Loan detail – Tedxyouth Caltech http://tedxyouthcaltech.com/ Fri, 13 May 2022 01:19:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png Loan detail – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 Fintech company slams California agency’s ‘convoluted’ loan deal https://tedxyouthcaltech.com/fintech-company-slams-california-agencys-convoluted-loan-deal/ Thu, 12 May 2022 22:14:00 +0000 https://tedxyouthcaltech.com/fintech-company-slams-california-agencys-convoluted-loan-deal/ By Jon Hill (May 12, 2022, 6:14 p.m. EDT) – Fintech company Opportunity Financial has asked a California state court to dismiss claims by the state’s financial regulator that accuse the company of scamming borrowers with high-cost illegal loans, saying the agency relies on “convoluted” legal theory in an effort to make its case. In […]]]>
By Jon Hill (May 12, 2022, 6:14 p.m. EDT) – Fintech company Opportunity Financial has asked a California state court to dismiss claims by the state’s financial regulator that accuse the company of scamming borrowers with high-cost illegal loans, saying the agency relies on “convoluted” legal theory in an effort to make its case.

In a suit filed Tuesday in Los Angeles County Superior Court, Opportunity Financial LLC, or OppFi, fought back against an effort by the state’s Department of Financial Protection and Innovation to hold the fintech company accountable for violations of California loan laws, which cap annual interest. rates on certain consumer loans granted by non-banks…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

]]>
Georgia Passes Landmark Mortgage Licensing Law https://tedxyouthcaltech.com/georgia-passes-landmark-mortgage-licensing-law/ Tue, 10 May 2022 08:32:02 +0000 https://tedxyouthcaltech.com/georgia-passes-landmark-mortgage-licensing-law/ On May 2, 2022, Georgia Governor Brian Kemp signed SB 470, which amends provisions in Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain convictions for crime. SB 470 will reduce the impact on mortgage companies due to Georgia’s current ban on employing previously convicted felons. […]]]>

On May 2, 2022, Georgia Governor Brian Kemp signed SB 470, which amends provisions in Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain convictions for crime. SB 470 will reduce the impact on mortgage companies due to Georgia’s current ban on employing previously convicted felons.

While the federal SAFE Act imposes requirements on mortgage originator license holders that require these individuals to undergo a criminal background check and restrict obtaining a license if they have been convicted of a crime in the previous seven years, some states have requirements that go beyond these SAFE Act requirements. Georgia has historically faced rampant mortgage fraud and as a result maintains significant protections regarding the employment of felons. Specifically, the Georgia Residential Mortgage Act has historically prevented the vast majority of individuals who have been convicted of a felony from being employed by a Georgia Mortgage Lender Licensee or Mortgage Broker/Licensee Georgia processor. The impact of this provision extended far beyond Georgia and included employees and mortgage originators in other states, even those who did not have a license to make loans in Georgia. State of Georgia.

The new law, known as Law 796, amends Georgia Code Title 7, Chapter 1, Section 13 and introduces a newly defined term for a covered employee. Specifically, a “covered employee” is defined as “any employee of a Mortgage Lender or Mortgage Broker who is involved in residential mortgage-related business for property located in Georgia and includes, but is not limited to, an originator, processor, or underwriter of mortgage loan, or other employee who has access to residential mortgage loan information about the origination, processing or underwriting of a mortgage loan.“The practical impact of this language is that as long as employers with a Georgia mortgage license can ensure that their employees located outside of Georgia do not engage in origination, processing or underwriting activities related to Georgian loans, and do not have access to information related to Georgian loans, the employment of individuals who may have previously been convicted of a crime will not constitute a compliance violation that could expose the holder license to enforcement actions, including possible license revocation, by the Ministry of Banking and Finance of Georgia. Ultimately, the Ministry of Banking and Finance may promulgate additional rules or issue directives on the how it will administer this requirement. However, we understand that the intent of the legislation is to allow companies to hire more freely outside of Georgia, with the understanding u that it is possible to hire someone who may have a felony background as long as the individual is not in Georgia and working with Georgia loan files.

]]>
Industrial and multi-family residences remain the “darlings” of commercial real estate loans https://tedxyouthcaltech.com/industrial-and-multi-family-residences-remain-the-darlings-of-commercial-real-estate-loans/ Sun, 08 May 2022 20:59:22 +0000 https://tedxyouthcaltech.com/industrial-and-multi-family-residences-remain-the-darlings-of-commercial-real-estate-loans/ LThe end of the commercial real estate sector remained strong throughout the first quarter, particularly for manufacturing and multi-family residential developments. Lenders and commercial real estate professionals say that credit to finance a project or transaction remains readily available, even with economic fluctuations and high material and labor costs and construction constraints. supply remain problems […]]]>

LThe end of the commercial real estate sector remained strong throughout the first quarter, particularly for manufacturing and multi-family residential developments.

Lenders and commercial real estate professionals say that credit to finance a project or transaction remains readily available, even with economic fluctuations and high material and labor costs and construction constraints. supply remain problems for new builds.

“There is no shortage of banks looking to lend money. So really, every deal we’ve had, we’ve had multiple banks interested in underwriting the deal,” said Michael Visser, investment specialist at Commercial Real Estate Services Advantage LLC in Grand Rapids.

“We have a large group of banks here and they are all looking to get funds deployed,” Visser added.

This is particularly the case for manufacturing and industrial spaces as well as the multi-family residential sector where demand remains high.

