Siding services – Weyer Claims http://weyerclaims.com/ Thu, 22 Sep 2022 19:11:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://weyerclaims.com/wp-content/uploads/2021/10/profile-120x120.png Siding services – Weyer Claims http://weyerclaims.com/ 32 32 Van Hollen, Warren, Pressley and Garcia introduce bill to provide Americans with immediate access to money in their bank accounts https://weyerclaims.com/van-hollen-warren-pressley-and-garcia-introduce-bill-to-provide-americans-with-immediate-access-to-money-in-their-bank-accounts/ Thu, 22 Sep 2022 19:11:40 +0000 https://weyerclaims.com/van-hollen-warren-pressley-and-garcia-introduce-bill-to-provide-americans-with-immediate-access-to-money-in-their-bank-accounts/ September 22, 2022 The legislation will pave the way for the Fed’s new, faster payment service, FedNow Today, U.S. Senators Chris Van Hollen (D-Md.) and Elizabeth Warren (D-Mass.) and Representatives Ayanna Pressley (D-Mass.) and Jesús “Chuy” García (D-Ill.) introduced their Payments Modernization Act, legislation to make Americans’ funds deposited in their bank accounts immediately available […]]]>

September 22, 2022

The legislation will pave the way for the Fed’s new, faster payment service, FedNow

Today, U.S. Senators Chris Van Hollen (D-Md.) and Elizabeth Warren (D-Mass.) and Representatives Ayanna Pressley (D-Mass.) and Jesús “Chuy” García (D-Ill.) introduced their Payments Modernization Act, legislation to make Americans’ funds deposited in their bank accounts immediately available for withdrawal. Today, Americans are losing billions of dollars every year in overdraft fees, driving consumers to more expensive financial products because of our inefficient payment system. By updating the Accelerated Funds Availability Act and requiring financial institutions to recognize funds in real time, this bill will improve Americans’ access to their money and support the Federal Reserve’s implementation of its real-time payment system, FedNow.

“Americans deserve a banking system that works for them. But when deposited funds are not immediately available, it costs people time and money, especially in exorbitant overdraft fees. With this legislation, we require banks to immediately make available the dollars that Americans deposit in their accounts. This sensible bill will help Americans better manage their money and pave the way for the Fed’s new, faster payment system, FedNow,” said Senator Van Hollen.

“People who live paycheck to paycheck shouldn’t have to wait up to five days for a check to clear so they can pay rent, cover childcare costs or do the grocery store”, said Senator Warren. “Our bill would ensure a national real-time payments system so families have faster access to the money they’ve earned and don’t have to pay overdraft fees or rely on a lender on shady salary to make ends meet.”

“Delayed access to payments is just one example of our unfair, multi-tiered financial system that prioritizes financial institutions over consumers. Working families in 7th Massachusetts and beyond cannot afford to wait days for their paychecks to be cashed,” said Congresswoman Ayanna Pressley. “We should use all the tools available to relieve consumers and allowing people to access their money in real time is one way to do that. I’m glad the Fed is moving toward implementing a real-time payments system, which I’ve always called for, and I urge Congress to pass our bill so consumers can start feeling this relief without delay.

“The working families in my district deserve to know that every penny they earn will be available to them as soon as their paychecks are deposited. Families shouldn’t have to pay overdraft fees because their money takes days to show up. into their bank accounts. The Federal Reserve has a responsibility to ensure that working families do not face economic hardship due to unfair systems. It must modernize and establish a reliable and efficient system to ensure that people can access their money in real time, when they need it most,” said Congressman García.

“This legislation will save working families billions each year. Giving people access to their own money in real time will mean fewer overdrafts, payday loans, late fees and interest charges. Thanks to this legislation, it will be less costly to be poor. America’s antiquated payment system is a driver of income inequality,” said Aaron Klein, senior fellow and holder of the Carliner Chair in Economic Studies at the Brookings Institution.

Lawmakers originally introduced this bill in July 2019 and have since updated it following the Fed’s progress in developing its real-time payments system, FedNow. The text of the bill is available here.



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How Employers Can Embrace FinTech for Financial Well-Being https://weyerclaims.com/how-employers-can-embrace-fintech-for-financial-well-being/ Fri, 16 Sep 2022 12:18:30 +0000 https://weyerclaims.com/how-employers-can-embrace-fintech-for-financial-well-being/ By Aries PalaniappanFounder and CEO, Earnin Almost two-thirds of the American population lives from salary to salary, even among those earning six figures. These employees often rely on payday loans, cash advances, credit cards, and overdraft extensions to make ends meet while waiting for the rigid two- or four-week payday. This pay cycle is obsolete. […]]]>

By Aries PalaniappanFounder and CEO, Earnin

Almost two-thirds of the American population lives from salary to salary, even among those earning six figures. These employees often rely on payday loans, cash advances, credit cards, and overdraft extensions to make ends meet while waiting for the rigid two- or four-week payday. This pay cycle is obsolete. It was created during the industrial revolution. Before this period, people were paid every day. During the industrial revolution, industrialists were more powerful than workers and decided to switch to a batch payment system because it was more efficient for them. The workers had no choice. If the job was more powerful, they would have been paid 2 weeks before going to work. To put this in today’s context, imagine Google telling you that your search results will be shared with you in two weeks, or waiting two weeks to watch your favorite Netflix movie?

Today, the financial burden on individuals and households continues to worsen with inflation and stagnating wages. To keep up and stay competitive in a tight job market, companies need to take a closer look at the most valuable employee benefits today. Employees need to feel empowered, and one way to do that is to give them access to their earnings as they are earned, removing the cash flow timing barriers from standard payment cycles. .

