Stamp duty holiday to be extended until end of June, claims leak

first_imgHome » News » Housing Market » Stamp duty holiday to be extended until end of June, claims leak previous nextHousing MarketStamp duty holiday to be extended until end of June, claims leakNational newspaper says its sources have revealed a three-month extension to the SDLT zero-rate extension, due to expire 31st March.Nigel Lewis24th February 202103,863 Views Chancellor Rishi Sunak is expected to announced a stamp duty extension to the end of June in his budget speech next week, it has been leaked.The Times has reported this morning that Sunak wants to keep the property market in good shape as the economy emerges from its Covid deep freeze.This will be good news for the thousands sales currently going through the conveyancing process at the moment. Rightmove estimates an additional 300,000 property transactions in England could benefit from the tax saving of an extended holiday, based on previous HMRC data.“Currently, Rightmove estimates that 100,000 buyers who agreed a purchase last year are set to lose out, if the deadline stays as 31st March,” a spokesperson says.RoadmapMoving the stamp duty holiday ‘cliff face’ to June 30th would also align the market with the final easing or restrictions announced by Boris Johnson in his roadmap announcement on Monday.The leaked announcement ahead of the 3rd March budget announcement also suggests that the Ministers have been listening to the industry.Agents, conveyancers, surveyors, lenders and removal firms have all been warning since the New Year that the logjams in the sales progression process were due to deny hundreds of thousands of home buyers their chance to enjoy the zero-rate for homes bought under £500,000.A parliamentary e-petition which has now garnered some 150,330 signatures, an unprecedented number for a property-related campaign of this kind, also prompted many MPs to call on the chancellor to exend the measure after March 31st.What agents say…Dominic Agace, chief executive of Winkworth (pictured) says: “This is great news, as it helps all those who, through no fault of their own, were set to face unexpected costs arising from a deadline set two lockdowns ago.“This will ensure the property market maintains its positive influence in the economy in the tricky next few months as we start a sustained Covid recovery.  I do hope that longer term stamp duty reform isn’t forgotten. Ultimately, the property market needs longer term reform as well, to ensure it is a healthy functioning market, allowing people to achieve their aspirations and supporting the economy in the long term.”Mark Hayward, Chief Policy Advisor, Propertymark comments: “Since the holiday was first announced we have continually worked to galvanise the industry and lobby Government to rethink these timings due to our concerns that a cliff edge in March could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid-19 slump.“However, extending the holiday until June will create another cliff edge.“We know from our own research that the majority of estate agents expect to see an increase in the number of failed sales if the stamp duty holiday ends at a cliff edge so we need Government to consider a tapered end to the holiday so that buyers aren’t forced to pull out at the last minute and the property market can continue to thrive.”Rob Houghton, CEO of reallymoving says: “This policy has been critical in keeping the housing market moving through the pandemic but I would urge the Government to restrict this extension to buyers already in the conveyancing process – so those who have had their offer accepted and appointed a solicitor to undertake the conveyancing work.“This gives buyers who began their homebuying journey in good time but have been subject to delays, a new window to complete.Marc von Grundherr of Benham and Reeves, says: “Thousands of homebuyers across the nation will be breathing a huge sigh of relief over the announcement to extend the current stamp duty deadline, having spent months on end waiting to complete with no finish line in sight.“That said, those currently working in overdrive to clear the backlog of transactions at the legal stages may feel differently, with many more months of long days now on the cards.Read The Times story (requires subscription). Chancellor Rishi Sunak stamp duty Dominic Agace winkworth February 24, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

