Easy Payday Loan MTYA http://easypaydayloanmtya.com/ Wed, 16 Jun 2021 06:16:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://easypaydayloanmtya.com/wp-content/uploads/2021/05/easy-payday-loan-mtya-icon-150x150.png Easy Payday Loan MTYA http://easypaydayloanmtya.com/ 32 32 Virginia Beach City Council defers vote on new short-term rental rules – WAVY.com https://easypaydayloanmtya.com/virginia-beach-city-council-defers-vote-on-new-short-term-rental-rules-wavy-com/ https://easypaydayloanmtya.com/virginia-beach-city-council-defers-vote-on-new-short-term-rental-rules-wavy-com/#respond Wed, 16 Jun 2021 04:17:15 +0000 https://easypaydayloanmtya.com/virginia-beach-city-council-defers-vote-on-new-short-term-rental-rules-wavy-com/

“We’re getting closer”: Virginia Beach City Council defers vote on new short-term rental rules

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Ava Siegfeldt competing for a spot at the Olympic Games Tokyo 202O

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17-year-old accused of shooting injured man near Gower Place in Virginia Beach

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VB City Council approves new home for Seton youth shelters

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17-year-old VB Tide swimmer advances to Olympic Trials semifinals

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Keyshawn Davis, from Norfolk, back on the Olympic team; seeks to win gold in boxing

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Newport News paves the way for the first phase of Southeast Community revitalization

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Vanguard Landing gets more time, but tighter loan terms

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One man died and another seriously injured after gunfire on North King Street in Hampton, police say

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Virginia Beach welcomes a new skate park

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Newport News woman hopes to find owner of old Bible

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VDH and VBDPH receive $ 30.6 million to help tackle health disparities linked to COVID-19

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Save up to 70% on these designer bags https://easypaydayloanmtya.com/save-up-to-70-on-these-designer-bags/ https://easypaydayloanmtya.com/save-up-to-70-on-these-designer-bags/#respond Wed, 16 Jun 2021 03:13:20 +0000 https://easypaydayloanmtya.com/save-up-to-70-on-these-designer-bags/

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JAL lenders make new loan overhaul offer https://easypaydayloanmtya.com/jal-lenders-make-new-loan-overhaul-offer/ https://easypaydayloanmtya.com/jal-lenders-make-new-loan-overhaul-offer/#respond Tue, 15 Jun 2021 23:24:00 +0000 https://easypaydayloanmtya.com/jal-lenders-make-new-loan-overhaul-offer/

NEW DELHI: Almost four years after the Reserve Bank of India (RBI) ordered bankruptcy action against Jaiprakash Associates (JAL), the parent company of Jaypee Infratech, the banks run by ICICI Bank have been slow to sue the case before the National Company Law Tribunal, amid further attempts to restructure the company’s loans.
A loan restructuring, for which a meeting of lenders will be called in the coming days, will bring relief to developers led by the Gaur family, who lost Jaypee Infratech, its gem that had a massive land reserve, stretching from Noida to Agra by highways. The proposal has been on the table for months, but so far lenders haven’t made much headway.

Even as lenders are deliberately structuring themselves, the company’s shares have been on fire in recent days, dropping from nearly 70% from Rs 8.86 on May 31 to nearly Rs 15, when they hit the market again. upper circuit of BSE. The volumes also increased, creating a new surprise in the market.
As the exchanges sought an explanation for the recent increase, JAL said it had made the required disclosures and was not aware of any reason.
While the buzz around a loan restructuring – which will require RBI clearance – is one of the triggers, a possible conversion of an FCCB would be the other reason for the rise. A higher price will again benefit the developers, who owned nearly 38.5% of the business. JAL was among the second group of two dozen companies fired by the RBI for insolvency resolution in 2017. Although several cases have been resolved, JAL has slowed down.
Banking sources, however, have said pushing through a restructuring, despite the behind-the-scenes maneuvering of at least one of the country’s major lenders, might not be easy.
For starters, the attempts to restructure lenders led by ICICI Bank come despite the Bank of Maharashtra seeking to declare the company, along with its promoters and directors, as willful defaults – a label that will deny them access to it. new financing of the banking system. In addition, there must be a rating from one of the agencies suggesting that the exercise will be sustainable for the account that turned into a non-performing asset several quarters ago.
In addition, the RBI will have to reconsider its own position after identifying JAL as one of the instances where lenders have been asked to seek bankruptcy action, including removing the current leadership as a first step.
In addition to being a majority stake in Jaiprakash Associates, a title it has lost, JAL has assets in the cement and electricity sectors.

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BLOCK H&R: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K) https://easypaydayloanmtya.com/block-hr-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/ https://easypaydayloanmtya.com/block-hr-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/#respond Tue, 15 Jun 2021 21:22:20 +0000 https://easypaydayloanmtya.com/block-hr-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/

With the economic impact of the pandemic being felt across the U.S., we remain
committed to helping people gain access to their refunds while shifting how we
operate to help promote the safety and well-being of associates and clients. We
continue to provide in-person appointments and have implemented safety protocols
in our tax offices pursuant to applicable state and local orders and consistent
with Centers for Disease Control and Prevention recommendations. Clients may
also choose to drop-off at one of our locations nationwide, to file with a tax
professional virtually, or to utilize one of our DIY or software tax return
preparation solutions.
As a result of the COVID-19 pandemic, on March 21, 2020, the federal tax filing
deadline in the U.S. for individual 2019 tax returns was extended from April 15,
2020 to July 15, 2020, and substantially all U.S. states with an April 15
individual state income tax filing requirement extended their respective
deadlines. In Canada, the deadline for individuals to file was extended to June
1, 2020. In addition, governments around the world took a variety of actions to
contain the spread of COVID-19. Jurisdictions in which we operate imposed
various restrictions on our business, including capacity and other operational
limitations, social distancing requirements, and in limited instances required
us to close certain offices. Consequently, a portion of revenues and expenses
that would have normally been recognized in our fourth quarter of fiscal year
2020 shifted to the first two quarters of fiscal year 2021.
On March 17, 2021, the IRS extended the federal tax filing deadline in the U.S.
for individual 2020 tax returns from April 15, 2021 to May 17, 2021.
Consequently, a portion of revenues and expenses that would have normally been
recognized in our fourth quarter of fiscal year 2021 shifted to our next fiscal
These events have impacted the typical seasonality of our business and the
comparability of our financial results.
                                                                                                                                                                                           Fiscal Year 2021 Compared to 2020

                                                             Revenues                                                                                                                                   Operating Expenses                                                                                                               Net Income from Continuing Operations
             $3.41B                 [[Image Removed: hrb-20210430_g9.jpg]]                             29%                                               $2.64B                                  [[Image Removed: hrb-20210430_g10.jpg]]                                 3%                                            $590.2M                         [[Image Removed: hrb-20210430_g9.jpg]]            9,488%

             Increase is due to the extension of tax season 2020 and higher tax preparation volume in tax season 2021.                           

The increase is due to the compensation expense related to the increase in the volume of tax returns, partially offset by the impairment of goodwill from the previous year.

            Increase is due to higher revenues, partially offset by

operating expenses and tax expense.

                                                                                   Diluted EPS From Continuing Operations                                                                                                                                                                                                 EBITDA(1)
                                    $3.11                                                           Reported:                                            10,267%                                                                                                      $932.5M                                         Reported:                                                      256%
                                                                                      [[Image Removed: hrb-20210430_g9.jpg]]                                                                                                                                                                           [[Image 

Deleted: hrb-20210430_g9.jpg]]

                                    $3.39                                                          Adjusted(1):                                           304%                                                                                                        $932.5M                                         Adjusted:                                                      153%
                                                                                      [[Image Removed: hrb-20210430_g9.jpg]]                                                                                                                                                                           [[Image

Deleted: hrb-20210430_g9.jpg]]

                                                      Increase is due to 

higher net profit combined with a decrease in the number of shares outstanding during the current year.

                                                                                                            Increase is due to the higher 

income. The increase in Adjusted EBITDA is partially offset by the impairment of goodwill from the previous year.

(1) See "  Non-GAAP Financial Information  " section within this filing for a
reconciliation of non-GAAP measures.
Our subsidiaries provide assisted and DIY tax preparation solutions through
multiple channels (including in-person, online and mobile applications, virtual,
and desktop software) and distribute H&R Block-branded products and

22 2021 Form 10-K | H&R Block, Inc.

