Hotel funding – New Orleans Hotel Site http://neworleanshotel-site.com/ Mon, 03 Oct 2022 08:21:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://neworleanshotel-site.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Hotel funding – New Orleans Hotel Site http://neworleanshotel-site.com/ 32 32 BNPL: how banks can dominate this trillion dollar industry https://neworleanshotel-site.com/bnpl-how-banks-can-dominate-this-trillion-dollar-industry/ Mon, 03 Oct 2022 08:21:44 +0000 https://neworleanshotel-site.com/bnpl-how-banks-can-dominate-this-trillion-dollar-industry/ yaakov martinCEO and co-founder of jifitideciphers the current state of the BNPL industry and explores how banks can leverage their strengths to capitalize on this $1 trillion opportunity. Buy Now, Pay Later (BNPL) is no longer just a one-stop solution. Can you explain what the differences are between the different types of BNPL solutions? First […]]]>
yaakov martinCEO and co-founder of jifitideciphers the current state of the BNPL industry and explores how banks can leverage their strengths to capitalize on this $1 trillion opportunity.

Buy Now, Pay Later (BNPL) is no longer just a one-stop solution. Can you explain what the differences are between the different types of BNPL solutions?

First of all, it is important to know that choosing an BNPL solution is not as simple as buying a standard Software-as-a-Service (SaaS) product. There are many variations that meet different needs, use cases, and risk profiles.

The first step, at the most basic level, is deciding between direct-to-consumer (D2C) solution providers and white label solution providers. D2C fintech companies typically enter the consumer journey at checkout and establish a direct relationship with the merchant’s customer. They also share ownership of customer data and often remarket to the customer after purchase. While the BNPL market has been carved out by D2C providers such as Klarna, Affirm and Afterpay, other players have entered the market through white label solutions.

Banks, in particular, have made great strides in providing merchants with white-label BNPL solutions, giving the merchant full control over the user experience, customer relationship, and data.

The BNPL is not a one-size-fits-all solution, although it has become synonymous with the pay-in-3 (in Europe) or pay-in-4 (in the US) model. There are a wide variety of BNPL financial products available that lenders can offer consumers, including installment loans, lines of credit, and split payments. The type of product offered to consumers depends on a number of factors, including, for example, the size of the ticket. Big-ticket items, such as furniture, might require a longer installment loan, while smaller items, like clothing, would be better suited to a split-pay offer.

Going deeper, there is also a new target market for BNPL and that is the business-to-business (B2B) finance market. Since consumers have different risk profiles and needs than business buyers, merchants should offer specific B2B financing options to their business customers.

Finally, an important element to consider is the distribution of their BNPL solution. This refers to the speed and ease with which the provider is able to deliver the bank’s financial offerings to merchants and consumers. For example, does the vendor offer virtual card technology and e-commerce plugins? Is there a global solution for international merchants?

How does Jifiti’s platform cater to all these different use cases and markets?

We have built our BNPL platform both white label and modular. This means that while our platform is fully customizable, we don’t reinvent the wheel every time we implement a solution for our partners. Banks, lenders and merchants who choose to use our platform can tailor their offerings based on their customers’ needs and business goals.

For example, a bank that wants to quickly scale to many merchants has the option of using our virtual card technology, which requires no integration with the merchant. They can also implement our e-commerce plugins for easy scalability to online merchants. While another bank may prefer simple API integration with each merchant. Our platform can support all types of use cases and customer requirements.

What convinced you that banks would eventually dominate the BNPL space?

From the start, we aligned our BNPL solution with traditional banks and lenders.

It is a deeply rooted strategy that stems from our core values ​​at the corporate level. At Jifiti, we believe in providing access to affordable and responsible financial solutions when and where it matters most.

When it comes to providing responsible financial solutions, banks and other financial institutions are the undisputed leaders. They have been underwriting loans for centuries and have unparalleled decision-making expertise. All they needed was the technology to bring their responsible financial products to where consumers need them most: the point of sale. When it comes to advertisements, banks are able to offer merchants and consumers the most competitive rates or transaction fees. Because they can leverage their strong balance sheets, banks’ BNPL fees for merchants are as low as 1-3% (compared to fintech companies which can typically offer 3-6%) for split-pay products, such as pay-in-3 and pay-in-4.

Regulation is another factor that positions banks as BNPL market leaders as they already operate within a regulated framework. It is inevitable that BNPL will end up being regulated and, unlike their fintech counterparts, banks offering BNPL will already be compliant and have no regulatory barriers to entry.

Ultimately, it comes down to consumer confidence. With the current economic upheaval, there is one thing that is stable: the underwriting capabilities of banks that have been doing so for hundreds of years. Banks have the element of confidence in their favour.

In addition, the same bank can often offer a greater variety of solutions and types of loans.

With many BNPL fintechs experiencing layoffs and market downturns, where do you think they will go in the near future?

I think many BNPL providers have entered the market with a larger goal in mind: to become fully-fledged digital banks. Take Klarna for example. They have essentially used BNPL as a segway to become a digital bank and have already leveraged their brand to launch consumer bank accounts in Europe.

BNPL serves many fintech companies as a powerful and rapidly scalable customer acquisition tool. Then, once a fintech company has developed relationships with its customers and earned their trust, it can then sell other financial services to those customers.

With the recent market turmoil, I predict that major fintech players will not disappear from the map. They will simply seek to diversify and deepen existing customer relationships with other financial products.

