ABA to Crapo: Focus on marijuana banking issues

first_img continue reading » Senate Banking Chairman Mike Crapo (R-Id.) should abandon efforts to address wide marijuana policy questions and instead concentrate on the financial services implications, the American Bankers Association said.“While we appreciate that there is a wide universe of cannabis-related public policy concerns that require the attention of Congress, we strongly urge the Committee to maintain the narrow focus of the SAFE Banking Act on enabling the provision of basic financial services to state-sanctioned businesses,” James Ballentine, ABA’s executive vice president of congressional relations and political affairs wrote in a letter to Crapo.The SAFE Banking Act is the House-passed legislation that calls for a safe harbor for financial institutions wishing to provide services to marijuana-related businesses.The ABA and CUNA have endorsed the legislation, but Crapo said he is opposed to it because it does not address the broader implications of cannabis legalization. NAFCU has not taken a position on the legislation. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Irish regulator publishes draft minimum standards for DB management

first_imgIreland’s pensions regulator has set out clear guidelines for trustee behaviour around risk management, stressing that the proposed list should be viewed as the minimum required of defined benefit funds.The head of the Pensions Authority, Brendan Kennedy, said trustees were faced with “complicated financial responsibilities” and that the guide was meant as a practical guide for the industry.The guidelines set out requirements such as assessing asset value annually and monitoring investment returns and increases in liabilities – insofar as the scheme does not see its liabilities significantly altered before the end of each financial year.Kennedy stressed that all the points highlighted were important to understanding the financial position of individual schemes. “These guidelines are a minimum, and we expect that, in practice, trustees are likely to be doing more,” he said.The guidelines, broken down into categories covering scheme data, governance, regular processes and analysis, called on trustees to assess whether they were taking unnecessary investment risks.It also urged trustees to keep in mind the level of contributions, taken with investment returns, and determine whether these were sufficient to maintain the minimum funding standard over a three-year period.“The funding standard is a statutory measure of solvency whose purpose is to protect members’ benefits,” the guidelines added. “However, it is important to remember it is a minimum standard only.”The draft guidelines – published before the Irish High Court ruled that trustees of the Omega Pharma scheme could call on the sponsor to fund the scheme above and beyond the minimum funding standard (MFS) – highlighted that the MFS was only a benchmark.The Pensions Authority also highlighted the importance of regular impact and risk assessments, while accepting that it was “rarely possible to put a meaningful numerical value on any risk”.The guidance concluded: “It is not possible to generalise about what steps should be taken, but trustees should bear in mind their responsibility to balance the financial interests of all members of the scheme.“Some risks will have different effects on different classes of members. This is a challenge for trustees given their responsibility to balance the interests of all members of the scheme.”The industry has been asked to respond to the guidelines by the end of September.,WebsitesWe are not responsible for the content of external sitesLink to Pensions Authority’s draft guidelines on financial management of defined benefit schemeslast_img read more

North Tipp to be represented in Under 21 hurling semi

first_imgIt’s been confirmed that North Tipp will be represented in the upcoming County U21 Hurling semi final.It was believed that Carrick Swans would be getting a walkover next weekend after the North Division decided not to nominate one of their four clubs as they were still at divisional stage with their finals pencilled in for last Sunday – the same time as the County semi final.However speaking to Tipp FM’s Ronan Quirke, North Pro John Delaney says the second semi will be played next Saturday and there will be a divisional team in the finallast_img

Duke players file federal civil suit over rape charges

first_imgA high-profile rape case turned into a civil-rights case on Friday as three former lacrosse players at Duke University filed a federal lawsuit against former District Attorney Michael B. Nifong, the city of Durham, N.C., and 12 other defendants. In a 162-page complaint, Reade Seligmann, Collin Finnerty and David Evans sought redress for what they described as “one of the most chilling episodes of premeditated police, prosecutorial, and scientific misconduct in modern American history.” The plaintiffs requested an unspecified amount of money to cover legal fees, as compensation and punitive damages, as well as “whatever additional relief the Court may deem proper.” They reportedly had demanded $30 million during settlement talks with the city, but the two sides could not agree on terms. The proposal far exceeded the city’s insurance policy for “wrongful action,” leaving it in a financial bind, according to those reports. The students are also demanding an overhaul of the city’s system of law enforcement, including measures to improve transparency, establishment of a citizen review board and the appointment of an independent monitor to oversee the Durham Police Department for 10 years. The monitor would have wide authority over policy, senior staffing and training. The defendants, who include the city’s police commissioner, two police detectives and the chief of the private lab that performed DNA tests for the case, “willfully ignored and were deliberately indifferent to overwhelming evidence of plaintiffs’ actual innocence,” the complaint said. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more