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Exclusive: FDIC changes tactics in response to Operation Choke Point
The Daily Signal
This past September, members of the NPA Government Relations Committee traveled to Washington DC and met with officials at both the OCC and FDIC to address the bank discontinuance that pawnbrokers were experiencing. The information that members of the NPA shared with us were presented to these regulatory agencies and were quite eye-opening for them. We thank you for providing the documentation and feel that the effort of NPA on your behalf was influential in the decision that was announced yesterday (Jan. 28) by the FDIC.
The Federal Deposit Insurance Corp. has acknowledged its role in Operation Choke Point and is taking dramatic steps to reverse its policies in targeting legal and legitimate industries that are disfavored by the Obama administration. "We're very pleased they've acknowledged their wrongdoing and they've accepted our suggestions to put in place measures to stop this activity," Rep. Blaine Luetkemeyer, R-Mo., told The Daily Signal.
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Diamonds are getting cheaper. Time to buy?
The price of just-mined diamonds is falling. But the outlook for the prices consumers pay is less clear. Two British companies that mine for diamonds said prices for rough stones had fallen and will keep sliding. One of them, Petra Diamonds, noted that prices of rough diamonds dropped by around 9 percent in the last half of 2014. The company cut its full-year price forecast for its South African diamonds from $152 per carat to $130.
Police in New Jersey township recover Lennon doll, concrete lions from pawnshop
The Press of Atlantic City
The Egg Harbor Township police department in New Jersey is trying to return some recovered stolen items to their owners, including a John Lennon doll, the department said. … Besides the compressor, police say they found a Beatles collection containing a John Lennon doll, two concrete lions that were removed from locations in Atlantic City and lawn tools that were allegedly taken from sheds in the Timber Glen neighborhood in Mays Landing.
South Carolina county to consider mandating daily reporting by pawnshops
The Sun News via The Morning New
The Horry County Police Department in South Carolina would like the County Council to approve an ordinance mandating that pawnshops report inventory on a daily basis instead of weekly in an effort to catch stolen property more efficiently. It's a move some local pawnshop employees say won't change much because they've been reporting daily to police for a while now.
'Bulletproof' battery could prevent fires, researchers say
The same bulletproof material that has saved countless lives may now have another practical use in everything from smartphones to airplanes. Researchers at the University of Michigan have used Kevlar as a barrier to create slimmer lithium-ion batteries. The result is a battery that lasts longer, is more flexible and is explosion-proof, according to Nicholos Kotov.
Longmont, Colorado, police: Pawn slip, McDonald's receipt help ID car-theft suspect
Longmont, Colorado, police used a pawn slip and a McDonald's receipt to identify a suspected car thief and show that he was driving a stolen minivan. A police report said an officer arrested Levi M. Rosales, 30, of Denver, on an warrant for charges of first-degree aggravated motor vehicle theft and driving on a revoked license.
Gold eases on steadier dollar; focus on timing of Fed rate move
Gold eased on Wednesday as the dollar steadied on expectations the Federal Reserve will deliver no significant changes later in the day to its policy outlook, though global economic concerns might push back the timing of a rate rise. The Federal Open Market Committee is scheduled to release a statement at the end of a two-day meeting, and policymakers are likely to restate their "patient" approach to raising rates. A dovish bias could support gold, a non-interest-bearing asset.
6 reasons customers come to your store
Small Business Trends
Even though the buzz in retail is all about mobile and and online shopping, brick-and-mortar stores still account for more than 93 percent of overall retail purchases made in the U.S. Clearly, consumers still prefer brick-and-mortar stores to online shopping. When online shopping offers speed, comfort and convenience, however, brick-and-mortar retailers who want to stay relevant have to ask why customers come to their stores.
Western Union's Apple Pay move should light a fire under banks
Western Union is adopting a vastly different use of Apple Pay than what banks and merchants have so far considered. It is enabling Apple Pay as a funding mechanism for money transfers and in-person bill payments at thousands of Western Union locations. This new spin on Apple's mobile wallet, which was designed for in-store and in-app purchases, may spur banks to rethink their approach to money transfers.
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