Smaller players, on the other hand, are unlikely to survive the economic and regulatory crisis. With higher barriers to entry, the vendor landscape will tighten with a limited number of new fintech players.

Jifiti positions itself as a white label BNPL platform – what are the key benefits for banks going the white label route?

White labeling means the solution is in-brand with the bank and merchant, while the BNPL provider stays behind the scenes. This helps the bank and merchant build their own brands and retain full ownership of the customer relationship, without ceding any part of the user experience to a third-party fintech. The result is a powerful consumer acquisition tool that drives brand loyalty and deepens customer relationships.

But more than that, BNPL is a source of rich customer data. Brands that use a white label platform gain valuable insights into their customers’ preferences and behavior.

What do you think the future holds for BNPL?

I think the BNPL has proven that it is not just another form of payment. Demand from consumers (and therefore merchants) is increasing (despite the current economic downturn) and the fact that Apple has announced the future launch of its own BNPL offering only cements the fact that this shift in consumer finance is here to last.

Banks need to make their funding available exactly when and where customers need it most. To do this, they must quickly close the technology gap. We have already seen more and more banks entering the market with a technology partner. By partnership, I don’t mean a simple plug-and-play integration. I firmly believe that deep partnerships between financial institutions and technology companies are the future of BNPL. Value-based partnerships that leverage each partner’s core competencies.

What was ultimately the Achilles heel of failing fintech players was the fact that they were trying to do it all – both lending and underwriting, as well as technology.

To truly succeed at BNPL, it is essential to separate the delivery technology from the loan itself. When each entity sticks to its core competencies – banks at balance sheet lending and technology companies at delivery technology – the result is an affordable, accessible and responsible BNPL offering.

About Yaakov Martin

Yaacov Martin is the CEO and co-founder of Jifiti, a fintech company he co-founded in 2011. He is a BNPL thought leader, seasoned speaker and active contributor to leading publications on payments, fintech , business and retail, such as The Paypers, American Banker, Business Insider, Forbes, Financial IT and many more. An advocate for responsible and accessible financing, Yaacov has shared his insights on stage at top industry conferences, including on the Money 20/20 Keynote Stage and as a BNPL panelist at Fintech Nexus USA 2022.

About Jifiti

Founded in 2011, Jifiti is a leading fintech company providing white label BNPL solutions to any global market.Founded in 2011, jifiti is a leading fintech company that powers white label BNPL solutions in any global market. Through its modular platform, Jifiti enables banks, lenders and merchants to deploy any consumer finance program at any point of sale – online, in-store and through a call center. Jifiti works with leading financial institutions including Mastercard, Citizens Bank, CaixaBank, Credit Agricole and retailers such as IKEA, Walmart and others around the world.

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CFPB study highlights need for “Buy Now, Pay Later” rules https://neworleanshotel-site.com/cfpb-study-highlights-need-for-buy-now-pay-later-rules/ Fri, 23 Sep 2022 19:04:05 +0000 https://neworleanshotel-site.com/cfpb-study-highlights-need-for-buy-now-pay-later-rules/ The Consumer Financial Protection Bureau (CFPB) is preparing to put in place the same type of strict protections that it places on credit card companies in the “Buy now, pay later” (BNPL) sector, following the publication of a recent study on the practice. Officials said their findings revealed a booming industry that not only had […]]]>

The Consumer Financial Protection Bureau (CFPB) is preparing to put in place the same type of strict protections that it places on credit card companies in the “Buy now, pay later” (BNPL) sector, following the publication of a recent study on the practice. Officials said their findings revealed a booming industry that not only had few safeguards for consumers and helped normalize debt, but had also begun data collection and monetization efforts with little support. surveillance.

“Buy now, pay later is a rapidly growing type of loan that is closely replacing credit cards,” CFPB Director Rohit Chopra said last Thursday. “We will work to ensure borrowers have similar protections whether they are using a credit card or a Buy Now, Pay Later loan.”

Key points to remember

  • Buy now, pay later is an interest-free payment option that primarily allows you to pay for goods and services online.
  • The option has grown significantly during the pandemic, with Affirm, Afterpay, Klarna, PayPal and Zip originating 180 million Buy Now, Pay Later loans totaling more than $24 billion last year.
  • A Buy Now, Pay Later industry study found that consumer protections are lax and lenders often use data collection to create a database of valuable personal information.
  • The Consumer Financial Protection Bureau sets rules and guidelines to protect consumers from potential dangers such as widespread data collection.

Buy now, pay later is a booming industry

With such an emphasis on online retail in recent years, some companies and lenders have started promoting their BNPL products. Whether called “pay in four”, “split payment” or BNPL, the concept is the same: they were point-of-sale interest-free installment loans that allowed consumers to pay for their purchases over time. . In most cases, a down payment is required with plans typically capped at around $1,000. Any late or missing payment will incur additional charges.

According to the CFPB report, BNPL has grown in popularity so quickly that the top five lenders, Affirm, Afterpay, Klarna, PayPal and Zip, were responsible for 180 million loans totaling $24.2 billion in 2021. Those numbers eclipsed data from 2019, which saw these same lenders disbursed 16.8 million loans worth $2 billion in 2019.

Consumers face risk by buying now, paying later

Although the absence of interest payments and staggered repayment plans may be attractive to most consumers, CFPB researchers found that BNPL loans were associated with some potentially dangerous risks.

