Fund – DHINC http://dhinc.org/ Sat, 11 Sep 2021 03:05:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://dhinc.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Fund – DHINC http://dhinc.org/ 32 32 Feenstra seeks to reduce loan costs for farmers | News, Sports, Jobs https://dhinc.org/feenstra-seeks-to-reduce-loan-costs-for-farmers-news-sports-jobs/ https://dhinc.org/feenstra-seeks-to-reduce-loan-costs-for-farmers-news-sports-jobs/#respond Wed, 07 Apr 2021 23:16:58 +0000 https://dhinc.org/feenstra-seeks-to-reduce-loan-costs-for-farmers-news-sports-jobs/

A bipartisan measure to reduce borrowing costs for farmers and ranchers is co-sponsored by US Representative Randy Feenstra.

The bill would eliminate taxes on income from agricultural real estate loans made by community banks. This is the Enhancing Credit Opportunities in Rural America Act.

“The Enhancing Credit Opportunities in Rural America Act is an important proposal that will help provide lower cost loans to farmers and ranchers,” Feenstra, a Republican from Hull, said in a written statement. “Our hard-working farmers feed and feed the world, and I will support any effort that will provide them with the resources they need to be successful in today’s economy.

The proposal would grant tax-exempt status to income earned on agricultural mortgage loans administered by banks. Agricultural credit institutions already benefit from a tax exemption status for the agricultural real estate loans they administer.

Feenstra said the proposed change would create competition, lower interest rates and provide farmers with more affordable loan options.

U.S. Representative Ron Kind, D-Wisconsin, is the bill’s other co-sponsor.

Feenstra represents the 4th Congressional District of Iowa, which includes Webster County and all of its surrounding counties.

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Cyber ​​Security Enforcement: New York City Department of Financial Services Imposes First Penalty Under Cyber ​​Security Regulations | White & Case LLP https://dhinc.org/cyber-%e2%80%8b%e2%80%8bsecurity-enforcement-new-york-city-department-of-financial-services-imposes-first-penalty-under-cyber-%e2%80%8b%e2%80%8bsecurity-regulations-white-case-llp/ https://dhinc.org/cyber-%e2%80%8b%e2%80%8bsecurity-enforcement-new-york-city-department-of-financial-services-imposes-first-penalty-under-cyber-%e2%80%8b%e2%80%8bsecurity-regulations-white-case-llp/#respond Wed, 07 Apr 2021 23:16:55 +0000 https://dhinc.org/cyber-%e2%80%8b%e2%80%8bsecurity-enforcement-new-york-city-department-of-financial-services-imposes-first-penalty-under-cyber-%e2%80%8b%e2%80%8bsecurity-regulations-white-case-llp/

In line with its growing activity in cybersecurity enforcement, in March 2021, the NYDFS issued its first sanction under the cybersecurity regulations. This customer alert explores the rule and offers take-out on NYDFS areas of interest in enforcement actions under the cybersecurity rule..

On March 3, 2021, the New York State Department of Financial Services (“NYDFS”) announcement that mortgage lender, Residential Mortgage Services, Inc. (“RMS”) will pay the state a fine of $ 1.5 million to address violations of NYDFS Cyber ​​Security Rule 23, NYCRR 500 (“Cyber ​​Security Rule” ).1 Although the NYDFS begin its first enforcement action in July 2020 against insurer First American Title Insurance Company, this appears to represent the first sanction issued by the NYDFS under the cybersecurity regulations and the second reported enforcement action.

As we indicated in our previous customer alerts,2 NYDFS Cyber ​​Security Policy establishes many specific administrative and technical security requirements that Covered Entities must adopt and implement. The breaches here stem from RMS’s failures to disclose a data breach in 2019 and to conduct the required cybersecurity risk assessments. Importantly, the breaches were discovered during a routine compliance review between March and August 2020, advising covered entities that the NYDFS will be proactive in its efforts to ensure compliance with cybersecurity regulations.. The NYDFS settlement pursues a tendency among regulators and lawmakers to focus on cybersecurity enforcement and set defined standards for compliance.

The NYDFS Review and the 2019 Data Breach Discovery

On March 30, 2020, NYDFS began a routine review of the security and soundness of RMS for the period January 2017 to December 2019, which included an assessment of RMS ‘compliance with the Cyber ​​Security Policy. During the review, RMS revealed that it had suffered a data breach 18 months earlier, in March 2019, and that it had not fully investigated the incident or disclosed the event. at NYDFS or other state agencies.

The breach came from a phishing email sent to an RMS employee. As an approved mortgage lender in more than 20 states, RMS collects sensitive personal information from clients who apply for mortgages, including social security and bank account numbers. On March 5, 2019, an employee who collects a “substantial amount” of this data received a phishing email that appeared to be from a business partner. The employee followed a malicious link in the email to a website where she provided her email credentials. Although RMS maintained multi-factor authentication to protect company email accounts, the employee approved multiple attempts to log into her email account remotely, granting access to the intruder. The next day, March 6, the employee informed RMS IT staff of the incident. The IT team traced the breach to an IP address in South Africa and blocked unauthorized access to the email account. RMS did not investigate further.

