Credit cards – Welcome Echizenshi http://welcome-echizenshi.com/ Tue, 26 Oct 2021 22:56:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://welcome-echizenshi.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Credit cards – Welcome Echizenshi http://welcome-echizenshi.com/ 32 32 The shocking state of sterile, ‘carpetless’ bedroom of five-year-old girl as mother from Leeds felt ‘a failure’ https://welcome-echizenshi.com/the-shocking-state-of-sterile-carpetless-bedroom-of-five-year-old-girl-as-mother-from-leeds-felt-a-failure/ https://welcome-echizenshi.com/the-shocking-state-of-sterile-carpetless-bedroom-of-five-year-old-girl-as-mother-from-leeds-felt-a-failure/#respond Tue, 26 Oct 2021 15:03:32 +0000 https://welcome-echizenshi.com/the-shocking-state-of-sterile-carpetless-bedroom-of-five-year-old-girl-as-mother-from-leeds-felt-a-failure/ A little girl from Leeds remained smiling “from ear to ear” following a dramatic makeover to her bedroom. Zarach, a charity that helps families and those living in poverty, shared a photo of the youngster’s bare bedroom with no rugs or bedding earlier this month. A GoFundMe campaign also revealed the devastating story of what […]]]>

A little girl from Leeds remained smiling “from ear to ear” following a dramatic makeover to her bedroom.

Zarach, a charity that helps families and those living in poverty, shared a photo of the youngster’s bare bedroom with no rugs or bedding earlier this month.

A GoFundMe campaign also revealed the devastating story of what the family was going through, including that the mother, who fled an abusive relationship, felt like a failure and that she was “going to get one of those payday loans at high interest in a carpet “.

For more Leeds news and stories, Click here

The charity quickly intervened to help the family and her room is now “safe, warm and beautiful”.

Writing on Facebook, they said: “Three weeks ago, I shared a photo of a little girl’s bedroom that had no rugs, bedding or curtains. Now, thanks to your generosity, her bedroom is safe, warm and BEAUTIFUL.

“We put curtains and put up a rug, mom worked her household magic to do the rest. Smile from ear to ear as a cute little girl loves her new room.



The room is now “safe” and “beautiful,” the charity said.

“This mom made the difficult decision to run away from an abusive relationship and start rebuilding her life in a new place, from scratch. She couldn’t be more grateful for the support she received.”

Sharing the heartbreaking fundraising campaign, they wrote, “This week from a five-year-old girl’s bedroom with no carpet. Mom also ran away from domestic violence 9 months ago and told us that she was going to get one of those high interest payday loans for a carpet because she feels like a mother’s failure and that debt is a better option than facing a winter without a rug for her daughter. “

The association raises funds every week for mothers who have fled domestic violence and need to start over.

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They are currently helping a struggling mother who is undergoing cancer treatment and another who has a permanently leaking roof on her property that has ruined her house but cannot afford repairs.

The photo of the girl’s bedroom has been shared on Facebook and has been shared nearly 200 times, as of October 26.

One commented, “Wow – what an amazing transformation! May God continue to bless this little girl and may this room always be filled with the presence of Jesus. Love what you are doing Zarach – God bless you all and all the generous supporters. “

Another wrote: “Every time I see these posts I get so angry that people might end up in this position in the first place. The work you do is wonderful.”

You can donate for Zarach rugs, here.


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COVID-19 Scams Target Blacks and Other People of Color | Remark https://welcome-echizenshi.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/ https://welcome-echizenshi.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/#respond Tue, 26 Oct 2021 04:00:00 +0000 https://welcome-echizenshi.com/covid-19-scams-target-blacks-and-other-people-of-color-remark/ As the annual holiday shopping and celebratory season approaches, a leading federal financial regulator has released new research detailing how communities of color are being targeted not only by well-known types of predatory lenders, but new forms of lenders. fraud seek to exploit consumers in throes. of the COVID-19 pandemic. Published by the Federal Trade […]]]>

As the annual holiday shopping and celebratory season approaches, a leading federal financial regulator has released new research detailing how communities of color are being targeted not only by well-known types of predatory lenders, but new forms of lenders. fraud seek to exploit consumers in throes. of the COVID-19 pandemic.

Published by the Federal Trade Commission (FTC), Serving Communities of Color summarizes the agency’s five-year efforts focused on the financial evils facing communities of color. Since 2016, the FTC has filed more than 25 actions alleging behavior targeting or disproportionately affecting communities of color. Cases challenged illegal practices by auto dealers, for-profit schools, for-profit opportunities, student debt relief programs, and more.

Beyond these financial transactions, the report also notes that many payment methods used by black and Latino consumers offer less protections against fraud, such as debit cards, cash, and money orders. While credit card payments offer greater protection to consumers, very few complaints filed with the FTC by people of color have involved this type of payment.

“What has become very clear from research and experience is that fraud, along with certain other business practices, has a disproportionately negative impact on communities of color, compared to white communities.” , indicates the report. “A review of 23 FTC cases shows predominantly black communities are overrepresented in the pool of consumers who have lost money.”

For example, last June, the FTC and the state of Arkansas jointly filed a lawsuit against a scam operation that explicitly appealed to black applicants who were suffering financial hardship as a result of the COVID-19 pandemic. The lawsuit alleged that the “Blessings in No Time” program was in fact a pyramid scheme that falsely promised members returns on investment of up to 800%. The minimum “investment” for the alleged scam required $ 1,400, but some members paid as much as $ 67,700. The Texas-based defendants also falsely assured attendees that they would not lose any money and could opt out at any time with a full refund.

