Finance
US consumer finance chief calls for better risk management at banks, fintechs
March 28 (Reuters) – The latest failures of mid-size U.S. lenders present the necessity for extra sturdy threat administration at banks and fintechs, together with improved regulation, the pinnacle of the highest shopper monetary watchdog company stated on Tuesday.
Shopper Monetary Safety Bureau Director Rohit Chopra advised a gathering of retail bankers in Las Vegas that regulators have been taking a look at liquidity, interest-rate threat administration, capital frameworks, decision planning and stress testing.
“It will likely be good for the business to have some sincere conversations with itself about what’s the manner for the regulatory framework to not create one of these threat,” Chopra stated.
As head of the CFPB, Chopra additionally sits on the board of the Federal Deposit Insurance coverage Company, which took over failed Silicon Valley Financial institution earlier this month. He additionally serves on the Monetary Stability Oversight Council, created within the wake of the 2008 crash.
“It was quick and livid,” Chopra stated of SVB’s implosion. Whereas the scramble by clients to maneuver their funds has subsided, “there isn’t any query it has been a dramatic motion of cash,” he stated.
The autumn of SVB is “a transparent information level that $100 billion greenback banks can actually trigger a number of systemic threat and in the end contagion throughout the monetary system,” he stated.
Lawmakers and lobbyists have sparred in latest days over who responsible for the collapse of Silicon Valley Financial institution. Some blame extreme risk-taking by financial institution management, a failure of regulatory supervision, or a 2018 rollback of key oversight provisions enacted as a part of the 2010 Dodd-Frank Wall Avenue reform laws.
Chopra, 41, is a protege of Democratic U.S. Senator Elizabeth Warren and a key determine within the Biden administration’s present class of progressive monetary and financial regulators.
He’s identified for his deft coverage messaging and agency requires company accountability. In a three-year stint on the Federal Commerce Fee, he established himself as an aggressive shopper advocate.
As member of the Democratic minority, he advocated for penalizing particular person executives moderately than merely accumulating extra fines.
U.S. President Joe Biden stated on Tuesday he has executed what is feasible to handle the banking disaster with accessible authorities however that it’s “not over but.”
Chopra additionally advised bankers he was involved concerning the buildup of threat in so-called non-bank monetary companies, resembling fintechs or crypto corporations, lots of that are overseen by his company.
“Nobody actually believes that there isn’t a non-bank that might supply the identical sort of contagion or identical sort of systemic impact,” stated Chopra. “A serious disruption or failure of a giant mortgage servicer, actually provides me a nightmare.”
Chopra’s presence on the Shopper Bankers Affiliation’s annual confab was a uncommon alternative for facetime with an business the place some attendees took umbrage with Chopra’s type and public remarks, notably regarding the Biden administration’s wider marketing campaign in opposition to “junk charges.”
Brian Johnson, a former CFPB throughout President Donald Trump’s administration, advised attendees that Chopra had been utilizing the CFPB as a “bully pulpit” to drive change in business habits.
Chopra has tried to speed up rule adjustments by way of public statements, as regulation adjustments and enforcement actions take longer to convey outcomes, stated Yolanda McGill, Zest AI vp and former CFPB legal professional.
Susan Seaman, a accomplice at Husch Blackwell LLP, shoppers have been reaching out to assessment their charges. “Persons are taking proactive measures,” she stated. “Shoppers should be able to defend their insurance policies.”
Reporting by Nupur Anand and Tatiana Bautzer; Writing by Douglas Gillison; Enhancing by Lananh Nguyen and Sam Holmes
Our Requirements: The Thomson Reuters Belief Ideas.
Finance
Rana Abbasova, Adams aide whose home was raided, is cooperating with feds’ campaign finance probe
An aide to Mayor Adams whose home was raided amid an FBI probe into his 2021 campaign is cooperating with federal authorities, a source with knowledge of the matter said Monday.
The aide, Rana Abbasova, is one of several people whose residence was raided as the feds probe allegations that the Turkish government funneled illegal cash into Adams’ campaign through straw donors.
The mayor has not been accused of any wrongdoing and strongly denies any suggestion of impropriety in connection with the investigation.
It’s unclear what Abbasova may have discussed with the feds, though her cooperation pertains to the general allegation of illegal Turkish government-financed contributions to the mayor’s campaign, according to The New York Times, which first reported her cooperation. Her lawyer Rachel Maimin declined to comment.
Brendan McGuire, the mayor’s former chief counsel at City Hall who now represents him and his 2021 campaign in the FBI investigation, confirmed Abbasova’s cooperation, but said it’s “not a new or meaningful development.”
Abbasova, the director of protocol in Adams’ International Affairs Office and the mayor’s unofficial liaison to the local Turkish community, was put on unpaid leave days after her home was raided in November, according to two sources with knowledge of the matter. She remains on unpaid leave, and her position at City Hall has not been filled, they added.
The sources spoke on condition of anonymity due to the sensitive nature of the Adams campaign probe, which burst into the headlines when the home of the mayor’s chief campaign fundraiser, Brianna Suggs, was raided in November. Days later, Adams had his own electronic devices seized by the feds.
Abbasova received three tickets in New Jersey in January for offenses linked to driving a for-hire vehicle, the Daily News previously reported.
While she’s been on unpaid leave, another Adams aide targeted by the feds in a separate matter went on paid sick leave after her Bronx homes were raided in February. That aide, Winnie Greco, has since returned to work at City Hall, receiving a raise earlier this month.
