Financial Institution – Sznurki Thu, 24 Nov 2022 06:21:23 +0000 en-US hourly 1 Financial Institution – Sznurki 32 32 The Canadian Imperial Bank of Commerce (CM) is expected to release quarterly results on Thursday Thu, 24 Nov 2022 06:21:23 +0000

The Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) will release its quarterly earnings data ahead of market open on Thursday, December 1. Analysts expect the company to report earnings of $1.34 per share for the quarter. Investors wishing to register for the company’s conference call can do so using this link.

The Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last released its results on Thursday, August 25. The bank reported earnings per share of $1.45 for the quarter, beating the consensus estimate of $1.40 by $0.05. The company posted revenue of $4.37 billion in the quarter, versus $4.27 billion expected by analysts. The Canadian Imperial Bank of Commerce achieved a return on equity of 15.82% and a net margin of 24.18%. On average, analysts expect the Canadian Imperial Bank of Commerce to post EPS of $6 for the current fiscal year and $5 for the next fiscal year.

Canadian Imperial Bank of Commerce trades up 0.9%

CM opened at $48.48 on Thursday. The company has a 50-day simple moving average of $45.23 and a two-hundred-day simple moving average of $49.16. The company has a market capitalization of $43.92 billion, a price-earnings ratio of 8.84, a PEG ratio of 2.88 and a beta of 0.97. The company has a debt ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The Canadian Imperial Bank of Commerce has a one-year low of $39.72 and a one-year high of $66.24.

Changes to analyst ratings

CM has been the subject of a number of recent analyst reports. National Bank Financial lowered its price target on Canadian Imperial Bank of Commerce from C$84.00 to C$83.00 in a Tuesday, August 16 research report. CIBC raised its price target on Canadian Imperial Bank of Commerce from C$77.00 to C$79.00 and gave the company an “outperform” rating in a Friday, Aug. 26 research report. TD Securities downgraded the Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and lowered its price target for the company from C$74.00 to C$65.00 in a report of research from Tuesday, November 15. Desjardins lowered its price target on Canadian Imperial Bank of Commerce from CA$74.00 to CA$73.00 and set a “holding” rating for the company in a Monday, August 29 research report. Finally, launched coverage on the Canadian Imperial Bank of Commerce in a research report on Wednesday, October 12. They set a “hold” rating for the company. Seven research analysts gave the stock a hold rating and four gave the company a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $81.58.

Canadian Imperial Bank of Commerce Institutional Trading

Several hedge funds and other institutional investors have recently changed their positions in the stock. Vanguard Group Inc. increased its stake in Canadian Imperial Bank of Commerce shares by 3.5% in the first quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank worth $1,804,087,000 after purchasing an additional 495,127 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Canadian Imperial Bank of Commerce shares by 75.3% in the second quarter. Goldman Sachs Group Inc. now owns 941,255 shares of the bank worth $45,689,000 after buying an additional 404,220 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in Q1 worth approximately $73,764,000. Northern Trust Corp increased its stake in Canadian Imperial Bank of Commerce shares to 95.1% in the second quarter. Northern Trust Corp now owns 407,043 shares in the bank worth $19,757,000 after buying an additional 198,388 shares in the last quarter. Finally, BlackRock Inc. increased its stake in the shares of the Canadian Imperial Bank of Commerce by 6.4% in the 1st quarter. BlackRock Inc. now owns 308,427 shares of the bank worth $37,532,000 after purchasing an additional 18,653 shares in the last quarter. Hedge funds and other institutional investors hold 44.32% of the company’s shares.

About Canadian Imperial Bank of Commerce

(Get a rating)

The Canadian Imperial Bank of Commerce, a diversified financial institution, offers a variety of financial products and services to retail, business, public sector and institutional clients in Canada, the United States and internationally. The company operates through four strategic business units: Canadian Personal and Commercial Banking; Commercial banking and wealth management in Canada; WE

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Canadian Imperial Bank of Commerce (NYSE:CM) Earnings History

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LCNB Corp. announces fourth quarter dividend Mon, 21 Nov 2022 18:46:02 +0000

LCNB Corp. (Nasdaq: LCNB) today announced that the company’s board of directors has declared a cash dividend of $0.21 per common share, an increase of 5% over the same period last year. . The cash dividend in common shares will have a record date of December 1, 2022 and will be payable to shareholders on December 15, 2022.

Eric Meilstrup, President and CEO, said, “I am delighted with the decision of our Board of Directors to increase our quarterly dividend for the fifth consecutive year. In fact, since 1998, our dividend has grown at a compound annual growth rate of 3.4%. »

“We will have returned a record amount of capital to shareholders this year through our dividend and share buyback programs. This reflects the continued strength of LCNB’s operational and financial results, as well as our commitment to return capital to shareholders. Through September 30, 2022, LCNB has repurchased 1,172,456 shares, or 9.4% of our common shares outstanding prior to the repurchase. In addition, we will have paid annual dividends of $0.81 per common share, compared to $0.77 per common share last year, which represents an increase of 5.2%”, concluded Mr. Meilstrup.

