Financial Institutions – Erins Rays http://erinsrays.com/ Wed, 23 Nov 2022 08:52:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://erinsrays.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Financial Institutions – Erins Rays http://erinsrays.com/ 32 32 US Federal Reserve Announces Climate Scenario Analysis Program – Financial Services https://erinsrays.com/us-federal-reserve-announces-climate-scenario-analysis-program-financial-services/ Wed, 23 Nov 2022 08:38:40 +0000 https://erinsrays.com/us-federal-reserve-announces-climate-scenario-analysis-program-financial-services/ November 23, 2022 Jones Day To print this article, all you need to do is be registered or log in to Mondaq.com. On September 29, 2022, the Federal Reserve (“Fed”) Board of Governors announced that six of the largest U.S. banks will participate in a climate scenario analysis program, the first of its […]]]>

To print this article, all you need to do is be registered or log in to Mondaq.com.

On September 29, 2022, the Federal Reserve (“Fed”) Board of Governors announced that six of the largest U.S. banks will participate in a climate scenario analysis program, the first of its kind. The Fed will provide participating banks with “climate scenario stories” including climate, economic, and financial variables that banks will use to analyze the impact of the scenarios on specific portfolios and business strategies (and potentially on their balance sheet and overall health). ). In particular, banks will not be able to choose their own scenarios. The Fed will use bank analytics to encourage them to build capacity to manage climate-related financial risks and will publish aggregate-level information from the program, but not bank-specific information. The Fed will provide additional details on the program in the coming months, but it is expected to launch in early 2023 and wrap up around the end of the year. This pilot program is important because it can be the first step in using stress testing and bank regulatory capital to address climate risks. The Fed and other regulators could start imposing demands on banks in future iterations of climate-related stress tests, rather than just “incentives.”

Following the 2008 financial crisis, stress testing became one of the primary tools used by US banking regulators to ensure the safety and soundness of financial institutions. Annual stress-testing exercises, in which the Fed and other banking regulators specify macroeconomic scenarios of varying degrees of severity, determine regulatory capital levels and shareholder dividends. Banks must demonstrate that they are able to maintain certain minimum capital levels even under externally defined stress scenarios. Failure to do so may force banks to raise capital, withhold dividends, or both. Banks have devoted considerable resources and developed complex frameworks over the past decade to comply with these stress test requirements, including models to predict the performance of business lines and balance sheets in the event of a severe downturn. .

In addition to stress test results, US banking regulators also assess the overall quality of a bank’s stress testing framework and process. Gaps in this framework lead to prudential criticisms, which may be communicated to banks without ever being published or otherwise made public. Banking regulators are also conducting a “horizontal” review of stress-testing frameworks in which banks’ capabilities are compared to each other. These reviews have led to ever-tighter supervisory standards, driving the continual refinement of all banks’ frameworks and stress-testing capabilities toward greater sophistication.

The Fed distinguishes this climate scenario analysis from the stress tests because it says the former will have no capital consequences and because participation in the scenario analysis was not mandatory (at least not formally) . The Fed also says there will be no prudential implications either. That being said, the Fed notes in the same press release that it “will engage with those [participating] companies to strengthen their capacity to manage climate-related financial risks.

Historically, the Fed and US banking regulators have introduced similar prudential expectations to the largest and most sophisticated banks, expanding their scope to include other large banks over time. Similarly, Fed and US banking regulators often announce new legal requirements under the initial guise of pilot programs and guidance that initially do not impose new requirements. Accordingly, banks of all sizes should closely monitor developments around this first climate scenario analysis. Other U.S. banking regulators have signaled plans to provide advice to banks on managing climate risk in the future.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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COP 27: Top News for the third day of events

Akin Gump Strauss Hauer & Feld LLP

Discussions on the third day of COP 27 focused on climate finance. Here’s what business leaders need to know to keep abreast of events…

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Republicans mount ESG reaction to state financial offices https://erinsrays.com/republicans-mount-esg-reaction-to-state-financial-offices/ Thu, 17 Nov 2022 12:07:30 +0000 https://erinsrays.com/republicans-mount-esg-reaction-to-state-financial-offices/ “ESG funds only invest in companies based on their environmental and corporate policies, making return on investment a secondary concern,” said Kansas State Republican Rep. Steven C. Johnson, who beat Democratic Chair Lynn Rogers in the race for state treasurer this month. his campaign website. In his new role, Johnson will manage state investments and […]]]>

“ESG funds only invest in companies based on their environmental and corporate policies, making return on investment a secondary concern,” said Kansas State Republican Rep. Steven C. Johnson, who beat Democratic Chair Lynn Rogers in the race for state treasurer this month. his campaign website. In his new role, Johnson will manage state investments and pensions, including the $20 billion Kansas Public Employees Retirement System.

Other elected officials have already expressed their opposition to ESG in other ways. Re-elected Utah Republican State Treasurer Marlo Oaks joined the state’s congressional delegation this year in criticizing S&P Global Inc.’s credit rating division for plans to complete its analysis of States by a score on certain ESG indicators.