Employee satisfaction has a direct impact on a company’s bottom line and helps establish a positive corporate culture. In 2019, John Hancock estimated that the cost of financial stress per employee per year was $1,918 in lost productivity and absenteeism. That number is now at $2,412. This has a direct impact on business, as financially stressed employees are 77% more likely to leave for another employer and spend 2-5 hours a week managing their personal finances at work, which also has an impact on the productivity. When employers provide a solid foundation and the right resources to improve financial health, employees can focus on pursuing larger goals and objectives that improve their organization.

As employers seek to adopt solutions that support employees and their holistic well-being, those who address the challenges associated with the speed of money will increase employee satisfaction, motivation and productivity, and experience better retention. and better recruitment.

Living Paycheck to Paycheck: It’s More Than You Expected

An unexpected financial challenge, like a flat tire or a health emergency, can make cash flow especially tight. That’s why financial wellness solutions are vital for those who live paycheck to paycheck. People get paid every two to four weeks, but bills, subscriptions and emergencies don’t wait for payday. This reality means that when workers do not have access to income, they are forced to turn to payday loans or pay high bank charges, such as overdrafts and insufficient funds. In addition to expenses, people may have to miss more work because they can’t afford child care that week or car repairs. The cycle continues.

This financial stress can weigh on them and directly impact their work. Employee financial stress is costing employers $4.7 billion per week in lost productivity. Financial wellness should be a top priority for businesses, especially those recruiting and retaining large populations of hourly workers who may need additional support and resources to achieve their financial goals when their access to pay is limited to the two-week window.

A report from JD Power explored how inflation caused stress among Americans and therefore led them to seek increased frequency of payment. The report found that 51% of workers would consider changing jobs simply for more frequent payments, including 76% of hotel and restaurant workers. Living paycheck to paycheck comes with unique challenges that can be overcome if employees have access to compensation as it is earned.

The role of FinTech solutions for financial well-being

Fintech solutions that address Earned Wage Access (EWA) free workers from rigid payment cycles, allowing workers to access their money as they earn it. EWA allows workers to access and save the money they have earned without mandatory fees or recourse. More companies are choosing EWA solutions because they improve benefits and increase retention, especially in the age of the great resignation.

During the pandemic, a industry study discovered the impact early access to pay has had on people, finding that 92% of employees felt the services had helped them achieve at least one of their financial goals in 2020. Additionally, 88% of respondents believed that having access to salaries as they earned them during the pandemic was essential to their financial well-being.

Employees want to know that their overall well-being, including their financial well-being, is a priority for their employers. This is especially true since few other aspects of life happen every two weeks. The world no longer works in this cycle because demand and streaming are now the norm.

The path to financial empowerment

Employers have found that access to financial support can lead to significant improvement in employee retention. Additionally, employees facing less financial stress are more productive and able to have a positive impact on employers, individuals and the economy in general.

To help address this issue, companies should determine and offer competitive salaries based on market changes in the cost of living due to COVID-19. Next, it is essential that the fintech solutions offered by employers are affordable, easy to access and offer employees more choices adapted to their needs. This can be extremely helpful in supporting those who need it most. The offer of EWA can be beneficial for both the employee and the employer, as the employee is paid right after work and the employer guarantees job satisfaction, which improves productivity.

In addition to extending financial support, HR managers should offer financial resources related to budgeting and savings. To manage the pay gap, employees need access to tools that create personalized financial plans and manage expenses, savings and more. Technological tools to track income and expenses will also be helpful in improving an individual’s financial health.

As more companies struggle to hire and retain employees in a competitive job market, new benefits offerings are a way for companies to stand out from competition. Offers that allow employees to control their finances while meeting their unique financial needs can be beneficial in achieving their goals.

About the Author
Ram Palaniappan is the founder and CEO of To win. He is a critically acclaimed fintech entrepreneur whose mission is to create products that make money work better for everyone. Earnin aims to free people from the traditional payment cycle and give them control of their money, from the moment they earn it.

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3 Investors Explain Why Earned Wage Access Startups Are Ready to Cash More Checks – TechCrunch https://weyerclaims.com/3-investors-explain-why-earned-wage-access-startups-are-ready-to-cash-more-checks-techcrunch/ Tue, 13 Sep 2022 19:01:20 +0000 https://weyerclaims.com/3-investors-explain-why-earned-wage-access-startups-are-ready-to-cash-more-checks-techcrunch/ He always feels good to get paid, so it’s no surprise that a payroll model like Earned Wage Access (EWA), which allows employees to withdraw their accrued salary at any time, has exploded in popularity. The pandemic has certainly played a big role in helping people understand the benefits of being able to treat their […]]]>

He always feels good to get paid, so it’s no surprise that a payroll model like Earned Wage Access (EWA), which allows employees to withdraw their accrued salary at any time, has exploded in popularity.

The pandemic has certainly played a big role in helping people understand the benefits of being able to treat their accrued wages like a small bank account. Although payday advances and payday loans have been around for much longer, they serve a very different purpose. With EWA, since you only have access to the money you have already earned, there is no risk of accumulating debt and workers can better manage their finances.

The potential of this model is enormous, but the industry is still in its infancy. Several countries do not yet have an EWA provider, and in most others providers are still taking their first steps.

Jennifer Ho, a partner at Integra Partners, is confident that the EWA industry will continue to grow after the start of positive interest. “In 2021, over $1.13 billion raised by startups offering EWA products. Due to changing lifestyles, rising cost of living and the residual impact of COVID-19, many small and medium businesses have become dependent on EWA,” she said. declared.

