Financial institution – NA Golovu http://nagolovu.com/ Wed, 22 Jun 2022 18:25:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://nagolovu.com/wp-content/uploads/2021/08/cropped-icon-32x32.png Financial institution – NA Golovu http://nagolovu.com/ 32 32 Suction exam: a financial institution that gives back https://nagolovu.com/suction-exam-a-financial-institution-that-gives-back/ Wed, 22 Jun 2022 18:25:29 +0000 https://nagolovu.com/suction-exam-a-financial-institution-that-gives-back/ GOBanking Rates Score Quick take: Aspiration Bank approaches banking differently. It focuses on a small community presence. Along with the standard checking and savings accounts you’d expect from any online or traditional bank, Aspiration Bank offers ethical and socially responsible investment options. APY Advantages Some products Customer service How did we calculate this? Advantages Opportunity […]]]>

GOBanking Rates Score

Quick take: Aspiration Bank approaches banking differently. It focuses on a small community presence. Along with the standard checking and savings accounts you’d expect from any online or traditional bank, Aspiration Bank offers ethical and socially responsible investment options.
  • APY

  • Advantages

  • Some products

  • Customer service

How did we calculate this?

Advantages

  • Opportunity to invest in sustainable businesses through Redwood and Flagship funds
  • No monthly service fees
  • No ATM fees
  • Direct deposits pay up to two days early

The inconvenients

  • Only one current account option
  • Fees such as $25 overdraft fee, $10 fee for domestic inbound transfers, and $20 outbound transfer fee

Introducing the Suction Bank

Based in Los Angeles, Aspiration Bank was founded in 2015 and is backed by Leonardo DiCaprio and Orlando Bloom. Aspiration Bank continues to attract customers ranging from large banks to small banks looking for a community experience.

The bank donates 10% of every dollar paid by customers to charities that help struggling Americans build better lives. Additionally, Aspiration Bank is a member of 1% for the Planet and certified B-Corp for its commitment to social and environmental causes.

Main characteristics

Aspiration Bank earned a GOBankingRates score of 4.7 out of 5 thanks to its strong performance in four main categories.

APY

Aspiration Bank doesn’t offer many account options, but offers high returns on your balances. Spending and savings accounts can earn % APY, while Aspiration Plus subscribers can earn higher APY on the first $10,000.00. However, account holders must spend at least $1,000 on their Aspiration debit cards per month to earn the high yield.

Advantages

One of the biggest benefits of banking with Aspiration Bank is the ability to do good. Aspiration automatically offsets the negative climate impact of driving your car and buying gas with the Planet Protection program. Additionally, you have the option of investing in two ethical mutual funds: the Redwood Fund and the Flagship Fund, both with a minimum opening deposit of $100.

The Redwood Fund is a mutual fund that includes investments in sustainable businesses. The majority of the fund’s money is invested in information technology and financials companies and is managed by UBS Asset Management Inc., one of the world’s largest asset managers.

This flagship fund is a low volatility fund. The main objective of the Flagship fund is to grow your investment over the long term while trying to withstand the unpredictability of market action.

Some products

Only one current account is available. But what Aspiration lacks in products, it makes up for with charitable banking policies and investment options. For example, the bank is tied to several charities and donates one dollar of every dollar they earn to the community. Aspiration’s Summit is a high yield current account. Here are some of the main features of the account:

  • Minimum deposit of $10
  • No monthly service fees
  • No minimum monthly balance
  • No minimum monthly deposit
  • No ATM fees at 55,000 locations.

You can upgrade to Aspiration Plus for $7.99 per month. This increases your potential APY and adds one ATM cashback per month as well as automatic carbon offsets for the gasoline you buy.

Customer service

To contact Aspiration Bank customer service agents, you can email support@aspiration.com or call 1-800-683-8529, weekdays 6am-6pm PST and weekends 8am-3pm PST.

How Aspiration Bank Stands Out

What sets Aspiration Bank apart is its commitment to ethical banking for all. There are many ways to contribute to good causes. Moreover, the bank claims that your deposits will never fund coal or oil projects. For anyone looking for simple verification with a feel-good twist, Aspiration Bank is an ideal option.

Comparable Aspiration Banking Options

To compare banks before choosing, consider the following alternatives.

Aspiration Bank vs. Ally Bank

Aspiration Bank and Ally Bank both offer high yield accounts. Aspiration Bank’s rate is significantly higher, but it’s capped at the first $10,000 and requires debit card spending of $1,000 per month. Ally’s product is simpler – win 0% on your balance without having to do much.

Aspiration Bank versus Ellevest

Ellevest offers a similar banking platform that includes a spending and savings account and a linked ATM card. As Aspiration Bank caters to the ethically conscious customer, Ellevest is designed for women by women. Ellevest also offers funds focused on social and environmental causes, with up to 53% of your portfolio invested in ESG and impact funds.

