At least $350 trillion in derivatives and other financial products are tied to Libor and today the Board of Governors of the Federal Reserve System announced the official end of the U.S. Dollar (USD) LIBOR relationship.
City of London remains the leading International Finance Center (IFC) and the U.S. Dollar retains it's Crown as the global reserve currency and the stage is now set, for a new digital currency paradigm.
For the first time in over a century "We the people" control of the global financial system, by authority of duly elected officials, in the United States Treasury. This is a historic moment in the evolution of mankind.
Trump and the Patriots are about to launch "Greatness" which is a new Quantum Financial System and NESARA
Federal Reserve Board welcomes and supports release of proposal and supervisory statements that would enable clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system
The Federal Reserve Board on Monday welcomed and supported the release of a proposal and supervisory statements that would enable a clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system. The announcements today by regulators in the United States and United Kingdom and by the benchmark administrator for LIBOR together lay out a path forward in which banks should stop writing new USD LIBOR contracts by the end of 2021, while most
legacy contracts will be able to mature before LIBOR stops.
"Today's plan ensures that the transition away from LIBOR will be orderly and fair for everyone—market participants, businesses, and consumers," said Vice Chair for Supervision Randal K. Quarles.
Under the proposal from LIBOR's administrator, ICE Benchmark Administration Limited (IBA) will consult in early December on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023.
LIBOR's regulator, the United Kingdom's Financial Conduct Authority (FCA), also issued a statement welcoming these developments. The FCA indicated it will, in coordination with US authorities and relevant authorities in other jurisdictions, consider whether and, if so, how to most appropriately limit new use of USD LIBOR by supervised entities in the UK, consistent with the FCA's objectives of protecting consumers and market integrity.
Concurrently, the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a statement explaining that the June 30, 2023 cessation date for which IBA is consulting would allow time for "legacy contracts"—USD LIBOR transactions executed before January 1, 2022—to mature. The guidance further notes that entering into new USD-LIBOR-based contracts creates safety and soundness risks. Given that, the banking agencies encourage banks to
stop entering into those new contracts by end-2021.
"These announcements represent critical steps in the effort to facilitate an orderly wind-down of USD LIBOR," said John Williams, President of the Federal Reserve Bank of New York, in his capacity as Co-Chair of the Financial Stability Board's Official Sector Steering Group. "They propose a clear picture of the future, to help support transition planning over the next year and beyond."
For the purposes of language adopted by the International Swaps and Derivatives Association, this statement should not be read as announcing that the LIBOR benchmark has ceased, or will cease, to be provided permanently or indefinitely or that it is not, or no longer will be, representative.
U.S. Alternative Financial Services Market Analysis
U.S. Alternative Financial Services Market Analysis 2020 with In-depth Company Profiles of 19 Players including EZCorp, First Cash, QC Holdings, Western Union and More.
The "U.S. Alternative Financial Services Market: Check Cashing, Pawn Shops, Payday Loans, Rent-to-Own Stores & Money Transfer Services" report has been added to ResearchAndMarkets.com's offering.
This updated analysis examines the controversial "alternative financial services" sector - a $36 billion business comprised of fragmented and loosely regulated check cashing and money transfer services, payday loan services, pawn shops and rent-to-own stores. These retail and online outlets serve the "unbanked" segment of the U.S. population. Many companies are happy to accept the business of consumers with spotty credit records who need cash fast, and who have been rejected by banks--the
12+million households that choose not to use traditional banks.
There are about 12,000 check cashing stores, 14,000 payday loan outlets, 800,000 money transfer agents, 11,000 pawn shops and 10,000 rent-to-own stores competing for this business today. Many outlets/services overlap-providing multiple services at the same site.
The study explores the effects of the current pandemic and recession on operations and revenues, increased competition and disruption by new start-ups, industry consolidation, state and federal regulation, consumer attitudes, and the shift to online virtual distribution channels.
This new study examines the nature of the business, reasons for the growth of non-bank services, immigration trends, industry receipts/growth from 1999-2019, 2020 outlook and 2025 long-term forecasts, average store revenues, customer demographics, key industry trends, federal/state industry regulation/fee caps, self-service check cashing machines, profit margins, franchising, gold buying/selling, global remittance trends, consumer debt levels, and the pivot to online services. Findings of
research studies by: FISCA, Financial Health Network, Federal Reserve Board, brokerage analysts, APRO, Consumer Financial Protection Bureau, state banking departments, The World Bank, INS, U.S. Census Bureau, FDIC, and more.
