Financial Affairs – Dr Jimmi Rios Fri, 11 Jun 2021 21:10:23 +0000 en-US hourly 1 Financial Affairs – Dr Jimmi Rios 32 32 Charlotte Woman charged with COVID-19 Aid Loan Fraud Tue, 09 Mar 2021 10:56:47 +0000

CHARLOTTE, NC – A 24-year-old Charlotte woman on trial by a federal grand jury first appeared in court this week after she was accused of fraudulently obtaining a COVID-19 emergency loan of US $ 150,000 Received dollars from the US Small Business Administration and then shopped at numerous retail stores.

Jasmine Johnnae Clifton, 24, was charged by the grand jury on February 17 with referral fraud related to disaster benefits and fraud related to disaster or emergency benefits. Each charge comes with a maximum prison sentence of up to 30 years and a possible fine of up to $ 1.25 million, according to the US Attorney’s Office for the Western District of North Carolina.

At the center of the indictment, according to the indictment, is the online retail store Jazzy Jas LLC, which Clifton founded in April 2019.

“On July 24, 2020, Clifton filed a fraudulent loan application for Jazzy Jas with the SBA, even though the company had been liquidated by Clifton a few months earlier,” the DOJ said. “As a result of the fraudulent application, which contained false revenue statements and a fraudulent tax document, Clifton received $ 149,900 in disaster relief funds to be made available to an existing business hit by the COVID-19 pandemic.”

Clifton received the money in August when it was sent directly to her bank account and then reportedly used it to shop at numerous retail stores including Nordstrom, Ikea, Neiman Marcus, Rooms To Go, Louis Vuitton, Best Buy, and several diamond stores. said DOJ.

“The charges in the indictment are allegations. The defendant is presumed innocent unless his guilt is proven beyond doubt in a court of law, “the DOJ said.

After appearing in court on Monday, Clifton was released on bail.

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A changing tide in the bankruptcy exemption of certain student loan debts Tue, 09 Mar 2021 10:56:47 +0000

On August 31, the US 10th District Court of Appeals issued its opinion In right McDaniel, Case No. 18-1445, which is a significant departure from the popular belief that student loan debts cannot be paid in bankruptcy and which, when prosecuted by other courts, will have a dramatic impact on bankruptcy law and its current practice could.

The McDaniels filed for voluntary Chapter 13 bankruptcy, announcing, among other things, that they had state-insured student loans as well as a number of private student loans with Sallie Mae, Inc. (now Navient). During their Chapter 13 bankruptcy, the McDaniels paid nearly $ 27,000 for the $ 200,000 they owed Navient. Upon completion of their budget payments, the bankruptcy court issued an order granting the McDaniels debt relief, but did not specify which debts were or were not paid. As for student loans, the regulation simply stated that “most student loan debts” have not been paid.

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The Senate’s Covid Relief Act would make student debt relief tax-free Tue, 09 Mar 2021 10:56:47 +0000

Today the Senate is to vote on a new Covid aid package. The invoice includes a provision that makes student loan waivers tax-free between December 31, 2020 and January 1, 2026.

While the bill itself doesn’t provide for student debt relief, the provision stands out as a potential sign that debt relief is a serious priority on the horizon.

“If the language is as broad as it seems, it would lay the foundation for any student loan issuance, including President Biden’s $ 10,000 proposalto be tax-free, “says university expert Mark Kantrowitz.” It also seems that forgiveness after 20 or 25 years in an income-oriented repayment plan is tax-free. “

For example, if a borrower were to be forgiven $ 10,000 in student debt, they wouldn’t be taxed as if they had made an additional $ 10,000 that year.

House and senate Democrats have repeatedly urged Biden to “largely” Cancellation of up to US $ 50,000 in government debt by implementing regulation, one approach Senate Majority Leader Chuck Schumer reiterated, Biden is to take on during his first 100 days in office.

But Biden has repeatedly denied the idea of ​​debt relief of up to $ 50,000, stating that he will and would only support up to $ 10,000 in debt relief prefer Congress to draw up the legislation.

This backlash against his own party leaders has raised concerns among student debt relief advocates and skepticism among borrowers hoping for relief.