This does not mean that there are no problems. Most EWA vendors are still experimenting to find out what works, and business models vary widely, which is a symptom of an industry trying to find its footing. Two of the most important models involve either charging the employer a fixed fee or charging employees per transaction.

Aris Xenofontos, partner at Seaya, believes an employer-paid model is the way to go for two reasons: social impact and long-term sustainability. “From a social impact perspective, would you want the party that needs the money the most, the employee, to pay for the services? And from a long-term sustainability perspective, offering the service for free to employees helps drive better adoption — often 2-3x the adoption you get when employees pay per transaction,” he said.

“EWA companies are typically B2B2C companies and face the same challenges that many B2B2C companies face: the decision maker and the consumer have different incentives and priorities.” Jennifer Ho, Partner, Integra Partners

“Given that the pure EWA business model is not one of the strongest in the fintech world, choosing the model that contributes to better adoption leads to more cross-selling opportunities and ultimately to a better economy.”

To get a deeper insight into the state of the EWA industry, how it should be ranked, and where the money is going, we spoke to a few active investors in the space:


EWA is already prevalent in the US in industries such as retail and fast food, so how difficult will it be for startups to bring the technology to new industries? Which sectors are the most mature, and which offer the most resistance?

Jennifer: EWA works in all industries where salaries are not paid instantly, and it works best when they can serve large pools of financially underserved employees. The less savings people have to fund their daily lives before payroll is paid, the more valuable EWA becomes.

In developed markets, this typically means industries that have a large blue-collar workforce. However, in emerging markets like Southeast Asia, where financial literacy remains relatively low and large segments of the middle class remain financially underserved, EWA can have a much wider impact.

Aris: We have recently observed EWA penetration in two dimensions: vertical and horizontal.

From a vertical perspective, retail and fast food are indeed some of the first ones that come to mind, but other sectors are also seeing increasing penetration. Especially those where the workforce is dominated by blue collar workers, such as manufacturing and transportation.

From a horizontal perspective, we see EWA penetrating almost every industry at the lower level of compensation/entry level employees. These are sectors where the proportion of full-time permanent employees is high.

We believe the cost of living crisis that began in 2022 and is likely to last for some time is likely to drive this horizontal penetration.

Aditi: The best way to deploy the EWA in new industries is to distribute it through payroll vendors. One sector where EWA is viewed favorably is the nursing/medical industry.

Access to Earned Wages is still a relatively new service, and we are seeing several models, some billing employers and some billing employees. Which earned wage access model is the strongest? Why?

Jennifer: From a financial inclusion perspective, models where the employer – rather than the employee – bears the cost have the strongest social impact case. What we’ve found is that EWA startups typically serve a mix of customers in both models, where the employer pays in some cases and the employee pays in others.

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These loans should be avoided..? Do you know why? https://weyerclaims.com/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://weyerclaims.com/these-loans-should-be-avoided-do-you-know-why/ These loans should be avoided..!? Do you know why? Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do […]]]>
These loans should be avoided..!? Do you know why?

Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do we say to avoid only certain loans? What is the reason for this? Let’s see.
Payday loan:
It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. In particular, these loans are taken by small entrepreneurs, small traders and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. Interest on these types of loans can be very high. It should therefore be avoided.
Car title loan:
A car title loan is usually a high interest loan. You can donate your vehicle and get it back within a month with interest first. Usually the interest on these loans is high. The vehicle may be sold if payment is not made within the time limit.
Advance on credit card:
In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, these loans are loans that should be avoided. These loans are used to promote sports in foreign countries.
Pawnbroker:
Many people can have this experience. Usually we get such loans by pawning our jewelry. Failure to pay this debt on time may result in your property being auctioned off. This includes restricted loans of a lower amount for more expensive real estate in rural areas.

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Why Young Adults in Minority Communities Have Lower Credit Scores https://weyerclaims.com/why-young-adults-in-minority-communities-have-lower-credit-scores/ Thu, 08 Sep 2022 12:30:01 +0000 https://weyerclaims.com/why-young-adults-in-minority-communities-have-lower-credit-scores/ Damir Khabirov | iStock | Getty Images According new search of the Urban Institute. The research found that 25- to 29-year-olds in majority-Black communities have a median credit score of 582 — below the subprime threshold of 600. In comparison, 25-to-29-year-olds in majority-Hispanic communities had a score of median credit. of 644, while those in […]]]>

Damir Khabirov | iStock | Getty Images

According new search of the Urban Institute.

The research found that 25- to 29-year-olds in majority-Black communities have a median credit score of 582 — below the subprime threshold of 600. In comparison, 25-to-29-year-olds in majority-Hispanic communities had a score of median credit. of 644, while those in majority white communities had a median score of 687.

Additionally, young adults from predominantly Black and Hispanic communities are also more likely to see their credit rating decline as they age, according to the nonprofit research organization.

Between 2010 and 2021, 32.9% of 18-29 year olds in majority black communities saw their credit score drop, while 26.2% of those in majority Hispanic and only 21% of those in majority white communities saw their credit score drop. lower credit rating. .

The research is based on the Urban Institute’s analysis of consumer records from one of the three major credit bureaus. The precise source of the data was not disclosed.

Bad scores ‘can lead to cycles of debt’

These low scores have significant and lasting financial consequences.

“People with credit scores below that [600] are less likely to get credit at affordable rates,” said Thea Garon, senior policy program manager at the Urban Institute.

“They’re more likely to borrow high-cost credit, which can lead to cycles of debt and further erode their credit ratings,” she said.

Subprime lending options tend to be more visible in diverse underserved communities, noted Bruce McClary, senior vice president of memberships and communications at the National Foundation for Credit Counseling.