Advantage Commercial Real Estate released a report this month showing first quarter demand for warehousing, distribution and fulfillment centers “is at an all-time high in West Michigan with most likely the weakest available stock than the market has ever seen”.

For industrial, manufacturing or multi-family transactions, the banks are “pouring in the money,” said Don Shoemaker, partner and co-founder of a commercial real estate firm. Franklin Partners LLC.

Manufacturing and multi-family residential are each a “darling” in commercial real estate, Shoemaker said.

“Everyone wants to lend on that,” he said.

Meanwhile, banks generally saw solid growth rates for commercial loans in the first quarter.

Stephen Steinour, Chairman, President and CEO of Huntington Bancshares Inc.Told MiBiz in a recent interview that a booming manufacturing sector remains a strong sector for commercial real estate lending.

“Industrial space, we can’t get enough right now. Literally there is a supply constraint there as well,” Steinour said.

During a recent visit to Grand Rapids, Steinour met with several large western Michigan commercial real estate developers who said they were “doing well,” he said.

Although some areas of commercial real estate are stronger than others, “overall I don’t think there’s a single segment of our market where lenders” are pulling back, although “they may examine it in more detail (and) they might have a broader price on it,” Visser said.

“Historically, West Michigan has been a fairly conservative market and we tend to be a bit more insulated from the volatility seen in other markets. This means we are a slow growing market and banks are ready to grow with us,” Visser said.

The office is getting closer

One segment that is under closer scrutiny today to better assess credit risk is that of offices and the effects that remote working has had on market demand.

“We don’t know what that office demand will be over time with the flexible workplace policies, but I think the economic growth we’re going to see will mop up that existing supply over time,” Steinour said. . “We look at it a little”

Executives from other major regional banks in the West Michigan market expressed similar thoughts when they released quarterly results last month.

To Fifth Third Bancorp Inc.the office sector “is a sector that we are watching for the long term given the structural changes in this space,” said Richard Stein, vice president and chief credit officer of the bank, during a recent conference call to discuss the the company’s quarterly results.

Likewise, NCP Bank Chairman, President and CEO Bill Demchak told investors that given the current trends in the office sector, he believes “we’re going to see this weakness in office buildings trickle down over a longer period. »

“I think that’s going to cause rental rates to come down over time, and yes, I think that’s going to have an impact on office properties, but we’re booked for that (and) have been monitoring that,” he said. said Demchak. “We select our clients carefully, and at this point we believe that most, if not all, of them have the means to get by.”

A recent perspective of JLL inc. said overall office leasing activity in the Grand Rapids market “continues to be subdued, even as the pandemic abates,” with rents flat since late last year.

A prospect from Advantage Commercial Real Estate said 2022 “will be an eye-opening year for the future of the office market given changing work-from-home trends, employee amenities, flexible work hours, work and, above all, wages and bonuses”.

Still, Advantage’s outlook says the office market is “still active and growing.”

Lenders today are looking to fully understand current trends in the office sector, Visser said. In the Grand Rapids area, “there are two different stories – what’s happening in the downtown market and the suburban market.”

“What we’re seeing is that there’s been good activity in the suburban markets and activity in the downtown market is still lagging,” Visser said. “We have a lot of banks all looking to deploy capital, and they’re trying to understand the risk. Most of that risk is in understanding the guarantor, the borrower, but there is certainly a desire to understand what the long-term trajectory of the office is.

At Franklin Partners, “we’ve financed our office properties well,” despite some nervousness about the sector, Shoemaker said.

“And we do it really without too much difficulty,” he said, although loan applications for office transactions are passed on “to bankers who know us well and trust us as borrowers.”

It’s a contrast to credit applications for industrial loans that the company can seek from lenders and “really take the market because they’re so supportive,” Shoemaker said.

Borrowers will navigate 2022 and 2023 in an environment of rising interest rates that will make credit more expensive.

The Federal Open Market Committee last week raised the federal funds rate by half a percentage point, following a quarter-point increase in March. Lenders generally expect multiple interest rate increases this year and next.

PNC Bank, for example, is forecasting three-quarter-point increases in the federal funds rate in June, September and December, with a half-point increase in July.

Higher interest rates could slow transactions later this year, especially for investors, Visser said.

“It certainly puts pressure on what any individual can pay for a building if the cost of capital increases, especially on the investment side. It is more difficult to pay a high amount,” he said.

]]>
Elon Musk Takeover Funding Deal Could Clip Twitter’s Wings | Elon Musk https://tedxyouthcaltech.com/elon-musk-takeover-funding-deal-could-clip-twitters-wings-elon-musk/ Sat, 07 May 2022 15:04:00 +0000 https://tedxyouthcaltech.com/elon-musk-takeover-funding-deal-could-clip-twitters-wings-elon-musk/ IIf you want to know who the world’s richest man is on speed dial, a regulatory filing on Thursday provided some insight. Elon Musk has announced around 20 new backers for his $44bn (£35.6bn) takeover of Twitter, including Oracle tycoon Larry Ellison, the crypto market’s leading trading platform , the Qatari sovereign wealth fund and […]]]>

IIf you want to know who the world’s richest man is on speed dial, a regulatory filing on Thursday provided some insight. Elon Musk has announced around 20 new backers for his $44bn (£35.6bn) takeover of Twitter, including Oracle tycoon Larry Ellison, the crypto market’s leading trading platform , the Qatari sovereign wealth fund and a Saudi prince.