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwestern and South-Central Ohio. A financial institution with a long history of building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross and Warren counties, in Ohio. The Bank continually strives to exceed customer expectations and offers a range of services for all personal and business banking needs, including checking, savings, online banking, personal loans, business loans , agricultural loans, business support, deposits and cash, investment services, trusts and IRAs and stock purchases. The common shares of LCNB Corp. are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB”. Learn more about LCNB Corp.

President concerned about delay in revoking licenses of financial institutions Sun, 06 Nov 2022 02:34:33 +0000

Speaker of Parliament Alban Bagbin has expressed concern over the delay in the work of an ad hoc committee set up to investigate the revocation of financial institutions licenses by the Bank of Ghana in 2017.

He criticized the committee for not informing Parliament of its progress.

In March 2021, the President referred a petition from two businessmen who owned the affected banks, Prince Kofi Amoabeng and Dr Kwabena Duffuor, to a seven-member committee to investigate the circumstances leading to their collapse.

The former shareholders of the banks in question, Prince Kofi Amoabeng and Dr Kwabena Duffuor, founders of UT Bank and uniBank respectively, have called on Parliament to investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange in the revocation of their licenses as well as their radiation. of the stock market.

The petition also called for the reinstatement of banking licenses.

The President then formed a nine-member committee to consider the petition presented to the House after the petition was officially presented to him by Mahama Ayariga, MP for Bawku Central Constituency in the Upper East Region. ,

Dr Duffuor, founder of defunct uniBank, and Mr Amoabeng, former chief executive of collapsed UT Bank, had their respective financial institutions’ licenses revoked during the banking sector cleanup that began in 2017.

For UT Bank, the Bank of Ghana claimed that it sued the institution because it was insolvent and unable to recapitalize despite several assurances from the company’s shareholders and the apex bank also gave similar reasons. for the revocation of uniBank’s license, claiming that the financial institution was grossly undercapitalised.

However, the commission has yet to report back to parliament on its findings and the bipartisan parliamentary commission set up to investigate the matter was chaired by Joseph Osei-Owusu, First Vice President and Member of Parliament for Bekwai Constituency in the region. of Ashanti.

Mr. Bagbin said that the rules were clear on this and that when the matter was referred to the committee and he was unable to report within the time allotted, a report should have been sent to the Chamber stating the reasons why he was unable to report on time. which he had failed.

He also criticized the way in which the consolidation of the financial sector was carried out.

Optimize your programs for Community Reinvestment Act (CRA) compliance Thu, 03 Nov 2022 14:53:33 +0000

NORTHAMPTON, MA /ACCESSWIRE/November 3, 2022/ CyberGrants

When it comes to tracking Community Reinvestment Act (CRA) compliance activities, many financial institutions rely on paper timesheets. But manual tracking and data entry is time-consuming and error-prone. It is also one of the most common issues we hear about from our customers. As the Federal Reserve evaluates community development activities for CRA Service Credit, you need a solution to track the results of all your efforts, from financial literacy programs to fundraising activities. by nonprofit board members.

That’s why we’ve created a solution that allows companies to track employee volunteer hours and company efforts in real time. With CyberGrants for banking, you can easily generate reports showing exactly how many hours your employees have worked in low- and middle-income (LMI) communities alongside your company-wide community development programs. And because all of your efforts are managed and tracked in a single data warehouse, you can get a holistic view of your ARC activities.

This not only saves you time and money, but also ensures that you are in compliance with the CRA. So if you’re looking for a better way to track employee hours for CRA compliance, read on and get in touch!

Unlock the Key to Compliance

Banking is a complex and ever-changing industry, and complying with the Community Reinvestment Act (CRA) can be a daunting task. There are several qualifying activities that banks must follow to ensure that they meet their obligations under the law, including:

  • Investments in community services such as affordable housing and child care.
  • Revitalization of distressed geographic areas or designated disaster areas.
  • Promoting economic development by providing financing to small businesses.
  • Initiatives that promote the creation, retention and improvement of permanent jobs.
  • Create or improve access to workforce development, skills training and financial literacy programs.

It can be a long and tedious process, but it is essential to a bank’s growth plans. The Federal Reserve evaluates, rates, and shares information regarding a bank’s community development efforts and extends credit to the ARC accordingly. For financial institutions looking to open new locations, merge with other banks, acquire new locations, and complete their overall expansion efforts, effective tracking of ARC compliance is critical.

If you’re tracking and reporting manually, chances are you’re missing out on capturing the CRA service credit. And you are not alone! Many financial institutions still rely on spreadsheets to measure their donations and volunteer efforts. That’s why today’s top banks partner with a CSR software provider to stay compliant and keep growing. It will also save your business valuable resources and ensure that you are able to generate accurate reports. In fact, 25 of the top 50 US banks use CyberGrants CSR solutions to maximize their programs and improve CRA credit traceability.

Save valuable resources

When all of your community development efforts – from donations and employee volunteering to grantmaking and disaster relief – are housed on one platform, you can spend less time on manual reporting and more time to make a difference. Here’s how CyberGrants for banking can help your organization save valuable resources:

Grant management: CyberGrants’ single-platform grant management solution streamlines and simplifies the grantmaking process for your business. With unparalleled flexibility and agility, we’ll help you reduce administrative burden while optimizing resources.