Most recently, on October 15, the FTC ended a jail appeal program that tricked family and friends of incarcerated people with marketing and advertising that promised unlimited calling plans to keep in touch with relatives while in-person visits were suspended due to COVID -19. Instead, no call time was ever provided. The defendants, inmatecall.com and inmatecallsolutions.com, touted as companies licensed to provide appeal services to prisons and prisons to bolster the credibility of their misrepresentation. A federal court order now requires all deceived consumers to be informed and prohibits defendants from future activities.

When these financial losses are combined with the effects of a national racial wealth gap that has revealed that blacks have only 22 cents for every dollar of wealth held by whites, it becomes disturbingly clear just how deceptive and predatory loans are. dramatically decrease the ability of black consumers to effectively manage their financial lives. Just as redlining limited where black people could live, today’s predatory loans, like fringe financial services, limit the ability of black communities to build wealth.

For example, about twice as many consumers in predominantly black communities, compared to white consumers, purchased student debt relief programs and payday loans. But the top two complaints by black consumers to the FTC were credit bureaus (21%) and impersonator scams (12.5%). In 2020 alone, the FTC filed or resolved seven debt collection cases against 39 defendants and obtained $ 26 million in judgments for aggrieved consumers.

Other types of predatory and deceptive loans include debt collection, bank loans, and auto sales and financing. The agency also found evidence of healthcare fraud, identity theft, as well as suspected jobs and lucrative opportunities.

For many consumers, buying and financing a car is the second largest consumer transaction, after housing costs. Ample evidence of blatant discrimination against Black, Latino and Native American car buyers included false information about claims and contracts, as well as deceptive advertisements in Spanish.

“Research indicates that consumers of color face discrimination in the sale and financing of cars and often pay higher prices as a result,” the report says.

Over the past five years, the FTC has filed multiple lawsuits against auto dealers for deceptive tactics, including advertised prices that were never available to potential buyers, falsifying financial information in sales, information false and / or deceptive and unfair practices.

Identity theft has been discovered in cases where crooks often gain credibility by posing as a government official. For example, a defendant marketed prepaid cards to black and Latino customers, claiming their cards were like Visa or MasterCard. Instead, consumers couldn’t use the cards or were wasting all the money they loaded into them.

For consumer advocates, these and other recent findings on the financial abuse facing consumers of color deserve even more aggressive enforcement, particularly at the federal level.

“Never in US history have black people and other families of color experienced a level playing field in financial matters,” Ashley Harrington of the Center for Responsible Lending told the House Financial Services Committee this spring. “And the COVID-19 crisis has exacerbated existing disparities. In fact, in many cases, white families will have 5.5 times more savings than black families to financially resist the pandemic. “

There is ample evidence of financial abuse. The nation needs a new calculation to right the wrongs.


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Rapid Growth of Buy Now, Pay Later Market Raises Global Consumer Protection Concerns as CFPB Watch and Wait (For Now) Eversheds Sutherland (United States) LLP https://welcome-echizenshi.com/rapid-growth-of-buy-now-pay-later-market-raises-global-consumer-protection-concerns-as-cfpb-watch-and-wait-for-now-eversheds-sutherland-united-states-llp/ https://welcome-echizenshi.com/rapid-growth-of-buy-now-pay-later-market-raises-global-consumer-protection-concerns-as-cfpb-watch-and-wait-for-now-eversheds-sutherland-united-states-llp/#respond Mon, 25 Oct 2021 20:00:08 +0000 https://welcome-echizenshi.com/rapid-growth-of-buy-now-pay-later-market-raises-global-consumer-protection-concerns-as-cfpb-watch-and-wait-for-now-eversheds-sutherland-united-states-llp/ The explosive growth of buy now, pay later (BNPL) products is a critical part of the fintech news cycle. The model, which gained popularity with the point-of-sale financing options offered by simple game providers like Affirm, Afterpay, and Klarna, quickly reproduced as card networks and big tech companies entered. on the market. Factors behind BNPL’s […]]]>

The explosive growth of buy now, pay later (BNPL) products is a critical part of the fintech news cycle. The model, which gained popularity with the point-of-sale financing options offered by simple game providers like Affirm, Afterpay, and Klarna, quickly reproduced as card networks and big tech companies entered. on the market. Factors behind BNPL’s rise to power include an increase in online shopping during the pandemic, skepticism about the use of credit cards among younger segments of the population, and a decrease in the friction involved in online shopping. BNPL transactions because they are introduced earlier and more transparently into the transaction flow.

Here are some of the most important recent developments:

  1. Card networks launch BNPL platforms: The major card networks, as the dominant providers of consumer credit at the point of sale, strive to get BNPL transactions to the card rails. Last summer, Visa launched its Visa Installment Program, which converts existing credit lines of cardholders into a BNPL option displayed at the point of sale. Mastercard recently announced its partnership with several financial services companies to offer BNPL options instantly at checkout or view pre-approved BNPL options through mobile apps. The Mastercard platform will also be open to existing BNPL providers who wish to expand their reach.
  2. Major acquisitions. In a context of sustained investment and rising valuations, the months of August and September were marked by two highly publicized transactions in the BNPL space. Square announced on August 1 its intention to acquire Afterpay for $ 29 billion in an all-equity transaction expected to close in early 2022. On September 7, PayPal announced its cash acquisition of Japanese platform BNPL Paidy.
  3. Competition between Big Tech Players. Apple and Goldman Sachs have announced the launch of Apple Pay Later, a BNPL product that allows Apply Pay users to make purchases using funds borrowed from Goldman Sachs and make installment payments with any credit card. The recently announced partnership between Amazon and supplier BNPL Affirm incorporates the BNPL option into the checkout process for eligible Amazon customers for purchases of $ 50 or more. Affirm has also partnered with mega-retailers Walmart and Target.