OCTC’s “Little Shop of Horrors” to Have Big Impact on Audience

first_imgBy TIM KELLYPrepare to be amazed.According to stage veteran Michael Hartman, that is the only advice needed for audience members of the Greater Ocean City Theatre Company’s production of “Little Shop of Horrors.”“The talent level is pretty epic,” said Hartman, Ocean City’s special events coordinator who volunteered with the OCTC in preparation for the show.“It’s a fun show and is perfect for the Halloween season,” he said. It’s got a spooky feel to it.”The show takes place 7:30 p.m. on two nights, this Friday and Saturday, at the Ocean City Music Pier, on the Boardwalk at Moorlyn Terrace.The OCTC productions often take place at smaller venues. The move to the Music Pier is an opportunity for more folks to see the quality of the OCTC productions, and for the theatre group to step up to a larger-than-usual audience.Tickets are priced at $15 each and are available by calling 609-399-6111 or visiting the website sci-fi musical farce, one of the longest running off-off Broadway and off-Broadway shows in history, enjoyed wide mainstream success in 1986 when it was adapted for a film starring Rick Moranis. It’s the story of a nerdy flower shop employee who raises a plant that feeds on human blood and flesh.The show is the creation of the legendary team of Howard Ashman and Alan Menken, the minds behind such Disney powerhouse musicals as the Little Mermaid, Beauty and the Beast, and Aladdin.While “Little Shop” has enjoyed more of a cult following compared to those other hits, it has endured for a reason.“It’s really an entertaining show, and the music is great,” said Hartman.The show tunes are a mix of rock, R&B, doo-wop and gospel, giving the show a rollicking feel with something for everyone.The character Seymour Krelborn interacts with the flesh-eating plant, Audrey II.The story, too, is a fun one with the meek Seymour Krelborn, played by Ocean City High student Eric Wagner, nurturing his new breed of plant while he pines for his secret crush, flower shop co-worker Audrey, as portrayed by Ruby Doran, an Egg Harbor Township High School student.The plant, which he names Audrey II after the object of his affection, promises Seymour fame and fortune – with one condition: that the flower shop employee keep the plant fed with human flesh and blood.This causes the plant to grow and to require increasing amounts of nourishment. As the plot turns increasingly dark in a comic way, Audrey II begins to have its eye on its namesake, the real Audrey.Audiences familiar with the stage musical or the movie should come with high expectations, according to Hartman.The cast is made up of 25 of the best talent from local schools, including Ocean City, Egg Harbor Township and Upper Township.“The talent level of the young people is remarkable,” Hartman said. “It’s really hard for me to believe sometimes that they are middle school and high school kids.”The sets and props are also top-notch, he said, with sets by James Hartman (who just happens to be Michael’s father) and lighting by Tom Williamson and costumes by Laura Bretherick. Hartman is the choreographer, Andrew Hink the musical director. Director of the show is Brandon Monokian.As an indication of the production values, Hartman said the OCTC rented theatrical-quality puppets representing the various stages of growth of the Audrey II character, the bloodthirsty plant.“The smaller ones are arm puppets and the large one is a full-on body suit with a person inside,” Hartman said with a laugh.For Hartman, whose time constraints of his daily duties won’t allow him to work behind the scenes for most of the city’s entertainment events, the OCTC production allows him to volunteer his services and to work with and encourage theatre-minded kids.“It’s been fun for me,” Hartman said. “Working with kids is one of my first loves.”Erik Wagner and Ruby Doran, lead actors in “Little Shop of Horrors,” are shown at a recent rehearsal. Seymour Krelborn (Ocean City’s Erik Wagner) and Orin the dentist (Logan Brown of Egg Harbor Township) in a scene from the Ocean City Theatre Company’s production of “Little Shop of Horrors.” (Photos courtesy of Michael Hartman)last_img read more

