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[ad_1] The Reserve Bank has announced a slew of regulatory changes for non-banking lenders by amending the October 2021 circulars on scale-based regulations, which have brought in large NBFCs almost on par with bankers when it comes to addressing their credit risk concentration. The regulator on Tuesday issued four separate circulars: Large exposures framework for NBFCs — upper layer; Disclosures in their financial statements; Scale-based regulation for capital requirements – upper layer; and Regulatory restrictions on their loans and advances. These are improvements on the October 22, 2021, circulars. On the large exposure framework with the upper layer, the regulator said these prudential guidelines are aimed at addressing credit risk concentration in NBFCs and are set out to identify large exposures, refine the criteria for grouping of connected counterparties and put in place reporting norms for large exposures. The regulator said the sum of all the exposure value of an NBFC to a single counterparty cannot exceed 20 per cent of its available eligible capital base at all times. However, the board can allow an additional 5 per cent exposure beyond 20 per cent but at no time higher than 25 per cent of its eligible capital base, if the NBFC has a board-approved policy, setting out conditions under which over 20 per cent exposure may be considered; and if it informs the RBI in writing the exceptional reasons for which exposure beyond 20 per cent is being allowed in a specific case. But the new norms allow an NBFC into infrastructure financing can exceed the exposure limit by 5 per cent of its tier I capital to a single counterparty – means 30 per cent of the tier I capital — if the additional exposure is on account of infrastructure loan and/or investment in which case it can go up to 35 per cent. However, the new norms retain the definition of tier I capital as defined in the master direction issued in 2016 for systemically important NBFC and said profit accrued during the year will be reckoned as tier I capital after making necessary adjustments as per the guidelines applicable. Regulated entities have to obtain an external auditor’s certificate on completion of the augmentation of capital and submit the same to the Reserve Bank before reckoning the additions to capital funds, it said, adding an eligible capital base means tier 1 capital. Large exposure means the sum of all exposure values measured to a counterparty and/or a group of connected counterparties if it is equal to or above 10 per cent of the eligible capital base, it said. What has changed in the new circular is that the scope of application is applicable both at the solo level and consolidated level and exposure shall comprise both on and off-balance sheet exposures. On the disclosures in NBFCs’ financial statements, the new circular makes it mandatory for them to make disclosures in financial statements in accordance with the new prudential guidelines, applicable accounting standards, laws, and regulations. The additional disclosure requirements are in accordance with the scale based regulatory framework and are an addition to the disclosure requirements specified under other laws, regulations, or accounting and financial reporting standards. The new disclosure requirements shall be effective for annual financial statements for FY23. On the regulatory restrictions on loans and advances of NBFCs based on the scale based regulation, which was first issued on October 22, 2021, it said the new guidelines will come into play from October 1, 2022. Under the scale-based regulation for NBFCs’ capital requirements — upper layer, they have to maintain an equity tier 1 capital of at least 9 per cent of the risk-weighted assets, wherein the common equity tier 1 capital will comprise the paid-up equity share capital, share premium resulting from equity shares, capital reserves representing surplus arising out of asset sales, statutory reserves, revaluation of reserves arising out of change in the carrying amount of property consequent to its revaluation in accordance with the applicable accounting standards. All these may be reckoned as CET1 capital at a discount of 55 per cent, instead of as tier 2 capital under extant regulations. But this is subject only if the property is held for its own use by the NBFC and it can sell it readily at its own will sans any legal impediment; if revaluation reserves are presented/disclosed separately in the financial statements and the value is realistic and are in accordance with applicable accounting standards and are obtained from two independent valuers, among others. It also allows an NBFC to reduce the accumulated losses from CET 1, while profits in the current financial year may be included on a quarterly basis if it has been audited or subject to limited review by the statutory auditors. Further, such profits shall be reduced by the average dividend paid in the last three years. Also, it allows deducting the entire losses in the current year from CET 1 (Common Equity Tier). The new regulatory adjustments/deductions shall be applied in the calculation of CET1 capital if it is deducted from the sum of items for goodwill and other intangible assets, goodwill and all other intangible assets should be deducted from the common equity tier 1 capital. Investment in shares of other NBFCs and in shares, debentures, bonds, outstanding loans and advances, including hire purchase and lease finance made to and deposits with subsidiaries and companies in the same group exceeding, in aggregate, 10 per cent of the owned fund of the NBFC. [ad_2] Source link

