Method Of Payment – Chargers NFL Official Online http://chargersnflofficialonline.com/ Tue, 28 Jun 2022 18:09:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://chargersnflofficialonline.com/wp-content/uploads/2021/06/icon-6.png Method Of Payment – Chargers NFL Official Online http://chargersnflofficialonline.com/ 32 32 CFPB Seeks Comments on Credit Card Company Sanctions Policies | Cooley LLP https://chargersnflofficialonline.com/cfpb-seeks-comments-on-credit-card-company-sanctions-policies-cooley-llp/ Tue, 28 Jun 2022 17:32:01 +0000 https://chargersnflofficialonline.com/cfpb-seeks-comments-on-credit-card-company-sanctions-policies-cooley-llp/ On June 22, 2022, the Consumer Financial Protection Bureau announced a Notice of Proposed Rulemaking (ANPR) seeking comment from credit card issuers, consumer groups and the public regarding late fees and payment delays. payment of credit cards, as well as income and expenses related to the imposition of late fees. In particular, the CFPB assesses […]]]>

On June 22, 2022, the Consumer Financial Protection Bureau announced a Notice of Proposed Rulemaking (ANPR) seeking comment from credit card issuers, consumer groups and the public regarding late fees and payment delays. payment of credit cards, as well as income and expenses related to the imposition of late fees. In particular, the CFPB assesses credit card penalty policies in relation to the Card Accountability Responsibility and Disclosure (CARD) Act of 2009 and Regulation Z.

Request for information from the CFPB

ANPR focuses on the penalty fee provisions of the CARD Act and Regulation Z. Specifically, section 149(a) of the CARD Act provides that penalty fees or charges associated with a credit card under an open-ended consumer credit plan must be “reasonable and proportionate” to the omission or breach that triggered the charge.1 The CFPB has previously implemented regulations under Section 149(b), which states that the CFPB may “establish standards for evaluating whether the amount of any penalty or charge…is reasonable and commensurate with the omission or violation to which the charge or charge relates.2 These sections are implemented in part by Regulation Z, which requires the amount of the fee to represent a “reasonable proportion of the total costs incurred by the card issuer as a result of this type of breach”.3 Alternatively, a card issuer may impose a penalty fee in an amount consistent with a separate safe harbor provision, often referred to as an immunity provision.4 (currently $30 for the first offense and $41 for a subsequent offense of the same type occurring within six subsequent billing cycles), which imposes a fee cap subject to annual inflation adjustment.

In order to assess these legal provisions and to understand the national credit card market more broadly, the CFPB wishes to obtain answers to 38 questions covering several different categories. The CFPB is interested, among other things, in:

  • Factors used by card issuers to set existing levels of late fees: For example, what factors do card issuers use to determine the amount of late fees to charge per incident for late fees charged to cardholders who have already incurred late fees during at least one of the six previous billing cycles?
  • Costs and losses: For example, what kinds of costs are associated with credit card payment delays, such as losses due to non-payment or the costs of funding delinquent accounts?
  • Deterrence: For example, if late fees discourage future late payments. More generally, the CFPB seeks to understand how card issuers facilitate or encourage on-time payments.
  • Holder behavior: For example, what categories do card issuers use to categorize cardholders based on their late payment behavior?
  • Automatic payment: Do the issuers offer autopay and, if so, what is the current cardholder enrollment rate?
  • Upcoming Due Date Notifications: For example, cardholders can describe the actions and methods by which card issuers contact them about an upcoming due date (other than through periodic statements).
  • Safe Harbor Provisions: For example, how much of the late fee safe harbor would be sufficient to allow card issuers to recover their late payment collection costs through late fees?
  • Cost Analysis Provisions: For example, if and how card issuers use cost analysis provisions as opposed to safe harbor provisions.
  • Other categories: The CFPB also asked for comments on tiered late fees, courtesy periods and fee waivers, as well as income and expenses.

The CFPB asked commenters from card issuers to provide their answers based on information relevant to their national consumer credit card portfolios, while other commenters should base their answers on their knowledge of the national card market. consumer credit. Interested parties may submit comments via the federal electronic rulemaking portal, by email or by direct mail. Comments must be received no later than July 22, 2022.

Focus on fees

The ANPR is the latest in a series of measures that the CFPB has recently taken that demonstrate the CFPB’s particular interest in tackling late fees. In January 2022, the CFPB issued a request for public comment seeking comments on “return fees”. (We covered the CFPB request in a client alert: CFPB requests information about fees for consumer financial products or services). In this request, the CFPB indicated that it would use the information gathered to inform its priorities for rulemaking, guidance and enforcement. Additionally, the CFPB noted that it had identified particular products and services that could impose substantial costs on consumers, including credit cards.

The CFPB went on to say in a March report that credit card issuers charged $12 billion in late fees in 2020. Of particular note, the report’s press release highlighted that fees continued to increase. increase due to the annual inflation adjustment contained in the immunity provision. Finally, in April, Director Rohit Chopra told the House Financial Services Committee that the CFPB would explore late fees “because it’s important that this market be competitive.”

Taking recent ANPR and CFPB activity regarding late fees together, it appears that the CFPB is considering potential changes to the immunity provision. More generally, credit card issuers and other industry stakeholders should take note of CFPB’s continued interest in this area.


