California 2020 Legislation AB 3088

Deedra Mcgillivray

During the eleventh hour of the 2020 legislative session, the State legislature approved 2 significant bills in response to the COVID-19 pandemic with the potential to have far-reaching ramifications for mortgage servicers.

Assembly Bill 3088

The first of the bills this article discusses is Assembly Bill (AB) 3088,[1] which temporarily prevents evictions due to hardships related to COVID-19.  More specifically, and effective immediately, AB 3088 prevents eviction of tenants enduring financial hardship due to COVID-19 through January 2021 and delays rental recovery by landlords until March 2021.  AB 3088 only applies to residential tenants and landlords; however, no part of this bill forgives or cancels any payment obligations of a tenant.

Key provisions of AB 3088

  • A landlord must provide a notice to its tenants informing them of their rights under AB 3088 by September 30, 2020, or concurrently with any notice demanding rent or
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Consumer Confidence in U.S. Posts Biggest Gain in 17 Years

(Bloomberg) — Consumer confidence rebounded in September by the most in more than 17 years as Americans grew more upbeat about the outlook for the economy and job market, though sentiment remained below pre-pandemic levels.

The Conference Board’s index increased 15.5 points, the most since April 2003, to 101.8 from August’s upwardly revised 86.3, according to a report issued Tuesday. The median forecast in a Bloomberg survey of economists called for a reading of 90 in September, and the figure exceeded all estimates.

The group’s gauge of current conditions rose 12.7 points to 98.5, while a measure of the short-term outlook jumped 17.4 points to a three-month high. The gain in the expectations index was the largest since 2009. The S&P 500 turned positive after the report.



chart: Americans grew more upbeat about outlook for economy and employment


© Bloomberg
Americans grew more upbeat about outlook for economy and employment

Even with the outsize improvement in September, Americans remain downbeat about

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Goldman Sachs streamlines asset, consumer, wealth management units

NEW YORK (Reuters) – Goldman Sachs Group Inc <GS.N> on Tuesday named new chiefs of its asset management and consumer and wealth management divisions as part of a broader restructuring of those businesses, effective Jan. 1.

The merchant banking and asset management businesses will be merged into a unit led by Eric Lane and Julian Salisbury, it said in a statement. Lane is global co-head of the bank’s consumer and investment management division. Salisbury serves as global head of merchant banking.

The private wealth and consumer businesses will be combined into a unit led by Tucker York and Stephanie Cohen. York is head of wealth management, while Cohen is the bank’s chief strategy officer. Russ Hutchinson, head of financial institutions M&A in the Americas, will become chief strategy officer.

Chief Executive David Solomon, who succeeded Lloyd Blankfein in October 2018, has been reshaping the bank, shifting its focus away from

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McCormick’s Consumer Business Continues to Outperform

Spice and condiments giant McCormick (NYSE:MKC) is coasting on a financial framework its management team probably couldn’t have envisioned this time last year. Its consumer-facing business is expanding at a higher than normal double-digit clip, while its formerly stable institutional flavorings segment is experiencing a revenue decline. 

The consumer goods behemoth released fiscal third-quarter 2020 results Tuesday morning, and in addition to reporting continued overall progress in an unusual year, management announced an impending stock split and reinstated its earnings guidance. Below, let’s dive into details of the quarter, and look ahead to McCormick’s prospects as it closes out its fiscal year over the next three months.

Five spoons filled with colorful spices rest on a wooden table.

Image source: Getty Images.

Revenue powered by retail sales

McCormick reported a year-over-year revenue advance of 8% this quarter to $1.4 billion, or 9% in constant-currency terms. Consumer segment sales jumped 15% to $911 million, as the COVID-19 pandemic continued to drive eat-at-home

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Savology Expands Offering to Provide Financial Planning Benefits Through Employers

OREM, Utah, Sept. 29, 2020 /PRNewswire/ — Savology, a Utah-based fintech startup providing accessible financial planning for American households, announces the launch of its new financial wellness program for employers to provide access to holistic financial planning for their employees.