————————————————– ——————————-

services, including those of our bank partner, to the general public primarily
in the U.S., Canada and Australia. Tax returns are either prepared by H&R Block
tax professionals (in company-owned or franchise offices, virtually or via an
internet review) or prepared and filed by our clients through our DIY tax
solutions. We also offer small business financial solutions through our
company-owned and franchise offices and online through Wave. We report a single
segment that includes all of our continuing operations.
Operating Statistics
                                                                                                                         % Change
Year ended April 30,                                                 2021                     2020                        (Worse)
                                                           Represents two             Represents a
                                                              partial tax              partial tax
                                                               seasons(1)                season(2)
TAX RETURNS PREPARED : (in 000s) (3)
United States:
Company-owned operations                                         9,120                    6,745                           35.2  %
Franchise operations                                             3,507                    2,798                           25.3  %
Total assisted                                                  12,627                    9,543                           32.3  %

Desktop                                                          2,002                    1,553                           28.9  %
Online                                                           6,976                    5,932                           17.6  %
Total DIY                                                        8,978                    7,485                           19.9  %
Total U.S. returns                                              21,605                   17,028                           26.9  %

International operations:
Canada                                                           2,901                    1,908                           52.0  %
Australia                                                          672                      745                           (9.8) %
Other                                                                -                       73                                **
Total international operations returns                           3,573                    2,726                           31.1  %
Tax returns prepared worldwide                                  25,178                   19,754                           27.5  %

Company-owned operations                               $        223.14          $        227.83                           (2.1) %
Franchise operations (5)                               $        211.27          $        217.07                           (2.7) %
DIY                                                    $         34.87          $         27.91                           24.9  %

TAX OFFICES (as of January 31):
U.S. offices:

Company-owned offices                                            6,512                    6,552                           (0.6) %

Franchise offices                                                2,759                    2,909                           (5.2) %
Total U.S. offices                                               9,271                    9,461                           (2.0) %
International offices:
Canada                                                             983                    1,086                           (9.5) %
Australia                                                          421                      464                           (9.3) %
Total international offices                                      1,404                    1,550                           (9.4) %
Tax offices worldwide                                           10,675                   11,011                           (3.1) %

(1) Represents a partial 2019 individual tax filing season, which was extended
until July 15, 2020 and a partial 2020 individual tax filing season, which was
extended until May 17, 2021.
(2) Represents a partial 2019 individual tax filing season, which was extended
until July 15, 2020.
(3) An assisted tax return is defined as a current or prior year individual or
business tax return that has been accepted by the client. A DIY online return is
defined as a current year individual or business tax return that has been
accepted by the client. A DIY desktop return is defined as a current year
individual or business tax return that has been electronically submitted to the
(4) Net average charge is calculated as total tax preparation fees divided by
tax returns prepared.
(5) Net average charge related to H&R Block Franchise operations represents tax
preparation fees collected by H&R Block franchisees divided by returns prepared
in franchise offices. H&R Block will recognize a portion of franchise revenues
as franchise royalties based on the terms of franchise agreements.

We provide Net Average Charge as a key operating metric because we consider it
an important supplemental measure useful to analysts, investors, and other
interested parties as it provides insights into pricing and tax return mix
relative to our customer base, which are significant drivers of revenue. Our
definition of Net Average Charge may not be comparable to similarly titled
measures of other companies.
                                                H&R Block, Inc. | 2021 Form 10-K  23

————————————————– ——————————-

Consolidated - Financial Results                                                                            (in 000s, except per share amounts)
                                                                                                        $ Change                       % Change
Year ended April 30,                                      2021                 2020               Better/(Worse)                 Better/(Worse)
U.S. assisted tax preparation                   $ 2,035,107          $ 1,533,303          $        501,804                              32.7  %
U.S. royalties                                      226,253              193,411                    32,842                              17.0  %
U.S. DIY tax preparation                            313,055              208,901                   104,154                              49.9  %
International                                       249,868              180,065                    69,803                              38.8  %
Refund Transfers                                    163,329              154,687                     8,642                               5.6  %
Emerald Card®                                       136,717               92,737                    43,980                              47.4  %
Peace of Mind® Extended Service Plan                 98,882              105,185                    (6,303)                             (6.0) %
Tax Identity Shield®                                 40,624               31,797                     8,827                              27.8  %
Interest and fee income on Emerald
AdvanceSM                                            53,430               60,867                    (7,437)                            (12.2) %
Wave                                                 58,277               36,711                    21,566                              58.7  %
Other                                                38,445               42,056                    (3,611)                             (8.6) %
Total revenues                                    3,413,987            2,639,720                   774,267                              29.3  %

Compensation and benefits:
Field wages                                         797,262              678,813                  (118,449)                            (17.4) %
Other wages                                         272,664              218,548                   (54,116)                            (24.8) %
Benefits and other compensation                     208,147              175,535                   (32,612)                            (18.6) %
                                                  1,278,073            1,072,896                  (205,177)                            (19.1) %
Occupancy                                           414,389              410,402                    (3,987)                             (1.0) %
Marketing and advertising                           261,960              255,094                    (6,866)                             (2.7) %
Depreciation and amortization                       156,852              169,536                    12,684                               7.5  %
Bad debt                                             78,763               77,470                    (1,293)                             (1.7) %
Impairment of goodwill                                    -              106,000                   106,000                             100.0  %
Other                                               454,323              471,239                    16,916                               3.6  %
Total operating expenses                          2,644,360            2,562,637                   (81,723)                             (3.2) %
Other income (expense), net                           5,979               15,637                    (9,658)                            (61.8) %
Interest expense on borrowings                     (106,870)             (96,094)                  (10,776)                            (11.2) %
Income (loss) from continuing operations
before income taxes (benefit)                       668,736               (3,374)                  672,110                                   **
Income taxes (benefit)                               78,524               (9,530)                  (88,054)                                  **
Net income from continuing operations               590,212                6,156                   584,056                           9,487.6  %
Net loss from discontinued operations                (6,421)             (13,682)                    7,261                              53.1  %
Net income (loss)                               $   583,791          $    (7,526)         $        591,317                                   **

Basic earnings (loss) per share:
Continuing operations                           $      3.15          $      0.03          $           3.12                          10,400.0  %
Discontinued operations                               (0.04)               (0.07)                     0.03                              42.9  %
Consolidated                                    $      3.11          $     (0.04)         $           3.15                                   **

Diluted earnings (loss) per share:
Continuing operations                           $      3.11          $      0.03          $           3.08                          10,266.7  %
Discontinued operations                               (0.03)               (0.07)                     0.04                              57.1  %
Consolidated                                    $      3.08          $     (0.04)         $           3.12                                   **

Adjusted diluted EPS(1)                         $      3.39          $      0.84          $           2.55                             303.6  %
EBITDA(1)                                           932,458              262,256                   670,202                             255.6  %
Adjusted EBITDA (1)                                 932,458              368,256                   564,202                             153.2  %
Adjusted EBITDA margin(1)                              27.3  %              14.0  %                   13.3     %                        95.0  %

(1) All non-GAAP measures are results from continuing operations. See “Non-GAAP Financial Information” at the end of this article for a reconciliation of non-GAAP measures.

24 2021 Form 10-K | H&R Block, Inc.

————————————————– ——————————-

Due to the extension of the 2020 tax season related to the COVID-19 pandemic, we
had significant increases in the number of tax returns prepared in all
categories during the first half of fiscal year 2021. Additionally, while the
2021 tax season filing deadline was also extended, we prepared more tax returns
through April 30 than we did in the prior fiscal year. As a result of these
increases in volume during the fiscal year, U.S. assisted and DIY tax
preparation revenues and royalties increased compared to the prior year.
International revenues increased $69.8 million, or 38.8%, due to higher tax
returns prepared by our Canadian operations primarily due to the extension of
the 2020 tax season and favorable foreign currency exchange rates. Emerald Card®
revenues increased $44.0 million, or 47.4%, due to higher card activity from an
increase in tax refunds loaded on to cards, as well as some Economic Impact
Payments loaded on to cards. Wave revenues increased $21.6 million, or 58.7%,
due to higher small business payment processing volumes over the prior year as
small business owners shift to online payment options and an additional two
months of revenue in the current year, as we acquired Wave on June 28, 2019.
Total operating expenses increased $81.7 million or 3.2% from the prior year.
Field wages increased $118.4 million, or 17.4%, due to higher tax preparation
volumes. Other wages increased $54.1 million, or 24.8%, due primarily to higher
bonus accruals. Benefits and other compensation increased $32.6 million, or
18.6%, primarily due to higher payroll taxes as a result of higher wages.
Depreciation and amortization expense decreased $12.7 million, or 7.5%, due to
lower depreciation on leasehold improvements and lower amortization of acquired
intangibles. Additionally, we recorded an impairment of goodwill of $106.0
million related to Wave in the prior year.
Other operating expenses decreased $16.9 million, or 3.6%. The components of
other expenses are as follows:
                                                                                                         $ Change                       % Change
Year ended April 30,                                             2021               2020           Better/(Worse)                 Better/(Worse)
Consulting and outsourced services                       $ 127,262          $ 118,267          $        (8,995)                          (7.6) %
Bank partner fees                                           23,681             55,633                   31,952                           57.4  %
Client claims and refunds                                   28,756             35,498                    6,742                           19.0  %
Employee travel and related expenses                        21,704             40,892                   19,188                           46.9  %
Technology-related expenses                                 80,766             68,907                  (11,859)                         (17.2) %
Credit card/bank charges                                    81,154             48,826                  (32,328)                         (66.2) %
Insurance                                                   11,420             15,015                    3,595                           23.9  %
Legal fees and settlements                                  22,172             27,436                    5,264                           19.2  %
Supplies                                                    31,843             31,290                     (553)                          (1.8) %
Other                                                       25,565             29,475                    3,910                           13.3  %
                                                         $ 454,323          $ 471,239          $        16,916                            3.6  %