Remarks
  1. 15 U.S.C. 1665d(a).
  2. 15 U.S.C. 1665d(b).
  3. § 1026.52(b)(1)(i).
  4. § 1026.52(b)(1)(ii).

[View source.]

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Yankees’ Aaron Judge reacts to incredible start against Astros https://chargersnflofficialonline.com/yankees-aaron-judge-reacts-to-incredible-start-against-astros/ Sun, 26 Jun 2022 23:25:00 +0000 https://chargersnflofficialonline.com/yankees-aaron-judge-reacts-to-incredible-start-against-astros/ NEW YORK – Aaron Judge has stopped running. He hadn’t realized that he had to continue all around the bases if he wanted to celebrate his last heroic deeds. Judge’s three-run homer in the 10th inning of a 6-3 win over the Astros on Sunday was his second series winner. He also hit a drop-in […]]]>

NEW YORK – Aaron Judge has stopped running. He hadn’t realized that he had to continue all around the bases if he wanted to celebrate his last heroic deeds.

Judge’s three-run homer in the 10th inning of a 6-3 win over the Astros on Sunday was his second series winner.

He also hit a drop-in single on Thursday night. The Yankees shared the four-game series with the Astros. Judge has finished it for the Yankees with every win.

“That’s what this is about,” Judge told YES Network’s Meredith Marakovits on the pitch after the game. “These fans stayed with us the whole game, even after the loss on (Saturday) night.”

Manager Aaron Boone dismissed Judge after the win.

“I told him I had to stop taking him for granted again,” Boone said.

The judge crushed a 0-1 break ball from Seth Martinez that was over the plate but low. He landed on the field wall at left center and tagged in ghost runner Aaron Hicks and designated hitter Matt Carpenter, who had been intentionally stepped on just before Judge came up to the plate.

The Yankees were down 3-0 after the fourth inning and fought back with a Giancarlo Stanton solo shot that ended the Yankees’ 16 1/3 inning no-hitter streak. The Yankees went 0 for 52 over time. Three Astros combined to throw a no-hitter against the Yankees on Saturday.

Boone explained what surprised him so much about Judge’s outburst.

“What amazed me was how easily he swung,” Boone said. “It’s like he was just trying to touch the ball and with his power he was able to get it out.”

Judge’s walk-off was his third of the year, the most by a Yankees player since Melky Cabrera had three walk-offs in 2009. It was also his 28th home run of the season — the most in the major leagues. No other player entered Sunday with more than 22 homers. The Yankees are 18-4 in games that judge home runs this season.

“Just try to put something in the air,” Judge said of his approach. “(Martinez) works a good mix of two seams/sliders. Just try to get something up in the air, run it. The game was on the line.”

Please subscribe to us now and support the local journalism YOU rely on and trust.

Brendan Kuty can be reached at bkuty@njadvancemedia.com.

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Calif. Bank & Trust to pay $14 million to end scam allegations https://chargersnflofficialonline.com/calif-bank-trust-to-pay-14-million-to-end-scam-allegations/ Sat, 25 Jun 2022 03:27:00 +0000 https://chargersnflofficialonline.com/calif-bank-trust-to-pay-14-million-to-end-scam-allegations/ By Dave Simpson (June 24, 2022, 11:27 p.m. EDT) — California Bank & Trust has agreed to pay $14 million to end an alleged class action suit accusing the bank of aiding a Ponzi scheme, victims of the the scam for the purpose of preliminary approval of the settlement filed in California federal court on […]]]>
By Dave Simpson (June 24, 2022, 11:27 p.m. EDT) — California Bank & Trust has agreed to pay $14 million to end an alleged class action suit accusing the bank of aiding a Ponzi scheme, victims of the the scam for the purpose of preliminary approval of the settlement filed in California federal court on Friday.

Under the proposed settlement, a class of about 60 victims of the scheme would share a settlement fund estimated at more than $9 million — after attorneys’ fees, costs and other payments, the motion says. If everyone in the proposed group signed up, they would recoup about 17% of their $55 million in losses,…

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Equal Pay Litigation Trends Update: Recent Attempts to Clarify the Burden Shifting Framework Applied to Disputes Under the Equal Pay Act | Seyfarth Shaw LLP https://chargersnflofficialonline.com/equal-pay-litigation-trends-update-recent-attempts-to-clarify-the-burden-shifting-framework-applied-to-disputes-under-the-equal-pay-act-seyfarth-shaw-llp/ Thu, 23 Jun 2022 17:35:01 +0000 https://chargersnflofficialonline.com/equal-pay-litigation-trends-update-recent-attempts-to-clarify-the-burden-shifting-framework-applied-to-disputes-under-the-equal-pay-act-seyfarth-shaw-llp/ Synopsis of Seyfarth: The recent increase in equal pay lawsuits has translated into an increase in court decisions interpreting the provisions of the federal Equal Pay Act and its state analogs. This extensive review has sparked surprisingly new and fresh thinking about how equal pay cases should be decided, even on some issues that until […]]]>

Synopsis of Seyfarth: The recent increase in equal pay lawsuits has translated into an increase in court decisions interpreting the provisions of the federal Equal Pay Act and its state analogs. This extensive review has sparked surprisingly new and fresh thinking about how equal pay cases should be decided, even on some issues that until recently seemed like long-established laws. This article will discuss one such trend that is rapidly developing: courts are beginning to question the legitimacy and applicability of Mc Donnel Douglas load transfer framework to solve these types of cases.

