Debt Agency – CTXETG http://ctxetg.com/ Wed, 22 Jun 2022 08:34:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ctxetg.com/wp-content/uploads/2021/06/icon-150x150.png Debt Agency – CTXETG http://ctxetg.com/ 32 32 Debt market start-up CredAvenue rebrands itself as Yubi https://ctxetg.com/debt-market-start-up-credavenue-rebrands-itself-as-yubi/ Wed, 22 Jun 2022 07:17:35 +0000 https://ctxetg.com/debt-market-start-up-credavenue-rebrands-itself-as-yubi/ The online debt market CredAvenue has rebranded itself as Yubi. According to a company press release, the new name represents the company’s long-term goal of controlling the debt ecosystem and acting as a transparent layer of infrastructure that supports credit and enables a frictionless access to credit globally. The company announced that through an overhaul […]]]>

The online debt market CredAvenue has rebranded itself as Yubi. According to a company press release, the new name represents the company’s long-term goal of controlling the debt ecosystem and acting as a transparent layer of infrastructure that supports credit and enables a frictionless access to credit globally.

The company announced that through an overhaul of its website, social media accounts and current product lines, the new brand will be reflected in every customer touchpoint. In line with its commitment to help its customers “Go Get Great”, Yubi will provide a richer and more consistent brand experience, the company said.

In the past six months, the company has made two significant acquisitions (Spocto and Corpository). It was created in August 2020, and since March this year, when a Series B funding round was secured, its valuation has risen to $1.3 billion, making it one of the fastest growing fintech forms in India.

In addition to providing a full range of debt solutions to its client, the company also offers portfolio administration and monitoring services as a SaaS product to both its lenders and borrowers. Yubi has facilitated loan volumes of over Rs 90,000 crore and claims to have over 2,300 corporate clients and 750 lenders at present.

Commenting on the development, Gaurav Kumar, Founder and CEO of Yubi, said, “This is an exciting transformation and a solid foundation for the ever-changing nature of our business. Yubi represents the start of our global ambitions as we prepare to launch our first international office in the UAE, making its successful debut in the MENA region. Another reason for the change in brand identity stems from our conversations with customers and other stakeholders about how technology integration due to data security concerns regarding financial information remains one of the main obstacles to the advancement of digital finance. We aim to close this trust gap and, in this effort to humanize the brand, we are confident that we can continue to develop our platform, which is nourished by new opportunities for individuals and businesses.

Yubi collaborated with international branding agency venturethree to develop a disruptive brand ready for the new era of lending and other market opportunities.

Philip Orwell, Managing Director of venturethree, commented on the development saying, “Yubi’s ambition is to redefine how people, from all walks of life, can access capital in the Indian market and help drive business growth. without the obstacles we have seen in the past. Working closely with the Yubi team, we have developed a brand focused on the power of connection, bringing much-needed warmth and humanity to the market.

According to the company’s press release, Yubi may eventually be looking for ways to expand beyond credit. The company said that by adopting the Yubi name and the revised brand, which is aligned with its strategic goals, it would be able to leverage the power of a well-known, global name to achieve its future aspirations.

Also Read: Startups Can Generate 100 Million Jobs, Says Sequoia MD Rajan Anandan

Also read: Launch of Alariss Global in India; work with leading VCs to support Indian start-ups’ expansion plans

]]>
U.S. commercial mortgage debt hits record $4.25 trillion in first quarter https://ctxetg.com/u-s-commercial-mortgage-debt-hits-record-4-25-trillion-in-first-quarter/ Mon, 20 Jun 2022 12:45:00 +0000 https://ctxetg.com/u-s-commercial-mortgage-debt-hits-record-4-25-trillion-in-first-quarter/ E-mail Sign up for our free weekly newsletter According to the Mortgage Bankers Association’s latest Quarterly Commercial/Multifamily Mortgage Debt Outstanding Report, commercial/multifamily mortgage debt outstanding in the United States increased by $74.2 billion (1.8% ) in the first quarter of 2022. Total commercial/multifamily mortgage debt outstanding reached $4.25 trillion at the end of the first […]]]>

According to the Mortgage Bankers Association’s latest Quarterly Commercial/Multifamily Mortgage Debt Outstanding Report, commercial/multifamily mortgage debt outstanding in the United States increased by $74.2 billion (1.8% ) in the first quarter of 2022.

Total commercial/multifamily mortgage debt outstanding reached $4.25 trillion at the end of the first quarter. Multifamily mortgage debt alone rose $37.4 billion (2.1%) to $1.8 trillion from the fourth quarter of 2021.

“Thanks to record first-quarter mounts, outstanding commercial and multifamily mortgage debt reached a new high at the end of March 2022,” said Jamie Woodwell, vice president of mortgage research. MBA commercial real estate. “Custodians and life insurance companies drove most of the growth, and multifamily mortgage debt continued to rise at a solid level.”

Woodwell added: “The recent rise in interest rates and the decline in broader equity values ​​will no doubt affect the commercial and multi-family markets over the coming quarters, but the relatively strong market fundamentals for most asset classes properties should serve as a stabilizing force.

The four largest groups of investors are: banks and savings; portfolios of federal agencies and government-sponsored enterprises (GSEs) and mortgage-backed securities (MBS); life insurance companies; and issuance of commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset-backed securities (ABS).

