non-profit organizations – Sociology Eso Science http://www.sociologyesoscience.com/ Wed, 22 Jun 2022 22:26:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.sociologyesoscience.com/wp-content/uploads/2021/06/favicon-6-150x150.png non-profit organizations – Sociology Eso Science http://www.sociologyesoscience.com/ 32 32 Voyager Digital considers ‘notice of default’ to 3AC for loan https://www.sociologyesoscience.com/voyager-digital-considers-notice-of-default-to-3ac-for-loan/ Wed, 22 Jun 2022 14:00:27 +0000 https://www.sociologyesoscience.com/voyager-digital-considers-notice-of-default-to-3ac-for-loan/ Voyager Digital, one of the market’s crypto brokers that provided loan facilities to Three Arrows Capital (3AC), said it may be forced to issue “a notice of default” to the beleaguered crypto hedge fund. Voyager said he was considering this because 3AC has yet to repay a loan he owes the crypto broker, which was […]]]>

Voyager Digital, one of the market’s crypto brokers that provided loan facilities to Three Arrows Capital (3AC), said it may be forced to issue “a notice of default” to the beleaguered crypto hedge fund.

Voyager said he was considering this because 3AC has yet to repay a loan he owes the crypto broker, which was exposed to 15,250 BTC and $370 million USDC in exposure.

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3AC must repay its loan by June 27

The company said in a update Wednesday that he had recently asked 3AC to settle part of the loan ($25 million USDC) by June 24. He then complied with this request by demanding that the entire loan (BTC and USDC) be repaid by June 27, 2022.

Both dates have yet to pass, but Voyager says it would “constitute an event of default” if that happened.

The company is therefore ready to pursue the recovery of funds from the Singapore-based crypto hedge fund, it added in the statement. This includes by all available legal means.

Voyager recently secured a credit facility from Alameda, with the loan consisting of $200 million in cash and USDC as well as 15,000 BTC. The company will use this facility to protect its clients’ assets as the industry navigates a brutal bear market.

According to the latest update, Voyager has approximately $152 million in cash and also holds “crypto assets”. There is also around $20 million set aside for the purchase of USDC.

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US failed to stop fraud in COVID loan program, says Clyburn | Richmond Free Press https://www.sociologyesoscience.com/us-failed-to-stop-fraud-in-covid-loan-program-says-clyburn-richmond-free-press/ Thu, 16 Jun 2022 22:00:00 +0000 https://www.sociologyesoscience.com/us-failed-to-stop-fraud-in-covid-loan-program-says-clyburn-richmond-free-press/ The United States failed to take basic steps at the start of the coronavirus pandemic to prevent fraud in a federal aid program intended to help small businesses, draining funds and making people more vulnerable to theft. identity, said the chairman of a House panel examining the payments. Tuesday. Democratic Representative James Clyburn has blamed […]]]>

The United States failed to take basic steps at the start of the coronavirus pandemic to prevent fraud in a federal aid program intended to help small businesses, draining funds and making people more vulnerable to theft. identity, said the chairman of a House panel examining the payments. Tuesday.

Democratic Representative James Clyburn has blamed the Trump administration for problems with the COVID-19 economic disaster loan program, overseen by the US Small Business Administration, amid revelations that up to 20% of the money – tens of billions of dollars – may have been attributed to fraudsters.

Mr Clyburn said the Biden administration has implemented measures to identify potential fraud and ordered loan officers to process clues of fraud before approving loans, while Congress has invested in prevention fraud and liability.

Rep. Steve Scalise, the House’s No. 2 Republican, said the Trump administration and Congress worked together at the start of the pandemic, when uncertainty was rampant and much of the economy was blocked, to provide “much needed relief as quickly as we can to help save as many jobs as possible” and prevent the economy from collapsing.

Mr. Scalise, R-La., Said Democrats were undermining successes, and he asked why the House coronavirus panel, chaired by Mr. Clyburn, wasn’t looking into the enhanced unemployment insurance program which was plagued by “gross and unprecedented fraud” and is a “major contributor” to high inflation rates.