Residents of these areas who have income problems and do not have much job stability may turn to subprime financing with higher interest rates and high fees, which can hurt their credit score. “It’s kind of a recipe for disaster,” McClary said.

One such high-interest product, payday loans, has recently come under scrutiny for cycles of high fees and debt associated with them.

Score disparity stems from discriminatory policies

Credit scores measure the likelihood of a borrower repaying their debt on time. Most credit scores range from 300 to 850. The higher the score, the better the interest rate a borrower can get on credit cards, as well as mortgages, autos and other loans.

Credit scores are determined by factors such as a borrower’s current outstanding debts, number and type of loans they have, length of time loans are open and available, bill payment history and the amount of credit used.

The reason black and Hispanic borrowers start behind on their credit scores has less to do with individual behavior and more with the limited financial resources of their family household, Garon said.

These households have less wealth to draw from previous generations because of lending policies that favored white borrowers, such as homeownership covenants that prevented blacks from living in majority white areas and redlining, whereby mortgage lenders restricted the customers they served.

“The disparities are rooted in decades of discriminatory policies that have systematically denied communities of color equal access to affordable financial services as well as opportunities to pass on wealth to future generations,” Garon said.

Closing the gap requires policy changes

For people who are trapped in a cycle of high-cost credit borrowing, it can be helpful to seek help from counselors or nonprofits, Garon said. Credit unions can also be a resource for consolidating loans at lower interest rates, making it easier to pay down debt balances.

Importantly, because credit scores are based on how well a person is honoring their financial obligations, they don’t necessarily need more ways to get their rating up.

“You can start small and still build a pretty decent credit score if you need to rebuild your credit or improve your credit to get to where you’re able to qualify for lower interest rates and loans that meet your needs,” McClary said.

But for the system to really change, policymakers will need to address the problem with proactive measures to ensure that lenders of all kinds make loans fairly and that the credit scoring system gives all borrowers a fighting chance. get affordable credit, Garon said.

Learn more about personal finance:
Mortgage rejection rate for black people twice that of general population: report
These bank charges could strain your budget
New guaranteed income experiments are happening across the country

If rent payments were included in credit scores, for example, it might better reflect people’s ability to pay their obligations, she said.

Additionally, other policies could close the racial wealth gap, such as universal baby bonds, progressive childhood development accounts, tuition-free public universities, as well as student aid. buying a first home, Garon said.

Bank of America recently announced the launch of new mortgage products with no down payment and no closing costs for certain markets, including predominantly black and/or Hispanic/Latino neighborhoods in Charlotte, NC; Dallas; Detroit; Los Angeles; and Miami. Other financial institutions including Citi also offer programs to make their lending practices more inclusive.

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Michigan man owed $25,000 in pandemic unemployment, class action claims https://weyerclaims.com/michigan-man-owed-25000-in-pandemic-unemployment-class-action-claims/ Tue, 06 Sep 2022 20:18:00 +0000 https://weyerclaims.com/michigan-man-owed-25000-in-pandemic-unemployment-class-action-claims/ DETROIT — Paul Kreps waited months for pandemic unemployment benefits. But the checks totaling $25,000 never arrived. Michigan’s Unemployment Insurance agency approved Kreps, 31, for benefits when COVID-19 restrictions forced him to shut down his Monroe pest control business in April 2020. But more than two years later , he still has not seen a […]]]>

DETROIT — Paul Kreps waited months for pandemic unemployment benefits.

But the checks totaling $25,000 never arrived.

Michigan’s Unemployment Insurance agency approved Kreps, 31, for benefits when COVID-19 restrictions forced him to shut down his Monroe pest control business in April 2020. But more than two years later , he still has not seen a penny.

“It upset me,” he said. “Because we are here, we lose everything we have. They say they send me money, but I can’t get it. My children are hungry, we have no food, we are literally starving because we have no income.

Kreps is now one of five people suing Michigan’s unemployment agency.

Related: Unemployment waivers relieve thousands of people. More Michiganders are still waiting.

A class action lawsuit filed in federal court by David Blanchard of Ann Arbor-based Blanchard & Walker in late August claims the agency froze payments for thousands of workers during the pandemic while not allowing workers to appeal . Blanchard is also behind another class action lawsuit alleging that the unemployment agency unlawfully requested reimbursement of benefits.

“It stands up for those left behind in this pandemic who were eligible, otherwise qualified, and who still cannot be paid,” Blanchard said.

The unemployment agency responded to a request for comment highlighting Director Julia Dale’s recent efforts to “improve access to unemployment benefits for skilled workers who have lost their jobs through no fault of their own.” The agency announced last month that it had received a $6.8 million grant to help underserved communities.

Payments halted for thousands of workers, lawsuit says

The central claim of the 53-page complaint is that Michigan workers have been denied due process.

It alleges that five plaintiffs were entitled to unemployment benefits, but the state agency violated this “well-established right” by cutting off benefits or revoking eligibility without providing an appeal process. Workers then left “without a lifeline” were placed in “financially difficult situations” as Michigan unemployment hit nearly 23% in April 2020.

“Why are you doing this, people? Michigan’s unemployed poor are being treated like this,” Blanchard said.

Related: Michigan unemployment agency illegally demanded reimbursement, class action claims

Kreps qualified for $362 a week from the state and additional help from the federal pandemic unemployment assistance program. But his MiWAM account, the online unemployment system, shows that each of the 44 weekly payments has been frozen by a “stop payment indicator”.

“I sent them all my information: my social security card, my birth certificate, my marriage license. And I couldn’t hear anymore. I called them every week and they said I still had to certify,” he said.

