Yellen in the Hot Seat

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first_img July 13, 2017 1,814 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Janet Yellen, Chair of the Board of Governors of the Federal Reserve, completed the second day of her semi-annual testimony to the Senate on Thursday, and fielded questions from Congress in regard to housing and banking, including her thoughts on proposed regulatory reform.Senator Mike Crapo (R-Idaho), released a pre-prepared statement in the morning expressing expectations for the hearing, which set the stage for Yellen’s testimony.“Today we will receive testimony from Federal Reserve Chair Janet Yellen regarding the Fed’s semiannual report to Congress on monetary policy and the state of the economy. Since the last Humphrey-Hawkins hearing in February, there have been numerous developments that will impact economic growth legislation. Particular interest has been focused on finding bipartisan solutions to tailor regulations, change the SIFI threshold, exempt certain firms from stress testing, fix the Volcker Rule, and simplify small bank capital rules.”Yellen was indeed asked to convey her opinions on Dodd-Frank reforms and how she best thought to change the Volcker Rule. Some members of Congress, including Chairman Crapo, believe that what they see as arbitrary thresholds—most specifically, the $50 billion SIFI threshold—make it difficult for smaller banks to do business. The suggestion has been presented in the past to raise that threshold to an indexed $125 billion, or even remove a monetary threshold and concentrate on a business model based regulatory approach. In response, Yellen said:“We’ve already said that we would favor some increase if Congress sticks with a dollar threshold that we would support some increase in the threshold. An approach that is based on business model or factors is also a workable approach from our point of view, conceivably. Some of the enhanced standards should apply to more firms with lower levels of assets and others with higher levels. I think that either type of approach is something we could work with.”Yellen was also pressed about the Volcker rule, which prohibits banks to make certain types of speculative investments, and whether or not she thought it worked.“The [Volker rule’s] goal is [one] in which I agree, and to permit market making. The implementation of it has been very complex and burdensome. We’ve suggested that community banks be exempt from it entirely. I wouldn’t [completely] get rid of it. I believe the Treasury report suggests maintaining their restriction on proprietary trading and depository institutions. So, I wouldn’t get rid of it, but I would look for ways to simplify it.”Yellen did, however, agree with the committee’s assessment that housing plays an important role in economic health. Previous: Analyzing Risks and Disruption Next: Paradatec Passes Fannie Mae Certification The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: Joey Pizzolato Tagged with: Fed Janet Yellen Senate  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Yellen in the Hot Seat The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fed Janet Yellen Senate 2017-07-13 Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Yellen in the Hot Seatlast_img read more


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first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 25-year-old Queens man was fatally struck by an SUV in Inwood on Tuesday evening.Nassau County police said Alexandre Pougatchev of Woodside was walking in Nassau Avenue when he was struck by a Dodge Ram pick up truck at 5 p.m.The victim was taken to St. John’s Hospital in Queens, where he was pronounced dead an hour later.The 49-year-old man driving the truck was not hurt.Homicide Squad detectives impounded the SUV for a brake and safety test, but no criminality is suspected.last_img


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first_imgWhile everyone is hearing about “record” sales by vehicle manufacturers, everything is not a bed of roses for those making loans on these vehicles. Even though new vehicle financing was up 86.3% in Q1 2016 compared to 84.9% a year ago, margins are still squeezed to razor thin levels, and the competition vying for this finite market is getting even more aggressive. As most lenders know by now, the auto lending pool of competition no longer only includes credit unions, banks, and dealers. Insurance companies, ‘buy here, pay here’ car lots, and online retailers makes the auto lending business that much more competitive for credit unions.In order to compete with dealers, we see lenders lowering their credit criteria in order to win business. In addition, since auto prices have continued to climb, we are seeing a reversal to the days of extended loan terms on these vehicles to make the payment more affordable for the consumer. Likewise, consumers are staying in their vehicles longer. In fact, according to CNBC, in 2006, car owners traded in their vehicles after approximately 4.3 years. In 2016, that number jumped to 6.5 years.On another note, as gasoline prices continue to remain low, consumers are more attracted to larger vehicles, and the sticker price on those vehicles certainly isn’t going down. Just take a trip to your local Ford dealership and look at the cost of a nicely appointed F150.Low gas prices driving consumer demand for higher-priced vehicles may be good for the economy in the short term, but in the long term it could become a problem for lenders. If the economy continues its slow recovery, you might start seeing an increase in delinquencies. According to Experian’s State of the Automotive Finance Market, some credit unions already have been seeing this, as 60-day delinquencies rose to 0.42% in Q1 2016 from 0.35% in Q1 2015.Reduced used car prices and longer loan terms have been decimating the GAP market for the last 18 months, causing extremely high losses. This cost will ultimately flow down to lenders and dealers. Coupled with that, any spike in gas prices will drive people into more economical vehicles, further declining GAP performance.Many people, me included, were very hopeful for 2016, and in some areas that hope remains. However, it’s hard to ignore that a lot of challenges exist—both known and unknown. How will regulatory pressures impact lenders? How will the economy perform? Where are gas prices heading and how will those prices affect every other area of the economy? How will the outcome of the presidential election impact consumers and businesses in the short- and long-term? A crystal ball would be nice, but in its absence, we all just need to be diligent, find creative and efficient ways to reduce risk and generate income, and prepare ourselves to quickly react to however the chips may fall.In an effort to help our clients find creative ways to stand out in an increasingly competitive auto lending market, we developed our recent ebook, Stand Out from the Auto Lending Crowd. Get your free copy today! 77SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Hein As CEO for SWBC’s Financial Institution Group, Mark Hein manages the day-to-day operations and sets the strategic direction for the division. He is committed to continuous product training, increasing … Web: www.swbc.com Detailslast_img read more