While this was the Tesla boss flaunting his power grid, it was also an admission that – despite recent talk to the contrary – the numbers behind his bold offer matter. Discussing his offer last month, Musk said, “I don’t care about the economy at all.” For some of Wall Street’s biggest banks, Tesla shareholders, and even Twitter users, the economy is very important indeed.

The seed funding behind the takeover, which requires shareholder approval, was initially split into three components: $21 billion in equity, or Elon Musk’s own cash; $12.5 billion in loans secured by Musk’s shares in Tesla, the electric car maker he runs; and another $13 billion in loans from a group of seven banks, guaranteed by Twitter itself.

That changed on Thursday. According to a filing with the U.S. Securities and Exchange Commission (SEC), equity exposure had risen to $27.25 billion, helped by a group of 18 investors including Ellison ($1 billion) , the Binance trading platform ($500 million) and Qatar Holding ($375 million), an investment arm of the Gulf state’s wealth fund. They are investing $7.1 billion, plus a contribution from Saudi investor Prince Alwaleed bin Talal, who also plans to incorporate his $1.9 billion Twitter stake into the deal rather than cash out .

As part of the shakeup, loans secured by Musk’s 15.7% stake in Tesla were cut in half to $6.25 billion. The bank loan commitment remains the same.

Musk’s comment on supply-side economics, in an interview at a TED talk in mid-April, came before he confirmed early funding for a takeover. It was a move that swayed Twitter shareholders and the company’s board, which accepted the offer days later. But the off-the-cuff nature of his comments belies the serious nature of the financial commitments the Tesla tycoon is making. Some experts point to a high-risk structure regardless of last week’s changes – and what that means for the company it buys.

“Musk didn’t provide many details about his business plan for the company,” says Jill Fisch, a business law professor at the University of Pennsylvania. “Although he has taken steps to reduce his risk by attracting additional investors, he still has a lot of personal financial exposure, he is paying a high price based on Twitter’s existing business model and he has large loans from Given the scale of Musk’s personal financial exposure, he will be under pressure to run Twitter to make money, both to manage his own financial risk and to repay bank funding.

Let’s look at Musk’s commitment first. Last month, he revealed he had sold $8.5 billion worth of Tesla stock since the takeover announcement, presumably to help fund the deal. His stake in Tesla, which forms the core of his wealth, is integral to financing the deal. If you eliminate new investors and Prince Talwaleed’s stake, as well as Musk’s $3.9 billion stake in Twitter, he still has to provide about $14.3 billion in equity for the deal. A simple reading of this would be: he owns $155 billion in Tesla stock, so contributing just over $14 billion should be easy.

But it’s not as simple as that. According to an SEC filing, Musk has already pledged 92.3 million of his 163 million Tesla shares as “collateral to secure certain personal debts.” Then there’s the $6.25 billion already pledged for the deal — under a deal known as a margin loan, where the borrower could be required to make up any shortfall in the value of the shares on which the debt is secured.

Assuming the 20% loan-to-value ratio in the original margin loan agreement is carried over, that means an additional 35.8 million shares are tied. So looking at Musk’s total shareholding, that leaves him with about 35 million unpledged shares worth $30 billion. In theory, these could be pledged or sold to raise the remaining $14 billion in cash needed for the transaction. But Musk tweeted on April 29 that he had “no further TSLA sales scheduled after today.”

Drew Pascarella, a lecturer in finance at Cornell University, says he would be surprised if Morgan Stanley, the Wall Street bank that played the lead role in the debt financing, hadn’t done some form of due diligence on Musk’s engagement. “There’s no way Morgan Stanley would have gone the way they did if they hadn’t looked into Elon’s eyes and seen evidence that he could find that money.”

The Tesla chief executive has other sources of wealth, including previously sold Tesla shares, his rocket company SpaceX and his tunneling company Boring Company. He’s also in line to receive $20 billion worth of Tesla stock options (based on Friday’s share price), though he can’t cash them in for five years.

According to calculations by CreditSights, a credit research firm, the bank financing alone will leave Twitter heavily indebted once the deal closes. Twitter’s gross debt will be nine times its underlying Ebitda – a measure of profit – for 2021, according to CreditSights.

“That’s very high and definitely not comfortable leverage,” says Jordan Chalfin, senior technology analyst at CreditSights. It’s against the backdrop of these numbers that Musk floated ideas such as charging a “light” fee for commercial and government users, though it’s still free for casual users. New York Times also reported Friday that Musk expects to repay the $800-900 million in interest on debt with free cash flow he expects to reach $9.4 billion by 2028, although ‘in the short term, it looks like it will be tight. According to Chaflin, one indicator of Twitter’s ability to service its debt interest would be to subtract Twitter’s investment costs — $1 billion last year — from the company’s Ebitda. Stock analysts’ forecast for Twitter’s Ebitda, according to a Reuters poll, is $1.4 billion in 2022 and $1.8 billion in 2023. That could be a squeeze.

“The extremely high levels of debt that Elon plans to impose on Twitter come at a high price – an investment for growth,” says Cornell’s Pascarella. “A technology company like Twitter must invest in itself to continue to innovate and grow. After the deal, most of Twitter’s cash flow will not be used for investing, but for servicing debt. Speaking about Twitter at a recent conference, Musk said, “I mean, I could technically afford it. It can, but some users may have to pay.