Commercial banks continue to hold the largest share (38%) of commercial/multi-family mortgages at $1.6 trillion. Agency and GSE portfolios and MBS are the second largest holders of commercial/multi-family mortgages (21%) at $911 billion. Life insurance companies hold $635 billion (15%), and CMBS, CDOs and other ABS issues hold $612 billion (14%). Many life insurance companies, banks and GSEs buy and hold issues of CMBS, CDOs and other ABS. These loans appear in the report under the category “CMBS, CDOs and other ABS”.

MBA analysis summarizes the loan portfolios or, if the loans are securitized, the form of collateral. For example, many life insurance companies invest both in whole loans for which they hold the mortgage certificate (and which appear in these data under the heading Life insurance companies) and in CMBS, CDOs and other ABS whose security issuers and trustees hold the certificate (and which appear here under CMBS, CDOs and other ABS issues).

OUTSTANDING MULTI-FAMILY MORTGAGE DEBT

Looking at multifamily mortgages alone in Q1 2022, agency and GSE portfolios and MBS held the largest share of total multifamily debt outstanding at $911 billion (49%), followed banks and savings with $529 billion (29%), life insurance corporations with $183 billion (10%), state and local governments with $106 billion (6%), and emissions CMBS, CDOs and other ABS holding $72 billion (4%).

CHANGE IN OUTSTANDING COMMERCIAL/MULTI-FAMILY MORTGAGE DEBT

In the first quarter, commercial banks recorded the largest gains in dollar terms in their holdings of commercial/multifamily mortgages – an increase of $37.7 billion (2.4%). Life insurance companies increased their holdings by $14.9 billion (2.4%), GSE agency portfolios and MBS increased their holdings by $9.5 billion (1.1%) , and REITs increased their holdings by $9.3 billion (7.3%).

In percentage terms, REITs saw the largest increase – 7.3% – in their holdings of commercial/multi-family mortgages. Conversely, private pension funds saw their assets decrease by 7.8%.

CHANGE IN OUTSTANDING MULTI-FAMILY MORTGAGE DEBT

The $37.4 billion increase in outstanding multifamily mortgage debt from the fourth quarter of 2021 represents a quarterly gain of 2.1%. In dollar terms, commercial banks recorded the largest gain – $16.5 billion (3.2%) – in their holdings of multifamily mortgages. Agency and GSE portfolios and MBS increased their holdings by $9.5 billion (1.1%), and issuance of CMBS, CDOs and other ABS increased by $7.7 billion. dollars (12.0%).

Issues of CMBS, CDOs and other ABS saw the largest percentage increase in their holdings of multifamily mortgage debt, up 12.0%. Private pension funds saw the largest decline in their holdings of multifamily mortgage debt, down 20.1%.


Showcase of real estate advertisements

]]>
CTOS targets SMEs through the acquisition of RAM https://ctxetg.com/ctos-targets-smes-through-the-acquisition-of-ram/ Fri, 17 Jun 2022 22:14:36 +0000 https://ctxetg.com/ctos-targets-smes-through-the-acquisition-of-ram/ CTOS Digital Bhd’s ambitions to expand into the corporate credit rating space are accelerating. This week, the consumer credit specialist said it would make a general offer for the remaining shares it does not own in RAM Holdings Bhd, which owns RAM Rating Services Bhd, and which is in turn the main local debt rating […]]]>

CTOS Digital Bhd’s ambitions to expand into the corporate credit rating space are accelerating.

This week, the consumer credit specialist said it would make a general offer for the remaining shares it does not own in RAM Holdings Bhd, which owns RAM Rating Services Bhd, and which is in turn the main local debt rating agency in the country.

CTOS currently holds a 19.23% stake in RAM. On Thursday, CTOS said based on preliminary comments that it could reach more than 51% stake in RAM.

The rationale for the move is clear. In a statement released by CTOS, it says that as one of Asean’s leading financial and data solutions groups, it is well placed to work closely with RAM to develop new scoring solutions. for companies, small and medium-sized enterprises (SMEs) in particular. , so that they can access broader forms of credit and develop their activities.

“This will in turn accelerate RAM’s growth and establish it as the leading rating agency, not only in Malaysia but regionally,” CTOS said in a June 9 statement.

Although Malaysia is a leading corporate debt market, with sukuk offerings often winning records and accolades, issuers have remained largely large corporations. This means that the market for debt via bonds remains largely untapped for small businesses or SMEs, which make up the bulk of businesses in Malaysia and Southeast Asia.

Locally, banking establishments are the main source of financing for SMEs, providing more than 90% of total financing.

The reasons are a few. SMEs generally need less funds and most products on the market seem to be suitable for larger companies.

The other factor is credit issues.

“Bond investors want to make safe investments and therefore prefer to buy papers issued by companies with good credit ratings,” explains an industry observer.

The World Bank, in a September 2020 report on Malaysia’s domestic bond market, notes the trade size bias. It says the outsized portfolios of large institutional investors like the Employees Provident Fund (compared to the size of the domestic market) and the investment limits imposed by their investment mandates have ensured lukewarm interest in small issues of debt.

“This disinterest prompted arrangers to focus on larger issues, giving preference to those above RM250 million, a stark change from the average of RM100 million before the financial crisis,” says the international financial institution.

This situation, according to the World Bank, discourages companies with lower working capital or capital requirements from tapping into the local bond market. The additional liquidity premium demanded by investors can also make it more expensive to issue debt securities.

“In such a context, the large conglomerates could be the only ones to be able to access bond financing. But with governments now struggling to cope with economies overwhelmed by the coronavirus, financing the needs of SMEs through the bond market is an even more urgent need now.

All of this illustrates the opportunities that CTOS and RAM are likely to exploit.