How to register

To open an account with Aspiration Bank, enter your email address to receive an invitation to apply. The application process is quite simple – you will need to enter your name, address, social security number and set up a connection. When you’re ready to fund the account, provide a current bank account and routing number to transfer the funds. .

Who is Aspiration Bank best suited for?

Aspiration Bank is best for anyone looking for a simple checking account that doesn’t incur a lot of fees and doesn’t require a lot of maintenance. Aspiration’s focus on socially responsible investing could also be ideal for anyone making conscious decisions about who they do business with in order to make an impact.

Final take

Most banks fall into three broad categories: traditional bank, credit union or online bank. Aspiration Bank is unique because it offers a simple online banking experience with the ability to do good with your money.

FAQs

  • Is Aspiration a legit bank?
    • Aspiration Bank is not exactly a bank. However, it is a legitimate financial institution with FDIC insurance of up to $2.5 million per depositor.
  • Which bank owns Aspiration?
    • No bank owns Aspiration. However, the financial institution has partnered with several banks to provide FDIC coverage on its customers’ cash deposits up to $2.5 million per depositor.
  • How much does it cost to open an Aspiration bank account?
    • Opening an Aspiration current account is free. You can upgrade to Aspiration Plus for $7.99 per month to increase your APY and receive one ATM refund per month.

John Csiszar contributed reporting for this article.

Editorial Note: This content is not provided by Aspiration Bank. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Aspiration Bank.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of June 22, 2022.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We verify every statistic, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

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About the Author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, she writes about real estate, interior design, and architecture. His work has been featured in MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.

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European financial institution KBC Group launches its own digital coin https://nagolovu.com/european-financial-institution-kbc-group-launches-its-own-digital-coin/ Mon, 20 Jun 2022 19:44:37 +0000 https://nagolovu.com/european-financial-institution-kbc-group-launches-its-own-digital-coin/ Based in Brussels KBC Groupwhich is “a leading European financial group specializing in the provision of bancassurance products and services to individuals, SMEs and ETIs”, announced the launch of “Kate Coin”. According to KBC Press releaseKBC is “the first financial institution in Europe to be ready to deploy its own digital coin based on blockchain […]]]>

Based in Brussels KBC Groupwhich is “a leading European financial group specializing in the provision of bancassurance products and services to individuals, SMEs and ETIs”, announced the launch of “Kate Coin”.

According to KBC Press releaseKBC is “the first financial institution in Europe to be ready to deploy its own digital coin based on blockchain technology”.

KBC CEO Johan Thijs said:

KBC has always been at the forefront of new developments such as mobile banking, the digital assistant and the blockchain… With the Kate Coin, we are entering this new world and once again confirming our position as a leader and reference in terms of digital banking insurance…

The Kate Coin is a digital coin (electronic money token) based on blockchain technology and developed entirely within KBC. Soon, KBC1 private customers will be able to acquire Kate Coins and use them efficiently via their Kate Coin wallet in KBC Mobile. This takes place in a so-called “closed loop” environment, a closed environment outside of which the Kate Coin has no value.

First in KBC’s banking and insurance environment, but over time a whole world of application possibilities will open up in the wider ecosystem. Indeed, some KBC corporate customers, third parties or partners who already offer their services via KBC Mobile and its 1.8 million users have developed their own ecosystem. They could also offer Kate Coins and, together with KBC, diversify and further develop their business.

Powered by the Kate digital assistant, the Kate Coin will proactively make life easier for our customers across the KBC group, now and in the future. The combination of the Kate digital assistant and the Kate Coin will save KBC customers time and money. The first concrete steps are now underway within KBC in Belgium, but the Kate Coin will eventually be rolled out across the entire KBC group.

On Sunday, June 19, Werchter Boutique will be the scene of the first large-scale test of the Kate Coin. No less than 8,000 KBC employees present at the festival will be able to pay for snacks and drinks with Kate Coins.




Erik Luts, Chief Innovation Officer KBC Group, added:

The blockchain technology used by KBC ensures that the Kate Coin is fully programmable. KBC may impose specific conditions on both the acquisition and use of Kate Coin. This allows flexibility in, for example, the number of parts in exchange for a specific service, the scope of a part acquired, or the period during which it can be used for this purpose.

“The customer can acquire Kate Coins based on a certain loyalty, during a certain product purchase, if he performs certain actions… and can use these KBC Coins again, for example for a discount on another product KBC. Customers who want to use Kate Coin do not have to do anything: they automatically receive Kate Coins in their Kate Coin wallet in KBC Mobile and Kate keeps them personally informed: why they receive Kate Coins, how long they can be used , etc.”