According to NYDFS, RMS failed to “(1) identify whether the employee’s mailbox contained private consumer data during the breach, (2) identify which consumers were affected, and (3) enforce the requirements applicable state notification triggered by the violation ”. His inability to investigate the incident until prompted by the NYDFS and his inability to disclose the breach for 18 months were both in violation of cybersecurity regulations.

During its review, the NYDFS further discovered that RMS violated the requirement under cybersecurity regulations to maintain and conduct comprehensive cybersecurity risk assessments. Under the Cybersecurity Regulation, licensees must “identify and periodically assess vulnerability to cybersecurity risks and threats…”. and design a cybersecurity program to mitigate these threats and risks. Finally, the NYDFS noted that RMS’s breaches meant it had also incorrectly certified its cybersecurity rule compliance in its annual filing.

Following the NYDFS investigation, in the fall of 2020, RMS launched its own internal investigation into the data breach. RMS reviewed the sensitive personal information collected in the employee’s compromised emails, identified the data the intruder could have accessed, and then notified the customers affected by the breach as well as the appropriate state agencies. Despite the initial delay in reporting the violation, NYDFS applauded RMS for cooperation throughout its review and investigation. The NYDFS did not disclose the number of customers whose data was affected by the breach. Notably, however, the Massachusetts State Attorney General’s data breach report says 127 Massachusetts residents were affected and their Social Security numbers, driver’s licenses and credit numbers were violated.

NYDFS Payment Terms

On March 3, 2021, NYDFS announced an agreement with RMS to resolve cybersecurity rule violations. The settlement included both a civil penalty and a number of other remedial provisions.

  • First, RMS must pay a penalty of $ 1.5 million to NYDFS. NYDFS based this sanction on “the extent to which the entity cooperated with the Department in the investigation of such conduct, the financial resources and good faith of the entity, the seriousness of the violation and other matters. such as justice and the public interest may demand.
  • Second, RMS has agreed to devote additional resources to strengthening its cybersecurity. The consent order requires RMS to submit a cybersecurity incident response plan to the NYDFS within 90 days. This comprehensive plan should set out incident response plans and procedures, define roles and responsibilities for decision-making throughout the organization, and account for the reporting and documentation of any cybersecurity incident. , among others.
  • Third, the consent order further requires RMS to submit a cybersecurity risk assessment to the NYDFS within 90 days. RMS is required to update the risk assessment to reflect any changes in RMS’s information systems and evolving risks and threats. In addition, the risk assessment should include written descriptions of the criteria used to assess the risks and to assess the integrity of the controls currently in place.
  • Finally, the consent order requires RMS to submit training and monitoring documents to the NYDFS. Specifically, RMS must provide its staff with its most recent and up-to-date cybersecurity awareness training. It must also submit its policies for monitoring authorized user activity and detecting unauthorized access by authorized users to non-public information.

Implications

The $ 1.5 million penalty imposed by the NYDFS warns covered entities that the NYDFS Superintendent’s enforcement actions will carry significant weight. While the lack of information regarding the number of individuals affected here limits what we can predict about how the NYDFS might approach settlements and fines in other actions, the settlement nonetheless provides several useful takeaways.

  • The RMS enforcement action arose out of a routine review of the covered entity’s compliance with the cybersecurity regulation, suggesting that the NYDFS will be proactive in its compliance assessment and enforcement efforts.
  • In accordance with the First American Title Insurance Enforcement Action, the RMS enforcement action involved the failure to perform a periodic risk assessment. Additionally, the companies have not adequately investigated a known incident (RMS) or addressed a known vulnerability (First American Title Insurance) over an extended period of time. As such, regulated entities should be proactive in complying with the Cyber ​​Security Regulations and ensure that any effort to do so is clearly documented..
  • The RMS regulation also suggests that the NYDFS emphasize the general importance of the disclosure requirement. Businesses should ensure that they have a cybersecurity incident response plan, which includes a careful review of the disclosure of cybersecurity incidents and events to the NYDFS and affected consumers..
  • The specific consent order importance of cooperation with NYDFS in the event of an investigation. The Ministry stressed that it appreciates RMS ‘willingness to cooperate and its commitment to address its cybersecurity deficiencies, which may have mitigated RMS’ penalty.

Recent enforcement action taken by NYDFS should remind Covered Entities to take the necessary steps to ensure active and ongoing compliance with cybersecurity regulations. Filing a certification cannot be an empty gesture, as the NYDFS has demonstrated that it will perform the appropriate due diligence to ensure that the annual certifications of the covered entities are accurate. And when violations are discovered, the NYDFS will expect covered entities to rectify them and repair any outstanding harm to individuals.

Shira Shamir (Law Clerk, New York) assisted in the development of this publication.

1 NYDFS Press Release
2 NYS Department of Financial Services Cyber ​​Security Regulations Go Live: Now What?, (March 1, 2017); NYDFS Cyber ​​Security Regulatory Compliance Guide: Applicability, Exemptions, and Penalties, (March 9, 2017); Sign and Submit by February 15, 2018: NYDFS Cyber ​​Security Certification Due Date Approaches as Additional Compliance Requirements Approach (January 24, 2018).

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Take a 401 (k) loan to bridge the income gap? Tips before diving! https://dhinc.org/take-a-401-k-loan-to-bridge-the-income-gap-tips-before-diving/ https://dhinc.org/take-a-401-k-loan-to-bridge-the-income-gap-tips-before-diving/#respond Wed, 07 Apr 2021 23:16:53 +0000 https://dhinc.org/take-a-401-k-loan-to-bridge-the-income-gap-tips-before-diving/

One of my first jobs was in a 401 (k) call center, where one of the most common questions people had was whether to take out an off-plan loan to pay off their credit card debt.

