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Some presidential campaign promises are guaranteed to affect the lives and finances of everyday Americans. Banking industry reforms may not seem like one of them.After all, banking regulations can appear to be pretty remote from your day-to-day financial transactions. You may be surprised to learn that bank reforms implemented by past presidents and their cabinets have had material impacts on regular folks, and there’s no reason to believe that any regulatory changes brought about by a second Trump term or a Biden presidency would be any different.Here’s what you need to know about how presidential politics have affected your bank accounts in the past, and how the outcome of the 2020 election could affect your banking experience in the future.Historical Banking Changes That Continue to Affect ConsumersPresidential administrations of the past have implemented a number of different banking regulations and rule changes that continue to impact the consumer experience in 2020. It’s important to remember that the following banking changes were decided, in part, by the voters’ choosing the president who implemented the changes.Creation of the Federal ReserveInaugurated in 1913, President Woodrow Wilson signed The Federal Reserve Act into law later that same year. Prior to the creation of the Federal Reserve, banks could not count on any emergency reserves if customers all withdrew their funds at once.Such panic withdrawals were relatively common in response to widespread financial crises. The country plunged into a depression in 1907 after a big panic run on the banks led to the failure of several institutions.The Federal Reserve Act established the Federal Reserve System as the U.S. central bank, which not only serves as a lender of last resort to commercial banks that would otherwise go under during an economic crisis, but also supervises and regulates banks to provide a level of safety and soundness. The Fed also sets monetary policy to help ensure full employment and price stability.We’re still feeling the effects of Wilson’s policy every day. Due to the stability offered by the Federal Reserve, only two banks have failed in 2020, despite this year’s pandemic-related economic troubles. Compare this to the more than 600 bank failures per year between 1921 and 1929, prior to the Great Depression.Even more importantly, the Fed sets the federal funds rate, which is the benchmark interest rate for the entire U.S. economy. (It’s also the amount of interest banks charge each other for loaning money overnight to maintain their reserve requirements.) The federal funds rate is currently set at 0% to 0.25%.Financial institutions use the federal funds rate to set the interest rates they offer on interest-bearing accounts, such as savings accounts, CDs and money market accounts. When rates on these accounts are raised or lowered, it’s in part because of how the Fed has set the federal funds rate.The federal funds rate also may affect the rates financial institutions charge on loans, such as mortgages, auto loans, credit cards and the like. However, individual credit history and other factors also can affect these rates.Federal Deposit Insurance Corporation (FDIC)Franklin D. Roosevelt signed the Banking Act of 1933 into law within his first 100 days of taking office. This legislation, which is often referred to as the Glass-Steagall Act after its sponsors, Senator Carter Glass (D-Va.) and Representative Henry B. Steagall (D-Al.), set up the Federal Deposit Insurance Corporation (FDIC), among other provisions.The FDIC insures deposits at an individual bank for up to 0,000 per depositor, for each account ownership category. If your bank were to fail, the FDIC ensures that you would not lose your deposits, up to the applicable limits. As the FDIC proudly states on its website, “No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.”Few people spend much time thinking about FDIC deposit insurance, but it has had a stabilizing effect on consumer behavior. Prior to the passage of Glass-Steagall, banking customers did not feel confident that their money was safe in the bank, and so they would withdraw their deposits when concerned about an economic downturn.In fact, a rumor that Roosevelt would devalue the dollar caused panic and mass withdrawals in January and February of 1933, leading to the failure of 4,000 banks by the time his March inauguration arrived. Such panicked withdrawals feel unthinkable in 2020 because of the assurance provided by the FDIC coverage.Federal (and many state-chartered) credit unions enjoy similar protection through the National Credit Union Administration, or NCUA.Regulation CCIn 1987, under Ronald Reagan’s administration, Congress passed the Expedited Funds Availability Act to establish the maximum length of holds that banking institutions can place on deposits by their customers.This federal law established Regulation CC, which sets specific rules as to when various types of deposits will be made available to banking customers and provides guidelines to financial institutions for how to disclose their funds availability policies to their customers.Regulation CC specifies that banks can hold their customers’ deposits for a “reasonable” amount of time. The definition of reasonable depends partially on the size of the deposit and the origin of the funds. Still, checks written from an account within the same bank may be held up to two business days, while checks drawn on other banks may be held up to five business days.Banks also may impose longer holds, but they have the burden of proving that the longer hold is necessary and reasonable.Prior to the implementation of Regulation CC, there was concern about