Bank partner fees decreased $32.0 million, or 57.4%, due to lower RA and RT
volumes, lower fees paid to our bank partner, and lower accruals for our RA
credit loss guarantees. Employee travel and related expenses decreased $19.2
million, or 46.9%, due to COVID-19 travel restrictions. Technology-related
expenses increased $11.9 million, or 17.2%, due to increased investments in
information technology. Credit card and bank charges increased $32.3 million, or
66.2%, as a result of higher transaction volumes for assisted and DIY tax
preparation, higher Wave payment processing fees and fees related to the Emerald
We prepared 2.9 million U.S. assisted and DIY returns from May 1, 2021 to May
18, 2021 due to the extension of the current tax season.
Losses of our discontinued mortgage operations are primarily related to legal
expenses which are lower in the current year. See the discussion of the risk of
contingent losses related to our discontinued operations in   Item 1A, Risk
Factors   and in   Item 8, note     12   to the consolidated financial
The comparison of fiscal year 2020 to 2019 has been omitted from this Form 10-K,
but can be found in our Form 10-K for the fiscal year ended April 30, 2020,
filed on June 16, 2020.
                                                H&R Block, Inc. | 2021 Form 10-K  25

————————————————– ——————————-

These comments should be read in conjunction with the consolidated balance
sheets and consolidated statements of cash flows included in   Item 8  .
OVERVIEW - Our primary sources of capital and liquidity include cash from
operations (including changes in working capital), draws on our CLOC, and
issuances of debt. We use our sources of liquidity primarily to fund working
capital, service and repay debt, pay dividends, repurchase shares of our common
stock, and acquire businesses.
Our operations are highly seasonal and substantially all of our revenues and
cash flow are generated during the period from February through April in a
typical year. Therefore, we normally require the use of cash to fund losses and
working capital needs, periodically resulting in a working capital deficit, from
May through January. We typically have relied on available cash balances from
the prior tax season and borrowings to meet liquidity needs in our first three
Given the likely availability of a number of liquidity options discussed herein,
we believe that in the absence of any unexpected developments, our existing
sources of capital as of April 30, 2021 are sufficient to meet our future
operating and financing needs.
summarizes our statements of cash flows for fiscal years 2021 and 2020. See
  Item 8   for the complete consolidated statements of cash flows for these
                                                                      (in 000s)
Year ended April 30,                                      2021             2020
Net cash provided by (used in):
Operating activities                            $    625,928      $   108,961
Investing activities                                 (45,523)        (470,231)
Financing activities                              (2,408,823)       1,531,848
Effects of exchange rate changes on cash              18,318           


Net change in cash and cash equivalents $ (1,810,100) $ 1,165,293

  Operating Activities. Cash provided by operating activities increased $517.0
million from fiscal year 2020. The increase is primarily due to net income in
the current year compared to a net loss in the prior year.
  Investing Activities. Cash used in investing activities totaled $45.5 million
compared to $470.2 million in the prior year. The decrease is primarily due to
the acquisition of Wave in the prior year.
  Financing Activities. Cash used in financing activities totaled $2.4 billion
compared to cash provided of $1.5 billion in the prior year, the change is
primarily due to a $2.0 billion draw on our CLOC in the prior year which was
paid off in the current year.


  Dividends and Share Repurchase. Returning capital to shareholders in the form
of dividends and the repurchase of outstanding shares has historically been a
significant component of our capital allocation plan.
  We have consistently paid quarterly dividends. Dividends paid totaled $195.1
million and $204.9 million in fiscal years 2021 and 2020, respectively. Although
we have historically paid dividends and plan to continue to do so, there can be
no assurances that circumstances will not change in the future that could affect
our ability or decisions to pay dividends.
Our current share repurchase program has remaining authorization of $563.8
million which is effective through June 2022. As a part of the repurchase
program, in the current year, we purchased $188.2 million of our common stock at
an average price of $16.29 per share.

26 2021 Form 10-K | H&R Block, Inc.

————————————————– ——————————-

Share repurchases may be effectuated through open market transactions, some of
which may be effectuated under SEC Rule 10b5-1. The Company may cancel, suspend,
or extend the time period for the purchase of shares at any time. Any
repurchases will be funded primarily through available cash and cash from
operations. Although we may continue to repurchase shares, there is no assurance
that we will purchase up to the full Board authorization.
The following table summarizes our shares outstanding, shares repurchased, and
annual dividends per share:
                                                             (in 000s, except per share amounts)
As of April 30,                 2021           2020           2019           2018           2017
Shares outstanding         181,466        192,475        201,959        209,254        207,171
Shares Repurchased            11,551         10,130          7,862              -         14,020
Dividends per share      $    1.04      $    1.04      $    1.00      $    0.96      $    0.88

  Capital Investment. Capital expenditures totaled $52.8 million and $81.7
million in fiscal years 2021 and 2020, respectively. Our capital expenditures
relate primarily to recurring improvements to retail offices, as well as
investments in computers, software and related assets. In addition to our
capital expenditures, we also made payments to acquire businesses. We acquired
franchise and competitor businesses totaling $15.6 million during the year ended
April 30, 2021, compared to $450.2 million for the year ended April 30, 2020,
which also includes the acquisition of Wave. See   Item 8, note 6   for
additional information on our acquisitions.
Contractual Obligations. We are party to many contractual obligations involving
commitments to make payments to third parties, which impact our short-term and
long-term liquidity and capital resource needs. Our contractual obligations
primarily consist of operating leases, contingent acquisition payments, and
long-term debt and related interest payments. See   Item 8, note 7  ,   10  ,
and   11   to the consolidated financial statements for additional information.
  FINANCING RESOURCES - In the fourth quarter of fiscal year 2020, we drew down
the full $2.0 billion available under our CLOC to increase our cash position and
maximize flexibility in light of the uncertainty surrounding the impact of the
COVID-19 pandemic, which we repaid in full in September 2020. We had no
outstanding balance under the CLOC as of April 30, 2021.
On August 7, 2020, we issued $650.0 million of 3.875% Senior Notes due August
15, 2030 (2030 Senior Notes). We used the net proceeds from the 2030 Senior
Notes to repay our $650 million Senior Notes that matured on October 1, 2020.
  See   Item 8,     note 7   to the consolidated financial statements for
discussion of our CLOC and Senior Notes and   note 13   for discussion of an
amendment to our CLOC effective June 11, 2021.
The following table provides ratings for debt issued by Block Financial LLC
(Block Financial) as of April 30, 2021 and 2020:
As of                                                 April 30, 2021                                                       April 30, 2020
                                     Short-term             Long-term                Outlook              Short-term             Long-term                Outlook
Moody's                                     P-3                  Baa3                 Stable                     P-3                  Baa3               Negative
S&P                                         A-2                   BBB               Negative                     A-2                   BBB               Negative

CASH AND OTHER ASSETS - As of April 30, 2021, we held cash and cash equivalents,
excluding restricted amounts, of $934.3 million, including $157.8 million held
by our foreign subsidiaries.
Foreign Operations. Seasonal borrowing needs of our Canadian operations are
typically funded by our U.S. operations. To mitigate foreign currency risk, we
sometimes enter into foreign exchange forward contracts. There were no forward
contracts outstanding as of April 30, 2021.
We do not currently intend to repatriate non-borrowed funds held by our foreign
subsidiaries in a manner that would trigger a material tax liability.
The impact of changes in foreign exchange rates during the period on our
international cash balances resulted in an increase of $18.3 million during
fiscal year 2021 compared to a decrease of $5.3 million in fiscal year 2020.
                                                H&R Block, Inc. | 2021 Form 10-K  27

————————————————– ——————————-

indirect subsidiary of H&R Block, Inc. Block Financial is the Issuer and H&R
Block, Inc. is the full and unconditional Guarantor of our Senior Notes, CLOC
and other indebtedness issued from time to time.
The following table presents summarized financial information for H&R Block,
Inc. (Guarantor) and Block Financial (Issuer) on a combined basis after
intercompany eliminations and excludes investments in and equity earnings in
non-guarantor subsidiaries.
SUMMARIZED BALANCE SHEET                    (in 000s)
As of April 30, 2021             GUARANTOR AND ISSUER