“I hope that in our oversight of pandemic programs, my fellow Democrats will be able to recognize the difference between what was necessary to save the economy during an unprecedented pandemic and the promotion of a bias-inducing partisan agenda. inflation,” he said.

Clyburn, of South Carolina, said the subcommittee will determine what more needs to be done to bring perpetrators of fraud to justice and how to protect future emergency programs.

Mr Clyburn said he supported extending the statute of limitations for such fraud cases to give investigators more time to unravel complex potential crimes. Witnesses at the hearing suggested standardizing data collected by states to make it easier for federal authorities to spot potentially fraudulent schemes.

The SBA’s Office of Inspector General estimated that at least $80 billion distributed from the $400 billion EIDL program could have been fraudulent, much of it in scams

using stolen identities. Separately, select subcommittee staff released a report on Tuesday that found some 1.6 million loan applications may have been approved but not assessed.

Fraud has overwhelmed federally funded and state-administered enhanced unemployment insurance programs. There was so much aid to governments that many struggled to find a way to spend it all within the original regulations. And there have been questions about whether the Paycheck Protection Program to keep employees on the job was worth it.

The Secret Service said in December that nearly $100 billion had been stolen from COVID-19 relief programs, basing that estimate on its cases and data from the Labor Department and the Small Business Administration.

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Holding colleges accountable for the student loan crisis in the United States. https://www.sociologyesoscience.com/holding-colleges-accountable-for-the-student-loan-crisis-in-the-united-states/ Wed, 15 Jun 2022 04:03:03 +0000 https://www.sociologyesoscience.com/holding-colleges-accountable-for-the-student-loan-crisis-in-the-united-states/ People walk past a sign calling on US President Joe Biden to cancel all student debt, near the White … [+] House in Washington, DC on May 12, 2022. (Photo by Stefani Reynolds/AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images) AFP via Getty Images Although his administration has already granted more student debt relief than […]]]>

Although his administration has already granted more student debt relief than any other in history, reports suggest that President Biden is seeking to forgive even more student loan debt. Whether the president adopts his campaign proposal of up to $10,000 in debt relief or provides more targeted loan forgiveness (he should help those who need it most), one thing is certain: universities and American colleges will once again get a free pass for the financial mess they helped create.

Since the 1970s, American higher education institutions have done everything to avoid tough decisions that would reduce tuition fees. Rather than cut wasteful spending and bloat, colleges and universities quickly expanded their administrative staff and built new infrastructure in an effort to “keep up with the Joneses.” Administrators now outnumber teachers in a growing number of schools. For example, the number of directors at Yale University today slightly exceeds the number of teachers (5,066 managers and staff against 4,937 teachers).

Meanwhile, college and university presidents seem much more interested in building dormitories and state-of-the-art amenities like “lazy river pools” to attract more paying customers, rather than modernizing and innovating their school’s outdated higher education model.

What’s worse is that our nation’s higher education institutions have funded this spending boom on the backs of students and their families. Since 1970, the average tuition in the state has increased by more than 2000% in public and private schools, while average student loan debt jumped 317% on average.

Most school administrators act as if college loans are a trivial inconvenience to students and their families, as a former college dean once told me, no more than the cost of a loan for a car cheap. And when pressed on why tuition fees have risen so quickly, the most direct blame is the lesser government support for American colleges and universities. In fact, national investment in higher education in the United States is much greater today (in inflation-adjusted dollars) than it was in the 1960s. For example, the defense budget is about 1.8 times higher today than it was in 1960, while federal appropriations for higher education are more than 10 times higher..

Looking at the astronomical increase in the cost of earning a bachelor’s degree since the 1970s, it’s clear that most college and university presidents see nothing wrong with raising tuition every year. In fact, some colleges have increased tuition fees to improve their reputation as elite institutions. As Stephen Trachtenberg (former president of George Washington University) acknowledged in 2012, “People equate the price with the value of their education.”

