May 28, 2020
AFSPA Partner


AFSPA Partner


Most Americans expect a COVID-19 vaccine within a year; 72% say they would get vaccinated

Most Americans are optimistic that medical advances to treat or prevent the coronavirus are on the horizon, and around seven-in-ten say they would get a vaccine for COVID-19 if it were available, according to a Pew Research Center survey conducted April 29-May 5.

Americans' expectations for the year ahead include an effective treatment or cure for COVID-19, as well as a vaccine to prevent the disease: 83% and 73% of U.S. adults, respectively, say these developments will definitely or probably occur. At the same time, 83% of adults expect another coronavirus outbreak within the year, and 69% expect the focus on the coronavirus to delay progress on other disease treatments.
Read more at Pew Research Center

CFPB data shows Americans were terrified about their finances as pandemic raged

Bureau received record-high number of consumer complaints in March, April

Despite the efforts of the government over the last few months, there are still a great number of people confused about their financial relief options in the wake of the pandemic.

Things have likely gotten at least a little better in the last few weeks as Fannie Mae, Freddie Mac, and the government itself have taken a more proactive stance on addressing issues involving people's mortgages and other financial services.

But, new data from the Consumer Financial Protection Bureau shows just how scared and absolutely befuddled people were about their finances as the pandemic raged across the U.S.

The CFPB revealed Friday that it received the highest number of complaints it's ever received in both March and April. Read more at HOUSING WIRE


CFPB Takes Action to Help Struggling Homeowners Seeking Mitigation Efforts; Consumers Seeking Small-Dollar Loans

WASHINGTON, D.C. - The Consumer Financial Protection Bureau (Bureau) today announced that it issued two No-Action Letter (NAL) Templates under its innovation policies. Regulatory uncertainty can hinder the development of innovative products and services with the potential to benefit consumers. To encourage innovation, last year the Bureau introduced an improved NAL Policy that includes, among other things, a more streamlined review process focusing on the consumer benefits and risks of the applicant's product or service. NALs provide increased regulatory certainty through a statement that the Bureau will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances. The improved Policy also includes an innovative provision concerning NAL templates, which permits entities such as service providers and trade associations to secure a template that can serve as the foundation for NAL applications from companies that provide consumer financial products and services.
Read more at CFPB

In Rare Bright Spot for Budgets, Scratch-Off Lottery Sales Soar

Scratch-Off Lottery Sales Soar

At a time when cooped-up Americans are looking for entertainment and hoping for a windfall more than ever, scratch-off lottery ticket sales have skyrocketed.

It's a rare bright spot for state budgets, since most states' tax revenue has dropped and spending is up because of the coronavirus.

For example, in Oklahoma, total lottery sales were just over $7.7 million for the week ending April 25, up about 75% compared with the same time last year, driven almost entirely by scratch-offs. That included nearly $5.9 million in scratch-off sales, up from $2.5 million last year.
Read more at The Pew Charitable Trusts


How States Can Forecast the Impact of COVID-19 on Their Budgets

Experts on webinar discuss ways to gauge epidemiological scenarios and potential fiscal effects

As state policymakers confront the impact of COVID-19, they face unprecedented levels of uncertainty about the resources they have-and will need-to protect residents, maintain critical services, and limit the economic damage. At a recent webinar sponsored by The Pew Charitable Trusts, panelists discussed the critical roles of epidemiological modeling for the novel coronavirus as well as budget stress testing in helping states to forecast the effect of the pandemic on their budgets.

The panel taking part in the May 13 program consisted of Dylan George, vice president with In-Q-Tel and former senior policy adviser in the White House Office of Science and Technology Policy; Dan White, director of public sector research with Moody's Analytics; and Don Boyd, co-director of the State and Local Government Finance Project at Rockefeller College at the State University of New York, Albany and principal of Boyd Research. The three discussed various scenarios for both the virus and the economy, the wide range of revenue outcomes linked to those scenarios, and the economic stresses that states may face.
Read more at The Pew Charitable Trusts.


About LoanPaymentPro

LoanPaymentPro (LPP) is a Direct ISO Fintech leader in bankcard processing for Pulling and Pushing Funds for the Consumer Lending & Debt Repayment Industry. We service: Installment Loans, Title Loans, Personal Loans, Pawn Loans, Personal Lines of Credit, Student Loans, Military Loans, Subprime Loans, and Lease-to-Purchase and Rent-to-Own (RTO).