Each year, Seyfarth analyzes all decisions having an impact on equal pay disputes and distills this analysis in our annual publication, Evolution of equal pay litigation, 2022 update. Through this process, we are able to identify and track significant legal trends in this area, including new and innovative legal theories driving the plaintiff bar, and which tend to be more effective or more broadly applicable. to employers navigating the modern world. American workplace. While interesting in its own right, an analysis of these trends can also be useful to employers facing potential or actual equal pay litigation, as it can sometimes predict how equal pay complainants will approach certain problems and can reveal pitfalls to avoid. This is the first in a series of articles that will explore some of the most important trends and what they could mean for employers.

The overall increase in activity and interest in this area is certainly one of the most important macroeconomic trends in equal pay litigation. Whether it’s the #MeToo movement or something else entirely, equal pay litigation is having a moment. It has meant more equal pay litigation in absolute terms, but, more importantly, it has also meant more equal pay cases, in the sense that they focus directly on this issue rather than to include it as one of many theories of discrimination. The increase in lawsuits has led to more court decisions interpreting equal pay legislation and more analysis of these laws and, in some cases, more scrutiny of legal issues that once seemed quite settled.

One such question is at the very heart of equal pay litigation: what exactly is the method by which courts should determine liability under the federal Equal Pay Act (the “EPA”). )? The EPA was adopted in 1963, so it is not new. Yet in the past year alone, we have seen courts in multiple jurisdictions come to markedly different conclusions about the fundamental burdens of proof and burden-shifting mechanisms that lie at the heart of equal pay litigation. .

Burden shifting is the method by which many discrimination cases are decided because the courts see it as a means of determining the essential questions of motivation and causation. In order to determine whether the discrimination was the cause of an adverse employment action, one must understand what prompted the decision. This leads to the fundamental paradigm of burden shifting: once a claimant proves that discrimination may have played a role in an employment decision (i.e. establishes a “prima facie” case) , the plaintiff is entitled to a remedy unless the defendant can show that they made the same decision without discrimination. In equal pay cases, this requires the employer to establish one of the affirmative defenses permitted by law to such claims. Essentially, an employer must show that the disputed pay gap is due to some other allowable factor other than gender (or another protected category covered by some state laws).

But even if an employer succeeds in establishing this defence, a plaintiff can still show that the justification offered by the employer is only a pretext for discrimination. The question that has arisen in some recent EPA cases is whether the onus is on the plaintiff to establish the pretext or whether the onus continues to be on the employer. Many courts have adhered to what is called the Mc Donnel Douglas burden shifting framework, named after the seminal Supreme Court ruling, McDonnell Douglas vs. Green, 411 U.S. 792 (1973). In this context, the burden falls on the plaintiff, who then has the obligation to establish a pretext. This method of allocating the burden of proof has come under renewed scrutiny – and rejection – by some courts.

For example, in Wilder vs. Stephen F. Austin State University, 552 F. Sup. 3d 639 (ED Tex. 2021), the court held that EPA plaintiffs never had the burden of establishing a pretext. In this case, a female teacher alleged that she was paid less than a male teacher in the same situation. The employer justified the pay gap by explaining that the salary of the plaintiff’s comparator was higher because he had replaced a tenured full professor, while the plaintiff had replaced an assistant professor, so that there was more money in the budget to pay a higher salary when the applicant’s comparator was hired. The court initially accepted that this explanation was sufficient to establish an affirmative defense in law. The court then considered the plaintiff’s arguments regarding the pretext, noting the differences in the proof of the pretext under the Mc Donnel Douglas framework compared to the framework applied under the EPA.

According to this court, under the EPA, the defendant still retains the burden of production and persuasion after a plaintiff has established a prima facie case. The court ruled that the employer in this case did not assume these charges because, among other things, it chose not to correct a known wage disparity even after it was discovered: [employer] violated the EPA, and a jury might even decide that [employer] deliberately violated the law given that the university chose not to correct a salary gap in two academic years. Identifier. at 655. The court based its decision on a comment made by the Fifth Circuit in Lindsley vs. TRT Holdings, Inc.984 F.3d 460, 466 (5th Cir. 2021), in which this court stated: “Under Title VII and the Texas Labor Code (but not under the Equal Pay Act), if the employer provides such a reason, load it is up to the plaintiff to establish that the reason given by the employer is a pretext. Identifier. at 467 (emphasis added in wilder). It is not the number of other courts that assign the burden of proof, including, coincidentally, another recent decision that relied on the same Fifth Circuit case to come to the opposite conclusion. Seefor example, Mullenix v. Univ. from Texas to Austin, No. 1:19-cv-1203-LY, 2021 WL 5881690 (WD Tex. 13 Dec. 2021) (“The load transfer framework established in McDonnell Douglas Corp. vs. Green, . . . governs claims under the EPA. “) (quoting Lindley, 984 F.3d to 466).