When I went to ask my manager for advice, I was told bluntly that we should never broach this subject, as it confined to financial advice. Throughout my career, I have seen employers refuse to discuss 401 (k) plan loans as a source of debt financing. Since the plan documents provide advice on lending, the message usually centers on the dangers of borrowing from your retirement nest egg.

The reluctance to communicate the prudent use of 401 (k) scheme loans can be seen in the number of people holding different types of debt.

Although the numbers vary, 22% of 401 (k) plan members have an outstanding 401 (k) loan, according to T. Rowe Price 2020 reference point. Compare that to 45% of families with credit card debt and 37% with a car loan (source: US Federal Reserve Board Summary of consumer finances). Still, the interest rate charged on 401 (k) plan loans is usually much lower than that of other available options. The annual interest rate for loans under the scheme is generally set at the prime rate + 1%. As of March 2021, prime +1 is 4.25%. The average annual rate (APR) on credit card in March 2021 is 16.5%. And depending on your condition, payday or car title loan have an APR varying from 36% to more than 600%!

The basics of how it works

Participants in an employer-sponsored defined contribution program, such as a 401 (k), 457 (b), or 403 (b) plan, can typically borrow up to 50% of their plan account balance, up to to $ 50,000.

Loans other than for the purchase of a personal residence must be repaid within five years. Repayments are credited to your own account to replenish the amount borrowed, and there are no tax consequences as long as the loan is repaid.

What’s at stake

I still think about my call center experience and wonder why we couldn’t have been more helpful. I would never recommend using your retirement savings to pay for everyday expenses, but the need to borrow for the short term is a sad reality for many people.

If you need to borrow, why not at least consider the benefits of using your plan over other short-term financing options? Besides lower interest rates, here are some potential benefits of 401 (k) loans:

  • A 401 (K) loan is not reported to credit bureaus such as Equifax, TransUnion, and Experian, and therefore is not counted in calculating your credit score.
  • Your credit score won’t suffer if you “default” on a 401 (k) loan by not paying off any outstanding balances if you quit your job.
  • In the event that you miss a payment (for example, going on unpaid leave), you will not be charged any late fees. (However, the loan can be amortized so that repayments are made within the original timeframe.)
  • The interest rate on your personal loan is fixed for the duration of the loan and cannot be increased.

Of course, there are also downsides, including:

  • Beyond the interest payments, there is the cost of investment gains that you forfeit on the outstanding loan balance, ultimately reducing your retirement assets.
  • Most plans charge a fee of $ 25 to $ 75 to initiate a loan, as well as an annual fee of $ 25 to $ 50 if the loan spans more than a year. If you borrow small amounts, it can eliminate most, if not all, of the cost advantage over credit debt.
  • Because you are making after-tax dollar refunds, you are taxed twice when you eventually receive a distribution from the Plan.
  • Unlike other consumer debt, you cannot pay off debt in bankruptcy.
  • If you quit your job during the repayment period, you may need to make a lump sum payment to repay the entire loan, either to the original plan or to a rolling IRA. Otherwise, the unpaid balance is then reported as taxable income, and you may also be charged an additional early withdrawal fee of 10% on the unpaid balance. (Although some plans allow terminated members to continue to repay their loans from their personal assets rather than through payroll deductions, but this is not the norm.)

Good news

The final regulations were issued by the IRS on a disposition (Section 13613) of the Tax Cuts and Jobs Act of 2017 (TCJA) extending the period during which terminated employees can roll over their 401 (k) loan balance without penalty. Previously, you had 60 days to transfer a plan loan compensation amount to another qualifying retirement plan (usually an IRA). The new rules state that from August 20, 2020, as of August 20, 2020, you have until the due date (with extensions) to file your federal income tax return, to carry over your loan balances. diet.

As an example, if you quit your job in 2021 with a current 401 (k) plan loan, you have until April 2022 (without extension) to roll over the loan balance.

Make the right choice, but be careful

Once all other cash flow options have been exhausted – including possibilities such as reducing voluntary (unmatched) 401 (k) contributions or reviewing the need for any subscription services that are automatically charged to your credit card -,) – participants should compare plan loans to other short-term funding options. Some of the points to specifically consider include:

  1. Do you plan to keep your job while the loan is repaid? As noted above, if you quit your job, you may need to make a lump sum payment of the unpaid balance or pay taxes and penalties on the unpaid balance.
  2. If you are not sure if you will keep your job, do you have the option of repaying the outstanding balance if necessary? Plan loan research shows that defaults do real damage to your retirement income adequacy in the long run, given the taxes and penalties that go with them.
  3. If you take out a plan loan, can you still afford to contribute to your retirement plan? In particular, you should strive to contribute enough to receive the maximum matching contribution provided by your employer.
  4. If you are still considering a loan after answering these blocking questions, you should compare the total cost of different borrowing options. Avant-garde has a tool available on their website which allows you to compare plan loans to other borrowing options and understands the investment experience lost during the life of the loan. (You should also include any loan charges in the cost comparison.)