A screenshot of Paul Kreps’ MiWAM account shows that dozens of unemployment payments have been halted by a ‘stop payment indicator’. A class action lawsuit filed against the Michigan Unemployment Insurance Agency in federal court on August 26, 2022 claims Kreps owes $25,000 in benefits. (Photo provided by Blanchard & Walker)

The lawsuit says Michigan’s employment agency slapped tags like ‘stop payment flag’ or ‘benefit payment review’ on thousands of eligible applications, causing some to wait months while “many were never paid at all”.

Kreps, unemployed for the first time in his life, lived for almost a year without income or unemployment assistance.

During this time, he paid the bare minimum on utilities. Her parents took out a second mortgage to prevent the family of four from losing their home. And the dangling promise of benefits has taken its toll on Kreps, his wife of 11 years and their two children.

“We lost pretty much everything we had,” he said. “I couldn’t find a job even though I tried, but no one was hiring because it was a pandemic. We literally lost everything. We were lucky to have my parents who took out this second mortgage to help us out, but without them we would have been homeless.

Related: Michigan unemployment agency ordered to stop collections for some workers

An October 2020 policy prompted the agency to “arbitrarily freeze benefit payments” without explaining why, according to the complaint.

As a result, workers struggled to pay rent and mortgages, took out high-interest payday loans, and borrowed from retirement accounts — all of which the lawsuit said had an “impact disparate on communities of color, mothers and caregivers, and other disadvantaged populations.”

“It’s fine if you need to review it, if you have the ability to review it,” Blanchard said. “But instead it put people under scrutiny and froze their accounts knowing the agency doesn’t have the resources to actually look into it. Just a recipe for disaster, just absolute purgatory and a financial ruin for people.

Embroiderer, cooking demonstrator and teenage worker

Besides Kreps, four other workers are named in the lawsuit.

He claims they are all Michigan workers who never received payments, were denied benefits when appealed, did not get their benefits back after a redetermination, or were hit with a notice of overpayment requiring reimbursement.

“It’s illegal,” Blanchard said. “It’s well established. There is precedent that you cannot arbitrarily deprive people of benefits without a hearing.

Claimant Robin Shipe faced ‘utter confusion’ when he tried to get unemployment benefits.

As the owner of a printing and embroidery business, Shipe was declared eligible for aid until the agency froze her account and reversed its decision. She appealed twice, but the lawsuit claims “the agency removed Shipe’s appeal” and issued a third new ruling in May 2022. She then appealed a third time a month later.

“To date, Shipe has never received pandemic relief benefits,” the lawsuit states.

Related: Michigan wipes out $431 million in pandemic unemployment overpayments

For Zachary Brazil, whose job is not specified in the lawsuit, and a teenage worker identified as IF, their benefits would have been frozen.

The lawsuit says Brazil’s payments were blocked after a few weeks by a stop-payment indicator and that “most benefits remain frozen” despite its pleas.

For IF, who worked part-time for a center of activities, the employment agency went back and forth on her request.

After first receiving approval for $160 a week in April 2020, the agency reviewed IF’s account in January 2021, found her eligible a month later, and then found her retroactively. ineligible for all payments. It wasn’t cleared up until July of this year, when the Unemployment Insurance Appeals Board issued a final decision.

Diana Boudrie was fired in April 2020 from a company that held cooking demonstrations at Costco stores. After receiving benefits for 19 weeks, her eligibility was canceled in November 2020.

Even though the lawsuit says Boudrie later filed a timely protest, the agency still demanded repayment of $9,440 under threat of collection activity.

And after?

Kreps, who got a job in June 2021 as a truck driver, hopes the state will eventually pay him the $25,000. The money will go directly to paying off his parents, and he’s also optimistic the lawsuit will spur change at the unemployment agency.

“My biggest hope is that they will look into this and give all these people what they deserve,” he said. “And for the state to realize that something is wrong here.”

The lawsuit seeks class status, an injunction, damages for plaintiffs and the creation of a “common fund” to reimburse people who “prematurely” repaid their benefits.

If granted, a court order would require the UIA of Michigan to promptly pay benefits, stop freezing benefits without due process, establish a procedure for recovering overpayments, and remove all termination flags. of payment until the appeals can be considered.

Related: Who benefits from the cessation of unemployment levies? The Michigan agency asks the judge

Blanchard says the lawsuit also brings to light longstanding issues at Michigan’s unemployment agency.

“It’s absolutely no secret that the system is broken,” he said. “The computer system and the data management system never worked. It has only crumbled in recent years. The agency never had the resources it needed throughout this pandemic.

Among other reforms, Dale recently began replacing the agency’s “decade-old computer system,” according to a statement from Michigan’s UIA.

After being inundated with claims at the start of the COVID-19 pandemic, the unemployment agency has paid nearly $40 billion to 3.48 million people since March 2020. their account99.8% of eligible claimants were paid at least once, which means around 7,000 were not.

Rolling out pandemic unemployment benefits to so many people, however, has been fraught with pitfalls, including sudden changes in agency leadership to billions of frauds and a mistake that led to nearly 700,000 people are declared retroactively ineligible for aid.

Since the first lawsuit was filed in January, Blanchard’s law firm has heard from 6,500 job seekers.

“The response has been overwhelming. People need help and can’t get it,” he said. our legal system when so many people can be affected by a breach.”