The State Financial Officers Foundation, a public policy nonprofit that promotes free markets and what it calls fiscally responsible public policy, has been one of the most active groups advocating anti- -ESG. The group has 28 state financial officers among its members, including Oaks and Missouri State Treasurer Scott Fitzpatrick.

The group this week launched an anti-ESG campaign called “Our Money, Our Values” to try to convince the public that considering climate change or social justice in investment decisions is politically motivated and will harm companies. long-term American investments. .

“ESG is a highly subjective political score that permeates all walks of life, forcing progressive policies on ordinary Americans, driving higher prices at the pump and at the store,” said the organization’s CEO, Derek Kreifels, in a statement.

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Leveraging corporate cash to scale climate solutions https://erinsrays.com/leveraging-corporate-cash-to-scale-climate-solutions/ Fri, 11 Nov 2022 11:07:22 +0000 https://erinsrays.com/leveraging-corporate-cash-to-scale-climate-solutions/ The business community has access to enormous financial capital that can be powerfully deployed to shift the financial system away from carbon-intensive sectors towards climate solutions and regenerative economic activity. By leveraging relationships and financial resources, companies can accelerate the global financial transition to “drawdown,” when levels of greenhouse gases in the atmosphere stop rising […]]]>

The business community has access to enormous financial capital that can be powerfully deployed to shift the financial system away from carbon-intensive sectors towards climate solutions and regenerative economic activity. By leveraging relationships and financial resources, companies can accelerate the global financial transition to “drawdown,” when levels of greenhouse gases in the atmosphere stop rising and start steadily falling. To become a “levy-aligned business,” companies must begin to address the climate impact of their banking practices.

Drawdown Labs, Project Drawdown’s private sector testing ground for accelerating climate solutions, recently hosted a webinar on decarbonizing corporate cash and investment. The webinar was co-hosted by the organizations behind the groundbreaking report: The Carbon Bankroll, which revealed the previously hidden climate impacts of corporate cash; Outdoor Policy Attire (TOPO); BankFWD; and the Climate Safe Lending Network – in addition to Bank On Our Future, an international network of social movements working to pressure the biggest banks to align their business practices around a just and livable future.

Below, we’ve summarized key points from that discussion for employees or executives looking to reduce greenhouse gas emissions associated with their company’s financial supply chain. (Editor’s note: To watch the full webinar, view it here.)

1. Money is not climate neutral

Banks use corporate cash to support a wide range of businesses, including industries causing climate change, such as fossil fuels and agriculture linked to deforestation. Since 2015, the world’s 60 largest commercial and investment banks have pumped $4.6 trillion into the fossil fuel industry, even though science clearly tells us we can’t build any new fossil fuel infrastructure. if we want to keep warming below 1.5 degrees Celsius. The companies that partner with these big banks are guilty of this climate damage.

For example, five years ago Patagonia was actively supporting water protectors’ efforts to shut down the Dakota Access Pipeline when it realized that the banks directly funding the pipeline were among Patagonia’s largest banking partners. . In other words, these banks were lending some of Patagonia’s cash to projects that actively undermined the company’s values ​​and mission. Since then, Patagonia has been on a mission to decarbonize its corporate treasury. Patagonia is one of the few companies tracking these impacts, let alone working to eliminate or improve them.

Companies can influence the direction of these financial flows to the real economy, to drive systemic change towards a green transition.

2. Finance is a key lever for climate action

For companies looking to have a positive impact on the climate, climate actions linked to financing are particularly powerful.

As James Vaccaro, Executive Director of the Climate Safe Lending Network, explained in the webinar, “Banks make long-term credit decisions based on the short-term cash holdings of people or businesses. daily cash flows into infrastructure and operations that are going to be around for decades. That pivot point there is what makes this particularly interesting as a leverage point. Companies can influence the direction of those cash flows. in the real economy, to drive systemic change towards a green transition.”

3. Companies must decarbonize cash to align with the Paris Agreement

Corporate cash decarbonization is the process by which companies track and reduce the carbon intensity of their cash and investments. The most effective way to do this is to transfer some or all of a company’s cash holdings to banks with “Paris-aligned” lending practices, which tend to be smaller banks or fintechs.

Local credit unions also tend to have less carbon-intensive lending practices, largely due to their size. If smaller banks and credit unions cannot provide the required banking services, companies should give priority to banks that have exclusion policies that limit the amount they are willing to lend to the most polluting industries, such as tar sands oil, coal-fired power plants and deforestation-related businesses.

It is important that all companies engage with existing banking partners, ask them how they manage climate risk and push them towards Paris alignment. Banks (if they are smart) will listen to their business customers.

4. For a leading climate company, reducing financed emissions must be a priority

The Carbon Bankroll report found that a company’s cash flow can be one of its biggest sources of emissions. For companies that have taken controlling their other sources of emissions seriously, the carbon footprint of their cash flow may be one of the last pieces to deal with.