The press release also mentioned that “Kate Coins are not transferable to other KBC customers and cannot be exchanged for euros”.

He went on to say:

Kate Coin is fully backed by KBC and pegged to the Euro on a 1:1 basis (at a rate of 1 Euro per Kate Coin), meaning volatility and speculation are not an issue. Kate Coin will of course fully comply with the applicable European and national regulatory or legislative framework. All transactions take place in KBC’s trusted environment, a private blockchain operated by KBC, where KBC controls who has access.

As a ‘digital coin’, Kate Coin is therefore fundamentally different from stablecoins and virtual currencies (on the global blockchain network) which are better known to the general public and which are characterized by their speculative nature, their high volatility and the lack of applicable regulations. .

Image credit

The selected image by “JoaquinAranoa” Going through pixabay.com

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What a DAO will look like for a bank or financial institution https://nagolovu.com/what-a-dao-will-look-like-for-a-bank-or-financial-institution/ Sun, 19 Jun 2022 13:56:00 +0000 https://nagolovu.com/what-a-dao-will-look-like-for-a-bank-or-financial-institution/ DAOs can provide several services to banks, including asset management, compliance, and lending. Today’s banks are already using blockchain technology for things like payment, clearing and settlement, trade finance, identity and syndicated loans, according to the Financial Times. However, there are still many unexplored areas in banking where a DAO-based model could be useful: Fund […]]]>

DAOs can provide several services to banks, including asset management, compliance, and lending.

Today’s banks are already using blockchain technology for things like payment, clearing and settlement, trade finance, identity and syndicated loans, according to the Financial Times. However, there are still many unexplored areas in banking where a DAO-based model could be useful:

Fund raising

In the world of crypto, initial coin offerings (ICOs) break down the barrier between access to capital and traditional services like capital raising companies. Similarly, banks can use DAOs to raise capital from a wider range of investors through ICOs.

Loans and credit

The use of decentralized technology in banking can eliminate the need for gatekeepers in the lending industry. DAOs offer people safer ways to borrow money, not to mention lower interest rates and better terms.

Trade finance

DAOs could also streamline trade finance by digitizing paper-based processes and automating manual tasks. This would make it easier for banks to track their transactions, reducing the risk of fraud and building trust among players in global commerce.

Securities

A DAO can help banks issue, manage and trade securities, both digital and traditional. By tokenizing traditional securities such as bonds, stocks, and other assets and placing them on blockchains, banks can facilitate the creation of interoperable, efficient, and publicly accessible capital markets.

Customer KYC and Fraud Prevention

Because DAOs are transparent and decentralized, they offer banks a way to verify the identity of their customers while preventing fraud. Using smart contracts, banks can automate customer onboarding and KYC processes. Blockchain technology also provides financial institutions with an efficient and secure platform to share information with other businesses.

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Measuring the impact of financial institution overdraft programs on consumers https://nagolovu.com/measuring-the-impact-of-financial-institution-overdraft-programs-on-consumers/ Thu, 16 Jun 2022 15:18:22 +0000 https://nagolovu.com/measuring-the-impact-of-financial-institution-overdraft-programs-on-consumers/ In December 2021, the CFPB published two research reports on current account overdraft fees, detailing how banks continue to rely on these fees as a major source of revenue and how they do not compete on transparent prices and initials. At that time, CFPB Director Rohit Chopra announced that financial institutions with a higher share […]]]>

In December 2021, the CFPB published two research reports on current account overdraft fees, detailing how banks continue to rely on these fees as a major source of revenue and how they do not compete on transparent prices and initials. At that time, CFPB Director Rohit Chopra announced that financial institutions with a higher share of frequent overdrafts or a higher average charge for overdrafts should expect the Bureau to give them oversight. narrow. These often abusive and hidden charges can have a significant impact on a family’s bank account and therefore we monitor these institutions closely.

Since the beginning of the year, we have been piloting a supervision effort to collect key metrics from selected supervised institutions regarding the impact on consumers of their overdraft and insufficient funds (NSF) practices. We asked more than 20 institutions for data on five consumer impact indicators:

  1. Total annual amount that consumers receive in overdraft coverage compared to the amount of fees charged.
  2. Annual dollar amount of overdraft fees charged per active checking account.
  3. Annual dollar amount of NSF fees charged per active checking account.
  4. Prevalence of frequent overdrafts: the share of active current accounts with more than 6 and more than 12 overdraft charges and/or without funds per year.
  5. Share of active current accounts that have opted for overdraft programs for ATMs and one-time debit transactions

In addition to these metrics, our oversight team seeks detailed information about entities’ overdraft practices, including how they assess their fees, grace periods, dollar thresholds above which fees are assessed, and caps on the number of charges billed per day, or per statement period. See the full set of overdraft questions.