Learn more about MLive:

Michigan clears another $53 million in pandemic unemployment overpayments

Workers falsely accused of unemployment fraud can sue state, Michigan Supreme Court rules

Michigan can waive more unemployment bills under new federal guidelines

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Will debt collectors call my family for a delinquent payday loan? https://weyerclaims.com/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Sun, 04 Sep 2022 13:27:58 +0000 https://weyerclaims.com/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Dear Penny, I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t […]]]>
Dear Penny,

I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t afford either. The total balance will be $2,045.40.

I spoke with a consumer credit counselor. They said don’t pay it and let it go to collections. I’m afraid they’ll call my family. I don’t want them to know. Can I do something so they don’t contact my family?

-A.

Dear A.,

I’m afraid you probably can’t stop the lender from contacting your family. If you’ve defaulted on this debt since you wrote to me, you’re no doubt bombarded with calls and text messages.

The lender may already be in contact with your family members. When you take out a payday loan, you often need to provide references that the lender can contact in the event of a default. But lenders may also start calling your family members and friends, even if you haven’t included them as a reference.

The rules for these communications likely fall into a gray area. The Fair Debt Collections Practices Act (FDCPA) is a federal law that governs debt collection practices. The law only allows debt collectors to call non-spouse family members if they’re trying to locate you, but they can’t discuss your debt. They are also prohibited from saying they work for a debt collector unless asked to do so.

However, the FDCPA only applies to third-party debt collectors, not original creditors. Most payday lenders attempt to collect overdue loans internally before sending them to a collection agency. So there is a good chance that the lender who gave you the loan is still trying to collect it.

Some states have laws that place additional limits on collection efforts. You may want to ask your credit counselor if your state laws provide additional protection.

Knowing your rights can be helpful, but let’s face it: the payday loan and debt collection industries are notorious for their sketchy tactics, so even though there’s a law that limits who a collector can contact, don’t don’t assume he’ll follow her. .

Here’s where thinking like a debt collector might come in handy. A collector has one goal, which is to get paid. The more pressure they exert, the more likely you are to pay. Even when they supposedly call family just to locate you, they know a lot of people are embarrassed by their debt and will agree to just about anything once the calls to relatives start.

Don’t play the shame game. Pick up the phone when the lender calls you so it’s clear they have your correct contact information. Be firm about your inability to pay at this time. Avoid showing emotions or divulging details about your personal situation, as this will be used against you.

As for your family, you don’t owe them an account of your finances just because a payday lender calls you. You might say something vague like, “Thank you for letting me know. They called me too. I always try to get to the bottom of things. If they contact you again, I would appreciate it if you would tell them I don’t live with you and ask them to stop calling.

None of this is technically wrong. I have no idea how curious your family is, so I can’t guarantee this will satisfy curious minds. But as long as this debt does not concern them, they are not entitled to more information.

I’m glad you consulted with a credit counselor before deciding to let this loan go to collection. If you have to choose between rent and paying off a payday loan, rent is the winner by far. But make sure you have taken into account all the consequences of a breach.

Once that account is cashed out, you probably won’t be able to take out a payday loan or any other type of credit for at least two years. Obviously, you’ve learned the hard way that payday loans are best avoided. But I guess you applied for a payday loan because you had no alternative. You will therefore need to think about what you would do if you had to face another unexpected expense.

If you can save even a small amount of money, it’s worth asking if the lender would be willing to pay. A tactic that sometimes works is to tell the lender that you are considering bankruptcy. Because creditors must cease collection efforts when you file, they may be willing to settle for less.

Either way, don’t be fooled by the threats you might encounter. You will not be arrested for this debt and your SSI benefits cannot be garnished. Most importantly, don’t let them convince you to turn that debt into a new loan. This will only trap you in an endless payday loan cycle. The damage caused by this loan may be unavoidable, but make it your goal to never go back to this predatory system.

Robin Hartill is a Certified Financial Planner and Senior Writer at The Penny Hoarder. Send your tricky money questions to [email protected].


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BBB warns of the dangers of payday loan scams https://weyerclaims.com/bbb-warns-of-the-dangers-of-payday-loan-scams/ Fri, 02 Sep 2022 22:38:00 +0000 https://weyerclaims.com/bbb-warns-of-the-dangers-of-payday-loan-scams/ CLEVELAND, Ohio (WOIO) – The COVID-19 pandemic has led many people to turn to high-interest loans, short-term loans or payday loans as a way to make ends meet. These loans, which are illegal in 18 states, are legal in Ohio and can be extremely hurtful to people applying for a loan. The BBB asks people […]]]>

CLEVELAND, Ohio (WOIO) – The COVID-19 pandemic has led many people to turn to high-interest loans, short-term loans or payday loans as a way to make ends meet. These loans, which are illegal in 18 states, are legal in Ohio and can be extremely hurtful to people applying for a loan.

The BBB asks people to make sure they are incredibly clear about the rules regarding payday lending. The terms and conditions of these can make payday loans incredibly difficult to repay. From 2019 to 2022, 3,000 customers complained to the BBB of payday loan companies, with “disputed amounts approaching $3 million.”

Payday loans, apart from being very problematic in some ways, scammers have also started taking advantage of needy people through these loans. According to the BBB, 7,000 reports with a total of $4.1 million in losses show just how much of a problem this can be.

A case happened to a man in North Olmsted in August. The scammers were able to obtain the victim’s social security number, contact information, bank account, and login information. Complaints can be filed with the BBB at BBB.org/Complaint. Anyone who is scammed can use the scam tracker at BBB.org/ScamTracker.