]]>
EC proposals for the reform of the AIFMD and the ELTIF regime – how will the changes affect property managers? https://tedxyouthcaltech.com/ec-proposals-for-the-reform-of-the-aifmd-and-the-eltif-regime-how-will-the-changes-affect-property-managers/ Fri, 29 Apr 2022 12:46:43 +0000 https://tedxyouthcaltech.com/ec-proposals-for-the-reform-of-the-aifmd-and-the-eltif-regime-how-will-the-changes-affect-property-managers/ Following its review of the scope and operation of the Alternative Investment Fund Managers Directive1 (AIFMD), the European Commission (the EC or the Commission) has concluded that the AIFMD standards aimed at ensuring high levels of investor protection are for the most part effective, but that changes are needed, the scope of which is targeted […]]]>

Following its review of the scope and operation of the Alternative Investment Fund Managers Directive1 (AIFMD), the European Commission (the EC or the Commission) has concluded that the AIFMD standards aimed at ensuring high levels of investor protection are for the most part effective, but that changes are needed, the scope of which is targeted but which can have far-reaching effects for real estate fund managers.

The European asset management industry has more than tripled since 20082 just like the European real estate asset class.3 Therefore, the macro-prudential supervision of EU investment funds, as well as the wider debate on systemic risk (given the interdependence of investment funds and asset management in the financial sector in broad sense) figure prominently in the AIFMD and ELTIF regimes (the Commission’s proposals), as intended. Liquidity risk management is at the heart of these new reforms.

Under the AIFMD, other important changes relate to delegation (which is expected to be more extensive and therefore more onerous for real estate fund managers), the reporting of data for market surveillance purposes and the regulatory treatment of custodians. These proposals are clear indicators of a move towards alignment of the rules with the UCITS Directive and a single regulation on investment funds to “support fund market integration”. In addition, harmonized requirements at EU level for loan origination funds/direct loans are also introduced in the new directive.

The amended framework of the ELTIF Regulation aims, in turn, to reduce regulatory costs for managers of ELTIFs and to remove barriers to access for retail investors wishing to invest in ELTIFs (while maintaining the protections currently in place). force).

Liquidity risk management

Liquidity risk management is at the center of this review, which was to be expected given past liquidity issues faced by some investment funds (e.g. 2008 financial crisis, real estate funds, COVID-19). In addition to the proposed changes to the rules applicable to loan origination funds (detailed below), rules relating to the availability and use of liquidity management tools (LMTs) by real estate fund managers are to be harmonized to ensure that any response by property fund managers of open AIFs or by EU regulators in situations of market stress can be more effective and ensure fair treatment of investors. Currently, the AIFMD does not provide a harmonized set of LMTs.

A minimum list of MTLs should be developed at EU level. These include suspension of redemptions and subscriptions, gates, notice periods, redemption fees, swing pricing mechanisms, anti-dilution levies, redemption in kind and side pockets. Real estate fund managers would be required to include at least one LMT from the list defined in the fund’s incorporation document. ESMA is responsible for developing draft regulatory technical standards to provide definitions and specify the characteristics of CMLs.

Real estate fund managers of open-ended funds will be able to temporarily suspend the redemption or repurchase of AIF units or shares in the event of market stress and they will have to implement detailed policies and procedures for the activation and the deactivation of any LMTs and the and administrative arrangements for the use of LMTs.

Finally, real estate fund managers will be required to disclose to investors under Article 23 the terms of use of LMTs and notify EU regulators of the activation or deactivation of an LMT. EU regulators may be given the power to step in and require real estate fund managers (including non-EU hedge fund managers) to activate or deactivate a relevant LMT.

Origin of loans/direct loan funds

The Commission’s proposals introduce harmonized requirements at EU level for Alternative Investment Fund Managers (AIFMs) managing lending AIFs to promote robust processes for lending/ direct lending by AIFs and to strengthen market integration in this segment. This should increase the overall level of non-bank funding available in the EU, with positive effects on competition, while ensuring better overall monitoring of risks to financial stability. The Commission proposals do not include a definition of what constitutes “the granting of a loan”. However, and this is important, a distinction is made between granting loans and buying loans. In addition, it is not envisaged that there will be grandfathering clauses for existing direct lending structures. In practice, direct loan funds can be used to provide credit facilities to real estate funds; however, real estate funds generally take advantage of lending facilities from other traditional bank and non-bank credit providers.

Managers of alternative funds managing AIFs, which grant loans, will be required to implement effective policies, procedures and processes for the granting of loans, including a credit risk assessment, and to administer and monitor their credit portfolios, which should be reviewed annually. This also covers credit buying activity on the secondary market.

When a borrower is a financial institution or an AIF or a UCITS, the managers must respect exposure limits to diversify their risk and must ensure that a loan originated with the same borrower by the AIF that it manages remains less than 20% of the capital of the AIF.

Annex I of the AIFMD will be amended to recognize lending as a legitimate activity of AIF managers (meaning that AIFs will be able to lend anywhere in the EU, including cross-border in EU Member States). EU where this activity is not yet authorised). As loan origination is an activity of the AIF rather than the AIFM, the current proposals could give rise to some ambiguity. Annex I of the AIFMD has also been amended to legitimize the management of special purpose securitization entities (SSPEs) by AIFMs.

To avoid the immediate sale of loans on the secondary market, AIFs will be required to retain an economic interest of 5% of the notional value of the loans they have granted and sold on an ongoing basis. They must also adopt a closed structure where they engage in loan origination to a significant extent (more than 60% of net asset value).

