Finance companies – Save Western OH http://savewesternoh.org/ Mon, 15 Aug 2022 20:41:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://savewesternoh.org/wp-content/uploads/2021/08/cropped-icon-32x32.png Finance companies – Save Western OH http://savewesternoh.org/ 32 32 PerformLine Releases Report Revealing Top Marketing Compliance Issues Across Consumer Finance Companies https://savewesternoh.org/performline-releases-report-revealing-top-marketing-compliance-issues-across-consumer-finance-companies/ Thu, 11 Aug 2022 13:25:05 +0000 https://savewesternoh.org/performline-releases-report-revealing-top-marketing-compliance-issues-across-consumer-finance-companies/ The report uses proprietary data from the PerformLine platform to provide insight into key marketing compliance issues across multiple industries MORRISTOWN, NJ – August 11, 2022 – (Newswire.com) PerformLine, the only omnichannel marketing compliance technology provider, today announced the release of its Top Marketing Compliance Issues Report, which details the most monitored and remediated terms […]]]>

The report uses proprietary data from the PerformLine platform to provide insight into key marketing compliance issues across multiple industries

MORRISTOWN, NJ – August 11, 2022 – (Newswire.com)

PerformLine, the only omnichannel marketing compliance technology provider, today announced the release of its Top Marketing Compliance Issues Report, which details the most monitored and remediated terms and categories that consumer finance companies use. to ensure that their marketing materials and communications comply with regulatory and brand guidelines.

PerformLine monitors the compliance of millions of marketing assets daily using proprietary technology and expert rulebooks to find potential issues. Assets include published content, such as web pages, including known and referring URLs, social media posts and profiles, and physical collateral (such as flyers and mailings), as well as corporate communications. direct engagement with consumers from internal representatives and external partners through calls, messages and emails.

The Top Marketing Compliance Issues report was created using aggregated data from PerformLine’s platform and rules to provide insights into the top challenges facing consumer finance organizations, including including those related to Mortgages, Buy Now, Pay Later (BNPL)/Point of Sale (POS) Financing, Banking, Personal Loans, Student Loans, Partner Banking, FinTech, Payment Processing Industries.

“There are numerous channels to market, ever-changing regulations and growing regulatory oversight that present a complicated risk environment for organizations,” says Rhonda McGill, Senior Director of Client Solutions at PerformLine. “Not only is it a challenge to monitor marketing assets at scale, but it can be difficult to know exactly what to look for among those assets. That’s why we’ve published this report – to help provide information about compliance issues that impact specific industries today and to help guide their compliance efforts.

To download a copy of the Top Marketing Compliance Issues report, click here.

PerformLine will host a webinar on Wednesday, September 7 to provide more in-depth insight into the findings of this report, including discussions on how to avoid common compliance pitfalls and monitoring best practices to mitigate risk.

To register for this next webinar, click here.

To learn more about PerformLine’s proprietary omnichannel compliance solutions and rulebooks, request a demo here.

ABOUT PERFORMLINE

PerformLine is the only compliance technology that gives executives a single platform to mitigate regulatory risk and ensure brand safety across all marketing channels, including web, call, message, email, document and social networks. The PerformLine SaaS platform offers comprehensive workflow functionality, real-time analytics, remediation, monitoring and archiving while providing customers with significant time and cost savings by automating compliance activities at across channels and departments. PerformLine recently acquired LashBack, the leading email compliance monitoring provider. Learn more at https://www.performline.com.

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PerformLine Releases Report Revealing Top Marketing Compliance Issues Across Consumer Finance Companies

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PerformLine Releases Report Revealing Top Marketing Compliance Issues Across Consumer Finance Companies | Region https://savewesternoh.org/performline-releases-report-revealing-top-marketing-compliance-issues-across-consumer-finance-companies-region/ Thu, 11 Aug 2022 13:09:38 +0000 https://savewesternoh.org/performline-releases-report-revealing-top-marketing-compliance-issues-across-consumer-finance-companies-region/ MORRISTOWN, NJ – August 11, 2022 – (Newswire.com) PerformLine, the only omnichannel marketing compliance technology provider, today announced the release of its Top Marketing Compliance Issues Report, which details the most monitored and remediated terms and categories that consumer finance companies use. to ensure that their marketing materials and communications comply with regulatory and brand […]]]>

MORRISTOWN, NJ – August 11, 2022 – (Newswire.com)

PerformLine, the only omnichannel marketing compliance technology provider, today announced the release of its Top Marketing Compliance Issues Report, which details the most monitored and remediated terms and categories that consumer finance companies use. to ensure that their marketing materials and communications comply with regulatory and brand guidelines.