Although a majority of US adults support federal student loan issuance, according to a recent survey by student guide platform OneClass Only 13% of current college students expect student debt relief Policy of the new government.

“The federal government has a disappointing track record of relieving student borrowers under the previous administration,” said Richard DeCapua, vice president of academic affairs at OneClass. “While there are influential Democrats out there who are calling for the loan waiver, students in general still don’t believe that this relief will come anytime soon.”

Another factor that can affect the timing and likelihood of student debt forgiveness is how smoothly new officials from the Ministry of Education come to power.

Mark Brown, head of federal student aid, resigned on Friday. Brown, a retired major general in the U.S. Air Force appointed by former Education Secretary Betsy DeVos in March 2019, shared the announcement in a video message sent to his staff, saying, “As I step aside, I appeal You to do whatever is necessary to support the political elements of the current government. “

Do not miss:

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Apple’s new App Store policies apply to streaming game services and in-app purchases Tue, 09 Mar 2021 10:56:47 +0000

Apple has announced a variety of changes the App Store Review Guidelines today after several major controversies on the App Store in the past few months. The new guidelines and updates cover areas such as in-app purchases, streaming game services, and personal loan applications.

Apple says the goal of the new Guidelines 3.1.2 and 3.1.3 is to provide additional transparency about the types of applications required to use Apple’s in-app purchase system. There is one specific clarification regarding in-person experiences that have been put to the test as companies move to virtual courses and experiences amid the COVID-19 pandemic.

Apple says developers can use purchase methods other than in-app purchase if an app enables real-time, real-time, personal experience purchases between two people, such as buying a car. B. fitness training, medical advice or property visits. Apps that offer one-to-few or one-to-many real-time experiences must use in-app purchases, according to Apple.

Additionally, reader applications related to in-app purchases may now offer account creation for free tiers as well as account management functions for existing customers. Free apps that serve as a standalone companion to a paid web-based tool, such as B. Email Services and Web Hosting, no need to use in-app purchases as long as no in-app purchases are made.

Elsewhere, Apple’s new guidelines focus heavily on streaming game services and formalize expectations for those services should they choose to be available on iPhone and iPad. This should apply to services such as Microsoft’s Xbox streaming gaming platform and Google Stadia, although Apple does not specifically target specific services with these guidelines.

Streaming games are allowed as long as they adhere to all guidelines – for example, every game update must be submitted for review, developers must provide appropriate metadata for searching, games must use in-app purchases to unlock features or functionality, etc. Of course , there are always the open internet and web browser apps to reach all users outside the app store.

Apple explains that each streaming game must be sent to the App Store as an individual application so that it has an App Store product page, appears on charts and in search, and can be integrated with other iOS features and experiences. However, businesses can offer a catalog application that contains links to the App Store versions of all the games available through their service.

For example, a company can offer 11 applications in the App Store: 10 games and 1 catalog. The catalog application would reference the 10 games available on the service through the app store, but the games and catalog app must adhere to different app store policies regarding in-app purchases. Apple states that streaming game services “must offer users the option to pay for a subscription via in-app purchase.”

Apple says:

  • Each streaming game must be submitted to the App Store as a single app so that it has an App Store product page, appears on charts and in search, has user ratings and reviews, can be managed with ScreenTime and other parental control apps the user’s device, etc.
  • Streaming game services may offer a catalog app on the app store to help users sign up for the service and find the games on the app store, provided the app adheres to all guidelines, including the ability to subscribe with in . to pay -App purchase and use Sign in with Apple. All games included in the Catalog App must be linked to a single App Store product page.

The new guidelines for streaming game services will come after that Microsoft has criticized and accused Apple the company for its decision not to bring its xCloud streaming games service to the iPhone and iPad. The new guidelines formalize Apple’s requirements for the streaming games category and provide a way forward for businesses like Microsoft and Google to bring their services to the iOS ecosystem, provided that the in-app purchase system is used.

While the details are still a bit unclear here, it appears that the game you download from the App Store can essentially be a “wrapper” and the actual game will be streamed over your internet connection. Essentially, you’d download the “game” from the App Store, sign in with an existing account, or sign in through Apple’s in-app purchase system, and then play the game from the company’s servers.