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first_imgFacebook1Tweet0Pin0Submitted by Experience Olympia & BeyondExperience Olympia & Beyond, the region’s Visitor & Convention Bureau is now accepting nominations for Thurston County Tourism Awards. The three awards recognize community members who champion tourism to Thurston County. The awards highlight individuals who unite the community, work tirelessly towards achieving a long-term vision and show exceptional hospitality to better the experience for visitors and tourism to Thurston County.Thurston County Tourism Awards:Community Unity AwardFor those who live out their belief in collaboration and regionalism, working to bring the communities of Thurston County together in the name of tourism.Tourism Visionary AwardThis award honors an individual whose continuous commitment and trail-blazing accomplishments have set the stage for regional tourism.Excellence in Hospitality AwardAll who work in the hospitality business provide an invaluable service to the well-being of our economy. This award honors a hospitality professional who consistently goes out of their way to make visitors feel special.Anyone can nominate a qualified community member deserving of the spotlight. Nominations are open through Friday, April 10 and can be submitted online at AnnualTourism.com. The awards are announced at the Annual State of Tourism Meeting from 3 p.m.-6 p.m. on June 11 at Lucky Eagle Casino & Hotel.Previous award winners include:2019Excellence in Hospitality, Sandra Hall, Dillinger’s Cocktails and KitchenTourism Visionary, Dave Nickerson, Tumwater Valley Golf ClubCommunity Unity, South Puget Sound Community College2018Excellence in Hospitality, Zoe Wells, La Petite MaisonTourism Visionary, Mayor Wayne Fournier, City of TeninoCommunity Unity, Robby Rutledge, Rutledge Corn Maze2017Excellence in Hospitality, John Bourdon, Sandstone DistilleryTourism Visionary, Joy & Gray Graham, 222 MarketCommunity Unity, Aslan Meade, Thurston Economic Development Council2016Excellence in Hospitality, Charles Clapp, OLTVCBTourism Visionary, Charlotte Dickison, Dixieland Jazz FestivalCommunity Unity, Craig Ottavelli, OrgSupportTourism Professional of the Year, Patrick Knutson, Budd Bay Cafe & the River’s EdgeWho: Experience Olympia & BeyondWhat: Nominations Now Open for Thurston County Tourism AwardsWhen: Awards Announced at Annual State of Tourism MeetingJune 11, 3 p.m.Where: Lucky Eagle Casino & HotelHow to nominate: Click here AnnualTourism.comlast_img read more


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first_imgThere was a bit of a change to the Nelson Leafs during a three-game Thanksgiving homestand.The team decided to show their respect to Breast Cancer Awareness Month by adding a touch of pink to the Green and White home jerseys.”It was an idea from the players,” said Leaf head coach Frank Maida. “A couple of players took it upon themselves to go a little pink and the executive was happy with the idea.” Nelson players pink shoelaces in their skates and jerseys while the goalies wore pink on the masks and pads.Traditionally football players north and south of the 49th parallel wear pink shoes or tape their pads with pink tape to show support for breast cancer charitie.Breast Cancer Awareness month is an annual international health campaign organized by major breast cancer charities every October to increase awareness of the disease and to raise funds for research into its cause, prevention, diagnosis, treatment and cure.The campaign also offers information and support to those affected by breast cancer.Maida said the team plans to continue wearing pink throughout the month of October.last_img read more