PerformLine monitors millions of marketing assets for compliance daily using proprietary technology and expert rulebooks to find potential issues. Assets include published content, such as web pages, including known and referring URLs, social media posts and profiles, and physical collateral (such as flyers and mailings), as well as corporate communications. direct engagement with consumers from internal representatives and external partners through calls, messages and emails.

The Top Marketing Compliance Issues report was created using aggregated data from PerformLine’s platform and rules to provide insights into the top challenges facing consumer finance organizations, including including those related to Mortgages, Buy Now, Pay Later (BNPL)/Point of Sale (POS) Financing, Banking, Personal Loans, Student Loans, Partner Banking, FinTech, Payment Processing Industries.

“There are numerous channels to market, ever-changing regulations and growing regulatory oversight that present a complicated risk environment for organizations,” says Rhonda McGill, Senior Director of Client Solutions at PerformLine. “Not only is it a challenge to monitor marketing assets at scale, but it can be difficult to know exactly what to look for in those assets. That’s why we’ve released this report – to help provide information about compliance issues that impact specific industries today and to help guide their compliance efforts.”

To download a copy of the Top Marketing Compliance Issues report, click here.

PerformLine will host a webinar on Wednesday, September 7 to provide more in-depth insight into the findings of this report, including discussions on how to avoid common compliance pitfalls and monitoring best practices to mitigate risk.

To register for this next webinar, click here.

To learn more about PerformLine’s omnichannel compliance solutions and proprietary regulations, request a demo here.

ABOUT PERFORMLINE

PerformLine is the only compliance technology that gives executives a single platform to mitigate regulatory risk and ensure brand safety across all marketing channels, including web, call, message, email, document and social networks. The PerformLine SaaS platform offers comprehensive workflow functionality, real-time analytics, remediation, monitoring and archiving while providing customers with significant time and cost savings by automating compliance activities at across channels and departments. PerformLine recently acquired LashBack, the leading email compliance monitoring provider. Learn more at https://www.performline.com.

Press Release Service by Newswire.com

Original Source: PerformLine Releases Report Revealing Top Marketing Compliance Issues Across Consumer Finance Companies

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DOJ and CFPB send notification letter to auto finance companies regarding SCRA protections | Ballard Spahr LLP https://savewesternoh.org/doj-and-cfpb-send-notification-letter-to-auto-finance-companies-regarding-scra-protections-ballard-spahr-llp/ Thu, 04 Aug 2022 16:08:47 +0000 https://savewesternoh.org/doj-and-cfpb-send-notification-letter-to-auto-finance-companies-regarding-scra-protections-ballard-spahr-llp/ On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) released a notification letter (the “Joint Letter”) to “remind” auto lenders and leasing companies of the protections afforded to service members and their dependents under the Military Civil Assistance Act (SCRA). The joint letter provides a very basic overview […]]]>

On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) released a notification letter (the “Joint Letter”) to “remind” auto lenders and leasing companies of the protections afforded to service members and their dependents under the Military Civil Assistance Act (SCRA). The joint letter provides a very basic overview and reminder of the vehicle repossession protections, early vehicle lease termination rights and interest rate cap available to eligible members under the SCRA.

July was military consumption month, which probably explains the timing of the joint letter. The CFPB Press release announcing the joint letter cites a 2020 CFPB report that was recently discussed in a July 2022 CFPB blog post titled “Protecting military members from expensive auto loans and unlawful seizures.” According to this report, titledFinancially fit? Comparing Young Military and Civilian Credit Reportsabout 20% of young military personnel have at least $20,000 in car debt by age 24. This is a significantly higher percentage of civilian borrowers in this age bracket. According to the CFPB, young servicemen also generally have higher delinquency and repossession rates than civilians of the same age, although these rates level off after five years of active duty. The press release announcing the joint letter also quotes the words of the CFPB Spring 2022 Watch Highlightswhich indicates that CFPB examiners have continued to identify wrongful foreclosures and unfair acts and practices by auto repairers, but not in the context of SCRA-protected military borrowers.