Again, no one is advocating this type of loan except if it is more advantageous than your other alternatives. So if your employer doesn’t explain the pros and cons of a loan against your 401 (k), investigate them for yourself.

Director, Buck

Alan Vorchheimer is a Certified Employee Benefits Specialist (CEBS) and Director of Wealth Management Practice at male, an integrated HR and benefits consulting, technology and administration company. Alan works with large corporations, the public sector and multi-employer clients to support the management of defined contribution and defined benefit plans.

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Fintech Growth Play IPOE Stock is an easy buy on withdrawal https://dhinc.org/fintech-growth-play-ipoe-stock-is-an-easy-buy-on-withdrawal/ https://dhinc.org/fintech-growth-play-ipoe-stock-is-an-easy-buy-on-withdrawal/#respond Wed, 07 Apr 2021 23:16:50 +0000 https://dhinc.org/fintech-growth-play-ipoe-stock-is-an-easy-buy-on-withdrawal/

We have seen a number of SAVS (Special Purpose Acquisition Companies) like Hedosophia V share capital (NYSE:IPOE) has taken a hell of a beating in recent weeks. Many of these sales seem to be deserved. The one in the IPOE stock, however, does not.

Source: Wright Studio / Shutterstock.com

It’s pretty obvious that the PSPC trend in general has just gone too far. We have seen a PSPC increase by over 400% even before details of an agreement were announced and confirmed. Others have won even more before and after their mergers, often in exchanges that look a lot like a bubble.

There were excesses in the group. There is still some left. Too much money drives out too few good ideas. PSPCs looked like “easy money” just a few months ago; a semblance of reality has set in.

This reality appears to have put pressure on the IPOE stock, which has lost about a third in the past two months.

But just because PSPCs as a whole have question marks does not mean that all PSPCs have them. Indeed, the merger of SCH V and target SoFi (Social Finance) looks awfully appealing. SoFi looks like a potential fintech leader. Thanks to the massive sale of SPAC, investors can now (eventually) own this leader at a much lower price.

SoFi’s growth so far

As 2020 approached, I was extremely bullish on the equity market. I predicted that a number of major trends would underpin a decade to be known as “The roaring 2020s.

The coronavirus pandemic started the decade hard. But as normalcy returns, the decade is back on track.

One of the most significant changes that we are going to see in the years to come is a massive upheaval in the financial industry. The days of “big banks” dominating personal finance are over. Disruptors are on the way.

Some of these disruptors will be basing their efforts on cryptocurrencies. But some, like SoFi, will operate within the more traditional boundaries of the financial system.

SoFi’s growth is already impressive. The business started just ten years ago with a pilot student loan program. It has since spread to mortgages and personal loans. Backed by a proprietary subscription system that goes way beyond a credit score, SoFi’s membership has exploded.

At the end of 2019, according to the presentation of the merger, SoFi had a little 1 million members. It is expected to reach 3 million by the end of the year.

These members are expected to generate more than $ 600 million in revenue in 2021. And SoFi expects to be profitable on the basis of EBITDA (earnings before interest, taxes, depreciation and amortization).

The case of IPOE actions

What makes the IPOE action so exciting is that SoFi’s story should only get better.

Take the company’s product offering. There is no reason SoFi should stop growing in the mortgage business, and in fact it won’t. SoFi intends to branch out into credit cards and stock and crypto trading.

Indeed, SoFi itself seems on its way to becoming a bank. The company is acquisition of a small Californian bank, which it can use as a platform to develop a digital financial institution serving consumers nationwide.

That’s not all. SoFi plans to expand Galileo, a payments company it acquired last year. Galileo offers software that essentially enables any business to build sophisticated financial services to serve consumers and businesses.

Obviously, there are years of growth ahead. In fact, there may well be years of growth ahead. As SoFi itself pointed out in presenting the merger, the current “too big to fail” banks combined have a market capitalization well over $ 1,000 billion. SoFi is looking for these banks.

Assessment and risks

After the merger, what will be a publicly traded SoFi will have 865 million shares outstanding. The current IPOE share price therefore suggests a market cap of just under $ 15 billion. With $ 2.4 billion in cash, the company is valued at around $ 12.4 billion.

It is a large number, certainly. That’s almost exactly 20x the revenue for 2020.

But when you consider SoFi’s growth potential, it’s a multiple in which the business can easily grow. In fact, the company itself is forecasting earnings of around 50 cents per share in 2023 and over $ 1 by 2025. If SoFi meets these targets, that share is expected to more than double over the next 4-5. years.

After all, look around the fintech space. Even mature companies are trading for over 40 times the profits. A well-growing and functioning SoFi would likely receive a premium. Apply, say, a multiple of 50x to $ 1.10 in 2025 earnings and the IPOE stock pays over 200%.

So what’s wrong? Obviously, there are always risks. In particular, we cannot just assume that SoFi will achieve its goals. Competition will be tough and an untimely macroeconomic turnaround could impact the company’s growth.

The PSPC sale may not be over. Wider concerns about market valuations could also put pressure.

But for this story, those look like risks worth taking. Even though SoFi is slightly below its targets, it will continue to grow at an impressive rate. The company has already gone from zero to over $ 600 million in revenue by taking over the businesses of the same competitors it will face in the future.

Even the chart looks good, with IPOE stock showing clear support below the current level.

