Is the Corporate Transparency Act Unconstitutional?
By Ken Greene, Leasing News Emeritus

This is serious with various requirements and ramifications!

The Corporate Transparency Act (“CTA”) took effect on January 1, 2024. Certain business entities must report identifying information about the individuals who control them. There are 23 exemptions, five requirements for reporting companies, and five requirements for beneficial owners and company applicants (all defined terms). The law is 22 pages and there is also a 57-page Small Entity Compliance Guide. The goal of the CTA may be transparency but it is not particularly transparent for those who must interpret it.

The “preamble” to the CTA states that it is needed to protect vital United States national security interests and interstate and foreign commerce. and to assist law enforcement in fighting money laundering, the financing of terrorism, and other illicit activity. Once again, the honest businessperson must bear the burden of the nefarious acts of the malevolent minority.

The scope of the CTA is too broad to encompass in this article. What I find interesting is the recent legal challenge to the Act, not unlike the recent challenges to Section 1071 of the Dodd-Frank Act, based on constitutional grounds. On March 1, 2024, a federal district court in Alabama ruled that the CTA is unconstitutional. The lawsuit was brought by the National Small Business Association, which has approximately 65,000 small business members. The case is called National Small Business United et al. v Janet Yellen. Judge Liles Burke’s decision is worth reading if you have the time, especially the introduction (see below for the link). The upshot is that the Treasury Department is prevented from enforcing the CTA against the 65,000 plaintiffs.

While the case does not technically extend nationally, it may slow down FinCen’s enforcement efforts. It also hints (as do the Section 1071 challenges) of a disenchanted business community tired of the constant interference by the government. Licenses, disclosures, annual reports, transaction reporting, and, now, beneficial ownership reports increase the burden of doing business in a challenged economy and portend additional challenges for and from impacted businesses.

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

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Commercial Finance/Leasing Finance Conferences
2024

March 25–28: NEFA Finance Summit, Huntington Beach, CA
Agenda, Registration
321+ Attendees
Exhibitors
Theresa Kabot, CLFP, Kabot Commercial Leasing LLC, will be for Leasing News

April 16-18: AACFB Conference, Glendale, Arizona
https://annualconference.aacfb.org/home
Find Your Funder Here - Exhibitors List
Vicki Shimus, CLFP, Balboa Capital, will be covering for Leasing News

April 16-18: ELFA 35th Annual National Funding Conference, Chicago, IL
Funding Sources (list updated)- Schedule -Hotel-Registration
Edward Kaye, Inspiration Mobility, will be covering for Leasing News

April 30-May 1: AGLF Conference, Austin, Texas

May 5–7: Equipment Finance Connect, Nashville, Tenn.
https://equipmentfinanceconnect.com

May 20: deBanked Broker Fair, New York City
https://brokerfair.org/register
Pooja Nene, Balboa Capital, Broker Relations Manager, will be covering for Leasing News.

Sept. 4-5:  AACFB Commercial Financing Expo New Orleans, LA

Sept. 10-12:  Auto Finance CEOs,  San Antonio, Texas

Sept. 10-12, CFLA Conference, St. John's, NL, Canada

Oct. 16-18: NVLA Conference, Clearwater Beach, Florida
https://www.nvla.org/page/2024conference
Sloan Schickler, Esq., Schickler & Schickler, wlll be covering the conference for Leasing News. She is also presenting there.

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX

Nov. 3- Nov. 5: NACLB Conference, Las Vegas, NV
https://naclb.getregistered.net/2024-conference-expo/agenda
Note: While this is open for registration, the company and individuals are involved in a major law case
(In a email President Kris Rogieri confirmed the conference has not been cancelled).
Red Rock Casino Resort and Spa catering also confirmed the conference is scheduled.

Nov. 11-14: NEFA Funding Symposium, Indianapolis, Indiana

To be listed, email: kitmenkin@leasingnews.org

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Leasing and Finance Industry Help Wanted

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Would You Hire You?
By Ken Lubin, ZRG Partners, Managing Director

This is a personal accountability and responsibility question. If you walked out the door for an interview, sales call, or even a date, this is a question you must ask yourself.

How do you look? Is your story dialed in? How is your attitude? Are you likable? Are you willing to do what it takes, no matter what? Do you make excuses? Have you done all of your homework on the hiring manager, company, team? Are all the boxes checked off so that you will be remembered as a person they must hire or do a deal with?