Current assets                $              49,615
Noncurrent assets                         1,664,311
Current liabilities                          38,471
Noncurrent liabilities                    1,500,970

SUMMARIZED STATEMENTS OF OPERATIONS                                       (in 000s)
Year ended April 30, 2021                                      GUARANTOR AND ISSUER

Total revenues                                              $             228,097
Income from continuing operations before income taxes                      


Net income from continuing operations                                      45,133
Net income                                                                 38,625

The table above reflects $1.6 billion of non-current intercompany receivables
due to the Issuer from non-guarantor subsidiaries.
We consider the estimates discussed below to be critical to understanding our
financial statements, as they require the use of significant judgment and
estimation in order to measure, at a specific point in time, matters that are
inherently uncertain. Specific methods and assumptions for these critical
accounting estimates are described in the following paragraphs. We have reviewed
and discussed each of these estimates with the Audit Committee of our Board of
Directors. For all of these estimates, we caution that future events rarely
develop precisely as forecasted and estimates routinely require adjustment and
may require material adjustment.
See   Item 8, note 1   to the consolidated financial statements for discussion
of our significant accounting policies.
Nature of Estimates Required. We accrue liabilities related to certain legal
matters for which we believe it is probable that a loss has been incurred and
the amount of such loss can be reasonably estimated. Assessing the likely
outcome of pending or threatened litigation, indemnification and contribution
claims, and other related loss contingencies, including the amount of potential
loss, if any, is highly subjective.
Assumptions and Approach Used. We are subject to pending or threatened
litigation claims and claims for indemnification and contribution, and other
related loss contingencies, which are described in   Item 8, note 12   to the
consolidated financial statements. It is our policy to routinely assess the
likelihood of any adverse judgments or outcomes related to legal matters, as
well as ranges of probable losses. A determination of the amount of the
liability required to be accrued, if any, for these contingencies is made after
analysis of each known issue and an analysis of historical experience. In cases
where we have concluded that a loss is only reasonably possible or remote, or is
not reasonably estimable, no liability is accrued.
Sensitivity of Estimate to Change. It is reasonably possible that future
litigation and other related loss contingencies may vary from the amounts
accrued. Our estimate of the aggregate range of reasonably possible losses
includes (1) matters where a liability has been accrued and there is a
reasonably possible loss in excess of the amount accrued for that liability, and
(2) matters where a liability has not been accrued but we believe a loss is
reasonably possible. This aggregate range represents only those losses as to
which we are currently able to

28 2021 Form 10-K | H&R Block, Inc.

————————————————– ——————————-

estimate a reasonably possible loss or range of loss. It does not represent our
maximum loss exposure. As of April 30, 2021, we believe the estimate of the
aggregate range of reasonably possible losses in excess of amounts accrued,
where the range of loss can be estimated, was not material.
However, our judgments on whether a loss is probable, reasonably possible, or
remote, and our estimates of probable loss amounts may differ from actual
results due to difficulties in predicting changes in, or interpretations of,
laws, predicting the outcome of jury trials, arbitration hearings, settlement
discussions and related activity, predicting the outcome of class certification
actions, and numerous other uncertainties. Due to the number of claims which are
periodically asserted against us, and the magnitude of damages sought in those
claims, actual losses in the future may significantly differ from our current
Our accrued liabilities for litigation and other related contingencies are
disclosed in   Item 8, note 12   to the consolidated financial statements.
Nature of Estimates Required. The income tax laws of jurisdictions in which we
operate are complex and subject to different interpretations by the taxpayer and
applicable government taxing authorities. Income tax returns filed by us are
based on our interpretation of these rules. The amount of income taxes we pay is
subject to ongoing audits by federal, state and foreign tax authorities, which
may result in proposed assessments, including interest or penalties. We accrue a
liability for unrecognized tax benefits arising from uncertain tax positions
reflecting our judgment as to the ultimate resolution of the applicable issues.
Assumptions and Approach Used. Differences between a tax position taken or
expected to be taken in our tax returns and the amount of benefit recorded in
our financial statements result in unrecognized tax benefits. Unrecognized tax
benefits are recorded in the balance sheet as either a liability or reductions
to recorded tax assets as applicable. Our uncertain tax positions arise from
items such as apportionment of income for state purposes, transfer pricing, and
the deductibility of related party transactions. We evaluate each uncertain tax
position based on its technical merits. For each position, we consider all
applicable information including relevant tax laws, the taxing authorities'
potential position, our tax return position, and the possible settlement
outcomes to determine the amount of liability to record. In making this
determination, we assume the tax authority has all relevant information at its
Sensitivity of Estimate to Change. Our assessment of the technical merits and
measurement of tax benefits associated with uncertain tax positions is subject
to a high degree of judgment and estimation. Actual results may differ from our
current judgments due to a variety of factors, including changes in law,
interpretations of law by taxing authorities that differ from our assessments,
changes in the jurisdictions in which we operate and results of routine tax
examinations. We believe we have adequately provided for any reasonably
foreseeable outcome related to these matters. However, our future results may
include favorable or unfavorable adjustments to our estimated tax liabilities in
the period the assessments are made or resolved, or when statutes of limitation
on potential assessments expire. As a result, our effective tax rate may
fluctuate on a quarterly basis.
A schedule of changes in our uncertain tax positions during the last three years
is included in   Item 8, note 9   to the consolidated financial statements.
Nature of Estimates Required. We test goodwill for impairment annually in the
fourth quarter or more frequently if events occur or circumstances change which
would, more likely than not, reduce the fair value of a reporting unit below its
carrying value. Our goodwill impairment analysis utilizes both the income and
market approaches, which includes revenue and expense forecasts, changes in
working capital and selection of a discount rate, all of which are highly
Assumptions and Approach Used. Our goodwill impairment analysis is performed at
the reporting unit level. Our valuation methods include a discounted cash flow
model for the income approach and the guideline public company and market
capitalization methods for the market approach. The income approach requires
significant management judgment with respect to revenue and expense forecasts,
anticipated changes in working capital and selection of an appropriate discount
rate. Changes in projections or assumptions could materially affect our estimate
of reporting unit fair values. The use of different assumptions could increase
or decrease estimated
                                                H&R Block, Inc. | 2021 Form 10-K  29

————————————————– ——————————-

discounted future operating cash flows and could affect our conclusion regarding
the existence or amount of potential impairment.
Sensitivity of Estimate to Change. Estimates of fair value may be adversely
impacted by declining economic conditions and changes in the industries and
markets in which we operate. Additionally, if future operating results of our
reporting units are below our current modeled expectations, fair value estimates
may decline. Any of these factors could result in future impairments, and those
impairments could be significant.
A schedule of changes in our goodwill balances, including any impairment
charges, is included in   Item 8, note 6   to the consolidated financial
See   Item 8, note 1   to the consolidated financial statements for any recently
issued accounting pronouncements.
The federal government, various state, local, provincial and foreign
governments, and some self-regulatory organizations have enacted statutes and
ordinances, or adopted rules and regulations, regulating aspects of our
business. These aspects include, but are not limited to, commercial income tax
return preparers, income tax courses, the electronic filing of income tax
returns, the offering of RTs, privacy and data security, consumer protection,
marketing and advertising, franchising, antitrust and competition, sales methods
and banking. We work to comply with those laws that are applicable to us or our
services or products, and we continue to monitor developments in the regulatory
environment in which we operate. See further discussion of these items in our
  Item 1A. Risk Factors under "Lega    l and     Regulatory Risks"   of this
Form 10-K.
On November 17, 2017, the CFPB published its final rule changing the regulation
of certain consumer credit products, including payday loans, vehicle title
loans, and high-cost installment loans (Payday Rule). Certain limited provisions
of the Payday Rule became effective on January 16, 2018, but most provisions
were scheduled to go into effect on August 19, 2019. On November 6, 2018, a
judge from the U.S. District Court for the Western District of Texas issued a
stay of the August 19, 2019 compliance date, which stay remains in effect until
further notice from the Court. On July 7, 2020, the CFPB issued a final rule
revoking the mandatory underwriting provisions of the Payday Rule.
  Given these developments and the recent change in administration, we are
unsure whether, when, or in what form the Payday Rule will go into effect. The
timing to resolve the litigation is unclear. We do not currently expect the
Payday Rule to have a material adverse impact on the Emerald AdvanceSM product,
our business, or our consolidated financial position, results of operations, and
cash flows. We will continue to monitor and analyze the potential impact of any
further Payday Rule developments on the Company.
From time to time, we receive inquiries from governmental authorities regarding
the applicability of laws to our services and products and other matters
relating to our business. We cannot predict what effect future laws, changes in
interpretations of existing laws or the results of future governmental inquiries
with respect to services and products or other matters relating to our business
may have on our consolidated financial position, results of operations and cash
flows. We have received certain governmental inquiries relating to the IRS Free
File Program. We may also be subject to future inquiries or other proceedings
regarding this program or other aspects of our business. Regulatory inquiries
may result in us incurring additional expense, diversion of management's
attention, adverse judgments, settlements, fines, penalties, injunctions or
other relief. See additional discussion of legal matters in   Item 8, note 12
to the consolidated financial statements.
Non-GAAP financial measures should not be considered as a substitute for, or
superior to, measures of financial performance prepared in accordance with GAAP.
Because these measures are not measures of financial performance under GAAP and
are susceptible to varying calculations, they may not be comparable to similarly
titled measures for other companies.
We consider our non-GAAP financial measures to be performance measures and a
useful metric for management and investors to evaluate and compare the ongoing
operating performance of our business. We make adjustments for certain non-GAAP
financial measures related to amortization of intangibles from acquisitions

30 2021 Form 10-K | H&R Block, Inc.

