April 14 , 2020
AFSPA Partner


U.S. economy will eventually reopen but with big changes: Kudlow

WASHINGTON (Reuters) - The Trump administration is aiming to reopen the U.S. economy when the nation's top health experts give the go-ahead, but Americans' lives will be drastically different, White House economic adviser Larry Kudlow said on Tuesday.

Even when people in the United States return to work and school, they will likely have to stay home when they have signs of sickness, face more widespread and ongoing testing and submit to routine temperature taking, he told Politico in an interview

"We are aware that things are going to be different," he said. "That's going to be a new feature of American life. And I don't know how quickly that gets up and going, but it's going to be very, very important because we obviously want to prevent any recurrences."

It remains unclear when the country, which remains largely shuttered amid the ongoing outbreak that has crushed the economy, will resume more normal operations as a number of states approach their potential peak number of cases amid federal guidelines to isolate until the end of April.
Read more at REUTERS

AFSPA Partner


Sign Of Times: Pawn Trade Brisk

CHICAGO (WBBM NEWSRADIO) -- A sign of how the economy is doing can often been seen at a pawn shop, and one owner says he's been busy.
Unemployed people have been lining up outside of the Royal Pawn Shop in downtown Chicago, says owner Randy Cohen.

"They have no cash now," he told WBBM Newsradio's Jennifer Keiper Wednesday.

During the coronavirus-related shutdown, Cohen said he's been going into the shop to primarily make loans and help people get their stuff out of pawn.

One transaction involved a dental bridge.
Read more at WBBM Newsradio


Consumer Financial Protection Bureau Announces Guidance on Remittance Transfers During COVID-19 Pandemic

WASHINGTON, D.C. - Today the Consumer Financial Protection Bureau (Bureau) took steps to ensure that consumers will be able to continue to send remittance transfers without disruption during the COVID-19 pandemic.

The pandemic is having a significant impact on consumers' finances, both here and around the world, and many consumers rely on remittance transfers to send money from the United States to their families and friends abroad. In order to minimize the impact of the pandemic on the remittances market, the Bureau issued a policy statement that will enable insured institutions to continue to focus on the immediate needs of their customers by taking a flexible approach to the Bureau's supervision and enforcement of remittance transfers.



Credit unions are 'going to see auto lending die' because of coronavirus

Auto lenders are bracing for one of their largest hits ever because of the coronavirus.

Car loans are a significant source of revenue for credit unions, making up about a third of the industry's $1.1 trillion in loans in the fourth quarter, according to the National Credit Union Administration's 2019 annual report.

Because of that, the anticipated slowdown related to the current pandemic is likely to inflict a certain amount of pain on a large number of credit unions.

"You're going to see auto lending die," said Bill Handel, vice president of research at Raddon, a research firm that's part of Fiserv. "We believe [that] because people just aren't making those purchases."


REPAY Announces Partnership with TurnKey Lender. by Kristen Hoyman

ATLANTA-Apr. 8, 2020- Repay Holdings Corporation (NASDAQ:RPAY) ("REPAY"), a leading provider of vertically-integrated payment solutions, today announced its partnership with TurnKey Lender, a cloud-based lending software for evaluating borrowers, decision-making support, and online-lending process automation. REPAY and TurnKey Lender both serve the lending marketplace in the United States and Canada.

The integration between REPAY and TurnKey Lender will enable credit unions, finance companies, and lenders to fund loans 24/7 and subsequently accept loan payments via card and ACH directly through the TurnKey Lender platform as well as consumer-facing payment channels, including Interactive Voice Response (IVR)/phone pay, text pay, mobile apps, and white-labeled online portals.

"We believe our partnership with TurnKey Lender will create major efficiencies in loan servicing, payment collection, and reconciliation processes," said Susan Perlmutter, Chief Revenue Officer of REPAY.

Read more at REPAY


New Data Reveals How Americans Plan to Use Their Stimulus Money

COVID-19 has been wreaking utter havoc on the U.S. economy since cases started spreading in March. Now, millions of Americans are unemployed, and a large number of small businesses are shut down, perhaps permanently.

Thankfully, President Trump approved a $2 trillion stimulus package that includes, among other provisions, a one-time $1,200 payment for qualifying adults whose income falls below a certain threshold. And while those payments aren't set to hit recipients' bank accounts for a number of weeks, Americans are already making plans to put that money to good use. Here's what they intend to do with that windfall, according to a new survey by Crediful.

1. Buy essentials
A good 46.8% of stimulus recipients say they'll use that money to buy groceries, and 46.4% say they'll spend it on bills and utilities. Furthermore, 16.3% say they'll use the cash for toiletries and hygiene products, while 13.3% say they'll buy health or medical supplies.
Read more at MOTLEY FOOL


The Bank Account Validation Suite

Bank Account Validation (BAV), a comprehensive suite of instant and near real-time data services, assists financial institutions with identity validation, fraud detection, compliance and risk. The suite offers the ability to establish account ownership, current balance, status and the funds availability of a consumers' bank account. Financial institutions use the BAV suite in application, underwriting and ongoing customer management, to improve their payment processing KPI's and ensure regulatory compliance.

Account Validation

A financial institution needed to find an alternative method to provide consumers and businesses with a secure, convenient capability to validate bank accounts during their enrollment process. Incorporating the Bank Account Ownership Validation service enabled the financial institution to reduce many manual, ad hoc processes of verifying ownership, and confidently mitigate administrative concerns with ownership of bank accounts supplied from their customers.



Louisiana Ranks 14th for Loan Search Interest During Pandemic

The coronavirus pandemic could affect the global economy directly by affecting production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. US business has either closed down or laid off workers.

In March, more than 10 million Americans lost their jobs and applied for government aid, according to the latest Labor Department data.

With a record 10 million Americans losing their jobs in March and government assistance checks likely to start going out this week or next, WalletHub today released its report on the States Where People Need Loans the Most Due to Coronavirus.

Greater interest in getting a loan indicates that more people in the state are struggling to make ends meet.

Dreher Tomkies LLP

One-Third of American Renters Impacted by COVID-19 Did Not Pay Rent in April: Report

The novel coronavirus outbreak in the U.S. has seen nearly 30 percent of Americans not pay their rent through April 5 due to the impact of the pandemic. Around 69 percent made their rent payment through the same period, according to a report from the National Multifamily Housing Council (NMHC).

The NMHC's review of data collected from 13.4 million apartment units in the U.S. revealed a 12 percent decrease in the number of apartment households that paid rent, compared with last month, which saw 81 percent pay their rent through March 5. Around 82 percent were reported to have paid rent around the same time last year, NMHC reports.

"The COVID-19 outbreak has resulted in significant health and financial challenges for apartment residents and multifamily owners, operators and employees in communities across the country," said the president of NMHC, Doug Bibby.
Read more at NEWSWEEK


Coronavirus PPP loans leave small firms confused, wary and rushing to secure cash to survive

America's small businesses are racing against the clock to survive the economic devastation wrought by the coronavirus pandemic as they await hundreds of billions of dollars in federal loans.

Many firms are still struggling to apply for the money as they face technical glitches and confusion about lending terms. Hundreds of thousands of others have gotten approval but still haven't received funding. Still others are hesitant to apply without knowing what their businesses will look like when the outbreak eases and they reopen, possibly by summer.

Meanwhile, the clock is ticking and their cash is dwindling.

"I think it's really dicey for all small businesses right now," says Amanda Ballantyne, executive director of the Main Street Alliance, a small business advocacy group. For many with fewer than 25 employees, "It's really like days, not weeks" before their cash reserves are depleted.
Read more at USA TODAY


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