The three SCRA provisions identified in the joint letter impacting auto finance companies are:

  • Vehicle repossession protection: Under 50 USC §3952, installment contracts for the purchase or rental of real or personal property (including motor vehicles), or the lease or lease of such property, cannot be canceled or terminated for breach of contract during a person’s military service, and the property cannot be repossessed without a court order. It is the auto finance company’s responsibility to identify customers who are service members eligible for this protection. The Department of Defense Manpower Data Center (DMDC) database is the primary tool used to identify customers who are on active duty and eligible for protection.
  • Early termination of vehicle lease: Under 50 USC § 3955, a person who leases a motor vehicle and then enters military service during the term of the lease (or is in the military when entering the lease and then receives orders for a permanent change station or deployment for 180 days or more) may terminate their lease early, without penalty. This provision also requires the refund of all rental amounts paid in advance.
  • The 6% interest rate ceiling: Under 50 USC § 3957, the interest rate on an obligation or liability incurred by a military member prior to entering military service is capped at 6% for his period of active duty. This benefit must be requested in writing by the serviceman and be accompanied by his orders or any other appropriate indicator of military service. This request can be made up to 180 days after the end of military service. Any interest above the cap must be waived (not deferred) until the first day of SCRA eligibility, which may require the creditor to repay the excess interest to the service member. Moreover, the creditor cannot accelerate the payment of the principal when implementing the rate change, so careful re-amortization of the obligation is necessary. Issues with the application of the SCRA’s interest rate cap are not uncommon during regulatory reviews, so we encourage loan servicers to consult with counsel to ensure their methodology for implementing the cap SCRA’s interest rate plan is compliant.

In addition to the above SCRA provisions that were discussed in the joint letter, the DOJ recently filed two enforcement actions involving motor vehicles alleging violations of 50 USC § 3958, the SCRA’s prohibition on seize or exercise a lien on a member’s property or effects during a period of military service (or 90 days thereafter) without first obtaining a court order. As with SCRA protections against repossession (§ 3952), mortgage foreclosure (§ 3953), and default judgments (§ 3931), the onus is on the party enforcing its contractual right to proactively determine whether the borrower is a member of the service. The DOJ, which has enforcement authority over the SCRA, has filed seven actions under the SCRA since 2021, four of which relate to motor vehicles. A list of all DOJ SCRA cases, sortable by year, can be found here.

In December 2021, the DOJ and CFPB published a similar joint notification letter owners and mortgage managers. Those letters discussed SCRA protections against foreclosures and evictions, as well as forbearance options under the CARES Act.

We anticipate renewed regulatory focus on the SCRA interest rate cap as the rate environment changes and interest rates continue to rise. It is clear that motor vehicles and auto financing have been a focus of the DOJ in its enforcement actions and the CFPB in its use of the bully pulpit. Additionally, SCRA protections against foreclosures and evictions will become more problematic as default rates rise. Loan servicers of all products should ensure that they have controls in place to comply with the various provisions of the SCRA.

[View source.]

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DOJ and CFPB send notification letter to auto finance companies regarding SCRA protections https://savewesternoh.org/doj-and-cfpb-send-notification-letter-to-auto-finance-companies-regarding-scra-protections/ Wed, 03 Aug 2022 17:12:51 +0000 https://savewesternoh.org/doj-and-cfpb-send-notification-letter-to-auto-finance-companies-regarding-scra-protections/ On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a Notice Letter (the “Joint Letter”) to “remind” auto lenders and leasing companies of the protections provided to service members and their dependents under the Servicemembers Civil Relief Act (SCRA). The joint letter provides a very basic overview […]]]>

On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a Notice Letter (the “Joint Letter”) to “remind” auto lenders and leasing companies of the protections provided to service members and their dependents under the Servicemembers Civil Relief Act (SCRA). The joint letter provides a very basic overview and reminder of the vehicle repossession protections, early vehicle lease termination rights and interest rate cap available to eligible members under the SCRA.