the length of time that banks held onto their customers’ deposits before the money appeared in their accounts. With these regulations in place, customers know what to expect from their deposits, making it far easier to handle their cash flow.Proposed Banking Policies in the 2020 ElectionBoth President Donald Trump and Democratic presidential candidate Joe Biden have proposed policies that could alter your banking habits. Here’s what to expect from each candidate’s proposed banking policies.Continued Deregulation Under Donald TrumpThroughout his first term, the incumbent has made bank deregulation a major part of his legislative agenda, with the rollback of some Dodd-Frank regulations in 2018 being his signature achievement in banking. Among other loosened rules, the Dodd-Frank rollback also raised the threshold under which banks are considered “too big to fail” from billion to 0 billion.While the president has not made his proposed banking policies a significant part of his reelection platform, he did propose major changes to the 1977 Community Reinvestment Act (CRA) as of January 2020. The CRA is legislation that prevents banks from discriminating against low-income or under-represented borrowers.As of June 2020, the Office of the Comptroller of the Currency (OCC) put the Trump administration’s proposals into effect. These proposals broaden the definition of what constitutes a bank and expand what types of loans offered to low-income borrowers qualify for improved CRA ratings.Specifically, it now includes credit cards and personal loans. In addition, the new rules give financial institutions credit for community reinvestment for loans for things like stadiums and hospitals. Should the president win his reelection bid, we can expect these new rules to take effect. (However, even if he wins and there is a change in leadership in the Senate, it is possible Democrats will work to reverse these rule changes.)The average bank customer may not notice the changes to the CRA on a day-to-day basis. However, lower-income borrowers may find it more difficult to qualify for a mortgage once these rules take effect.Updates to Older Legislation Under Joe BidenThe former vice president has plans to spruce up several pieces of old banking legislation. The specific items on his agenda include actions to:“Strengthen and enforce” the Dodd-Frank Act to help ensure equal access to banking. He specifically plans to back criminal penalties for reckless actions by bank executives.Protect consumers from predatory lending practices. Biden plans to strengthen consumer lending oversight, enforce remedies for abusive lending practices and pursue legislation to prevent predatory lending.Expand the CRA to include mortgage and insurance companies.Presuming it can enact all the plans it promises, a Biden presidency may provide banking customers with more reassurance that banks will handle their finances with care. Consumers may pay less for their personal loans, credit cards and mortgages if Biden is successful in ending predatory lending practices and if he is able to expand the CRA, thereby improving access to credit for under-represented communities.These rule changes also may place more of a regulatory burden on financial institutions, which could have ripple effects on banking customers. For instance, some consumers with a poor credit history may find that they cannot qualify for loans under a Biden-led crackdown on usurious interest rates, although they did previously qualify for loans that are now considered predatory.Election Costs and ConsequencesPolicy changes from our government’s executive branch can have enormous consequences for the banking industry and the consumers who rely on that industry. Although it may feel as if voting in a presidential election has little to do with how you bank, your vote can help to set policies that will affect banking consumers like yourself for decades to come.Protecting your own and your fellow Americans’ financial health is yet another reason why voting is so important. 9828

Senator Mitt Romney released a statement Tuesday pleading with the country to “lower the heat” of divisive political rhetoric, just weeks before Election Day.“The president calls the Democratic vice presidential candidate ‘a monster.’ He calls for the justice department to put the prior president in jail; he attacks the governor of Michigan on the very day a plot is discovered to kidnap her. Democrats launch blistering attacks of their own—though their presidential nominee refuses to stoop as low as others,” his statement posted on Twitter reads.Romney is currently a senator representing Utah. He is a former governor of Massachusetts, and was the Republican nominee for president in 2012.He has been a member of the Republican party his entire time in politics. As a senator, he has seemed willing to stand in opposition to President Donald Trump. In February, Romney was the sole Republican senator to vote to convict President Trump during his impeachment trial.Romney also took some time before saying he would vote for President Trump’s latest nominee to the Supreme Court, Amy Coney Barrett, leading some to think he may not. In the end, he said he would follow the constitution and vote if a vote is held.His statement Tuesday morning urges leaders on both sides to “tone it down.” He calls out actions on both sides, and says the world and American families are watching.