Employee donations: When your employees can search for volunteer activities, log hours, donate, and request a match all in one platform, you’re less likely to miss opportunities to earn CRA service credits. In CyberGrants, you can manage all of your employee giving activities in one easy-to-access place.

Delegation on the market: Give local branches the freedom to give back to their communities, with the ability to set donation parameters and automate approval processes, and generate reports at the store, region, and company level.

Disbursement: Integration with accounts payable systems automates disbursements while serving as a system of record for all payments related to your CSR programs.

Disaster recovery: Leverage our highly agile disaster relief platform to quickly create targeted programs when unforeseen events affect the communities you serve.

When all of your philanthropic programs are hosted on one platform, you can more easily capture and understand all of your bank’s community building activities. And therefore, you will not miss an opportunity to receive CRA service credit.

Mitigate Reporting Challenges

While it’s important to be able to easily manage and track your CSR programs in one place, it’s only a piece of the cake. When it comes to ARC compliance, you also need to be able to accurately report your bank’s impact and present the results to regulators. That’s why we’ve created an integrated solution that allows companies to track employee giving programs and volunteer hours electronically, in real time. With CyberGrants’ CSR software, you can leverage our Insights tool to easily manage data and report the results of various activities. Here is an overview of how Insights can help you:

Reduce administrative burden: Reduce time spent on report setup and manual manipulation with at-a-glance monitoring of throughput status, region, concentration zone, dollar amount threshold, and more.

Take control of compliance: Measure and track CRA compliance and funding metrics across all your programs, including grants, employee giving, and volunteerism, all in one place.

Enhance your data: Use census and demographic data to better align program spending with community needs and to understand what programs or activities support middle- and low-income areas for ARC compliance purposes.

Measure and share your impact: Distribute high-quality visualizations of your data story more easily and present a holistic view of the impact of your funding locally and globally. With Insights dashboards, you’ll be equipped with the right tools for Federal Reserve assessments.

But that’s not all! Discover even more ways CyberGrants Insights can help your financial institution save valuable resources.

At CyberGrants, we help your employees track their donations and volunteerism, support administrators with more agile ways to capture and report data, and provide the ability to show results to regulators in effective dashboards. This allows you to focus on what’s important: running a great CSR program that benefits both your employees and the charities you support.

Ready to tackle CRA compliance?

In our latest eBook, Optimize Your CSR Programs for CRA Compliance, we dig deeper into how CSR software is uniquely positioned to help financial institutions manage, track, and report activities that support communities to low and middle income for CRA compliance.

In this guide, we will cover:

  • Why your bank shouldn’t rely on manual tracking and reporting.
  • How to effectively identify, track, and capture CRA service credits using CSR software.
  • How the CyberGrants suite of products can save your bank time and money.
  • How CSR software can help you achieve business benefits beyond ARC compliance.
  • How today’s leading financial institutions are using CyberGrants CSR software to maximize their programs.

Tackle CRA compliance and get your e-book today!

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Disclosure: “Green Hushing” Climate Goals | Cadwalader, Wickersham & Taft LLP Mon, 31 Oct 2022 16:00:41 +0000

South Pole, a Swiss carbon finance consultancy, has released a report which suggests that one in four companies worldwide have decided not to publish details of their climate targets. This development has been dubbed “green hushing” and appears to be a response by some companies to fears of allegations of greenwashing and non-compliance with legislation. South Pole surveyed 1,200 companies in 12 countries and found that “nearly a quarter of those surveyed. . . will not publish their achievements and milestones beyond the bare minimum or as required, for example, by the Science Based Targets initiative. Despite the trend towards non-disclosure by a minority of surveyed companies, it is also important to note that 72% of surveyed companies have set or committed to a science-based target (SBT) to reduce emissions; with a further 18% planning to implement goals in the next 12 months, and 67% having both a net zero goal and an SBT. A common example of an SBT commitment for a financial institution would be aligning scope assets under management to 2.19°C by 2030 and 1.5°C by 2040.

South Pole CEO Renat Heuberger, in his foreword to the report, said: “Long gone are the days when announcing a net zero emissions goal for companies was exceptional. Today it is expected. Companies need to show, not just say, how they are delivering on their critically important climate commitments.

Taking the temperature: The South Pole report reflects concerns that publishing science-based climate goals or progress toward them might be too prescriptive and ambitious. This, in turn, raises concerns that such disclosures expose companies to regulatory enforcement and civil lawsuits based on allegations of greenwashing. Despite these concerns, not reporting or under-reporting climate goals is unlikely to be a sustainable long-term strategy. For years, institutional investors have advocated for greater climate-related disclosure, regulators in Europe have already imposed it, and US regulators are not far behind, as evidenced, for example, by the disclosure rule on climate change proposed by the SEC. And, greenwashing concerns notwithstanding, the majority of South Pole survey respondents committed to SBTs to reduce emissions. Nonetheless, companies need to be extremely thoughtful when setting and publishing any climate targets so as not to over-promise and under-deliver.

(This article originally appeared in “Cadwalader Climate”, a new bi-weekly ESG market newsletter.)