July was military consumption month, which probably explains the timing of the joint letter. The CFPB press release announcing the joint letter cites a 2020 CFPB report that was recently discussed in a July 2022 CFPB blog post titled “Protecting Military Members From Expensive Auto Loans and Illicit Foreclosures.” According to this report, titled “Financially Fit? Comparing military and civilian youth credit records, about 20% of military youth have at least $20,000 in auto debt by age 24. This is a significantly higher percentage of civilian borrowers in this age bracket. According to the CFPB, young servicemen also generally have higher delinquency and repossession rates than civilians of the same age, although these rates level off after five years of active duty. The press release announcing the joint letter also cites highlights from the CFPB’s Spring 2022 monitoring, which indicate that CFPB examiners continued to identify unlawful seizures and unfair acts and practices by automotive repairers, but not in the context of military borrowers protected by the SCRA.

The three SCRA provisions identified in the joint letter impacting auto finance companies are:

  • Vehicle repossession protection: Under 50 USC §3952, installment contracts for the purchase or rental of real or personal property (including motor vehicles), or the lease or lease of such property, cannot be canceled or terminated for breach of contract during a person’s military service, and the property cannot be repossessed without a court order. It is the auto finance company’s responsibility to identify customers who are service members eligible for this protection. The Department of Defense Manpower Data Center (DMDC) database is the primary tool used to identify customers who are on active duty and eligible for protection.
  • Early termination of vehicle lease: Under 50 USC § 3955, a person who leases a motor vehicle and then enters military service during the term of the lease (or is in the military when entering the lease and then receives orders for a permanent change station or deployment for 180 days or more) may terminate their lease early, without penalty. This provision also requires the refund of all rental amounts paid in advance.
  • The 6% interest rate ceiling: Under 50 USC § 3957, the interest rate on an obligation or liability incurred by a military member before entering military service is capped at 6% for his period of active duty. This benefit must be requested in writing by the serviceman and be accompanied by his orders or any other appropriate indicator of military service. This request can be made up to 180 days after the end of military service. Any interest above the cap must be waived (not deferred) until the first day of SCRA eligibility, which may require the creditor to repay the excess interest to the service member. Moreover, the creditor cannot accelerate the payment of the principal when implementing the rate change, so careful re-amortization of the obligation is necessary. Issues with the application of the SCRA’s interest rate cap are not uncommon during regulatory reviews, so we encourage loan servicers to consult with counsel to ensure their methodology for implementing the cap SCRA’s interest rate plan is compliant.

In addition to the above SCRA provisions that were discussed in the joint letter, the DOJ recently filed two enforcement actions involving motor vehicles alleging violations of 50 USC § 3958, the SCRA’s prohibition on seize or exercise a lien on a member’s property or effects during a period of military service (or 90 days thereafter) without first obtaining a court order. As with SCRA protections against repossession (§ 3952), mortgage foreclosure (§ 3953), and default judgments (§ 3931), the onus is on the party enforcing its contractual right to proactively determine whether the borrower is a member of the service. The DOJ, which has enforcement authority over the SCRA, has filed seven actions under the SCRA since 2021, four of which relate to motor vehicles. A list of all DOJ SCRA cases, sortable by year, can be found here.

In December 2021, the DOJ and CFPB sent a similar joint notification letter to mortgage owners and managers. Those letters discussed SCRA protections against foreclosures and evictions, as well as forbearance options under the CARES Act.

We anticipate renewed regulatory focus on the SCRA interest rate cap as the rate environment changes and interest rates continue to rise. It is clear that motor vehicles and auto financing have been a focus of the DOJ in its enforcement actions and the CFPB in its use of the bully pulpit. Additionally, SCRA protections against foreclosures and evictions will become more problematic as default rates rise. Loan servicers of all products should ensure that they have controls in place to comply with the various provisions of the SCRA.

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CFPB and Department of Justice warn auto finance companies about military protections https://savewesternoh.org/cfpb-and-department-of-justice-warn-auto-finance-companies-about-military-protections/ Fri, 29 Jul 2022 15:15:18 +0000 https://savewesternoh.org/cfpb-and-department-of-justice-warn-auto-finance-companies-about-military-protections/ WASHINGTON DC – The Department of Justice and the Consumer Financial Protection Bureau (CFPB) today issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the law on civil relief for the military (SCRA). While military members have the same rights as non-military borrowers, SCRA […]]]>

WASHINGTON DC – The Department of Justice and the Consumer Financial Protection Bureau (CFPB) today issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the law on civil relief for the military (SCRA). While military members have the same rights as non-military borrowers, SCRA provides additional rights to protect military members and their families against unique financial challenges.