  • Lack of standardized consumer protections. The CFPB’s main concern is the apparent lack of consistent oversight and consumer protection. Because lenders operate outside the confines of credit card regulations, some consumers might find themselves vulnerable to things like a “lack of standardized cost of credit disclosures, minimal dispute resolution rights, opt -in forced for automatic payment and businesses that assess multiple late penalties on the same missed payment.”
  • Younger access to debt. The researchers found that among the top five lender users, the average borrower who sought to use BNPL tended to be younger. According to the data, young millennials (25-33 years old) made up the largest cohort, with older generations (34-40 years old) and Gen Z (18-24 years old) taking second and third place.
  • Normalizes debt. By getting young people into debt earlier, this risks normalizing the accumulation of debt without proper management. The ease of getting a BNPL loan is evidenced by the fact that loan approval rates have increased from 69% in 2020 to 73% in 2021 and the prevalence of late fees has increased from 7, 8% to 10.5% over the same period.
  • Lenders have started turning to collecting and selling user data. Even as BNPL plans have grown in popularity, researchers found that profit margins had started to shrink, from 1.27% in 2020 to 1.01% of the total loan amount issued. With yields falling, the CFPB said it learned that some lenders were building a “valuable digital profile of each user’s shopping preferences and behavior” by turning to proprietary apps.

How the CFPB reacts

Even though BNPL providers fall under the jurisdiction of some state and federal oversight, the CFPB uses its power over credit providers and “has the power to supervise any non-custodial covered person, such as a Buy Now, Pay Later provider. , in certain circumstances .”

To that end, the CFPB said it will begin to identify areas where it can provide guidance and establish rules to ensure that BNPL lenders “adhere to many of the basic protections that Congress has already established for credit cards” and will be subject to regular inspections. Regarding the risk of borrowers taking on too many BNPL loans, the office will consider how lenders can begin to follow accurate credit reporting practices. Regarding the issue of data collection, the CFPB will find and call out data collection practices that lenders should avoid.

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Bank of Hawaii Co. (NYSE:BOH) Interest Update https://neworleanshotel-site.com/bank-of-hawaii-co-nyseboh-interest-update/ Mon, 19 Sep 2022 21:46:54 +0000 https://neworleanshotel-site.com/bank-of-hawaii-co-nyseboh-interest-update/ Bank of Hawaii Co. (NYSE: BOH – Get a rating) was the target of strong short-term interest growth in August. As of August 31, there was short interest totaling 2,050,000 shares, a growth of 10.8% from the total of 1,850,000 shares as of August 15. Based on an average daily trading volume of 168,000 shares, […]]]>

Bank of Hawaii Co. (NYSE: BOH – Get a rating) was the target of strong short-term interest growth in August. As of August 31, there was short interest totaling 2,050,000 shares, a growth of 10.8% from the total of 1,850,000 shares as of August 15. Based on an average daily trading volume of 168,000 shares, the short interest ratio is currently 12.2 days. Currently, 5.2% of the stock’s shares are sold short.

Insiders place their bets

In related news, CEO Peter S.Ho sold 5,500 shares of Bank of Hawaii in a trade dated Wednesday, August 10. The shares were sold at an average price of $81.67, for a total transaction of $449,185.00. Following completion of the transaction, the CEO now directly owns 239,181 shares of the company, valued at approximately $19,533,912.27. The transaction was disclosed in an SEC filing, which is available via the SEC website. Company insiders hold 2.06% of the company’s shares.

Institutional entries and exits

Major investors have recently changed their stake in the company. Victory Capital Management Inc. increased its position in Bank of Hawaii by 39.8% during the second quarter. Victory Capital Management Inc. now owns 2,167,240 shares of the bank worth $161,242,000 after purchasing an additional 617,432 shares in the last quarter. State Street Corp increased its stake in Bank of Hawaii shares by 10.9% in the 1st quarter. State Street Corp now owns 1,777,119 shares of the bank valued at $149,136,000 after acquiring an additional 174,889 shares in the last quarter. Grandeur Peak Global Advisors LLC increased its stake in Bank of Hawaii shares by 175.2% in Q1. Grandeur Peak Global Advisors LLC now owns 191,968 shares of the bank valued at $16,110,000 after acquiring an additional 122,215 shares in the last quarter. Country Club Bank GFN bought a new stake in shares of Bank of Hawaii in Q1 worth $10,039,000. Finally, Northern Trust Corp increased its stake in Bank of Hawaii shares by 25.8% in the 1st quarter. Northern Trust Corp now owns 447,658 shares of the bank valued at $37,568,000 after acquiring 91,791 additional shares in the last quarter. Institutional investors hold 74.84% of the company’s shares.

Bank of Hawaii trades up 1.4%

BOH traded $1.13 on Monday, reaching $80.50. 143,208 shares of the company were traded, against an average volume of 188,264. Bank of Hawaii has a one-year low of $70.89 and a one-year high of $92.38. The company has a fifty-day simple moving average of $79.07 and a two-hundred-day simple moving average of $78.71. The company has a market capitalization of $3.23 billion, a P/E ratio of 13.95, a price-to-earnings growth ratio of 1.76 and a beta of 1.10. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt ratio of 0.01.

