Finance
Financial surveillance threatens California border businesses
Many people do business in cash. They pay rent, go shopping, or wire money to relatives without government surveillance. But now, under a new federal directive targeting neighborhoods near the Southern Border, different rules apply.
Esperanza Gomez owns Novedades y Servicios, a small storefront offering entirely legal and legitimate money services to people who use cash. Normally, anytime a customer wants to do anything over $10,000—like cash a check, get a money order, or wire money—businesses that help them must record sensitive personal information, including the customer’s Social Security number, and report it to the federal government.
But starting on April 14, 2025, the government lowered that threshold to just $200. Previously, Gomez never had to make these reports because her customers’ transactions are always under $10,000. But because of the new rule, she suddenly must report nearly every transaction to the feds.
Many customers do not want the government to get a report every time they cash a check to buy groceries, diapers, or clothes at the stores across the way from Gomez’s shop. “My customers are honest people who are trying to live their lives,” she says, “Many do not have bank accounts, and they need these services. They don’t understand why this is required.”
What’s more, the new law only applies to 20 ZIP codes in Texas and 10 in California across Imperial and San Diego Counties. Everywhere else, the federal reporting standard remains $10,000. Actual criminals—if they really need to move money in $200 increments—can just go to a San Diego ZIP code not targeted by the new rule or head north toward Orange and Riverside counties.
Left behind will be small-business owners like Gomez and her customers who lack mobility.
The burden of compliance with the new law threatens to drive Gomez out of business. She will need more hours than she has in the day to complete the required paperwork. Penalties for a missed report top $70,000.
For a one-person store like Novedades y Servicios, this new surveillance regime is both business-crushing and a huge invasion of financial privacy. “I’ve always followed the law and will continue to do so,” Gomez says. “But this would be so costly that it would probably put me out of business.”
The government says the order is temporary—expiring in September—but past surveillance orders issued by the same federal agency have been repeatedly renewed past their expiration dates. Some have eventually been expanded to cover the entire country.
Rather than go away quietly, Gomez filed a federal lawsuit on April 15, 2025. Our public interest law firm, the Institute for Justice, represents her. For now, at least, she can breathe easy. The U.S. District Court for the Southern District of California issued a temporary restraining order on April 22, pausing enforcement for a short period while the court considers more permanent relief.
We also represent Texas business owner Arnoldo Gonzalez, Jr., in a separate case. A court in Texas court paused the new surveillance rules for the companies in that case, but other Texas businesses still must comply.
The underlying issues are the same in both cases. Unlimited surveillance violates the Fourth Amendment, which guarantees people’s right to be secure against unreasonable searches and seizures.
Financial privacy is an important part of this guarantee. People should not be forced to serve as unpaid government surveillance agents—monitoring the actions of their customers—just because they run a money services business near Mexico. If the government has a problem with specific individuals, it needs specific warrants laying out specific facts.
The government already pushes the limits in other ways. The requirement to report cash transactions over $10,000 has been in place since the 1970s. Since then, the scope of financial surveillance has dramatically increased. Companies must monitor their customers and report anything suspicious.
Many people have no idea this surveillance occurs. This is by design. The same law that mandates financial surveillance also prohibits companies from telling customers about the results of that surveillance.
The shift to targeting transactions over $200 is the latest step in the creeping expansion of this surveillance scheme. It will draw in ordinary, everyday transactions by people who are just trying to live their lives.
Gomez and Gonzalez are drawing the line.
Rob Johnson is a senior attorney and Betsy Sanz is an attorney at the Institute for Justice in Arlington, Va.
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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