“Auto finance companies that follow the rules should not be disadvantaged by competitors who violate the legal rights of military families,” CFPB Director Rohit Chopra said. “CFPB closely monitors the auto finance industry to ensure military members and their families are treated fairly.”

“The Civil Rights Division is responsible for ensuring that the rights of the brave men and women of our nation’s armed forces are protected from discrimination and unfair treatment,” said Assistant Attorney General Kristen Clarke. “We work every day to ensure these rights, including those related to auto finance, are protected through litigation, advocacy and policy development.”

Recent CFPB research has shown that military members tend to have more car loan debt at a younger age than their civilian counterparts, largely due to the need for transportation while living on a military base. They are also often the target of unfair or predatory practices, including expensive loans and expensive contracts due to the financial inexperience of many entering the service as young adults, combined with their regular salaries and ability to structure payments through the military award system. CFPB Spring 2022 Surveillance Highlights also revealed unfair acts or practices, prohibited by the Consumer Financial Protection Act, in the automotive service industry.

The letter is designed to ensure auto finance companies are aware of key SCRA provisions, including:

  • Unjustified vehicle repossessions: The SCRA prohibits an auto finance company from repossessing a vehicle during the borrower’s military service without a court order, even if the borrower financed or leased the vehicle before entering service military.
  • Failure to Terminate Vehicle Leases Without Penalty: The SCRA allows service members to terminate motor vehicle leases early and without penalty after entering military service or receiving eligible military orders for a permanent change of station or deployment.
  • Violations of auto loan interest rate benefits: The SCRA also limits interest rates on loans taken out before military service to a maximum of 6% per annum, including most fees. If the military makes an appropriate request, a creditor must forgive and not defer any interest over 6%.

Read the joint letter to auto finance companies regarding the protection of military borrowers .

Consumers having problems with car maintenance can file a complaint with the CFPB online or by calling (855) 411-CFPB (2372).

Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to Whistleblower@cfpb.gov.

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The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces federal consumer finance law and ensures that markets for consumer financial products are fair, transparent and competitive. For more information, visit consumerfinance.gov.

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Rising Interest Rates, Inflation Will Hit Growth of Affordable Housing Finance Companies, Report Says https://savewesternoh.org/rising-interest-rates-inflation-will-hit-growth-of-affordable-housing-finance-companies-report-says/ Thu, 14 Jul 2022 07:00:00 +0000 https://savewesternoh.org/rising-interest-rates-inflation-will-hit-growth-of-affordable-housing-finance-companies-report-says/ Rising interest rates, rising inflation and rising construction costs are expected to slow the growth of affordable housing finance companies in the current fiscal year, according to a report released Thursday. Affordable housing finance (note size less than Rs 25 lakh) has proven to be one of the most resilient sectors to economic cycles and […]]]>
Rising interest rates, rising inflation and rising construction costs are expected to slow the growth of affordable housing finance companies in the current fiscal year, according to a report released Thursday. Affordable housing finance (note size less than Rs 25 lakh) has proven to be one of the most resilient sectors to economic cycles and has seen rapid progress over the past decade, India Ratings and Research said. in a report.

With a compound annual growth rate of 25%, the affordable housing sector has outpaced the overall growth of the housing finance sector over the past five years.

However, some tailwinds that had buoyed the sector before appear to be easing and could therefore slow the pace of loan growth in the sector, he said.

“Rising interest rates, reduced cash flow from borrowers due to high inflation, rising cost of construction, resulting in both higher property costs and slower product launches. new inventory, and the discontinuation of the government’s credit-linked subsidy program (CLSS) are some of the challenges facing this segment,” the agency said.

The interest rate scenario has reversed and most recently the Reserve Bank of India (RBI) raised repo rates by 90 basis points (bps), leaving the repo rate just 25 bps below pre-existing levels. -Covid.

The agency said that a 100 basis point increase in interest rates leads to an increase in borrowers’ home loan EMI from 6.1 to 6.4 percent overall, while for a housing borrower affordable, the EMI of loans increases by about 5.3%.

If the interest rate cycle continues to rise, a 200 basis point increase could raise the EMI in the range of 10.8-13%, he said.