Bank of Hawaii (NYSE: BOH – Get a rating) last reported quarterly earnings data on Monday, July 25. The bank reported earnings per share of $1.38 for the quarter, beating consensus analyst estimates of $1.35 by $0.03. Bank of Hawaii had a net margin of 33.63% and a return on equity of 17.98%. In the same quarter last year, the company posted earnings per share of $1.68. As a group, equity research analysts expect Bank of Hawaii to post earnings per share of 5.64 for the current year.

Bank of Hawaii announces dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 15. Shareholders of record on Wednesday August 31 received a dividend of $0.70. The ex-dividend date was Tuesday, August 30. This represents an annualized dividend of $2.80 and a dividend yield of 3.48%. Bank of Hawaii’s dividend payout ratio is currently 48.53%.

Analyst upgrades and downgrades

A number of stock analysts have recently commented on the stock. Jefferies Financial Group lowered its price target on Bank of Hawaii shares from $87.00 to $79.00 in a Monday, July 11 research note. StockNews.com downgraded Bank of Hawaii shares from a “hold” rating to a “sell” rating in a report on Tuesday, September 13.

Bank of Hawaii Corporate Profile

(Get a rating)

Bank of Hawaii Corporation operates as a bank holding company for Bank of Hawaii which provides various financial products and services in Hawaii, Guam and other Pacific Islands. It operates in three segments: Consumer Banking, Commercial Banking and Treasury and Others. The Consumer Banking segment offers checking, savings and term deposit accounts; residential mortgages, home equity lines of credit, auto loans and leases, personal lines of credit, installment loans, small business loans and leases, and credit cards; banking, investment, credit and trust services to individuals and families, and high net worth individuals; investment management; institutional investment advisory services to corporations, government entities and foundations; and brokerage offerings, including stocks, mutual funds, life insurance and annuity products.

See also

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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Washington Trust Bancorp, Inc. Announces Quarterly Dividend of $0.54 (NASDAQ: WASH) https://neworleanshotel-site.com/washington-trust-bancorp-inc-announces-quarterly-dividend-of-0-54-nasdaq-wash/ Fri, 16 Sep 2022 22:24:48 +0000 https://neworleanshotel-site.com/washington-trust-bancorp-inc-announces-quarterly-dividend-of-0-54-nasdaq-wash/ Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get a rating) announced a quarterly dividend on Friday, September 16, the wall street journal reports. Shareholders of record on Monday October 3 will receive a dividend of 0.54 per share from the financial services provider on Friday October 7. This represents an annualized dividend of $2.16 and a […]]]>

Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get a rating) announced a quarterly dividend on Friday, September 16, the wall street journal reports. Shareholders of record on Monday October 3 will receive a dividend of 0.54 per share from the financial services provider on Friday October 7. This represents an annualized dividend of $2.16 and a yield of 4.32%. The ex-date of this dividend is Friday, September 30.

Washington Trust Bancorp has increased its dividend payout by an average of 6.1% per year over the past three years and has increased its dividend annually for the past 11 consecutive years. Washington Trust Bancorp has a payout ratio of 49.2%, which means its dividend is sufficiently covered by earnings. Analysts expect Washington Trust Bancorp to earn $4.53 per share next year, meaning the company should continue to be able to cover its $2.16 annual dividend with a payout ratio. expected future of 47.7%.

Performance of Washington Trust Bancorp shares

Shares of WASH traded at $0.56 on Friday, hitting $50.02. The stock had trading volume of 232,383 shares, compared to an average volume of 57,184. Washington Trust Bancorp has a 1-year low of $45.60 and a 1-year high of $60.96. The company has a 50-day simple moving average of $51.72 and a 200-day simple moving average of $50.62. The stock has a market capitalization of $858.89 million, a P/E ratio of 11.50 and a beta of 0.78. The company has a debt ratio of 0.74, a quick ratio of 0.91 and a current ratio of 0.91.

Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly results on Monday, July 25. The financial services provider reported EPS of $1.14 for the quarter, beating consensus analyst estimates of $0.91 by $0.23. Washington Trust Bancorp had a return on equity of 14.28% and a net margin of 31.97%. In the same quarter of the previous year, the company achieved EPS of $1.00. Equity research analysts expect Washington Trust Bancorp to post EPS of 4.19 for the current year.

Washington Trust Bancorp Institutional Trading

Hedge funds and other institutional investors have recently changed their positions in the company. Captrust Financial Advisors increased its stake in Washington Trust Bancorp by 16,450.0% during the second quarter. Captrust Financial Advisors now owns 662 shares of the financial services provider worth $32,000 after buying an additional 658 shares during the period. Legal & General Group Plc increased its position in Washington Trust Bancorp by 1.7% in the second quarter. Legal & General Group Plc now owns 15,302 shares of the financial services provider valued at $740,000 after acquiring an additional 254 shares last quarter. Goldman Sachs Group Inc. increased its position in Washington Trust Bancorp shares by 32.6% in the second quarter. Goldman Sachs Group Inc. now owns 29,876 shares of the financial services provider valued at $1,445,000 after purchasing an additional 7,338 shares during the period. First Republic Investment Management Inc. increased its stake in Washington Trust Bancorp by 6.9% during the second quarter. First Republic Investment Management Inc. now owns 11,497 shares of the financial services provider worth $556,000 after buying an additional 744 shares last quarter. Finally, Price T Rowe Associates Inc. ® increased its holding in shares of Washington Trust Bancorp by 4.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,827 shares of the financial services provider valued at $330,000 after acquiring an additional 265 shares during the period. Hedge funds and other institutional investors hold 71.44% of the company’s shares.