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SEC fines in August: thirteen cases for $293 million https://weyerclaims.com/sec-fines-in-august-thirteen-cases-for-293-million/ Thu, 01 Sep 2022 10:25:10 +0000 https://weyerclaims.com/sec-fines-in-august-thirteen-cases-for-293-million/ At the end of each month, the SEC issues a Notice of Covered Action (NOCA) for all recent enforcement actions with penalties greater than $1 million. This month, the SEC released thirteen NOCAs that included more than $293 million in the penalties. Once a NOCA is published, any whistleblower who has provided information to the […]]]>

At the end of each month, the SEC issues a Notice of Covered Action (NOCA) for all recent enforcement actions with penalties greater than $1 million. This month, the SEC released thirteen NOCAs that included more than $293 million in the penalties.

Once a NOCA is published, any whistleblower who has provided information to the SEC about the matter has 90 days to claim a whistleblower award by filing a Form WB-APP. If a whistleblower does not file the WB-APP form in time, he loses his reward. With $293 million in fines recorded this month, there are more than $88 million (30%) in whistleblower award to win.

Here is a summary of this month’s NOCAs that feature; a wedding in a French castle, trips to Disney, luxury cars and a private plane:

According to the SEC, the defendants cold-called potential investors and convinced them to buy stock in the microcap companies. The prices and sales volumes matched those of the shareholders who were paying the defendants to promote the stock. The monetary penalty for this behavior will be decided by the court.

According to the SEC, Charles Schwab operated a robo-advisor portfolio for his investors. Schwab said the robo-advisor would seek “optimum performance[s].” In fact, in most market conditions, liquidity in robo-advisor portfolios would cause clients to earn less money even taking the same risk. Meanwhile, Schwab made money from the strategy by using it to get money from clients he took advantage of by loaning it out. To settle the costs, Schwab agreed to pay $187 million.

According to the SEC, Equitable Financial Life Insurance Company provided account statements to about 1.4 million investors who misled them about the fees they were charged. Equitable agreed to pay $50 million to aggrieved investors, most of whom were teachers and public school staff.

Synchronoss Technologies, Inc. and seven senior executives, including the former chief financial officer, were accused of accounting irregularities; Synchronoss has admitted that it incorrectly accounted for numerous transactions and thus filed misleading financial statements. The company paid the costs of $12.5 million and a number of executives are judged.

The SEC has accused Matthew J. Skinner and five entities he owns and controls (Empire West Equity, Inc.; Bayside Equity, LP; Longacre Estates, LP; Freedom Equity Fund LLC; and Simple Growth, LLC) of conducting fraudulent real estate investment offers. . The SEC argues that Skinner told investors their money would be used to fund specific real estate projects or investments, but was instead spent on personal expenses, such as A European vacation, a Maserati and an Aston Martin. The SEC also alleges that Skinner used the investors’ money to make Ponzi-like payments to other investors. The charges have not been settled and no monetary penalty has been announced.

The SEC has charged husband and wife Zhuobin (“Ben”) Hong and Caixia Jiang in a multi-million dollar insider trading scheme involving the securities of Sagent Pharmaceuticals, Inc. According to the SEC complaint, Hong and Jiang purchased large amounts of Sagent securities ahead of a July 11, 2016 announcement regarding the acquisition of the company. Hong and Jiang, who are now in China, tried to evade detection by trading through accounts held in the names of relatives in China. The charges have not been settled and no monetary penalty has been announced at this time.

The SEC has settled charges against Private Advisor Group, LLC for breach of fiduciary duty to advisory clients. The SEC found that PAG invested clients’ money in higher-cost funds to avoid paying transaction fees it would have to bear. As a result, customers paid more for PAG to pay less. PAG paid the costs of $5.8 million.

According to the SEC, UBS marketed and sold a complex investment product to investors, but failed to provide financial advisors with adequate training and oversight of the strategy. Although UBS recognizes the possibility of significant risk in investments, it has not shared this data with advisors or clients. When investors suffered losses, many of them and their financial advisors expressed surprise and closed their accounts. UBS paid the costs of $25 million.

The SEC accused Health Insurance Innovations (HII) and its former CEO Gavin Southwell of misselling health insurance products and then covering up numerous consumer complaints from investors. The charges were settled for $12 million.

The SEC has accused Sky Group USA LLC and its CEO, Efrain Betancourt, Jr., of fraudulently raising at least $66 million through the sale of promissory notes to retail investors, including members of the community. Venezuelan-American from South Florida. According to the SEC complaint, Sky Group and Betancourt falsely told investors that Sky Group would use investors’ money only to make payday loans when, in fact, Betancourt misappropriated millions for personal gain – including for a sumptuous wedding in a castle on the Côte d’Azur (ooh la la!), vacations to Disney resorts and the Caribbean, the costs associated with buying a luxury condo in Miami, and service on his personal Piper plane. Betancourt also reportedly transferred at least another $3.6 million to friends and family. The charges have not been settled and no monetary penalty has been announced at this time.

According to the SEC, NIT Enterprises, its CEO Gary R. Smith, Jason M. Ganton and James E. Cleary, Jr., raised $4.9 million from investors while making false claims that NIT was collecting funds to finance the company’s development efforts. its radiation protection products. In contrast, the SEC alleges that Smith misappropriated $1.25 million of the funds raised to pay for personal expenses. The SEC complaint further alleges that the defendants made baseless promises about NIT’s future profitability, the impending IPO, and expectations to “double or triple” their investment. Ganton and Cleary, had disciplinary backgrounds and previous SEC actions and bars, which were withheld from investors. The charges have not been settled and no monetary penalty has been announced at this time.