“While for existing borrowers, lenders may cushion the impact of rising interest rates by extending the term initially. However, for new customers, the increase in EMIs would be immediate, which would negatively impact their mid-term home buying sentiments,” it said.

The report states that construction costs for the housing sector have risen sharply with a sharp increase in the prices of various raw materials including cement, steel and concrete, as well as higher labor costs .

This has resulted in an increase of 20-25% in key markets from a base construction cost of Rs 2,000-2,500 per sq ft as seen in 2019 leading to pressure on margins for contractors. developers, he said.

Although developers have not been able to pass on the full cost increase, there remains short to medium term upward pressure on house prices for buyers.

“The high inflationary environment, coupled with high interest rates, is likely to affect the accessibility of loans for new home buyers, which could lead to slower growth in assets under management (AUM) for real estate financiers due to a moderation in disbursements,” the agency said.

The agency further said it expects the housing finance industry to see 13% year-on-year growth in FY23, with affordable housing finance growing 16 to 18%.

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McLaren, Fisker-branded private label auto finance companies https://savewesternoh.org/mclaren-fisker-branded-private-label-auto-finance-companies/ Wed, 13 Jul 2022 15:17:17 +0000 https://savewesternoh.org/mclaren-fisker-branded-private-label-auto-finance-companies/ McLaren and Fisker announced this month that they had branded their individual auto finance companies – private label programs that look like captive finance companies but are backed by Chase. The McLaren Financial Services brand is now in place for the supercar maker’s loans and leases, and an associated website for online payments and statements […]]]>

McLaren and Fisker announced this month that they had branded their individual auto finance companies – private label programs that look like captive finance companies but are backed by Chase.

The McLaren Financial Services brand is now in place for the supercar maker’s loans and leases, and an associated website for online payments and statements is live under that name.

“It’s the first time we’ve done this and it’s above all to promote the brand and visibility with our [high-net-worth] customers and emphasize our approval of the products offered to our customers,” spokesperson Roger Ormisher wrote in a July 6 email.

Fisker said July 7 that it expects Fisker Finance to begin closing deals in the fourth quarter, coinciding with the start of production of the Ocean Electric, its first vehicle, in November. On July 1, Fisker began accepting $5,000 deposits on the limited-edition Ocean One variant of the SUV.

“Fisker is first and foremost a digital car company, focused on a seamless customer experience every step of the way,” CEO Henrik Fisker said in a statement. “Providing financing options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free and time-friendly experience.”

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New hot spot for hedge funds? Dubai attracts more financial companies https://savewesternoh.org/new-hot-spot-for-hedge-funds-dubai-attracts-more-financial-companies/ Fri, 01 Jul 2022 17:24:00 +0000 https://savewesternoh.org/new-hot-spot-for-hedge-funds-dubai-attracts-more-financial-companies/ After attracting crypto companies, real estate investors and Russian billionaires, Dubai is attracting a new audience: hedge fund managers. Izzy Englander’s Millennium Management has grown its staff at Dubai International Financial Center to around 30 since obtaining a license in 2020. Michael Gelband’s ExodusPoint Capital Management, one of the world’s largest multi-strategy hedge funds , […]]]>