Cash decarbonization is a new frontier for corporate sustainability, and it can be a powerful practice for advancing broader climate action. Patrick Flynn, Senior Vice President and Global Head of Sustainability for Salesforce, said it well during the webinar: “Any aspiring leader this year on planet Earth needs to put as much effort as possible into strategies that have a chance to impact at a speed and scale that planet Earth can actually notice.Tackling funded emissions is one such strategy.

Flynn notes that Salesforce knows its influence over vendors, including financial institutions, can create change beyond its own four walls. That’s why the company unveiled a sustainability expo that requires suppliers to have a science-based goal and an emissions reduction plan, disclose scope 1, 2 and 3 emissions and provide all services and goods on a carbon neutral basis.

5. Companies should extend the concept of supply chains to include financial supply chains

Most climate-conscious companies track and attempt to reduce physical emissions from their supply chain. During the webinar, Patagonia’s Director of Treasury, Charlie Bischoff, described how the company moved from physical supply chains to financial supply chains: “For decades, Patagonia has had a tradition of engaging with our factories and factories around the world and trying to make sure we make the least harmful clothing possible. But as the climate crisis worsens and we have changed our mission statement to “We are in business to save our planet,” all regions of Patagonia were asked to find ways to help. Consider this just an extension of the manufacturing supply chain due diligence work we have always done in as a business.We are now expanding the scope of work to include our banks, insurance and investment companies, or our supply chain end old. ”

6. Putting the decarbonization of corporate cash into perspective

The US Inflation Reduction Act allocates $369 billion to clean energy funding over 10 years. While significant, this amount pales in comparison to the $1.2 trillion that JPMorgan Chase, Citi, Wells Fargo and Bank of America alone have invested in the fossil fuel industry since 2015 or the $742 billion that 60 of the world’s largest financial institutions spent on fossil fuels in 2021 alone.

The financial system can move more money in shorter time frames. This power must be harnessed so that the financial system no longer funds fossil fuels and deforestation, but instead propels a transition to clean energy, transport, buildings, industry, sustainable agriculture and human well-being. all.

One of the things we’re really watching is what they’re doing on the sustainable finance side, but also what they’re doing on the wrong side in terms of funding environmentally harmful industries.

7. Tracking “funded shows” will become best practice

As noted in the Carbon Bankroll report, companies have historically not included emissions generated by their cash and investments in their reported carbon footprints. This is about to change.

The Greenhouse Gas (GHG) Protocol already includes funded emissions in a company’s Scope 3 Scope 15 emissions (apologies for the wonky terminology) – but so far companies don’t did not report these emissions due to data and methodological constraints. However, these methodological shortcomings no longer exist. This means that companies can and should publicly report the emissions associated with their financial practices.

8. Beware of greenwashing

As companies begin to engage with banks, it is important that they watch out for misrepresentation of sustainability and greenwashing. Bischoff has some helpful advice: “A lot of banks will take sustainability as an opportunity to bring a product to market that is essentially no different than it was before, adding a touch of sustainability to it. So one of the things what we’re really looking at is what are they doing on the sustainable finance side, but also what are they doing on the wrong side in terms of financing environmentally harmful industries.

9. Take Action
  • Measure your funded emissions. (For more on the methodology, see the Carbon Bankroll or contact TOPO or BankFWD.)
  • Ask your existing financial institutions about their climate transition plans and make clear demands to encourage best practice. If possible, bring someone from your company’s C-suite to this engagement so that funding partners know you mean business.
  • Demonstrate demand for green financing.
    • Bank signalling: Allocate some of the cash to banks that are fossil-free, B Corp certified, or members of the Global Alliance for Banking on Values ​​(GABV). Or commit to moving it to the world’s first major bank to sufficiently align its practices with the 1.5 degree Celsius targets.
    • Change of bank: Shift all or part of your banking service to smaller community banks or banks less exposed to fossil fuels and deforestation in their lending and funding portfolios.
  • Publicize your company’s stock to send strong market signals and inspire others to follow your lead. Tell the story of your business taking steps to improve its banking operations.

Learn about all the leverage points of the Drawdown-aligned business framework and the broader work of Drawdown Labs, which strives to democratize corporate climate action and raise the bar for climate leadership. If you work in finance, here’s a checklist action guide designed for you.

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Is finance a good career path? Know everything https://erinsrays.com/is-finance-a-good-career-path-know-everything/ Tue, 08 Nov 2022 16:46:00 +0000 https://erinsrays.com/is-finance-a-good-career-path-know-everything/ A financial career can be very rewarding. If you have a sense of numbers and a passion for financial planning, the financial industry could be the perfect fit. However, there are some things you need to know about a career in finance before you decide to pursue it. In this article, we’ll discuss the pros […]]]>

A financial career can be very rewarding. If you have a sense of numbers and a passion for financial planning, the financial industry could be the perfect fit. However, there are some things you need to know about a career in finance before you decide to pursue it. In this article, we’ll discuss the pros and cons of a career in finance, the most popular and lucrative jobs, and more.

What are the benefits of a career in finance?