Reporting in Embracing nanotechnology

first_imgFDF director of food safety & scienceInnovation is critical to the development of bakery firms, and nanotechnologies should be allowed to form part of a list of options available to the industry. Nanotechnology manipulates matter on an atomic or molecular scale. There is no need to create ’nano-hype’, suggesting wider potential than is currently the case, when the research is still in its infancy. But it is worth noting that nanotechnologies could improve packaging, processes and ingredients and benefit the baking industry and consumers.As with all new technologies, the technical hurdles are part of the challenge and consumer acceptance of potential new bakery products will require a very good understanding of the customer base and the development of credible and clear messages.Findings from the Citizens’ Forum on nanotechnology, published by the Food Standards Agency on 21 April indicate that acceptance of the use of nanotechnologies depends very much on the specific applications and perceived benefits. The responses also highlighted a preference for an ’n’ label for nano foods, which would need to be complemented by consumer education.A similar message emerged from the Public Attitudes to Science 2011 survey by the Department of Business Innovation and Skills, published on 2 May. Sir Paul Nurse, president of the Royal Society said keeping science behind closed doors was not an option, adding that “where issues are controversial, we have to find out what it is that bothers people and address those concerns”.So if and when bakery firms find suitable nano solutions for products, they will need to invest in both the product development and in the communication on what makes it healthier, last for longer or simply taste better.last_img read more

Dopapod Releases “Numbers Need Humans” Studio Video [Watch]

first_imgIn January, Dopapod officially announced their return after a yearlong absence with a headlining show on the historic stage of Port Chester, NY’s The Capitol Theatre on Saturday, April 27th, 2019.Now, the quartet has announced their forthcoming studio effort, Emit Time, due out on Friday, May 24th. Recorded during recent sessions in Philadelphia and Denver, Emit Time marks the follow-up to the band’s 2017 Megagem release. The band—comprised of guitarist Rob Compa, drummer Neal “Fro” Evans, bassist Chuck Jones, and keyboardist Eli Winderman—has a deep history dating back to 2007, with over 1,000 live shows under their belt.The writing process for Emit Time differed from Dopapod’s past efforts because each member brought songs into the sessions they had individually worked on during the hiatus, creating a more collaborative writing environment. In addition, lyrics were a group effort for the first time.On Friday, the band released a studio video from the recording of “Numbers Need Humans”, the lead single off of Emit Time, which premiered via Guitar World. “Numbers Need Humans” opens up with a funky groove out of Winderman’s corner before the quartet crashes into the song’s rockin’ main theme. Compa unleashes a series of explosive, gritty guitar solos, backed by Evans and Jones holding down a tight-knit rhythm.“We had a blast making Emit Time,” keyboardist Eli Winderman fondly shares. “Our first priority after getting the band back together was to spend time developing some new music that we each worked on individually throughout the year.”“The attitude [in Colorado] was great, and vibes were high during the multiple recording sessions for the record,” adds bassist Chuck Jones. “I believe I can speak for all of us when I say, we are very proud of and confident that this new album represents where Dopapod is now. Music is tight and hopefully, this release of some new and some old Dopapod music will be entertaining and enjoyable to listen to.”Drummer, Neal “Fro” Evans, enthusiastically adds, “Can’t wait to share this new record with the world. My hair curls right up just thinking about it! Compositionally, I think it represents a wonderful shift in the band and our outlook on things, keeping with our roots and moving forward and being efficient and (hopefully) smarter. Enjoy!”Watch Dopapod’s new studio video from the recording of “Numbers Need Humans” below:Dopapod – “Numbers Need Humans” (Studio Video)[Video: Dopapod]“Numbers Need Humans” is now available everywhere digitally, including iTunes and Spotify!You can grab your tickets to Dopapod’s comeback show at The Capitol Theatre on April 27th here.last_img read more