After attracting crypto companies, real estate investors and Russian billionaires, Dubai is attracting a new audience: hedge fund managers.
Izzy Englander’s Millennium Management has grown its staff at Dubai International Financial Center to around 30 since obtaining a license in 2020. Michael Gelband’s ExodusPoint Capital Management, one of the world’s largest multi-strategy hedge funds , registered at the DIFC in June, according to a filing.
All Blue Capital has moved from its London headquarters to the city, where it now has nearly half of its global staff. Michael Platt’s private investment firm BlueCrest Capital Management is also expanding into the emirate, with former Citadel fund manager Chris Wheeler among those hired.
They are among a growing number of businesses choosing to expand into the sunny business hub. Brexit prompted many funds to seek new bases outside the City of London, while some traders fled Hong Kong’s strict Covid restrictions. And with the cost of living skyrocketing around the world, Dubai’s tax-free welcome mat has rarely looked so appealing.
“We are in a unique situation where traditional financial centers are disintegrating,” said Tom Kirchmaier, professor at the Center for Economic Performance at the London School of Economics. “Living in Dubai – it now comes down to personal preference with low taxes, good infrastructure and low regulation.”
For relocating fund managers, the city offers fertile ground for high net worth individuals and institutional investors. The UAE is expected to attract a net inflow of 4,000 millionaires this year, the most of any country in the world, according to consultancy Henley & Partners.
Rising oil prices are another draw. Crude above $100 a barrel is boosting Gulf economies and markets, prompting the region’s sovereign wealth funds to invest the windfall at home and abroad.
“It’s no coincidence that you have a lot of asset managers, hedge funds and other institutional investors who have moved or set up offices in the region here,” said Arshad Ghafur, chairman of Bank of America. for the Middle East and North Africa. DIFC Fintech Week. “It’s to really capitalize on what’s going on here.”
Dubai’s current effort to attract financiers is not the first. Private bank Mirabaud predicted a regional hedge fund boom in 2008 that failed to materialize after the financial crisis wreaked havoc on the industry and a series of scandals damaged the UAE’s regulatory reputation . Some hedge funds have come and gone. Argent Financial Group received a license to operate in the DIFC in 2006 but withdrew three years later. DE Shaw moved to the emirate in 2009 but has since left.
The latest push includes a new list of incentives. The Dubai International Financial Center offers reduced license fees and capital requirements for domestically domiciled hedge funds.
Companies in the center manage about $450 billion in assets, according to DIFC Authority CEO Arif Amiri. A business center team recently completed a roadshow in San Francisco and New York to attract more business.
“During our recent roadshow in the US, we engaged with some of the largest hedge funds in the world,” Amiri said. “The pandemic broke the conceptual relationship between ‘what’ you do and ‘where’ you do it. Once that happened, cities like Dubai became exceptionally competitive on a global scale.
The incentives appear to be having an impact even as other cities, including Paris, also try to attract traders. Millennium, which manages about $55 billion in assets, is actively looking to expand its presence in Dubai, according to people familiar with the matter. He has hired Dean Cooper from UBS Group AG, who will move to Dubai from London as the firm expands its emerging markets operations there, people familiar with the matter said.
BlueCrest, which manages Platt’s assets and those of its partners, is expanding to 10 people, including at least three portfolio managers, according to people familiar with the matter. The company plans to open an office in the financial district and start trading imminently, said the people, who asked not to be identified as the details are private.
Carrhae Capital, a London-based hedge fund, is in the process of opening an office in Dubai and is currently seeking regulatory approvals, according to a person familiar with the matter. The firm, which manages approximately $800 million, will move two investment professionals to the city and the decision is primarily driven by the time zone advantage the firm will gain for its research and dealings focused on emerging markets, added the person.
Dubai in recent months has taken steps to attract foreign talent just as rigid Covid-19 rules and the growing influence of mainland China diminish the appeal of Hong Kong, which has lost thousands of professionals to other centers.
“It makes sense with the shutdowns in Asia that financial centers like Dubai are becoming a destination for hedge funds,” said Whitney Baker, founder of New York-based Totem Macro and former head of emerging markets at Bridgewater Associates.
The Hong Kong Investment Funds Association, which represents companies with more than $52 billion in assets under management, last month called on the city to scrap quarantine rules for travelers and open up to the rest of the world to restore its status as an international financial centre. .
Stricter visa requirements, hiring restrictions and other bureaucratic roadblocks also limit Singapore’s appeal to fund managers. The country has also made it harder for wealthy foreigners to set up family offices, raising the minimum bar for local assets under management and other requirements for obtaining key tax benefits.

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These jobs at major banks and financial firms in South Africa are now automated https://savewesternoh.org/these-jobs-at-major-banks-and-financial-firms-in-south-africa-are-now-automated/ Fri, 01 Jul 2022 14:11:03 +0000 https://savewesternoh.org/these-jobs-at-major-banks-and-financial-firms-in-south-africa-are-now-automated/ A growing number of large banking and financial firms in South Africa are turning to automation to reduce the mundane tasks of human workers, says Greg Newton, country manager of Blue Prism. Blue Prism is a robotic process automation (RPA) whose primary customers include large financial services organizations such as Old Mutual, Nedbank and First […]]]>

A growing number of large banking and financial firms in South Africa are turning to automation to reduce the mundane tasks of human workers, says Greg Newton, country manager of Blue Prism.