Employers everywhere are increasingly recognizing the impact and relationship between personal finances, work performance, and overall employee satisfaction both at work and at home.  While other financial wellness programs exist, most do not adequately address the financial challenges that employees face or make a meaningful long-term difference in their behavior and financial outcomes. Savology aims to remedy this by improving financial wellness

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The Conference Board Consumer Confidence Index Increased in September

NEW YORK, Sept. 29, 2020 /PRNewswire/ — The Conference Board Consumer Confidence Index® increased in September, after declining in August. The Index now stands at 101.8 (1985=100), up from 86.3 in August. The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – increased from 85.8 to 98.5. The Expectations Index – based on consumers’ short-term outlook for income, business, and labor market conditions – increased from 86.6 in August to 104.0 this month.

The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was September 18.

“Consumer Confidence increased sharply in September, after back-to-back monthly declines, but remains below pre-pandemic levels,” said Lynn Franco, Senior Director of

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Goal Solutions Now Live With Another Innovative Consumer Financing Program

SAN DIEGO, Sept. 29, 2020 /PRNewswire/ — Goal Solutions, an award-winning asset management and consumer financial services company, announced today its latest consumer program implementation on its proprietary loan servicing platform.

“While we have been involved in the ISA (income share agreement) space for years in a variety of capacities, it is exciting to implement income share agreements as another new program on our proven Launch technology platform,” stated Matt Myers, President at Goal Solutions. “In addition to ISA’s, we provide white label primary and backup servicing solutions for; RIC’s, RPA’s, every type of private student loan, residential solar, home improvement, and other personal loan types. We are committed to implementing the innovative solutions our clients need and have the experience to support the rigorous standards investors and rating agencies require.”

Goal Solutions through its wholly owned subsidiary Launch Servicing, has serviced over a billion dollars of consumer

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The Finance 202: The wealth gap kept widening even before the pandemic, Fed report finds

The latest Survey of Consumer Finances, a triennial look at American households’ financial condition, provides a detailed snapshot of the country just before it was rocked by a recession that arrived with hurricane force out of the blue sky of the longest economic expansion on record. 

It reveals low- and middle-income earners were finally starting to see some wage increases as unemployment dropped to 3.5 percent. And their average wealth climbed as home values and the stock market both gained value.

Yet the gains weren’t enough to make a dent in the wealth gap. The top 1 percent own about a third of the nation’s wealth, near the 30-year high for that population. The poorer half of the country, meanwhile, claim roughly 2 percent of the overall wealth.

The richest tenth of households have seen their share of the wealth increase over the past three decades, while the other

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Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill

California lawmakers are on the verge of enacting legislation to create a powerful state regulatory agency resembling the Consumer Financial Protection Bureau after negotiators agreed to legislative changes allowing banks and consumer advocates to both claim victory.

The state Senate on Monday night approved the “mini-CFPB” bill that strengthens supervision and enforcement powers over financial services companies but limits the effects of the expanded authority on banks and auto lenders. Gov. Gavin Newsom could sign the measure within days as part of a larger budget bill.

The imminent enactment comes after lawmakers had tabled the idea of the new agency as recently as June. The plan was revived last month, much to bankers’ disapproval.

But the California Bankers Association said last week that it was “neutral” on the identical bills in the state Senate and Assembly after successfully lobbying with other trade groups to exempt banks and auto lenders from

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Facteus Launches Consumer Spending Report: Finding Conviction Post COVID-19

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3 Stocks Flashing Signs of Strong Insider Buying

If you really want to know which stocks the experts – and those in the know – are buying, pay attention to what they’re doing. Stock reports, company reviews, and press statements are helpful, but you’ll get significant information from watching what the insiders are up to.The insiders – the corporate officers and board members – have to disclose when they snap up shares to prevent any unfair advantages. Tracking their stock purchases can be a useful strategy because if an insider spends their own money on a stock, it could signal that they believe big gains are in store.So, investors looking for stocks that may be flying ‘under the radar,’ but with potential to climb fast, watching for insider purchases identify some sweet market plays. To make that search easier, the TipRanks Insiders’ Hot Stocks tool gets the footwork started

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