Professor explains history, significance of Basilica stained glass

first_imgTuesday evening, theology professor John Cavadini explored the history and artistry of the stained glass windows in the Basilica of the Sacred Heart. He spoke in the Andrews Auditorium of Geddes Hall as part of the University’s celebration of the 200th anniversary of Fr. Edward Sorin’s birth.Cavadini offered a theological and historical interpretation of information that he, his wife Nancy Cavadini and Cecilia Cunningham gathered. Cunningham, a former professor at Indiana University South Bend and Basilica tour guide, and Nancy Cavadini researched for a book together about the stained glass windows.Cavadini first discussed the history of the Basilica and how Sorin chose each piece of stained glass during the Basilica’s 13 years of construction. Sorin received the glass from a Carmelite monastery in France, which did its best work on the Basilica in attempt to expand into the North American market, he said. He encouraged the audience to meditate on the theological nature of light and how it relates to the glass.“The saints are those who, in Christ, are themselves light,” Cavadini said. “The light from light, incarnate in Christ.”Cavadini went on to link his thoughts on saints with Sorin’s “pedagogy” which could be found in the stained glass. All of the panels of stained glass depict the saints along with notable moments from their lives, he said, and each panel has an educational message for Notre Dame students.The stained glass panels along the nave of the Basilica include images of well-known saints such as Saints Patrick and Mary, the Mother of Jesus. There are also images of less-famous martyrs and some saints who did not actually exist, he said. However, Cavadini also said many of the panels are particularly indicative of Sorin’s pedagogy.Sorin almost equally combined the number of saints known for piety and contemplativeness with saints known for their great actions, Cavadini said. This pattern culminates towards the front of the Church with the juxtaposition of Mary Magdalene and Saint Martha, who brought Christianity to France.“[These images are] the union of action and contemplation, since Martha represents action and Mary represents contemplation,” Cavadini said. “So the life that Sorin wanted to uphold for the students that came into the Basilica was a life of action, a life of future leaders of all sorts, who were nevertheless dedicated to prayer and never lost their link with the contemplative life.”Cavadini said the stained glass in the transept at the front of the Basilica also held special significance. The east transept has a large window depicting a marvelous Pentecost scene, he said, while the west transept has a large window depicting the Dormition of the Virgin Mary.The window in the east depicts the beginning of the Church and is therefore illuminated by the sunrise, Cavadini said, while the window in the west is fittingly lit by the setting sun and reminds us of our ultimate destiny through the image of the end of Mary’s life on Earth. Cavadini said the transept is Sorin’s way of depicting the “pilgrim Church” on its journey from beginning to end.Cavadini said in conclusion that Sorin’s primary goal was to produce students who would become saints. He wanted Notre Dame to be a place that could educate young people to also be successful in their endeavors while achieving sainthood, he said.“Father Sorin asks us to imagine our lives not just as a career, but as a story, which God is writing with the light of his love,” Cavadini said. “And allow God to write that story, and you can then see the end of it.”Tags: Basilica of the Sacred Heart, John Cavadini, saints, stained glasslast_img read more

Centre College associate vice president explores diversity, inclusion

first_imgDr. Rodmon King, associate vice president of academic affairs and diversity initiatives at Centre College, spoke Tuesday at Saint Mary’s about diversity and inclusion.King began his presentation by discussing the importance of language. He said it is necessary that we have an understanding of the words we use while discussing diversity. “I think a lot about the indeterminacy of language, the ways in which I can say things.” he said. “When we talk about diversity I get worried that we fall into things like a fallacy of equivocation where we have sliding definitions. We use language in ways without having really thought about the meaning of the words that we’re using.”On the surface, King said, we may have a shared meaning of common words, but if we really dig down — we could have completely different conceptions of the same words. “When it comes to diversity we have an even greater problem,” he said. “There’s all kinds of things people think of when they think about the concept of diversity … institutionally it is important because if you’re not working with the same sort of conceptual framework in the upper administration as you are up and down the administrative latter, you will have a lot of motion but no progress.”King said diversity is not only about the variety of people in a group, but it is about the support those different groups receive. “Diversity is not about demographics, you can have all of these people and not get inclusion and support,” he said. “It’s not enough to open the doors of an institution without supplying networks of support.”Creating institutions that support diversity and inclusion is not an easy thing to do, King said.“It’s a tough, nuanced, danced, subtle thing to preserve elements of history and culture while still being innovative,” he said. In order to make the best decisions for any institution King said, there cannot be a room of like-minded thinkers. “You need to bring together people with a variety of different perspectives.” he said. “The worst way to make decisions is to get a homogeneous group or a set of like-thinkers together. Give them a task and they will not be as successful as a heterogeneous set of people.”King said in college institutions there seems to be a disconnect between the mission statement and the actual practice of supporting diversity on campus.“If you were to go over to HR and sit down and look at everyone’s job description, where would that part of the mission be clearly articulated as part of your job as a faculty member or a staff member? If [the mission] is going to part of the lived reality of community members, that is something that has to be addressed,” King said. King said change is not something that just happens and that no one has all the answers. But thinking about diversity in your part of the process can begin the change to inclusion.“It is more like battling an addiction to bias and privilege. Change may require us to do some difficult things, it my require and push upon our time in some ways, it may require us to shake up practices that have lasted for a long time,” he said.  “Think about your institutional structure because you’re all part of the institution. How are its processes set up intentionally and thoughtfully to address some of the deep things that are going to be barriers to success of diversity and inclusion?” Tags: Centre College, Diveristy, Rodmon Kinglast_img read more