There is simply a lot to love here. The growth so far has been phenomenal. The opportunity for the future is enormous. SoFi is a company worth owning. And it’s certainly worth owning it at a price a third cheaper than it was two months ago.

As of the date of publication, neither Matt McCall nor the InvestorPlace research staff member primarily responsible for this article held (directly or indirectly) positions in any of the securities mentioned in the article.

Matthew McCall left Wall Street to actually help investors – by involving them in the world’s biggest and most revolutionary trends BEFORE everyone else. Click here to see what Matt has up his sleeve now.

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SABIS obtains 87 degrees in socially distant startup exercise https://dhinc.org/sabis-obtains-87-degrees-in-socially-distant-startup-exercise/ https://dhinc.org/sabis-obtains-87-degrees-in-socially-distant-startup-exercise/#respond Wed, 07 Apr 2021 23:16:47 +0000 https://dhinc.org/sabis-obtains-87-degrees-in-socially-distant-startup-exercise/

Delayed by the coronavirus pandemic but not scuttled, the 2020 launch ceremony of the SABIS International Charter School in Springfield saw 87 seniors from the 2020 class officially “sworn in” as graduates.

Four of the graduates of the classes were not at the ceremony. Jason Daniels, Jr., Devonte Camp, Brent Pieczarka and Anthony Santaniello had enlisted in the military and had been called up for basic training. They each received their diplomas in a special ceremony on June 5.

“Today is your day and we are going to celebrate and have fun with families and friends,” Principal Marette Thomsen told graduates and their families. “Our campus has been quiet since March 12, but learning continues. Although your graduation ceremony has changed, the value of your degree has not changed. The significance of graduation is more than a physical location. While we know we cannot replace this special step during this unprecedented crisis, you, the Class of 2020, deserve to be celebrated for your 13 years of hard work. “

The newly created alumni and their guests took to the school’s football field on Saturday for a socially distanced, masked and gloved ceremony. Individual groups of chairs were set up for each family and group of friends, at least six feet apart from each other.

While the unusual start was a victory, Thomsen told the students, the circumstances present a tall order.

“You make history! It’s bittersweet but we’re here to celebrate nonetheless. This year is a first for our school in its 25 years of existence and in our country ”, she declared. “Our world has changed and it is your job to help us rebuild it.”

The ceremony was a victory because earlier, when there was little chance of getting a diploma, a special driving event was organized. Graduates and their families drove across campus and received special school gifts and souvenirs as well as caps and dresses. On Saturday they had to wear them.

Mayor Domenic Sarno has said he needs the help of the Class of 2020 to make Springfield a better city and to make the world a better place.

“I need your help. Many times the media portray urban America in a very negative way,” he said. “I want to make sure the bugle call is over there that the City of Springfield is a good city for all creeds, colors and backgrounds. ‘

“You might not realize it, but some of you might be leading in the city of Springfield. Some of you will continue to lead in the Commonwealth of Massachusetts. Some in the United States of America and some around the world. The foundations were laid at home by your parents, your skills are honed here at the SABIS charter school. As the old song says, “There’s nothing left to stop you now. “

Graduate Kenney Winslow said she saw the historical connection Thomsen mentioned.

“Usually this day is accompanied by loose leaf cakes and crowds. But, the story found us and as Mr. Cree called us into the office and ended us. Only the suspension didn’t last a week for toilet crimes – it was forever. We got out of school on March 12, you know, about 5 lifetimes ago, and played home school.

“For my fellow graduates, this summer is a big breath. For now, celebrate because each of us has been tested and proven and challenged. Our presence here is proof that we have never stopped or given up.

Kevin West said he was sad that many of the traditional events that make up most of the retirement years have been wiped out. But, that only underscored the strength and persistence of the 2020 class, he said.

“We wore masks and distanced ourselves socially. We navigated virtual learning. We demonstrated for social justice. We paid attention to politics and we registered to vote. We got our driver’s licenses. and passports and new jobs. Yes, we weren’t able to attend the prom, banquet or senior march we deserved. That didn’t stop us from doing what we needed to do. We got our diploma.

West said his years with SABIS were formative.

“We have memories, some good, some bad that shaped us into the people we are today. … Now it is our responsibility to continue our travels and to put forward our best energies, efforts and ideas to the world. We are the innovators, future change makers, lawmakers, scientists, presidents, educators, architects and more that the world expects. ”

Rather than the traditional individual graduation ceremony, these had been sent to students weeks ago, each graduate was called to cross the stage holding their diplomas to be photographed and cheered on by families and classmates. .

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SBA approves over $ 5 billion in loans in first week of PPP reopening https://dhinc.org/sba-approves-over-5-billion-in-loans-in-first-week-of-ppp-reopening/ https://dhinc.org/sba-approves-over-5-billion-in-loans-in-first-week-of-ppp-reopening/#respond Wed, 07 Apr 2021 23:16:45 +0000 https://dhinc.org/sba-approves-over-5-billion-in-loans-in-first-week-of-ppp-reopening/

Dive brief:

  • The Small Business Administration (SBA) approved 60,000 loans submitted by 3,000 lenders in the seven days after the paycheck protection program (PPP) resumed on Jan. 11, the agency said. in a report.
  • The more than $ 5 billion in new loans is part of the $ 284 billion earmarked for PPP in a coronavirus aid bill signed on December 27, and comes on top of $ 525 billion in forgivable loans to small businesses during the first PPP loan period from April to August. from last year.
  • The SBA, as of Jan. 12, has released over $ 1.1 million in PPP loans totaling over $ 100 billion while simplifying loan forgiveness applications to one page for borrowers who have received $ 150,000 or more. less.