How long are the checks valid? – Forbes Advisor Wed, 26 Oct 2022 02:54:10 +0000 Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Have you ever found an old check that you forgot to deposit? It’s usual. The U.S. Department of Labor once estimated that $15 million in checks from pension plans alone go uncashed every year, so the total value of all outstanding checks is likely in the hundreds of millions. or more, given the number of other types of checks.

Once you discover an uncashed check, also known as a stale or stale check, should you cash it? This can be a tricky question due to the confusion surrounding how long a check is kept.

How long does a check last?

Technically, checks do not expire. After a certain point, they become “stale” and are considered obsolete, which is distinct from having a true expiration date.

However, it may take some work to collect the money owed to you. Banks set their own policies and may decide at their discretion whether to process an old check.

Checks are becoming obsolete primarily to protect the account holder. Typically, when individuals write checks, they have their current balance in mind and expect the funds to be withdrawn within a short period of time.

But circumstances and bank balances can change drastically within months, so after a while there is less confidence that funds will be available. A check can bounce if the recipient waits too long.

What is the validity period of the different types of checks?

The validity period of a check often varies depending on whether it is a personal check, a company check or a cashier’s check.

How long are personal checks valid? You have up to six months to cash a personal check. Under federal law, a bank is not required to make a payment after this point. If you want to cash a check a few months after receiving it, consider giving a courtesy call to the writer or issuer of the check. Let the person or entity know that you plan to deposit the check, so they can make sure their account is well funded. Otherwise, the check may bounce.

How long are bank checks valid? Cashier’s checks are considered “official checks” backed by an issuing bank. They don’t have specific expiration dates, but if a cashier’s check is held too long, the bank may subject it to a process called “eschewing.” In such cases, banks transfer funds to the state as unclaimed property and you must request a replacement check from the issuing bank.

How long are company checks valid? Company checks often include a note that says “Cancelled after 90 days.” This encourages the recipient to cash the check immediately, even if the 90 day deadline is not real. Like personal checks, business checks are generally valid for six months, unless the check clearly states that it is valid for up to one year. After a certain period, the company must report and escheat the funds to the state as unclaimed property. Each state has its own requirements, such as a minimum dollar amount or a minimum dormancy period.

How long can checks be redeemed for cash? When you cash a check, the bank or credit union gives you cash in exchange for the check. Unless otherwise stated, most checks can be cashed within 180 days. After that, the issuing bank decides whether or not to cash the check for you.

How long does a money order last?

A money order is a type of check where the issuer provides the funds in advance, and the money is therefore guaranteed. National warrants do not have an expiry date, but the conditions differ from state to state. Check the fine print on the back of your money order for specific terms.

Note that a non-refundable service charge may be deducted from the principal amount if you do not cash a money order within one to three years, depending on the status of the purchase. This way, money orders can lose value over time.

Can you cash canceled checks?

No. A check marked “cancelled” means no one can cash or deposit it. A check can also be considered void if it is missing critical information or goes through the escheat process.

What to do if you have an expired check

If you find out you have a stale check, don’t panic, you may still be able to get your money back. Here are some steps you can follow.

  • Try to deposit the check. Your bank may accept a stale check if it believes the issuer has enough balance to cover the amount. But the bank cannot help if the issuer has closed their account, placed a stop loss order on the check, or does not have sufficient funds.
  • Contact the issuer, if possible. Someone you know, an employer, or a business you do business with may be willing to reissue a check that you can deposit without hassle.
  • Visit the issuing institution. Inspect the check to determine which institution issued it, then head to the nearest bank branch. A banker may be able to validate the issuer’s funds and cash the check for you.


Deposit checks as soon as you receive them. And if you find you have an expired check, contact the issuer or financial institution.

Remember that each bank has its own policy and may use its own discretion to help you resolve this issue. If you think you have unclaimed funds that may have been escheated, visit the government database’s official unclaimed funds database and search for unclaimed money in your state.

Find the best online banks of 2022

UBA’s diversified businesses act as a hedge against financial risk Sat, 22 Oct 2022 10:08:27 +0000

African global bank, United Bank for Africa (UBA) Plc, said its diversified business model in key international markets across the continent and around the world continued to act as a hedge and position the group to better mitigate risk. business arising from the financial, economic and political environment.

UBA Group Chief Executive/Managing Director Oliver Alawuba, who said this, pointed out that due to its wide reach and network, the banking group is strengthened and largely insulated from internal and external challenges that have become currency. common among financial institutions on the continent. .

Alawuba was speaking in an exclusive chat with reporters on the sidelines of a four-day UBA Group International Banking Conference held in New York, organized and hosted by UBA America from October 17-21, 2022.

While highlighting the various challenges faced by banks and financial institutions in Africa and beyond, including credit risks, market risks and even operational risks, Alawuba explained that with the vast incursion of UBA in key markets, the bank has solutions in place that will help protect against losses arising from such risks.

He said, “Banks in Nigeria and Africa face several challenges, such as payment issues, currency depreciation, among others, but over the years at UBA we have developed the capability to effectively manage these. risks while pursuing our growth strategy. .