An alternative fund will not be able to lend to its manager or its personnel, its depositary or its delegate and it will be required, within the framework of the rules of publication of article 23, to report to investors on their “portfolios of initiated loans” under the publication rule in Article 23.

The ELTIF regulation

The revision of the ELTIF regulation aims to improve the attractiveness of the ELTIF as a fund structure for long-term investments and as a non-banking source of financing for the real economy. The amended framework aims to reduce regulatory costs for ELTIF managers and remove barriers to entry for retail investors wishing to invest (while maintaining the protection currently in place).

In order to ensure that the investment strategies of ELTIFs can pursue a global investment mandate, the reference to long-term European projects is no longer included, given that the ELTIF framework explicitly allows the localization of eligible assets and investments. in third countries.

The scope of real asset investment strategies that ELTIF managers can pursue has been expanded. It now includes all assets that have intrinsic value due to their substance and properties, and implies that such assets include infrastructure, intellectual property, vessels, equipment, machinery, aircraft or rolling stock, and immovable property, including rights attached to or associated with immovable property. assets, such as water, forest and mining rights. It also includes investments in commercial property, education, consultancy, research, sports or development facilities, or housing, such as retirement homes or social housing.

ELTIFs may invest in real assets provided that the minimum investment value of these assets is at least equal to EUR 1 million and that it is no longer necessary for the real assets to be held directly or through a “holding indirectly via qualifying portfolio undertakings’.

What changes have not been included?

Finally, it is also interesting to note which reforms are not addressed in the Commission’s proposals, in particular the absence of an AIFMD passport for managers of sub-threshold real estate funds and the introduction of a depositary passport (although that there seems to be a movement in this direction in the longer term). Significantly, no changes are proposed to the compensation rules or the leverage calculation methodology requirements. The rules for unlisted companies, although noted as providing no added value in the AIFMD review process by DG FISMA, have not been changed.

Timeline and next steps

EU Member States will have 24 months after the entry into force of the Amending Omnibus Directive, expected in early 2023, to transpose the legislation and new requirements into national law, which means that the legislative changes are expected to come into effect. force at the beginning of 2025.

]]>
Building towards financial success in college https://tedxyouthcaltech.com/building-towards-financial-success-in-college/ Tue, 26 Apr 2022 13:13:31 +0000 https://tedxyouthcaltech.com/building-towards-financial-success-in-college/ Dancers are expected to have a natural affinity for music, movement and artistic expression. But they also have smart, detail-oriented minds that can excel at understanding finance and economics better than they realize. Like the technique, it just takes training and practice, and it can start while you’re still a student. Watch what happens Taking […]]]>

Dancers are expected to have a natural affinity for music, movement and artistic expression. But they also have smart, detail-oriented minds that can excel at understanding finance and economics better than they realize. Like the technique, it just takes training and practice, and it can start while you’re still a student.

Watch what happens

Taking charge of your finances starts with understanding and tracking how money comes in and goes out of your possession. Jessica Scheitler, owner of Financial Groove, a Las Vegas accounting firm that serves arts and entertainment professionals, recommends dancers track their variable expenses (i.e. not bills or other fixed costs) on a weekly rather than monthly basis. “It’s easier to focus on a week,” she says. “If you look at your bank statement or your credit card statement, you can quickly add that up and see how you did.” Tracking can be done on paper, in an Excel spreadsheet, or with apps like Mint and Truebill.

Beyond the security number

Scheitler says some dancers manage their expenses by relying on a “security number” under which they don’t drop their bank account. But she cautions that this tactic doesn’t allow a dancer’s financial situation to change over time — you always come back to the same number no matter how your situation changes. Instead, being diligent and honest about your spending can help you cut spending and start saving.

Enroll a friend

Mathew Heggem, former dancer with Nicholas Leichter Dance and ClancyWorks Dance Company and founder of 10kCreators LLC, a social enterprise designed to help artists achieve financial freedom, recommends having a financially responsible friend. Meet them for regular “money buddy” sessions, where you set aside time to tackle each of your financial tasks, like transferring money to your savings account, paying bills, or tracking your expenses .
If needed, don’t be afraid to lean on the support system provided by your college. If you encounter unexpected costs or if your financial aid does not cover enough, contact your program director. Some colleges have emergency relief funds available to students or other scholarships.

do you pay

Once your budget is under control and your bills are covered, do yourself the favor of saving an emergency fund to act as a safety net in case of unexpected expenses. Scheitler and Heggem suggest starting with online banking apps and options that automatically transfer change or small amounts to your savings account. As your savings grow, you get into the habit of investing in your financial future.

Make your money count

As important as saving is, how you spend the money also has power, and Heggem recommends putting money back into the arts when possible. “If you’re not participating in the art economy yourself, then you’re not contributing to it,” he says. “Even if it’s your friend’s $20 painting, it still counts. Getting into the practice of contributing to the artistic community is awesome.

Courtesy of Getty Images.

Finding a Side Gig

If you’ve limited your expenses and are sticking to a careful budget, but your money still isn’t enough for tuition or supplies, it might be time to consider the other side of the equation: increase your income. Choosing the right gig to suit your needs and your schedule as a college dancer takes creativity and strategy.

Invest in yourself

Mathew Heggem recommends looking for side jobs that help you develop skills you can use for your career. Choreography side performances and gigs are great for a dance student, but he sees social media, paperwork, and website building as other skills that can come in handy later on.