Likewise, in Patel vs. Tungsten Network, Inc., No. 2:20-cv-7603-SB-JEM, 2021 WL 4776348 (CD Cal. 15 Sept. 2021), the court declined to apply the Mc Donnel Douglas framework for adjudicating a claim under the California EPA, particularly because of what it perceived to be the heightened standard an employer must meet to establish a “factor other than sex” defense under this law. The court first noted that the California precedent held that California law should be interpreted in accordance with the federal EPA, which applied the Mc Donnel Douglas frame. However, the court relied on a recent Ninth Circuit decision, Rizo vs. Yovino950 F.3d 1217, 1223 (9th Cir. 2020) (en banc), to find that under the California EPA the burden is never on a plaintiff to prove the pretense after that plaintiff has established a prima facie evidence.

According to this court, under the California EPA, an employer must do more than simply “articulate” a legitimate, non-discriminatory reason for a wage disparity, but must instead: “present evidence from which a reasonable investigator could conclude no only that the reasons given by the employer could explain the pay gap, but that the reasons put forward actually do explain the wage disparity. Identifier. *7 (quoting Rizo, 950 F.3d at 1222) (emphasis in original). This ended up being the determinative issue in this case because the employer had not presented contemporaneous evidence that it had in fact set the wages of the complainant and her comparators based on their different qualifications – which was the employer’s stated justification for the wage disparity. Therefore, the court held that a reasonable juror could conclude that these qualities did not explain the pay gap.

***

Often, renewed or increased attention to an issue in American society leads to rapid changes in the law relating to that issue. We have seen this countless times in the past. It now appears that an increased focus on workplace equity could have a similar effect on equal pay litigation. It is surprising, however, how willing the courts are to rethink these issues from the ground up, extracting certain entrenched principles from root and branch where they are deemed to conflict with more recent developments.

These and other trends impacting equal pay litigation are discussed in much more detail in Seyfarth Shaw’s annual report, Evolution of equal pay litigation, 2022 update. We strongly recommend reporting to any employer facing an equal pay dispute or simply wanting to know more about it, so that they can avoid such lawsuits in the future or keep up to date with changes federal and state equal pay legislation. We look forward to continuing to share our analysis of these issues.

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Poor households pay up to £541 more a year for goods and services | Poverty https://chargersnflofficialonline.com/poor-households-pay-up-to-541-more-a-year-for-goods-and-services-poverty/ Tue, 21 Jun 2022 23:01:00 +0000 https://chargersnflofficialonline.com/poor-households-pay-up-to-541-more-a-year-for-goods-and-services-poverty/ Low-income families in the UK’s poorest neighborhoods pay up to £541 a year more than wealthier households to access the same basic services such as energy and insurance, and buy essentials such as televisions and refrigerators, according to a study. Charity Fair by Design has called on the government and regulators to ban practices it […]]]>

Low-income families in the UK’s poorest neighborhoods pay up to £541 a year more than wealthier households to access the same basic services such as energy and insurance, and buy essentials such as televisions and refrigerators, according to a study.

Charity Fair by Design has called on the government and regulators to ban practices it says discriminate against poorer families, costing them hundreds of pounds a year because of where they live, their income or how they are paid.

One in eight households in the UK experience at least one type of poverty premium, paying an average of £430 a year in additional costs, although it is much more common in deprived areas, particularly in the northern and southern regions. of the Midlands of England.

Chart

Low-income households in the Birmingham Hodge Hill parliamentary constituency pay the highest average premium at £541 a year, followed by West Bromwich West (£522), Birmingham Erdington (£520), Bradford West (£518) and Birmingham Yardley (£517). ).

Just under 20% of households in Liverpool Walton paid poverty premiums, followed by Nottingham North (18.9%), Blackley and Broughton in north Manchester (18.4%), Hackney South and Shoreditch (18 .3%) and Kingston upon Hull (18%) .

“People shouldn’t have to pay more for basic necessities because they have a low income. Industry, government and regulators must come together to ensure that everyone can access the products and services they need at a fair price,” said Martin Coppack, director of Fair by Design.

Map

He said the introduction of a range of measures to tackle the poverty premium – such as the introduction of a social tariff for low-income customers struggling with high energy bills – would be a simple way for the government to tackle the cost of living crisis, no time. additional cost for the Treasury.

Examples of poverty premium costs, cited by Fair by Design, include:

  • Using prepayment meters to pay for gas and electricity, used mostly by people on the lowest incomes, typically costs £131 more a year than paying through cheaper direct debit methods.

Coppack said low-income people could do little to avoid more expensive forms of payment for essential services and goods.

He said: “People talk about how they really feel discriminated against. The industry calls this “risk-based pricing,” but people will say, “I’m being discriminated against because of where I live. »

The average cost of the poverty bonus for UK parliamentary constituencies was £4.5 million. Those most exposed to the poverty premium in terms of cash were Leeds Central (£8,837,996), Manchester Central (£8,362,420) and West Ham (£8,323,734).

The North East of England had the highest proportion of households incurring the poverty premium at 14.7%, followed by the North West of England (13.4%) and Yorkshire and the Humber (13 .4%). At the other end of the scale is South East England (11% of households).

