MONDAY, JUNE 18, 2018  |  IN THIS ISSUE  
faFast Track filing begins for Iowa incorporations 
 
Paul Pate 
The Iowa Secretary of State's has launched its new Fast Track Filing system for new business entities, with the online system promising to cut down the filing time from days to minutes.

"What could take days will now take five minutes," Secretary of State Paul Pate said in an interview with the CBJ. "The most [time required] we expect is 24 hours."
 
Mr. Pate said the new Fast Track Filing system is initially available for business incorporation filings, but will later be available for a variety of filings, such as biennial reports and Uniform Commercial Code (UCC) filings. 
 
The decision was made to roll out the system initially for articles of incorporation because they are "like a birth certificate" for businesses, containing critical information about the business and its owners, Mr. Pate explained. Since it's the first filing many new business owners make, they often don't know what information to submit, resulting in a time-consuming rejection that requires the application to be refiled.
 
"Presently 30 percent of the filings are rejected and it takes four to six weeks," Mr. Pate said.
 
With the Fast Track Filing system, Mr. Pate said the online application will have pop-up boxes that indicate when incorrect information has been submitted, such as submitting a post office box for a corporation's registered agent rather than a permanent physical address.
 
The Secretary of State's office conducted beta tests in May and received feedback from user panels as it developed the new system.
 
"Overwhelmingly, they [small businesses] said they need access on their timetable," Mr. Pate said. That, he explained, is because many small business owners can't take time out from their work weeks to fill out state forms, and must do it during their evenings and weekends.
 
Because the Fast Track Filing system can process applications without human intervention, Mr. Pate said his office will save staff time that can be devoted to other activities like serving citizens on the phone or at the service counter.
 
"Seventy hours a week [in time savings] is huge," Mr. Pate said.
Story2Medica to stay on Iowa's ACA marketplace in 2019
 
Iowans buying health insurance on the state's Affordable Care Act exchange will have at least three options in 2019.
 
The Associated Press reports that Minneapolis-based Medica has decided to offer insurance plans statewide again next year through the state's ACA marketplace. It also announced plans to expand its product offerings and network options in the state. 
 
Medica, the sole insurer in the state this year, will be joined by Wellmark Blue Cross and Blue Shield of Iowa, which announced back in February that it will offer ACA-compliant products on the public exchange in 2019 "assuming there aren't any significant changes to the Affordable Care Act."  
 
Wellmark, along with national insurer Aetna, pulled out of the market for the 2018 year, citing growing costs and tens of millions of dollars in losses over three years.
 
Wellmark also plans to partner with the Iowa Farm Bureau Federation to sell new " health benefit" plans, which will not have to comply with the ACA under a new law signed by Gov. Kim Reynolds earlier this year. Iowa Farm Bureau President Craig Hill in April predicted that up to 30,000 Iowans could sign up for the policies, although the Des Moines Register reports that they might not be offered to people with pre-existing conditions, and won't qualify for federal subsidies.
 
About 72,000 Iowans buy health insurance on the individual market.
STORY3Iowa part of $100M settlement with Citibank over LIBOR fraud
 
An illustration of how LIBOR rates are set, and what they influence. CREDIT Cheatography.com 
Iowa Attorney General Tom Miller announced a $100 million multi-state settlement today with Citibank for fraudulent conduct involving the U.S. Dollar LIBOR, a benchmark interest rate that affects financial instruments worth trillions of dollars.
 
The actions by Citibank caused LIBOR, or the London Interbank Offered Rate, to fall, which harmed investors who had purchased credit derivatives called interest-rate swaps.
 
Banks use LIBOR to set rates on credit card, mortgage, student loan and other transactions, and to determine the cost of borrowing from one another. LIBOR rates are calculated for five currencies and seven borrowing periods each day by surveying a panel of major banks - 18 for the USD LIBOR, including Citigroup - about their cost to borrow funds from other banks.

The investigation was conducted by a bipartisan working group of 42 state attorneys general offices, according to the Iowa AG's office. They  alleged that in 2008 and 2009, Citibank misrepresented the integrity of the LIBOR benchmark to state and local governmental, nonprofit, private and institutional trading counterparties by concealing, misrepresenting and failing to disclose that: (a) Citibank, at times, made USD LIBOR survey submissions to avoid negative publicity and protect the reputation of the bank; (b) Citibank's USD LIBOR submitters, on occasion, asked Citibank personnel in other units of the bank to avoid offering higher rates than Citibank's USD LIBOR submissions; and (c) Citibank expressed belief that other banks, at times, made USD LIBOR submissions that were inconsistent with their borrowing rates and contributed to inaccurate LIBORs.
 