There are also new guidelines for app clips, a new feature in iOS 14:

App clips, widgets, extensions, and notifications should relate to the content and functionality of your app. In addition, all App Clip features and functionality must be in the main app binary. App clips cannot contain advertising.

Finally, Apple is also taking action against applications that offer personal loans. Apple says apps that offer personal loans must clearly disclose all loan terms, including things like the maximum annual percentage and the due date of payment. Apps are also not allowed to charge a maximum APR of more than 36% and may not need to be repaid in full in 60 days or less. Apple says these changes are related to personal loans with the Military Credit Act.

The full app store rating guidelines are available at Here is the Apple developer website.

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Stocks close near the daily high; Auto stock decline for the fifth day Tue, 09 Mar 2021 10:56:46 +0000

Key equity benchmarks rose and ended near the daily high on Tuesday, led by a rally in banks and financials. The Nifty closed just above the 15,000 mark. Metal and pharmaceutical stocks corrected.

According to preliminary closing data, the S&P BSE Sensex barometer index rose by 584.41 points or 1.16% to 51,025.48. The Nifty 50 index added 49.1 points, or 0.33%, at 15,005.30.

The mood was lifted by positive global signals. US Dow Index Futures rose 191 points, suggesting a positive opening for US stocks on Tuesday. A decline in US bond yields also boosted equity markets.

The broader market ended up lower. The S&P BSE Mid-Cap Index lost 0.66%. The S&P BSE Small Cap Index lost 0.41%.

The sellers outnumbered the buyers. On the BSE, 1,266 stocks rose and 1,729 stocks fell. A total of 198 shares remained unchanged.

COVID-19 update:

The total number of confirmed COVID-19 cases worldwide was 11,71,64,167 with 26,00,073 deaths. India reported 1,87,462 active cases of COVID-19 infection and 1,57,930 deaths while 1,08,99,394 patients were discharged, according to data from the Government of India’s Department of Health and Family Welfare.

Sum index:

The Nifty Auto index slipped 0.41% to 10,464.25 after automotive registration agency FADA said car registrations were down in February 2021 compared to the same period last year.

The auto index fell 2.60% in five sessions, while the benchmark index Nifty rose 1.20% over the same period.

Ashok Leyland (minus 1.91%), Tata Motors (minus 1.88%), Bharat Forge (minus 0.98%), Hero MotoCorp (minus 0.45%) and TVS Motor Company (minus 0.640) fell.

Maruti Suzuki (plus 0.58%), Eicher Motors (plus 0.37%) and Mahindra & Mahindra (plus 0.12%) developed against the trend.

The Federation of Automobile Dealers Associations (FADA), the national umbrella organization of automobile dealers in India, said the total number of vehicle registrations fell 13.43% to 14.99,036 units in February 2021, from 17,31,628 units in February 2020

In February 2021, registrations of two-wheelers were 10,91,288 vehicles (minus 16.08% compared to the previous year), registrations of three-wheelers were 33,319 vehicles (-49.65% compared to previous year) and registrations of commercial vehicles were 59,020 vehicles (- 29.53% compared to the previous year)).

Compared to the same month last year, however, car registrations were 2.54.058 vehicles (plus 10.59% YoY). FADA said the passenger car growth was mainly due to last year’s low base as India started transitioning from BS-4 to BS-6 emissions standards. The waiting time for cars remained high for up to 8 months as the semiconductor shortage persisted.

Meanwhile, tractor registrations increased by 18.89% to 61,351 units in February 2021 compared to February 2020.

Shares in the spotlight:

Bharat Petroleum Corporation (BPCL) fell 4.60% to 445.50 rupees. The media reported that BPCL sold its own shares in a block deal and raised nearly Rs.7,000 billion.

BPCL said in a regulatory filing on Monday: “A subcommittee of BPCL’s board of directors has approved the sale of BPCL stock shares held by the BPCL Trust for Investment through an accelerated book-based offering of shares on the company’s on-screen trading platform Exchanges. The total number of shares on offer is up to 15,89,93,397 shares held by the aforementioned trust. ”

Praj Industries was up 1.97% to Rs 186.30 after winning a groundbreaking contract from HPCL to build a compressed biogas plant in Uttar Pradesh.