We intend to use this information to identify institutions for further review and investigation. We also plan to provide feedback to each institution, as well as share this information with other regulators. This monitoring information will not be made public but is intended to support our ongoing work.

We are encouraged that some banks and credit unions are vying for consumer business by changing their overdraft and NSF check programs. We will assess how these changes are implemented. Many banks still need to improve their practices. Our hope is that, through the Bureau’s collection and sharing of these metrics, institutions can better understand the impact of their overdraft practices on their consumers relative to their peers, and that this knowledge will further drive competition and improve outcomes for American families.

If you have a problem with a consumer financial product or service, you can file a complaint with the CFPB online or by calling (855) 411-2372. You can also try contacting the company. Companies can usually answer questions specific to your situation and more specific to the products and services they offer.

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BREAKING: Anti-Corruption Agency, EFCC, Storms NOVA Bank to Arrest Financial Institution Chairman, Oduoza, Managing Director, Ude Over Alleged Fraud https://nagolovu.com/breaking-anti-corruption-agency-efcc-storms-nova-bank-to-arrest-financial-institution-chairman-oduoza-managing-director-ude-over-alleged-fraud/ Fri, 10 Jun 2022 13:00:37 +0000 https://nagolovu.com/breaking-anti-corruption-agency-efcc-storms-nova-bank-to-arrest-financial-institution-chairman-oduoza-managing-director-ude-over-alleged-fraud/ Officers from the Economic and Financial Crimes Commission (EFCC) are currently at the head office of NOVA Merchant Bank Limited to arrest the institution’s Chairman, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude. NOVA Bank is a premier merchant bank in Nigeria that offers an integrated suite of financial solutions spanning wholesale banking, […]]]>

Officers from the Economic and Financial Crimes Commission (EFCC) are currently at the head office of NOVA Merchant Bank Limited to arrest the institution’s Chairman, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude.

NOVA Bank is a premier merchant bank in Nigeria that offers an integrated suite of financial solutions spanning wholesale banking, investment banking, asset management, securities trading, wealth management, commercial services, transaction banking, cash management and digital banking.



Sources told SaharaReporters that EFCC officials stormed the bank’s head office at 23 Kofo Abayomi Street, Victoria Island in Lagos on Friday at noon to pick up Oduoza and Ude.

The duo are reportedly being investigated following a petition from a staff member who accuses them of fraud, tax conversion and back and forth in dollars.

“EFCC is at NOVA bank to recover the president and the general manager on the fraud. They are under investigation because a staff member wrote a petition about tax conversion fraud, back and forth to dollars,” a worker told SaharaReporters.

the foreign exchange market, such as the Central Bank of Nigeria (CBN), is committed to deal decisively with the perpetrators.

Godwin Emefiele, governor of the in September 2021, said the apex bank would continue to restrict the activities of illegal forex traders, advising banks to strictly adhere to CBN guidelines on currency sales.

Emefiele also said the CBN would hunt Nigerians who buy foreign currency for personal travel and later cancel such trips.

He warned bank customers involved in such fraudulent practices to refrain.

“People buy currency from banks with PTA/BTA and cancel the flight later. We will find them and they will have to give change,” Emefiele said.

Oduoza, with around 30 years of banking experience, is the Founder and Chairman of the Board of Nova Merchant Bank Limited. He retired as global CEO of UBA Group and was part of a small team that launched and established Diamond Bank Plc in the early 90s.

The bank announced the appointment of Ude as Chief Executive Officer/Interim Chief Executive Officer effective October 3, 2020.

Ude was Executive Director of First City Monument Bank (FCMB) and later Executive Director of Union Bank, from where he joined NOVA. He started his banking career at Citibank.

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A streamlined government financial institution that is digitally aware https://nagolovu.com/a-streamlined-government-financial-institution-that-is-digitally-aware/ Thu, 09 Jun 2022 19:52:00 +0000 https://nagolovu.com/a-streamlined-government-financial-institution-that-is-digitally-aware/ By going through a digital transformation, TNPFC succeeded in attracting depositors By going through a digital transformation, TNPFC succeeded in attracting depositors Public institutions are often perceived as inefficient and dealing with them is seen as a time-consuming process. However, the more than three-decade-old state-owned Tamil Nadu Power Finance and Infrastructure Development Corporation Ltd., (TNPFC) […]]]>

By going through a digital transformation, TNPFC succeeded in attracting depositors

By going through a digital transformation, TNPFC succeeded in attracting depositors

Public institutions are often perceived as inefficient and dealing with them is seen as a time-consuming process. However, the more than three-decade-old state-owned Tamil Nadu Power Finance and Infrastructure Development Corporation Ltd., (TNPFC) broke the mold by staying lean and undertaking a digital transformation. It has also become one of the trusted institutions, which offers a higher interest rate than banks for deposits.