CTOS, which is 30.26% owned by private equity firm Creador through Inodes Ltd, first appeared in RAM in July last year when it acquired 4.6% of CIMB Bank Bhd for RM10.1 million. It was the group’s first acquisition after listing the previous month at an offer price of RM1.10.

From there, the group increased its stake in the rating agency and also made other acquisitions.

Based on an analyst report from April, CTOS’ acquisition of a 17.23% stake in RAM (down from 8.1% at that time) cost it RM25 million, or about 33 times the price to earnings. According to the research firm, this was fair and consistent with other listed global credit rating agencies.

Today CTOS is preparing to acquire a majority stake in RAM beyond the 20% ceiling on individual shareholders.

CTOS began the investment application on April 15, 2021 and said it undertook a “rigorous process” with the Securities Commission (SC) to determine how it could add value to RAM. The SC gave CTOS the go-ahead to hold a majority stake in RAM, while RAM shareholders approved amendments to its constitution to remove the 20% cap on stake in the company at a general meeting on Tuesday. last week.

RAM has 13 shareholders, four of whom hold more than 10% of the capital. Through its unit Oscar Matrix Sdn Bhd, Creador, founded by Brahmal Vasudevan, owns 19.9% ​​of RAM.

Besides CTOS and Oscar Matrix, RAM’s other major shareholders are S&P Global Asian Holdings Pte Ltd (19.2%), Dragonline Solutions Sdn Bhd (15.65%) and Hong Leong Bank Bhd. with 5.8% of the capital.

A capital market observer says the 20% cap was a “tangible wall” to preserve the independence and sanctity of a rating. By removing this and allowing a listed entity to have a majority stake, will this mean more aggressive marketing in the future to maximize returns, which could lead to unfair competition for the smaller Malaysian Rating Corporation Bhd (MARC), he asks.

Independence is the critical aspect

Suresh Menon, the former executive director of RAM and one of the agency’s founders when it was established in 1990, thinks it doesn’t matter what kind of constitutional limit.

“As far as I’m concerned, it (the 20% individual shareholding limit) shouldn’t be there. The most critical aspect is whether the entity can maintain the independence of the agency,” he told StarBizWeek when contacted.

He says the checks and balances for RAM are very important and his ratings committee must be completely independent.

Suresh recalls that the 20% ceiling did not exist initially. This happened more than two decades later after S&P entered.

“When RAM was created by the Malaysian central bank, it was understood that each shareholder would have a minority stake. The idea was to maintain the distribution of the shareholding as much as possible so that no shareholder could exert influence on the company. But constitutionally, the 20% was never there to begin with,” he notes.

The agency, formerly known as Rating Agency Malaysia Bhd, then had 51 shareholders.

As a credit reference agency, Suresh believes that “CTOS is a good shareholder to own RAM”.

“There are synergies that can be derived. However, if we lift the corporate veil, the ultimate shareholder is Creador, who will be closely watched over how it runs CTOS and in turn RAM,” he says.

He explains that rating agencies are also profit driven and many of them are listed on stock exchanges elsewhere. The most important thing at the end of the day is to preserve its independence and integrity through checks and balances, he adds.

It should be noted that in its press releases, the CTOS stated that it remained committed to maintaining the independence and integrity of RAM, that it would not become involved in any rating-related decisions or in any aspect of operations. CTOS also said it would appoint only one board member for RAM and would not seek to make any changes to the board, leaving the board to make all major financial decisions.

Going forward, it remains to be seen whether further changes in the local debt rating market will follow.

Notably, in 2020, global integrated risk rating firm Moody’s Corp became a shareholder in MARC and now owns a 19.45% stake in the country’s second-largest debt rating agency.

The other credit rating agency that has a 10% stake in MARC is Care Ratings Ltd, while its other 22 shareholders (including insurance companies, brokers and investment banks) hold less than 5%. each.

]]>
Yonhap News Summary | Yonhap News Agency https://ctxetg.com/yonhap-news-summary-yonhap-news-agency/ Thu, 16 Jun 2022 04:33:16 +0000 https://ctxetg.com/yonhap-news-summary-yonhap-news-agency/ The following is the first summary of the main stories released by Yonhap News Agency on Thursday. —————–Yoon pledges to pursue economic policies centered on private sector-led growth and deregulation SEOUL — President Yoon Suk-yeol said Thursday his government would pursue economic policies centered on private sector-led growth and deregulation in a bid to weather […]]]>

The following is the first summary of the main stories released by Yonhap News Agency on Thursday.

—————–
Yoon pledges to pursue economic policies centered on private sector-led growth and deregulation

SEOUL — President Yoon Suk-yeol said Thursday his government would pursue economic policies centered on private sector-led growth and deregulation in a bid to weather the multifaceted economic crisis.

Yoon made the remarks during a meeting on the direction of the new government’s economic policy, during which the officials drew up economic plans for the next five years.

—————–
Coast Guard apologizes for controversial speculation over fisheries official’s death

SEOUL — The Coast Guard should apologize for previously assuming that a South Korean fisheries official killed by the North Korean military near the western sea border in 2020 was trying to defect to the North voluntarily, officials said. officials from the Presidential National Security Office (NSO) said on Thursday.

Along with the apology, the Coast Guard will also release its investigative documents into the mysterious death of the 47-year-old fisheries officer, who was fatally shot by the Northern Army on September 22, 2020, after going missing the day before while it was on duty near Yeonpyeong Island in South Korea, officials said.

