Daily Archives: August 22, 2016

Flood insurance back in the news

Housingwire:

The historic flooding in Louisiana last week destroyed more than 60,000 homes and displaced hundreds of thousands of homeowners. It also renewed questions about the National Flood Insurance Program.

Reuters reported Sunday on the number of homeowners who did not live in designated high-risk flood zones, and therefore didn’t have flood insurance.

Now facing total losses, the Federal Emergency Management Agency is encouraging those homeowners to take out low-interest Small Business Association loans to rebuild. From the Reuters story:

Those residents without flood insurance are eligible for up to $33,000 in FEMA individual disaster assistance funds, although most will likely receive less than that, based on payments following other major disasters…

FEMA spokesman Rafael Lemaitre said the individual assistance is intended to supplement insurance and to provide short-term relief for immediate needs.

Other coastal communities are thinking long and hard about what a 1,000-year flood (with or without a hurricane) would do to their communities. The Tampa Bay Timesran a story over the weekend that supported spreading the risk by once again making flood insurance a mandatory part of homeowner’s insurance. From the article:

There is an alternative out there if anyone in D.C. is willing to look. It’s simple. It’s proven. It may not be universally beloved, and could use refining, but it’s better than seeing the National Flood Insurance Program go billions and billions further in debt at the expense of taxpayers.

Fintech: A financial technology that reinvents modern banking

60 Minutes:

The following is a script from “Fintech” which aired on May 1, 2016, and was rebroadcast on Aug. 21, 2016. Lesley Stahl is the correspondent. Shachar Bar-On, producer.

One sector of our economy after the next is being disrupted by new apps and websites, like bookstores, travel agents, taxis, hotels. Tonight, we’re going to explore whether the banking industry is next on the list. As we first reported in May, thousands of startups are challenging many aspects of banking, the newcomers argue that this important sector is too set in its ways. It’s being called the financial technology — or fintech — revolution. We looked at the birth of one fintech company founded by two young fintechies who started not unlike the founders of Facebook and Microsoft.

…………………………………………………….

Patrick Collison: In a world where people can send a Facebook message or sort of upload an Instagram photo and have it available to anyone anywhere in the world [snaps] like that, I think the fact that that doesn’t work for money is something that seems kind of increasingly, honestly, unacceptable to people. And so, I think the question for banks is just– can they get there first in providing these services? Or will it be somebody new?

They want to be the somebody new. John, 26, and Patrick, 27, first noticed the problem when they were in high school in Dromineer, a dot of a town in Ireland.

Lesley Stahl: And you were coders?

John Collison: Yeah, we had both learned to program growing up, and, we had been building iPhone apps, we had been building web services.

But when they wanted to charge people to buy the apps they hit an unexpected snag: they had to go to the bank and file paperwork just to be able to collect the money.

Patrick Collison: Like really sort of kind of like getting a mortgage. You’d have to, like, convince them that you were worth supporting–

John Collison: And like a mortgage, it would have to be approved.

Patrick Collison: Right, exactly. And it would take sort of weeks for this approval process to happen. And it just seemed sort of like this crazy mismatch.

So they decided to do something about it. They created software that allows businesses to cut through all that bureaucracy and instantly accept payments online from countries across the globe. We visited their startup, Stripe, in the Mission District, the heart of San Francisco’s tech scene, where Patrick showed me how fast a business could set up a money-collection system using Stripe.

 

Deutsche Bank Again Fails Swaps Reporting Duties, CFTC Says

Aug. 18 — Deutsche Bank AG’s swap dealer unit failed to report required data for five days earlier this year and continues to report incomplete and late information, violating a CFTC order, the agencysaid ( CFTC v. Deutsche Bank AG, S.D.N.Y., No. 1-16-cv-06544, 8/18/16 ).

The reporting issues are affecting swaps market data offered to the public as well as the CFTC’s ability to monitor the multi-trillion dollar marketplace, the Commodity Futures Trading Commission said Aug. 18.

Read on.

DNC fraud lawsuit update: Lawsuit against Debbie Wasserman Schultz moves forward, hearing is set for Tuesday, August 23, 2016, at 11:00 a.m

wasserman schultz sued

And here is the update on the DNC fraud lawsuit from DNC Fraud lawsuit Facebook:

Court filings documents 25-36 uploaded, including the latest, the Court’s Order Granting Plaintiffs’ Motion in Limine (doc 35).

August 10, 2016 25 25 Order Setting Evidentiary Hearing
August 15, 2016 26 26 Defendants’ Reply In Support Of Motion to Quash Service of Process
August 15, 2016 27 27 Declaration of Elisabeth C. Frost
August 15, 2016 27 27-1 Exhibit 1
August 15, 2016 27 27-10 Exhibit 10
August 15, 2016 27 27-11 Exhibit 11
August 15, 2016 27 27-2 Exhibit 2
August 15, 2016 27 27-3 Exhibit 3
August 15, 2016 27 27-4 Exhibit 4
August 15, 2016 27 27-5 Exhibit 5
August 15, 2016 27 27-6 Exhibit 6
August 15, 2016 27 27-7 Exhibit 7
August 15, 2016 27 27-8 Exhibit 8
August 15, 2016 27 27-9 Exhibit 9
August 16, 2016 28 28 Motion to Appear Pro Hac Vice (Bruce V. Spiva)
August 17, 2016 29 29 Plaintiffs’ Unopposed Motion for Court Permission to Use Electronic Media Equipment
August 17, 2016 29 29-1 Proposed Order
August 17, 2016 30 30 Paperless Order Granting Motion to Appear Pro Hac Vice (Bruce V. Spiva)
August 18, 2016 31 31 Plaintiffs’ Motion in Limine to Exclude Declarations and Other Inadmissible Hearsay
August 19, 2016 32 32 Notice of Filing Witness List for August 23, 2016 Evidentiary Hearing
August 19, 2016 33 33 Notice of Filing Plaintiffs’ Exhibit List for August 23, 2016 Evidentiary Hearing
August 19, 2016 33 33-1 Exhibit 1 – Police report regarding death of process server Shawn Lucas
August 19, 2016 33 33-2 Exhibit 2 – E-mail from police confirming death of process server Shawn Lucas
August 19, 2016 33 33-3 Exhibit 6 – Still pictures of video of service of process event
August 19, 2016 33 33-4 Exhibit 7 – Pictures of Rebecca Herries from her Facebook account
August 19, 2016 33 33-5 Exhibit 8 – May 11, 2016 email from Rebecca Herries to HQStaff_D @dnc.org, Intern_D@dnc.org
August 19, 2016 33 33-6 Exhibit 9 – Shawn Lucas’ Facebook profile
August 19, 2016 34 34 Order Granting Plaintiffs’ Unopposed Motion for Court Permission to Use Electronic Media Equipment
August 19, 2016 35 35 Order Granting Plaintiffs’ Motion in Limine to Exclude Declarations and Other Inadmissible Hearsay