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[ad_1] Social media giant Twitter confirmed early this month that it is developing a much demanded ‘edit’ feature that will allow users to alter, add, and remove words in their tweets. Now researcher Jane Manchung Wong has unearthed that the edit feature will keep the edit history of the tweet i.e., your original tweet will not be completely gone even after editing it. Wong further explained how the edit function could be immutable, that is Twitter might create a new tweet with the edited content while keeping the previous version of the tweet. But it is not clear to him if the edit history will be public or stay just for the user. “Looks like Twitter’s approach to Edit Tweet is immutable, as in, instead of mutating the Tweet text within the same Tweet (same ID), it re-creates a new Tweet with the amended content, along with the list of the old Tweets prior of that edit,” Wong’s tweet said. Nevertheless, it appears that by keeping the edit history, Twitter is trying to counter the concerns raised on how the new feature could change the way the social media platform works. Meanwhile, Jay Sullivan, Head of Product at Twitter had noted in a thread that “without things like time limits, controls, and transparency about what has been edited, Edit could be misused to alter the record of the public conversation,”. Hence, Twitter will keep its true structure in mind when the feature rolls out universally. Wong has also not mentioned how the edit history will appear on the Twitter interface but app researcher Alessandro Paluzzi’s screenshots suggest the “Edit Tweet” option could appear in the menu that you get when you press the three dots next to a tweet. Twitter plans to begin testing the ‘Edit’ button in the next few months. Before Twitter’s confirmation of the Edit option, SpaceX founder Elon Musk after acquiring 9.2 per cent stakes in the app created a poll asking whether an Edit button should be introduced. But Twitter in a separate tweet without mentioning Musk insisted the button has been under discussion for a while now, and in no way was the decision due to the poll. [ad_2] Source link

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[ad_1] NFT based gaming platform Mokens League has raised $2 million seed funding. As per the company, the funds will be used for finishing the development cycle of the game as well as installing and maintaining game servers worldwide to provide a latency-free gaming experience. Additionally, the gaming platform will launch its own currency called the MOKA token on the Polygon network for the Esports games developed by the company and in the future for third party games that get integrated into the Mokens League Platform. MOKA holders can use their tokens, now available for presale, to purchase NFTs that can be used for games in Moken’s ecosystem. There is a fundamental problem right now with existing ‘play to earn’ games that reward people for just spending time on a game that does not work, Martin Repetto, CEO, Monsters League Studios LLC, said. “NFTs and tokens can be enticing for players to play our games, but will retain gamers with fantastic gameplay and Esports mechanics. The longest played games in the world right now are competitive Esports. That’s why our main priority is to make a game that is fun to play, easy to get going, but hard to master. Like chess or poker, there will be different levels where people can compete without getting overrun by pros or hardcore players. These games should also be as fun to play as they are to watch because the streaming community is the number one driver of game adoption at the moment,” he added. Mokens League seeks to have real-time multiplayer demos released privately by the end of Q3 and a public beta open by Q1 of 2023. MOKA tokens will have a total supply of 500 million, and most of this supply will be held for distribution throughout Mokens League games. The rest of the supply will be spread across partners, marketing, liquidity management and early investors. Read Also: Khadim ropes in Shardul Thakur as the face of the brand Follow us on Twitter, Instagram, LinkedIn, Facebook [ad_2] Source link

[ad_1] The raison d’etre is the same whether you work as a mortgage loan officer at a depository bank or an independent mortgage bank – originate a purchase mortgage or refinancing for a client. But the educational foundation and understanding of mortgage products, rules and regulations can differ dramatically between depository LOs and their nonbank counterparts.  Federal regulations mandate that nonbank LOs take training prior to being certified. To maintain their license, a nonbank LO must take continuing education courses on an annual basis. Loan officers working depository banks are not bound by the same requirements. Several LOs who made the leap from a depository institution to a nonbank told HousingWire that they struggled with education requirements and felt less knowledgeable than their nonbank LO colleagues. Some nonbank stakeholders take issue with the lack of uniformity of educational requirements for all LOs. They believe it has the potential to create consumer risk.  