—————–
Technical inspection of the Nuri space rocket in progress after a canceled launch

SEOUL — South Korean aerospace engineers have begun inspecting the Nuri space rocket, a day after a last-minute technical glitch in the oxidizer tank sensor forced the country to cancel the rocket’s scheduled launch on Thursday.

The Korea Aerospace Research Institute (KARI) on Wednesday decided to postpone the launch of Nuri indefinitely after the sensor was seen to malfunction during a final pre-launch check at the Naro Space Center launch pad in Goheung, a southern coastal village about 470 kilometers south of Seoul.

—————–
(LEAD) South Korea’s new COVID-19 cases drop below 10,000 for 7th day

SEOUL — South Korea’s new coronavirus cases remained below 10,000 for the seventh straight day on Thursday as the country heads back to pre-pandemic normalcy.

The country added 7,994 COVID-19 infections, including 90 cases from overseas, bringing the total number of cases to 18,256,457, the Korea Disease Control and Prevention Agency (KDCA) said.

—————–
BTS dismisses team disbandment rumors

SEOUL — K-pop supergroup BTS on Thursday emphatically dismissed rumors that the group would take steps to disband following their recent announcement of a hiatus from the group’s activities.

“We will try to show good performance as a team or individually,” the group’s leader RM said in a message to Weverse, a K-pop fan community platform.

—————–
South Korea’s national debt exceeds 1 trillion won for the first time

SEOUL (Reuters) – South Korea’s national debt topped the 1 trillion won ($781.07 billion) mark for the first time amid the government’s expansionary fiscal spending to support economic recovery , according to data released Thursday.

Total government debt hit a record high of 1 trillion won at the end of April, up 19.1 trillion won from the previous month, according to data compiled by the Ministry of Finance.

—————–
(LEAD) New infectious disease outbreak reported in North Korea; chief Kim sends medicine: KCNA

SEOUL – New suspected COVID-19 cases recorded in North Korea remained below 30,000, as the country reported an outbreak of an “acute enteric epidemic” in its southwestern region on Thursday.

More than 26,010 people showed symptoms of fever over a 24-hour period up to 6 p.m. the day before, the official Korean News Agency (KCNA) said, citing data from the national epidemic prevention headquarters of emergency. It reported one additional death, with the death toll rising to 73.

—————–
Olympic hockey hero dies of lung cancer at 35

SEOUL — Cho Min-ho, who scored South Korea’s first-ever Olympic hockey goal, has died aged 35 after losing a battle with lung cancer.

Cho’s former South Korean club Anyang Halla said on Thursday that the player had died the previous afternoon. Cho had been diagnosed with lung cancer in October 2021, after returning from training camp and exhibition games against minor league teams in the United States.
(END)

]]>
11th Cir. Periodic TILA statements can trigger FDCPA, FCCPA liability https://ctxetg.com/11th-cir-periodic-tila-statements-can-trigger-fdcpa-fccpa-liability/ Tue, 14 Jun 2022 03:29:03 +0000 https://ctxetg.com/11th-cir-periodic-tila-statements-can-trigger-fdcpa-fccpa-liability/ The United States Court of Appeals for the Eleventh Circuit recently reversed a trial court’s dismissal of a consumer complaint against a mortgage manager filed under the federal Fair Debt Collection Practices Act and the Florida Consumer Collection Practices Act. In that decision, the Eleventh Circuit held that monthly mortgage statements may constitute “communications” under […]]]>

The United States Court of Appeals for the Eleventh Circuit recently reversed a trial court’s dismissal of a consumer complaint against a mortgage manager filed under the federal Fair Debt Collection Practices Act and the Florida Consumer Collection Practices Act.

In that decision, the Eleventh Circuit held that monthly mortgage statements may constitute “communications” under the FDCPA and FCCPA if they “contain debt collection language that is not required by law.” . [Truth in Lending Act] TILA or its regulations” and the context suggests that the statements are an attempt to collect or induce payment of a debt.

A copy of the notice in Constance Daniels vs. Select Portfolio Servicing, Inc. is available at: Link to Opinion.

A consumer sued his mortgage manager, alleging that several mortgage statements sent by the manager, as required by TILA, contained a number of inaccurate items, including the principal balance owed. The consumer alleged that by submitting these incorrect statements, the repairer violated the FDCPA and the FCCPA.

The trial court dismissed the consumer’s complaint with prejudice, agreeing with the mortgage agent that the statements in question were not debt collection communications and therefore not covered by the FDCPA and FCCPA. The consumer appealed in a timely manner.

The issue on appeal was whether the monthly mortgage statements required by TILA and its regulations may constitute communications in connection with the collection of debt under the FDCPA and FCCPA.

The FDCPA requires that the challenged communications be “in connection with the collection of a[ ] debt.” See 15 USC §§ 1692d, 1692e(10), 1692f(1). [a] . . . debt[.]”Fla. Stat. §§ 559.72(7), 559.72(9). Both statutes therefore require a connection between the communication and the collection of a debt.

The Eleventh Circuit ruled that the FDCPA “in connection with the collection of a[ ] debt” asks whether the “contested conduct is related to debt collection”, that is, is “an attempt to ‘collect’ [a] debt.” Reese vs. Ellis, Painter, Ratterree & Adams, LLP678 F.3d 1211, 1217 (11th Cir. 2012).