“The world is watching America with abject horror; more consequentially, our children are watching. Many Americans are frightened for our country—so divided, so angry, so mean, so violent,” the statement reads.The statement makes no reference by name to either President Trump or Demoncratic presidential candidate Joe Biden. It also does not say anything about endorsing a candidate or the upcoming election.Senator Romney’s full statement is below.I have stayed quiet with the approach of the election. But I’m troubled by our politics, as it has moved away from spirited debate to a vile, vituperative, hate-filled morass that is unbecoming of any free nation – let alone the birthplace of modern democracy.The president calls the Democratic vice presidential candidate “a monster.” He calls for the justice department to put the prior president in jail; he attacks the governor of Michigan on the very day a plot is discovered to kidnap her. Democrats launch blistering attacks of their own—though their presidential nominee refuses to stoop as low as others. Pelosi tears up the president’s states of the union speech on national television. Keith Olbermann calls the president a “terrorist.” Media on the left and the right amplify all of it.The rabid attacks kindle the conspiracy mongers and the haters who take the small and predictable step from intemperate word to dangerous action. The world is watching America with abject horror; more consequentially, our children are watching. Many Americans are frightened for our country—so divided, so angry, so mean, so violent.It is time to lower the heat. Leaders must tone it down. Leaders from the top and leaders from all stripes: parents, bosses, reporters, columnists, professors, union chiefs, everyone. The consequences of the crescendo of anger leads to a very bad place. No sane person can want that. 3258

SORRENTO VALLEY, Calif. (KGTV) - Another San Diego-based company is moving forward on developing a vaccine for the coronavirus. Sorrento Therapeutics is working on several projects that they believe could lead to viable vaccines or treatments. One of them was announced on Monday. Sorrento Therapeutics said it was partnering with Boston-based Smartpharm to create a gene-encoded antibody vaccine. “In the effort to more quickly resolve the global COVID-19 crisis, our company has initiated a rapidly accelerated program for the identification of potent neutralizing antibodies against SARS-CoV-2 coronavirus antigens that may be used for either treatment or prophylaxis,” said Henry Ji, CEO of Sorrento Therapeutics. Sorrento Therapeutics is also working on another vaccine called the I-Cell project. That vaccine uses a decoy virus to activate a person’s immune system to train it to attack the real virus. It’s also developing a protein called COVIDTRAP that can bind to the receptors on the coronavirus, thus blocking it from being able to bind to the receptors on healthy human cells. If proven succesful, it could be used as a treatment or preventative measure.How long will it take for them to be ready?“That all depends on what leeway the FDA gives us,” said Mark Brunswick, Senior Vice President of Regulatory Affairs at Sorrento Therapeutics. If they can get fast tracked, he estimates they can start clinical trials in 2 months, as opposed to 9-12 months normally. 1483

Several industries have been disrupted since the coronavirus pandemic hit the U.S., including the food supply chain. From dumped milk to piles of uneaten onions and potatoes, this was just some of the food going to waste on farms across America due to COVID-19-related shutdowns.“Really its impact on the food supply chain started in March,” said Jack Buffington, a supply chain expert currently developing the supply chain program at the University of Denver. “Most of us who have been in the supply chain have never seen an event like this happen.” While farmers were dumping or burying products, food banks were missing out on some much-needed supplies, and dealing with growing demand. So were grocery stores as restaurants were closed and consumer buying habits changed.“More of the retail food market went down and more of the consumer home food market went up,” Buffington explained. “This caused a major shock in the supply chain where you had this situation where some foods were going to waste and some foods were in high demand.”First, the federal government stepped in to help. The USDA was given up to billion through the Coronavirus Assistance Program to buy fresh produce, dairy, and meat from farmers and then distribute that to those in need.And then there were nonprofit organizations like FarmLink.“We matched a farm in Idaho, an onion farm, to or local food bank in Los Angeles,” Max Goldman with FarmLink explained. “We delivered 50,000 pounds of onions to them.” He said that was their proof of concept.Goldman is a student at Brown University. Him and a group of students saw the disruption in the supply chain, and decided to do something about it.“A lot of what we do is finding food that would’ve been sent to the dump,” he said.So, FarmLink was born to help with food waste.“We’ve done two million pounds in seven days,” Goldman said. In just two months, they’ve reallocated four million pounds of food. They pay farmers their cost with donations and grants they receive, and help get the good to food banks. Goldman said the farmers are generally grateful“One of the first farmers we worked with, he said the day he has to dump his food is the worst day of his life. He works all year to basically produce this food and for him to have to a dig a hole in his backyard and just take a dump truck and put all his potatoes and onions or whatever it is, he said it makes him cry and it’s the worst day of his life,” Goldman said. “Even if he lost money on it, he was glad he could send this food to people in need during this time.”So far, they’ve delivered food to approximately 30 states.