A Wall Street analyst gives his opinion

Several analysts have recently weighed in on the stock. Compass Point raised its price target on shares of Washington Trust Bancorp to $60.00 and gave the company an “outperform” rating in a Wednesday, July 27 research note. StockNews.com upgraded Washington Trust Bancorp shares from a “sell” to a “hold” rating in a report released Monday, July 18.

Washington Trust Bancorp Company Profile

(Get a rating)

Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgage loans and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.

See also

Dividend history for Washington Trust Bancorp (NASDAQ:WASH)

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Washington Trust Bancorp was not on the list.

While Washington Trust Bancorp currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

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Banks and consumer advocates urge CFPB to rein in non-bank personal lenders https://neworleanshotel-site.com/banks-and-consumer-advocates-urge-cfpb-to-rein-in-non-bank-personal-lenders/ Thu, 15 Sep 2022 22:24:00 +0000 https://neworleanshotel-site.com/banks-and-consumer-advocates-urge-cfpb-to-rein-in-non-bank-personal-lenders/ Two rare allies — a consumer group and a banking trade association — are urging the Consumer Financial Protection Bureau to begin regulating large fintech lenders that provide installment and other types of personal loans. Director of the Consumer Financial Protection Bureau Rohit ChopraCFPB The Center for Responsible Lending and the Consumer Bankers Association on […]]]>

Two rare allies — a consumer group and a banking trade association — are urging the Consumer Financial Protection Bureau to begin regulating large fintech lenders that provide installment and other types of personal loans.

Director of the Consumer Financial Protection Bureau Rohit Chopra

CFPB

The Center for Responsible Lending and the Consumer Bankers Association on Thursday asked CFPB Director Rohit Chopra to draft a rule that would expand the agency’s jurisdiction to include such lenders, which the groups say should be subject to to the same rules as the big banks and credit. unions.

“While our views on consumer financial regulatory issues often diverge, CRL and CBA share a common belief that the lack of a rule defining large participants in the personal loan market has created an uneven playing field. and a significant risk to consumers that the Bureau can and should resolve through broader participant regulation,” the letter states.

The CFPB had previously considered expanding its scope in 2017, when the agency said in its agenda that it was “currently working on a proposed rule that would define ‘large participants.’ non-banks in the personal loan market, including consumer installment loans and vehicle title loans.” In 2018, however, the agency under the Trump administration categorized the rulemaking as ” inactive”.

The groups have called on the CFPB to re-examine regulations as the number of fintech firms targeting subprime customers grows. Banks have long complained that non-fintech banks aren’t subject to the same kind of strict oversight as they are.

“The current regulatory regime creates both a level playing field and a significant risk that consumer protection issues affecting vulnerable consumers will go undetected,” according to the letter. “Banks with assets exceeding $10 billion are, of course, subject to CFPB oversight, while non-custodians offering the same products – or risky products – are not subject to oversight. This means that the Bureau does not have the same window into the practices of these non-custodians as it has with respect to custodians.”

The groups also call the buy now/pay later market, which they say is confusing because it is sometimes unclear whether BNPL companies offer closed-end loans. Chopra pledged to apply consumer protection laws to BNPL businesses at a press conference held earlier this week.

“We recommend that the Bureau cover both closed installment loans and open lines of credit,” the groups said. “In truth, the boundary between these two products is often indistinct: lenders who offer what, in form, are closed-end loans, generally encourage consumers, when repaying their loan, to re-borrow at least until up to the amount of the original loan, such as an open-ended line of credit, while open-ended loans can be structured so that each drawdown is repayable in fixed installments over a fixed term, thus closely resembling a loan to undetermined duration.”

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LendingClub: Why $1,400 is a “new” emergency expense https://neworleanshotel-site.com/lendingclub-why-1400-is-a-new-emergency-expense/ Wed, 14 Sep 2022 08:01:18 +0000 https://neworleanshotel-site.com/lendingclub-why-1400-is-a-new-emergency-expense/ For years, $400 served as a shorthand for the precarious state of the American consumer’s financial health, whether they could afford to meet an unexpected emergency expense. The number has been firmly entrenched in the discussion of this country’s finances, including in the annual economic well-being reports released each year by the Federal Reserve. Now […]]]>

For years, $400 served as a shorthand for the precarious state of the American consumer’s financial health, whether they could afford to meet an unexpected emergency expense.

The number has been firmly entrenched in the discussion of this country’s finances, including in the annual economic well-being reports released each year by the Federal Reserve.

Now that seems a long way off.

About $1,000.

The path loan club Financial Health Officer Anuj Nayar says he sees it, that number is woefully short of the reality we face today. It turns out, as found in joint research by his company and PYMNTS, that unplanned emergencies actually cost consumers an average of $1,400.

Hopelessly obsolete

Nayar noted that inflation these days has driven up the cost of all sorts of expenses to the point where even buying a replacement tire or two – to fix a common puncture – can easily cost several hundred. of dollars. A visit to the emergency room can cost thousands of dollars.

It’s now well established that the paycheck-to-paycheck economy encompasses about 60% of individuals, all of whom have little or nothing to save once they’ve paid the bills each month.

Read more: Study: 29% of consumers usually renew their credit card balances

More consumers than ever are poised to meet those expenses without too much difficulty — and slip into the realm of the fight to make the monthly nut. This emergency spending could serve as a tipping point, Nayar said.