First and foremost, a career in finance can pay off very well. According to the United States Bureau of Labor Statistics, the average salary for financial managers is $131,710. And that’s just the median salary; many managers earn much more than that. It is important to note that the base salary can be misleading. Finance careers offer bonuses, and they can range from hundreds of thousands to millions.

Careers in finance also offer great job security. It is important to note that large institutions are getting rid of the worst performing third parties (more or less) from year to year. There is a lot of volatility and uncertainty in many of these positions.

Finance is a vital industry and there will always be a need for qualified financial professionals. Even in times of economic downturn, businesses still need financial managers to help them navigate tough waters.

Finally, a job in finance can offer great upward mobility. If you’re starting out as a financial analyst and doing your job well, there’s no reason why you can’t become a vice president or even a chief financial officer (CFO) at your company. And if you’re self-employed and the business owner, the sky’s the limit when it comes to how much money you can earn.

Related: How to Achieve Meaningful Career Progression

What are the disadvantages of a career in finance?

Of course, no career is perfect and there are some downsides to working in finance. First of all, financial jobs can be quite stressful. If you work as a financial analyst or manager, you are responsible for making critical decisions that could have a major impact on your business results. This kind of pressure can be difficult to manage day in and day out.

Another downside is that funding can take a long time. You may have little time left for your personal life when you work long hours crunching numbers and preparing reports. Maintaining a good work-life balance is crucial if you choose this type of career path.

It should be noted that the world of finance is constantly changing. You should always keep up to date with the latest changes in tax codes and regulations so that you can advise your clients accordingly. You should also be prepared for sudden economic downturns; they happen from time to time and can have serious consequences for businesses and individuals alike.

8 essential skills for a career in finance

If you’re considering a career in finance, you’ll need a variety of skills and talents to be successful. Key skills include strong math abilities, attention to detail and money management. You will also need good problem solving and communication skills. Here are eight of the most crucial skills to thrive in the financial industry.

1. Mathematical ability

A successful career in finance requires strong math skills. You will need to be able to understand and work with complex financial data including statistics, financial reports and budgets. This means being comfortable with mathematical concepts such as probability, calculus and algebra. If you’re unsure of your math skills, consider taking refresher courses before embarking on a career in finance.

2. Analytical Thinking

Analytical thinking is another important skill for finance professionals. You must be able to analyze data and identify trends to make sound decisions, and you must always be prepared to think critically and solve problems. Those who aren’t naturally analytical can improve their skills by taking classes, working with mentors, and practicing in their spare time.

3. Attention to detail

Attention to detail is essential in finance because a minor mistake can have a huge financial impact. For example, mistakenly entering the wrong number in a spreadsheet can result in incorrect financial statements.

This could lead to personal financial investors or creditors being misled about the financial health of the business, which could cause them to lose money. Being precise and precise when working with numbers is non-negotiable for this career path.

4. Business acumen

Having business acumen means understanding the inner workings of a business as well as how financial decisions can impact the overall success or failure of a business. Those with strong business acumen can make smart financial decisions that help a business grow and succeed over time.

Here are some ways to develop your business acumen:

  • Take business courses
  • Work with a mentor in the financial sector
  • Gain experience through internships or finance jobs

5. Financial Awareness

Working in finance is a lucrative career path, but it requires you to be aware of the financial market and how it works. It is also essential to stay well informed of news and trends in the financial world so as not to fall behind.

Finance is a complex field, and there is a lot at stake for those who work in it. It’s all too easy to make costly, career-impacting mistakes when you don’t understand the basics.

6. Financial modeling

Financial modeling is the process of building a mathematical model of a financial situation. This can range from a company’s projected performance over a given period to the likely outcome of a proposed investment. Financial models are used by investors, bankers, and other finance professionals to help them make informed decisions about where their money is spent.

If you want to work in finance, it is essential that you know how to build these models. Software can simplify the process, but you need a good understanding of basic accounting and financial concepts. This way, you can create accurate models that help you and your peers make important decisions.

7. Profit and Loss Analysis

It’s hard to overstate the importance of knowing how to perform profit and loss analysis in the world of finance. A profit and loss (P&L) statement tells you whether a business is making a profit or a loss, and how much money it is making or losing.

This information is crucial for making informed decisions about things like whether or not to invest in a business. Analyzing income statements can also help you identify areas where a business could save money if it were to make cuts.

8. Communications

Finance is an ever-changing field, so you need to be able to communicate effectively to keep up with changes and stay ahead of the competition. Good communication skills will help you grasp complex concepts, explain financial analysis to clients, and negotiate deals. They are also essential for networking and building relationships with colleagues and clients.

Related: 12 Effective Ways to Develop Entrepreneurial Skills That Matter

What are the most popular and lucrative jobs in finance?

