United States FracturesPunish Payday Financing

The US government moved Thursday to secure consumers from payday debt traps with policies that include requiring lenders to make sure debtors have the ability to repay their loans.Proposed rules by the

Consumer Financial Defense Bureau mark the first time the federal government has moved to regulate payday financing, which is outside the banking sector and typically supervised by states.In addition to payday advance loan– small-money advances normally due to be paid back from the next income– the CFPB guidelines cover other small-sized credit items such as auto-title loans in which the vehicle or truck is installed as collateral.

Rep. Gutierrez Praises Treasury Secretary For Taking Action To Put A Female On …

“My message and the message from hundreds of countless people who have actually petitioned and arranged and voted on the internet was that it is time to put a female on our money,” stated Congressman Guti rrez. “The message got through at Treasury. We may have been ten dollars off, however our advocacy was right on the money.”

In a speech about his legislation on the Home floor on May 20, the Congressman said:

“In a couple of years, perhaps in a few months, when the idea of putting a female on our cash is considered a quaint, old-fashioned debate, and likewise when the concept of putting a person of color on our money not appearsappears like such a remarkable step, we will wonder why it took so long.” [text and video: http://1.usa.gov/1J2rcqH]

“It happened a lot quicker than I anticipated,” said Congressman Guti rrez. “I applaud the Secretary since putting a lady on our money advances the reason for justice and equality. By revealing he prepares to choose a notable lady to be included on the brand-new $10 note, he is bringing our money into the 21st– or at least permitting it to catch up with the 20th.”

The Congressman included: “I am honored to promote inclusion and democracy on our currency and look forward to seeing the image of a skilled, daring woman on the brand-new $10 bill as we celebrate the 100th Anniversary of the passage of the 19th Amendment.

Rep. Luis V. Guti rrez represents the Fourth District of Illinois, belongs to the Residence Permanent Select Committee on Knowledge, is a Member of the Judiciary Committee and the Subcommittee on Migration and Border Security, and is the Co-Chair of the Immigration Job Force of the Congressional Hispanic Caucus.

See also:

April 21: News release on intro of HR 1910 “Put A Woman on the Twenty Act of 2015

April 30: Floor speech (video/text) on HR 1910 “Put A Female on the Twenty Act of 2015

May 20: Floor speech (video/text) on Harriet Tubman, Andrew Jackson and the Campaign to Put A Female on the Twenty

Source: Gutierrez.house.gov

Band-aids Not Enough To Take Care Of F1’s Money Problems

Kate Walker explains why Formula One should get seriousbuckle down about expense control, and swiftly.

When it pertains to repairing issues, there are 2 methods that can be taken: one can determine the root causesorigin and work to ameliorate them, or one can merely stick on a Band-aid and hope for the best.

Solution One is far much better at the Band-aid alternative.

While the global monetary crisis that struck the bulk of the world in 2008 took a little longer to be felt inside the paddock, the sports monetary issues go back to the end of tobacco sponsorship, those fat times of plenty.

The disappearance of the most significant source of sponsorship income did not occur overnight, obviously. Those in charge of the sport forecast that lean years would follow, and attempts were made to check spending.

As history has actually given that recorded, attempts to check spending through regulative restriction showed not successful.

A proposed expense cap failed. So too did former FIA president Max Mosleys 2009 suggestion to develop a tiered sport where those running under limited budget plans were offered greater technical flexibility than those who selected to spend freely.

More recently, a consentaneous F1 Approach Group arrangement to present cost reduction and expense control policies to the World Motor Sport Council for intro in 2015 was ambuscaded by the very group that concurredaccepted its intro.

Cash continues to be a problem in Solution One.

Backmarkers collapse harmed other teams

The collapse of Caterham and Marussia had a destructive effect on the F1 supply chain, and teams that formerly had generous credit lines found themselves being required to spend for parts in advance.

With restricted financialfunds at the best of times, struggling groups discovered their car builds influenced as they awaited the conclusion and shipping of fuel tanks and other core parts.

Force India has actually been open about the reality that it was a money injection from Mercedes – in exchange for running Pascal Wehrlein – that guaranteed its existence in Barcelona.

While its rivals have been less public about the accurate nature of their financial struggles, the winter season was one of unpredictability when it came to the size and health of the 2015 grid.

Doubts about teams futures continued into winter testing, and last week it emerged that Bernie Ecclestone was thinking about giving the beleaguered attire an advance on the reward cash typically paid throughout the year.

Earlier this week it was confirmed that Sauber, Lotus, and Force India would be gaining from advances – apparently $10 million, or 6.5 million each – intendedfocuseded on guaranteeing their presence at the season-opener in Melbourne.

An useful Band-aid it may be, however a Band-aid nonetheless.

While the cash being paid to Sauber, Force India, and Lotus are advances on cash due to the three groups, Bernie Ecclestone is not a guy of limitless patience.

Nor are CVC Capital Partners, a company which exists for the sole purpose of turning cash into bigger amounts of money. Advances on cash owed are not complimentary from the perspective of the commercial rights holder – any interest lost through the premature transaction is money lost from the balance books.

No charity in F1

Groups in monetary problems need to not expect to see similar kindness in future: F1 is no charity, and it is only because of contracted minimum grid sizes with race promoters that the CRHs interests dovetailed with the requirements of the impoverished teams on this event.

If Formula One does not get major about expense control as a matter of urgency, the current scenario will just get even worseworsen.

But the front-running groups have actually been upfront about their unwillingness to cede any of the competitive advantage found in their higher budgets; the CRH has no objections to a financial arms race; and the FIAs repeated efforts (under 2 presidents and spanning more than a years) to cut costs or enforce caps have led to threatened breakaway series, overrule by groups, and have actually achieved no decreases of note.

To fix the problem, egos requirehave to be swallowed for the higher good as a genuine concerted effort is made to come to – and stick to – a contract.

The FIA-commissioned McKinsey report has shown it is possible to cut costs by approximately HALF, if just the teams would take an Utilitarian strategy to long-lasting thinking.

When it concerns cooperation, and Formula One, nevertheless, there is just one question worth asking: Did anybody bring the Band-aids?