TNPFC began operations in 1991 and is registered as a non-bank financial company. It raises funds through various attractive deposit schemes and provides financial assistance for power and infrastructure projects of the Tamil Nadu Generation and Distribution Corporation Ltd (Tangierco).

Fixed deposits are mobilized from the public, institutions, government departments and state government programs, such as cash incentive program, family support programs, minister’s daughter protection program in chief, the Oru Kala Pooja program and the COVID-19 program.

The average interest rate offered by the company is 150 basis points higher than the rates offered by public sector banks. At present, TNPFC has 2,35,791 depositors with cumulative deposits of ₹34,248 crore (excluding government scheme deposits). Over the past two years, what has helped the company is its digital transformation.

Chandra Kant Kamble, the former managing director of TNPFC, who led the digital transformation, pointed out that there were legacy system issues such as data integrity, redundancy, partial data and multiplicity of data .

“In 2018, the company was operating with less than 50 employees and did not have a digital channel, such as a web portal or mobile app, to collect payments for creating new fixed deposits. Moreover, it has not been able to renew or close existing fixed deposits online,” he pointed out.

At the time, public depositors had to go to the company’s only branch in Chennai to receive the proceeds from closing term deposits through a check instrument, Mr Kamble said.

However, due to digital transformation, TNPFC was able to mobilize online retail deposits of over ₹1,080 crore from April 2020 to May 2021, he pointed out. It was also able to attract applicants from other states. The transformation has also ensured timely disbursement of trust funds for beneficiaries approved by Tamil Nadu’s Departments of Social Welfare and School Education. The digital push has helped TNPFC move from the generic demographic of retired service staff to a more digital banking experience for all types of depositors.

Before the digital transformation, opening an account took four to eight days, but after digitization it took four to six minutes. The same was true for transactions such as account closure, renewal, and appointment changes.

Filers such as Janaki Raman, a naval architect, are full of praise for TNPFC’s digital commitment. “I have been a customer for 15 years. Earlier I was visiting the branch and it took an hour because of the queue. Now, with online facilities, every service is just a click away and it is very easy to use,” he said, adding that online services were better than even some private sector banks.

“I have been a digital customer for six months. The online transaction is very simple and user-friendly. It was safe and I did not expect such an experience from a government organization,” said Ramya Vasudevan, Founder and CEO of Vivikta Naturals.

Mr. Kamble pointed out that the real challenge of digitization was that they did not have a dedicated IT team, unlike private banks.

Meanwhile, some have expressed concerns about the security of deposits with TNPFC as it lends to Tangedco, which is in poor financial condition. Officials assured that Tangedco had never defaulted on payment to TNPFC and that given the support of the state government, the risk would be limited.

TNPFC has also started treasury operations and has sufficient liquidity. A further migration of risks has been foreseen through the diversification of operations, they added.

A senior TNPFC official pointed out that the company is considering other avenues such as bill discounting for people waiting for payments from public sector companies, financing other government-related infrastructure projects, which are managed under a public-private partnership or where the government is the major buyer and consortium loan in Tamil Nadu.

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No Notification Injury Exception Applies to Financial Institution Obligations Under Oklahoma Law | Wiley Kidney LLP https://nagolovu.com/no-notification-injury-exception-applies-to-financial-institution-obligations-under-oklahoma-law-wiley-kidney-llp/ Fri, 03 Jun 2022 13:40:52 +0000 https://nagolovu.com/no-notification-injury-exception-applies-to-financial-institution-obligations-under-oklahoma-law-wiley-kidney-llp/ The United States District Court for the Northern District of Oklahoma held, prima facie, that no notice prejudice exception applies under Oklahoma law to a surety of one financial institution in the event of an untimely claim. Mabrey Bancorporation, Inc. vs. Everest Nat. Ins. Co.2022 WL 1410715 (ND Okla. May 4, 2022). The court held […]]]>

The United States District Court for the Northern District of Oklahoma held, prima facie, that no notice prejudice exception applies under Oklahoma law to a surety of one financial institution in the event of an untimely claim. Mabrey Bancorporation, Inc. vs. Everest Nat. Ins. Co.2022 WL 1410715 (ND Okla. May 4, 2022). The court held that timely notice is a “prerequisite” to coverage that should not be excused under financial institution surety bonds because a surety bond is more akin to a claim policy for which there is no There is no notification injury exception under Oklahoma law, and sureties are negotiated by sophisticated parties so strict enforcement of the notification requirement is not unfair.