I know it is a different way of thinking but now it is on your shoulders. I know for me, this is an opportunity to be better prepared to win. If I look in the mirror on my way out the door and I am not ready to have a definitive yes, it is time to adjust so that I am.

Before you next interview, sales call, yearly review, or date, ask yourself this very important question, “Would You Hire you?”

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
klubin@zrgpartners.com
https://www.linkedin.com/in/klubin/

Wealth Needed to Join the Top 1% by Country

 

 

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##### Press Release ############################

FDIC-Insured Institutions Reported Full-Year 2023
Net Income of $256.9 Billion and Fourth Quarter
2023 Net Income of $38.4 Billion

“The banking industry has shown resilience after a period of liquidity stress in early 2023.  Full-year net income remained high, overall asset quality metrics were favorable, and the industry’s liquidity was stable.  However, ongoing economic and geopolitical uncertainty, continuing inflationary pressures, volatility in market interest rates, and emerging risks in some bank commercial real estate portfolios pose significant downside risks to the banking industry.  These issues, together with funding and earnings pressures, will remain matters of ongoing supervisory attention by the FDIC.”

   — FDIC Chairman Martin J. Gruenberg

• Full-Year 2023 Net Income Declined But Remained Well Above the Levels Reported Before the Pandemic
• Net Income Decreased From the Prior Quarter, Driven By Higher Noninterest and Provision Expenses and Lower Noninterest Income
• The Net Interest Margin Fell Two Basis Points From the Prior Quarter
• Unrealized Losses on Securities Declined to the Lowest Level Since Second Quarter 2022
• Community Bank Net Income Decreased Quarter Over Quarter
• The Industry Reported Loan Growth in the Fourth Quarter
• Domestic Deposits Increased For the First Time in Seven Quarters
• The Noncurrent Loan Rate Increased Modestly but Remains Below Pre-Pandemic Levels.
• The Net Charge-off Rate Increased and Is Above Pre-Pandemic Levels
• The Deposit Insurance Fund Reserve Ratio Increased to 1.15 Percent

The Net Interest Margin Fell From the Prior Quarter:  The net interest margin (NIM) declined by two basis points to 3.28 percent in the fourth quarter.  NIM declined as the increase in deposit and non-deposit liability costs more than outpaced the increase in asset yields. Despite the quarterly decline, the industry NIM is still three basis points above the pre-pandemic average NIM of 3.25 percent.  The community bank NIM of 3.35 percent was unchanged from the prior quarter, but is 28 basis points lower than its pre-pandemic average.  
Unrealized Losses on Securities Declined From Third Quarter 2023:  The banking industry reported unrealized losses on securities of $477.6 billion in the fourth quarter, a decline of $206.3 billion (30.2 percent) from third quarter 2023. Lower unrealized losses on residential mortgage-backed securities drove the decline. The level of unrealized losses is the lowest reported since second quarter 2022, but remained elevated compared to historical levels.
Community Bank Net Income Declined Quarter Over Quarter:  Quarterly net income for the 4,140 community banks insured by the FDIC fell to $5.9 billion in the fourth quarter, a decline of $650.2 million (9.9 percent) from third quarter 2023.  Higher noninterest and provision expense drove the decline in earnings.  Net operating revenue increased modestly from the prior quarter on higher net interest income.  The community bank pretax ROA declined 15 basis points from one quarter ago to 1.07 percent. 

### Press Release ############################

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Special Oscar Column
by Fernando Croce

As the big day approaches, the question remains: Who will take home Oscar gold this Sunday night? For the benefit of movie-lovers and audiences, we’ve put together this list of predictions for the main categories of American cinema’s top award.

Best Actor Nominees: Bradley Cooper (“Maestro”), Colman Domingo (“Rustin”), Paul Giamatti (“The Holdovers”), Cillian Murphy (“Oppenheimer”), Jeffrey Wright (“American Fiction”).

Giamatti has been the favorite in this category for his warm and barbed turn in “The Holdovers,” which reteams him with Alexander Payne, who directed his memorable (and famously snubbed) performance in “Sideways.” His main competition is Murphy for his subtle, cerebral work in “Oppenheimer,” a film that may give him the advantage by virtue of being an audience blockbuster, in contrast to the sleeper status of “The Holdovers.” Of the other nominees, it’s especially heartening to see Wright, a fine actor receiving his first nod after decades of exceptional work.