Finance is a broad field with many different job opportunities. Some jobs are more popular or lucrative than others, but there’s a job in finance for anyone with a knack for numbers. Here are some of the most common:

  • Investment bankers primarily help businesses and governments raise funds by issuing and selling securities.
  • Financial analysts provide advice to businesses and individuals making investment decisions; they often evaluate the performance of stock, real estate, bond and other investments.
  • Chief Financial Officers (CFOs) direct their financial services and are responsible for the overall financial health of their organizations. Typical tasks include producing financial reports, developing strategies to increase cash flow, and ensuring compliance with financial regulations.
  • Certified Financial Planners (CFP) helping individuals and families save for retirement, education and other long-term goals, as well as providing advice on investment strategies, insurance and tax planning.
  • Personal Finance Advisors do exactly what it sounds like – give advice on how to manage your personal finances. Personal financial advisors help individuals budget, save, invest and achieve other financial goals.
  • Commercial bankers work for commercial banks and provide financial services (e.g. loans, lines of credit, etc.) to businesses.
  • Investment managers are portfolio managers for individuals, families and financial institutions; they decide where to invest money and implement financial risk management techniques.
  • Certified Public Accountants (CPA) prepare tax returns and advise individuals and businesses on tax planning, ensuring compliance with tax laws and regulations.

These jobs only scratch the surface of the financial sector. There are plenty of other options for those who enjoy working with numbers and want to pursue a lucrative career.

How do you get started in finance?

To get started in finance, you must first determine which area of ​​finance is right for you. The three main areas of finance are corporate finance, investment banking, and financial planning. Each of these fields generally requires a degree in business administration or finance to enter. Earning a bachelor’s degree in finance, accounting, or a related field can help lay a solid foundation for your future work experiences.

Once you graduate, you can start developing your skills by doing internships or entry-level jobs in the field. A bachelor’s degree can open the door to many entry-level positions. But some jobs, like investment banking, may require a master’s degree or professional certification.

Wrap

So, is a career in finance right for you? Only you can answer this question. But if you’re interested in pursuing a career in this promising field, remember to weigh the pros and cons carefully before making a decision, start honing your skills, and do your research when it’s time to find your first. job in finance.

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Cannabis Legal Report – October 2022 #3 | Coie Perkins https://erinsrays.com/cannabis-legal-report-october-2022-3-coie-perkins/ Sat, 05 Nov 2022 03:27:50 +0000 https://erinsrays.com/cannabis-legal-report-october-2022-3-coie-perkins/ [Co-Author: Hanna Barker Mullin] Cannabis: in brief Cannabis banking reform possible during Lame-Duck session Nevada court removes cannabis from state’s controlled substances list Cannabis banking reform possible during Lame-Duck session The SAFE Banking Act has passed the House in one form or another seven times, only to stall in the Senate, but some hope recent positive […]]]>

[Co-Author: Hanna Barker Mullin]

Cannabis: in brief

  • Cannabis banking reform possible during Lame-Duck session
  • Nevada court removes cannabis from state’s controlled substances list

Cannabis banking reform possible during Lame-Duck session

The SAFE Banking Act has passed the House in one form or another seven times, only to stall in the Senate, but some hope recent positive momentum in the cannabis industry could lead to the passage of a banking reform in the next session of Congress after the midterm elections. .

Senate Majority Leader Chuck Schumer (D-NY) said Congress is moving toward introducing and passing a long-awaited bipartisan SAFE Banking Plus package, which merges restorative justice components with protections for financial institutions that work with regulated cannabis companies.

As we noted earlier, the SAFE Banking Act would allow financial institutions to support the cannabis industry by eliminating two major risks of adverse government action. The bill explicitly allows financial institutions to do business with cannabis companies and prohibits the government from terminating or limiting a financial institution’s deposit or stock insurance solely because the institution is doing business with a company. of cannabis. In addition, the bill would provide protections to other financial service providers, such as payment processors, from liability solely because of their activities in providing services to legitimate cannabis businesses and investing revenues earned. of these services. Currently, federal cannabis restrictions have only prompted a limited number of financial institutions to take the risk of providing banking services to cannabis companies. And those that charge exorbitant fees and costs that prevent many from accessing services, primarily affecting smaller and diversity-owned entities. As a result, the economic development of cannabis businesses, and especially small, diversity-owned entities, has been hampered by reduced liquidity, increased barriers to entry, and heightened security concerns for some businesses forced to rely on cash transactions.

Many stakeholders have announced their support for SAFE Banking. A recent poll conducted by the American Bankers Association showed that two out of three Americans would like Congress to pass a bill that would allow legal cannabis businesses access to traditional banking services. The NAACP also recently announced its support for SAFE Banking. Earlier this year, the Conference of State Banking Supervisors released open letters to the House and Senate calling for the SAFE Banking Act not only to be retained, but also expanded. Coalitions of state governors, attorneys general and treasurers have previously announced their support for SAFE Banking protections (here, here and here).

Nevada court removes cannabis from state’s controlled substances list

On October 26, 2022, a Nevada state court ordered that cannabis be removed from Schedule I of Nevada’s Uniform Substances Act. As we previously reported, the court ruled in September that the Nevada Board of Pharmacy’s classification of cannabis as a Schedule I substance violated the state constitution, but reserved its decision on the matter. whether the Board of Pharmacy had the power to regulate cannabis – until last week, when the court found that the Commission had no such power.