Unfortunately, while student debt relief would benefit millions of current and former students, it would only exacerbate the underlying problem that colleges and universities have no incentive to rein in the costs or to modernize their educational requirements. To avoid another student loan bailout down the road, President Biden should aim to lower the price of a college degree, pursuing policies that lead to lower tuition for all students. For example, colleges should be challenged to accept at least one semester of Advanced Placement (AP) credit for students who score a 3 or higher on their AP exam. In addition, Congress should ban the use of Pell Grants, Guaranteed Student Loans, and other federal aid at post-secondary institutions that raise tuition faster than inflation or some other measure. Finally, schools should be required to offer “no frills” degrees where students can opt out of costly services such as job placement programs, access to athletic and social facilities, and the requirement to live on campus. .

Providing targeted student loan relief, such as expanding and reforming income-tested repayment programs that directly tie debt cancellation to the borrower’s ability to pay, could provide an economic lifeline for people in need. But broad debt cancellation, especially without holding schools accountable for their irresponsible financial management, would only reverse the funding problem for higher education.

If the past is any example, college and university presidents will almost always choose to force students to borrow more rather than cut spending on administrative costs and amenities that have little to do with their basic educational mission. This must stop before we indebt another generation of students and their families.

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Asian Development Bank accepts $4.3 billion loan for Philippines Southern Commuter Rail Project https://www.sociologyesoscience.com/asian-development-bank-accepts-4-3-billion-loan-for-philippines-southern-commuter-rail-project/ Mon, 13 Jun 2022 15:32:28 +0000 https://www.sociologyesoscience.com/asian-development-bank-accepts-4-3-billion-loan-for-philippines-southern-commuter-rail-project/ Image courtesy of the Philippines Department of Transportation The Asian Development Bank (AfDB) has approved a loan worth up to $4.3 billion for the construction of the 55 km Southern Commuter Railway project between Metro Manila and the city of Calamba . Work on the project will include 18 stations and a connecting tunnel to […]]]>
Image courtesy of the Philippines Department of Transportation

The Asian Development Bank (AfDB) has approved a loan worth up to $4.3 billion for the construction of the 55 km Southern Commuter Railway project between Metro Manila and the city of Calamba . Work on the project will include 18 stations and a connecting tunnel to create an interchange with the future Metro Manila.

The line will be designed to withstand typhoons and earthquakes, and will be elevated to prevent flooding.

When completed, it will be part of the North-South Commuter Railway (NSCR) and will be AfDB’s largest infrastructure project in the Asia-Pacific region.

The South Commuter project will be funded in sections, with the first tranche of $1.75 billion to be made available this year. The release of the second and third tranches is scheduled for 2024 and 2026.

The AfDB will finance viaducts, stations, bridges, tunnels and depot buildings, and the Japan International Cooperation Agency will finance rolling stock and signaling systems.

The project follows AfDB financing of the Malolos-Clark railway line, currently underway north of the capital.

Ahmed Saeed, AfDB Vice President for the region, said“The South Commuter Railway project will provide affordable, safe, reliable and fast public transport for commuters.

“This project represents the AfDB’s largest infrastructure investment and reflects our commitment to helping the Philippines achieve its goals of reducing poverty, improving the lives of Filipinos and achieving green economic growth, resilient and elevated.

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Odisha EOW urges Google to remove 45 ‘illegal’ lending apps from Play Store https://www.sociologyesoscience.com/odisha-eow-urges-google-to-remove-45-illegal-lending-apps-from-play-store/ Fri, 10 Jun 2022 01:16:00 +0000 https://www.sociologyesoscience.com/odisha-eow-urges-google-to-remove-45-illegal-lending-apps-from-play-store/ The Economic Crimes Wing of Odisha Police has demanded Google Inc to immediately remove 45 “fake” lending apps from the Google Play Store. The EOW recently wrote to Google Inc’s Legal Investigations Support Team in California, asking it to remove 45 apps suspected of using unethical practices to recover money from […]]]>


The Economic Crimes Wing of Odisha Police has demanded Google Inc to immediately remove 45 “fake” lending apps from the Google Play Store.

The EOW recently wrote to Google Inc’s Legal Investigations Support Team in California, asking it to remove 45 apps suspected of using unethical practices to recover money from borrowers.

Among the list of apps sent to Google for removal are: Beloan App, Go Cash, Go Go loan, INS Loan, Asan Loan, Fast cash/Cash Fast, Flip cash, Rupee Wallet, Rupee King, Fast Rupee, Easy Credit Prêt, Cash Cola, Infinity, Sunshine, Credit wallet, Money tree, Cash pocket, Hello rupee, Small credit, Cash room, Star loan, Yes rupee, Ok rupee loan and Magic money loan.