The news continues after this announcement

Continuing, he said, “UBA is a diverse institution in terms of the businesses and sectors we support. Some of the countries where we operate, such as Zambia, Guinea and Mozambique, have not experienced currency depreciation, so the diversified nature of our business is a major strength. This gives us leverage and ensures the resilience of the business. Additionally, our presence in global financial centers such as New York, Paris and London provides additional income diversification and devaluation hedges on the African continent. UBA America has been providing banking services to African institutions for over three decades, we know Africa very well and understand how to mitigate the risks of doing business in Africa.

The group’s CEO added that the International Banking Conference aims to provide solutions, noting that African banks have the opportunity to come together, share their experiences and acquire tactical strategies to address the major financial challenges of the continents. The well-attended event saw the convergence of senior representatives from major African banks, sovereigns, central bankers and key players in the global financial landscape.

The news continues after this announcement

Speakers at the conference included the Deputy Governor of the Economic Policy Branch of the Central Bank of Nigeria, Dr. Kingsley Obiora, who represented the Governor, Mr. Godwin Emefiele, the Director and Global Head of Trade Finance, Afrexim Bank, Gwen Mwaba, Director, Regulatory and Financial Crimes Compliance, Exiger, Derik Riesche, among other notable financial, non-financial and compliance experts.

Event organizer and UBA Group Executive Director/UBA America CEO Sola Yomi-Ajayi said the goal of the conference was to build and strengthen the financial ecosystem, adding that the group was working with African commercial banks and sovereign entities.

She said, “UBA has leveraged its extensive network to improve access to financial markets in addition to providing capacity building initiatives for the development of the African financial ecosystem. One of the key takeaways from this conference is that Africa-related risks can be reduced, and we can make it more attractive to do business with African financial institutions.

“There are risks and concerns regarding money laundering and terrorist financing, and these can be mitigated by having strong AML frameworks in place, strengthening internal controls and using technology to improve transaction monitoring on the continent. We can also do this through structured trade finance and innovative solutions to meet foreign currency claims on the continent,” she added.

United Bank for Africa Plc is a leading pan-African financial institution, providing banking services to over thirty million customers through 1,000 offices and customer touch points in 20 African countries. Operating in New York, London, Paris and Dubai, UBA connects people and businesses across Africa through innovative retail, commercial and corporate banking, cross-border payments and remittances, financing commerce and ancillary banking services.

The misleading claim that bank reports show Hunter Biden ‘committed serious crimes’ Wed, 19 Oct 2022 07:04:04 +0000


“Hunter Biden committed serious crimes, as you mentioned, 150 suspicious activity reports. Those are the most serious banking offenses. That’s when the bank notifies the feds that we’re convinced that our client has committed a crime. He asked several banks to file 150 suspicious activity reports, saying that we believe that each case was another criminal act. But yet the FBI did nothing about it .

— Rep. James Comer (R-Ky.), in an interview with Fox News’ Maria BartiromoOctober 16

If Republicans win the House in the November election, Comer is on track to chair the House Oversight Committee. In his interview with Fox News, Comer signaled that the business dealings of President Biden’s son, Hunter, and his brother James with countries such as China, Russia and Ukraine will come under scrutiny. at a GOP-led convention.

“Clearly the FBI must be held accountable. Congress needs to start considering meaningful reforms,” Comer tweeted during his interview. “For too long, the Biden family has peddled access to the highest levels of government and the FBI has been slow to act.”

For the purposes of this fact-check, we’ll be looking at his claim that Suspicious Activity Reports (SARs) mean a bank is “fairly confident” that a crime has been committed. Comer, in fact, said every filing of an SAR meant “another foul play.” Is this really the case?

As part of the government’s efforts to combat money laundering and terrorist activity, financial institutions are required to file SARs with the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department. A SAR is supposed to be triggered by a minimum transfer amount (usually at least $5,000, or $2,000 for money services businesses) and a suspicion that the transfer involves funds derived from illegal activity.

The Treasury also requires that all cash transfers over $10,000 be reported separately. A SAR can also result from cash transfers that appear structured to avoid triggering such a report, such as repeated payments to the same person or entity of $9,500.

After the September 11, 2001 attacks, banks dramatically escalated SAR reporting after learning that terrorists had financed their attacks using the US financial system, but no SAR had been deposited on their transactions. The Patriot Act passed after the attacks had added new reporting requirements.

As a result, FinCEN expects to receive nearly SAR 3.7 million in fiscal year 2023, according to a Treasury report submitted to Congress.

By Comer’s logic, this would suggest that banks would report 3.7 million crimes. But that’s not right.

“A financial institution only had to say ‘something is wrong about it’ using FinCEN guidelines,” said James E. Johnson, Treasury Undersecretary for Enforcement at the end of the 1990s, which oversaw FinCEN. “It’s way below, ‘I think a crime has been committed.’ ”

Another former Treasury official, who spoke on condition of anonymity due to the political nature of Comer’s comments, described the SAR reports as merely a “hint”. He noted that the threshold for filing an SAR is not particularly high and many banks file the reports just to be on the safe side. “There is an incentive that, when in doubt, to file a report,” he said.