After Nevadans voted twice to legalize cannabis (first for medical use in 1998, then for adult use in 2016), the state constitution was amended to recognize that cannabis has a medical use, but the Board of Pharmacy has not changed the state designation. cannabis as a Schedule I substance, which is reserved for substances that have no medical benefit and pose a high risk of abuse.

[View source.]

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Walden Savings Bank hires two people for key positions https://erinsrays.com/walden-savings-bank-hires-two-people-for-key-positions/ Wed, 02 Nov 2022 04:02:07 +0000 https://erinsrays.com/walden-savings-bank-hires-two-people-for-key-positions/ MONTGOMERY – Walden Savings Bank has announced the hiring of two seasoned banking professionals in key positions at its New Windsor and Middlehope branches. Angela Ellis, who has over 20 years of experience with financial institutions including managing two branches simultaneously, has been appointed branch manager in New Windsor. Melessia Robinson, who brings over 20 […]]]>

MONTGOMERY – Walden Savings Bank has announced the hiring of two seasoned banking professionals in key positions at its New Windsor and Middlehope branches.

Angela Ellis, who has over 20 years of experience with financial institutions including managing two branches simultaneously, has been appointed branch manager in New Windsor. Melessia Robinson, who brings over 20 years of experience in various businesses, including three years as a Branch Supervisor, has been appointed Branch Operations Manager at Middlehope.

Ellis acquired his financial expertise entirely in the Hudson Valley, honing his skills in financial management and analysis as well as customer service. She trained and mentored new supervisors, assistant branch managers and cashiers. The SUNY Purchase graduate is responsible for overall branch sales, operations and staff development.

Robinson gained his experience in real estate, retail and financial institutions. She supervised, mentored, trained and evaluated branch staff, including cashiers. She is responsible for the operations and security of the Middlehope branch. The graduate of the ITT Technical Institute in Norwood, Mass., will keep abreast of policies and procedures and monitor cash levels, cashiers, and the quality of audit reports.

Angela and Melessia are great additions to our team – two experienced and innovative leaders who value and champion customer satisfaction,” said President and CEO Derrik Wynkoop.

“They are dynamic and will help continue Walden Savings Bank’s legacy of exceptional service while ensuring that our teams continue to identify strategies to provide customers with personalized attention and a positive banking experience.”

About Walden Savings Bank
Walden Savings Bank, established in 1872, is the 11th oldest federally chartered mutual savings bank and is headquartered in Montgomery, NY With a total of 11 full-service branches serving Orange and Ulster counties and A loan origination office in Dutchess County, the progressive bank’s style of community banking offers products that appeal to both individuals and growing medium-sized businesses. Walden Savings Bank is rated 5 stars by Bauer Financial, the nation’s most reputable and respected financial institutions analyst. In addition, Walden Investment Services*, located at Walden Savings Bank, offers personalized financial planning advice. To learn more about the Bank and its products and services, visit their website at www.waldensavings.bank.

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Mastercard launches crypto system for banks https://erinsrays.com/mastercard-launches-crypto-system-for-banks/ Sun, 30 Oct 2022 03:51:16 +0000 https://erinsrays.com/mastercard-launches-crypto-system-for-banks/ MasterCard announced the launch of Crypto SourceTM, a program allowing financial institutions to offer crypto services to their customers. According to the payment platform, it has partnered with regulated and licensed crypto custody providers, to allow its partner financial institutions access to a full suite of buy, hold and sell services for certain cryptographic assets, […]]]>

MasterCard announced the launch of Crypto SourceTM, a program allowing financial institutions to offer crypto services to their customers.

According to the payment platform, it has partnered with regulated and licensed crypto custody providers, to allow its partner financial institutions access to a full suite of buy, hold and sell services for certain cryptographic assets, complemented by proven identity, cyber, security and advisory services.

It said its crypto source offering is complemented by its crypto secureTM to bring additional security to the crypto ecosystem and help card issuers comply with complex regulations.

In a statement, President, Cyber ​​and Intelligence, Mastercard, Ajay Bhalla said: “At Mastercard, trust is our business.

“What we are announcing today is a connected approach to services that will help bring the next billion users securely into the crypto ecosystem. Our recent investments in this area, such as the acquisition of CipherTrace and Ekata, offers us a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available on the market.

The company said that to support its program, it is expanding its partnership and working with Paxos Trust Company, to enable Paxos to provide crypto-asset trading and custody services on behalf of banks, while leveraging its technology to embed these capabilities in banks. interfaces, resulting in a seamless experience for the consumer.

Chief Digital Officer at Mastercard, Jorn Lambert, said, “Our commitment is simple: to explore the cryptography and underlying technology of digital assets to support consumer choice in payments.

“Today is an exciting step in our crypto journey that builds on the strengths of our global businesses, from open banking and identity verification to fraud analytics and monitoring to settlement solutions. We are excited to expand our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions Our crypto product innovations will deliver choice at scale and continue to provide unique opportunities for institutions financial institutions as they seek to offer new and advanced services to their customers.