The SEC announced that David P. Godwin, whom the SEC accused in September 2015 of fabricating nearly all of ContinuityX Solutions, Inc.’s revenue, has been sentenced in a parallel criminal case to 13 years in prison. The SEC complaint alleges that Godwin devised a scheme to inflate the company’s earnings. The complaint alleges that from April 2011 to September 2012, 99% of the reported revenues came from fraudulent and fictitious sales. According to the complaint, Godwin used the allegedly fraudulent SEC filings to raise millions of dollars from investors and Godwin enriched himself with $1.3 million in compensation from ContinuityX. The SEC litigation against Godwin is ongoing.

The SEC announced judgments against three defendants accused of participating in a fraudulent scheme to sell stock in microcap company Aureus Inc. The SEC complaint alleges that, at least in 2016, Bahadoorsingh, Wilson and Wall, working with the defendant Luis Carrillo, concealed the fact that they controlled the securities of Aureus, Inc., whose shares were publicly traded on the American stock exchanges. According to the complaint, Bahadoorsingh and Carrillo secretly sold millions of Aureus shares after running promotional campaigns to encourage investors to buy the shares. The complaint alleges that as a result of these actions, what appeared to be ordinary trading by unaffiliated investors was in fact a massive stock dump orchestrated by Carrillo, Bahadoorsingh, Wall and Wilson, who sought to profit at the expense of retail investors. . Combined judgments totaled ~$1.3 million.

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What are the factors driving the payday loans market? Technavio’s market analysis reports answer key questions https://weyerclaims.com/what-are-the-factors-driving-the-payday-loans-market-technavios-market-analysis-reports-answer-key-questions/ Tue, 30 Aug 2022 11:35:00 +0000 https://weyerclaims.com/what-are-the-factors-driving-the-payday-loans-market-technavios-market-analysis-reports-answer-key-questions/ NEW YORK, August 30, 2022 /PRNewswire/ — The “payday loan market by type (storefront payday loans and online payday loans) and geography (North America, EuropeACPA, South America, Middle East and AfricaWE, ChinaUK, Japanand Germany) – The “Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered […]]]>

NEW YORK, August 30, 2022 /PRNewswire/ — The “payday loan market by type (storefront payday loans and online payday loans) and geography (North America, EuropeACPA, South America, Middle East and AfricaWE, ChinaUK, Japanand Germany) – The “Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with over 100 Fortune 500 companies for over 16 years.

The latest market research report titled Payday Loans Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026 has been announced by Technavio, which is proud to associate with Fortune 500 companies for over 16 years

The difference in potential personal loan market growth between 2021 and 2026 is $8.4 billion. To get the exact annual growth variance and annual growth rate, Request a FREE Sample PDF Report

Key market dynamics

  • Market driver: the growing awareness of payday loan among young people is driving the growth of the market. About a third of people aged 25 to 34 have a college loan, which is the biggest source of debt for Gen Z. Due to debt, individuals have to apply for payday loans, fueling the growth of the fintech industry. Additionally, the rising cost of living around the world has put significant pressure on students to pay off their debts. Thus, many young people are favoring online payday loans, which will fuel the growth of the targeted market over the forecast period.

  • Market challenge: Payday loans are considered predatory, which is hampering the growth of the market. Payday loans target people with low income and low credit. These people are also targeted by several other providers and financial institutions. However, payday lenders have a bad reputation for aggressively pursuing unpaid loans. Thus, their reputation may challenge the growth of the payday loans market over the forecast period.

Technavio offers key drivers, trends, and challenges that will impact the future of the market. Check out our FREE sample PDF report now!

Market segmentation

The Payday Loans Market report is segmented by Type (In-Store Payday Loans and Online Payday Loans) and by Geography (North America, EuropeACPA, South Americaand the Middle East and Africa). North America will be the leading region with 42% of the market growth during the forecast period. The United States is the key country in the payday loan market in North America.

Discover the contribution of each segment summarized in concise infographics and detailed descriptions. See a sample FREE PDF report

Supplier Landscape

The global payday loan market is fragmented due to the presence of many regional and global players. Suppliers compete in terms of differentiated product offerings and business expansion. Some major players have wide geographical presence and extensive market reach. To survive and succeed in such a competitive environment, vendors must distinguish their offerings with clear and unique value propositions.

Some companies mentioned

Do you want your report to be personalized? Talk to an analyst and customize your report according to your needs.

Related Reports

Unsecured business loan market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

Microcredit market by Source and Geography – Forecast and Analysis 2022-2026

Scope of the payday loan market

Report cover

Details

Page number

120

Year of reference

2021

Forecast period

2022-2026

Growth momentum and CAGR

Accelerate at a CAGR of 4.34%

Market Growth 2022-2026

$8.4 billion

Market structure

Fragmented

Annual growth (%)

3.58

Regional analysis

North America, Europe, APAC, South America, Middle East and Africa, USA, China, UK, Japan and Germany

Successful market contribution

North America at 42%

Main consumer countries

United States, China, Japan, United Kingdom and Germany

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

AARC LLC, Axis Bank Ltd., Citigroup Inc., Creditstar Group AS, CS SALES LLC, DJS UK Ltd., Enova International Inc., FloatMe Corp., GAIN Credit Inc., GC DataTech Ltd., Kotak Mahindra Bank Ltd., KrazyBee Services Pvt. Ltd., Maxed Up Media Ltd., Payday America Inc., Payday Loans Ltd., PDL Finance Ltd., Speedy Cash, Upward Finance Ltd., Western Circle Ltd. and Whizdm Innovations Pvt. ltd.

Market dynamics

Parent market analysis, market growth drivers and barriers, analysis of fast and slow growing segments, impact of COVID-19 and future consumer dynamics, and analysis of market conditions for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Browse Consumer Discretionary Market reports

Main topics covered

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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