Overlooked: Nicolas Cage (“Dream Scenario”), Adam Driver (“Ferrari”), Zac Efron (“The Iron Claw”), Joachim Phoenix (“Beau Is Afraid”), Thomas Schubert (“Afire”).

Best Actress Nominees: Annette Bening (“Nyad”), Lily Gladstone (“Killers of the Flower Moon”), Sandra Hüller (“Anatomy of a Fall”), Carey Mulligan (“Maestro”), Emma Stone (“Poor Things”).

A previous winner for “La La Land,” Stone has a solid chance of reprising her triumph come Oscar night with her full-bodied performance in “Poor Things,” especially after a string of awards at other festivals. The closer we get to the event, however, the more experts are leaning toward Gladstone, who after solid work in smaller films finally (and deservedly) scored a breakthrough in “Killers of the Flower Moon,” where she more than held her own against veterans like Leonardo DiCaprio and Robert De Niro.

Overlooked: Paula Beer (“Afire”), Alma Pöysti (“Fallen Leaves”), Julianne Moore (“May December”), Margot Robbie (“Barbie”), Michelle Williams (“Showing Up”).

Best Supporting Actor Nominees: Sterling K. Brown (“American Fiction”), Robert De Niro (“Killers of the Flower Moon”), Robert Downey Jr. (“Oppenheimer”), Ryan Gosling (“Barbie”), Mark Ruffalo (“Poor Things”).

De Niro’s expert malevolence and Gosling’s committed clowning give the range of this group, a collection of strong performances of various tones across various genres. Downey Jr.’s position as frontrunner has been cemented with a slew of recent awards for his incarnation of Cold War figure Lewis Strauss in “Oppenheimer,” a performance that stood out even amid the film’s vast ensemble of characters. The Academy loves a comeback story, and the film represents the actor’s return to meatier roles after his superhero blockbusters.

Overlooked: Willem Dafoe (“Poor Things”), Jacob Elordi (“Priscilla”), Holt McCallany (“The Iron Claw”), Charles Melton (“May December”), Paul Mescal (“All of Us Strangers”).

Best Support Actress Nominees: Emily Blunt (“Oppenheimer”), Danielle Brooks (“The Color Purple”), America Ferrera (“Barbie”), Jodie Foster (“Nyad”), Da'Vine Joy Randolph (“The Holdovers”).
Nominated once again after twenty-nine years, Foster is the one returning veteran in a category full of first-rate first-timers. Both Blunt and Ferrera have lengthy resumes prior to finally being recognized by the Academy, and Brooks’ nod marked an acclaimed transition to screen from Broadway, where she originally played in “The Color Purple musical.” All bets seem to be on Joy Randolph, whose presence in “The Holdovers” alongside Paul Giamatti and Dominic Sessa added immensely to that film’s bittersweet balance.

Overlooked: Hong Chau (“Showing Up”), Penelope Cruz (“Ferrari”), Rachel McAdams (“Are You There God? It’s Me, Margaret”), Parker Posey (“Beau Is Afraid”), Sigourney Weaver (“The Master Gardener”).

Best Director Nominees: Justine Triet (“Anatomy of a Fall”), Martin Scorsese (“Killers of the Flower Moon”), Christopher Nolan (“Oppenheimer”), Yorgos Lanthimos (“Poor Things”), Jonathan Glazer (“The Zone of Interest”).

The fact that Triet, Lanthimos and Glazer, highly idiosyncratic art-house filmmakers, have been nominated in this category speaks of the Academy’s willingness in recent years to go outside the box when it comes to directorial achievements. Still, the race remains between Scorsese and Nolan, whose films (“Killers of the Flower Moon” and “Oppenheimer,” respectively) are daring confrontations of dark corners of national history. The fact that “Oppenheimer” struck a bigger chord with audiences than “Killers” (not to mention the fact that Scorsese already has an Oscar) may give Nolan the edge in the end.

Overlooked: Sofia Coppola (“Priscilla”), Todd Haynes (“May December”), Aki Kaurismaki (“Fallen Leaves”), Michael Mann (“Ferrari”), Christian Petzold (“Afire”).

Best Picture Nominees: “American Fiction,” “Anatomy of a Fall,” “Barbie,” The Holdovers,” “Killers of the Flower Moon,” “Maestro,” “Oppenheimer,” “Past Lives,” “Poor Things,” The Zone of Interest.”