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A spokesman for the Association of British Insurers said: “With the cost of living crisis gripping the UK, insurers are more committed than ever to helping all customers access affordable and to work closely with government, regulators and other organizations to meet different needs. customers and people in more vulnerable situations.

A UK Treasury spokesman said: ‘We know people are struggling with rising prices and are worried about the months ahead. That’s why we’ve stepped in to ease the burden, helping 8million of Britain’s most vulnerable families with at least £1,200 in direct payments this year – and giving each household £400 to help pay their utility bills. ‘energy.

“It’s important that people who are financially excluded can access the products and services they need to get ahead in life – and that’s why the government has provided Fair4AllFinance with £100m to support their work on financial inclusion. – and is piloting the interest-free loans program, which will provide interest-free loans to nearly 17,000 people, helping them to meet unexpected expenses.

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Jack’s of PNG launches online store https://chargersnflofficialonline.com/jacks-of-png-launches-online-store/ Sat, 18 Jun 2022 05:11:00 +0000 https://chargersnflofficialonline.com/jacks-of-png-launches-online-store/ Since opening in 2015, the company has branched out across the city and provinces, providing men’s, women’s and children’s apparel and apparel. It has now made online shopping available for its customers across the country and abroad. Anusheel Pratap, digital marketing assistant for Jack’s of PNG, said the online payment gateway would be a major […]]]>

Since opening in 2015, the company has branched out across the city and provinces, providing men’s, women’s and children’s apparel and apparel. It has now made online shopping available for its customers across the country and abroad.

Anusheel Pratap, digital marketing assistant for Jack’s of PNG, said the online payment gateway would be a major boost for their e-commerce platform as it would enable a faster, safer and more convenient way to pay. .

“The new shopping website will allow customers to purchase Jack’s of PNG products anywhere and anytime. It also allows overseas customers to pay for Jacks products wherever they are and have them delivered to a location of their choice,” Mr. Pratap said.

“Any customer visiting our website would be able to purchase men’s, women’s and children’s lifestyle and sportswear, fashionable accessories, fragrances, watches, shoes, bags and toys. “

He said customers can visit Jack’s PNG website: jackspng.com, view merchandise range, select items, pay, provide shipping address and have packages delivered to preferred location via DHL and Post PNG.

Customers can use their mobile phone to shop online, pay and securely through the BSP Internet Payment Gateway service using their BSP VISA or MasterCard.

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Pivotal Hires Join Business Leadership Team at LendTech Pioneer DivideBuy https://chargersnflofficialonline.com/pivotal-hires-join-business-leadership-team-at-lendtech-pioneer-dividebuy/ Thu, 16 Jun 2022 05:27:15 +0000 https://chargersnflofficialonline.com/pivotal-hires-join-business-leadership-team-at-lendtech-pioneer-dividebuy/ Pivotal Hires Join Business Leadership Team at LendTech Pioneer DivideBuy By Puja Sharma Today API loan b2b loan Dividebuy DivideBuy, the UK’s Point of Sale (POS) finance pioneer, has announced several appointments to its commercial leadership team to drive the company’s commercial strategy and fuel its ambitious growth trajectory. With its unique business model of […]]]>

Pivotal Hires Join Business Leadership Team at LendTech Pioneer DivideBuy

By Puja Sharma

Today

  • API loan
  • b2b loan
  • Dividebuy

DivideBuy, the UK’s Point of Sale (POS) finance pioneer, has announced several appointments to its commercial leadership team to drive the company’s commercial strategy and fuel its ambitious growth trajectory.

With its unique business model of being both a technology solutions provider and a lender, DivideBuy’s revolutionary approach to providing affordable lending solutions comes at a time when interest-free credit is the e-commerce payment method. fastest growing in the world today.

Led by recently appointed Chief Commercial Officer Teresa Byrne, these crucial hires mark an exciting new chapter for the Newcastle-under-Lyme business, following the impressive £300million funding deal announced at the end of 2021 with the global investment management company, Davidson Kempner Capital Management LP.

Point-of-sale financing accounted for 2.9% of the global value of e-commerce transactions in 2021 and is expected to represent 5.3% of the market by 2025. Driven by nimble technologies like DivideBuy, the UK market for interest-free point-of-sale financing, with 54% of UK consumers using the payment method being millennials.

With these new hires and financing in place, DivideBuy’s business leadership team will advance the disruptive fintech’s role as a leading player in the point-of-sale financing market, further develop the platform company’s award-winning SaaS and will expand its merchant network, both in the UK and the UK. internationally.

DivideBuy’s new commercial leadership team now includes Pat Hourigan as Head of Sales, Samir Ray as Head of Products, Ben Smith as Head of Partnerships, Scott Winstanley as Head of Marketing and David Stewart as Head of Marketing. as compliance officer.

On new recruits, Teresa Byrne, Commercial Director at DivideBuy, said, “We are delighted to have Pat, Samir, Ben, Scott and David bring their deep leadership, operations and business intelligence strengths to DivideBuy, at an incredibly exciting time to join DivideBuy as we are building on our gaining momentum in the growing point-of-sale financing market. With its established expertise and proven commercial success, the commercial leadership team will be a catalyst for DivideBuy’s ambitious plans for the future. We are now well positioned to become the go-to credit partner for consumers and merchants, providing buyers nationwide with truly flexible financing. »

DivideBuy’s latest senior executive appointments demonstrate its commitment to providing consumers of all income groups with affordable point-of-sale financing based on responsible lending practices, as well as empowering retailers to offer more consumer payment choices.