“These apps have been illegally providing short term loans at very high interest rates. These apps are not licensed by the RBI to do so. Further, these loan apps are using unlawful methods of harassment, threats, blackmail, using extremely foul language in order to extort money from victims,” ​​the EOW told Google.

They also harass their friends/relatives as these lending apps have access to the victim’s full contact list, he said.

Many other state police in India also investigate such cases. It is also reported that many people committed suicide because of these illegal, humiliating and torturous activities of these loan applications, the EOW wrote.

Google’s guidelines prohibit the operation of any application involving harassment, blackmail, and threats. Apps available on the Play Store must comply with local laws and respect user privacy. These bogus loan apps have flouted all of these guidelines.

EOW sleuths, while investigating a loan app fraud case, discovered that cyber criminals were exploiting the “anonymity” feature in connection with the app developer/operator on Google Play to engage in various criminal practices.

So, the authority further asked Google not to allow any app to run from Play Store if it does not mention the complete details about its developer/creator.

The WOW recently arrested three cybercriminals who deceived many in the state through such mobile apps.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Saul Niguez thanks his Chelsea teammates for not letting him ‘collapse’ at the end of the loan spell https://www.sociologyesoscience.com/saul-niguez-thanks-his-chelsea-teammates-for-not-letting-him-collapse-at-the-end-of-the-loan-spell/ Wed, 08 Jun 2022 09:46:48 +0000 https://www.sociologyesoscience.com/saul-niguez-thanks-his-chelsea-teammates-for-not-letting-him-collapse-at-the-end-of-the-loan-spell/ Atletico Madrid midfielder Saul Niguez has had a loan to forget at Stamford Bridge after making just 10 Premier League appearances in the 2021/22 league season Saul Niguez in his final appearance for Chelsea ( Image: Robin Jones/Getty Images) Saul Niguez has thanked his Chelsea team-mates after his difficult season-long loan spell at Stamford Bridge […]]]>

Atletico Madrid midfielder Saul Niguez has had a loan to forget at Stamford Bridge after making just 10 Premier League appearances in the 2021/22 league season

Saul Niguez in his final appearance for Chelsea

Saul Niguez has thanked his Chelsea team-mates after his difficult season-long loan spell at Stamford Bridge came to an end.

The Atletico Madrid midfielder spent last season with the Blues but fell short of expectations for Thomas Tuchel’s side, playing just 23 times and making just 10 Premier League outings throughout of the 2021/22 campaign.

Saul even had to play from his preferred position for some of his outings, but scored once for the club in an FA Cup win at Luton Town. Saul was in Chelsea’s squad for their FIFA Club World Cup triumph earlier this year, coming on as a substitute in the final win over Brazilian side Palmeiras in February, but ultimately his fate was been disappointing.

Saul posted a message to Chelsea fans and teammates in London following his exit as Tuchel’s side apparently did not choose to trigger the €35m ($29.9m) purchase option. sterling) in his loan agreement.

“Hello blues I am writing to take leave of you,” Saul posted on Instagram. “I would like to tell you what I felt during this adventure. Things didn’t start well at all. After a long time at home, changing everything was not easy. Gradually things got better.

“Everything in life is about improving and learning, and that’s what I took away from this adventure. I want to thank the club for trying to take care of every detail to make me feel at home. I would also like to give recognition to every worker, thank you. Thank you for growing this club.







Chelsea head coach Thomas Tuchel and Chelsea’s Saul Niguez during the UEFA Champions League Group H game between Chelsea FC and Malmo FF at Stamford Bridge
(

Image:

James Williamson – AMA/Getty Images)

Where does Saul rank among Chelsea’s worst signings in recent years? Express yourself in the comments section.

“Thank you to all the fans for supporting me through thick and thin. I will be eternally grateful. Thank you to all the staff for allowing me to win titles with the blue jersey. But above all, I wanted to thank my teammates. They were fundamental for me not to collapse. They helped me to continue to support the team and to live a calm and positive daily life. Thank you!”