Attorneys general settle with video rental chain

first_imgVermont Attorney General William H. Sorrell and 49 other state attorneys general have settled allegations of unfair debt collection practices involving consumer accounts at the now-bankrupt Movie Gallery, Inc., also known as Hollywood Video, a video rental chain that once had six outlets and over 27,000 members in Vermont.When Movie Gallery filed for bankruptcy in Virginia in 2010, its accounts receivable were assigned to a debt collection firm called National Credit Solutions (NCS). Consumers around the country began to complain that NCS was reporting negative credit information to credit bureaus without giving them an opportunity to challenge the debt, double-charging them for video replacements and late fees, and seeking to collect amounts that were not owed, among other practices.Under the settlement, the Trustee in the Movie Gallery bankruptcy will:Withdraw all previously submitted credit reports.Not submit any future credit reports.Not charge collection fees or interest on principal amounts owed by consumers.Not collect both late fees and video replacement charges for the same item, but only for the lesser of the two amounts.Not collect video replacement charges if they are the only fee owed for that transaction.Protect consumers in the future from abusive collection practices. May 6, 2011last_img read more

Evolving Policy in China Focuses on Clean Energy Incentives

first_imgEvolving Policy in China Focuses on Clean Energy Incentives FacebookTwitterLinkedInEmailPrint分享New York Times:China released plans on Tuesday to start a giant market to trade credits for the right to emit planet-warming greenhouse gases. The nationwide market would initially cover China’s vast, state-dominated power generation sector, which produced almost half of the country’s emissions from the burning of fossil fuels last year. If it works as intended, an emissions market will give Chinese power companies a financial incentive to operate more cleanly.The long-awaited announcement could bolster global efforts to combat climate change after President Trump signaled this year that the United States would back away from Obama-era promises to curb emissions. It could also serve as a big — though ultimately government-controlled — laboratory for such carbon markets, after earlier efforts in Europe and at the local level in China stumbled.The government did not issue a hard timeline, and regulations and other details still have to be worked out. But environmental groups that worked with the government said they could emerge in the next couple of years. “Everything is gradual, step by step,” said Li Junfeng, a senior government adviser on the carbon market plan.China’s announcement could also disappoint those who were hoping the long-promised emissions market would cover the country’s broader economy, the world’s second largest after that of the United States. China’s booming car culture, its industrializing agriculture sector and its huge chemical complexes, cement factories and steel mills are also big emitters.Still, environmental groups welcomed the move. Nathaniel Keohane, vice president for global climate at the Environmental Defense Fund, said the market for power-sector emissions alone would cover 3.3 billion tons of annual carbon dioxide releases. The European Union’s trading system encompasses about two billion tons of emissions.“This is like the Mount Everest of climate policy,” Mr. Keohane said. “It’s an incredibly ambitious undertaking.”China is reacting to pressure at home and abroad to clean up its act. Rising sea levels could devastate its heavily populated coast. The Chinese public is increasingly worried about broader environmental issues like urban smog, water quality and soil pollution.China has invested heavily in green technologies such as electric cars, wind turbines and solar panels.China’s emissions of greenhouse gases from the burning of fossil fuels like oil, coal and natural gas have nearly tripled since 2000, according to data from the International Energy Agency in Paris. The high tonnage partly reflects its huge population; Chinese emissions per person are still somewhat less than the average per capita figure in the United States, although the gap has been narrowing.Making solar panels in Hefei, China. The country has invested heavily in green technologies like electric cars, wind turbines and solar panels. Credit Adam Dean for The New York TimesUnder emission markets, power companies and others effectively pay for the right to pollute beyond a government-mandated limit. Those that cut their emissions could sell permits to pollute to dirtier companies, ideally at a healthy price.So far, such efforts have been underwhelming. Markets in Europe and at the provincial level in China have faltered because the authorities issued too many credits to existing polluters. That gave companies little reason to buy credits, or to cut their own emissions and sell the credits.More: China Unveils an Ambitious Plan to Curb Climate Change Emissionslast_img read more