Savings cushions are quickly depleted, where just paying for gas and food becomes an ongoing and growing challenge. No less than 13% of consumers have, in recent months, spent more money than they have received (equivalent to 33.5 million consumers).

“The only way to bridge that gap is to use credit or dip into savings, and that pushes you further into the paycheck-to-paycheck environment…Any additional bump in the road can push you into that category,” he said. said.

In the current environment, he said, more than half of consumers use cash to pay for emergency expenses, and about 23% use credit (but still pay off balances in full each month). But another 18% use the card and transfer it to a long-term revolving credit balance.

“It’s hard to deal with all of this when your savings rates go down and the rates on credit card debt go up,” Nayar said.

Read more: Paycheck-to-paycheck consumers are 3 times more likely to incur credit card debt

And while there are signs that inflation may be peaking, anyone can guess how the next few months (and the all-important holiday shopping season) will play out.

Regardless of the inflationary image, here are some silver linings. FinTechs and platforms (LendingClub among them) can help individuals regain a certain financial balance and move towards better financial health. Turning debt into installment loans, Nayar offered as an example available on his company’s platform, may be a more palatable (and affordable) option than opting to continue paying high-interest revolving fees.

“Technology is being used as a way to help our members and ordinary Americans get back on a path where they can start rebuilding the cushion to save,” Nayar said, adding “people don’t need to keep turning to the same old solutions they’ve been using for decades.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/subscriptions/2022/average-subscriber-has-canceled-1-of-5-subscriptions-since-october/partial/

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StockNews.com starts covering Salisbury Bancorp (NASDAQ:SAL) https://neworleanshotel-site.com/stocknews-com-starts-covering-salisbury-bancorp-nasdaqsal/ Sat, 10 Sep 2022 06:33:46 +0000 https://neworleanshotel-site.com/stocknews-com-starts-covering-salisbury-bancorp-nasdaqsal/ Stock market analysts at StockNews.com initiated a hedge on the shares of Salisbury Bancorp (NASDAQ:SAL – Get a rating) in a research note published Saturday. The brokerage has placed a “hold” rating on the bank’s shares. Salisbury Bancorp share performance Salisbury Bancorp shares opened at $23.50 on Friday. The company has a market capitalization of […]]]>

Stock market analysts at StockNews.com initiated a hedge on the shares of Salisbury Bancorp (NASDAQ:SAL – Get a rating) in a research note published Saturday. The brokerage has placed a “hold” rating on the bank’s shares.

Salisbury Bancorp share performance

Salisbury Bancorp shares opened at $23.50 on Friday. The company has a market capitalization of $135.92 million, a P/E ratio of 9.07 and a beta of 0.72. Salisbury Bancorp has a 52-week minimum of $22.50 and a 52-week maximum of $29.95. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt ratio of 0.23. The company’s 50-day moving average is $23.59 and its two-hundred-day moving average is $18.95.

Salisbury Bancorp (NASDAQ:SAL – Get a rating) last announced its results on Wednesday, July 20. The bank reported earnings per share (EPS) of $0.66 for the quarter, missing analyst consensus estimates of $0.72 per ($0.06). Salisbury Bancorp had a return on equity of 11.24% and a net margin of 25.89%. The company posted revenue of $14.17 million for the quarter, versus $13.80 million expected by analysts. Research analysts expect Salisbury Bancorp to post an EPS of 2.82 for the current financial year.

Institutional investors weigh in on Salisbury Bancorp

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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in Salisbury Bancorp by 4.0% in the second quarter. State Street Corp now owns 11,277 shares of the bank valued at $532,000 after acquiring 432 additional shares during the period. MCF Advisors LLC acquired a new stake in Salisbury Bancorp in the first quarter worth $25,000. Resources Management Corp CT ADV increased its stake in Salisbury Bancorp by 37.7% in the second quarter. Resources Management Corp CT ADV now owns 1,825 shares of the bank valued at $86,000 after acquiring an additional 500 shares during the period. Asset Dedication LLC acquired a new stake in Salisbury Bancorp in the first quarter worth $33,000. Finally, Renaissance Technologies LLC increased its stake in Salisbury Bancorp by 6.0% in the second quarter. Renaissance Technologies LLC now owns 12,300 shares of the bank valued at $581,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds hold 12.74% of the company’s shares.

About Salisbury Bancorp

(Get a rating)

Salisbury Bancorp, Inc operates as a bank holding company for Salisbury Bank and Trust Company which provides commercial banking, consumer finance, retail banking, and trust and wealth advisory services. It offers various deposit products to individuals and businesses. The company also provides loans, such as residential and commercial real estate loans; building loans; working capital loans; equipment loans; and consumer loans, including home equity loans and lines of credit, secured loans, and auto and personal installment loans.

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Dividend announcement BSVN $0.1200/share 08/09/2022 https://neworleanshotel-site.com/dividend-announcement-bsvn-0-1200-share-08-09-2022/ Thu, 08 Sep 2022 18:30:14 +0000 https://neworleanshotel-site.com/dividend-announcement-bsvn-0-1200-share-08-09-2022/ Bank7 Corp (NASDAQ:BSVN) declared on 08/09/2022 a dividend of $0.1200 per share payable on October 07, 2022 to shareholders of record on September 22, 2022. Bank7 Corp (NASDAQ:BSVN) has paid dividends since 1970, has a current dividend yield of 1.9656019211% and has increased dividends for 0 consecutive years. The market capitalization of Bank7 Corp is […]]]>

Bank7 Corp (NASDAQ:BSVN) declared on 08/09/2022 a dividend of $0.1200 per share payable on October 07, 2022 to shareholders of record on September 22, 2022.