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first_img“The success of our company reflects the determined and orchestrated efforts of a stellar team of individuals which has resulted in eleven destination resorts as well as private mountain home collections. I thank each and everyone of them for their continued support.”The Kokanee Lodge was completed in May of 1992, offering for the first time a complex of luxurious yet casual course-side accommodations.In 2003, Kokanee Springs celebrated the lodging expansion, with the addition of “Noble Lodge” and the Clubhouse renovation, which spearheaded Kokanee into the next era of development. After an unforgettable golfing experience, the fabulous Kokanee Lodge offers a quiet mixture of casual elegance and relaxation for those desiring mountain-style peace and tranquility.Overlooking the 12th fairway are 56 luxury rooms, eight suites, sundecks, hot tub and a meeting room. For those wishing to dine, Bunker’s Grill offers a sumptuous menu that is varied enough to tantalize and satisfy any golfers appetite.This season is also special for staff and golfers at Kokanee Springs as the course is expecting its millionth round to be played this summer, between end of June and early July.The lucky player receives the Kokanee Advantage package — a value of $2000.The Kokanee Advantage includes 50 rounds of golf, discount on meals at the on resort Bunkers Grill led by Top Chef Canada competitor Chef Jamie Hertz, private dinner for two created by Chef Jamie and a custom plaque to commemorate this amazing milestone. It’s official.Crawford Bay’s Kokanee Springs Golf Resort has been voted Most Scenic in Canada by Reader’s Digest Canada for Hole number five.Located on the East Shore of Kootenay Lake, 40 kilometers north of Nelson, Kokanee Springs, a Norman Woods original course, is characterized by it’s long driving fairways, immense rolling greens, immaculate course upkeep, and ability to interest and challenge golfers at all levels . . . and, of course, spectacular views of Purcell Mountain range.Sixty-six sand traps, 12 water hazards and 124,000 square feet of elevated, multileveled greens with 90,000 square feet of terraced tee surface were all a part of his plan.As if the hazards Woods created weren’t enough of a challenge, Kokanee Springs is a long course. A well played round can take you 6.5 miles.The yardages are 6604 from the blue markers, 6260 from the whites and 5747 from the reds, on this par 71 track.”This is an incredible way to enter our tenth year of operation here at Bellstar, with some very prestigious industry awards for our collection of properties,” said Ed Romanowski, President & CEO of Bellstar Group, owners of the Kokanee Springs Resort.last_img read more


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first_imgMallard’s Source for sports would like to add to the Cinderella seasons for Sensations Dress Shop with Team of the Week honours.The team includes, coach Laura Zondervan, Heather Potkins, Anna Milde, Haley Slomba, Shaen Panko-Dool, Bryce Winters, Ava Young, Alex Pompu, Riley Zondervan, coach Beth Corven, Veronica Kearnes, Kelsey Andrusak, Hannah Corven, Camryn Parnell, Kamylle Barton, Jaden How and Ellee Atkinson. During the regular season Sensations Dress Shop struggled to find any consistency against the rest of the Girl’s U14 League teams.However, when playoffs rolled in the squad rose to World Cup form as Sensations Dress Shop won the Nelson Youth Soccer U14 Girl’s House League crown with a thrilling 3-2 shootout win over Vogue during Championship Saturday at the Lakeside Pitch.Sensations Dress Shop and Vogue played to a 2-2 regulation tie before the victors took over to capture the House League crown in shootout.last_img read more


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first_imgThe axe officially fell on Tuesday — Salmon ports from Eureka to Gold Beach will remain off limits for recreational salmon fishing this year. Because of the historically low numbers of adult Klamath River fall Chinook, a lingering effect of five years of drought water mismanagement and poor ocean conditions, the PFMC reaffirmed their decision to officially close recreational salmon fishing within the California and Oregon KMZ areas.Fisheries to our south, which have far less impact on the …last_img