LPP provides our lenders the ability to perform a bankcard validation and/or account verification prior to storing a bankcard or processing a payment. When lenders utilize our new validation technology, it significantly decreases fraud and increases their chance of a successful payment.


Dimon sees good chance for rapid U.S. economic recovery

Jamie Dimon sees "pretty good odds" of a fast economic rebound starting in the third quarter thanks to the U.S. government's stimulus programs and the strength of the consumer going into the pandemic.

"You could see a fairly rapid recovery," the JPMorgan Chase chairman and chief executive said Tuesday at a virtual conference hosted by Deutsche Bank AG. "The government has been pretty responsive, large companies have the wherewithal, hopefully we're keeping the small ones alive."

Dimon, who runs the largest U.S. bank, pointed to economists' forecasts that show unemployment spiking to around 18% this quarter, then falling to 14% in the third quarter and declining to about 10% or 11% by the end of the year.

Dreher Tomkies LLP

Why Business Incentives May Not Speed State Economic Recoveries

Process of enacting government programs and filling new jobs can take years

During economic downturns, state policymakers face pressure to strengthen their economies and create jobs. In an effort to spur an economic recovery during and after the Great Recession, some states created business tax incentives designed to influence companies' location and expansion decisions.

But even successful incentives may not offer benefits fast enough to help during a steep downturn such as what the country may face in the aftermath of the coronavirus pandemic. If tax incentives are part of a state's economic strategy, policymakers need to follow best practices when designing the programs and include protections to ensure that they do not cost more than intended.
Read more at The Pew Charitable Trusts.


About MaxDecisions

Direct mail is the best way to acquire customers. With direct access to credit bureaus, you can accurately target the audience you want without the unnecessary market spend. We scan through thousands of credit attributes to identify the right audience for your portfolio.

MaxDecisions work with all credit bureaus. We have off the shelf risk and response models to select the best of the best audience for your portfolio. Direct mail marketing services include list procurement, leveraging risk and responsive models to select the optimal target as well as printing and mailing services.


Bank Regulators' Guidance A Move in the Right Direction, but Carries Risks

While decision encourages affordable small loans, it may also lead to unsafe products

WASHINGTON-The Pew Charitable Trusts today praised parts of the new guidance from the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) for banks and credit unions to offer affordable small-dollar installment loans-but warned that it does not do enough to protect the millions of struggling Americans who otherwise turn to high-cost credit such as payday or vehicle title loans.

Pew noted that the regulators' position outlined today provides clarity for more banks to offer small-dollar installment loans or lines of credit at scale if they meet strong consumer protection standards. But Pew also expressed concern that the FDIC's additional move to rescind prior guidance-which warned against harmful single payment loans-could open the door for some banks to issue deposit advance loans with three-digit annual percentage rates (APRs).
Read more at The Pew Charitable Trusts


Less than 40 percent of small businesses have received emergency coronavirus loans: Census Bureau

Less than 40 percent of small businesses have received support from the Treasury Department and Small Business Administration's (SBA) emergency coronavirus lending initiative, according to Census Bureau data released Thursday.

While 74.9 percent of respondents to the Census Bureau's survey of small businesses applied for a forgivable loan through the Paycheck Protection Program (PPP), only 38.1 percent received aid.

The PPP was created through the Coronavirus Aid, Relief and Economic Security (CARES) Act to help small businesses closed or suffering during the pandemic retain their employees and keep them off of unemployment insurance. The program offers loans intended to cover eight weeks of payroll and 25 percent of overhead costs, and can be forgiven up to 100 percent if spent according to those terms. Read more at THE HILL

Survey: 3 in 4 PPP borrowers confused by loan's terms

  • Borrowers who receive Paycheck Protection Program (PPP) loans must retain their PPP documentation for six years after the loan is forgiven or paid in full, the Small Business Administration (SBA) said in updated guidance it released well after the close of business Friday, along side the Treasury Department, adding that it may review PPP loans "of any size at any time in SBA's discretion."
  • Almost three-quarters of PPP loan recipients found it very or somewhat difficult to understand the loan's terms and conditions, according to a National Federation of Independent Business poll of its members.
  • That same sentiment - along with waning interest in the loan program - is prompting some banks to stop accepting new PPP loan applications.

Read more at BANKING DIVE



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