Robert Flowers, CEO of DivideBuy, added, “We are delighted to have strengthened the DivideBuy leadership team with such experienced and inspiring talent, and I look forward to seeing what they will do for the team and the company. Our business leadership team is now able to help scale the business and redefine the ethical consumer lending space for our clients through new products, partnerships and markets. These appointments will reinforce our philosophy of ethical and accessible lending to all of our staff and our business. »

“We have always put the consumer at the heart of our business and are proud to be able to help consumers make informed purchasing decisions with no late fees, refunds over longer periods, weighted down payments and payment holidays.Ultimately, DivideBuy has one goal: to make fair, ethical, affordable, and free lending available to consumers at all income levels.

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Don’t underestimate the mess of SSI’s means testing https://chargersnflofficialonline.com/dont-underestimate-the-mess-of-ssis-means-testing/ Tue, 14 Jun 2022 13:34:35 +0000 https://chargersnflofficialonline.com/dont-underestimate-the-mess-of-ssis-means-testing/ The Supplemental Security Income (SSI) program provides cash benefits to nearly 8 million people with limited means and ability to work. Applicants must meet strict medical criteria to qualify, although no work history is required (unlike Social Security disability insurance). Unfortunately, SSI has many longstanding problems, including the fact that many beneficiaries remain in poverty […]]]>

The Supplemental Security Income (SSI) program provides cash benefits to nearly 8 million people with limited means and ability to work. Applicants must meet strict medical criteria to qualify, although no work history is required (unlike Social Security disability insurance). Unfortunately, SSI has many longstanding problems, including the fact that many beneficiaries remain in poverty despite the support. While recent bipartisan efforts would help beneficiaries by increasing the program’s tough asset limits, the proposed legislation doesn’t address another major problem: miserly benefit levels.

One of the main reasons SSI recipients are in poverty is that the most important benefit is below the federal poverty level. Raising the maximum amount of SSI benefits to the federal poverty level would theoretically solve the problem; it was proposed by Senator Sherrod Brown of Ohio and is popular with voters. Each beneficiary would be at the annual poverty line, or higher by combining the increased benefit levels with their other income, if any. Yet even with the increase in the size of benefits, the normal earnings volatility would continue to cause problems from month to month. Recipients may experience temporary and episodic periods of poverty due to the way SSI payments are determined.

The administrative process

The Social Security Administration (SSA) must collect and review a great deal of information and documentation in order to test SSI benefits. Eligible individuals who are shown to have little or no income receive the maximum benefit. Once working beneficiaries exceed $85 in monthly income, each additional dollar of income reduces the benefit amount by 50 cents. Stricter rules apply to unearned income. After $20 of monthly income, each unearned dollar reduces his SSI benefit by a whole dollar. The whole means-testing process is labor-intensive and inefficient, requiring beneficiaries to go through complicated steps. In particular, the monthly benefits are based on the income of the two previous months.

Here is how the SSA describes its method of calculating benefits:

…we generally base the amount of your SSI payment on your income for the previous two months. For example, a woman living in California receives a Social Security widow’s payment of $500 and an SSI payment of $253. In June, she buys a lottery scratch card, wins $200, and reports it to the Social Security office. This means that in August we will reduce his SSI payment…

Because the benefit determination process is retrospective, a lot of effort is put into catching up. The mismatch leads to overpayments and underpayments, which can hamper the anti-poverty effects of the increase in the maximum benefit.

The issue of overpayment

In the SSA example, a woman ends up with more income in one month, so the SSI benefit is reduced two months later. The process seems simple enough but causes real harm to SSI recipients.

If a recipient does not realize there has been an overpayment and spends the extra money, the resulting reduction in payment puts a strain on their monthly budget. Sometimes the consequences are more extreme. Overpayments typically cause recipients to exceed SSI’s obsolete asset limits, resulting in the suspension or outright termination of their eligibility.

Increasing the maximum benefit would ensure recipients receive more money on average and significantly reduce the level of poverty they experience. However, the overpayment problems would not be solved by larger overall payments. Income increases could still result in unexpected benefit deductions months later, forcing recipients into a brief period of poverty.

The problem of underpayment

The two-month calculation discrepancy can also be immediately detrimental when the amount of the benefit distributed is an underpayment. Underpayments can occur in various scenarios, such as when SSI recipients lose their jobs (340,000 recipients were working before the pandemic).

For example, let’s say an SSI recipient earns $700/month through employment. Under current program rules, they qualify for an SSI benefit of $533.50. The combined $1,233.50/month puts them above the poverty line. If the beneficiary suddenly loses his job and is not approved for unemployment insurance, his income drops to zero. But their SSI benefit will remain at $533.50 for two months. The beneficiary now faces a period of poverty.