Global consumer adoption of BNPL has caught the attention of financial regulators. The main concern, as with other consumer credit products, is whether BNPL is encouraging consumers to take on debt. This conversation focuses on two issues: affordability (underwriting) and transparency (disclosure). These are the same issues that frame the “debt cycle” debate in the United States, where small lenders have been criticized for exploiting cognitive biases and consumer vulnerabilities to make unaffordable loans. However, since BNPL products generally have straightforward redemption terms, regulators may be more likely to focus on affordability and impulse buying than on disclosure regarding BNPL.

Globally, consumer advocates, as well as financial regulators, are considering underwriting and affordability, especially compared to less experienced borrowers. In the US, UK and Australia, the transaction structure and periodic lack of interest in many BNPL products has allowed them at least partial exemption from key consumer credit protection laws. However, there are indications of increasing regulatory attention.

For example, the UK’s Financial Conduct Authority (FCA) recently published a request for public feedback on the BNPL market and the appropriate scope of the new BNPL regulations. In particular, the FCA is seeking comments on the potential for harm to consumers from various elements of BNPL’s business model. FCA’s stated goal is to develop “proportionate” regulations that protect consumers without stifling innovation or reducing consumer choice.

Just ahead of the FCA announcement, Klarna announced plans to change its UK product to include more robust credit checks (though optional), a ‘pay now’ option, and payment information meant to make it clear that the transaction is a loan and involves a missed payment. penalties. The UK advertising regulator criticized Klarna last year for using social media posts to promote spending to improve mood.

Last March, the Australian Finance Industry Association, an industry group, also took steps to proactively address consumer protection concerns by issuing a BNPL “Code of Practice”. The Code attempts to address the affordability problem by forcing signatories to consider customer vulnerabilities in the underwriting process. Interestingly, these vulnerabilities include not only financial capacity, but other life circumstances, such as’ relationship breakdown ‘, domestic violence, and’ having different cultural assumptions or attitudes about life. ‘money”.

Citing concerns about excessive leverage, the Swedish national legislature amended the country’s Payment Services Act to prohibit payment service providers from presenting BNPL options over “direct payment” methods in the payment process. payment.

The CFPB, the main national regulator of non-banks in the United States, has not yet intervened directly in the BNPL market. On July 6, the CFPB published a blog post aimed at explaining BNPL and its risks to consumers. The post takes a slightly cautious tone, advising consumers to make sure they understand their finances and budget before using BNPL and explaining that some providers charge late fees or report missed payments to credit bureaus.

US industry watchers were generally encouraged by the neutral tone and the lack of strong disclaimers in the post. However, recent data on the repayment behavior and financial condition of BNPL clients, as well as the lack of strong underwriting by many providers, is attracting the attention of regulators globally. For example, a recent study published by Credit Karma indicates that a third of BNPL’s US clients have missed one or more payments.1 Of those customers, 72% said they thought the missed payments lowered their credit rating. These risks are heightened when consumers take out more than one BNPL transaction simultaneously – a behavior that neither regulators nor other BNPL providers can track as most BNPL transactions go unreported to credit bureaus. In addition, BNPL providers often base their credit decisions on “soft” credit draws and the customer’s repayment history with the provider rather than full credit reports and income levels.

The recent CFPB classification of revenue sharing agreements as “credit” within the meaning of the Truth-in-Lending Act (TILA), which we blanket in this newsletter, testifies to a new (or rediscovered) daring to bring emerging consumer credit products into the regulatory fold. CFPB’s consent order with Better Future Forward, an ISA provider, was based on the Bureau’s deception authority under the Dodd-Frank Act – a route that is less likely with traditional BNPL products given their simple and familiar structure. BNPL products that do not impose finance charges and are payable in four installments or less are clearly excluded from TILA coverage. However, if there is sufficient evidence of the unaffordability and harm resulting to the consumer from using BNPL, the CFPB could use its flexible abuse authority to address these issues.

Subscription for repayment capability is now required by law with respect to credit cards and mortgages in the United States. The CFPB is sensitive to concerns about affordability and the debt cycle. In 2017, the agency used its power of abuse to propose a rule that would have required payday lenders to guarantee an applicant’s ability to repay the loan, as well as other credit obligations (including other payday loans). This provision of the rule was repealed by subsequent regulation in 2020. However, the Chopra-era CFPB is expected to resume this effort and, with enough data to back it up, could cast a wider net with a new rule that includes BNPL. This outcome would be more likely if data trends suggest that the use of BNPL is associated with negative impacts on consumers’ financial situation over time.

[View source.]


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Questions and Answers with Greg Glischinski | AARP’s best volunteer knows how to speak to power | New https://welcome-echizenshi.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/ https://welcome-echizenshi.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/#respond Mon, 25 Oct 2021 17:00:00 +0000 https://welcome-echizenshi.com/questions-and-answers-with-greg-glischinski-aarps-best-volunteer-knows-how-to-speak-to-power-new/ When AARP Colorado wants to get a message across, they turn to their contact at the State Capitol, Greg Glischinski. The Colorado chapter of the national organization that serves and advocates for Americans 50 and older also relies on the Centennial Volunteer for a range of other tasks. He always answers the call, and that’s […]]]>

When AARP Colorado wants to get a message across, they turn to their contact at the State Capitol, Greg Glischinski.