————————————————– ——————————-

and goodwill impairments. We may consider whether other significant items that
arise in the future should be excluded from our non-GAAP financial measures.
We measure the performance of our business using a variety of metrics, including
earnings before interest, taxes, depreciation and amortization (EBITDA) from
continuing operations, adjusted EBITDA from continuing operations, EBITDA margin
from continuing operations, adjusted EBITDA margin from continuing operations,
adjusted diluted earnings per share from continuing operations and free cash
flow. We also use EBITDA from continuing operations and pretax income of
continuing operations, each subject to permitted adjustments, as performance
metrics in incentive compensation calculations for our employees.
The following is a reconciliation of net income (loss) to EBITDA from continuing
operations and adjusted EBITDA from continuing operations, which are non-GAAP
financial measures:
                                                                                 (in 000s)
   Year ended April 30,                                               2021            2020
   Net income (loss) - as reported                            $ 583,791       $  (7,526)
   Discontinued operations, net                                   6,421          13,682
   Net income from continuing operations - as reported          590,212           6,156
   Add back:
   Income taxes (benefit)                                        78,524          (9,530)
   Interest expense                                             106,870          96,094
   Depreciation and amortization                                156,852         169,536
                                                                342,246         256,100

   EBITDA from continuing operations                          $ 932,458       $ 262,256
   Impairment of goodwill                                             -         106,000
   Adjusted EBITDA from continuing operations                 $ 932,458       $ 368,256

   EBITDA margin from continuing operations (1)                    27.3  %          9.9  %
   Adjusted EBITDA margin from continuing operations (2)           27.3  %         14.0  %

(1) EBITDA margin from continuing operations is computed as EBITDA from
continuing operations divided by revenues from continuing operations.
(2) Adjusted EBITDA margin from continuing operations is computed as adjusted
EBITDA from continuing operations divided by revenues from continuing
The following is a reconciliation of our results from continuing operations to
our adjusted results from continuing operations, which are non-GAAP financial
                                                                  (in 000s, except per share amounts)
Year ended April 30,                                                        2021                 2020

Net income from continuing operations - as reported               $   

590 212 $ 6,156


Amortization of intangible assets related to acquisitions (before tax)

                                                               68,387               74,561
Impairment of goodwill (pretax)                                             -              106,000
Tax effect of adjustments(1)                                          (15,884)             (19,126)
Adjusted net income from continuing operations                    $   

642 715 $ 167,591

Diluted earnings per share from continuing operations – as published

                                                          $      3.11          $      0.03
Adjustments, net of tax                                                  0.28                 0.81

Adjusted diluted earnings per share from continuing operations


3.39 $ 0.84

(1) The tax effect of the adjustments is the difference between the calculation of the tax provision on a GAAP basis and on an adjusted non-GAAP basis.

                                                H&R Block, Inc. | 2021 Form 

10-K 31

————————————————– ——————————-

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Illinois Regulator Releases Predatory Loan Prevention Act Regulatory Proposal; lawsuits filed to block the implementation of the database reporting requirement of the law and for the declaration The law does not apply to pawn shops | Ballard Spahr srl https://easypaydayloanmtya.com/illinois-regulator-releases-predatory-loan-prevention-act-regulatory-proposal-lawsuits-filed-to-block-the-implementation-of-the-database-reporting-requirement-of-the-law-and-for-the-declaration-the/ https://easypaydayloanmtya.com/illinois-regulator-releases-predatory-loan-prevention-act-regulatory-proposal-lawsuits-filed-to-block-the-implementation-of-the-database-reporting-requirement-of-the-law-and-for-the-declaration-the/#respond Tue, 15 Jun 2021 17:01:02 +0000 https://easypaydayloanmtya.com/illinois-regulator-releases-predatory-loan-prevention-act-regulatory-proposal-lawsuits-filed-to-block-the-implementation-of-the-database-reporting-requirement-of-the-law-and-for-the-declaration-the/

In March 2021, Illinois Governor Pritzker signed in law SB 1792, which contains the Predatory Lending Prevention Act (the “Act”). The new law came into effect upon signing, notwithstanding the authority it confers on the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “in accordance with the regulations. [the] Act.”

The law extends the 36% “all-in” finance charge cap of the Federal Military Loan Act (MLA) Military Annual Percentage Rate (MAPR) to “any person or entity that offers or grants a loan to a consumer in Illinois ”unless done by an entity exempted by law. The law provides that any loan granted beyond a MAPR of 36% is considered null and void and that no entity has the “right to collect, attempt to collect, receive or retain capital. , fees, interest or charges related to the loan. ”Each violation of the Act is punishable by a fine of up to $ 10,000.

Proposed settlement. IDFPR proposed regulations to implement the Act. In addition to the section containing definitions (section 215.10), the proposal contains a section on loan conditions (section 215.20). The loan conditions referred to in article 215.20 include:

  • Calculation of the APR for the purposes of the Act (i.e. what charges must be included in the APR)
  • Good faith fees charged to credit card accounts that may be excluded from the APR, including standards for assessing whether good faith fees are reasonable, a reasonable safe harbor for good faith fees, and indicia of character reasonable participation fee
  • The effect of finance charges on bona fide charges

In addition to these proposed regulations implementing the law, the IDFPR concurrently proposed changes to the regulations for the application of the Illinois Consumer Installment Loans Act and the Loan Reform Act. salary. These changes propose to extend the substantive and disclosure limitations that previously applied to high APR payday loan and auto title programs to loans with an MAPR of 36% or less without modification. For example, a prime loan guaranteed by a consumer vehicle with a 1% MAPR would be subject, among other things, to a capital limit of $ 4,000, refinancing limitations, limitations on “repayment capacity.” In the form of a gross monthly income check and various flyers and disclosure requirements that make little sense in the context of a loan with an MAPR of 36% or less.

Lawsuit to block the law’s database reporting requirement. Prior to the enactment of the law, only lenders providing certain higher cost loans with annualized rates above 36% were required to report loan information to a state database administered by Veritec. The law amended the Illinois Consumer Installment Loans Act (“CILA”) to require all approved lenders, regardless of the rate applied, to pay Veritec fees for each loan and to report information. on the loan in the database. Because the law went into effect immediately and the integration of Veritec typically takes several months, lenders in Illinois were initially faced with the trap of violating the amended law or terminating all claims. loan operations. To resolve this dilemma, the IDFPR issued a notice in April 2021 stating that it “did not intend to take adverse monitoring or enforcement action for breach of reporting requirements” under Illinois applicable law until further notice.

The American Financial Services Association and the Illinois Financial Services Association have filed a complaint against the IDFPR Seeking to prohibit the implementation of the declaration requirement of the Act retroactive to March 23, 2021 and asking for a declaration that the requirement is unconstitutionally vague and unenforceable. In its complaint, the IFSA alleges that despite the inability to comply, approved lenders may be subject to civil lawsuits under the CILA, and that the implementation of the law will expose credit lenders to the consumption at a substantial risk of loss.

The lawsuit to declare that the law does not cover pawn shops. Two professional associations and two companies involved in the pledge industry have filed a complaint against the IDFPR request a statement that the law cannot apply to pawn shops unless and until the IDFPR amends or rescinds its regulations implementing the Illinois Pawnbrokers Regulation Act (“PRA”) which are inconsistent with the law. The PRA requires pawn shops to be licensed by the IDFPR to operate legally in Illinois and outlines the terms and allowable finance charges for pawn shops.

In April 2021, the IDFPR published a series of FAQs on the Law which listed “pawn shops” as an example of loans covered by the Act. In their complaint https://www.jdsupra.com/legalnews/illinois-regulator-issues-proposed-7629792/, the plaintiffs allege that the Act does not modify the PRA and makes no reference to pawn shops. They also allege that the legislative history of the Act indicates that the Act was never intended to affect the pawnshop industry. According to the complainants, the IDFPR has not given any guidance to the pledge industry on key issues such as how the Act and the PRA interact and what, if anything, is expected to change from a security perspective. compliance in terms of how pledge transactions are conducted.