The Bank Policy Institute (BPI), an advocacy group for big banks, says banks receive computer-generated alerts about potentially suspicious transactions, and then a compliance officer decides whether or not to file an SAR. “Because banks are subject to enforcement action if they fail to file SAR when they should, but face no penalties if they file unnecessary SAR, the general presumption is to file the SAR,” indicates the group.

The filing of a SAR in itself does not necessarily trigger an investigation. Each SAR is filed in a massive database that law enforcement officers can later access when investigating a person or entity, providing further investigative leads.

For example, a New York bank had filed an SAR after New York Governor Eliot Spitzer (D) in 2007 allegedly wired more than $10,000 from a Manhattan bank account, but sought to halt payment in an apparent effort to avoid triggering a currency transaction. report. But that report went unnoticed until another bank later filed a report on two shell companies that had raised hundreds of thousands of dollars with no apparent source of revenue. This investigation eventually led Internal Revenue Service agents to uncover the SAR previously filed on Spitzer, according to The New York Times. Spitzer quit after investigators linked his wire transfers to a company that supplied high-end sex workers to wealthy clients.

In a 2018 report, BPI said an investigation found that only about 4% of SARs filed in 2017 led to an enforcement investigation — an estimate the former Treasury official said seemed exact. “A small subset of these results result in an arrest and ultimately a conviction,” the group states. If a bank concludes that an SAR reflects actual criminal behavior, as opposed to suspicion, “someone at the bank will call law enforcement directly to report the SAR.”

In other words, we have established that filing an SAR does not mean that a bank believes a customer has committed a crime, as Comer asserted. In fact, Comer should know that. He posted on the committee’s minority website a Sept. 2 letter from a Treasury official that clearly states that the SARs are “preliminary and unverified information about possible violations of the law.”

When we presented our findings to Jessica Collins, communications director for the House Oversight Committee’s minority staff, she responded with a statement that circumvented Comer’s error.

“Hunter and James Biden have accumulated at least 150 suspicious activity reports for their business dealings,” she said. “SARs are used to identify possible illegal activities like money laundering or tax evasion. The number of transactions reported in this case is highly unusual and may indicate serious criminal activity or a threat to national security. »

While Comer often speaks of 150 SAR filings as an established fact, his source is a vague media report. Collins said the source of the figure was a CBS report in April that said, “150 financial transactions involving the global business affairs of Hunter or James Biden have been flagged as concerns by U.S. banks for further review.” But, unlike Comer, that same report correctly noted that “such bank reviews could reveal deeper issues – or they could turn out to be harmless.”

In a July letter to a financial adviser to Hunter Biden, Comer suggested that an exchange of text found on a copy of the laptop hard drive Hunter Biden allegedly left for repair at a Delaware store in April 2019 said the president’s son “knew about these SARs and took steps to avoid discovery in his financial dealings. Experts working with the Washington Post checked thousands of emails contained on the hard drive , but no SMS.

A lawyer for Hunter Biden declined to comment. A representative for James Biden said, “We have no information regarding any SARs that may have been filed about James Biden.”

In the statement, Collins also said the Biden administration had sought to restrict congressional access to SARs.

“Under the Biden administration, the Treasury Department changed its long-standing policy to restrict congressional access to these reports,” she said. “We need access to these reports to determine whether the Biden family’s business schemes threaten national security or have compromised President Biden. Instead of defending Hunter Biden’s SARs, it would be better to investigate why Biden’s Treasury Department is trying to hide them.

His complaint enjoys bipartisan support. In July, by a vote of 349 to 70, the House passed a bill sponsored by Rep. Maxine Waters (D-California) that would require the Treasury to provide SAR reports to a committee or subcommittee of Congress. within 30 days. Waters said in a report that the action was necessary because the Treasury had imposed requirements that hindered congressional investigations, such as “requiring congressional staff to review all documents in a Treasury reading room, prohibiting the copying documents for purposes of prominence, continued reference, or margin notation, and limiting information gathering to note-taking.” The suit is still pending in the Senate.

It’s unclear if the new Treasury rules are related to Hunter Biden. The Trump administration has also been accused of slow Congressional requests for SAR information and argued, in a legal opinion, to limit Congressional access. Trump’s Treasury Department, however, provided SARs linked to Hunter Biden to Republican Senate investigators, who relied on the raw data to make dubious claims about his business practices.

Treasury spokesman Mike Gwin dismissed Collins’ statement. “Treasury provides SARs to Congress in a way that allows for robust oversight and is consistent with how other sensitive law enforcement information is often produced,” he said. “This is not a political process. Since the beginning of this administration, the Treasury has made SARs available in response to authorized requests from the committee and continues to engage in the process with all individual members seeking information.

Comer could soon be in a position of significant power. But he must clarify the facts. Even though as many as 150 SAR reports have been filed relating to Hunter Biden’s business dealings — a number yet to be confirmed — that doesn’t mean he committed ‘serious crimes’ or that the banks were ‘fairly confident’ that he did. a serious crime has been committed. Instead, these reports are just hints that something may be suspicious — raw intelligence that has yet to be verified, confirmed, and possibly investigated.

Comer wins Three Pinocchios.

