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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
June 25, 2020
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Millions of Americans will fall off an 'income cliff' when extra $600 in unemployment benefits ends next month
Tens of millions of Americans who lost their jobs because of the coronavirus pandemic have been able to collect an extra $600 in weekly federal unemployment benefits over the past few months on top of the standard amount given by their state. For many households, the enhanced benefits have been a financial lifeline amidst record job loss and a burgeoning recession.
But on July 31, that enhanced benefit will end - and that could have dire consequences for millions of households.
Coupled with other coronavirus relief measures, the extra $600 in enhanced benefits has helped many Americans stay afloat - and even save more than usual - throughout the pandemic, with some economists calling it the "best" part of the economic response to the coronavirus.
Read more at CNBC
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The Death Of Car Ownership: The Trillion Dollar Trend Upending The Auto Industry
With combined market caps of some $70 billion, Uber and Lyft are severely disrupting the giant auto industry. But their business models are broken, and the giant disruptors may about to be disrupted themselves.
That $70 billion for Uber and Lyft is the same as the top three American automakers--GM, Ford and Chrysler--combined.
Now, a startup that launched in late 2019 in Canada is looking to challenge them.
Facedrive (TSXV:FD,OTC:FDVRF) is leading the evolution of shared mobility, and it's got the new business model to lure in big capital that's tired of the big competitors' cash burn, bad press and endless unprofitability.
Read more at YAHOO FINANCE
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IN BRIEF: Consumer groups sue CFPB over taskforce composition, transparency
The Consumer Financial Protection Bureau deliberately excluded consumer viewpoints when it formed the Federal Consumer Financial Law Taskforce, according to a lawsuit filed Tuesday in federal court in Boston by the National Consumer Advocates Association, the U.S. Public Interest Research Group and Suffolk University Law Professor Kathleen Engel, a would-be taskforce member.
The complaint, filed by attorneys at Wolf Popper, the Democracy Forward Foundation and the Center for Public Interest Research, asks the court to revoke the taskforce's charter and block the CFPB from relying on its recommendations.
Read more at REUTERS
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Banking by appointment could stick as a post-COVID-19 customer habit
"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said an executive who develops strategy for Regions Bank.
The coronavirus pandemic has pushed financial institutions to implement new processes and policies as they navigate a socially distant environment.
One tool that has allowed banks to practice social distancing while still maintaining the person-to-person experience is the ability to schedule appointments with customers.
The practice is one that some bankers say might remain after the pandemic subsides as new customer habits take hold.
Read more at BANKING DIVE
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IRS grants additional relief to retirement savers required to take plan distributions
Individuals can roll distributed funds back into a plan through August
As Americans deal with financial fallout related to the coronavirus pandemic, the IRS released new guidance hoping to give relief to some retirement savers.
The CARES Act allowed individuals to skip taking their required minimum distribution in 2020, but some people may have already taken it prior to the onset of the policy.
This week, the IRS said it will allow people to roll that cash back into certain defined-contribution retirement plans by Aug. 31. That extends the previously announced 60-day rollover period, which was scheduled to expire next month.
Read more at FOX BUSINESS
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Only 47% of Americans are losing sleep over money despite pandemic: Study
Coronavirus, economy is not worrying Americans as much as expected
Despite the coronavirus pandemic and a slowed-down economy, less than half of American adults are worried about money, according to a new Bankrate study. And more surprising than that, this number is down from the 56 percent who said they were worried about money in 2019.
For the 47 percent who are worried about money issues currently, 23 percent said their cause of stress revolved around everyday expenses, which Bankrate noted was down from the 32 percent who said the same last year.
Read more at FOX BUSINESS
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Protect yourself financially from coronavirus
The CFPB is committed to providing consumers with up-to-date information and resources to protect and manage their finances.
Protecting your finances during the coronavirus pandemic
The CFPB is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time.
Resources to help you make financial decisions:
Read more at CFPB
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Pandemic and protests: How the tumult of 2020 will forever change banking
A global pandemic. Economic free fall. Hundreds of billions of government relief funneled through banks. A reckoning over racism and inequality.
We will not be the same after this - and neither will banking.
The coronavirus crisis hit a hard reset button for nearly every aspect of life, including how people and businesses bank.
And soul-searching across America and beyond - touched off by a Minneapolis police officer's killing of George Floyd and the widespread civil unrest it sparked - is taking that hard reset to a deeper level.
The disparity in society between the haves and the have-nots that the coronavirus threw into sharp relief already had the country, the banking industry included, checking its moral compass.
Read more at AMERICAN BANKER
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Homeowners and renters catch a break: Evictions and foreclosures are on pause for another two months
In an effort to keep homeowners and renters in their homes as they navigate the economic fallout of the coronavirus pandemic, federal foreclosure and eviction moratoriums are being extended for two more months.
Freddie Mac and Fannie Mae will extend the moratorium on foreclosures and evictions on single-family homes until August 31. The protections were originally set to expire on June 30.
In addition, the US Department of Housing and Urban Development will extend Federal Housing Administration loan forgiveness for homeowners with FHA-insured single-family mortgages until the end of August. The program was put in place in March with a 60-day moratorium and was later extended until the end of June.
Read more at CNN BUSINESS
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30% of Americans Missed June Housing Payments
Many renters and homeowners alike are missing payments, according to a survey conducted by Apartment List. The June rate is 30%, down slightly from 31% in May but up from 24% in April. Of those who have yet to make their June housing payment, one-third made a partial payment and two-thirds made no payment at all.
Missed payment rates are highest for renters (32%), households earning less than $25,000 per year (40%), adults under the age of 30 (40%), and those living in high-density urban areas (35%).
A large percentage of mortgaged homeowners are also feeling the pressure, as just over one-quarter are at least somewhat concerned their homes will be foreclosed on in the coming six months. Foreclosure concern is greatest among homeowners under 30 (48%), indicating that first-time homeowners may be feeling disproportionate strain. Other groups with elevated foreclosure concern include those with household incomes below $25,000 (52%), and those living in dense urban areas (47%). Read more at DSNEWS
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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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