The plaintiffs claim that as a result of its FAQ, “the IDFPR not only created a myriad of questions about how the pawn shop industry in Illinois is supposed to operate, but it did so while placing a target on the back of the industry and opening it to litigation with consumers. The plaintiffs also claim that if the law’s 36% APR cap applied to pawn shops, “it would have a devastating effect on the industry and would likely lead to the shutdown of most, if not all of the lenders in the industry. pledges in Illinois because the pawn shops segment is the primary source of revenue for the business.

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What is a draft stock account? – Councilor Forbes https://easypaydayloanmtya.com/what-is-a-draft-stock-account-councilor-forbes/ https://easypaydayloanmtya.com/what-is-a-draft-stock-account-councilor-forbes/#respond Tue, 15 Jun 2021 14:55:57 +0000 https://easypaydayloanmtya.com/what-is-a-draft-stock-account-councilor-forbes/

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

If you are considering becoming a member of a credit union, you may notice that credit unions use slightly different terminology than banks.

A checking account tends to be your primary trading account for a bank’s day-to-day banking needs, but credit unions call this type of account a “stock trading account”. The reason for this name change? As a member of a credit union, you are also a shareholder and co-owner of the organization that holds your account. So when you sign up for a checking account at a credit union, they use the project sharing account name to reflect both your ownership and the fact that it is a transactional account.

There are several reasons why credit unions use different names for similar products and services. A stock checking account is similar to a typical bank checking account, but there are a few key differences related to the main reasons credit unions have a slightly different mission and focus than banks.

Why is this called a draft stock account?

When you have an account with a credit union, the money you put into the credit union secures what are called stocks. Different types of credit union accounts can have the word “stocks” in their name, such as stock certificates instead of CDs, or a stock savings account instead of a bank savings account.

“Share draft account” is more than a name. It is a different way of delivering financial services. Credit unions are non-profit cooperative organizations. Because of this mission and structure, they return their profits to members of the organization, helping to provide members with higher returns on savings accounts, lower interest rates on loans and other benefits for members.

By naming their master transactional accounts as holding accounts, credit unions are reminding their members of the organization’s mission: to literally “share” the profits with members, in a way that helps reduce costs and provide money. best services.

Share provisional accounts or current accounts

Credit union interim stock accounts work in the same basic way as bank checking accounts. You can use these accounts to write checks, make debit card purchases, and make other payments and transactions through your account to manage your day-to-day spending. Some credit unions may designate their draft stock accounts as checking accounts. In fact, some credit union holding accounts rank among the best checking accounts available.

One difference between a checking account and a bank checking account is that credit union checking checking accounts usually pay interest (called dividends rather than credit union interest), unlike most bank checking accounts. Credit unions refer to the interest or return they pay on member accounts as dividends, rather than interest, to reflect the role of credit union membership. In the same way that owners of company shares might receive a dividend, members of credit unions receive dividends in their savings or chequing accounts. Although the name is slightly different (dividend for interest), the idea is the same: to receive income on your money.

The stock trading accounts of some credit unions pay higher or lower dividends, depending on the organization and the annual percentage return, or APY, paid by banks and credit unions. Some banks also offer paid checking accounts. Forbes Advisor’s list of the best high yield checking accounts includes both banks and credit unions.

Is an FDIC equity trading account insured?

Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), an independent agency created by the United States Congress to insure deposit accounts and provide specific banking stability support, among others. FDIC member banks are proud to show it off, with the FDIC logo featured prominently on their websites and marketing materials.

Credit unions are not FDIC insured. Credit unions fall under the jurisdiction of the National Credit Union Administration (NCUA), which provides insurance and advice similar to FDIC, but for credit unions rather than banks.

The NCUA insures the accounts of credit unions, much like the FDIC protects bank customers, through the National Credit Union Share Insurance Fund (NCUSIF). If you are a member of a federal credit union or many state chartered credit unions, the money in your stock trading account and other deposit accounts is protected by full faith and credit. the federal government, up to $ 250,000 per owner share, per insured credit union, for each category of account holder. Even if your credit union goes bankrupt, your deposits are protected and you will get your money back insured.

Just as “share current account” is a slightly different name for a current account, the NCUA protects depositors in the same way as the FDIC: different names, same purpose.

How to choose a draft sharing account

If you are looking for a new bank or credit union, there are a few things to consider when deciding to join a credit union and open a new stock trading account:

  • Main purposes and reasons for using the account. If you need a home for your daily expenses, a place to receive your paycheck by direct deposit, and easy access to your money by debit card or ATM withdrawals, a shared drafting account may be the right choice. Much like a bank account, your credit union stock trading account can serve as a home base for your money. If you have a larger amount of money that you want to keep in your savings and potentially earn dividends, you may want to consider opening a savings account, certificate of deposit (CD), money market account, or other potentially more dividend-paying account.
  • Easy access to cash. A typical credit union stock trading account will give you a debit card to use with your account, so you can make purchases and withdraw money from ATMs. The functionality and daily use of a shared checking account is similar to that of a traditional bank checking account. However, before deciding on a credit union stock trading account, you may want to make sure you have access to a convenient network of ATMs. Many credit unions can connect you to a larger network of free or low-cost ATMs across the country.
  • Mobile application functionality and online banking. Digital banking is becoming a staple for financial institutions as customers seek a greater variety of mobile banking application functionality. Before signing up for a stock trading account, you may want to check out the credit union’s mobile app and online banking capabilities. Some credit unions have more sophisticated applications than others. Search the App Store and Google Play for Credit Union to see how well rated their apps are and to get a feel for which credit unions have the right level of mobile technology to meet your needs.
  • Integrations with third-party personal finance apps. If you use personal finance apps or budgeting apps to track your spending and manage your money, you might want to make sure that the credit union draft account can connect and integrate with those apps.
  • Dividend-producing account. Some of the best high yielding equity accounts in credit unions pay up to 2.09% to 4.09% APY. Earning dividends on your stock trading account may not be a good enough reason to join a credit union, but it could be a nice bonus that will allow you to put a few extra dollars in your pocket.

When deciding to join a credit union or open a bank account, be sure to read the fine print and look at the range of services and benefits that a bank or credit union can offer you.

Final result

One of the day-to-day financial services that credit unions provide to their members are credit union interim accounts. In terms of functionality and purpose, these accounts often resemble bank checking accounts. But, in terms of the perks and perks they offer, Interim Accounts reflect the larger philosophy of credit unions: to share the profits with their members, to offer members the lowest costs and best returns possible, and show members every day that they really have credit. union.

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How “chaos” in the shipping industry is choking the economy: Planet Money: NPR https://easypaydayloanmtya.com/how-chaos-in-the-shipping-industry-is-choking-the-economy-planet-money-npr/ https://easypaydayloanmtya.com/how-chaos-in-the-shipping-industry-is-choking-the-economy-planet-money-npr/#respond Tue, 15 Jun 2021 10:30:26 +0000 https://easypaydayloanmtya.com/how-chaos-in-the-shipping-industry-is-choking-the-economy-planet-money-npr/

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SAN FRANCISCO, CALIFORNIA - MARCH 26: Container ships sit idle in San Francisco Bay just outside the Port of Oakland on March 26, 2021 in San Francisco, California.

Justin Sullivan / Getty Images

Whidbey Island is a lovely place about 30 miles north of Seattle on Puget Sound. Most of the time, the quiet sounds of the waves and the chirping of birds provide an escape from the hustle and bustle of the city. But these days, all is not so serene. Residents complain about the heckling created by the huge container ships anchored off their coasts.

“We’ve never seen them so close before,” Whidbey Islander told a local news station. “We hear the haunting noise at night … It’s a nuisance.” The noise was so loud that the residents complained to the county sheriff’s office about it.

Whidbey Islanders have a front row seat to America’s growing trade deficit, which is hitting records. It is powered by a demand surge for imports, mainly from East Asia. There is so much cargo being shipped from Asia to the United States right now that the ports of Seattle and Tacoma are overflowing with container ships.

“We are seeing a historic increase in the volume of cargo entering our ports,” said Tom Bellerud, director of operations for the Northwest Seaport Alliance, which manages all cargo handling at the ports of Seattle and Tacoma. “The terminals are struggling to keep up with the processing of all the cargo from these ships fast enough.”

On land and at sea, the entire supply chain is struggling to keep up. In the Pacific Northwest, it has become such a festival that the US Coast Guard has redirected boats to anchor off Whidbey Island and other places they usually don’t park. Ships’ crews have to wait days, if not weeks, for the chance to dock in ports and unload their precious cargo.

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It’s the same story along the west coast. In San Francisco Bay, the traffic jam of container ships has become so bad that the US Coast Guard has told them not to enter the bay at all. Robert Blomerth, director of the USCG’s San Francisco Vessel Traffic Service, said last week that there were 16 container ships waiting on the high seas outside the Golden Gate to enter and unload their cargo. He says it’s “completely abnormal”.