Use your time wisely

Jessica Scheitler points out that not all side gigs are created equal. Dance students have busy schedules filled with classes and rehearsals, so she suggests thinking creatively about income opportunities that really pay off for the time they need. Good side gigs can include judging dance competitions or selling line dance training packages. Scheitler’s own finance company started with her providing bookkeeping for additional income. “Be aware of where you are investing your time and energy,” she says. “Do the math and make sure you’re actually going to make money.”

Be tax proactive

If you earn money through self-employment, you cannot have taxes withheld by your employer. In these cases, Scheitler recommends setting aside 25-35% of your income for taxes.

What about student loans?

Courtesy of Getty Images.

Many dancers leave college with a lot of student debt. Mathew Heggem recommends approaching debt realistically, but fearlessly.

“Avoidance is not a strategy, or at least not a strategy that will work in the long run,” he says. He advises dancers to stay in communication with their loan providers and to be honest and proactive about the need for income-based repayment or forbearance periods.

Once you’re steadily investing money in loans each month, Scheitler suggests tackling higher-interest loans first, to reduce the overall amount of interest you’ll pay. This hierarchy should apply to all forms of debt you may have, not just student loans.

]]>
Marine Le Pen, a fighter suffering another big defeat https://tedxyouthcaltech.com/marine-le-pen-a-fighter-suffering-another-big-defeat/ Sun, 24 Apr 2022 19:08:12 +0000 https://tedxyouthcaltech.com/marine-le-pen-a-fighter-suffering-another-big-defeat/ Published on: 04/24/2022 – 21:08Amended: 04/24/2022 – 21:06 Paris (AFP)- Marine Le Pen, who lost the second round of the French presidential election to Emmanuel Macron on Sunday, had fought to make her far-right party eligible but ultimately failed by a wide margin to win a majority of votes. voters. Trailing by about 16 percentage […]]]>

Published on: Amended:

Paris (AFP)- Marine Le Pen, who lost the second round of the French presidential election to Emmanuel Macron on Sunday, had fought to make her far-right party eligible but ultimately failed by a wide margin to win a majority of votes. voters.

Trailing by about 16 percentage points in the second round according to projections, Le Pen has come much closer to power than any far-right leader in France’s post-World War II history.

“The ideas we represent have reached new heights…this result in itself represents a brilliant victory,” she told her supporters in a defiant statement after the release of the first estimated results.

Le Pen added that she will “continue” her political career and “lead the battle” against Macron in the June legislative elections.

Softening her image and focusing on social and economic issues helped her erode the traditional united front of traditional French voters who had seen her and her father walk away in previous elections.

While the 53-year-old has also benefited from coverage of the emergence of Eric Zemmour, an explosive television polemicist who is even more right-wing, her unprecedented performance owes much to her ability to take on the provocative side of the former National Front.

She renamed the party the National Rally (RN) after deporting her father Jean-Marie in 2015, symbolically breaking with his overt racism and anti-Semitic rhetoric.

Le Pen’s focus in this year’s campaign on cost-of-living issues in the face of rising inflation, driven in part by Russia’s invasion of Ukraine, has helped her to avoid the televised second-round debate debacle inflicted by Macron in 2017.

This time around, the candidates have delved into the details of policy areas such as finance and pension reform – helping the far-right leader look like another presidential hopeful.

In fact, “her program has not changed at all in relation to the fundamentals of the National Front such as immigration and national identity, but she has chosen a different vocabulary to justify it”, said Cécile Alduy, an expert on the extreme right.

If elected, Le Pen has planned measures such as cutting benefits for many immigrants, repudiating the rule of EU law and closing the door to most asylum seekers.

On the final day of official campaigning on Friday, she insisted the voters’ choice was between “Macron or France”.

family affair

Le Pen’s life has been marked by the legacy of his openly racist father, a veteran of Algeria’s long war that ultimately led to independence for the former French colony.

The French forced to flee Algeria and their descendants – the so-called “black feet” – remain a crucial base of support for the party in the south.

When she was young, “it wasn’t easy for people to date Marine Le Pen” because of her surname, she told people magazine Closer in an interview that aimed to present a more human.

“I remember a man choosing to break up with me, the pressure from his social circle was so strong.”

Divorced twice, she now says she is happy to be single.

After training as a lawyer, she began her career defending illegal immigrants threatened with deportation, but then returned to the family fold and to her father’s party.

Under his leadership since 2011, the party has broadened its appeal to residents of France’s formerly communist Northern Rust Belt. DENIS CHARLETAFP

Under his leadership since 2011, the party has broadened its appeal to residents of the Rust Belt of formerly communist northern France. His expulsion of the elder Le Pen, who once called the Holocaust gas chambers a “detail of history,” also helped temper his toxic image.

The difficult years following the 2017 defeat saw Le Pen purge even more senior members of the RN deemed harmful to the party’s appeal, while his niece Marion Marechal – a former MP and popular figure on the French far right – shifted its support to Zemmour.

Le Pen’s name remains tricky enough that most RN campaign posters refer to the candidate simply as “Marine”.

Radical program

Le Pen’s plans included a so-called “national preference” for hiring French workers over foreigners, the exclusion of non-nationals from certain social benefits and the withdrawal of parts of the European Convention on Human Rights. the man.

That would have meant “abandoning our (treaty) commitments and triggering a Frexit” – a French exit from the European Union – said Serge Slama, a law professor at the University of Grenoble.