As a result of the conduct, Citibank made millions in unjust gains when government entities and nonprofit organizations entered into swaps and other financial contracts with the bank without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.
 
"Citibank's manipulation of rates cost school districts and state and city governments millions of dollars," Mr. Miller said in a release announcing the settlement.
 
Governmental and nonprofit entities with LIBOR-linked swaps and other investment contracts with Citibank will be notified if they are eligible to receive a distribution from a settlement fund of $95 million. The balance of the settlement fund will be used to pay costs and expenses of the investigation and for other uses consistent with state laws.
 
Citibank is the third of several USD LIBOR-setting panel banks to resolve claims following investigation by state attorneys general. In October, Iowa and other states reached a $220 million settlement with Deutsche Bank for rigging LIBOR. As a result, the Iowa Public Employees' Retirement System (IPERS) received a $112,805 payment. In 2016, Barclays Bank PLC and Barclays Capital agreed to pay $100 million nationally, as part of a settlement with Iowa and 43 other states.
 
The attorneys general have collected $420 million in payments from the three banks, almost all of which will be distributed to state and local government entities and nonprofits.   
Story4Builder Excellence Awards winners announced 
 
The Greater Iowa City Area Home Builders Association recently presented Builder Excellence Awards to five builders as part of its 51st-annual Parade of Homes.
 
The awards celebrate excellence in new homes, innovative technology and construction throughout Johnson County and the surrounding communities. Five custom builders were awarded the Builder Excellence Awards at a ceremony on June 1:
  • $250,000-$350,000 Category: House No. 3, Cedarwood Homes, 174 Kenneth Drive, Iowa City
  • $400,000-$500,000 Category: House No. 15, H&H Home Builders, 980 Grouse Ct., North Liberty
  • $550,000-$650,000: House No. 4, Rob Phipps Building & Design, 302 Windmill Place, Iowa City
  • $700,000-850,000: House No. 11, Watts Group, 1480 Salm Drive, North Liberty
  • $1 million-plus: House No. 6, Baxter Construction, 2809 Woodland Knoll, Coralville
"The amount of effort put into design, planning, construction and staging of these homes is more than most people will ever know," Association President Adam Hahn stated in a release. "Local craftsmen, our members, brought them to life or back to life with months of hard work. The Parade of Homes is an opportunity for everyone to see, and most importantly feel, everything that our new and remodeled homes have to showcase."
 
The Parade of Homes was held June 2-10, showcasing 24 homes across seven cities. For the complete list of Parade builders, visit the Greater Iowa City Area HBA website.
Story5Gretchen Carlson Leadership Initiative workshop coming to CR 
 
A new women's civic leadership program is coming to Cedar Rapids next week, thanks to a partnership with some high-profile Corridor nonprofits.
 
The Gretchen Carlson Leadership Initiative will host a community workshop from 5:30-8 p.m. on June 27 at the Four Oaks Bridge at 2100 First Ave. NE. Presented in partnership with All in Together, Iowa Women Lead Change (IWLC), the Iowa Coalition Against Domestic Violence and Four Oaks, the bipartisan session will focus on empowering women who care deeply about issues related to gender-based violence and harassment.
 
Attendees will gain a better understanding of how government works; tools, resources and tactics for influencing political change; motivation to take action on important issues; and insight from local leaders.
 
Speakers at the event will include:
  • Melissa Cano Zelaya, executive director with Latinas Unidas por Un Nuevo Amanecer (L.U.N.A)
  • Hibo Jama, program director with NISAA African Family Services
  • Linn County Supervisor Stacey Walker
Free child care will be available. Space is limited and registration is required to attend. For more information or to register, click here.
 
June 19
Iowa City Roundtable, by Iowa City Area Chamber of Commerce, noon-1 p.m., Buffalo Wild Wings, 201 S. Clinton St., Ste. 120, Iowa City. Roundtables are social lunches over the noon hour. All are invited to network and keep up-to-date with chamber and community events. Free for members. Call the chamber at (319) 337-9637 if interested and not a member.
 