Of course, the SSI benefit will be corrected, but people with low incomes, low wealth and serious medical conditions cannot wait two months for this correction. Raising the maximum benefit amount to the federal poverty level should ensure that recipients do not live in poverty, but the problem of delays would remain. Sudden income losses could push SSI recipients into poverty for a few months until benefit levels are adjusted. With this risk looming over them, recipients might be reluctant to pursue employment even if they wanted one.

The answer is greater universal benefit

The program may work differently. Mandating a level of universal benefits at least equal to the individual federal poverty level could prevent recipients from ever falling into poverty and solve much of the administrative burden. The SSA would not need to systematically survey recipients and means-tested benefits (a process that amounts to a tax on recipients before payments are distributed). Instead, the revenue needed to increase benefits could be generated by actual taxes, as is already done to fund SSI.

Monthly fluctuations in income would not cause short-term periods of poverty, as SSI benefits would be adequate regardless and would not require retroactive adjustments. Eligibility for the new base benefit would be based solely on meeting strict ISO medical criteria. Overpayments and underpayments would become non-issues. Any additional SSI benefits to supplement this baseline could be determined on an annual basis.

Recipients would be more financially stable, need to file less paperwork, and be able to pursue jobs without the risk associated with delayed benefit adjustments. Meanwhile, the SSA would have a simpler program to administer.


Photo credit: iStock

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Interview: Zinara takes steps to root out corruption https://chargersnflofficialonline.com/interview-zinara-takes-steps-to-root-out-corruption/ Sun, 12 Jun 2022 22:00:55 +0000 https://chargersnflofficialonline.com/interview-zinara-takes-steps-to-root-out-corruption/ Nkosinathi Ncube By Taura MangudhlaA LEGACY of corruption and operational problems at tolls has tarnished the image of the Zimbabwe National Roads Administration (Zinara). News Day (ND) chief reporter Taura Mangudhla interviewed the general manager of Zinara Nkosinathi Ncube (NN) on these challenges. Below are excerpts from the interview: ND: You are a financier, how […]]]>

Nkosinathi Ncube

By Taura Mangudhla
A LEGACY of corruption and operational problems at tolls has tarnished the image of the Zimbabwe National Roads Administration (Zinara).

News Day (ND) chief reporter Taura Mangudhla interviewed the general manager of Zinara Nkosinathi Ncube (NN) on these challenges.

Below are excerpts from the interview:

ND: You are a financier, how do you intend to use your skills and experience to improve Zinara?
NN: Zinara was marred by issues inherited from Grant Thornton’s 2018 audit report.

We have made great strides in resolving the issues highlighted in the report.

Our line Ministry (Transport and Infrastructure Development) through the Minister will announce progress.

Now we are now building a new Zinara in which we are reconfiguring our ICT department to minimize the human interface in all our operations.

We promote various products of a digital nature for a seamless service offering to our valued customers.

One of the key areas is the introduction of electronic tolling, where 27 companies, local and international, have submitted their bids and we are in the process of finalizing this process.

To improve efficiency, we are also upgrading our vehicle registration system to plug any suspected leaks that have been reported in the past.

Additionally, we have established a Risk and Loss Control Department which, in addition to normal risk profiling, will also use data analytics techniques to mitigate fraud in our operations.

ND: You recently launched the prepaid card, what is its performance, and are there other new features on the cards?
NN: The prepaid card is a prepayment facility that businesses and individuals can use to pre-finance their toll charges. We currently have over 70,000 registered cards.

The card is funded in local currency at any Zinara office and through all tolls and we recently launched it on the ZimSwitch platform so customers can fund their accounts at their convenience from their mobile banking apps. .

The card completes transactions in less than five seconds from the time the card is produced until the toll receipt is issued, the card being scanned by the revenue clerk and funds are automatically deducted from the customer’s account, making it a contactless transaction.

This makes the prepaid card the fastest way to pay today, helping to reduce congestion due to increased turnaround times.

ND: What about new initiatives?
NN: We have the Frequent Traveler Express Pass (FTEP), which was introduced in November 2021. This is another prepayment facility that complements the payment methods already available to the motoring public.

The FTEP offers a number of passes that customers can pre-pay for and receive a disc similar to a license disc provided they have a valid vehicle licence.

The minimum number of passes is currently 15 and the maximum is 35 passes per month. Any remaining passes that are not used during the month rollover to the next month until the passes are used up.

This method of payment is also fast since it takes less than five seconds to process and print the receipt at the toll. FTPP has offline functionality, therefore, does not depend on the financial institution’s network connectivity to process.

The customer is pre-funded for passes that are unaffected by a potential toll charge change, locking in value for money for the customer.

ND: What is the breakdown of toll payment methods?
NN: Swipe or POS [point-of-sale] is 48%, the Zinara prepaid card (20%), cash (17%), mobile money (13%) and FTP (2%).

ND: According to your assessment, what causes congestion at tolls and what can be done to solve this problem?
NN: There are a number of causes, but two main causes are: the small toll infrastructure that we are addressing through the development of tolls, and the slow payment method in smart cards.

Swiped cards sometimes last 20 seconds or more, which naturally leads to traffic buildup during peak hours or weekends.

The location of toll booths reduces the reliability of mobile network connectivity, with the average distance between toll booths and the nearest town being 25 km.

Poor connectivity leads to longer processing time for customers who pay by swipe and mobile money.