Getting real about big data for the “main street” credit union

first_imgWhat’s The Hype About?The Big Data and Analytics movement says that a 5% uptick in customer loyalty – like compound interest – can add from 25% to 85% in profits. With numbers like that, it’s no wonder that Big Data and the services that go along with it are growing at a 26% CAGR through 2018 – a $41 billion market.Unlike some management fads that have come and gone, if you pull back the curtain on Big Data, you’ll find math, science and technology.How does Big Data work?When you sift through the hype, Big Data promises the opposite of chaos – high tech ways of finding patterns in data that reveal insights not otherwise detectable. Basically, just about every economic outcome you struggle with can be analyzed by algorithms probing reservoirs of data fed from internal and external sources.In order to find patterns in chaos, you need three things: algorithms, databases and people that know how to use them wisely. Big Data is no magician’s trick. Top talent is scarce, expensive and treated like rock stars. An entry-level data science analyst can earn a starting salary of $110-$120K.Big Data applications are everywhere and growing. Do a Google search on Big Data with these words – customer, pricing, loyalty, risk, ALM, lifetime value – or review topics at recent conferences of CUNA or BAI Retail Delivery on marketing, credit risk or payment fraud.The question isn’t whether Big Data is powerful or valuable, Wall Street and Silicon Valley have been pumping billions of dollars into Big Data startups. The question is how a community-oriented credit union can harness and use Big Data to improve performance or prevent unintentional mistakes from turning into regulatory nightmares.Big Data for Main Street Credit Union?Just as the CRM movement shifted away from its core concept – customer value – to massive investments in data warehousing, systems integration and sales force automation software, the big money behind Big Data is following a similar playbook.Thanks to technology advances, companies can store 25x more data per dollar than 10 years ago.It may be exciting to think what you could do if all the data you ever dreamed was put into one big pot. Ironically, the technology side of Big Data is probably the easiest part. The hard work is 1) figuring out the question Big Data will answer and 2) whether the insight is actionable, affordable and practical for your organization.Before you begin your Big Data journey, ask yourself these Big Data questions:What question can Big Data answer that would be a financial and strategic success? What’s the BIG IDEA you can’t figure out without Big Data?Have you tried segmenting your member base by life stage, profitability or key economic behaviors to identify opportunities for improvement? Have you compared your products and prices against your competitive peer group to identify opportunities and gaps?If you had perfect information about every possible action and reaction of your members’ behavior tomorrow morning – like the perfect weather forecast – how would you configure your resources, systems and staff differently in order to capitalize on it? Would the cost be justified?Can Big Data “scale” to the needs and culture of a small credit union? Absolutely YES, but we need to take a radically different approach since Big Data was designed and justified for large applications and large companies by large vendors.Let’s borrow a page from the entrepreneur’s playbook to innovation.Collaborate, Innovate, ExperimentFor the past year, CUNA and Informa Research Services have been collaborating with individual credit unions, CFO groups and state trade organizations on a practical R&D effort around pricing, margins and competitive positioning.“This collaborative, deep-dive approach Informa takes with credit union CFOs like me, our state association and other partners makes a lot of sense. I like the spirit of teamwork they bring and their focus on how real work gets done. The way they’ve layered easy-to-use business intelligence tools with financial products and pricing in our markets will be help us show our value to our Members. We take a pragmatic approach to innovation focused on results for our members, not a silver bullet. Informa knows the difference.”-Alan Althouse, EVP/CFO, TruWest Credit UnionThe goal is to provide an 80/20 solution – the tools, methods and processes – used by competitors with scale and resource advantages. There was a bias towards “usability” and practical results with simple, proven approaches. The scope of the effort was based on 200+ hours of interviews with 35 financial institutions in 5 states in 2014. Research findings were openly shared at the national and state league levelDesign goals were discussed early and often as the rapid-cycle prototyping process kicked off. CFOs around the country were consulted and provided feedback.As a result, scale-appropriate applications of Big Data – called “Business Intelligence” – were woven through databases from Informa and other external sources to streamline and simplify decision-making for pricing, marketing and business development applications. Smart calculators and “financial rules” were integrated with dashboards and drop-down menus to empower users with just-in-time insight customized to their competitive situation.For example, a credit union can compare its market position for any product – deposits products, account and service fees and consumer loans and LOC – against a competitive peer group or state-level indices of banks, mega banks or just credit unions.A unique relationship view quantifies a credit union’s financial advantage for members segmented into 8-10 “life stages,” such as new professional, young family and empty nesters. These “life stages” can be customized to reflect a credit union’s target market and regional influences.“We focus on members, margins and prudent AL management — a consistent pattern of funding, risk and pricing decisions based on hard data. The intensive Q&A sessions with Informa dug to the roots of those decisions. We identified how a “lean” Big Data approach could improve those decisions with transparency and speed. Now I can quantify our value to members at the product and relationship level, but also compare strategies for margin improvement from better funding and pricing in one place. I’d love to see our industry adopt a smart framework like this.”                         -Sean Bowers, EVP/Chief Information Officer, MECUYield curves for FHLB funding and investment were integrated with calculators of duration with varying prepay assumptions. Users can test loan pricing strategies against internal ROA targets and competitive positioning against a peer group or state-level indices. Analytic reporting that compares products, prices, competitors and market rates is performed by drop-down menus like tax software. No programming is required.This model of collaboration – CUNA, state leagues, credit unions and tech partners – is a smarter approach to innovation that leads to faster results without the risk and cost of traditional DIY methods. It requires trust, experience and egos are parked at the door.Working together as a team – as partners – is a smarter approach to problem-solving than swinging for the fences by yourself. 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Robert van der Hooning Robert van der Hooning consults with Informa Research Services on innovation for small financial institutions. He founded Knowledge Stream Partners, a software firm in predictive analytics and led over 100 … Web: Detailslast_img read more