The Colorado chapter of the national organization that serves and advocates for Americans 50 and older also relies on the Centennial Volunteer for a range of other tasks. He always answers the call, and that’s why he won the Chapter’s top prize this year.

Glischinski has been a volunteer advocate for the AARP for over 13 years, providing written and oral testimony to the General Assembly and following bills that affect older Coloradans throughout the legislative process.

In the last session, he spoke about utilities, broadband internet, healthcare, prescription drug prices, helping low-income people, rural needs, clean energy, transportation and consumer interests, according to AARP.

He keeps other AARP members informed by editing the chapter newsletter and serving as treasurer. He travels the state as part of the organization’s speakers bureau, including answering questions about Medicare.

The other volunteers appreciate his sense of humor, in addition to his dedication.

Bob Murphy, state director of AARP Colorado, said Glischinski is a great volunteer.

“There’s nothing he won’t do to help others,” Murphy said, adding, “He’s amazing.”

In addition to his work defending the legislative rights of the AARP, Glischinski was appointed a member of the Main Committee for the Town of Centennial, improving the lives of the more than 50 people in his community.

He has also been an appointed member of the Arapahoe County Council on Aging, representing Centennial at annual food drives to support food banks in western Arapahoe County.

“Greg has a calm but powerful presence,” wrote Mary Fries of Littleton, a co-volunteer who nominated him for the AARP recognition. “He is a collaborator. His long and broad range of knowledge and experience in consumer advocacy enables him to work from a historical perspective, linking the successes of the past with the challenges of the present and the future.”

Colorado Politics: You’ve just won the Andrus Award, AARP’s highest volunteer honor. How did you do that?

Greg Glischinski: I have to say I didn’t. I have been nominated and honored by other volunteers at AARP Colorado. I have been an AARP volunteer in many different positions. My goal has been to help others, not only the elderly, but also to try to improve the future of the younger ones as they get older. Much of my effort has been as a legislative advocate here in Colorado for AARP, where a group of volunteers work very hard to help shape policy to help seniors have a better quality of life. We spend a lot of time and energy studying state bills affecting people 50 and over and their families. It really is a team effort.

CP: What drew you to the organization and then drew you so deeply?

Glischinski: I started in one of the AARP chapters wanting to know how I could help with the inequalities in our health care system. I immediately found out that there was a state law advocacy group. I thought it would be interesting, so I attended one of their meetings. After listening to the great wealth of talent in the group and their welcoming attitude, I hooked. I knew the AARP was a large organization, but I didn’t realize the depth of the issues they are working on and how effective they are, not only locally here in the state, but nationally in terms of concerns the elderly. Many people believe that the elderly have health insurance, so that their health care needs are met. They don’t realize that half of our members are between 50 and 64 years old and still working. They are not eligible for Medicare. Medicare itself does not meet most of the health needs of eligible people. I have a background in the high tech industry. This led me to get involved in the policies of utilities such as telecommunications, broadband, gas and electricity. I was interested in some of the policies around payday loans and what was going on there.

CP: Is there a common thread running through all the bills you tend to testify about?

Glischinski: Yes. As I mentioned earlier, I work to improve the quality of life for the elderly. This is not just for current seniors, but to shape a future that will help younger people if they are fortunate enough to live to be considered a senior.

CP: What preconceived ideas, good or bad, do you come across on Capitol Hill when it comes to older Coloradans?

Glischinski: The future belongs to the young and the elderly have had their chance. It couldn’t be further from the truth. We are the largest voting group. Guess what? We are still here and have an experience that others have not yet encountered. Many of us are not only adopting technology, but we are helping to build the base that people use in technology today.

The idea that AARP has a political side that they prefer … is not true. The AARP is non-partisan, does not contribute to political campaigns or political PACs. In fact, as volunteer legislative advocates and leaders, we cannot conduct any political activity on behalf of AARP.

CP: How prepared should taxpayers and baby boomers be for the so-called silver tsunami?

Glischinski: My immediate response is, if you live long enough, you too will be in our shoes. At present, we know about 10,000 people a day in our country reaching 65 years of age. Between 2015 and 2050, the increase in the elderly will be 200%. If we can afford health care, life expectancy will be much higher than today. This means that people will be able to contribute much longer to the well-being of society. If people don’t feel that way, then who will be the first to jump off the cliff with that mindset? We should be developing policies that establish a better future, not the solution of the day.

CP: A lot of people have opinions, like you. How do they affect their problems?

Glischinski: They get involved. There are many ways to get involved. Some don’t require a lot of action, other than picking up the phone and calling your elected official, whether local, state, or federal. And above all, vote!

CP: Have you ever sat down to testify before a committee and forgot what you were going to say? If so, how did you record it?

Glischinski: No. I still have a written testimonial, however, sometimes I feel like I’m reading, which I am. You only have two or three minutes, so sometimes I end up using my testimony as a diagram to get my point across. My passion comes out when I do this. However, members of the committee have asked me some interesting questions. I was once asked if I believed loan sharks existed. It was a bit out of context, so I just smiled and said, “Sure, I see them.

CP: The best trip you’ve been on?