Indoco Remedies added 3.13% on Rs 285.25 after the drug company announced the launch of the brinzolamide eye suspension on Tuesday, 1% in the US market. The suspension is used to treat high pressure inside the eye due to ocular hypertension and open-angle glaucoma. According to IQVIA data, the US market size of this product is $ 184 million as of December 2020.

Manappuram Finance fell 1.01% to Rs 162.30. The company’s board of directors will meet on Friday March 19, 2021 to discuss the business plan and loan program including raising funds through the issue of non-convertible notes either through a public offering or on the basis of a private placement for the financial year 2021-22.

Aurionpro Solutions hit a 20% cap at Rs 100.50 after the company announced it had signed a strategic partnership with Future-Tech, UK, for data center design and consulting projects in India and South Asia.

Lemon Tree Hotels slipped 1.18% to Rs 42. The hotel chain has signed a license agreement for a future 80 room hotel in Biratnagar, Nepal under the brand name ‘Lemon Tree Premier’.

Inox Wind gained 0.58% to Rs 69.65. The company has a binding agreement with Integrum Energy Infrastructure for the delivery, construction and commissioning of 92 MW wind power projects with 2 MW (113 meter rotor diameter combined with 92 meter hub height) turbines with a Combination of turnkey full scope and limited scope signed delivery.

JMC Projects (India) rose 8.60% to Rs 85.20. The company has an agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of the Government of the Republic of Maldives, to design, finance and build 2,000 Signed social housing on the island of Hulhumale in the Maldives. The total value of this project is estimated at around US $ 137 million (approximately Rs.1,000 billion) and is expected to be financed through a loan from a multilateral funding agency.

PSP projects jumped 0.38% to Rs 480 after the company received a LOA of Rs 1,491.34 billion to build medical colleges and hospitals in multiple locations in Uttar Pradesh. In addition, the company has secured new work orders worth Rs. 25.58 crore for residential and institutional projects from various clients in Gujarat.

Global Markets:

Stocks in Europe rose across the board, while most Asian stocks rose on Tuesday. Shares were supported by a decline in bond yields, with the US 10-year Treasury yield dropping 1.6%.

Japan’s economy expanded more slowly than originally stated. The economy grew by an annualized 11.7% from October to December, weaker than the preliminary value of 12.7% annualized growth, which marks the second consecutive quarter of growth, cabinet data showed on Tuesday.

Meanwhile, People’s Bank of China Vice Governor Chen Yulu told the media that China’s money supply will only grow to match GDP growth, and the country’s central bank sees no need for larger ones in the next five years Stimulus measures.

In the US, technology-related stocks were sold in a major downturn on Monday that propelled the Nasdaq into correction and offset stocks that rose in hopes that the COVID-19 relief bill would hit $ 1.9 trillion will boost the US economic recovery. The Dow hit a record high intraday.

Investors will watch as the U.S. House of Representatives plans to pass a $ 1.9 trillion coronavirus relief bill starting this month to provide fresh aid to Americans. That follows after the Senate passed the law over the weekend. President Joe Biden is expected to sign it before the unemployment benefits programs expire on March 14.

US Treasury Secretary Janet Yellen said Monday the package will fuel a “very strong” US recovery and she does not expect the economy to overheat due to the increased spending.

Supported by Capital Market – Live News

(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)

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College student fear of debt affects job success Tue, 09 Mar 2021 10:56:46 +0000

According to a study by Israeli and US researchers, stress related to student loan debt means almost half of graduates from four major American universities cannot find full-time employment released At the beginning of this year in Journal of Applied Psychology.

The researchers found that fear of having to repay tens of thousands of dollars can lead to a lack of concentration during interviews, a lack of tracking of potential job offers, or acceptance of odd jobs rather than a methodical search for the right job.

The study was carried out jointly by researchers from Tel Aviv University, Cornell University, the University of Texas, Auburn University, and the University of Florida.

“Student loan debt is a major phenomenon in the United States, with approximately 61% of undergraduate degrees graduating with over $ 28,100 in debt. Although studies emphasize that holding student loan debt delays the transition to adulthood in marriage and home ownership, little is known about its effects on employment, ”the authors write. “The current study relies on resource conservation theory to argue that student loan debt is a major financial stressor for new entrants when looking for a job.”