Paxos Chief Strategy Officer Walter Hessert added: “Mastercard has a strong network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will provide FIs with the fastest and most reliable way to deliver safe and reliable crypto access to their consumers around the world. We are excited to partner with Mastercard to further accelerate the widespread adoption of digital assets.

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Napier Continuum improves financial crime risk management for businesses https://erinsrays.com/napier-continuum-improves-financial-crime-risk-management-for-businesses/ Thu, 27 Oct 2022 02:10:19 +0000 https://erinsrays.com/napier-continuum-improves-financial-crime-risk-management-for-businesses/ Napier has launched a new financial crime risk management platform that provides automation while improving the efficiency and accuracy of financial crime compliance programs for regulated organizations of all maturity levels. Napier is reinventing financial crime risk management (FCRM) technology with its scalable and flexible platform, Napier Continuum. It is the first end-to-end AI-enhanced platform […]]]>

Napier has launched a new financial crime risk management platform that provides automation while improving the efficiency and accuracy of financial crime compliance programs for regulated organizations of all maturity levels.

Napier is reinventing financial crime risk management (FCRM) technology with its scalable and flexible platform, Napier Continuum. It is the first end-to-end AI-enhanced platform purpose-built for modern financial markets by optimizing current risk operations while seamlessly scaling as organizations manage new, unknown future risks. .

With advanced AI and automation built into the entire platform, supported by low-code/no-code rules and sandbox environments, organizations can respond to changing threats and regulations with a faster decision-making and improved accuracy in investigations.

Leveraging next-generation technologies, Napier Continuum delivers a dynamic and holistic view of financial crime risk while improving operational efficiency and lowering total cost of ownership.

Continuum provides access to Napier’s full suite of financial crime compliance products, including (p)CRA perpetual client risk assessment, transaction monitoring, screening and risk assessment tools. risks, with full STP for third-party and proprietary applications such as AML, KYC, Fraud and CRM systems.

Will Monk, Chief Product Officer at Napier, whose 20 years of experience with companies such as NatWest, HSBC and Barclays has helped shape the platform, said: “Understanding the key challenges faced by financial institutions To streamline financial crime compliance operations, we invested in a unified AI-enhanced solution with exceptional levels of automation to help more effectively detect suspicious behavior and support threat risk monitoring. compliance throughout the customer lifecycle.

There is no need to “remove and replace” existing solutions, as customers will have the option to deploy Napier Continuum as an end-to-end platform, point solution or as an aggregation layer to complement existing systems.

Napier Continuum can also be deployed in any cloud environment as a fully managed SaaS, or on premise to a customer’s specifications.

Napier Continuum also provides continuous risk assessment capabilities through (p)CRA, its dynamic risk assessment suite, which enables automated continuous review of all risk factors throughout the customer lifecycle.

“Criminals continually adapt their methods in response to technological innovations, but financial crime risk management solutions have been slow to catch up,” said Greg Watson, CEO of Napier.

“That’s why we are extremely proud to launch Napier Continuum. With features such as (p)CRA and high levels of automation, it is a superior solution that organizations can adapt to their business and regulatory requirements while intercepting ever-evolving financial crime threats,” Watson added.

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Mastercard will help financial institutions offer crypto https://erinsrays.com/mastercard-will-help-financial-institutions-offer-crypto/ Mon, 17 Oct 2022 14:53:18 +0000 https://erinsrays.com/mastercard-will-help-financial-institutions-offer-crypto/ Payments giant Mastercard is taking another step to deepen its involvement in the crypto space, aiming to grow its core business model. The company will launch a program that will help banks and financial institutions offer crypto-based products, according to a CNBC report. The initiative is one of several ventures by the payment company to […]]]>

Payments giant Mastercard is taking another step to deepen its involvement in the crypto space, aiming to grow its core business model. The company will launch a program that will help banks and financial institutions offer crypto-based products, according to a CNBC report.

The initiative is one of several ventures by the payment company to integrate crypto into its business model. Mastercard enables millions of people and merchants to use digital assets on their payment rails by exchanging crypto for fiat and vice versa. Their new program will take a similar approach.

BTC price is moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Mastercard wants people to overcome their fear of crypto

According to the report, Mastercard will launch a pilot program for its initiative in the first quarter of 2023. The initiative will be available to select banking institutions for the purpose of enabling them to launch crypto trading products.

The program will be extended to other regions and institutions in the coming years. Mastercard will work as a “bridge” alongside Paxos, a trading platform that already offers similar services to companies like PayPal.

In late 2020, PayPal and Paxos announced their partnership to give people in the United States access to Bitcoin and other cryptocurrencies. Partners operate as a bridge between digital assets and investors and manage custody, compliance and security.

The Paxos and Mastercard agreement follows similar terms. According to Mastercard’s Chief Digital Officer, Jorn Lambert, there is significant demand for crypto products. Their program will attempt to remove friction from the process of exposure to these assets.

The payment giant has conducted surveys and other studies to gauge sentiment around cryptocurrencies and concluded that most still want access to these assets. Most people, according to their studies, would prefer to expose themselves through their local bank and other financial institutions.