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]]> Kwasi Kwarteng: How the ex-Chancellor’s fate was sealed by the IMF orthodoxy he fought against | Kwasi Kwarteng Sat, 15 Oct 2022 10:13:00 +0000

As guests sipped English sparkling wine at the British Embassy on Massachusetts Avenue in Washington DC, journalists in attendance were gathered for an impromptu briefing at the nearby temporary residence of British Ambassador Dame Karen Pearce.

The briefing was short and to the point: Kwasi Kwarteng was cutting short his planned trip to the annual meeting of the International Monetary Fund and returning home to London.

None of the assembled hacks believed for a minute the official explanation for the chancellor’s hasty departure, namely that he wanted to speak with his colleagues about his expected financial state at the end of the month. The assumption – correct as it turned out – was that Kwarteng was going home to be sacked. The decision was so sudden that IMF officials were left in the dark.

In a way, it was fitting that Kwarteng’s last full day of work was in Washington, because the IMF is the ultimate bastion of economic orthodoxy that the Truss administration has been battling for six weeks. Kwarteng’s epitaph as chancellor might well be: I fought orthodoxy and orthodoxy won.

The IMF’s displeasure with the UK first surfaced two weeks before the annual meetings in Washington, when it issued a statement following September’s tax cut mini-budget, saying that the measures were likely to “increase inequality”, and he did not endorse large, unfunded stimulus packages when inflation was so high.

This week, the IMF turned the screw. Tuesday, the day before Kwarteng’s arrival, saw the release of the Fund’s two flagship publications: the Global Economic Outlook and the Global Financial Stability Review. Both criticized the UK, pointing out that the Treasury was raising the cost of living at the same time as the Bank of England was raising interest rates to bring inflation down. It was, according to one official, like two people fighting over the wheel of a car.

Andrew Bailey was also in Washington on the same day. The Governor of the Bank of England was interviewed on stage at the Ronald Reagan Center on Pennsylvania Avenue, the venue for the meeting of the Institute of International Finance (IIF), the trade body for the global financial services industry.

Speaking to Tim Adams, chairman of the IIF, Bailey said support for buying Bank of England bonds for the pensions sector would be removed at the end of the week. “You have three days left now,” Bailey said. “You have to do this.”

She had taken action by Britain’s central bank to stem the run on pension funds after the market’s adverse reaction to the mini-budget. Now Threadneedle Street was sticking to its line that the project was to be temporary. With an abrupt end to Bank support, pressure on the Chancellor and Prime Minister to rethink their fiscal plans has intensified.

If Kwarteng imagined the worst was over by the time he landed at Dulles Airport on Wednesday, he was wrong. His last 48 hours as chancellor could come down to uncomfortable encounters with three women.

The first sign of trouble came during a meeting of the G7, a group made up of Britain, the United States, Japan, Canada, Germany, Italy and France. US Treasury Secretary Janet Yellen told Kwarteng she frowned on the mini-budget, which was causing market turbulence.

There was a certain irony in Yellen’s attack, given that the Joe Biden administration has itself borrowed money to fund its spending plans. The United States, however, is the world’s largest economy and issues the world’s reserve currency, the dollar. Different rules apply to a country like the UK.

The second woman Kwarteng had to deal with was IMF Managing Director Kristalina Georgieva. With speculation already swirling in London that Truss was planning a corporate tax reversal, Georgieva made it clear that she would support a “recalibration”.

After meeting Kwarteng and Bailey, the IMF chief said they discussed the importance of policy coherence and clear communication. Once again, an automotive metaphor was deployed. When monetary policy put its foot on the brake, fiscal policy should not put its foot on the accelerator.

Fund officials said the remarks were a general warning and not intended to target the UK. Few have been fooled. It was telling that Georgieva went out of her way to praise Bailey for his “appropriate” action to maintain financial stability. There was no show of support for Kwarteng.

The chancellor spent the rest of the day in a series of bilateral meetings, finding time for what turned out to be a farewell interview with the Daily Telegraph. At some point in the afternoon, it was decided that he should return home immediately for a meeting with a third woman: Liz Truss. On the flight home, he had plenty of time to prepare for the dismissal that inevitably followed.

7 Reasons You Should Have Multiple Savings Accounts Wed, 12 Oct 2022 22:20:18 +0000

The age-old saying,don’t put all your eggs in one basket,” warns us against putting all our resources into one risky venture. This well-established proverb can easily be applied to savings accounts – a low-risk way to save money Savings accounts are low-risk deposit accounts that allow you to build up a fund that can be used for purposes such as emergency savings or to achieve a financial goal.

Banks use deposit accounts to fund their lending operations. In exchange for the right to invest your money and earn a profit, a bank or credit union will pay you interest on the balances it collects. Your money grows and is securely stored in a federally insured bank or credit union. Savings accounts are insured against loss by the Federal Deposit Insurance Corporation, if opened through a bank, or by the National Credit Union Administration for accounts at a credit union up to 250 $000 per person.

But if you’re like half of Americans polled in a recent GoBankingRates survey who said they’re loyal to just one bank and keep their reserves in one place, then you’re overlooking seven practical reasons to have more than one savings account.