The introduction of prepayment facilities has helped to reduce transaction time at payment points.

We are working very well with all network providers to energize the network.

For customers paying in US dollars, we sometimes experience currency exchange issues.

A large number of customers bring notes denominated in higher US dollars (US$) and often have to wait for long periods of time until the change is found in order for them to proceed.

We continually encourage the automotive public to use small denominations to facilitate transactions. When the tolls were built around 2010, there were enough lanes for the nationwide vehicle population.

Currently, the infrastructure cannot respond adequately to the vehicle fleet which has increased considerably. Inadequate lanes create congestion at tolls.

Toll expansion has begun, notably at the Norton Toll. Other toll sites awaiting expansion are Shamva, Esigodini, Dema and Skyline.

The problem of vehicles breaking down in the toll area and sometimes blocking the lanes, thus preventing the free flow of traffic, has been solved by Statutory Instrument 250 of 2021 in order to minimize the lack of urgency sometimes shown by some motorists when a vehicle breaks down at the toll.

ND: During the annual general meeting (AGM), you declared that you were going to comply with the corporate governance statutes and that you were working on the 2021 annual report. When are you planning to publish it?
NN: With the 2019 and 2020 Annual General Meetings now complete, the focus is now on the financial statements ending December 31, 2021.

This year’s audit process will focus on 2021 and we expect to hold the AGM by November 2022.

ND: The Plumtree road loan gave your organization headaches. Is there room to possibly push for US dollar toll charges at least on the specific route in order for you to repay the loans?
NN: As an administration, we are also sensitive to what motorists experience and we have endeavored to develop loan solutions using available resources and without weighing down the motorist.

We have restructured the facility with the Development Bank of Southern Africa and it is good to report that Zimbabwe is now compliant in this regard.

ND: There have been reports of corruption in Zinara, where millions have disappeared, what are you doing as an executive to avoid a repeat?
NN: It is a reality that the legacy issues of corruption at Zinara will be with the institution for some time to come.

However, it is important to note that the restructuring of Zinara, focusing on its core mandate, means that Zinara now only interacts with the 92 road authorities across the country and does not interact directly with road contractors.

This ensures that Zinara concentrates on collecting, managing the fund and disbursing to road authorities.

This has brought transparency to Zinara’s operations as it is easy to account for funds received.

The road administration also put in place strong processes and procedures across all functions of the business, including the creation of departments that were non-existent but important such as procurement and risk and loss control.

To ensure that funds are collected smoothly, we have set up fully-fledged ICT and risk and loss control departments to mitigate any fraudulent activity using the latest technology, including the use of CCTV techniques and data analysis.

Working under the direction of the Zimbabwe Anti-Corruption Commission, we have set up an Integrity Committee and this Integrity Committee focuses on putting in place proper processes and procedures to root out corruption.

ND: How involved are you in quality assurance when disbursing funds for roads and what do you do to ensure funds are not wasted?

NN: Road authorities are mandated to disburse the funds they have received for the intended purpose and only then will they be allocated additional funds.

The actual evaluation of the works carried out on the roads is mainly carried out by the road authority.

However, Zinara also tracks funds through its technical department and audit department and shares reports with road authorities and the Ministry of Transport.

  • Follow us on twitter @NewsDayZimbabwe

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Paytm starts charging some users extra for mobile recharges https://chargersnflofficialonline.com/paytm-starts-charging-some-users-extra-for-mobile-recharges/ Sat, 11 Jun 2022 05:03:48 +0000 https://chargersnflofficialonline.com/paytm-starts-charging-some-users-extra-for-mobile-recharges/ Paytm has reportedly started charging some of its users a small fee for mobile recharges made through the financial platform. This charge can be anywhere between Re 1 and Rs 6, depending on the importance of the recharge amount. Charges are taken from mobile top-ups paid via UPI or a credit/debit bank card. The fee, […]]]>

Paytm has reportedly started charging some of its users a small fee for mobile recharges made through the financial platform. This charge can be anywhere between Re 1 and Rs 6, depending on the importance of the recharge amount. Charges are taken from mobile top-ups paid via UPI or a credit/debit bank card.

The fee, at the time of writing this story, does not apply to all users, but like most changes rolling out gradually, we could see it coming to more Paytm users over the next few days. A report of Gadgets360 suggests that users started spotting the additional fees in early March when they noticed the platform was charging users a small convenience fee on transactions of Rs 100 and above.

In 2019, Paytm promised users that it would not charge any convenience or transaction fees to its users, regardless of payment method. However, it seems that Paytm’s strategies are changing in an effort to generate more revenue.

Paytm rival PhonePe also started charging users a ‘processing fee’ on mobile recharges over Rs 50 in October last year. What the company called a “small-scale experiment,” however, turned out to affect hundreds of users who took to social media to report the additional charges.

Neither platform has yet revealed how it is determined whether or not a user has to pay additional convenience or processing fees.

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Meanwhile, customers looking to dodge the extra fees are shifting top-up tasks to other payment platforms like Google Pay and Amazon Pay, which don’t yet charge users extra fees. India’s major telecom players Airtel, Jio and Vodafone Idea also have their own apps available for Android and iOS that allow in-app recharge via UPI and other payment methods.

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