Meanwhile, a backlash against Le Pen’s professed admiration for Russian President Vladimir Putin, whom she met in 2017, has failed to materialize despite Moscow’s assault on Ukraine.

‘When you talk to Russia, you talk to your banker,’ Macron charged in the televised debate, accusing his rival of being ‘dependent’ on Putin for taking out a loan from a state-linked Russian lender .

Le Pen countered that she was “an absolutely and totally free woman”.

]]>
GAMEDAY: BARRACUDA AT THE SILVER KNIGHTS https://tedxyouthcaltech.com/gameday-barracuda-at-the-silver-knights/ Sat, 23 Apr 2022 19:34:37 +0000 https://tedxyouthcaltech.com/gameday-barracuda-at-the-silver-knights/ April 23, 2022 SAN JOSE BARRACUDA (20-41-4-2) against SILVER KNIGHTS HENDERSON (33-28-4-1) SAT, APR 23 | 4:00 p.m. | DOLLAR LOAN CENTER | HENDERSON, N.V. LISTEN | WATCH | PRESS KIT One and done: The Barracuda wrap up the 2021-22 season Saturday at the brand new Dollar Loan Center in Henderson. The Barracudas are 1-6 […]]]>

April 23, 2022

SAN JOSE BARRACUDA (20-41-4-2) against SILVER KNIGHTS HENDERSON (33-28-4-1)

SAT, APR 23 | 4:00 p.m. | DOLLAR LOAN CENTER | HENDERSON, N.V.

LISTEN | WATCH | PRESS KIT

One and done: The Barracuda wrap up the 2021-22 season Saturday at the brand new Dollar Loan Center in Henderson. The Barracudas are 1-6 against the Golden Knights branch this year and 0-3 in Las Vegas. The ‘Cuda have lost four straight to Henderson since beating the Silver Knights Jan. 8, Jan. 6-3, at SAP Center and were outscored 25-13 in the four matchups and 38-23 in the of the season series. Between the regular season and the playoffs, Barracuda is 0-9 all-time while playing Sin City. Since entering the DLC, the Silver Knights are 5-2-1 and have now won four straight.

Major movement: Announced prospects Daniil Gushchin and Gannon Laroque joined the Barracuda earlier this week after their junior campaigns and made their professional debuts on Wednesday in Bakersfield. Laroque picked up his first pro assist in the loss to Henderson on Friday. Guschchin has already signed his NHL contract and was traded from the Sharks to Barracuda on Tuesday, while Laroque has yet to sign an NHL contract but is joining the Barracuda on an amateur tryout. Additionally, the Barracuda recalled Orlando defenseman Cole Moberg from the ECHL and signed pro tryout deals between forward Tyler Bird and defenseman Luke McInnis.

Two more in teal: The Sharks signed rookie defenseman Nick Cicek to a two-year, entry-level contract last Monday. In his first professional campaign, Cicek, 21, had 23 points (five goals, 18 assists) in 51 games with the Barracuda.

Rough road: After winning points in eight of nine games at the start of March, the Barracuda have now lost their last 14 games after falling 6-4 at Henderson on Friday. The 14-game (0-12-2-0) slippage is the longest in franchise history. During the streak, the Barracuda were limited to just 31 total goals (2.21 goals per game) and scored one goal or less on six occasions. In addition, the team allowed 70 goals in 14 games (5.00 goals conceded per game).

Great Dane: Denmark-born Joachim Blichfeld has 24 goals and is just one point away from equaling Barclay Goodrow’s franchise record for single-season red lights which was set in the 2016-17 season. Blichfeld already set the club record for power-play goals (12) in a season earlier this year. Blichfeld, out Friday with a lower-body injury, enters Saturday just one point shy of 100 in his AHL career (52 goals, 47 assists).

Track day: Lane Pederson scored a pair of goals in the Barracuda’s 4-3 loss to the Canucks on Friday and now has 18 points (9+9=18) in 21 games for the club so far this year. Pederson also appeared in 28 games with the Sharks, recording two assists.

Light Knight: The Silver Knights enter Friday having won four straight and are 6-0-1 in their last seven and 7-2-1 in their last 10. Since their 1-0 home shutout on April 5 against Rockford, the Silver Knights have scored 3+ goals in each of their last seven games and are averaging 4.7 goals during the streak.

]]>
Macron slams Le Pen over Putin ties and headscarf ban in tense debate https://tedxyouthcaltech.com/macron-slams-le-pen-over-putin-ties-and-headscarf-ban-in-tense-debate/ Thu, 21 Apr 2022 00:52:39 +0000 https://tedxyouthcaltech.com/macron-slams-le-pen-over-putin-ties-and-headscarf-ban-in-tense-debate/ In the only debate before Sunday’s presidential run-off, French President Emmanuel Macron attacked his far-right rival Marine Le Pen for owing money to a Kremlin-linked bank and warned that her proposal to ban the headscarf for Muslim women could “create a civil war.” The other side: Le Pen, who tried to rebrand and celebrate after […]]]>

In the only debate before Sunday’s presidential run-off, French President Emmanuel Macron attacked his far-right rival Marine Le Pen for owing money to a Kremlin-linked bank and warned that her proposal to ban the headscarf for Muslim women could “create a civil war.”

The other side: Le Pen, who tried to rebrand and celebrate after being crushed by Macron in 2017, hit out at the French president on crime and the rising cost of living and argued she better understands the struggles voters.