Saul’s struggles began soon after he moved to London. He was substituted at half-time on his Chelsea debut in a 3-0 win over Aston Villa, with Tuchel criticizing the midfielder rather harshly for not being able to cope with the intensity of the match. English elite.

“We could see Saul struggling to adapt to the intensity, the instructions, the style of play and the intensity of the Premier League,” Tuchel told Sky Sports last September. “It was hard to do, I felt he was struggling. He made mistakes, passing mistakes and mistakes and struggled with intensity.

“You could see he was a perfect fit. It is entirely my responsibility. I thought maybe he could just jump in and play for us at this level, so I thought maybe it would be better to have Jorginho who has a better connection with Thiago. [Silva] to control the game a bit more there.

Things didn’t improve much over Christmas, with Saul’s appearance on the bench against Everton in December prompting further criticism, as Tuchel launched a fierce defense of the Spaniard despite admitting that he was “struggling”.

“Was he the first player to struggle in the Premier League? No and he won’t be the last,” Tuchel said. “We protect our players and I will always protect our players.” Tuchel heaped praise on Saul later in the campaign, hailing his “professionalism”, but it was clear the move didn’t go as hoped.

Saul isn’t the only member of last season’s Chelsea squad to feature in La Liga for the 2022/23 season after his return. Centre-back Antonio Rudiger has already confirmed his move to Real Madrid, signing a free transfer after failing to renew his contract at Stamford Bridge.

Andreas Christensen, Cesar Azpilicueta and Marcos Alonso have also all been linked with summer outings at Barcelona in recent months.

Read more

Read more

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Portsmouth defender reveals reason for failed non-league loan with Bromley last season https://www.sociologyesoscience.com/portsmouth-defender-reveals-reason-for-failed-non-league-loan-with-bromley-last-season/ Sun, 05 Jun 2022 16:00:00 +0000 https://www.sociologyesoscience.com/portsmouth-defender-reveals-reason-for-failed-non-league-loan-with-bromley-last-season/ The 20-year-old was sent to the Ravens at the start of 2021-22 to gain valuable senior football experience. Andy Woodman’s side fended off interest from other National League clubs to sign Mnoga on August deadline day, but the decision worsened soon after. Register to our Portsmouth FC newsletter However, the versatile defender is adamant he […]]]>

The 20-year-old was sent to the Ravens at the start of 2021-22 to gain valuable senior football experience.

Andy Woodman’s side fended off interest from other National League clubs to sign Mnoga on August deadline day, but the decision worsened soon after.

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However, the versatile defender is adamant he maintained his professionalism throughout his time at Hayes Lane and was not the architect of his own demise.

Mnoga said The news: ‘When I went there their right-back was suspended because he had a three-game ban so he missed the game against Cheltenham but came on after.

“I agreed not to start at the beginning because I understood that I was not going to enter the team directly and that I had to prove something.

“Maybe in the first game I didn’t prove as much as I could have, so it was just that I didn’t start. I always worked hard in training and gave 100% to try to prove myself.

Haji Mnoga was sent off prematurely to Pompey from Bromley last season. Photo: Nigel Keene

“I would say I would have liked more opportunities, but it’s one of those things in football.

“I was just making substitute appearances, really, but it’s quite difficult to do much in the last 15, 10 or five minutes of games.”

But he explained how being fast-tracked into National League action in August negatively affected his time with the Ravens.

He added: “Everyone thought it would be a good loan and Bromley was looking forward to having me there.”

“Before I joined, I didn’t speak to the manager but to one of the coaches on deadline day after I signed my new contract at Pompey.

“I came down on a Friday and trained, but it was only a ‘match day minus one’ session, so I didn’t even have a full session with the team.

“Then we had Chesterfield away which is a big game a day later and I played well but not at my best so I was a bit disappointed with my performance. I walked out after 60 minutes, but the gaffer said he thought I had done well to walk straight in.

“From there it went downhill a bit and it was the only game I started at Bromley.”