The insured, an ATM owner, was the victim of multiple fraudulent transactions at the ATM. The insured was notified of the fraudulent charges and knew that he would be held responsible for the transactions under a “liability transfer” policy from a third-party bank that issued the cards to ATM users. The insured filed a notice of claim under a financial institution bond. The bond required notice no later than 60 days after the “discovery” of the loss, that is, when an officer “first becomes aware of facts which would lead a reasonable person to assume that a loss of a type covered by the bond has been or will be suffered.” The insurer denied coverage on the grounds that the notice was untimely, among other reasons, leading to a coverage dispute.

The court ruled that the notice was inappropriate under bail. The court found that the insured had reasonable knowledge that he would be held liable for the unauthorized transactions and that the loss covered by the bond had been or would be suffered, but failed to give notice within 60 days of Discovery.

The court considered whether the untimely notice could be excused under Oklahoma law under the “Notice Harm Exception”, a matter of first impression under Oklahoma law as applied to a financial institution obligation, but found that the exception did not apply. First, the court explained that the courts had been opposed to the strict application of notice provisions when a policy protected members of the public, such as a motor vehicle liability policy. According to the court, a surety does not compensate an insured for damages to the public. For example, the cover requires that the loss be suffered “directly” by the insured and not by a third party. Second, the court held that a financial institution surety bond is “functionally analogous to a claim policy” because both types of policies provide coverage for events discovered within the period defined by the policy, and the courts of Oklahoma have expressly denied a notice of harm exception for claims made policies. The court held that “as with claims policies, the application of the notification harm exception to obligations of financial institutions such as the policy would create an unnegotiated extension of coverage”. Third, the obligations of financial institutions are not contracts of adhesion. According to the court, “any interest in mitigating the harsh application of contract terms against a party unable to negotiate is not implied in their application”.

[View source.]

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Two-thirds of customers want their bank or financial institution to become more sustainable: report https://nagolovu.com/two-thirds-of-customers-want-their-bank-or-financial-institution-to-become-more-sustainable-report/ Tue, 31 May 2022 16:18:33 +0000 https://nagolovu.com/two-thirds-of-customers-want-their-bank-or-financial-institution-to-become-more-sustainable-report/ LONDON: Jordan’s new Minister of Investment has used his first visit to the UK to highlight the prospects for cooperation and encourage British businesses to take advantage of available economic and investment opportunities. “We are here on a mission to bring Jordan to the international platform to highlight the opportunities and key driving factors that […]]]>

LONDON: Jordan’s new Minister of Investment has used his first visit to the UK to highlight the prospects for cooperation and encourage British businesses to take advantage of available economic and investment opportunities.

“We are here on a mission to bring Jordan to the international platform to highlight the opportunities and key driving factors that can make good investments in Jordan,” Khairy Amr told Arab News on the sidelines of a round table organized by the London. Arab-British Chamber of Commerce.

He said the country had identified six sectors to focus on that were “important” to Jordan at this stage: information technology, tourism, healthcare, transport and logistics, agriculture and life sciences.

“These are important areas where we stress the need for further investment from our friends here in the UK,” he said, adding that trade, trade, direct investment and exchange of expertise with Great Britain were also explored to open up new markets. Companies based in Jordan.

Legend

The new Ministry of Investment was established last October following a cabinet reshuffle by the prime minister, signaling Jordan’s commitment to accelerating foreign investment and boosting the competitiveness of its economy.

It replaced the Jordanian Investment Commission and joined the few entities representing investments in Jordan to become a big ministry, he said.

Amr, who met his British counterpart Gerry Grimstone and other officials during his visit, called on investors to use Jordan as a platform to access other markets due to its strategic location connecting three continents.

“That was historically the case, and that is why places like Petra were built to accommodate trade and connections with different countries and different continents.

“Today the role has evolved significantly, there is the element of technology involved, and there is also an element of specific knowledge of regional markets and their specific requirements.”

The Minister said that his country played an important role as it had significant resident talent from Jordan and the region who knew these markets and their needs, so it provided a platform for investors.

In addition to this, he said that they have concluded a significant range of bilateral trade agreements with Europe, the United States, the Arab world and Asia which allow investors free access, without quota and without customs at all these markets.

Legend

The former banker said he would like to see bilateral relations between the two countries rise significantly to become an important partner.

“The UK has always been a very close ally and partner to Jordan in almost all aspects of economic and commercial activity and we would like to highlight this, develop it, strengthen cooperation and bring more expertise and support. UK investment, as well as exploring ways to open UK markets to Jordan-based investors,” he said.

The Department for International Trade said in a May report that Jordan was the UK’s 89th largest trading partner in 2021, accounting for 0.1% of the UK’s total trade.

Total trade in goods and services between the two countries stood at £653m ($824m) last year, an increase of 3.7% or £23m on 2020.