Additionally, TILA requires mortgage lenders and/or managers to send their mortgagees a statement once per billing cycle, updating them on a number of items. These elements are the amount of the principal obligation under the mortgage; the prevailing interest rate; the date on which the interest rate can be reset or adjusted; the amount of any prepayment penalty that may be charged; late payment fees; a telephone number and an e-mail address for obtaining information about the mortgage; the names and contact details of reasonably available credit counseling agencies or programs; and any other information required by regulation. See 15 USC § 1638(f)(1).

The Eleventh Circuit concluded here that the statements, although required by TILA, were “related to debt collection.”

First, the statements expressly said that it was “an attempt to collect a debt” and that “[a]All information obtained will be used for this purpose. Second, the statements had entries for “loan due date”, “payment due date”, “amount due”, “total amount due”, “interest-bearing principal”, “deferred principal”, “main outstanding” and “interest assess.” Third, the statements included a “overdue notice” box, which listed overdue payments and the amount needed to bring the account up to date. Finally, the statements included a monthly payment coupon with the bottom of the first page with the mortgage agent’s address. The coupon included information on late fees and asked the consumer to “[p]lease detach the lower part and return with your payment” and “[m]make checks payable to [the mortgage servicer]”

The Eleventh Circuit viewed holistically a communication that expressly states that it is an “attempt to collect a debt,” which requests payment of a certain amount by a certain date, and which provides for a fee. of delay if payment is not made on time as plausibly “related to debt collection”. Reese678 F.3d at 1217.

The context of the statements also mattered to the Eleventh Circuit. At the time the mortgage agent sent the mortgage statements, the consumer had won a foreclosure action brought by the creditor for the consumer’s mortgage loan. During this litigation, the mortgage agent was servicing the loan. Therefore, the amounts allegedly due and payable in the statements, together with the overdue notice, could have been viewed as an attempt to collect (or induce payment) of a disputed and allegedly defaulted debt. See Grden vs. Leikin Ingber & Winters PC643 F.3d 169, 173 (6th Cir. 2011); Gburek v Litton Loan Servicing LP614 F.3d 380, 386 (7th Cir. 2010).

Although portions of the statements may have been for informational purposes, as required by TILA, the Eleventh Circuit also held that a communication may serve a dual purpose. See Reese678 F.3d at 1217.

Also, in this case, the mortgage statements contained language “this is an attempt to collect a debt” which is not required by TILA or its regulations. The Eleventh Circuit noted that although the FDCPA requires consumers to be informed in the “initial written communication” that a “collector is attempting to collect a debt and that any information obtained will be used for that purpose”, 15 U.S.C. § 1692e(11), neither the FDCPA nor TILA require the use of such language in subsequent communications or periodic statements. “A TILA-compliant monthly statement may nevertheless include additional language that constitutes debt collection.” Green c. LLC Specialty Loan Service766 F. App’x 777, 785 (11th Cir. 2019).

Accordingly, the Eleventh Circuit held that the monthly mortgage statements required by TILA and its regulations may plausibly constitute communications “in connection with the collection of a[ ] debt” under the FDCPA and in connection with the “collection [a] . . . debt” under the FCCPA if (a) they contain the wording “this is an attempt to collect a debt” from the FDCPA, (b) they request or demand payment of a certain amount at a certain date, (c) they provide for a late fee if payment is not made on time, and (d) the history between the parties suggests that the statement is an attempt to collect a disputed debt. See Lear v Select Portfolio Servicing, Inc.309 F.Supp.3d 1237, 1240 (SD Fla. 2018).

In addition, the Eleventh Circuit reviewed the guidance bulletin issued in 2013 by the Consumer Financial Protection Bureau, on which the trial court relied. See Consumer Financial Protection Bureau, Implementation Guidance for Certain Mortgage Servicing Rules, CFPB Bulletin 2013-2, 2013 WL 9001249 (15 Oct. 2013). In this bulletin, the CFPB provided an “advisory opinion” regarding the “cease communications” option offered by the FDCPA. See 15 USC § 1692c(c). The CFPB has concluded that debt collectors who are debt collectors are generally not liable under s. regulations issued under federal laws such as TILA, including 12 CFR § 1026.41 (the periodic reporting regulation).

However, the Eleventh Circuit recognized that an agency’s interpretive bulletin provides non-controlling advice and that its persuasiveness depends on the rigor, consistency, and validity of its reasoning. See Rodriguez v Farm Stores Grocery, Inc., 518 F.3d 1259, 1268 n.5 (11th Cir. 2008). Because the CFPB bulletin only addresses consumers who elect the “cease communications” option under the FDCPA, the Court held that the bulletin’s guidance does not apply to the current situation. See 15 USC § 1692k(e). Indeed, the Court determined that nothing in the bulletin indicated that the CFPB sought to provide an advisory opinion excluding all periodic mortgage statements required by TILA from FDCPA coverage, regardless of the circumstances.

Accordingly, the Eleventh Circuit held that a required monthly mortgage statement that generally complies with TILA and its regulations may plausibly be a communication “in connection with the collection of a[ ] debt” under the FDCPA or in connection with the “collection [a] . . . Debt” under the FCCPA if it contains additional debt collection language. Thus, the Court reversed the trial court’s dismissal of the consumer’s complaint and remanded for retrial.

