September 3, 2020
The IRS has partnered with AFSPA to assist in an ongoing effort to bring information, research, data and education to the unbanked and underbanked population of America.

Let your customers know!

The IRS has asked for immediate assistance in finding the millions of Americans that are eligible for, but are unaware they qualify for or how to receive, the $1,200 'Economic Impact Payments' or 'stimulus checks'.

The deadline to receive these payments is October 15, 2020

Interest Rates for Personal Loans Are Near All-Time Lows

A lot of people don't put much thought into borrowing money until they actually need to do so. But if you're in a financial crunch, you may need an affordable way to borrow money. And a personal loan may be the right solution for you.

You can use a personal loan for any purpose and you qualify based on your credit score and other factors. The better your credit, the more favorable the rate you're likely to snag. And of course the lower your personal loan interest rate, the more affordable that loan is to pay off.

Here's some good news in that regard: Personal loan interest rates are near an all-time low, according to new research by The Ascent, so now may be a good time to apply for one if you have a need.
Read more at THE MOTLEY FOOL

AFSPA Partner


Pawn shops feeling the COVID-19 pinch

Before there were credit cards or even banks, pawn shops were a quick way to exchange or borrow goods for cash.

"Pawn brokers write collateral loans against an item of value for for their customers."

Cyndee Harrison of the National Pawnbrokers Association says when the person wants the item back, they simply pay back the loan plus interest.

But like business all across the county, some are hurting thanks to the coronavirus.
Read more at KXNET

AFSPA Partner

Wells Fargo fast-tracks launch of no-overdraft-fee bank account

  • Wells Fargo launched a new no-overdraft fee bank account Tuesday, ahead of schedule. The Clear Access Banking account is one of two limited overdraft fee products the country's fourth-largest bank, announced in March, and originally said would be available in early 2021.
  • The launch of the checkless account is part of Wells Fargo's broader effort to simplify its products and services and replaces two existing accounts, Teen Checking and Opportunity Checking, said Erin Constantine, Wells Fargo's head of consumer deposits for consumer and small business banking. The account has a $5 monthly fee, which is waived for primary account owners under age 25.
  • "When we decided that we were going to try to deliver for our customers this year, everything started falling into place," Constantine said. "We're excited that we were able to launch this so much quicker than we had originally anticipated."

Read more at BANKING DIVE


CFPB California Style: New Name Is Just The Start For A Much More Powerful Regulator. by Morrison & Foerster LLP

California has become the latest state to create its own mini Consumer Financial Protection Bureau (CFPB). As part of the 2020-21 budget, Governor Gavin Newsom set in motion a reorganization and significant expansion of the authority of the California regulator, the Department of Business Oversight (DBO). This reorganization includes:

  • a new name (Department of Financial Protection and Innovation);
  • greatly expanded examination and enforcement resources; and
  • a new law (California Consumer Financial Protection Law or CCFPL) that gives the regulator unfair, abusive, or deceptive acts or practices (UDAAP) and other authority mirroring the CFPB's authority under Dodd-Frank Act Title X.

This reorganization and expansion of the state banking agency is the latest in California's attempts to lead the way in state consumer protection. Governor Newsom specifically called out the Trump administration in identifying the need for these changes, and he and others consulted with former CFPB Director Richard Cordray on the legislation.
Read more at Morrison & Foerster LLP


Main Street looks to Congress for new lifeline as pandemic impact lingers on

  • Small business owners are running out of time.
  • NFIB data show that one in five small busineses say they may have to close their doors if economic conditions don't improve in the next six months.
  • Many have used their Paycheck Protection Program loans and are hopeful more aid will be made available.

As stimulus talks remain deadlocked in Washington, the situation on Main Street is becoming increasingly dire.

The window to apply for new Paycheck Protection Program loans has expired and many who have accessed loans have used the funding. As businesses operate with limited capacity due to Covid-19 restrictions, new data show many anticipate more aid will be needed or the sector's decimation will continue. Read more at CNBC


NEBRASKA: Lawsuit seeks to invalidate ballot measure capping payday loan rates after signatures withdrawn

The Nebraska secretary of state said an effort to put a ballot initiative capping payday loan interest rates at 36% before voters gained more than 9,000 additional signatures than was needed under state law.

The petition drive organized by Nebraskans for Responsible Lending submitted 120,000 names to Secretary of State Bob Evnen in late June.

Of those, 94,468 signatures were verified by county election officials - 110% of the number needed - including 5% of registered voters in 46 of Nebraska's 93 counties, leading Evnen to certify the measure for the Nov. 3 ballot.

But a lawsuit filed Monday in Lancaster County District Court alleges the number of registered voters who have withdrawn their signatures means the petition drive no longer has 5% of support in the requisite number of counties.
Read more at The Lincoln Journal Star


Most Telemarketer Fees to Access the FTC's National Do Not Call Registry to Increase in FY 2021

The Federal Trade Commission has announced FY 2021 fees for telemarketers accessing phone numbers on the National Do Not Call (DNC) Registry. Most of the annual fees will increase slightly from FY 2020, and are set forth in a proposed Federal Register notice.

All telemarketers calling consumers in the United States are required to download the numbers on the National DNC Registry to ensure they do not call people who have registered their phone numbers. The first five area codes are free to download, and organizations that are exempt, such as some charitable organizations, may obtain the entire list for free. Telemarketers must subscribe each year for access to the Registry numbers.
Read more at Federal Trade Commission


New NY law requires employers to give sick leave to all workers; here's what you need to know

Syracuse, N.Y. - A new state law requires private employers in New York to provide at least 40 hours of sick leave each year to all their workers, including part-timers.

The sick leave requirement, modeled after one in place in New York City since 2014, guarantees for the first time that the vast majority of workers in the state have the right to paid sick time when they or a family member is ill. It also prohibits employers from firing workers for taking sick time.

Many employers in New York provide sick time for full-time employees, but part-time workers are much less likely to receive the benefit.

The Community Service Society, a New York City organization that advocates for low-income New Yorkers, estimates that the new law will benefit 1.3 million workers - many of them low-wage, part-time employees - who are not now provided sick time by their employers.
Read more at SYRACUSE.COM

Dreher Tomkies LLP

IRS urges employers to choose carefully when selecting a payroll service provider

WASHINGTON - The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills.

Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer's behalf and filing required payroll tax returns with state and federal authorities.

"A business doing everything else right can suddenly find its future in doubt if it falls victim to an unscrupulous third party that fails to make the required payroll and withholding deposits," said IRS Commissioner Chuck Rettig. "We want to encourage all employers to understand their obligations and choose wisely when it comes to selecting a trusted payroll service to carry out this critical function. This is especially important right now as businesses face unique challenges because of the pandemic."



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