Contains 19 in-depth company profiles (with financials) for:
Purpose Financial (Advance America), Populus (ACE Cash Express), Check Into Cash, Check 'N Go,
EZCorp., First Cash, Curo Group Holdings, QC Holdings, Western Union, MoneyGram, Euronet, Earnin, Elevate, Enova, Aaron's, Rent-A-Center and AMSCOT.
Key Topics Covered:
Introduction: Study Scope, Sources, Methodology
Executive Overview of Major Findings
Customer Demographics: The Unbanked Population
The U.S. Check Cashing Industry
The U.S. Money Transfer Services Industry
The U.S. Pawn Shops Industry
The U.S. Payday Loans Industry
The U.S. Rent-To-Own Industry
Reference Directory of Trade Associations & Sources
In his first 100 days, President Donald J. Trump has taken bold action to restore prosperity, keep Americans safe and secure, and hold government accountable.
At an historic pace, this President has enacted more legislation and signed more executive orders than any other president in over a half century. He wants to release the Prosperity Programs and pay the Farmer Claims, his accomplishments in the first 100 days were to return United States of America, to a Constitutional Republic.
Please see: The Great Awakening: Bonfire Guy - https://youtu.be/NOiaymqaQdc
With a focus on rebuilding the military, ending illegal immigration, and restoring confidence in our economy, the President is keeping his promises to the American people.
NOTE: New law necessary for QFS to execute digital transactions.
The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board on October 23rd, invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule.
Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and transmit certain information related to funds transfers and transmittals of funds over $3,000. The proposed rule lowers the applicable threshold from $3,000 to $250 for international transactions. The threshold for domestic transactions remains unchanged at $3,000.
The proposed rule also further clarifies that those regulations apply to transactions above the applicable threshold involving convertible virtual currencies, as well as transactions involving digital assets with legal tender status, by clarifying the meaning of "money" as used in certain defined terms.
Comments will be accepted for 30 days after publication in the Federal Register.
Structure a Qualified Overseas Pension Plan to be legally compliant in the United States, for tax deferred accumulation of offshore assets. Some of the most important benefits of utilizing Pension Plans are as follows:
The assets held in the Qualified Employee Retirement Income Security Act (ERISA) Plan are exempt from creditor claims (except for IRS tax liens and certain forms of spousal support).
If a creditor obtains a judgment against you and seeks to collect any assets held in your plan’s trust, they cannot do so. This includes if you were placed in bankruptcy under any Chapter of the Code, the bankruptcy judge and or trustee cannot seize assets owned by your pension plan trust.
All earnings such as rents, royalties, interest, dividends earned by the pension plan trust assets are not subject to current taxes until you draw them out of the Plan. You can withdraw funds with a 10% penalty if you are 58 years of age or younger or after the age of 59 1/2, there is no penalty but the amounts drawn down are subject to being taxed similar to the tax you would be liable for if this was paid to you as a salary. You are required to start to withdraw these funds out over the
life expectancy as the IRS table determines. Draws are required at age 72.
You can borrow up to $50,000.00 personally from the Plan but the repayment term must be amortized over 60 months at a minimum interest rate equal to the 5-year treasury bill rate (currently .22 of 1%).
One of the best uses of the Pension Plan is when you make an investment (which can be leveraged subject to certain rules) and all the capital gains are also tax deferred.
Needless to say, compounding your investment returns works really well when you don’t have taxes to pay.
It takes approximately 45 days to get both the sponsoring C Corp or LLC formed and the Pension Plan set up for use.
We also structure investments that are Plan Qualified being Capital Asset Purchases (real estate, mortgage notes vs gold coins and certain stocks and publicly traded debt instruments). Some of these investments are done in conjunction with other firms. Some clients want their Plan Assets in very safe income rental properties, first mortgage notes on rental properties and some in capital appreciation assets wherein we buy distressed bank assets, renovate them and either hold and rent them or
resell in the market.
For more information about the Structure of a Qualified Overseas Pension Plan contact within
Disclaimer: This document was produced by and the opinions expressed are those of Invest Offshore as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Invest Offshore to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this
publication have been compiled or arrived at from sources believed to be reliable but Invest Offshore does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
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