]]>
Sonia Gandhi hospitalized for complications related to Covid https://ctxetg.com/sonia-gandhi-hospitalized-for-complications-related-to-covid/ Sun, 12 Jun 2022 11:34:00 +0000 https://ctxetg.com/sonia-gandhi-hospitalized-for-complications-related-to-covid/ Congress Speaker Sonia Gandhi was admitted to Delhi’s Ganga Ram Hospital on Sunday with complications from Covid-19, party spokesperson Randeep Surjewala said. Her condition is stable, but she will remain under observation by doctors at the hospital. President of Congress, Smt. Sonia Gandhi was admitted to Ganga Ram Hospital today due to Covid related issues. […]]]>

Congress Speaker Sonia Gandhi was admitted to Delhi’s Ganga Ram Hospital on Sunday with complications from Covid-19, party spokesperson Randeep Surjewala said.

Her condition is stable, but she will remain under observation by doctors at the hospital.

The doctors treated her for a nasal bleed, The Indian Express reported. Congress leaders Priyanka Gandhi Vadra and Rahul Gandhi accompanied their mother to the hospital.

The acting president of Congress had tested positive for the coronavirus on June 2. Gandhi, 75, had developed a mild fever and other coronavirus-related symptoms a day before that. She immediately isolated herself.

On June 1, the Law Enforcement Directorate had summoned Sonia Gandhi and her son, MP Wayanad Rahul Gandhi, to appear before the central agency on June 8 for questioning in a money laundering case.

The congressional leader asked for more time to appear before the agency, saying she was recovering from Covid-19. On Saturday, the Enforcement Department sent a new summons to Sonia Gandhi and asked her to appear before it on June 23.

The case

The national herald is published by Associated Journals Limited and owned by Young Indian Private Limited. It was founded and edited by Jawaharlal Nehru before he became the first Prime Minister of India.

In April 2008, the newspaper suspended its operations as it had incurred debt of over Rs 90 crore. Subramanian Swamy, MP for the Bharatiya Janata Party, accused Sonia Gandhi and Rahul Gandhi of setting up Young Indian Private Limited to buy back the debt using Congress funds.

In his complaint to a trial court, Swamy accused the Gandhis and others of conspiring to cheat and embezzle funds. He alleged that the Young Indian company paid only Rs 50 lakh for the right to recover Rs 90.25 crore which the Associate Journals Limited owed Congress.

The party had loaned the amount to Associated Journals Limited without interest, according to court records. Congress asserted that there was no exchange of money and only debt-to-equity conversion took place to pay dues like wages.

]]>
FCC invokes seldom-used owner character clause in attempt to revoke license of Knoxville’s only black-owned radio station: ‘I’ve paid my debt’ https://ctxetg.com/fcc-invokes-seldom-used-owner-character-clause-in-attempt-to-revoke-license-of-knoxvilles-only-black-owned-radio-station-ive-paid-my-debt/ Fri, 10 Jun 2022 02:59:00 +0000 https://ctxetg.com/fcc-invokes-seldom-used-owner-character-clause-in-attempt-to-revoke-license-of-knoxvilles-only-black-owned-radio-station-ive-paid-my-debt/ The Federal Communications Commission is seeking to revoke the license for the Knoxville radio station that was once owned by James Brown. The media licensing body invoked the character clause of its radio licensees to shut down the independent company which is one of only six black-owned stations in Tennessee. Joe Armstrong (Screening Institute for […]]]>

The Federal Communications Commission is seeking to revoke the license for the Knoxville radio station that was once owned by James Brown. The media licensing body invoked the character clause of its radio licensees to shut down the independent company which is one of only six black-owned stations in Tennessee.

Joe Armstrong (Screening Institute for Justice)

Radio station WJBE faces losing its license after the FCC decides to investigate whether its current owner, Joe Armstrong, a former state representative from eastern Tennessee, is fit to have a station based on “the character qualifications required” to control the frequency,” reports the Tennessee Lookout.

Armstrong has served Knoxville and parts of East Tennessee since his election in 1988 and bought the radio station while still in office in 2012. In 2016 he was convicted of submitting a false statement on his 2008 tax return and did not disclose more than $300,000 in revenue from the sale of cigarette tax stamps.

Prosecutors said Armstrong and his accountant conspired with each other to cover up profits his company made from a cigarette stamp tax hike – legislation the former lawmaker helped pass when he served in the Tennessee General Assembly from 1988 to 2016.

The former congressman’s character was called into question in 2017 after he revealed to the agency that he had been convicted of making false statements on his tax returns the previous year. Armstrong was sentenced to house arrest, probation, community service, and IRS reimbursement, terms he has since served.

According to the clause, which the FCC says is one of the most important factors in issuing a license, the state representative’s conviction is in violation of the rules of the code of conduct. This further disqualifies him from running for and being elected to public office in the state.

The FCC notice was received in March 2022, Armstrong said, and he was shocked when it arrived, reports the Knoxville News Sentinel.

“We have an impeccable record at this station. How long should a person carry the cross? I paid my debt to society,” he told the newspaper in an interview last month. “Coming back and questioning my ability to run this station is a knee-jerk reaction on their part. It’s bigger than me.

Armstrong’s attorney, Andrew Ward, wonders why it’s taken them six years to invoke the clause now, especially since there have been no complaints to the FCC about the station.

“Joe has a decade of success running a radio station,” Ward told the newspaper. “It will not protect the public. It’s just taking away a valuable community radio station.

“No one should lose their license because of an irrelevant criminal conviction,” Ward added. “There is a growing consensus that these laws do not protect the public. These are permanent punishments that do not make people safer.

Armstrong, as the station’s owner, is required to have a hearing to defend his qualification despite his criminal conviction. Complications arose when he shared the information with the FCC.

He disclosed his conviction on April 14, 2017. However, according to the FCC, his deadline for reporting discretion was April 1, 2017, two weeks earlier.