Bandar Reda, Secretary General and CEO of the Arab-British Chamber of Commerce, said the roundtable offered its members a great opportunity to hear “first hand from Jordan’s investment decision maker and see the development of this great country.

He also said that the timing of the minister’s visit and that he had chosen the UK was perfect as it presented a real opportunity to show the new regulations and development of the country, especially after the establishment of the ministry.

“The Arab-British Chamber of Commerce, we consider it the home of the entire Arab business community in the UK,” he said, adding that the organization wanted to facilitate cooperation with Arab countries, the UK government and business.

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The EBRD becomes the first international financial institution to open an office in Cluj-Napoca https://nagolovu.com/the-ebrd-becomes-the-first-international-financial-institution-to-open-an-office-in-cluj-napoca/ Fri, 27 May 2022 13:44:33 +0000 https://nagolovu.com/the-ebrd-becomes-the-first-international-financial-institution-to-open-an-office-in-cluj-napoca/ The European Bank for Reconstruction and Development (EBRD) is strengthening its presence in Romania by opening a new office in Cluj-Napoca, the second largest city in the country. The EBRD is the first international financial institution to open a regional office there, recognizing the considerable potential of its location. Located in the heart of historic […]]]>

The European Bank for Reconstruction and Development (EBRD) is strengthening its presence in Romania by opening a new office in Cluj-Napoca, the second largest city in the country. The EBRD is the first international financial institution to open a regional office there, recognizing the considerable potential of its location.

Located in the heart of historic Transylvania, Cluj-Napoca is a gateway to three strategic regions of Romania: the northwest (where it is located), the center and the west. The city has demonstrated its ability to promote high-tech business sectors and is known for its strong information technology (IT) industry and excellent university sector.

The Cluj-Napoca office will mainly support local small and medium-sized enterprises (SMEs) in the region with expert advice, training and access to finance. Through the EBRD’s Small Business Advisory Program (ASB), funded in Romania by the European Union and the EBRD’s Small Business Impact Fund, the Bank has already provided advisory support to over 900 Romanian SMEs, including regional entrepreneurs such as Arobs, Ciserom and Unilact.

The new EBRD office was officially opened on Thursday by Charlotte Ruhe, EBRD Managing Director for Central and South Eastern Europe, Mark Davis, EBRD Regional Head for Romania and Bulgaria, and Nadia Petkova, EBRD Director for Regional Network, Financing and SME Development.

Charlotte Ruhe said: “The opening of our new office in Cluj-Napoca confirms our commitment to Romania. We have supported hundreds of companies across the country through direct and indirect investments, as well as advisory projects, and now we want to increase our support for companies in Transylvania. »

In Romania, the EBRD focuses on financing sustainable infrastructure, boosting private sector productivity by helping private companies develop and upgrade the skills of their workforce, and developing the financial and capital markets.

To date, the Bank has invested nearly €9.7 billion in the country’s economy through 488 projects.

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Did a major financial institution falter a bit in March 2020? https://nagolovu.com/did-a-major-financial-institution-falter-a-bit-in-march-2020/ Fri, 27 May 2022 07:58:24 +0000 https://nagolovu.com/did-a-major-financial-institution-falter-a-bit-in-march-2020/ On Wednesday, the Commodity Futures Trading Commission hosted an industry roundtable to discuss FTX’s proposal for a new derivatives risk management framework. Someone inadvertently dropped a bombshell on the March 2020 market turmoil that sparked a speculative spasm at FTAV Towers. Most of the day’s talk naturally focused on FTX’s Sam Bankman-Fried, unusually dressed in […]]]>

On Wednesday, the Commodity Futures Trading Commission hosted an industry roundtable to discuss FTX’s proposal for a new derivatives risk management framework. Someone inadvertently dropped a bombshell on the March 2020 market turmoil that sparked a speculative spasm at FTAV Towers.

Most of the day’s talk naturally focused on FTX’s Sam Bankman-Fried, unusually dressed in a suit for the occasion. Gary Silverman and Philip Stafford of the FT wrote a good article on FTX’s proposal. But @Mechanicalmarkets on Twitter highlighted an ignored comment from ICE’s Chris Edmonds, director of development for the exchange group:


Naturally, the conversation had wandered off course, and Edmonds reacted to some previous commenters’ insistence on “missing payment” – that is, when someone misses a margin payment, they are instantly in defect and its warranty is lost. This is how the system works in theory, after all. No tears etc.

Here is the crucial part, with emphasis from FT Alphaville below. The Gerry referred to is Gerry Corcoran, President and Managing Director of RJ O’Brien, a mid-sized futures brokerage firm. Chris is Chris Perkins, the chairman of crypto firm Coinfund (and who runs Citi’s clearing unit amid the pandemic turmoil).