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first_imgShare Facebook Twitter Google + LinkedIn Pinterest Over the weekend we got two inches spread out over three days with no flooding and no ponding. It was an awesome rain. I think it will almost complete the corn and I think the beans are really soaking it up. We were really dry with all of the 90-degree heat. That rain was really a blessing. That is a money rain. It has been a good year with good timely rains.I hope the heat didn’t hurt us too much. I have some concerns with pollination. The corn looks tremendous, but did those 90-degree temperatures shave off of the top end yield? I think it might have but I think this will still be a really good corn crop.We’ve got gray leaf spot in the corn in some hybrids. I chose not to spray the corn for two reasons. One, I am hoping that corn is far enough along that it won’t be too yield damaging. Then I kind of thought that we missed the optimum date to spray the corn.In soybeans we have quite a bit of frogeye leaf spot. We sprayed over half of our soybean acres with fungicides. This is the first time I have sprayed for frogeye.The double-crops look as good as I’ve ever had. They came up and they had good heat and moisture and, with another two inches of rain on them, they look awesome. We’ve sprayed all of our beans with the herbicide and the only thing left we have to spray is the double-crop beans.We put a lot of compost down and we deep-tilled our wheat ground because we’d had some flooding on it. We worked that up, got the rain on it and I’m picking the cover crop up today to plant as soon as it is dried down and ready to go.We plant early soybean varieties to get the wheat planted as soon as possible. If you get your wheat in on time around the first of October it corresponds to good wheat yields. And we have gone with early- to mid-season wheat to get the wheat crop off, get the double-crops in and some of the early cover crops planted. We tend to lean toward early- to mid- wheat varieties.I hope everyone got a good bit of early contracting done. I don’t see much changing in the markets now before harvest. Hopefully we can harvest a good crop, store it and see what happens next year.last_img read more


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first_imgShare Facebook Twitter Google + LinkedIn Pinterest Tony Nye is a man on a mission.A serious heart-related illness in late 2017 shook him to his core. It also convinced him that many farmers, both small-scale and large-scale, need to hear what he has to say.“I was as close to knocking on the Pearly Gates as possible before I turned the corner,” he recalled.After surgery, he lost both weight and strength and spent a month in the hospital.“I wasn’t able to return to the barns for almost six months,” he said.Those barns are on his 50-acre Fayette County farm, where Nye raises meat goats and purebred swine. The farm also includes some grain production, plus pasture ground for the goats.Luckily for the family, his then 17-year-old son was able to step in and care for the livestock during his Dad’s illness. That care included not only feeding and watering during the bitter winter weather, but also farrowing numerous pig litters and making important decisions related to animal health, finances and marketing. But Nye realizes that things could have ended up much differently.He plans to discuss the “what ifs” and the impacts it had on his family farm on Thursday, Sept. 20, at the Farm Science Review, an agricultural trade show held yearly at the Molly Caren Agricultural Center near London and sponsored by the College of Food, Agricultural, and Environmental Sciences at The Ohio State University. His presentation on “Be Prepared if Tragedy Strikes on the Farm,” is set for 11 a.m. at the Small Farms Center tent.In addition to farming, Nye also works as the agricultural and natural resources Extension educator in Clinton County and is the statewide small farm coordinator for OSU Extension, the outreach arm of The Ohio State University and its College of Food, Agricultural, and Environmental Sciences. Now eight months after his heart scare, he still has only returned to the office on a part-time basis.“Fortunately I am still among the living and our farm is still operating. Lots of decisions had to be made quickly and, honestly, we were not prepared,” he said.Nye wants farmers to realize that they aren’t invincible and to recognize the importance of family communication and contingency plans.“Tragedy can mean many things on a farm—everything from a barn fire and severe illness to a car accident, death or lost crop due to hail or a windstorm,” he said. “Any of these things can create financial and physical stress for the family.”When it comes to estate planning, farmers often only think about retirement and who to pass the farm to. Much more should be addressed, Nye noted.“Written directives are so very important,” he said. “They require communication and transparency among all family members.“If you don’t talk about it ahead of time, how can you plan for it?” Nye said. “I will discuss the whole thought process around ‘what if’ and preparing for the unthinkable.”Among the recommendations he will discuss are that families should:Recognize the critical importance of communication.Talk openly about the “what ifs.”Share with all family members the need for a plan in the event of a tragedy. Identify who will make the day-to-day decisions and other key people that should be involved. Is there someone who wants to keep the farm going?Understand each other’s role and performance expectations.Evaluate the situation from the standpoint of both financial and physical labor challenges. Have written goals and objectives to help guide necessary decisions.Draw up a will to help the family know what to do in the event of death.Consider a lawyer or tax preparer to discuss financial and legal decisions.Compile a list of the farm’s support network including individuals such as an attorney, veterinarian, insurance agent, seed and fertilizer dealer, neighbors, and even the local Extension educator.last_img read more


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