$1.1B settlement with RBS brings NCUA recoveries to $4.3B

first_imgNCUA announced it has reached a $1.1 billion settlement with the Royal Bank of Scotland, arising from the sale of allegedly faulty mortgage-backed securities to two corporate credit unions.The settlement brings total recoveries for the NCUA to more than $4.3 billion. Net proceeds from recoveries are used to pay claims against five failed corporate credit unions, including those of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF).Last week, NCUA reported that the midpoint of the expected rebates from the corporate stabilization fund had risen to $3.2 billion in June from $2.4 billion as of December 2015.“The RBS settlement raises the midpoint to around  $4 billion, approaching the $4.4 billion credit unions paid in assessments,” said Bill Hampel, CUNA chief policy officer. “Economic conditions and successful legal actions have improved the status of TCCUSF, however, credit unions are still unlikely to see any assessment refunds or capital replenishment before 2021.”The settlement with RBS covers claims asserted in 2011 by the NCUA board as liquidating agent for Western Corporate FCU and U.S. Central FCU in federal district courts in California and Kansas, respectively. NCUA will dismiss its pending suits against RBS, and RBS does not admit fault as part of the agreement. In 2015, NCUA accepted an offer of judgment from the bank for $129.6 million to resolve similar claims relating to securities sales to Members United and Southwest corporate credit unions. continue reading » 24SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more