]]> HDFC Bank expands its gold lending offering in Maharashtra and adds 26 new offices to its branches https://www.sociologyesoscience.com/hdfc-bank-expands-its-gold-lending-offering-in-maharashtra-and-adds-26-new-offices-to-its-branches/ Fri, 03 Jun 2022 09:19:41 +0000 https://www.sociologyesoscience.com/hdfc-bank-expands-its-gold-lending-offering-in-maharashtra-and-adds-26-new-offices-to-its-branches/ Private sector lender, HDFC Bank on Friday added 26 gold lending offices to its branch network in Maharashtra. With the latest addition, the lender now offers gold loans from its 212 branches out of 711 bank branches in the state. In a statement, HDFC Bank said it was working to make all its branches in […]]]>

Private sector lender, HDFC Bank on Friday added 26 gold lending offices to its branch network in Maharashtra. With the latest addition, the lender now offers gold loans from its 212 branches out of 711 bank branches in the state.

In a statement, HDFC Bank said it was working to make all its branches in Maharashtra capable of processing gold loans by the end of the current financial year. This facility will allow people to get the most out of their idle gold with minimal documentation and fee transparency.

Gold Loans will be available for terms ranging from 3 months to 36 months.

Abhishek Deshmukh, Banking Branch Manager – Maharashtra, HDFC Bank said, “Maharashtra is one of the fastest growing and developing states in India. Gold Loan allows people to get funds quickly with minimal documentation. These branches will facilitate an efficient way to raise funds for both short and long term needs. This will help people across the state.”

Vikas Pandey, Executive Vice President, Gold Loan and Auto Loan, HDFC Bank, said, “The Gold Loans have greatly helped people in semi-urban and rural areas of the country to meet their urgent financial needs. This supply replaced the unorganized sector. and brought transparency to the whole process. Demand for gold loans has increased over the past two years, with the pandemic serving as a catalyst.

HDFC Bank offers flexible term and repayment options to ensure customers’ monthly expenses stay within their budget.

Gold loan seekers include a diverse segment ranging from salaried and self-employed categories. People exploring quick loans for a short duration with minimal documentation will benefit from this facility.

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Wallis Bank opens loan origination office in Arizona https://www.sociologyesoscience.com/wallis-bank-opens-loan-origination-office-in-arizona/ Wed, 01 Jun 2022 19:00:00 +0000 https://www.sociologyesoscience.com/wallis-bank-opens-loan-origination-office-in-arizona/ HOUSTON, June 01, 2022 (GLOBE NEWSWIRE) — Wallis Bank recently opened a Loan Origination Office (LPO) in the Phoenix metro area. The LPO is located at 60 E Rio Salado Pkwy, Suite 900, Tempe, AZ. This is the Bank’s first location in the metropolitan area. Asif Dakri, Managing Director, said, “We are thrilled to open […]]]>

HOUSTON, June 01, 2022 (GLOBE NEWSWIRE) — Wallis Bank recently opened a Loan Origination Office (LPO) in the Phoenix metro area. The LPO is located at 60 E Rio Salado Pkwy, Suite 900, Tempe, AZ. This is the Bank’s first location in the metropolitan area.

Asif Dakri, Managing Director, said, “We are thrilled to open our first loan origination office in Arizona. We have an excellent regional chairman, Ketan Patel, who has worked in banking for over 20 years. We see Phoenix as a dynamic, fast-paced, growing city that has a very bright future ahead of it. At Wallis Bank, we are excited to be part of the growth for many years to come.

“I’m excited to start with Wallis Bank, to help meet the needs of our customers and enable their growth and success,” Patel said. “We want to build meaningful relationships while meeting our clients’ needs and the Bank’s objectives.”

Wallis Bank is a full-service community bank, specializing in serving small and medium-sized businesses. The Bank is an SBA Preferred Lender and has been ranked among the SBA’s Top 50 Lenders nationwide. In addition to SBA loans, Wallis Bank offers conventional loans for acquisition, construction/development, business expansion and working capital lines of credit. Other accolades for the Bank include being included in the “Best of the Best” list of independent bankers and the No. 1 bank in the CB Top Ten™ Report during the first quarter of 2022 in the Sub-S peer group: 1 to 5 billion dollars.