When we spoke to Gene Seroka, the Port of Los Angeles chief, he said his port has 19 ships waiting to dock, and they are now waiting, on average, about five days to enter. Normally, they don’t have to wait at all.

Lars Jensen, CEO of Vespucci Maritime, has spent twenty years studying the industry and says what is happening is unprecedented. “The container shipping industry is in a state of chaos that I don’t think it has ever been since its invention,” he says.

The maiden voyage of the first container ship set sail from Newark, New Jersey, in 1956. It can be difficult to understand just how important this innovation was. It was just a big ship carrying containers, literally metal boxes. But these metal crates allowed ships to carry considerably more cargo, and by standardizing shipping practices and using new machinery to handle crates, shippers were able to lower the costs and the time it takes to load, unload and transport that cargo. Credit economists those metal boxes that increase shipping efficiency so much that they have united the modern global economy more than anything else – more than all free trade agreements put together.

Now economists fear that the plumbing provided by these miracle boxes and the ships that carry them may be clogged. It is more difficult for stores to restock their shelves, manufacturers, Car manufacturers, and builders to get the parts they need, and Farmers to export their products. This is an important reason, analysts say, that we are seeing a surge in consumer prices.

How did the expedition turn upside down?

At the start of the pandemic, global trade hit an iceberg and sank into the abyss. The decline of shipping has been so dramatic that American scientists saw a unique opportunity to study what happened to the whales in the absence of a constant deluge of ships. The sound of ships apparently stress them out – as if they are currently stressing the residents of Whidbey Island.

Greater tranquility for whales in the first half of 2020 was the result of shipping companies cancel their trips and moor their ships. Then the economy rebounded and American consumers set off a tidal wave of demand that swept through the shipping industry when they began to change their spending habits. Unable to spend the money to go out, many began to spend their money (and their dunning checks) on manufactured goods – things that come largely from China on container ships.

In the beginning, it wasn’t the ships that were the problem: it was the containers. When the buying frenzy started, Chinese exporters struggled to get their hands on enough empty boxes, many of which were still blocked in the United States because of all the trips canceled at the start of the pandemic. More importantly, it took longer to process the containers here due to all the disruption and inefficiencies brought on by the pandemic. Containers pile up in shipyards, and trains and trucks struggle to get them out fast enough.

“The pandemic has exacerbated long-standing problems with the country’s supply chain, not only in ports but in warehouses, distribution centers, railways and other places that must function properly for longshoremen can move cargo off ships, ”says Cameron Williams. He is a member of the International Longshore and Warehouse Union, which represents dockworkers, primarily on the west coast. Dockworkers have worked tirelessly during the pandemic to deal with the increased volume of cargo, he says, and at least 17 ILWU workers have lost their lives to COVID-19. “We continue to work hard and break records month after month to clear cargo as quickly as the supply chain allows,” said Williams.

Everything has been done to provide voracious consumers and businesses with what they want. The resulting traffic jams at west coast ports mean it takes longer to unload cargo, which in turn lengthens the time it takes for ships to cross the Pacific and recharge.

This congestion was already creating massive delays at both ends of the maritime supply chain, immobilizing large numbers of containers and ships, leading to growing backlogs and shortages. Then, in March 2021, the Never given, one of the largest container ships in the world, got stuck in the Suez Canal in Egypt. While the blockade did not directly affect the Asia-West Coast shipping corridor, it has exacerbated the global shortage of ships and containers by blocking even more at sea.

As if all this was not enough, last month there was a COVID-19 epidemic at the Yantian International Container Terminal in China, which is normally one of the busiest ports in the world. The Chinese government has put in place strict measures to control the epidemic and, as a result, more than 40 container ships were forced to drop anchor and wait. “In terms of the amount of cargo, what’s going on in southern China right now is an even bigger disruption than the Suez Canal incident,” Jensen said.

The effects on the US economy

With such a bogged down shipping capacity, importers and exporters competed for rare containers and vessels and drove up the cost of transportation. The cost of shipping a container from China / East Asia to the West Coast has tripled since 2019, according to the Freightos Baltic Index. Many large importers pay shipping costs through annual contracts, which means they have been somewhat immune to the price hikes, but they are start to feel pain when they renegotiate contracts.

Rising shipping costs and delays rob the economy of what it needs, contributing to shortages and inflation. It’s not just consumers and retailers who are affected: US exporters complain that shipping companies are so desperate to get containers back to China quickly that they are making the return trip across the Pacific without waiting to fill the containers with American-made products. This is bad news for these exporters and for the growing US trade deficit.

As for when it’s going to improve, none of the people we spoke to think it will be anytime soon. The crazy part of it all is that it’s not even considered high season for the shipping industry yet. That typically starts in august, when American stores begin to stock up for the start of the school year and the holidays. Residents of Whidbey Island may have to continue to deal with the nuisance of the gigantic and noisy ships that clutter the horizon for the foreseeable future.

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These IIT Roorkee Alumni Simplify SMB Payroll Process With Mobile-Centric SaaS Solution https://easypaydayloanmtya.com/these-iit-roorkee-alumni-simplify-smb-payroll-process-with-mobile-centric-saas-solution/ https://easypaydayloanmtya.com/these-iit-roorkee-alumni-simplify-smb-payroll-process-with-mobile-centric-saas-solution/#respond Tue, 15 Jun 2021 01:07:39 +0000 https://easypaydayloanmtya.com/these-iit-roorkee-alumni-simplify-smb-payroll-process-with-mobile-centric-saas-solution/

Maintain attendance records, payroll management and salary distribution, advanced paid records, overtime and bonuses, among others, can be a tedious process if done manually in books or Excel sheets.

For companies and startups, with the technology at their disposal, these processes are made very efficient.

However, with the low penetration of digitization and the unavailability of employment and payroll data among small and medium enterprises (SME) and blue and gray collar workers, they find it difficult to avail themselves of essential financial products such as loans and insurance.

To overcome these problems faced by SMEs, two 29-year-old college friends and graduates of IIT Roorkee – Nikhil Goel and Peeyush Goyal – built seSalaryBoxse in 2020.

Headquarters in Gurugram, SalaryBox brings the interrupted process of keeping attendance records, calculating salary, managing compliance and processing salary payments into one application.

Available to Android users today, all of these processes can be done with minimal user intervention. The startup plans to launch its app on iOS shortly.


Nikhil says of SalaryBox SaaS mobile first solution automatically calculates salaries for different salary categories after factoring in attendance, time off, allowances, overtime, and payday advances, making it simple and convenient for millions of SMBs.

Screenshot of the SalaryBox application

In addition, blue and gray collars can mark their attendance, check their attendance history, view salary records and download payslips, creating a digital footprint they can use to qualify for loans and insurance products.

However, the app does not yet support payments. Nikhil says: “Links with banks for financial services and the ability to pay salaries through the app are ongoing. We are working on it. “

The team

Before launching SalaryBox, Nikhil worked with startups like Indifi and Practo. Peeyush – who made his masters Carnegie Mellon University – had already worked with LeadGenius and Helpshift.

With a team of seven members, Peeyush (CPO and co-founder) manages the product and engineering verticals, while Nikhil (CEO and co-founder) takes care of other business functions.

Co-founders of SalaryBox (L: R) Nikhil Goel, Peeyush Goyal

Funding and income

While the startup declined to share its revenue figures, it said its immediate source of income is its SaaS subscription model. Right now, the app has over a lakh of downloads on the Play Store.

“We recently launched the paid plan and charge Rs 2,000 per year per SME. In the future, our possible source of income could be the sale of financial services such as payday advances and insurance for blue collar workers, ”Peeyush shares.

With over 45,000 registered companies, SalaryBox had lifted an undisclosed screening round in May 2021.

The tour was led by GSF accelerator as well as renowned angel investors, including Alok Mittal (CEO, Indifi); Amit Ranjan (ex-co-founder, SlideShare); Sumit jain (Co-founder, CommonFloor), and Overrun Kuila (Co-founder, Zopper).

Image credits: YS Design Team

The future to come

According to IBEF, India has more than 63 million SMEs and more than 300 million blue collar workers. In fact, there are almost 400 registered SMEs around the world.

Going forward, Peeyush says they plan to provide financial infrastructure to SMEs and their workforce. The co-founders plan to expand the following activities:

1. Payroll advances and insurance

The startup Gurugram aims to partner with financial institutions to make salary advances available on its app. Additionally, employee profile data collected on the app will be valuable in delivering personalized insurance products to employees, says Peeyush.

2. Credit score provider

Based on an employee’s payday advance repayment behavior and other employment-related data collected on the app, the startup plans to become a credit score provider for underwriters while facilitating reimbursements by automatically deducting the reimbursement amount from an employee’s salary.