To examine whether their theory was correct, the researchers focused on seniors during their final semester of college and followed them through to the first month after graduation – the time when many American students are in contact with potential employers and after jobs seek qualifications that suit them.

The results show that only 52 percent of new graduates accepted full-time employment (35 hours per week or more) immediately upon graduation.

Prof. Peter Bamberger of the Coller School of Management at Tel Aviv University says he and his colleagues hypothesized that the financial pressures associated with student loans could have two opposing effects.

This could have a positive effect and create additional motivation to find a good paying job and work to pay off debt. Or it could be negative if the financial pressures create psychological stress that is detrimental to the demanding job of job search.

The study included 1,248 students with an average student loan debt of approximately $ 28,000. They answered a number of questions: how much debt do they have, what financial pressure they are facing, what stress they are experiencing while looking for a job, how many hours per week they have worked at college during their last semester, and their employment status after graduation.

The results suggest a direct correlation between the level of debt and the financial pressure that leads to psychological distress – which in turn affects the effectiveness of the job search.

The greater the stress, the lower the chances of finding full-time employment after graduation. Previous studies indicate that this situation can later affect an individual’s earning potential. The presumed positive effect of increased motivation through financial pressure was marginal at best.

Bamberger concludes: “Our results have several practical implications: First, job-seeking students should actively take steps to reduce stress and conduct a methodical job search with long-term benefits, rather than looking for jobs that are quickly and easily available. Universities, for their part, should initiate stress management and job search workshops as well as financial planning programs to enable their students to have a more advantageous entry into working life. “

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Decklar Resources Inc. Announces Private Placement Tue, 09 Mar 2021 10:56:46 +0000

TORONTO, February 22, 2021 (GLOBE NEWSWIRE) – Decklar Resources Inc. (DKL-TSX Venture) (the “company” or “Decklar”) is pleased to announce that a total of approximately $ 4 million in private placement funding is in the final stages of closing that will enable the Company to continue operations to re-enter the Oza-1 well in the Oza oil field move forward in Nigeria immediately. The completion of this private placement is expected to provide sufficient funds to re-develop the Oza-1 well and resume oil production in the Oza oil field by the company’s wholly owned subsidiary in Nigeria, Decklar Petroleum Limited. The previously announced debt financing plans are in the final stages of completion, providing additional development finance for further operations and development drilling at the Oza oil field.

Private Placement of Common Shares

The Company has arranged a private placement to issue approximately 14.4 million shares of Decklar common stock at a price of $ 0.28 per share for total gross proceeds of approximately $ 4,032,000. The common shares to be issued in response to this private placement are subject to a four month trading restriction. The private placement is expected to complete by the end of February 2021, and upon issuance of the additional common shares, the company will have a total of 68,679,773 shares outstanding. The private placement is subject to the approval of the TSX Venture Exchange. The majority of these funds will be used to immediately proceed with preparations and operations for re-entry into well Oza-1. The rest of the funds will be used for general corporate expenses. The Company may pay certain independent parties a finder’s fee in cash and / or common shares of the Company in accordance with the policies of the TSX Venture Exchange.

Oza-1 well re-entry plans and status

Construction required for the Oza-1 well site is complete, including the rebuilding of the access road, construction of a concrete rig, concrete mud pit, buildings and other facilities necessary for reentry and drilling and management. A drill rig near the field has been contracted and will be relocated to the Oza-1 well in the near future and work will begin shortly thereafter to complete the planned re-entry into the Oza-1 well. The recently completed drilling platform will be used for both the reentry of Oza-1 and the first horizontal development well at the Oza oil field.

As previously reported, an export pipeline already exists connecting Oza oilfield production to the Trans Niger Pipeline (TNP) and leading to the Bonny Export Terminal, operated by Shell Production Development Company (SPDC). The infrastructure also available in the Oza oil field includes a LACT control measurement system, infield flowlines, distributors and a rental system for 6,000 barrels per day for early production. These production and pipeline facilities are designed to ensure that oil tested by Oza-1 re-entry and early production is promptly delivered and sold on an expedited basis.