The expansion into Arizona aligns with the Bank’s growth strategy and improved customer experience over the past few years. Currently, Wallis Bank has full-service branches located in Texas, California, and Georgia. For more information about Wallis Bank, visit www.wallisbank.com.

About Wallis Bank

Wallis Bank is a full-service community bank dedicated to serving small rural customers to large international customers with the highest level of personalized service. The Bank was established in 1906 in Wallis, Texas, and has the unique experience of surviving the Great Depression, two World Wars and the Great Recession. Over the years, the company has seen the expansion of additional branches and offices in Houston, Dallas, San Antonio, Los Angeles and Atlanta. The Bank continues to expand its offering of digital products and services with an improved customer experience. In 2021, Wallis Bank was recognized as a Top Lender by Independent Community Bankers of America and has consistently been recognized on their annual Best of the Best list as the top performing community bank.

About CB Resource, Inc.

CB Resource, Inc. is a risk management and planning firm committed to serving community banks and their industry. The company demonstrates its commitment by delivering actionable insights that support better performance and risk-based decisions. CB Resource, Inc. supports its clients with hands-on service and subject matter expertise, all efficiently delivered through its fully integrated platform.

Lisa Diaz

Phone: 713.935.3722

Email: lisa.diaz@wallisbank.com

www.wallisbank.com

This content was posted through the press release distribution service on Newswire.com.

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Cost of living: families in difficulty are targeted by a quick loan scam https://www.sociologyesoscience.com/cost-of-living-families-in-difficulty-are-targeted-by-a-quick-loan-scam/ Tue, 31 May 2022 13:09:35 +0000 https://www.sociologyesoscience.com/cost-of-living-families-in-difficulty-are-targeted-by-a-quick-loan-scam/ Hardened families are set to lose money in a quick loan scam that has grown thanks to the cost of living crisis. And cases of people being trapped have increased so much that Lloyds Bank has warned customers to be on their guard against fraudsters. And the Financial Conduct Authority also warned people to be […]]]>

Hardened families are set to lose money in a quick loan scam that has grown thanks to the cost of living crisis. And cases of people being trapped have increased so much that Lloyds Bank has warned customers to be on their guard against fraudsters.

And the Financial Conduct Authority also warned people to be wary of out-of-the-box text, email or phone loan offers offering access to quick cash. The scam works like this:

  • Scammers set up online advertisements for fake companies or pose as real companies offering fast loans;
  • Struggling households are tempted by these ads because they offer a short-term solution to cash flow problems;
  • The fake loan is “approved” by the crooks;
  • The victim is then invited to send cash by bank transfer to reserve the loan;
  • The victim never receives the loan, and once the money is received, the scammers disappear.

Read more: HMRC issues scam warning to 2.1million tax credit customers

Fraudsters can ask for more money until the victim becomes suspicious – and people falling for the trap have risen 90% so far this year compared to the first five months of 2021, Lloyds claiming that the average victim loses £231.

The reason given for the prepayment may vary. Some of the common reasons given by scammers include verification fees, processing fees or guarantor fees and as always with scams, criminals know how to appear genuine.

Liz Ziegler, director of retail fraud and financial crime at Lloyds Bank, said: “Organized crime gangs will ruthlessly exploit any change in consumer behavior. As the cost of living increases, fraudsters are increasingly turning to advance fee scams.

“They know that some people will need more support with their money, and victims in these cases often have poor credit or may already be struggling financially. The important thing to remember is that a genuine loan company will never ask for an upfront payment before releasing the funds.”

Between April 2020 and March 2021, Action Fraud received 91,593 reports of application fraud, including advance fee schemes.

A total of £2.35bn was lost to fraud in 2021, according to Action Fraud.

Have you come across a scam? Join the conversation below

What to do if you think you have been scammed?

  • If you responded to a scam, end all contact immediately and do not communicate with the caller again
  • Call your bank directly and cancel any recurring payments – or most people can call a new hotline set up to report scams. 159
  • Report the scam to the police via Action Fraud on 0300 123 2040, or report it anonymously on Action Fraud website.
  • If you need further assistance, contact Citizens Advice Scams Action via the Citizen advice siteor call its Scams Action helpline on 0808 250 5050.

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