Glischinski: It’s difficult. I have traveled a lot over the years in my profession and now as a volunteer. A super bowl week, a few friends and I cruised without a crew on a sailboat for a few days from San Diego. We forgot it was Super Bowl week. Denver and Washington were playing. We sailed to Mission Bay and got a bill at the hotel where the Washington football team was staying. We walked into the hotel and found Washington fans partying. We immediately went to the gift shop and bought some Denver Bronco hats. I asked a family taking their picture if I could take a picture of a family that turned out to be the family of a federal judge. He invited me to be their guest at the NFL dinner that night at another hotel.

Fast facts:

Where did you grow up Sometimes I tell people that I grew up in Disneyland. This is somewhat true since I grew up in Anaheim, California and spent a lot of time in the park.

What was your dream job and what was your real job? I wanted to fly planes. I ended up traveling a lot as a technical assistant and then as an IT salesperson.

Are you a good dancer? No. I used to pretend to dance using my ski moves. Down, up, down, down.

Kids? I have a son, a daughter-in-law and two wonderful grandchildren.

What’s the most “Colorado” thing about you? I am colorful like our state.


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Mastercard and Bakkt Offer Crypto-Based Credit and Debit Cards https://welcome-echizenshi.com/mastercard-and-bakkt-offer-crypto-based-credit-and-debit-cards/ https://welcome-echizenshi.com/mastercard-and-bakkt-offer-crypto-based-credit-and-debit-cards/#respond Mon, 25 Oct 2021 13:30:06 +0000 https://welcome-echizenshi.com/mastercard-and-bakkt-offer-crypto-based-credit-and-debit-cards/ Bakkt cryptocurrency exchange partners with Mastercard (MA) to offer encrypted debit and credit cards, making it easier for consumers to pay with digital coins. Via Mastercard and Bakkt (), businesses and banks will be able to issue their own branded crypto debit and credit cards to consumers who want them. Holders can use bitcoin purchased […]]]>

Bakkt cryptocurrency exchange partners with Mastercard (MA) to offer encrypted debit and credit cards, making it easier for consumers to pay with digital coins.

Via Mastercard and Bakkt (), businesses and banks will be able to issue their own branded crypto debit and credit cards to consumers who want them. Holders can use bitcoin purchased through Bakkt with the card, or link to a fiat-based funding source, and receive bitcoin rewards.

Bakkt’s stock, which was listed on the New York Stock Exchange on October 18, climbed more than 30% at Monday’s opening bell, adding to Friday’s advance by more than 13%.

With the Mastercard partnership, companies will also be able to offer cryptocurrencies as part of their loyalty programs supported by Bakkt. For example, hotels or restaurants that offer points for gifts or other perks might also offer customers the option of converting the points into the cryptocurrency of their choice.

The partnership comes as more Americans become interested in transactions in digital assets, with companies and service providers taking incremental steps to facilitate crypto transactions.

Almost half of those surveyed bought crypto in the first half of 2021, according to a Bakkt survey of 2,000 consumers. And, according to the Mastercard New Payments Index, 77% of millennials said they wanted to learn more about cryptocurrency, with 75% saying they would use cryptocurrency if they understood it better.

The partnership with Mastercard comes after Bakkt partnered with Google to allow its users to purchase goods and services using Bitcoin and other cryptocurrencies through the Google Pay wallet and payment system.

Bakkt, which started out as a cryptocurrency exchange for institutional investors, has moved into the mainstream space with an app aimed at being a tool for people to manage their digital assets – including cryptocurrencies. – similar to Venmo. Bakkt predicts that the app will have more than 30 million users in five years.

READ MORE:

For more information on cryptocurrency, see:

Dogecoin, what is it? How to buy it

Ethereum: What is it and how do you invest in it?

The 21 best crypto leaders to watch in the second half of 2021

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, Youtube, and reddit



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ABC calls for increased CFPB oversight of fintechs via largest participant rule | Man’s pepper with trout https://welcome-echizenshi.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/ https://welcome-echizenshi.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/#respond Sun, 24 Oct 2021 22:41:15 +0000 https://welcome-echizenshi.com/abc-calls-for-increased-cfpb-oversight-of-fintechs-via-largest-participant-rule-mans-pepper-with-trout/ The Consumer Bankers Association (CBA), a business group of retail financial institutions, recently sent a letter to the director of the Consumer Financial Protection Bureau (CFPB), calling for increased scrutiny of financial technology (fintech) companies. On October 3, just three days after Rohit Chopra was confirmed as the next CFPB director, the ABC urged him […]]]>

The Consumer Bankers Association (CBA), a business group of retail financial institutions, recently sent a letter to the director of the Consumer Financial Protection Bureau (CFPB), calling for increased scrutiny of financial technology (fintech) companies. On October 3, just three days after Rohit Chopra was confirmed as the next CFPB director, the ABC urged him to consider extending the agency’s largest participant rule.

The CFPB has the authority to supervise certain “covered persons”, defined in 12 USC §5481 (6) to include “any person who engages in the offering or provision of a consumer financial product or service” and any subsidiary of that person who acts as a service provider to that person. Fintechs are therefore non-depository covered persons, but do not fall under the express legal supervisory authority of the CFPB. Under 12 USC § 5514, the CFPB has express supervisory authority over those covered in the residential mortgage, private student loan, and consumer payday loan markets. The agency also has supervisory authority over any covered person who “is a larger participant in a market for other consumer financial products or services”, as defined by specific regulation.

Under the latter provision, the CFPB could, through additional regulation, oversee fintechs that operate in a covered market and meet a relevant criterion to be considered a larger participant. 12 CFR 1090 currently provides for CFPB oversight of the consumer reporting, consumer debt collection, student loan servicing, international money transfer and auto finance markets, and for each of these markets it prescribes a test or threshold to determine a person’s status as a larger participant. For example, the threshold for determining whether a non-bank covered person is a larger participant in the auto finance market is 10,000 cumulative annual arrangements.