1. Automate savings growth

The “out of sight, out of mind” principle comes in handy when savings accounts are not connected as overdraft protection or with simple transfer access to your main bank account. You’re less likely to consider accounts for day-to-day spending or impulse purchases if you’re not constantly reminded that the savings balance exists. Combine that with a deposit or automatic transfer, and your balance can grow unscathed. Separate savings accounts can benefit from the set-it-and-forget-it approach.

2. Reduce the risk of overspending

Separate banking institutions can be a useful safeguard against overspending. Although accounts can be linked to facilitate transfers from the Automated Clearing House Network, such transfers typically take up to three business days. The extra effort required to transfer funds and the time required to complete a transaction provide a cooling off period. Impulse purchases or unnecessarily extravagant purchases can be filtered out with less immediate access to your savings account.

3. Find the best returns

In this era of rising interest rates, shopping around for savings accounts with the best returns is a must if you want to grow your savings. CNET regularly updates a list of best high yield savings with many online applications offering available nationwide. Since most banks or credit unions offer top-notch security, access, and a variety of services, finding the account with the highest annual percentage return, or APY, will help your money keep up. from rate of inflation.

4. Track your progress

When working towards financial goals, using separate accounts to track progress is a solid strategy. Some people use separate accounts to save for big expenses like saving for college, paying a down payment on a car or house, or a life-changing vacation. Separating savings accounts will clarify how close you are to a specific goal. Visual reminder can boost momentum to help you stay focused on your goal.

5. Keep your money insured

The federal government began supporting New Deal banks under President Franklin Roosevelt as a policy to deal with bank failures during the Great Depression of the 1930s. banks and credit unions that are backed by federally insured organizations such as the FDIC and NCUA up to $250,000 per person, covering all accounts at one banking institution. When deposit account balances approach this magic number, opening a new savings account at a separate bank is not only wise but essential to ensure that your money will be covered against losses or bank failures. While the banking sector is quite stable, bank failures have occurred in recent years.

6. Take advantage of bonuses

Bank account bonus are a useful incentive to open a new savings account. These bonuses can range from a few hundred dollars to $500. The bonuses come with conditions that can range from the minimum direct deposit required to maintaining a monthly balance over several months.

7. Manage accounts of minors

Setting up a savings account for underage children is a great way to help them establish healthy financial habits from an early age and introduce them to hands-on financial education. A separate account can help them set savings goals and start building financial literacy that will help them into adulthood.

Steps to Follow When Creating Multiple Savings Accounts

  1. Identify why you need multiple savings accounts. This will determine how many accounts you need and how you want the accounts to interact with each other. For example, if you’re saving for a new car because you want to pay cash, but you’re also saving for a holiday abroad, separate accounts will help you track your savings for both plans.
  2. Ask about APYs and special offers from your bank. Contact a bank representative and inquire about opening additional savings accounts with higher APYs and if there are any promotions or bonuses available when you open another account.
  3. Look for the best high-yield savings accounts using online resources such as CNET’s guide to the best savings accounts. You can compare several features besides APY, such as monthly fees, minimum balance requirements, and ATM access.
  4. Decide how you want to access your money. Do you need a physical bank, with customer service, to access your funds in person, or do you prefer an online-only bank where you can manage your funds from the comfort of your home? If the bank has physical branches, would convenient access to services entice you to use your account? You also need to decide how you want your bank accounts linked. The ability to deposit funds at regular, automatic intervals is key to developing a healthy savings habit.
  5. Schedule time to review your accounts regularly. Add a calendar reminder at least once a month to review your savings goals and multiple account balances.

When should you avoid opening multiple accounts?

Having multiple accounts can be a great strategy for building and protecting your savings, but there are times when opening an additional savings account isn’t advisable.

  • The new account charges a service fee.
  • You cannot deposit enough to waive the monthly service fee.
  • You don’t want to pay taxes on the bonus paid into your new account.
  • You cannot meet the requirements that make it possible to open a new account, such as a minimum monthly direct deposit amount.


How many savings accounts should I have?

This of course depends on your personal financial goals. There is no one right answer. Aligning the number of accounts with key savings goals is one approach. If you find that adding or removing accounts will make your life easier and easier to track your progress, adjust accordingly.

Additionally, making sure your balances at a bank don’t exceed the federal insurance limits offered by the FDIC or NCUA can help you determine how many savings accounts are right for you.

How many savings accounts am I allowed to have?

While some banks may limit the number of accounts you can open internally, there is no limit to the number of savings accounts a person can have. Opening savings accounts at multiple banks or credit unions will override any limits imposed by a single bank. Also, there is no impact on your credit score if you have multiple accounts.

Should I diversify my savings accounts between different banks?

If yes:

  • Your account balance at any bank will exceed $250,000.
  • You find a better APY deal than your current bank with no additional fees that reduce your overall returns.
  • You want to use strategies that follow savings goals with individual accounts and a bank limits the number of accounts per individual.

The bottom line

Savvy savers use the strategy of opening multiple savings accounts to help them focus and achieve their financial goals. Using multiple savings accounts at different banks and/or credit unions provides a structure that can help you avoid impulse purchases and overspending while setting your savings process on autopilot.