Most recently, the Community Home Lenders Association, an influential nonbank trade group, renewed calls for the Consumer Financial Protection Bureau to create uniform requirements for all LOs. As of now, the CFPB does not have plans to make any changes. Regulations to oversee them all The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established a number of requirements that loan officers must complete to be licensed in their respective state.  Requirements for nonbank LOs include a 20 hour pre-certification course; eight hours of annual CE courses; registering in the Nationwide Mortgage Licensing System; and submitting fingerprints to NMLS for a criminal background check.  Congress moved to implement more stringent requirements on nonbank LOs because prior to 2008, “anyone off the street could be hired” as a loan officer and this was a way to enhance consumer protection, said one veteran LO. Depository banks, however, were not bound by all of the requirements put in place by the SAFE Act. The only overlapping requirement is that all bank LOs must be registered with the NMLS and submit fingerprints for a background check. John Jeha, an LO at Stonecastle Mortgage who also works as a continuing education instructor, said that depositories were not impacted as much by the SAFE Act because there was already heightened oversight.  “The banks said that they don’t need to do all this continuing education and the pre- licensing that we have to do as a nondepository,” Jeha said. “The depositories say that they teach all of their people this stuff anyway because they have so many regulations.” The Office of the Comptroller of the Currency (OCC), the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) oversee and regulate the activities of banks.  “These organizations impose response training responsibilities on banks to have a well-trained staff,” said a source who requested anonymity because he was not authorized to speak about bank regulation. “So that falls under the normal oversight, the safety and soundness, and normal oversight requirements by the banking agencies.” A spokesperson for the Conference of State Banks Supervisors, which owns and operates the NMLS, said that both sides are subject to significant oversight by federal regulators or state regulators. “We are all professionals and it’s important to always stay abreast of skills and trends,” the spokesperson said. Learning materials up to par? Although depositories are not required by law to have their loan officers take pre-licensing training or have them annual recertify, some depositories make their LOs do onboarding training and annual training modules. The depth and quality of these training sessions differ from lender to lender, and are done in accordance to individual banks’ needs.  Sam Elder, mortgage loan consultant at First United Bank, said that the Oklahoma-based depository requires LOs to do training modules annually. The modules cover some mortgage-related topics, but there are also topics that pertain to other facets of working at a bank. “Here’s the thing, we learn about stuff that’s not applicable to us. On the mortgage side, there’s certainly banking, you know, your customer stuff,” he said. “There are things that are very, very specific to mortgage, and there are things that are not specific at all, or even necessarily applicable to us. You’re having to learn more things at a bank.” Karol Bourdet, a former LO at Wells Fargo who transitioned to Precision Home Loans in 2020, said that the depository required training classes when an LO is first hired and then there is an annual online training. “The testing is mostly related to bank requirements topics and a few origination topics, i.e HMDA, Fair Lending etc.,” she said. “But nothing in my opinion like the continuing education classes or the three-hour test for state licensing.” (Depository LOs are not required to be licensed on a state-by-state basis, they can originate loans in any state.) Continuing education for nonbank LOs is more rigorous, with a heightened focus on the Truth in Lending Act, Equal Credit Opportunity Act, and the Real Estate Settlement Procedures Act (RESPA), multiple LOs and continuing education teachers said. If a nonbank LO fails to recertify their license, they are effectively cut off from the industry. Depository LOs who may have forgotten to take their annual classes get to keep their license, former and current loan officers at banks said. William Kidwell, a loan officer at Intelligent Investments, LLC., said that both nonbank LOs and depository LOs need to be held to higher standards in their training.  “My mindset is that if we believe that individuals who deliver mortgage services are working with consumers with the single largest asset that they have, or will likely have, I have to wonder, how we can have people doing that with 20 hours of education or no education,” Kidwell said.  He noted that the continuing education courses for nonbank LOs do not provide the necessary understanding of advising consumers on “difficult balance sheets, cost versus debt, and debt service parameters,” but that at depository institutions it may be even worse. Kidwell also criticized an existing loophole that gives LOs