In its letter, the BCA specifically advocated adding the unsecured consumer loan market to the list of defined markets overseen by the CFPB under its broader participant authority as a mechanism to place fintechs under. supervision of the CFPB. The ABC made a two-pronged argument. First, he stressed the need for competitive markets and a level playing field, citing statistics suggesting that unsupervised fintechs have a customer base that “rivals some of the largest supervised banks in the country.” Second, he argued that a lack of oversight puts consumers at risk. As examples, the ABC pointed to recent lawsuits and consent orders against fintechs and statistics on the high rate of suspicious PPP loans from fintech lenders as opposed to traditional lenders.

The approach suggested by the ABC can have unintended consequences. The implications of a broader participation rule for the unsecured consumer loan market would likely extend beyond online non-bank consumer lenders, as such a rule could cover non-fintech companies as well. Additionally, since the fintech industry is larger than unsecured consumer loans, it would not provide oversight to all types of fintechs.

This will be a problem to watch out for in Rohit Chopra’s time at CFPB. The new regulation regarding the largest participant rule was previously designated “inactive”, so an initial indicator will be whether the CFPB will revert this regulation to active status.


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In a revolutionary turn, Fintech DailyPay allows workers to be paid when they want https://welcome-echizenshi.com/in-a-revolutionary-turn-fintech-dailypay-allows-workers-to-be-paid-when-they-want/ https://welcome-echizenshi.com/in-a-revolutionary-turn-fintech-dailypay-allows-workers-to-be-paid-when-they-want/#respond Sun, 24 Oct 2021 15:14:40 +0000 https://welcome-echizenshi.com/in-a-revolutionary-turn-fintech-dailypay-allows-workers-to-be-paid-when-they-want/ Husband and wife worry about how they can pay their bills. getty We have all been conditioned to accept being paid every two weeks or more. While many Americans faced financial hardship during the pandemic, companies kept their wages and collected interest on them. By waiting weeks for workers to be paid, the company earns […]]]>

We have all been conditioned to accept being paid every two weeks or more. While many Americans faced financial hardship during the pandemic, companies kept their wages and collected interest on them. By waiting weeks for workers to be paid, the company earns interest on your money. It does not seem very fair. There has to be a better system.

In reviewing this question, I spoke with Jeanniey Walden, Director of Innovation and Marketing at DailyPay. Walden says the two-week payroll cycle is based on an archaic financial system that’s around 70 years old. With all of our technology, it’s irrational to continue doing what we’ve been doing for decades. His company, DailyPay, set out to imagine a better and fairer way to pay people.

Employers now have the software prowess to give their employees the financial well-being they deserve and can change the way pay periods work. It is not a cash advance, nor is there any catch-up. DailyPay is precisely what their name suggests: a worker can track their accumulated salary and access it whenever they want. The future of work is largely tech-driven, and people can now access their hard-earned money immediately without having to wait weeks or more.

His company is revolutionizing the way workers are paid, offering choices. Instead of desperately waiting for your paycheck, as fees and interest on your credit cards rise, DailyPay has built the technology platform to get what you are rightfully owed when you want it or have it. need.

Walden points out that the average American worker saved less than $ 500 and that almost 80% survive paycheck to paycheck. About over 30% of workers run out of funds until payday. She notes that workers who feel their bosses are taking advantage of them by not paying or treating them well are going out the door in the “big resignation” movement.

Millions of working Americans are stuck in the vicious cycle of debt, dependent on expensive payday loans, overdraft fees, and exorbitant credit card interest rates. It’s more important than ever for businesses to offer unique benefits like pay-on-demand to stay competitive.

You can decide that you want your money paid out daily, once a week, or however you like. The decision is yours. There is no catch. However, like most ATMs, you will be charged around $ 2.99 to receive your money earlier than the set pay schedule. The service also allows users to easily check their balances and transparently track earned wages so they know what’s going on.

Gig economy workers and shift workers can check their income status and withdraw cash if needed. If they want a little extra income with the holidays approaching, the person could work overtime. Workers may think they have earned enough and deserve a day or two off. DailyPay’s “SAVE” feature offers a way to help you improve your financial health. With SAVE, you can transfer the earned income to a savings account.

Walden says DailyPay is disrupting payments, benefits and the entire financial system. It’s also a fantastic way to improve employee engagement and retention. If you know where your money is and can withdraw your salary whenever you want, it makes it easy for you to stay in your business because you trust them and may not have that choice elsewhere. This on-demand system aligns the guts of management and workers.

Companies are struggling to find workers in this new period of “Great Resignation”. Companies are creatively thinking about ways to attract and retain staff. Big companies like Walmart, Amazon, and Target offer free tuition. Fast food chains like McDonald’s, Starbucks, and Chipotle are offering improved wages and sign-up bonuses.

A study has shown that 73% of DailyPay users have a better opinion of their employers and 74% of people say the app has helped reduce their financial stress. Less financial stress creates better interactions between coworkers and customers. Engaged employees are more loyal and productive.

It’s interesting that companies are starting to realize that they need to listen to their employees and provide them with what they need. If leadership is deaf, they will lose their best and brightest to competitors who treat their employees like adults, with respect and dignity. DailyPay represents this new generation of FinTech startups that are built on the premise of improving the working lives of employees and management.


