiscal year-is poised to get even larger. As in past crises that led to massive government interventions, new initiatives will largely stay in place once the business downturn ends to the long-term detriment of the economy, despite the "temporary" intentions of these programs.
Ronald Reagan once likened a government program to "the nearest thing to eternal life we'll ever see on this earth." A look at history suggests that once a new program or a new agency is established, with few exceptions, it stays established, regardless of whether it was intended to be temporary, whether it's still needed and whether it actually solved the problem it was created to address.
Read more at BLOOMBERG
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.... one of the few ways left to reach industry business owners.
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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
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Alternative Financial Service Providers Association
757.737.4088 315 Tuscarora St., Lewiston, NY 14092
[email protected]
www.afspassociation.com |
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