Blue Prism is a robotic process automation (RPA) whose primary customers include large financial services organizations such as Old Mutual, Nedbank and First Rand, as well as a range of large enterprise customers across multiple industry sectors.

Newton says the technology effectively combines the power of artificial intelligence and machine learning to deliver digital workers who remove the mundane tasks that human workers are overloaded by allowing them to focus on important money-making endeavors.

“Before RPA, at every stage of a business process where one system had to communicate with another, if the systems weren’t integrated, you’d need a human to manually bridge the gap and generally enter information into several systems.

“This need is repeated throughout the organization, because each process involves several systems. RPA can automate many of these manual tasks. »

This includes tasks such as:

  • Back-office tasks dealing with locked accounts or password resets;
  • Manage the integration of new employees or departures in HR;
  • Automate large parts of applications such as loans, mortgages and credit cards;
  • Security and compliance controls;
  • Automation can also improve the accuracy of this work and speed up decision and execution times.

This will enhance the customer experience and significantly improve productivity and increase revenue, Newton said. “For example, a bank was able to process 30% more loans per month, which added millions to the bottom line.”


Looking forward

Newton said there are a number of other industries and jobs that should see more automation in the future.

“The service industry is where major automation opportunities exist. This industry will undergo the same level of transformation as the automotive industry did in the last century, although this time it will be software robots as opposed to physical robots.

“In the future, digital workers and human workers will work together to create much more efficient and productive business operations. This means that many dull and boring jobs such as data entry will disappear because a robot can do it much faster and with 100% accuracy.

“However, improving business results will create many more jobs focused on humanistic behaviors – empathy, sensing, perceptions and emotions.”


Repel?

Newton noted that the initial reaction is generally negative as people believe jobs will be lost due to automation.

“The reality is that many more jobs are being created in the economy. Take Amazon as an example – they have completely automated the retail purchase process. This has consequently bankrupted some businesses with old business models – Catalog retail stores are a type of store that has become redundant.

“However, Amazon has built thousands of warehouses to meet inventory needs, which has provided business for architects, builders, plumbers, and more. They have also purchased thousands of delivery vehicles, increasing business for manufacturers and other companies that are part of this supply chain. They have also recruited delivery drivers.

“We cannot stop natural evolution as technology develops. If we work with it and don’t fight to keep things the way they always have been, there will always be the potential to improve opportunities for everyone.


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Sri Lanka’s central bank breaches two financial companies for due diligence https://savewesternoh.org/sri-lankas-central-bank-breaches-two-financial-companies-for-due-diligence/ Wed, 29 Jun 2022 13:01:26 +0000 https://savewesternoh.org/sri-lankas-central-bank-breaches-two-financial-companies-for-due-diligence/ ECONOMYNEXT – Sri Lanka’s central bank said two financial firms had been sanctioned for lack of customer due diligence by the Financial Intelligence Unit. The Central Bank of Sri Lanka (CBSL) said the Anti-Money Laundering and Terrorist Financing (AML/CFT) regulator, the FIU, has levied penalties totaling $1.5 million rupees for the period from October 1, […]]]>

ECONOMYNEXT – Sri Lanka’s central bank said two financial firms had been sanctioned for lack of customer due diligence by the Financial Intelligence Unit.

The Central Bank of Sri Lanka (CBSL) said the Anti-Money Laundering and Terrorist Financing (AML/CFT) regulator, the FIU, has levied penalties totaling $1.5 million rupees for the period from October 1, 2021 to December 31, 2021.

Orient Finance, a subsidiary of Janashakthi Insurance, was fined one million rupees.

Another financial institute named Lanka Credit and Business Finance had been charged five hundred thousand.

CBSL said the two companies had been disciplined for failing to comply with the Financial Institutions (Customer Due Diligence) Rules No. 1 of 2016 (CDD Rules) in relation to procedures for screening United Nations sanctions.

“It was observed during the on-site examination that Orient Finance PLC had not implemented systems and procedures to maintain the complete list of persons and entities designated under the relevant United Nations Security Council resolutions United, screen its potential customers at the time of onboarding, as required by the CDD rule,” CBSL said.

CBSL stated that it was necessary to screen existing customer base or existing business relationships when any of the relevant UNSC lists were updated to ensure that no business relationships were owned by or linked to the one of the entities or persons included in the updated designated lists. . (Colombo/June 29/2022)

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