“This is not a new issue and its been accelerated and made more public due to coronavirus, but every year there’s over 60 billion pounds of food waste,” Goldman said.Buffington said the work of FarmLink and organizations doing similar work is just a drop in the bucket, but it’s promising.“Small in scale of the overall supply chain, but it’s huge in this opportunistic saving of food,” he explained. Buffington sees this type of work as a Band-Aid on the bigger issue, but it could open eyes to solutions down the road.“Supply chains work really well on stability,” Buffington said. “It’s tough to think about innovation which is disruption, when you're worried about a disruption to your current model.”“I think when we pull out of this you’re going to see remarkable opportunities for innovation,” he said.For now, FarmLink and other organizations are working to make sure food doesn’t go to waste. Goldman’s goal is to move over a million pounds of food a day. “We’ve had tens of thousands of people reaching out wanting to help, and that’s just so uplifting and really gives you hope,” Goldman said. 3729

Some credit mistakes are a lot worse than others. Little ones, like paying a credit card bill a day late, may cost you a penalty fee, but that’s a relatively minor irritation — it’s not going to stand between you and a mortgage. Other seemingly small slip-ups can lead to full-fledged disasters.What makes a credit mistake haunt you?Some things can be reversed quickly. Running up credit card bills can tank your credit score, for instance, because the portion of your credit limits you’re usingis weighed heavily in credit scoring. But when you pay down the debt, the damage disappears as lower balances get reported to the three major credit bureaus, Equifax, Experian and TransUnion.Mistakes that have long-running ripple effects hurt the most, says credit expert John Ulzheimer. A late payment, for example, can get sent to a collection agency, then perhaps grow into a repossession or bankruptcy. Those batter your credit and stay on your credit record for years. Likewise, co-signing a loan for someone who is later unable to pay can hamstring your finances for a long time.Common mistakes that can hurt your financesMissing a payment: A payment that’s a little late might cost you a penalty fee, but your credit score won’t suffer because creditors can’t report your account as delinquent until it’s 30 days past due. If you have a high score, going 30 days late can knock as much as 100 points off your score — and it stays on your credit report for seven years. The damage gets worse if you let the account slide to 60 days past due, 90 days past due or more. Your score can recover, but it will take time. Catching up on that account, and keeping all other payments up to date and balances low, can help.Raiding retirement funds to pay debt: Most people don’t want to file for bankruptcy. Almost half of Americans say they would not file no matter how much credit card debt they had, according to a recent study commissioned by NerdWallet. Bankruptcy attorney Roderick H. Martin of Marietta, Georgia, says some of his clients have tapped — or even emptied — retirement savings in a desperate attempt to stay afloat. That often just delays the inevitable — “then they turn around and file for bankruptcy,” he says. Retirement savings are typically protected in bankruptcy, but money already withdrawn cannot be recovered.Co-signing a loan: Aaron Smith, a financial planner in Glen Allen, Virginia, says co-signing so a friend or relative can get credit is often a mistake. “My personal and professional opinion is if they can’t get it on their own, there must be a problem,” he says. If the primary borrower doesn’t pay as agreed, it can leave both your relationship and your credit in tatters. Even if the borrower repays as agreed, remaining on the loan can limit your borrowing capacity. Before you co-sign, ask if you can be taken off the loan at some point.Sometimes doing nothing is the mistakeWe may think we’re too busy to trouble ourselves with fine print or financial chores. Either can come back to bite us.Not checking your credit: “I think checking your credit is like going to your dentist for a cleaning,” says Elaine King, a certified financial planner and founder of the Family and Money Matters Institute. “You need to make a habit of doing it. If you wait too long, there can be some rotten stuff there.”A credit report isn’t exciting reading; it’s a summary of your past handling of credit. But “boring” is what you want — anything you didn’t expect to see is worth investigating in case it’s an error or a sign of fraud. Through April 2021, you can get a free credit report weekly from the three major credit bureaus by using AnnualCreditReport.com. Plan to check at least annually, and more often is better.Ignoring the details: Not knowing your credit cards’ interest rates or when a 0% interest rate ends can cost you.Knowing interest rates can tell you which card to use when you’re paying for a new transmission and need to carry that balance for a while, for instance. Knowing when a teaser rate ends can help you ensure you’ve paid off the balance by then. It’s important to read the fine print. Some cards — primarily store cards — charge deferred interest if there is still a balance at the end of the introductory period. That means the “savings” from the teaser rate are added to your balance, wiping out any benefit.This article was written by NerdWallet and was originally published by The Associated Press.More From NerdWalletSmart Money Podcast: Remote Work Burnout and Saving for CollegeI Refinanced My Mortgage. Here’s What Happened to My Credit ScoreA New Set of Shopping Tips in the PandemicBev O’Shea is a writer at NerdWallet. Email: boshea@nerdwallet.com. Twitter: @BeverlyOShea. 4739

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