Possible sanctions against lenders include a ban from operating in the finance industry, criminal convictions, compensation payments and the reworking of contracts.
In announcing the code, Commerce and Consumer Affairs Minister Paul Goldsmith said most lenders followed responsible practices.
The new policy was aimed at loan sharks and unscrupulous payday lenders engaging in predatory practices.
But welfare experts and members of the lending industry have questioned the codes ability to crack down on some operations.
Instant Finance chief executive Richard de Lautour – whose company charges just under 30 per cent interest a year – doubted it would improve...
OLIVIA S. MITCHELL: The college course that had the most profound effect on my entire career as an economist was taught by John Kenneth Galbraith, on the great stock-market crash of 1929.
Professor G, as we called him behind his back in the ’70s, was a giant of a man6 foot 8 inches, to be precise. When I was a Harvard freshman, he generously held forth at an evening weekly seminar where I was one of a dozen or so fortunate enough to be invited to join his class. Clustered on benches gathered around his lanky frame, we collected his personal anecdotes with glee, worried with him about the massive problems caused by financial leverage, and chortled over his wry commentary. He was,...
The federal taxes we paid to the IRS this week bought a lot of government. If the average Joe Taxpayer finds it hard to keep up, then one reason this is so is because his paycheck hasnt been keeping up with the price of the federal government employees on his payroll.
The US Bureau of Economic Analysis reports that total compensation (both wages and benefits) for civilian federal employees (excluding military and government enterprises such as the US Postal Service) was almost $79.7 billion back in 1987. The average full time civilian federal employee cost the taxpayers $37,563 that year – a total compensation package that was 38 percent higher and more than $10,000 above the $27,282...
The room at the Build Amazing Startups Here (BASH) at Block 79, roared into a congratulatory cheer each time Markus Gnirck, Global COO at Singapore Startupbootcamp FinTech announced the top 10 FinTech teams as the finalists for the class of 2015.
The 10 FinTech startups were picked by a panel of industry experts, including Development Bank of Singapore (DBS), MasterCard and Infocomm Investments (IIPL), from an initial cohort of 296 FinTech teams from across Asia-Pacific and Europe.
The teams are in businesses ranging from blockchain technologies, wealth management, share trading, transaction security systems, loan and online remittance applications to peer-to-peer (p2p) mobile...
Global contact center technology leader’s cloud-based communications platform is chosen by national automotive lending specialist
Atlanta, GA (PRWEB) April 15, 2015
Noble Systems Corporation, a global leader in unified contact center technology, reports that Pelican Auto Finance, a San Diego-based automotive and consumer lending organization, has chosen the Noble Enterprise Cloud solution to achieve a new level of client communication with its borrowers and partner dealers.
Joel Kennedy, COO at Pelican Auto Finance said, “Client communications are an essential component of the servicing process, so we expect a lot from our communications system. We believe...
One useful starting point is the pioneering work on platform markets by the French economist Jean Tirole, who won the 2014 Nobel Prize. Platform markets are also described as two-sided markets. Consider the market for credit cards. The credit card company has two sets of clients: the merchant establishments that accept cards, and consumers who use cards.
Precision for Medicine, a specialized services company supporting next-generation approaches to drug development and commercialization, today announced the acquisition of Precision Health Economics (PHE). A world-renowned and cutting-edge health economics consultancy and analytics firm, PHE leverages the expertise of policy analysts, economists, clinicians, and academics to advance research on the most complex healthcare questions. Life sciences companies and policymakers worldwide turn to PHE to shape strategy, inform key healthcare decisions, and produce effective changes in policy through innovative research.
PHE, headquartered in Los Angeles, CA, was founded by Drs. Dana Goldman,...
In his introduction to John Tamny’s new book Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics, Steve Forbes sums up the present state of academia:
“If C=a+bY=200+2/3Y and I=I=100, solve Y=C+I=200+2/3Y+100 to get Y*=900. Increase I by 10 and verify that Y* goes up by 30. What is the multiplier? Why? (Note: Y is NNP in billions of $)”
The quote is from a popularundergraduate textbook, Paul Samuelson’s Economics.Any young person still willing to participate in such stupidity after this first indoctrination is soon instructed to use far more complicated math. This leads eventually to the present state...
COMMENTS: Comments Closed
Michele started out in the finance world as a cost accountant. She opened The Mortgage Centre in 1990 and was subsequently recruited out of her business by a top financial institution to serve as a Mobile Mortgage Specialist. Her next move to another top institution gave her the chance to focus on sub-prime mortgages. A top performer, Michele was recognized with the 2004 Presidents Award from one of Canadas Big Five banks for outstanding sales in Canada.
Years later and armed with even more experience, Micheles desire to come back to her business was refueled as she contemplated how to find better products...
WASHINGTON — US housing starts rose far less than expected in March and factory activity in the mid-Atlantic region grew modestly this month, suggesting the economy could struggle to rebound from a soft patch hit in the first quarter.
The economy stumbled at the start of the year under the weight of a harsh winter, a resurgent dollar, weaker global growth and a now-resolved labor dispute at the West Coast ports.
There are expectations growth will rebound in the second quarter, but Thursday’s lukewarm data suggest the momentum will probably not be strong enough for the Federal Reserve to start raising interest rates before September.