Bank7 Corp (NASDAQ:BSVN) has paid dividends since 1970, has a current dividend yield of 1.9656019211% and has increased dividends for 0 consecutive years.

The market capitalization of Bank7 Corp is $222,222,000 and has a PE ratio of 8.88. The stock price closed yesterday at $24.42 and has a 52-week low/high of $19.51 and $27.28.

Bank7 is a bank holding company. Through its subsidiary, Bank7 (the Bank), Co. operates several branches in Oklahoma, the Dallas/Fort Worth metro area and Kansas. The Bank particularly focuses on the following loan categories: commercial real estate loans, hotel loans, energy loans and commercial and industrial loans. Co. provides consumer lending services to individuals for personal and household purposes, including secured and unsecured term loans and home improvement loans. Consumer lending services include: residential real estate loans and mortgage banking, personal lines of credit, auto loans and other installment loans.

For more information on Bank7 Corp, click here.

Bank7 Corp’s current dividend information as of the date of this press release is:

Dividend declaration date: September 8, 2022
Ex-dividend date: September 21, 2022
Dividend record date: September 22, 2022
Dividend payment date: October 07, 2022
Dividend amount: $0.1200

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Types of debt you can consolidate https://neworleanshotel-site.com/types-of-debt-you-can-consolidate/ Tue, 06 Sep 2022 22:38:29 +0000 https://neworleanshotel-site.com/types-of-debt-you-can-consolidate/ If you’re one of the many Americans struggling with debt, you might be considering debt consolidation, but do you know what types of debt you can consolidate? Consolidation loans can help you get your finances under control. By combining all your debts into one loan, you can lower your overall interest rate and make one […]]]>

If you’re one of the many Americans struggling with debt, you might be considering debt consolidation, but do you know what types of debt you can consolidate? Consolidation loans can help you get your finances under control. By combining all your debts into one loan, you can lower your overall interest rate and make one affordable monthly payment.

Debt consolidation has become a popular way to make loans more affordable, especially with consumer debt totaling over $15 trillion in 2021. By consolidating multiple debts into one loan with a lower interest rate, people can save money on interest and pay off their debt faster.

When it comes to getting your finances in order, debt consolidation can be a big help. By consolidating your various debts into one payment, you can make things more affordable and get back on track. However, it is important to know that not all types of debt can be consolidated.

Types of debt you can consolidate

When you take a closer look how to get a debt consolidation loan you’ll find that it’s actually a great way to save money on interest and get out of debt faster. However, not all types of debt are eligible for consolidation. In this blog post, we’ll cover three types of debt you can consolidate to save money.

Student loans

Photo credit: ITTIGallery

Making one payment to your loan officer each month might not be enough to cover all of your student loan accounts. Each time you received a new disbursement of funds during your studies, a new loan was opened in your name. This could cause multiple student loan accounts to appear on your credit reports.

As tuition fees continue to rise, more and more students are taking out loans to cover their expenses. It is not uncommon for students to have eight or more loans by the time they complete their undergraduate studies. Taking out loans can be a useful way to pay for college, but it’s important to remember that you’ll need to repay your loans after you graduate.

There are pros and cons to consolidating your student loans. If you consolidate your federal student loans using a private lender, you may lose some benefits like income-contingent repayment. It may be helpful to separate your federal loans and only consolidate your private student loans.

Financial benefits

Student loan debt can be a huge burden, but consolidating your loans can provide much-needed financial relief. Interest charges can add up over time, making it difficult to keep track of your payments.

Falling interest rates

By consolidating your loans, you may be able to obtain a lower interest rate, which could result in significant savings over the life of your loan.

Credit score

Photo credit: billion photos

One of the key factors that can affect your credit score is the number of accounts with balances on your credit report. Although this is not a major scoring factor, it can still impact your credit scores. Therefore, it is important to monitor these accounts and ensure that they are in good standing. Debt consolidation can be a great way to get your finances in order, but have you ever wondered, does debt consolidation hurt your credit?

One thing you can do is reduce the number of accounts with outstanding balances. Your score may not increase much, but even a few points can make a difference. It is therefore worth taking this step if you are trying to improve your credit.

What if you got sick or injured and had to take time off work? You may not be able to afford to pay your student loan officer. However, even if you only make one payment, that payment is actually split between six accounts. The late payment would not only show up on your credit reports; it could be reported on six different accounts.

High Interest Personal Loans

photo credit: fizkes

To consolidate your debts and simplify your finances, you may want to consider consolidating your high interest personal loans. It can help you get out of debt faster and make it easier to manage your money. Some people may find that other debt management tactics are better suited to their needs. Depending on your financial situation, if you live, you may want to consider alternatives for debt consolidation. Click here.

Financial benefits

If you have good or excellent credit, you can get a personal loan with a very competitive interest rate. However, if your credit score is lower, you will likely have to pay a much higher rate, which will increase your monthly payment.

Saving interest

Save money on interest by getting a new loan with a lower APR. Your credit may have improved or interest rates may be lower than when you first took out your loan(s).