June 20 
North Liberty Roundtable, by Iowa City Area Chamber of Commerce, noon-1 p.m., Zio Johno's, 780 Community Drive, Ste. 1, North Liberty. Roundtables are social lunches over the noon hour. All are invited to network and keep up-to-date with chamber and community events. Free for members. Call the chamber at (319) 337-9637 if interested and not a member.
 
Ribbon Cutting: Monroe Place Apartments, by Cedar Rapids Metro Economic Alliance, 3:30 p.m., 3200 Pioneer Ave. SE, Cedar Rapids. Help congratulate and welcome Monroe Place Apartments to the Cedar Rapids community. Free.
 
Unlock the Full Potential of QuickBooks, by Terry Lockridge & Dunn, 3-5 p.m., 221 Third Ave. SE, Ste. 215., Cedar Rapids. Hear from TLD Partner Rhonda Andrews and CPA Brandon Yuska on how to use QuickBooks more effectively and efficiently for your business' needs. Free. To register, email [email protected].
 
June 21
Top Five Things Small Businesses Need to Know About IT, by Cedar Rapids Metro Economic Alliance, 8-9:15 a.m., 501 First St. SE, Cedar Rapids. Scott Meeker of BerganKDV will discuss the five things small businesses need to know about information technology and strategies to protect your business against a breach. Free. For more information and to register, visit bit.ly/2J9adW4.
 
The Finances of Divorce, by Terry Lockridge & Dunn, 2-4 p.m., 221 Third Ave. SE, Ste. 215., Cedar Rapids. Learn from Certified Accountant Mike Mesch about how to make good divorce settlement decisions and preserve your financial well-being. Free. To register, email [email protected].
 
BizMix: Plaid Swan, by Cedar Rapids Metro Economic Alliance and Marion Chamber of Commerce, 4-6 p.m., 425 Second St. SE, Ste. 300B, Cedar Rapids. BizMix brings together area professionals for an evening of casual networking over complimentary hors d'oeuvres and cocktails and is hosted by a different member business each month. Free.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28  
 
Recent rain has caused water levels at some Iowa rivers and lake to rise, but the warmer temperatures are bringing more people to spend their days out on the water. "When you have high water, there's a lot of debris coming down the river in that," said Lucas Dever, a conservation officer with the Iowa Department of Natural Resources. With higher-than-normal water levels, Mr. Dever says he sees fewer motorboats out on the water, but more kayaks, canoes and tubes, which bring a different set of safety concerns. Log jams, branches, rocks, and other debris can cause a number of issues for people out on kayaks and canoes that could leave people submerged in the water. When conservation officers patrol the waters, they're looking to make sure everyone on a kayak or canoe at least has a life jacket nearby. Adults are not required to wear life jackets while on a kayak or canoe, but kids under the age of 13 must wear them no matter what. Iowa law also states kayaks and canoes that are longer than 13 feet must be registered. The Iowa Department of Natural Resources lists the state's water vessel requirement information here.

A sea of purple flooded the streets of Cedar Rapids over the weekend, as 100 people participated in Bikes Behind Brains, a fundraising bike ride helping raise awareness and money for Alzheimer's research. Now in its fourth year, the event has raised $20,000 in its previous three, all in the hopes of finding a cure. "Year one was $4,000, year two was $6,000, last year was $10,000," said Amanda Pins, who created the event in 2015 as her mother battled Alzheimer's disease. "Today, we're probably at like $7,000, so I really want to push that last $3,000 and get $10,000 again this year. So fingers crossed." Despite the event kicking off at Sag Wagon every year, Ms. Pins said she sees new faces on every ride. "I don't know the majority of the people, which is awesome, meaning that we're spreading the word that we need a cure for Alzheimer's and all dementias," she said.

T hese news items are provided by CBS2/FOX 28 
CBS2 Chief Meteorologist Terry Swails' Weather First Forecast

We have one more day of extreme heat before relief arrives with showers and thunderstorms. A cold front will start to move into the area today, which will increase the chance for rain. Before the front arrives temperatures will climb into the upper 80s to low 90s. Humidity will be high and heat index values will be near 100 degrees this afternoon. Showers and thunderstorms will develop north of Highway 20 after 3 p.m. As the front moves south storms will move south into the evening. This will be the beginning of the relief to the heat. This front will linger in the area through the rest of the week and will be the focus of showers and storms each day through Friday. Some storms could be strong and heavy rain will be possible as well. The rain will help knock back temperatures and humidity. Temperatures will be in the upper 70s to mid 80s Tuesday through Friday.