An FCC order states that “an applicant’s or licensee’s propensity to comply with the law is generally relevant because a willingness not to be truthful with other government agencies, to violate other laws and, in particular, to commit crimes, is potentially indicative of whether the applicant or licensee will abide by the rules or policies of the Council in the future.

“The purpose of the hearing is not to retry the facts that led to Armstrong’s felony conviction, but rather to consider the impact of this judged misconduct and A&R’s admitted rule violations on Armstrong and , by extension, A&R, character qualifications when viewed with any mitigating factors.”

WJBE Radio, known as “Jamming 99.7” on the AM dial, has been part of Armstrong’s portfolio for a decade.

The story behind this station’s call letters is rooted in its rich history. In 1968, the godfather of soul, James Brown, bought the company and established it as “soul radio”, one of the first of its kind in the United States.

Mr. “Black and I’m Proud” fashioned the station’s call letters with an acronym for his umbrella entity “James Brown Enterprises”.

Armstrong had ties to the radio station, dating back to those years under Brown. While a student at the University of Tennessee, he worked as a salesman for Brown’s WJBE.

When he bought the company, few black-owned media brands existed in the region, with the last black-owned radio station having ended its broadcast six years prior. According to Armstrong, there was only a monthly black news magazine related to the lives of Black Tennesseans before he reinstated WJBE, a company from which he received no salary.

Speaking of the lack of black presence in the media space, Armstrong said, “It was embarrassing.” He later said, “We brought the pride back to WJBE.”

The station’s fans agree, saying it provides a voice that was missing before the broadcast began.

Felecia Outsey, a WJBE listener, says it speaks to her and for her.

“It’s for our listeners, it’s for our audience, but necessarily black audiences,” Outsey said in an interview with WBIR.com.

]]>
NC treasurer pushes for charitable patient care in legislation https://ctxetg.com/nc-treasurer-pushes-for-charitable-patient-care-in-legislation/ Tue, 07 Jun 2022 21:40:44 +0000 https://ctxetg.com/nc-treasurer-pushes-for-charitable-patient-care-in-legislation/ RALEIGH, North Carolina Passing legislation requiring North Carolina hospitals to provide minimum levels of free or reduced-cost care to low- and middle-income residents not covered by insurance and offer generous reimbursement options is the “moral thing to do,” State Treasurer Dale Folwell said Tuesday. A bipartisan measure, which was discussed but not voted on by […]]]>

Passing legislation requiring North Carolina hospitals to provide minimum levels of free or reduced-cost care to low- and middle-income residents not covered by insurance and offer generous reimbursement options is the “moral thing to do,” State Treasurer Dale Folwell said Tuesday.

A bipartisan measure, which was discussed but not voted on by the House Banking Committee, is in part a response to a 2021 study for the state employee health plan that Folwell’s charity care agency oversees. .

“This is a pro-consumer, anti-poverty bill, and it’s time we got together and moved on in the name of the invisible people, not the million-dollar (hospital) leaders. dollars,” Folwell, a Republican, told the panel. The odds of the bill advancing through this year’s session appear dim given the dwindling number of weeks remaining in Raleigh and the complexity of the measure.

The 2021 report, brought together with Johns Hopkins University, found that the majority of the state’s largest nonprofit hospital systems do not provide charitable care to uninsured or underinsured people who are approaching relief. federal, state and local taxes they receive.

The result is that patients can’t afford the expensive services they’ve received, leading to cycles of medical debt that “weaponize” their credit scores and ability to succeed, said Folwell, a former member of the Chamber and Treasurer since 2017.

The measure would require hospitals, clinics and certain other health care providers to adopt medical debt mitigation policies and screen patients before demanding payment to help them find insurance or credit options. ‘assistance.

Free and discounted care for amounts not covered by insurance would be on a sliding scale of up to 600% of federal poverty levels. If a debt is incurred, the hospital cannot charge interest and must cap monthly payments. The legislation also requires disclosure of health care service charges and Medicare reimbursement rates.

The North Carolina State Employees Association and the North Carolina Coalition Against Sexual Assault defended the bill, which would also allow the state attorney general and citizens to sue for damages. if the requirements are not met.

The North Carolina Health Care Association, which represents for-profit and nonprofit hospitals, did not take a position on the bill, spokeswoman Cynthia Charles said in an emailed statement.

Charles said the federal law already addresses several of the bill’s requirements, and the 2013 General Assembly legislation addresses many billing and collection practice issues. She explained the many ways hospitals and healthcare systems help consumers meet their financial obligations.

“To suggest that hospitals ‘weaponize’ medical debt is nothing but political grandstanding,” she wrote. “Hospitals are doing more than any other part of healthcare to help vulnerable patients.”

The legislative sponsors of the measure appear to be struggling to fight before legislation can advance this session, which is already expected to end around July 1.

“At this time, this bill, in my humble opinion, is not ready for prime time,” said Rep. John Szoka, a Cumberland County Republican and committee member, adding that he had several concerns. Szoka said he was ready to work with sponsors and Folwell’s office to rework it.

]]>
Borrowing brakes eased for highly indebted states https://ctxetg.com/borrowing-brakes-eased-for-highly-indebted-states/ Sun, 05 Jun 2022 23:45:00 +0000 https://ctxetg.com/borrowing-brakes-eased-for-highly-indebted-states/ The Center has moved to lift a virtual freeze on fresh market borrowing by states with large off-budget debt. However, it will remove at least 25 basis points (bps) from the base net borrowing (NBC) cap of 3.5% of the states’ gross domestic product (GSDP) in those states in FY23. Off-budget commitments will only be […]]]>

The Center has moved to lift a virtual freeze on fresh market borrowing by states with large off-budget debt. However, it will remove at least 25 basis points (bps) from the base net borrowing (NBC) cap of 3.5% of the states’ gross domestic product (GSDP) in those states in FY23.