State of play: Macron’s lead was up to 10% in the latest Politico poll of the polls – wider than the 6% gap a week ago but still much closer than 2017’s 66% to 34% result.

  • A key question is whether supporters of Jean-Luc Mélenchon, a far-left candidate who finished just behind Le Pen with 22% in the first round, will flock to Macron or stay home.

On Russia and Ukraine:

  • Le Pen expressed “solidarity and compassion” with the Ukrainian people, pledged humanitarian and defense aid, and even praised Macron’s diplomatic efforts.
  • But Le Pen opposed a ban on Russian oil and gas, arguing it would not harm Russia but would be “cataclysmic” for France. She also warned that sending some weapons to Ukraine could make France a “co-belligerent” and that efforts to isolate Moscow could result in a Russian-Chinese alliance.
  • Macron hit Le Pen hard for his past praise of Russian President Vladimir Putin and for quickly acknowledging Russian control over Crimea in 2014.
  • In one of the most scathing lines of attack of the night, Macron said that Russia was in fact Le Pen’s banker, and that he would have a “dependency” on Moscow because his party has yet to fully repay a 2014 loan to a Russian state-linked bank.
  • Le Pen countered that she was not dependent on Russia, saying “I am a completely free and independent woman”.

On Europe:

  • Le Pen denied plans to pull France out of the euro or the EU – positions on which she has changed since 2017 – but said she would defend France in Brussels in a way that no former French president had not done.
  • Macron promised to reform aspects of EU law, including the Schengen free movement area, but also defended the EU and the Franco-German partnership, noting that France does not produce its own COVID mRNA vaccine and had to rely on partners like Germany.
  • Macron also dismissed Le Pen’s claim that he saw France as a ‘continental’ power, not a ‘world power’, and focused too much on Europe rather than France’s overseas territories. and relations with French-speaking countries in Africa.

On quality of life:

  • Le Pen hit Macron hard in two areas: crime and the rising cost of living. She said Macron’s “contempt” for the police had been damaging and she would “show them some love” while giving criminals harsher sentences.
  • She argued that life in France is harder than it was five years ago and said – without too many details – that she would use ‘economic patriotism’ and ‘common sense’ to improve things.
  • Macron has tried to reach out to disillusioned voters on the left with promises to make France a “great environmental powerhouse” and offer more support to the poorest in society.

On headscarves for Muslim women:

  • The most explosive moment in the debate came when Le Pen was asked about her proposal to ban the hijab in all public places.
  • Macron said she would make France the first country in the world to ban religious symbols and “will have police running down the street chasing girls wearing hijabs or boys wearing yarmulkes.”
  • Seizing the point to underscore Le Pen’s hardline candidacy, Macron said some French citizens could not leave their homes under the law and that Le Pen’s proposals could lead to a “civil war”.

Tone of debate:

  • Le Pen didn’t lose his cool, like during his disastrous debate performance in 2017, and maintained a warm, smiling demeanor through nearly 3 hours of debate. She sometimes got upset when Macron pressed her on specific numbers and political positions.
  • Experts noted that while Macron’s didactic streak underscored his mastery of political issues, it may have discouraged voters already inclined to view him as arrogant.
  • When Macron at one point joked that Le Pen had “behaved much better than last time”, she responded with a smile: “We are getting older and wiser”.

Go further: Macron’s struggles with young voters leave an opening for Le Pen

Editor’s note: This story has been updated with additional details from the debate.

]]>
Lawsuit targets Fintech’s handling of PPP loan forgiveness requests https://tedxyouthcaltech.com/lawsuit-targets-fintechs-handling-of-ppp-loan-forgiveness-requests/ Tue, 19 Apr 2022 08:30:05 +0000 https://tedxyouthcaltech.com/lawsuit-targets-fintechs-handling-of-ppp-loan-forgiveness-requests/ A recent lawsuit seeks to hold a fintech company liable for failing to properly repay loans made under the Paycheck Protection Program (PPP), marking what could be the first putative class action lawsuit challenging how PPP lenders process loan forgiveness requests. The lawsuit, filed in late March 2022, alleges that Kabbage failed to properly handle […]]]>

A recent lawsuit seeks to hold a fintech company liable for failing to properly repay loans made under the Paycheck Protection Program (PPP), marking what could be the first putative class action lawsuit challenging how PPP lenders process loan forgiveness requests.

The lawsuit, filed in late March 2022, alleges that Kabbage failed to properly handle borrowers’ PPP loan forgiveness requests. To see Carr v. Kabbage, Inc., Case No. 1: 22-cv-01249 (ND Ga.). The PPP allowed borrowers to have their loan forgiven if they were able to meet certain criteria. The complaint alleges that Kabbage issued billions of dollars in PPP loans but made it difficult or impossible for borrowers to submit loan forgiveness applications. He alleges that Kabbage failed to process applications within the timelines required by federal regulations, asked clients to sign altered forms, and demanded that clients provide unnecessary documents.

The suit blames Kabbage for other behaviors that it says made it harder for borrowers to cancel their loans. He says Kabbage handles PPP loans through a separate, understaffed entity. He argues that Kabbage should have participated in the Small Business Administration’s loan forgiveness portal. And he alleges that Kabbage wrongly attempted to collect loans that should have been cancelled.

The suit seeks to certify a national class of Kabbage borrowers, as well as five state subclasses. In particular, it is seeking to return all of its origination fees on PPP loans to Kabbage.

]]>