NAFCU witness Grooms: ‘The time to act is now’ for regulatory relief

first_img continue reading » NAFCU witness Steve Grooms, president and CEO of 1st Liberty Federal Credit Union of Great Falls, Mont., told the Senate Banking Committee “the time to act is now and we stand ready to work with you” on meaningful regulatory relief for the credit union industry.During the hearing, “Fostering Economic Growth: The Role of Financial Institutions in Local Communities,” Grooms testified that credit unions are suffering under the compliance burden resulting from laws meant to curb bad actors after the financial crisis, despite the fact that credit unions were not to blame for the crisis and continued lending when others did not. Grooms noted that more than 1,500 – more than 20 percent – of credit unions have closed since the enactment of the Dodd-Frank Act, “with many citing the growing compliance burden as the reason they can’t survive.”Grooms noted that if Congress wants to foster economic growth, it is vital to enact regulatory relief measures for credit unions, including: relaxed field-of-membership restrictions, modernized credit union capital standards, exemptions from rules targeting banks and larger institutions including the Home Mortgage Disclosure Act, more freedom for member business lending and a total credit union exemption from the CFPB’s rulemaking. 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

UK roundup: Suffolk LGPS, BMW UK, Cameron Hume, Pemberton

first_imgSuffolk Pension Fund (SPF), the pension provider for 55,600 local government employees in the East Anglian county of Suffolk, has reported a 0.7% return for the year to 31 March on its £2.2bn (€2.8bn) portfolio, compared with 14.6% for the previous year. However, SPF said its most recent return was 0.5% higher than the average achieved by other local authority funds.SPF’s annualised return is now 7% for the three years, and 7.3% for the five years, to the same date.SPF invests exclusively in pooled funds. At 31 March, 50.5% of the portfolio was invested in equities (17.5% in the UK and 33% overseas), with 19.9% in fixed income (primarily global bonds).Property made up 11%, while 17.3% was in other alternatives, primarily absolute return (9.5%), private equity (3%) and infrastructure (2.4%).An interim valuation showed that the funding level at March was 78.5% and the actuarial deficit at that date £592m. In other news, BMW Group is proposing to close its two UK defined benefit (DB) pension schemes to future accrual from 1 June 2017 and to have staff join the company’s defined contribution (DC) scheme instead.The closure of the DB scheme would affect some 5,000 staff across all the company’s UK operations.BMW has launched a consultation on its proposal.Trade union Unite has said it will fight the plans “tooth-and-claw”.A spokeswoman for BMW said the cost and risk associated with DB schemes were making them increasingly unsustainable and unaffordable for members and companies like BMW. “BMW Group has always prided itself in providing excellent pensions for its staff and wants to act now to protect future pension provision for all its staff and to help protect the cost competitiveness of the UK as a manufacturing base,” she said.BMW’s DC scheme was launched in early 2014 and has more than 2,000 members.Meanwhile, Edinburgh-based investment management company Cameron Hume has teamed up with firms in Australia and Sweden as part of a plan to expand to the institutional business in new areas.The Scottish firm has signed distribution agreements with AFM Investment Partners in Melbourne, and Nordicus Capital, which covers the Nordic region from Stockholm.The partner companies will be responsible for identifying opportunities for Cameron Hume to work with institutional clients, including pension funds, sovereign wealth funds and insurance companies.Cameron Hume specialises in fixed income investments for large, sophisticated institutional clients, managing $600m (€535m) on behalf of Sanlam, a South African insurer.Lastly, Pemberton has launched a UK mid-market direct lending strategy, aiming to raise £500m for a sterling-denominated fund that will invest in dynamic mid-sized UK businesses.The asset management group said the new fund was anchored by two leading institutional investors, naming Legal & General Capital (LGC) as one, and will allow investors with long-term capital to take advantage of the financing gap created by banks’ withdrawal from new corporate lending. It expects a first close before the end of the year.John Doyle, head of origination UK at Pemberton, said its origination team had sourced more than 100 opportunities in the past 12 months “and, importantly, the UK’s decision to leave the European Union has not impacted this appetite”.The UK mid-market debt fund is Pemberton’s second, coming on top of one with a pan-European focus.last_img read more

Ibisevic scored 5 Goals in 24 minutes!

first_imgIn the first preparatory match for the season 2016/17, Hertha defeated Schwedt with a score 10:0.Schwedt is a member of Landesliga Nord, which is under the fifth rank of all German leagues so the victory of Hertha was more than expected.Member of the BiH national football team Vedad Ibisevic left a special mark. He came off the bench in the second half of the match with the score 4: 0 and in the period from 63rd to 87th minute managed to score five goals.Hertha will play qualifiers for the Europa League in the upcoming season, since it occupied seventh place in the Bundesliga table at the end of last season.(Source: O. T./Klix.ba)last_img

FAO To Support Ebola Affected Farmers, Small Businesses in Liberia

first_imgIn support of the re-establishment of Ebola affected farmers and small business holders in the various counties in Liberia, the Food Agriculture Organization of the United Nations (FAO), has disclosed a plan to support farmers and small business holders in the country.The one-day meeting with farmers and small business holders in Kakata, Margibi County brought together over 60 women from five counties, Bong, Lofa, Margibi, Bomi and Montserrado, to help highlight their needs and sustainability in Liberia.Speaking yesterday on the BWI campus in Kakata, Margibi County, the head of the FAO’s assessment mission in Liberia, Vincent Martin, said, he was concerned about the affect of the deadly Ebola virus on farmers and small business holders and their immediate needs that would helped to re-establish them in their various areas.Mr. Martin explained that he was pleased to be in Liberia and meeting with citizens who have been affected by the deadly Ebola virus and help to ensure that his organization (FAO) would help in empowering farmers and other small business holders in improving their living condition.“We want to know the effect of the Ebola disease, including the economic challenges and how the FAO can provide  support to empower you.” He said the virus affected Liberia negatively and this required finding solutions that would better the lives of farmers and those into small businesses.”He assured the farmers and small business holders that the meeting will have a significant  impact in their lives, including economic empowerment and re-establishment of better living condition.  According to Mr. Martin, his organization will continue to support the Liberian people in the fight against the Ebola virus and ensure that farmers are supported in their farming activities, including the small business holders.Also speaking, the Minister of Gender and Development, Julia Duncan Cassell, said 60-65 percent of women were affected by the deadly Ebola virus during the early outbreak of the disease. “Women were always there to give care, even as the death toll affected them, too.”The Gender Minister attributed the lack of awareness and sensitization to the high death rate of women in the country but said, they had taken serious advantage  of the preventive measures in recent times.“Telling a mother that your child is sick and you don’t need  to touch that child is a difficult thing to do with. Telling market women that you can’t go to Guinea is a very serious problem that broke many businesses down in Liberia.She further explained,  “Liberian women were seriously making progress in their living condition, including economic empowerment, development, agriculture, going back to school, improving in small medium size businesses,” she narrated.The Minister said, if Liberian  women are being empowered throughout the country, the rest of the Liberia will be empowered, she added.“Most of the women are trained on how to borrow money and pay it back. We look at women who farm and do small businesses throughout the country in the empowerment sector.”She urged the women to make use of the opportunities provided by FAO that would help in the improvement of their living standard and the re-establishment of their activities. The one-day meeting was focused on the Ebola virus disease and women’s  associations recovery plan and sustainability in post Ebola.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more