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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
September 22, 2020
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Paving the Payments Future
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Banks on pace to cut more than 80K jobs this year, highest since 2015
- The resumption of job cuts at big banks such as Citi, Wells Fargo, HSBC and Deutsche Bank - after months-long pauses amid the pandemic - have pushed gross losses announced this year to 63,785 jobs, according to a Bloomberg analysis.
- That figure puts the industry on pace to exceed the nearly 78,000 jobs it shed last year, for the highest total since 2015, when banks cut 91,400 positions.
- The actual number is likely higher because many banks reduce headcount without announcing they are doing so, Bloomberg reported last week.
Read more at BANKINGDIVE
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Consumer Financial Protection Bureau Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (Bureau) released its Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the impact of the potential rule on small businesses. The report, along with feedback received from small businesses, will be considered by the Bureau in its rulemaking to implement Section 1071.
Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and small businesses, and to report that data to the Bureau on an annual basis. The Outline describes proposals that the Bureau is considering to implement Section 1071 along with the relevant law, the regulatory process, and an economic analysis of the potential impacts of the proposals on directly affected small entities.
Read more at CFPB-Consumer Financial Protection Bureau
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INFORM YOUR CUSTOMERS!
The IRS continues to try to reach out to those individuals who might not have received their stimulus payment and to those who receive federal benefits may still be eligible for an additional $500 per child, if they haven't yet received it.
This week's outreach bundle includes materials in English and Spanish to remind people who don't normally file a tax return to sign up for an Economic Impact Payment by Oct. 15.
For more information, visit IRS.gov/coronavirus.
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Fading fiscal stimulus restraining U.S. consumer spending
WASHINGTON (Reuters) - U.S. consumer spending slowed in August, with a key retail sales gauge unexpectedly declining, as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the COVID-19 recession was faltering.
The report from the Commerce Department on Wednesday ramped up pressure on the White House and Congress to restart stalled negotiations for another fiscal package. At least 29.6 million people are on unemployment benefits. Consumer spending accounts for more than two-thirds of the U.S. economy.
The Federal Reserve on Wednesday kept interest rates near zero, noting that the pandemic "will continue to weigh on economic activity" in the near term, "and poses considerable risks to the economic outlook over the medium term."
Read more at REUTERS
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Mastercard will spend $500 million to expand financial access in Black communities
Through helping to expand and digitize financial services, Mastercard hopes to tackle historic financial exclusion that the pandemic has exacerbated.
Mastercard is pledging $500 million over the next five years to expand financial inclusion for Black individuals and businesses. Through three interconnected initiatives, and with the help of various partners, the financial services company aims to deliver tools and resources to allow many long-excluded African Americans to access affordable financial services and build prosperity.
It's not new territory for the company; Mastercard has just completed a goal of bringing 500 million unbanked and underbanked people into the financial system.
Read more at FASTCOMPANY
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ACE Cash Express
How to Register to Vote in Your State
During our Your Voice, Your Vote campaign, we're encouraging our customers and employees to make their voices heard by casting their vote on election day 2020.
The first step is registering to vote. If you're a first-time voter or you've moved since the last time you voted, you may need to register with your state. This process takes just a few minutes to complete. In some states, you can register online, while in others you'll need to mail in your registration form or visit a government agency. In a few states, you can even register in-person on election day.
To help you take this crucial first step on the path to making your voice heard, we've compiled a list of voter registration information by state. You'll find details on eligibility to register and how to register. Just scroll to your state to get started!
Read more at ACE Cash Express
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Biden tax plan could cost top 10 banks $7B per year, report finds
- The nation's 10 largest banks could see their combined annual net income drop by more than $7 billion under Democratic presidential nominee Joe Biden's corporate tax plan, according to a new report released Wednesday by S&P Global Market Intelligence.
- Biden told CNN last week his tax plan includes raising the corporate tax rate to 28%, which would partially roll back the 2017 Tax Cuts and Jobs Act enacted under the Trump administration. That law slashed the corporate tax rate from 35% to 21%.
- The nation's top six banks have saved a combined $32 billion since the law was enacted, according to a Bloomberg analysis.
Read more at BANKING DIVE
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'Intergenerational conflict' is getting worse, Deutsche Bank analysts warn
Young people and their elders do not always see eye to eye, as evidenced by things like "OK Boomer" and Pimco founder Bill Gross's new investment outlook letter that bashes his son for having the audacity to have tattoos.
The Gross vs. Gross feud is unfortunately just the tip of the iceberg that could pose a large problem for the wider economy, according to new analysis from Deutsche Bank.
In a comprehensive report, the bank warned that the divide between "young people" and their elders is a potential powder keg.
"The widening generational divide should be a key source of alarm for investors, financial markets and society as a whole," DB research analyst Henry Allen and two others wrote. "Young people perceive themselves as the losers on issues ranging from housing to climate change to student debt." Read more at YAHOO FINANCE
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Amscot's Longstanding Commitment to Diversity and Inclusion
This is who we are...
Amscot is proud to be a majority-minority company. Of Amscot's nearly 2,000 associates, 73% are minorities and 68% include women. We hire from within the communities that we serve, and we prioritize promotions from within our company.
Our leadership team...
73% of our leadership team includes minorities and 74% are women.
Supporting our communities...
The following is a partial list of non-profits serving African American and Hispanic communities that Amscot supports. Amscot's support includes a $500,000 commitment to the National Urban League from Amscot's founder Ian MacKechnie, made in 2019.
Read more at AMSCOT Financial
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New Zealand to require financial firms report climate change risks
(Reuters) - New Zealand will be the first country in the world to require the financial sector to report on climate risks, its minister for climate change James Shaw said on Tuesday.
Businesses covered by the requirements will have to make annual disclosures covering governance arrangements, risk management and strategies for mitigating any climate change impacts.
Those unable to disclose must explain why, Shaw said in a statement.
Read more at REUTERS
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Schumer, Warren propose forgiving $50,000 in student debt for borrowers due to pandemic
Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., announced a resolution Thursday that would broadly cancel federal student loan debt due to the coronavirus crisis.
The resolution calls on President Donald Trump to take executive action to forgive up to $50,000 in debt for borrowers.
The economic aftermath from the pandemic, which caused unemployment to spike and wages to fall, has made it nearly impossible for many borrowers to repay their college loans, the senators said. Read more at CNBC
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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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