Best Debt Consolidation

Credit score

Personal loans can be a great way to consolidate your debt and save money on interest payments. However, since personal loans are installment and non-revolving accounts, consolidating these loans into a new personal loan will not reduce your credit utilization rate. Consolidation loans are a great way to get out of debt, but what to do if you have bad credit?

Your scores may improve if you have fewer accounts with balances. However, there may be a negative impact on your score due to the credit inquiry and the new account appearing on your report.

Credit card debt

Photo credit: Studio Hamza

It’s important to be smart with your finances and one way to do that is to pay off your credit card balance each month. This eliminates the need to pay interest, reduces debt, and keeps your credit score healthy.

Debt doesn’t have to be a fact of life. You can create a plan to pay off your credit card debt, and debt consolidation could help you reach your goal faster.

Financial benefits

Californians believe that debt consolidation is often seen as a way to pay off smaller, more manageable debts first. However, it may make more financial sense to tackle your most expensive debts first.

Save costs
Photo credit: wutzkohphoto

For example, let’s say you have debt of $10,000 with an APR of 16%. If you consolidate that debt with a new 24-month 7.5% personal loan, you could potentially save hundreds of dollars in interest charges:

  • About $1,100 in interest charges
  • About $60 per month
Repay faster

You could be debt free within two years. It’s a win-win situation for your finances.

Credit score

If you have balances on your credit cards, your credit score may be lowered. Lenders look at your revolving utilization rate, which is the percentage of your credit limit that you use when considering a loan.

Credit utilization is the percentage of your credit limit that you are using. The higher your credit usage, the worse your credit score. Therefore, it is important to limit the use of your credit in order to maintain a good credit score.

Paying off your credit card balance with a consolidation loan can help improve your credit score. In effect, this lowers your credit utilization rate, which is the percentage of your total credit limit that you are using. A lower ratio usually means a better credit score.

Personal loans are usually installment accounts, which are repaid each month over a set period. Installment loans are treated differently by credit scoring models, so they won’t have as much of an impact on your score.

There are several ways to consolidate your credit card debt and one of them is to use a balance transfer credit card. If you qualify for an offer with a low or no interest rate, you can save on interest payments for six, 12, or even up to 24 months. However, keep in mind that your new balance transfer card is still a revolving account, so you probably won’t see as many credit score benefits if you go that route.

Other benefits you should also consider:

  • Total debt reduced rapidly.
  • A new account added to your report improves your payment history.

Closing view

Photo credit: GaudiLab

Debt consolidation can help lower your interest rates and monthly payments, as well as streamline the repayment process. This can make it easier to manage your unpaid debts and improve your credit and overall financial situation. health.

Consolidation loans can be a helpful way to get your finances in order, but they’re not for everyone. It is important to understand how debt consolidation works and what types of debts can be consolidated. Additionally, it’s worth looking at your budget and spending habits to make sure consolidation won’t lead to more debt in the future.

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Tompkins Financial Corporation – Consensus Indicates 5.9% Upside Potential https://neworleanshotel-site.com/tompkins-financial-corporation-consensus-indicates-5-9-upside-potential/ Sun, 04 Sep 2022 13:16:34 +0000 https://neworleanshotel-site.com/tompkins-financial-corporation-consensus-indicates-5-9-upside-potential/ Tompkins Financial Corporation with ticker code (TMP) now have 2 total analysts covering the stock. The consensus rating is “Hold”. The target price ranges between 80 and 75 and has an average objective at 77.5. Given that the stock’s previous close was at 73.19, this would imply an upside potential of 5.9%. The 50-day MA […]]]>

Tompkins Financial Corporation with ticker code (TMP) now have 2 total analysts covering the stock. The consensus rating is “Hold”. The target price ranges between 80 and 75 and has an average objective at 77.5. Given that the stock’s previous close was at 73.19, this would imply an upside potential of 5.9%. The 50-day MA is 74.49 and the 200-day moving average is 77.36. The company has a market capitalization of $1,040 million. Company website: https://www.tompkinsfinancial.com

The potential market capitalization would be $1,101 million based on market consensus.

You can now share it on Stocktwits, just click on the logo below and add the ticker in the text to be seen.

Tompkins Financial Corporation, a financial holding company, provides corporate and personal banking, leasing, trust and investment management, financial planning and wealth management, and insurance services. The Company operates in three segments: Banking, Insurance and Wealth Management. It accepts a variety of deposit products, including checking accounts, savings accounts, term deposits, and IRA products, as well as negotiated, reciprocal, and municipal money market deposits. The Company also provides loans for a variety of business purposes, including real estate financing, construction, equipment financing, accounts receivable financing and commercial leasing; residential mortgages; personal loans; residential real estate loans; home equity loans; commercial and industrial loans; commercial real estate loans; agricultural loans; and consumer loans, such as personal installment loans, direct and indirect auto financing, and overdraft lines. Additionally, it provides letters of credit and clearing accounts; credit and debit cards; and deposit and cash management, internet account, remote deposit, safe deposit, voice response, ATM, and mobile and internet banking. In addition, the company offers investment management, trust and estate, and financial and tax planning services; property and casualty, medical, life, disability and long-term care insurance services; consulting services relating to employee benefits; and insurance planning services. It primarily serves individuals, corporate executives, small business owners, and high net worth individuals. The company operates through a network of 63 banking offices, including 43 offices in New York and 20 offices in Pennsylvania. Tompkins Financial Corporation was founded in 1836 and is headquartered in Ithaca, New York.

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