From the satirical splashiness of “Barbie” to the analytical severity of “The Zone of Interest,” from the dramatic coziness of “Past Lives” to the bizarre unpredictability of “Poor Things,” the titles selected for Best Picture certainly reflect a wide range of tones and genres. As with Best Director, however, the race seems to be locked between “Killers of the Flower Moon” and “Oppenheimer,” two of the year’s most somberly ambitious works. “Killers” may be fresher on voters’ minds, given its more recent release, though its rival’s status as both a brainy historical analysis and a summer blockbuster ultimately gives “Oppenheimer” the push it needs.

Overlooked: “Fallen Leaves,” “Ferrari,” “May December,” “Priscilla,” “Showing Up."

 

Labrador Retriever Mix
Boston, Massachusetts  Adopt-a-Dog

Benji
Male
Six Years old
Location: Nevins Farm

Meet 6 year old Benji! Benji is the full package-. He`s  big, strong, silly and smart! He is looking for a patient adopter who is excited about training using positive reinforcement to help him learn his best leash walking skills. Although Benji is able to navigate a world close to

Meet 6 year old Benji! Benji is the full package- he`s big, strong, silly and smart! He is looking for a patient adopter who is excited about training using positive reinforcement to help him learn his best leash walking skills. Although Benji is able to navigate a world close to other dogs, he would prefer not to live with another resident dog and would likely thrive in a lower trafficked environment outside. Benji has the potential to have some calm, tolerant canine walking friends. Benji may be able to live with older teens who are comfortable with a big strong dog! Benji does not have a history with cats, so any interested adopters should be committed to taking an introduction with a resident cat extremely slowly!

Finally, sweet Benji came to the shelter with a tear in his CCL that will require surgery. While the shelter is happy to perform this surgery, adopters should understand that after this Benji will require lots of rest and recovery.

If Benji sounds like the dog for you, please visit our Methuen Adoption Center Tuesday-Sunday 12PM-3PM.

Please read about our adoption process before submitting an inquiry.

MSPCA at Nevins Farm
400 Broadway, Methuen, MA 01844
MSPCA-Angell Headquarters
Massachusetts Society for the Prevention of Cruelty to Animals
350 South Huntington Avenue
Boston, MA 02130
(617) 522-7400

News Briefs

Powell: ‘There will be bank failures  
   caused by commercial real estate losses
https://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/

Tesla rival Rivian halts planned $5B
   Georgia plant as it launches cheaper SUV
https://nypost.com/2024/03/07/business/rivian-halts-planned-ev-plant-launches-cheaper-tesla-rival/

Bill that could make TikTok unavailable
in the US advances quickly in the House
https://www.bostonglobe.com/2024/03/07/nation/tiktok-ban-bill-congress-data/

How Netflix survived the streaming wars
to stay the subscription video king
https://www.mercurynews.com/2024/03/07/how-netflix-survived-the-streaming-wars-to-stay-the-subscription-video-king/

GE Aerospace sets tone with post-breakup
profit goal, dividend
https://www.bostonglobe.com/2024/03/07/business/ge-aerospace-profit-goal-dividend/

Piece of airplane tire falls off United flight
during SFO takeoff, landing in employee parking lot
https://www.sfchronicle.com/bayarea/article/sfo-united-plane-tire-18711283.php

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ADP National Employment Report: Private Sector Employment
    increased by 140,000 Jobs in February; Annual Pay was Up 5.1%
https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-140-000-jobs-in-february-annual-pay-was-up-5-1-302081418.html

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Sports Briefs---

Why Super Bowl set 49ers’ defensive line
on path for a big offseason makeover
https://www.sfchronicle.com/sports/49ers/article/super-bowl-set-49ers-defensive-line-path-18709777.php

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California News Briefs---

‘When is enough enough?’ PG&E rates to rise again after California regulatory vote
https://www.sfchronicle.com/climate/article/pge-wildfire-finances-18709786.php

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8    

Growers scrap vineyards as market dims
   " in response to declining wine sales."
https://www.agalert.com/california-ag-news/archives/february-6-2024/growers-scrap-vineyards-as-market-dims/

Ukraine’s Fine Wine Industry Endures
and Grows in Wartime
https://www.winespectator.com/articles/ukraine-wineries-endure-during-war

Napa Valley Film Festival and the Culinary Institute
of America Present, "Salute to Culinary Cinema"
https://www.winebusiness.com/news/article/284342

U.S. Remains Champagne's Largest Export Market,
With More than 26 million Bottles Shipped in 2023
https://www.winebusiness.com/news/article/284320