Dive overview:

Businesses shut down as the coronavirus spread early last year, and in April unemployment soared to 14.7%, the highest rate since such a record began in 1948, according to US Bureau of Labor Statistics.

PPP loans in 2020 cushioned the blow from COVID-19, helping 5.2 million small businesses maintain jobs for 51 million American workers, according to the SBA. Yet unemployment in December remained high at 6.7%.

Less than $ 1.9 trillion coronavirus relief package proposed by President Biden, the government would provide more than $ 15 billion in grants to over a million small businesses. The so-called US bailout would also leverage $ 35 billion in government funds into $ 175 billion in loans and investments for small businesses.

At the start of its current PPP program, the SBA provided a brief period of early access to first draw requests from lenders to underserved and minority small businesses, community development financial institutions, minority depository institutions, credit card companies, development and microcredit intermediaries. The SBA did not indicate the total amount of loans it approved for these institutions.

Restaurants and hotels, especially those hard hit by the pandemic, also eligible for loans up to 3.5 times their monthly wage costs in this latest PPP cycle compared to 2.5 times their wage costs in last year’s PPP cycle. Maximum loans are capped at $ 2 million and businesses are limited to 300 employees or less.

It is not known how the SBA determines which small businesses are more needy than others, however, especially when comparing Moms and Dads to franchisees with large chain affiliations. The owner of Ghandi Mahal, a Bangladeshi and Indian restaurant in Minneapolis, Minnesota told CBS News for example, he was refused a six-figure loan in the first round.

During the first round of PPP loans, the SBA identified more than 75,000 franchise businesses that received loans, including 4,278 Subways, 2,455 Dunkin ‘and 2,217 McDonald’s operators, according to the Washington Post. All franchise businesses received 3% or $ 15.6 billion of the $ 522 billion loaned on April 3 and August 8.

In 2020, 27% of total PPP loans went to low and moderate income communities, according to the SBA. More than $ 133 billion in program loans have been made to small businesses in historically underutilized activity zones (HUBZones), while small businesses in rural areas received $ 80 billion.

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Here’s why student loan companies are stalking social media profiles https://dhinc.org/heres-why-student-loan-companies-are-stalking-social-media-profiles/ https://dhinc.org/heres-why-student-loan-companies-are-stalking-social-media-profiles/#respond Wed, 07 Apr 2021 23:16:41 +0000 https://dhinc.org/heres-why-student-loan-companies-are-stalking-social-media-profiles/

When adding to your social media profile, it’s okay to post photos and share thoughts with your friends online.

Sometimes student users like to show off their latest vacation adventure, others like to post about the latest purchases on sale or recent bargains for everyone to see.

Your online friends can see EVERYTHING you post. Source: Giphy

But have you ever wondered if other people are viewing your profile?

For example, if your profile isn’t that hot in privacy mode, it’s possible that anyone can access your latest posts.

If someone added you and you don’t recognize their name (even if they are attending the same university), should you accept or just ignore the request?

Student loan stalkers

Among the hundreds of other potential stalkers on social media, student loan stalkers are becoming a threat to the international student community.

As The Guardian recently explained, “Applicants for the Student Loans Company should expect their Facebook posts and social media activities to be verified as part of the approval process, despite a senior MP rank condemns such surveillance as a “sinister KGB tactic at the gate.”

That is why you should be careful with your privacy settings on social media such as Facebook, Twitter, and Instagram. If you leave these pages open to the public, there is a good chance that they will be researched and scrutinized.

For example, if a student applying for a large maintenance loan to cover the cost of their studies posts photos depicting a luxurious and lavish lifestyle, a representative of a student loan company has the opportunity to witness them. and classify the student as not deserving of a loan.

But that may not be the reality. The student may have difficulty with his budget and seek to present a different lifestyle to his friends on social networks.

What can I do to prevent this?

The first thing you need to do if you are applying for a student loan is to set your social media profiles to private.

By restricting access, you are free to post whatever you want without worrying about someone else misinterpreting it.

Second, if you’re worried about being watched by student loan companies even after you’ve made your profile private, try not to post pictures or statuses that reflect your finances or personal information.

For example, if the student loan company paid you a different amount to someone else during your class, this issue needs to be resolved with the company itself rather than venting through angry Facebook posts. or Twitter.

If you just got your student loan, but used it to buy clothes and gadgets, try not to mention it in your post as it could be subject to judgment or review. meticulous.

You should always make sure that the student loan company you choose is legitimate and acts in a professional manner.

If you’ve ever felt like a victim of student loan stalking, there’s always a chance to speak up.

Whatever messages you posted or the activity that justified the persecution, if they approached you unprofessionally, it is worth investigating by your university or local education authorities.

Liked it? Then you will love …

Should the K12 education system include experiential learning plans?

Do you agree with these tips on the UK international student experience?