Thus, Mastercard has decided to respond to this demand with its new initiative. Lambert said:

There are plenty of consumers who are genuinely interested and intrigued by crypto, but who would feel much more confident if these services were offered by their financial institutions. It’s still a bit scary for some people.

Crypto Must Step Through This Gate To Enter The Mainstream

The payment giant will focus on keeping its customers and institutional partners compliant with US crypto laws. In addition, the Company will process and verify transactions and provide a framework with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.

The Mastercard executive believes that the current downward pressure on the fledgling asset class will not cap its long-term growth. In the coming years, the payments company expects to see an increase in transaction volume of the digital asset class. Lambert added:

It would be short-sighted to think that a bit of crypto winter heralds the end of it – we don’t see it. As regulations come into effect, the degree of security available to crypto platforms will be higher and we will see many current issues being resolved in the quarters of years to come.

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Why Zelle moves twice as much money as Venmo and the Cash app combined https://erinsrays.com/why-zelle-moves-twice-as-much-money-as-venmo-and-the-cash-app-combined/ Sat, 15 Oct 2022 01:19:00 +0000 https://erinsrays.com/why-zelle-moves-twice-as-much-money-as-venmo-and-the-cash-app-combined/ By Emilie Bary A recent Twitter thread highlighted Zelle’s scale against Venmo and App Cash on a key metric An earlier version of this report incorrectly listed the name of the company that runs Zelle. This is Early Warning Services LLC. Zelle may not have its own clothing line or suggest emojis when you pay […]]]>

By Emilie Bary

A recent Twitter thread highlighted Zelle’s scale against Venmo and App Cash on a key metric

An earlier version of this report incorrectly listed the name of the company that runs Zelle. This is Early Warning Services LLC.

Zelle may not have its own clothing line or suggest emojis when you pay your friend, but the peer-to-peer payment service moves a lot of money, and that seems to be raising eyebrows these days. -this.

Senator Elizabeth Warren has taken aim at Zelle — and the big banks behind her — for not doing enough to protect consumers from fraud on the platform. She chewed on bank executives at a congressional hearing in September and took a particular swipe at Wells Fargo & Co. (WFC) on Thursday, saying the company had higher Zelle fraud rates than other banks.

(Zelle said in a statement that “recent statements regarding Wells Fargo’s fraud and scam rates are inaccurate” and that more than 99.9% of payments made on the wider Zelle network are sent unreported for fraud or scam.)

All of this attention is apparently causing some consumers to take a closer look at Zelle as well, with one Twitter user pointing out that Zelle handled $490 billion in volume last year, compared to $230 billion for Venmo from PayPal Holdings Inc. (PYPL) and $15 billion for Application Cash from Block Inc. (SQ).

Unlike Venmo and Cash App, Zelle is not a pop culture phenomenon. Perhaps that’s why one Twitter user seemed taken aback by the relative scale of the platform.

“I don’t know anyone who uses Zelle…but it runs 2x Venmo and Cash App combined,” read a Thursday Twitter post that has been liked over 5,200 times. “Savage.”

Zelle’s strong volumes shouldn’t come as too big of a shock, however, given that the service has a key advantage. It is managed by Early Warning Services LLC, which is owned by major banks. These banks are among more than 1,700 financial institutions that make it easy for their customers to use the service through their own platforms.

“People are much more likely to use it just because they don’t have to download a whole new app,” said Bill Hardekopf, chief industry analyst at Moneycrashers.com. “That might deter some people from using PayPal or Venmo.”

Peer-to-peer platforms depend on network effects, and Zelle’s place in banking apps gives it an edge. The person you want to pay may not have the Cash app, but they’re probably doing business with one of Zelle’s partner institutions.

Matt Schulz, chief credit analyst at LendingTree, noted that bank representatives have actively mentioned Zelle to him during recent branch visits. “It’s definitely something a lot of people use and is pushed by financial institutions, but at the end of the day there’s still a lot of risk involved in using these things,” he said. .

Twitter users offered a variety of other reasons for Zelle’s impressive volumes, with some considering Zelle the service of choice for larger transfers such as rent payments or home improvement deposits, while users might be inclined to use Venmo more to split a dinner check. Larger transaction amounts skew volumes, regardless of how many people use a given platform and how often.

“Makes sense since I use Zelle for rent and Venmo for everything else,” one Twitter user wrote. Another simply replied: “Owners”.

The original poster took the comments into account. “A lot more people are using Zelle on Venmo/Cash than I ever imagined…and also people seem to care a lot about using Zelle,” he wrote.

The integrated nature of Zelle’s service could also help it appeal to older users who are particularly concerned about the security of their online financial information. While Venmo and the Cash app are popular with many younger users, Zelle is thought to appeal to older people a bit more.

“Zelle’s integration into the banking system of many banking systems gives it a leg up in terms of perceived security,” Hardekopf said.

-Emily Bary

 

(END) Dow Jones Newswire

10-14-22 2119ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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