This is a significant milestone for the company as it evolves from a junior development company to a revenue generating oil producer. Subsequent re-entries of wells and additional development drilling in the Oza oil field further support the company’s organic growth strategy.

Update on debt financing agreements

The due diligence required to complete the term debt agreed with a Nigerian bank and the trading subsidiary of a large multinational oil company in Nigeria is more advanced, and the final report of the independent technical advisor who is responsible for reviewing reserve and production data as well as financial data was commissioned Forecasts were previously published and checked. The final loan documents are being finalized and nearing completion, with the Nigerian bank in the final stages of finalizing the formal legal arrangements. As previously announced, the remainder of the $ 7,500,000 subscription agreement with San Leon Energy Plc will remain in trust and will be released upon fulfillment (or waiver) of the final condition precedent, which is expected shortly.

Collectively, these funds will be sufficient for the Company to execute full field development plans that include re-entry and resumption of production from the remaining existing Oza wells in addition to new horizontal wells and development wells at the Oza oil field.

For more information:

Duncan T. Blount
CEO Telephone: +1 305 890 6516

David Halpin
VP Finance, Decklar Petroleum Telephone: +1 403 816 3029

Investor Relations:

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Warning language

Certain statements and information made herein constitute “forward-looking information” (within the meaning of applicable Canadian securities laws). All statements in this press release, except for historical facts, including statements regarding the company having met all outstanding conditions precedent to complete the transaction with San Leon, are forward-looking statements. Such statements and information (collectively, “forward-looking statements”) address future events or the company’s future performance, business prospects or opportunities.

All statements that are not historical facts may be forward-looking statements. Any statements that express or include discussion of any predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, with words or expressions such as “seek,” “anticipate,” plan “,” continue “,” estimate “,” expect “,” may “,” will “,” project “,” predict “,” potentially “,” aim “,” intend “,” could “,” might ” , “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from the expectations in such forward-looking statements. The company believes that the expectations reflected in these forward-looking statements are reasonable, however no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be relied on inappropriately. The company does not intend and does not assume any obligation to update these forward-looking statements, unless this is required under applicable law. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual facility performance , Availability of funding on reasonable terms, availability of third party vendors, equipment and procedures related to specifications and expectations and unexpected environmental impacts on operations. Actual results could differ materially from those expressed or implied in such forward-looking statements.

The company makes no guarantees that forward-looking statements will prove to be correct, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. The company undertakes no obligation to revise or update these forward-looking statements after the date of this document, or to revise them to reflect the occurrence of future unforeseen events, except as required by applicable securities laws.

]]> 0 Pandemic slowed membership, loans at the lowest growth rate in years | Journal of the credit union Tue, 09 Mar 2021 10:56:46 +0000

New data from the CUNA Mutual Group provides a first full picture of how credit unions performed in 2020.

The company’s Credit Union Trends Report for February includes information through December last year showing how the industry has performed amid the pandemic and economic downturn.

Credit unions’ credit balances rose just 0.2% in December, down from the 0.8% reported in December 2019. Much of this was driven by credit cards (1.1% growth) and fixed-rate mortgages (1% growth), although credit card growth was slower than usual, reflecting consumer caution even during the holidays, the report said.

Total loan balances for the year increased 5%, compared to the 6.5% growth in the previous year and well below the 9% growth rate in 2018. Annual loan growth has not been as low since 2012 when loans were changed scarce. grew 5.2%, and CUNA Mutual is also forecasting 5% growth in 2021, followed by an 8% rate in the next year.

The bright spot for the year was home lending, which was up 7.9%, up 10 basis points from 2019 but below the 9.5% in 2017. Initial fixed rate mortgages rose a whopping 14.2%, CUNA Mutual reports the best growth rate since the 17.6% in 2008 at the height of the real estate bubble. The refinancing boom has seen a decline in other mortgage products, CUNA Mutual said, with second mortgage volume falling 12.7% and home equity loans falling 4.4%.

First-time mortgages now account for 33.7% of all credit unions, the highest sum in the industry’s history. Nevertheless, there is still a lot of room for improvement, according to the company. Only 2.5% of members have a mortgage with their credit union.