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Council budget continues with post-COVID recovery https://dhinc.org/council-budget-continues-with-post-covid-recovery/ https://dhinc.org/council-budget-continues-with-post-covid-recovery/#respond Wed, 07 Apr 2021 23:16:35 +0000 https://dhinc.org/council-budget-continues-with-post-covid-recovery/

Orange City Council’s draft budget for the coming fiscal year aims to build momentum to complete a number of key projects already underway and help Orange’s economy continue to recover from the impact of the COVID-19 crisis.

This week’s Council meeting (April 6) voted to have the proposed budget for the 2021/22 fiscal year exposed for community comment.

The budget proposal reveals spending proposals of $ 91.3 million for capital projects in the coming year, as part of a four-year capital spending forecast of $ 232.1 million dollars from 2021/2022 to 2024/2025. The budget proposes a consolidated operating deficit (before capital) of $ 666,834 for 2021/2022.

Projects must be funded by a mix of previously approved government grants, municipal reserves, property sales and loans.

The list of major capital projects will see work continuing on a number of major projects over the next 12 months, including:

  • Upgrading Future City CBD
  • The first steps on the new sports arena
  • A new wetland built to increase the output of the city’s stormwater collection system, and
  • A series of major road improvements

START: The project to start work on the Orange Regional Conservatory is included in the budget for the next fiscal year.

In accordance with a unanimous decision of the Council at the beginning of the year, the draft budget will also see the start of the Orange Regional Conservatory project during the next financial year. The budget proposes to allocate the necessary $ 20 million for the project over the next two years, including $ 10 million from an agreed grant from the federal government and $ 5 million from Council reserves and land sales. . The council has also requested a report on how to fund the remaining $ 5 million from council reserves if the NSW government does not provide a grant for the project.

Orange Mayor Reg Kidd believes the community will welcome a determination to complete a number of major projects as well as launch new initiatives.

“The community realizes that big projects like the South Power, our CBD upgrade and a major new wetland will take several years to complete,” said Cr Reg Kidd. “Seeing the last installments of these costs appear in our annual budgets is a responsible way of managing these projects. “

“These are all key infrastructures that will add value to our local economy for years to come. This investment will increase the capacity of our local economy to generate jobs.

Residential and commercial tariffs will increase by 2%, the increase capped by the New South Wales government’s Independent Pricing & Regulatory Tribunal (IPART). Average residential rates will increase by $ 32.35 per year, or $ 1.12 per week, including water, waste and sewer charges). Average commercial rates will increase by $ 96.96 or $ 1.86 per week.

Orange City Council Finance Committee Chairman Cr Kevin Duffy welcomed the mix of minor projects and small-scale suggestions from individual council members.

“The budget also includes plans for a number of projects emerging from long-term strategic planning, but there are also suggestions from council members that aim to improve local neighborhoods and find solutions to local problems.” said Cr Kidd.


RAINWATER: Plans to rebuild more sections of the East Orange stormwater channel are part of the budget for the next fiscal year.

The list of projects planned for next year includes:

  • $ 7 million to improve the capacity of the wastewater treatment plant
  • $ 1.4 million to upgrade other sections of East Orange stormwater canals
  • Two major projects to strengthen the pipeline infrastructure between Orange and Canobolas Lake $ 1.3 million for a sewer upgrade and $ 1.02 million for a new water pipeline.
  • Spending on road rehabilitation will increase from $ 1.06 million this year to $ 1.46 million in 2021/2022

The list of councilor suggestions that were added during council budget discussions include:

  • $ 500,000 to replace trees that died during drought with advanced trees
  • $ 250,000 for the maintenance of the rotundas of Robertson Park and Cook Park
  • $ 15,000 for a new program to encourage residents to plant gardens on the edge of their residence
  • $ 100,000 to build a new fence around a sports field in Spring Hill
  • $ 50,000 to install lighting and video surveillance in Esso Park
  • $ 100,000 to install CCTV, new fences and gravestone repairs in Orange cemetery
  • $ 150,000 additional to bring spending on new trails and trail rehabilitation to $ 900,000

The draft budget will now be exposed to community comment for 28 days. It is expected that a report on community submissions will be presented to a council meeting on June 1 when the final budget is reviewed.

By visiting the The YourSay Orange site Orange residents can:

  • leave a comment on any aspect of the budget
  • complete a short survey
  • learn more about budget details

/ Public distribution. This material is from the original organization and may be ad hoc in nature, edited for clarity, style and length. View full here.

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Palantir Technologies wins $ 89.9 million contract; Share gain https://dhinc.org/palantir-technologies-wins-89-9-million-contract-share-gain/ https://dhinc.org/palantir-technologies-wins-89-9-million-contract-share-gain/#respond Wed, 07 Apr 2021 23:16:32 +0000 https://dhinc.org/palantir-technologies-wins-89-9-million-contract-share-gain/

Palantir Technologies has been awarded a $ 89.9 million contract from the National Nuclear Security Administration (NNSA) for five years. Shares of the software company closed 1.6% higher on Monday.

These include the company’s first contract with the NNSA.

According to the contract, Palantir Technologies (PLTR) will serve as a platform for the NNSA’s SAFER (Safety Analytics, Forecasting and Evaluation Reporting) project. SAFER is the proposed platform that will integrate the data and allow the NNSA to measure the health of the organization’s safety programs. As a result, NNSA staff will be able to track, track trends, query and analyze security measures at various sites across the country.

Palantir President of the US Government Akash Jain said, “Our work with NNSA illustrates Palantir’s mission to deliver software to the world’s most important institutions to support their most critical work.”

