The Treasury Department this week released a study on the current expected credit loss (CECL) standard – as required by Congress – to determine if any changes are needed to financial institutions’ regulatory capital requirements. CECL is set to take effect for credit unions in 2023; NAFCU has long held that credit unions should be exempt from the standard due to their unique capital framework.In the report, Treasury said it has monitored “CECL’s potential effects on regulatory capital and financial institutions’ lending practices” as some institutions have begun to implement the standard. However, it noted that “[a] definitive assessment of the impact of CECL on regulatory capital is not currently feasible, in light of the state of CECL implementation across financial institutions and current market dynamics.”“Drawing conclusions right now regarding CECL’s impact since its initial implementation in early 2020 is challenging because CECL has not been fully implemented by all entities, and numerous market factors relating to the COVID-19 global pandemic (including government responses) have affected the economy, financial institutions, and borrowing and lending dynamics,” the report stated. “While some information has emerged indicating that credit availability declined and lending standards tightened in some financial product categories in early 2020, identifying a definitive linkage between any such trends and the introduction of CECL is difficult due to various factors related to the COVID-19 global pandemic.”Treasury also made several recommendations, including that financial institution regulators should continue to monitor CECL’s impact on capital and lending practices and adjust capital requirements if necessary. It also said prudential regulators should extend or amend transitional relief already granted as needed. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Australia: Ove Arup & Partners is to study options for a 40 km rail link to serve the coastal resorts of Caloundra and Maroochydore north of Brisbane.Austria: ÖBB has ordered 1314 electronic door mechanisms from Faiveley, which is also supplying 120 doors to LHB for LINT railcars being built for DB.Brazil: MRS Logistica SA has contracted Tecfer to overhaul 7 GE diesel shunters; the 720hp Cooper-Bessemer engines will be replaced by rehabilitated Alco/Hatch & Kirk 1000hp 6-251B units.Canada: CN and CP are planning to outsource jointly brake component maintenance, following earlier joint communications and control tenders (RG 7.97 p437).France: Alcatel Alsthom has won a Fr1bn turnkey contract to supply a long-distance communications network for SNCF and Cegetel, for commissioning by 2002.SNCF has exercised an option for 16 double-deck TER2N two-car EMUs to be built by ANF Industrie and GEC Alsthom for Fr425m, bringing the total fleet to 76.Great Britain: BT Global Technology & Consultancy has won a £5m five-year contract from Siemens as part of a programme to implement cab radio for Railtrack in southern England.New Zealand: Tranz Rail is buying 16 coaches from Auckland’s Mainline Steam Trust and 45 ex-BR MkII coaches from Britain to augment its fleet.Slovakia: ZSR has bought 10 air-conditioned 160 km/h Type WLABmee couchette cars from DWA; they were built in 1994-96 for RZD, but not delivered.Sweden: Nordwaggon AB has ordered 100 close-coupled wagons from Deutsche Waggonbau Niesky for delivery in 1999.Syria: Wagon Pars Co of Iran is building 500 tank wagons for CFS.Taiwan: TRA has called tenders for supply of train radio equipment, including 36 base stations and 60 sets of on-train transmitter/receivers.Thailand: Cogifer and Italian Thai Development Public Co Ltd have won a US$15m contract to double SRT’s 61 km Klong Rangsit – Ban Phachi line.Turkey: TCDD has extended a deadline to tender for construction of 60 electric locomotives to August 20.USA: Bombardier and GEC Alsthom have won a C$52m contract to build six ’American Flyer’ electric locos to operate MARC commuter trains in Baltimore; the 200 km/h locos will have stainless steel bodies with a crashworthy cab design.On July 11 New York MTA signed the US$907m contract for Bombardier to supply 680 R-142 metro cars (RG 6.97 p362). Deliveries are to start in 1999.Wisconsin Central has ordered 100 hi-cube boxcars from Greenbrier for $7m.MBTA has awarded a $7m contract to ABC Rail Products subsidiary AST Inc for signalling on its 16 km commuter rail extension from Ipswich to Newburyport.Uruguay: AFE plans to call tenders for lease of additional rolling stock to work suburban services in Montevideo.
BRITT (RADIO IOWA) — An iconic breakfast and lunch restaurant in Hancock County is starting to hit its stride again.Earlier this month, Mary Jo’s Hobo House in Britt reopened its dining room under specific guidelines set down by the state. Owner Mary Jo Hughes says this has been a tough spring. “I’m not going to lie. It was bad,” Hughes says.“I’ve been in business for 26 years and I’ll tell you, I’ve never been through anything like this before. It was worse than when we had major snowstorms, we’d have more customers than we did through this.”Hughes says she had to be creative and innovative — and almost go into survival mode to get through the near shutdown the governor ordered during the pandemic. “I had to put my waitress, which is my sister, on unemployment, so that would free that money up so I could go on and then I ran it myself,” Hughes says. “I would be the one to answer the phone, cook the order, pack the order, ring up the order and I did that every day because you went from having, you know, like a restaurant full of people in the morning to maybe seeing maybe Monday through Thursday four customers — a day. That is it.”Hughes says there were a few bright spots. Her weekend business was fairly steady. “My Friday, Saturday and Sunday were really good because we had a lot of breakfasts during those days,” she says, “and then we even delivered, so that helped.” Her nephew came from nearby Thompson to deliver to customers in the Britt area. Still, the pandemic and resulting near shutdown have taken its toll.“Everything that I had saved over the winter because I had a good January, February and the first part of March going — it was probably one of the best winters we had had — and all that money is gone,” Hughes says. Hughes began to worry about the future of her business. She applied for financial help from the state and federal government, but got nothing. She went from making over 600 pots of coffee in one month to just eight.“There were days I thought: ‘Why don’t I just lock it up and forget it?’ but then you still have your electric bill coming. You still have your insurance you have to pay,” she says, “so whatever money I could take in, that would help pay those bills.” Hughes is now focused on getting her customers base back to what it once was, but she knows what she faces in this challenge.“I don’t want this to be my new normal. I want to have my old normal back,” Hughes says. “You know, all we can do is we open our door and put out a sign that says ‘OPEN’ on the street — and hopefully they’re going to come back.”Britt is home to the National Hobo Museum. The community’s annual “National Hobo Convention” is scheduled in August, to celebrate the migrant workers who traveled the country, hopping on and off rail cars.