Credit unions and other financial institutions saw deposits grow significantly over the past year due to lower consumer spending and government stimulus measures. CUNA Mutual reported that the industry ended the year with deposit balances up 20.6%, more than double the 8.2% increase in 2018.

“Expect the savings rate to rise again in the first half of 2021 based on the recent $ 600 stimulus check and another $ 1,400 stimulus payment sometime in the second quarter,” CUNA Mutual chief economist Steve Rick wrote in the report . “Consumers typically use 80% of their stimulus payments to either pay off debts or build up their precautionary savings. Therefore, these cyclical controls will continue to significantly reshape the balance sheets of the credit unions in the direction of higher investment as a percentage of assets and lower credit as a percentage of assets.

According to CUNA Mutual, membership growth has also increased more slowly than it has been in six years. The credit unions took in only 3.8 million consumers in 2020. Much of this decline was due to the pandemic-induced decline in consumer demand and the slowdown in employment growth.

Things are not expected to improve much this year, the company added. Membership numbers are expected to grow only about 3% in 2021, below the most recent five-year average of 3.7%, with the slowdown in the coming months mainly due to the end of the refi boom and subdued growth in consumer credit.

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The Dutch restaurant owner warns: Without more traffic, the shop will be closed Tue, 09 Mar 2021 10:56:46 +0000

HOLLAND – A local restaurant has told its followers that it will have to close if it doesn’t start doing regular business soon.

Low Carb Grill, 1180 Washington Ave. in Holland what opened by Laurie Penninga in May 2020. The health-conscious restaurant opened six weeks later than expected and then struggled to find customers amid an unprecedented nationwide dine-in shutdown.

“We’re getting a lot of customers from Grand Rapids and Jenison and Hudsonville,” said Penninga. “But since our dining room was closed, people didn’t want to drive that far just to eat in the parking lot. That was probably the toughest time.”

The Low Carb Grill is located at 1180 Washington Ave.  in Holland in the former Jus' Ribs building.

While Penninga was able to reopen its doors to customers in June, a second shutdown in November was devastating.

“I don’t have a big dining room,” she said. “But even if I lose just $ 100 a day, it adds up. Now that we’re open again, it helps. But people are still scared. It takes time to get to know a business and I have only been in business for 10 months. Add in a pandemic and the winter season and it just fits together. “

Penninga runs her restaurant with the help of a cook, a part-time employee and two of her daughters. She does the rest of it herself – including navigating through the pandemic regulations.

“We’ve had the Allegan County Health Department here several times,” she said. “I think because people don’t always know what the rules are. But they haven’t found anything wrong.”

Penninga has plexiglass on her counter and wears a mask when delivering food to customers at tables or vehicles. Your customers use online ordering, but are increasingly calling the restaurant directly.

“It used to be difficult to find time to answer the phone between car driving jobs,” said Penninga. “But it’s easier now. In retrospect, it was good that I had to improve my online presence right from the start. That forced me to move immediately.

Low Carb Grill specializes in pizza and zoodle bowls.  Everything on the menu is low-carb and gluten-free.

But on the financial front, things were far from smooth. Penninga was forced to fire one of her cooks as the pandemic persisted.

“We do everything in-house,” she said. “It’s difficult because if you want to prepare your own food you need a very good cook. I can’t do that myself. And if I can’t pay him, I’ll have to go out of business. We’re hanging by a thread. It was really tough. “

Penninga posted a plea to your followers Friday March 5th.

“This is not a joke,” she wrote. “The low carb grill is going to go out of business soon if we don’t get more business as soon as possible on a regular basis.”

Penninga said sales spiked on the Friday and Saturday following the release – but that enthusiasm must keep the doors open.

“I love you all and I want to be here for a long time,” she wrote on Facebook. “I’m moved to tears to type this.”

Penninga added that as a new venture, it would be difficult to get financial assistance through government-funded loans such as the Paycheck Protection Program.

“You could only make money with the second round if you had 25 percent less sales in each quarter compared to 2019,” she said. “If someone wasn’t in the business, they couldn’t get that loan. I could get the first, but it wasn’t much.”