Dave is Dave Olsen, the president of Jump Trading, who was at the roundtable representing the FIA ​​Principal Traders Group.

. . . About Chris and Dave around the idea of ​​’defaulters pay’. I understand. I love it, it’s true. And it works really well for guys who are in department stores, because they never fail. They want to tell you that they never fail. And we’ll just call it for now. At the start of the pandemic I won’t name the person, but they’re in the room – there’s been a technical problem. Point: he doesn’t have to worry about it in the proposed model, okay, it’s not there. But it would have been cataclysmic at that time. We knew the problem, right down to Gerry’s point about knowing the customer. We knew where it was. And we chose to give the necessary time so as not to disrupt the market and create greater pressure on it.

So for us, ultimately, it’s our job to do no harm. It’s our job to hold everyone back. It’s the question of when you call the default. There’s a lot of examples in history that many of us around this table have gone through and now say, you know, “I think they’re at fault.” Gerry can say “no, they are not in default”, at this point. And this consensus when this defect takes place, we react rather well.

But I had the keys to the castle at the time, and it would have been a very bad day. And this person is sitting in this room, and they know exactly who I’m talking about.

Well done.

FT Alphaville has heard rumors that the clearing system has cracked more than authorities let on, but this is the first time anyone in the know has indicated it was close to breaking point.

And make no mistake, it was. According to the BIS, daily collective demands from clearing houses for variation margin, insurance to protect against market price swings, reached $140 billion from just $25 billion a few months earlier. That’s a lot of money to come up with when the markets are in wild convulsions.

Assuming that Edmonds isn’t talking about some of the random pencil pushers at the back of the room, but is presumably aiming his comments at the people around the round table, he’s implying that a sizable US financial institution may have defaulted on its payments. in March 2020 if ICE had been picky about the rules.

here is complete list representatives of the round table. (NB, David Murphy of the London School of Economics is missing from the image below.)

Commercial Industry Veteran Jamie Selway highlighted on Twitter that it was likely related to credit default swaps, given the mess in corporate debt markets in March 2020, ICE’s clout in the region, and Edmonds’ job overseeing it.

This is the most likely answer, although we note that ICE also manages the Brent futures contract, and Saudi Arabia’s decision to instigate an oil price war has caused crude prices to plummet and shares on March 8. This week alone, clearers demanded $55 billion in variation margin from banks, well above the $31.5 billion collected just after Brexit.

And Edmonds pointed out that it was a technical issue, which admittedly covers a lot, but it indicates that the anonymous party probably had the money but was struggling to pay on time. ICE clearinghouse rules give members one hour to pay after receiving a special request for variation margin, which may be issued during volatile times. One day, a bank had to find almost 10 billion dollars in 60 minutes. And yes, it required a call to the CEO for authorization.

ICE’s rival, the CME Group, trade bodies like ISDA and assorted academics can be ruled out. Edmonds’ comments about “big stores” imply that it wasn’t one of the smaller outfits, like CoinFund. Edmonds using the pronoun “he” is another clue. Big asset managers like BlackRock and Fidelity are unlikely, and aren’t ICE Clear members.

So our admittedly half-brazen Sherlock Holmes deductions suggest he was probably a props trader/market maker or one of the big banks – Citadel, Citi, DRW, Jump Trading, Morgan Stanley and Virtu – as the main contenders to live up to the bill. If Edmonds was deliberately trying to obfuscate things with the “he” pronoun, we can also add JPMorgan and Goldman Sachs.

A Citadel spokesperson said after publication that neither Citadel nor Citadel Securities had defaulted in March 2020.

Column chart of variation range that peaked in March 2020 (in billions of dollars) showing Give me money

Now, that’s obviously ancient history, and perhaps we’re getting too excited about some throwaway comments. Perhaps Edmonds was referring to some of the wallflower people in the room, rather than any of the headline acts. Nevertheless, for us, it highlights two interesting and still relevant points.

First, that human judgment can still be valuable – even essential – in rapidly changing markets (despite heroic efforts by the LME to single-handedly tarnish the reputation for discretion). Edmonds stressed that he knew the culprit and that there was a larger context not to add to market chaos at the time. Obviously, all of the companies at the roundtable are still there, so it clearly worked.

Second, in their gleeful bashing of central banks, many people seem to have forgotten how close we were to a financial cataclysm two years ago, on top of a pandemic and an economic depression.

There is certainly a debate to be had about when the Federal Reserve et al should have pivoted their stance more forcefully to fight inflationary pressures, and what they should and shouldn’t do now. But it is good to remember how risky things were in March 2020 and the role this aggressive (human) intervention played in preventing financial catastrophe.

(History updated at 5 p.m. GMT to add Citadel commentary.)

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