McGuire noted the mayor’s administration reported to investigators late last year that Abbasova had engaged in “improper conduct.” Sources confirmed at the time that the conduct in question was Abbasova instructing other Adams staffers to delete text messages they’d exchanged with her.
“It is our understanding that Ms. Abbasova has been talking to investigators since her improper conduct was reported by the administration in November,” McGuire said in a Monday night statement.
Finance
Trends in residential solar finance, equipment and maintenance
Solar informational site SolarReviews released its annual survey, sharing results gathered from a group mostly represented by residential solar installers, as well as commercial installers, equipment providers, and utility-scale installers. SolarReviews operates a Solar Calculator that enables prospective customers to have a snapshot of the benefits of adding solar to their roof based on customized data for their area.
Finance
With higher financing costs industry-wide, 54% of U.S. installers said customers were less likely to take a solar loan over the past year, while cash deals are up. About 49% of sales reported were cash deals, while 41% were loans. HELOC, PACE loans, power purchase agreements, and leases combined for 10% of reported solar sales.
The top financing providers used were Credithuman (15%), Mosaic (14%), Sunlight Financial (9%),Dividend (8%), and Clean Energy Credit Union (8%).
Typical loans for loaned systems varied widely depending on whether dealer fees were assigned. Average terms are seen below.
Heightened cost of finance has pressed the residential solar industry. About half (49%) of installers said demand went down in 2023 versus 2022.
In California, where rates paid for exporting solar production to the grid were slashed by about 80%, about 69% of installers reported lower sales in California in 2023 versus 2022. However, 68% of installers reported including battery energy storage with their solar installation, about double the national average. Installers report a median payback period of eight years for solar systems with a battery, while standalone solar systems have a longer median payback period of about 10 years.
California was not the only state to cut rates for solar exports, a process known as net metering. Georgia, Arizona, Kansas, Arkansas, and Wisconsin all noted an increase in installed systems not tied to a net metering agreement.
Top products
As for the top equipment brands in residential solar, SolarReviews surveyed installers based on five criteria of performance and quality, brand name reputation, product warranty, pricing, and product availability from distributors. Based on the five criteria, SolarReviews listed Qcells as the top performing panel brand.
Installers said the top five most-used panels were Qcells (53%), REC (41%), Canadian Solar (35%), Mission Solar (29%), and JinkoSolar (20%). About 19% of solar installers offer one panel brand, while the majority provide alternative options to meet the needs of their customers.
For inverters, the top five most-used were Enphase (62%), SolarEdge (43%), SMA (23%), Sol-Ark (21%), and Tesla (21%). Tesla made a notable leap up into the top five, gaining a larger market share than Fronius and Generac.
Enphase was also listed as the most commonly used battery energy storage provider, offered by 46% of installers. This was followed by Tesla (42%), SolarEdge (35%), FranklinWH (29%), and Fortress Power (18%). A sizeable market share was also held by SunPower, Generac, LG Energy Solution, and HomeGrid.
Maintenance
Given that solar is often a 25-year investment, post-installation services are a critical feature in a solar agreement. About 96% of installers have access to system monitoring, while 63% said they proactively check their customers’ installations at least once per quarter to ensure they are working.
The most common reasons for service, in order, were inverter hardware failures and replacement, inverter software and setup issues, battery software updates, communications and monitoring fixes, roof leaks, battery hardware failure or replacement, wiring issues, and broken or underperforming panels.
“Fortunately, when issues do occur, they are often covered by some type of warranty, leaving only 15% of cases where the customer is responsible for repair costs,” said SolarReviews.
Outlook
The residential solar industry looks to recover from a rocky 2023, where growth was slowed by high finance costs and unfavorable policy changes like the reduction of net metering rates.
“Some solar businesses are still reeling from the events of 2023. 22% of solar businesses say they have concerns that make them unsure whether they can stay in business in the coming six months,” said SolarReviews.
Despite this uncertainty, residential solar installers appear to have a good outlook for 2024. About 54% of surveyed installers said they expect to sell more solar in 2024, and an additional 23% said they think they will be able to maintain the same level of business next year.
Notably, surveyed installers listed pv magazine as the top trusted media platform for solar news and analysis, with 52% responding we are the preferred source. The marks the second year in a row as the most-trusted media source. We thank you for your continued readership.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Finance
Crow Wing County is nationally recognized for financial reporting
BRAINERD — For the 10th consecutive year, Crow Wing County was awarded the Certificate of Achievement for Excellence in Financial Reporting and the Award for Outstanding Achievement in Popular Financial Reporting.
The Certificate of Achievement is the highest form of recognition in the area of governmental and financial reporting. The honor is given out by the Government Finance Officers Association of the United States and Canada.
The Certificate for Excellence in Financial Reporting was awarded to Crow Wing County for its 2022 Comprehensive Annual Financial Report compiled in 2023.
The award represents a significant accomplishment by a government and its management, the county noted in a news release.
“This is a testament to the type of work that is being done in our Finance Department,” said Finance Director Nancy Malecha. “This award recognizes our commitment in ensuring that our financial data and information is reported accurately, timely and provides transparency that the taxpayers of Crow Wing County deserve.”
Crow Wing County is one of only 16 counties in Minnesota to have earned this award.
The Award for Outstanding Achievement in Popular Financial Reporting was awarded to Crow Wing County for its 2022 Popular Annual Financial Report.
The annual report extracts information from the Comprehensive Annual Financial Report and summarizes the financial position of the county in a simple, easy to read format. Crow Wing County is one of five counties in Minnesota that have received the national award.
Financial reports are available on the Crow Wing County website at
www.crowwing.gov/771/Financial-Statements
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