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Someone returned a wallet in Toronto containing $ 600 and credit cards https://welcome-echizenshi.com/someone-returned-a-wallet-in-toronto-containing-600-and-credit-cards/ https://welcome-echizenshi.com/someone-returned-a-wallet-in-toronto-containing-600-and-credit-cards/#respond Sun, 24 Oct 2021 06:16:18 +0000 https://welcome-echizenshi.com/someone-returned-a-wallet-in-toronto-containing-600-and-credit-cards/ A man from Nova Scotia now living near Toronto surprisingly lost his wallet in the city only to get it back a few days later. Bolton resident Brenden Mombourquette told blogTO he lost his wallet somewhere near the Toronto Maple Leafs home game on October 9. He didn’t realize he was missing until he was […]]]>

A man from Nova Scotia now living near Toronto surprisingly lost his wallet in the city only to get it back a few days later.

Bolton resident Brenden Mombourquette told blogTO he lost his wallet somewhere near the Toronto Maple Leafs home game on October 9. He didn’t realize he was missing until he was almost home.

Mombourquette’s mother, Dawn Gillis, who lives in Cape Breton, says her son was really upset.

“He was just hitting himself,” said Gillis.

Inside were all of his ID, credit cards with faucet and $ 600 he had brought for shopping in downtown Toronto before the game but had not spent. He canceled his cards and started the process to get a new ID.

But in a miraculous turn of events, proving that Toronto isn’t just full of porch hackers and crime, the wallet returned in a Purolator envelope with no return address on Saturday. Mombourquette says he lives in a basement apartment and the package could have been on the porch for a few days before he noticed it.

“All his credit cards, and $ 600 and nobody took them, every penny was in there,” says Gillis.

“Nothing was missing,” adds Mombourquette.

There was a note inside the envelope but so far Mombourquette has not been able to locate the person who wrote it.

Gillis says her son is 22 and worked hard to save money for a car. He moved to Ontario about four years ago and has not returned to Cape Breton since then.

Delighted and grateful that a good Samaritan decided to return the wallet, Gillis posted on Facebook.

“I said ‘you know what, I listen to all this negative stuff on Facebook. I want something cool [on Facebook]. ‘”

His friends in Nova Scotia couldn’t believe this had happened in Toronto.

“This is what no one could believe,” she said. “Oh my God in a big city? Like maybe in Cape Breton it would happen, people would give it back. They’re like, ‘In Toronto? Oh my God, like millions of people, right? “”

Gillis says she worries about all of her children because they are working hard. She is amazed at the kindness of this stranger who didn’t even want any money for delivery or recognition costs.

“It just blew me away. I just thought it was so nice.”

Mombourquette is also blown away by the woman who returned the wallet.

“I would like to say thank you and she gave me faith in humanity again.”


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‘Squid Game’ is a debt show – no wonder it’s popular https://welcome-echizenshi.com/squid-game-is-a-debt-show-no-wonder-its-popular/ https://welcome-echizenshi.com/squid-game-is-a-debt-show-no-wonder-its-popular/#respond Fri, 22 Oct 2021 12:11:06 +0000 https://welcome-echizenshi.com/squid-game-is-a-debt-show-no-wonder-its-popular/ On the show, it is only when the debtors play the first game – Red Light, Green Light – that they find out what is really at stake. When more than half of the players are shockingly eliminated and horribly murdered , a consequence no one saw coming, the remaining players come together and collectively […]]]>

On the show, it is only when the debtors play the first game – Red Light, Green Light – that they find out what is really at stake. When more than half of the players are shockingly eliminated and horribly murdered , a consequence no one saw coming, the remaining players come together and collectively demand an abrupt end to the games, allowing everyone to return home alive. Essentially, they are unionizing, leveraging their collective power to disrupt incentives to continue gambling.

As an organizer with the Collective debt, the nation’s leading debtors’ union, this brief moment on the show illustrates just how strong our union can be. Just as unions collectively negotiate for better wages or working conditions, the Debt Collective believes unionized debtors can achieve full-scale debt cancellation and change the way we finance public goods.

We put our theory to the test in 2015 when we staged the first student loan strike in history, the Corinthian 15, followed by Biden Jubilee 100 earlier this year. To date, we have won billions of student loan cancellations for people who have been scammed by for-profit colleges and put the demand for massive student debt elimination on the political map. As the Squid game participants, we went on a debt strike and refused to pay.

When the Squid game competitors come back later to play the game, their power to bargain collectively as debtors remains. The Debt Collective wants to inspire the kind of leverage we should be threatening today – what we call economic disobedience.

Take student loans, for example: Forty-five million debtors are grappling with nearly $ 2 trillion in student debt, spending years repaying the government only to find that their balances inevitably exceed the original principal as the debt continues. time passes and interest accumulates. Next February, two years after a moratorium suspended payments and interest on all federal student loans, President Biden is expected to reactivate monthly payments, despite the widespread economic precariousness that has been made worse by the pandemic.

Imagine if a majority of us decided not to pay? Would a combination of strategic default, monthly payments of $ 0, and a collective demand for cancellation of all student debt help us achieve full cancellation? This is a question that deserves to be asked. After all, if the pandemic has revealed anything, it’s that the federal government can function very well without our student loan repayments. These payments have been suspended since March 2020 and the sky has not fallen.