3. Professional identity

Several SMEs do background checks on new hires and store KYC documents for compliance. Peeyush says the app will allow employees and businesses to store documents directly on the SalaryBox platform.

It also plans to allow employees to use the app to verify their identity and employment history with potential employers.

SalaryBox competes with players like Pagarbook, Khatabook and OKCredit, among others.

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Colorado Healing Fund Distributes More Money To Boulder Victims https://easypaydayloanmtya.com/colorado-healing-fund-distributes-more-money-to-boulder-victims/ https://easypaydayloanmtya.com/colorado-healing-fund-distributes-more-money-to-boulder-victims/#respond Mon, 14 Jun 2021 23:51:00 +0000 https://easypaydayloanmtya.com/colorado-healing-fund-distributes-more-money-to-boulder-victims/

There is a promise of more transparency from a group collecting donations for the families of the victims of the Boulder shooting.

BOULDER, Colo .– The nonprofit that raised the most money after a mass shooting at a Boulder King Soopers has doubled what it handed out to families in the two weeks since her husband one victim expressed concerns about the slow pace of distribution and asked for more transparency.

The Colorado Healing Fund distributed $ 1.5 million to victims on Monday, up from about $ 700,000 in early June, according to former Colorado Attorney General Cynthia Coffman, who started the nonprofit with a grant from his office and now serves as chairman of an advisory board for the fund. The fund has raised $ 4.4 million since the March 22 shooting, Coffman said.

The nonprofit will now provide a quarterly public report to clarify how much has been collected and how much has been distributed, according to Coffman. She said the decision to release a report was made before John Mackenzie, whose wife Lynn Murray died in the shooting, made his concerns public.

RELATED: Boulder Shooting Victim’s Husband Wants Audit of Fundraising Nonprofits

Mackenzie formed a group called the Stand Up Bolder, asking the state to step in, take over the funds raised, hire a special master to distribute the money, and audit the nonprofits. Mackenzie specifically requested that attorney Kenneth Feinberg be the fund’s special master.

Feinberg was chosen by the then governor. John Hickenlooper to distribute the funds raised after the filming of the Aurora Theater. He has also dealt with compensation for victims following the 9/11 terrorist attacks, the BP Deepwater Horizon oil spill and, more recently, allocating money to victims of sexual abuse in the Archdiocese of Denver.

Feinberg said he knew little about the situation in Boulder, but could relate to the tension.

“In fairness to everyone involved in Boulder trying to do the right thing, I mean no one is literally trying to sabotage anything, it’s just that no good deed goes unpunished,” he said. Feinberg said in an interview with 9NEWS.

Other than speaking with Mackenzie, he said he had not been contacted by any head of state regarding the Boulder shooting and said he was not familiar with Colorado Healing Fund efforts.

The fund was created as a new model of charitable giving in the wake of mass tragedies. Members of its board say the fund is intended to provide support not only in the short term, but also in the long term.

Feinberg said he came from a different school of thought on victim compensation.

“Long-term need, there isn’t enough money, there really isn’t,” he said. “And I have found in my own experience, not with regard to Boulder, the sooner you collect the money and distribute it and move on as best you can, the better.”

After the Aurora Theater shooting, Feinberg said he decided that most of the funds raised should go to family members of victims who died in the shooting. It was shared equally between them.

The remainder of the funds were given to victims who were physically injured in the shooting, with the dollar amount depending on the time each victim spent in hospital.

“It wasn’t a difficult calculation… one by one,” he said. “The hardest part is the emotion… like the families I hear now in Boulder, very emotional angry, frustrated. Absolutely understandable.

Feinberg said that no matter how generous Americans are, they often forget that money won’t bring back a loved one.

“I don’t care if you give people $ 20 million, it won’t heal, it won’t close,” he said.

“Money is a very hollow substitute for loss.”

RELATED: Vaccination Clinic Targeted At Hispanics, Latinos Continue Efforts As Demand Dips

RELATED: Denver Non-Profit Offers Free Therapy for Children and Families Navigating the Immigration System

Contact 9News reporter Steve Staeger with advice on this or any other story by emailing Steve@9news.com.

SUGGESTED VIDEOS: Full episodes of Next starring Kyle Clark


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Refinance a jumbo loan: what you need to know https://easypaydayloanmtya.com/refinance-a-jumbo-loan-what-you-need-to-know/ https://easypaydayloanmtya.com/refinance-a-jumbo-loan-what-you-need-to-know/#respond Mon, 14 Jun 2021 19:55:25 +0000 https://easypaydayloanmtya.com/refinance-a-jumbo-loan-what-you-need-to-know/

Refinancing a jumbo loan could potentially mean big savings. While similar to a typical mortgage refinance, you can expect more stringent requirements. Here’s what you need to know. (iStock)

For the mortgage industry, it was a record year. Last year, lenders hit a record level of refinancing loan volumes at $ 2.8 trillion in refinancing. Despite the recent slight rise in mortgage rates, now may still be a great time to refinance a home loan.

For homeowners with a jumbo loan – although the requirements for mortgage refinancing are similar – this can be more difficult. You will need to prove to a lender that you are in a good position to refinance.

You can explore your refinancing options by visiting Credible to compare loan rates and lenders in the mortgage industry.


What is a jumbo loan?

Fannie Mae and Freddie Mac, federally backed residential mortgage companies, are limited by law to the purchase of single-family mortgages with origination balances below a certain amount, known as the limit compliant loan. The compliant loan limit for 2021 is $ 548,250 and up to $ 822,375 or more in some high cost areas. Anything over the compliant limit is called a jumbo loan.

Jumbo loans are not guaranteed by Fannie Mae, Freddie Mac, or the federal government, which means the lender is not protected against loss if the borrower defaults on the loan. Because jumbo loans are larger than the average mortgage and carry more risk, lenders have more stringent requirements compared to traditional mortgages.

The conditions for refinancing a jumbo mortgage

If you are considering refinancing your jumbo loan for lower loan rates, you must meet your lender’s minimum requirements. Here’s what a typical lender may need to qualify for a jumbo loan refinance:

  • A minimum FICO credit score of 660 but preferably 700 or higher
  • A maximum debt-to-income ratio (DTI) of 43%
  • A maximum loan-to-value ratio (LTV) of 80%
  • No more than four mortgage properties
  • Your name on your home title for at least six months
  • No bankruptcy in the past seven years
  • Proof of cash reserves to show you’ve saved enough to cover loan principal, interest, taxes, and insurance for at least several months


Here are the documents you will need to provide for a jumbo loan refinance:

  • Two years of tax returns
  • Two years of W2 forms
  • Recent pay slips
  • Bank statements

If you are self-employed, you may need to provide an income statement and balance sheet. Don’t forget the closing costs which can represent between 2% and 5% of the total loan balance; however, closing costs vary depending on the lender.

Interested in mortgage refinancing? Visit Credible to connect with a loan expert and get your mortgage questions answered.

Refinancing rate in the last year

In January 2020, the average mortgage interest rate for a 30-year fixed loan had an annual percentage of about 3.7%. The Federal Reserve has taken action in response to COVID-19, cutting interest rates to encourage borrowing on home loans.

In the first week of January 2021, a 30-year fixed rate loan was at an all-time low of 2.65%. Since then, interest rates have fluctuated and started to rise in mid-February. However, rates have fallen further recently. Rates have remained below 3% for the past three consecutive weeks.

Mortgage refinancing rates are still close to their historic lows. Here’s a look at today’s mortgage rates:

  • 30-year fixed rate mortgage refinancing: 2.875%
  • 20-year fixed rate mortgage refinancing: 2.75%
  • 15-year fixed rate mortgage refinancing: 2.25%
  • 10-year fixed rate mortgage refinancing: 2.125%

If you would like to see your personalized mortgage interest rate, visit Credible to compare the rates of several lenders without affecting your credit score.


Normal refinancing vs jumbo loan refinancing

Homeowners typically decide to refinance their home for the following loan options:

  • Negotiate a loan with lower monthly payments or a lower interest rate
  • Shorten the term of the loan
  • Change the loan type from a variable rate mortgage to a fixed rate mortgage
  • Cash refinancing to take home equity and do repairs, renovations or use it for debt consolidation

While a regular refinance and a jumbo loan refinance serve the same purpose and have the same potential benefits, they have different requirements.

Here’s what your lender may charge with regular refinancing:

  • A credit score of 620 or higher for conventional mortgages; however, some government programs have a minimum of 500
  • A DTI ratio of 43% or less
  • An LTV of 80% or less

Although they are similar, the requirements vary depending on the lender. Jumbo loan refinance rates also don’t vary much from normal mortgage refinances. Be sure to shop around for several mortgage options to get the best rate. Even a slightly lower mortgage rate can make a big difference over the life of the jumbo loan.

You can visit an online market like Credible to view refinance rates and get funds to use for debt consolidation.

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

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