Earlier on the 4Q conference call, Palantir said its average revenue per user increased 41% year-over-year to $ 7.9 million. In addition, its average revenue reached $ 33.2 million for its top 20 customers. (See Palantir Technologies stock market analysis on TipRanks)

Following Q4 results, Morgan Stanley analyst Keith weiss reiterated his sell note, but raised the price target to $ 19 (downside potential of 18.9%) from $ 17. While Weiss remains bullish on Palantir’s large addressable market, he sees challenges for the company in terms of meeting its revenue target. Additionally, Weiss finds Palantir’s current rating unappealing.

As for the rest of Wall Street, Palantir Technologies has a moderate sell consensus rating based on 4 sell, 2 buy, and 1 wait. The average analyst price target is $ 25.83, implying a potential up 10.2% from current levels.

However, from TipRanks’ Smart score ranking, PLTR scores a 3 out of 10, suggesting that the stock is likely to underperform market expectations.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Border and Continental Security Discussed at Senate Hearing> US Southern Command> News https://dhinc.org/border-and-continental-security-discussed-at-senate-hearing-us-southern-command-news/ https://dhinc.org/border-and-continental-security-discussed-at-senate-hearing-us-southern-command-news/#respond Wed, 07 Apr 2021 23:16:11 +0000 https://dhinc.org/border-and-continental-security-discussed-at-senate-hearing-us-southern-command-news/

An increase in the number of migrants crossing the southern border, threats to the Western Hemisphere by China and solutions to these and other problems were discussed today at a hearing of the Armed Services Committee of the Senate.

Air Force General Glen D. VanHerck and submarine Craig S. Faller testified at the hearing. VanHerck is the commander of United States Northern Command and North American Aerospace Defense Command and North American Aerospace Defense Command; Faller is the commander of US Southern Command.

“Today more than ever, I feel a sense of urgency in the face of the global threats we face here in our neighborhood. This region is our home. This neighborhood is our home. It is a shared neighborhood. It’s a hemisphere that is of vital national interest to the United States, ”Faller said.

The biggest threats to the hemisphere are China and transnational criminal organizations, he noted.

The Chinese Communist Party, with its insidious and corrupt influence, seeks to dominate the regional and global economy, in its own version of a rules-based international order, Faller said.

As proof, he said that China is rapidly increasing its influence here in the Americas, working on more than 40 port deals, granting large loans for political and economic influence, pushing its own information technology structure and indulging in to predatory practices that include and unreported fishing, mining and logging.

“We have seen many of these tactics in Asia and Africa. We cannot let them prevail here in our neighborhood,” he added.

Transnational criminal organizations pose a direct threat to U.S. national security, Faller said. They traffic in weapons, people and dangerous drugs that kill tens of thousands of people in America every year.

“These deadly tactics have resulted in 43 of the world’s 50 most violent cities in this hemisphere being present, and they are the root of illegal migration, and they are allowing bad actors like China to gain traction. influence, ”he said.

Dozens of countries, including Brazil and Colombia, have carried out counter-transnational criminal operations and have assigned some of their forces to high-end training in the United States, he said, praising their efforts.

Faller mentioned that the Drug Enforcement Agency cited Chinese money laundering as the first underwriter of transnational criminal organizations.

On another topic, Faller said the COVID-19 pandemic and two hurricanes had hit this hemisphere hard. According to the International Monetary Fund, the economies of Latin America and the Caribbean shrank 7.4% in 2020.

“The impacts of the pandemic, like a perfect storm, will change the hemisphere for years to come,” Faller said.

To help alleviate suffering, Southcom has stepped up its humanitarian aid programs, contributing to more than 450 projects last year in 28 countries, he said.

“Overall, the United States is the leader in humanitarian assistance in Latin America and the Caribbean,” he said.

Southcom is also working every day to enhance the readiness of its military partners through security cooperation, Faller said. This includes institutional capacity building, legal training, education and exercises.

“We are focused on developing professional military forces who know how to fight and use military force,” Faller said, adding that Southcom also focuses on human rights training, women’s assistance programs, peace and security programs and the development of non-commissioned officers.

A modest increase in investment in these programs and in intelligence, surveillance and reconnaissance would be particularly useful in assisting partner nations, Faller added, noting that Southcom only receives about 1% of intelligence, surveillance and reconnaissance capabilities. recognition of DOD.

Faller also praised the US Coast Guard, which has worked alongside other military services and partner countries in the region.

On migration, particularly from Honduras, El Salvador and Guatemala, VanHerck said the number of migrants crossing the border has increased significantly in recent months.

In addition to these countries, an increase in migrants from other countries in Africa and Asia are also crossing the border, according to intelligence reports, he added.

VanHerck said Northcom is supporting the Department of Homeland Security in its efforts to secure the southern border of the United States.

“We provide support in the form of air support for detection and surveillance and ground support for vehicle maintenance,” he said, noting that about 4,000 DOD personnel, almost all from the National Guard provide this assistance.

Later that day, Faller and VanHerck also hosted a joint Pentagon press briefing, where they spoke on related topics.

Faller said Cuba, Russia, Iran and China support a corrupt regime in Venezuela that harbors transnational terrorists. He said multinational efforts should be aimed at putting pressure on the regime.

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