But the demand for Debt Collective is greater than the abolition of all student debt, because the same crisis would start again a semester later; for starters, we believe all universities should be tuition free. As co-founder of Debt Collective, Hannah Appel wrote, “The potential of debtor unions … is not only to refuse and renegotiate illegitimate debts”, but also to “open up issues that the financial age seems to have closed”. In other words, a call for student debt repayment must coincide with a demand to radically reshape our economy and create real restorative public goods, like the tuition-free university and medicare for all.


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Research argues for fixes to income-based repayment https://welcome-echizenshi.com/research-argues-for-fixes-to-income-based-repayment/ https://welcome-echizenshi.com/research-argues-for-fixes-to-income-based-repayment/#respond Fri, 22 Oct 2021 07:02:50 +0000 https://welcome-echizenshi.com/research-argues-for-fixes-to-income-based-repayment/ Two recent reports point to the need to reform income-driven plans to repay student loans as the repayment pause ends early next year and the Education Department seeks to create a new plan through regulatory process. Of those borrowers in repayment in the Education Trust study of how black borrowers experience student loans, 72% were […]]]>

Two recent reports point to the need to reform income-driven plans to repay student loans as the repayment pause ends early next year and the Education Department seeks to create a new plan through regulatory process.

Of those borrowers in repayment in the Education Trust study of how black borrowers experience student loans, 72% were enrolled in an income-based repayment plan, or IDR. These borrowers described the IDR as something akin to a “lifetime debt conviction,” said The report, which was based on a national survey of nearly 1,300 black borrowers and in-depth interviews with 100 black borrowers.

“Borrowers often felt like they were making payments with no end in sight, and this was compounded by other financial debts – payday loans or real estate debts, car debts or credit card debts. credit, ”said Jalil Bishop, co-author of the report. . “They feel that education was supposed to give them the resources and the ability to anticipate these debts, but student loans have become a place where this debt escalates.”

The Department of Education offers four IDR plans for federal student loan repayment that are supposed to make borrowers’ monthly payments more affordable based on their income and family size. Each plan has a different payback period, but they typically last between 20 and 25 years. Borrowers must also recertify their income and family size each year so that their loan officer can recalculate their payment. At the end of the repayment period, any remaining loan balance is written off.

In theory, IDR is supposed to help borrowers live more comfortable lives while they pay off their debt. But that’s not what happens in reality, especially for black borrowers, said Victoria Jackson, deputy director of higher education policy at the Education Trust. For some borrowers, payments are still unaffordable – nearly a quarter of those polled said they had trouble paying their rent, health care and food, and 71% said they couldn’t afford a savings account.

Borrowers reported that payments for IDR plans were so low that they only covered enough to keep them from defaulting, but not enough to pay off interest or principal on their loan. They often see their balance “skyrocket,” Jackson said.

Most respondents – 80 percent – said they supported broad federal debt forgiveness, which Bishop said would help address “the history and pattern of mismanagement and mismanagement. design of student loan repayment plans “. But borrowers also want reforms to IDR plans that would see them see real progress in paying off their loans – by subsidizing or eliminating interest – and plans that align with the original terms of their student loans.

“When people borrow student loans, the standard repayment plan is 10 years,” Bishop said. “Many borrowers didn’t understand why they signed up for these 20 and 25 year plans because when they borrowed the debt they thought it was something they could pay back soon after getting their debt. diploma. “

The Department recognised many of these issues with IDR plans during the negotiated rule-making process, indicating to negotiators that he would like to create a new IDR plan that deals with long repayment periods, accumulation of interest, unaffordable payments and the number of plans with different conditions. The challenges of having a variety of IDR plans were highlighted during the first negotiating session by Rachelle Feldman, vice president and director of the University of North Carolina at Chapel Hill, who serves as deputy negotiator representing public institutions. four years.

“I just want to make a real plea to have fewer paths so that it is less confusing for everyone – not just our [Public Service Loan Forgiveness] borrowers but our borrowers at all levels, ”Feldman said.

Daniel Kreisman, associate professor of economics at Georgia State University, agrees, saying in a recent report for Third Way that the department should reduce the options available for student loan repayment plans – not just within the IDR, but for repayment plans in general.

Borrowers are automatically enrolled in standard “fixed” repayment plans, which result in the highest default rates, Kreisman wrote. IDR plans might be more suitable for borrowers, but there are barriers to accessing them – having to contact their loan department and constantly certify their income – and many borrowers are unaware that this option exists.

Kreisman conducted a lab experiment in the state of Georgia with 542 undergraduates where preselected repayment plans were exchanged between groups. When the standard repayment plan was the default repayment plan, 63 percent of students chose it. But when the IDR plan was the default plan, only 34% opted to sign up for a standard repayment plan.

“The simple point to remember is that changing the default option can be inexpensive and very profitable leverage for government – and for students,” Kreisman wrote. “Right now, the onus is on borrowers to navigate an overly complex repayment system. All the evidence indicates that this is a political failure that costs both students and taxpayers. “

Kreisman said Inside higher education that he believes having an IDR plan as the only plan – while giving borrowers the option to prepay – would help solve many of the issues that exist with IDR plans, such as recertifying income every year. Negotiators also expressed concerns about the recertification process during the first negotiated rule-making session, but looked to more automation and data sharing between federal agencies as a potential solution.

The IDR plans could help prevent many borrowers from defaulting when the repayment break ends on Jan.31, 2022, Kreisman said. But the department won’t be able to resolve issues with the plans by then – they have yet to come up with regulatory text on the IDR plans for negotiators to consider. Yet given all that is going on in federal student aid, the findings of the reports are necessary for those thinking about reform.

“I think now is the time to understand the experience of black borrowers and what they expect from policy makers,” Jackson said.


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