Off-budget commitments will only be counted from FY22. The estimated debt balance will be brought back above the line over the three years to FY26 in equal installments.

In an earlier directive to the states, the Center had stated that all of their FY21 and 22 off-budget commitments would be adjusted against the NBC for FY23. If implemented, this policy would have severely restricted the plans of some states like Telangana, Punjab and Kerala to raise funds through State Development Loans (SDLs) in the current fiscal year and hence their capital expenditures. The Center’s position has already caused some delay in approvals of annual state SDL limits, which are typically in place by April of any fiscal year.

The Center’s tightening of government borrowing regulations takes into account rising yields on SDLs and the rate hike cycle started by the Reserve Bank of India, which could raise the cost of government borrowing.

The high cost of public borrowing could further inflate public debt, already at a precarious level.

In a letter to state finance ministries on March 31, 2022, the Union Finance Ministry wrote:

“Borrowings by state public sector corporations/corporations, special purpose entities and other equivalent instruments, the principal and/or interest of which are to be financed from state budgets and/or the attribution of taxes/taxes or any other income of the State, shall be considered as borrowings made by the State itself for the purpose of issuing the consent under Article 293 (3) of the Constitution of India.

According to Crisil Ratings, all states’ off-balance sheet borrowing may have peaked at around 4.5% of gross domestic product (GDP), or about 7.9 trillion rupees, in FY22.

As the Covid pandemic hit state tax revenue, the Center not only raised its borrowing limit by 2 percentage points to 5% of GDP in FY21, but also allowed it to borrow up to 75% of the annual threshold in April-December of the year. A similar easing was also available in FY22, when the limit was reduced to 4.5%.

Sensing that the states might reduce their capital expenditure, the Center released the goods and services tax offset of around Rs 86,912 crore to the states on May 31, including arrears and aid from April- may. The Center had to dip into its own revenue pool to raise Rs 62,000 crore for this purpose.

Analysts have said delays in market borrowing will prove more costly for states as the Reserve Bank of India (RBI) is likely to raise interest rates further in the coming months.

No less than nine states – Assam, Chhattisgarh, Himachal Pradesh, Madhya Pradesh, Nagaland, Sikkim, Telangana, Uttar Pradesh and Uttarakhand – which initially indicated they would borrow in fiscal year 23 from April to May, did not do not yet have access to the SDL market. These states may still be awaiting Center approval, ratings agency Icra said. Although they indicated that they will participate in the SDL auction held on May 31, Punjab (with a borrowing plan of Rs 1,500 crore) and Telengana (Rs 3,000 crore) did not participate.

Telangana, which blamed the Center for not allowing it to borrow, finally got an ad hoc green light on June 3 to borrow Rs 4,000 crore from the market. The government borrowing plan for the full year has not yet been approved by the Center.

“We estimate that fiscal decentralization to the states will be Rs 1.1 trillion higher than budget estimates for FY23. above the amount transferred in April 2022. This would ease cash flow for states, especially those that may not have received their borrowing authority by mid-May. An early release will help accelerate spending, while a later release can only lead to lower borrowing in the fourth quarter, which will not serve to accelerate the recovery of economic activity,” the economist said. in chief of Icra, Aditi Nayar.

]]>
Renewable Energy Update – June 2022 | Allen Matkins https://ctxetg.com/renewable-energy-update-june-2022-allen-matkins/ Sat, 04 Jun 2022 03:16:30 +0000 https://ctxetg.com/renewable-energy-update-june-2022-allen-matkins/ Projects Solar Power World – May 31 The Luciana Solar Project, a 73 MW solar project in Tulare County, has entered commercial service and is expected to generate clean and affordable energy equivalent to the needs of more than 20,000 California homes. Power generated by the project will be sold under a 15-year power purchase […]]]>

Projects

Solar Power World – May 31

The Luciana Solar Project, a 73 MW solar project in Tulare County, has entered commercial service and is expected to generate clean and affordable energy equivalent to the needs of more than 20,000 California homes. Power generated by the project will be sold under a 15-year power purchase agreement with East Bay Clean Energy, which serves Alameda County and nearby towns.


Ball Energy Storage News – May 27

Siemens’ international finance arm, U.S. development bank NADBank, and energy storage developer EnerSmart Storage have signed a $78.2 million loan facility to fund a fully merchant battery storage project in California totaling 165 MW. The credit facility will finance the design, construction and operation of a portfolio of large-scale energy storage projects totaling 165 MW/330 MWh at nine sites in San Diego County.


Ball Associated Press – May 26

The U.S. Bureau of Land Management (BLM) said last Thursday it had given final approval for a 416-mile transmission line that would connect wind farms in eastern Wyoming to customers in Utah and elsewhere in the West. BLM said it has notified Portland-based PacifiCorp that it can proceed with its Energy Gateway South transmission line.


Ball Renewable Energy Magazine – May 25

East Bay Clean Energy (EBCE) has partnered with Fervo Energy to become the latest Community Choice Aggregator (CCA) to add a mandatory non-weather dependent power source. Developed by Fervo Energy, this facility marks EBCE’s first geothermal power purchase agreement, expanding the agency’s clean energy portfolio.

]]>