FLAGSTAR FINANCIAL, INC. NAMES LEE SMITH AS CHIEF FINANCIAL OFFICERButterball Faces Boycott Calls Amid Turkey Sex Abuse Allegations
The Director General of NAFDAC, Prof. Mojisola Adeyeye, has urged manufacturers and distributors of alcoholic beverages to comply with the ban on satchets and PET bottles of alcohol. She made the call when she featured on the News Agency of Nigeria (NAN) Forum in Abuja on Sunday. Emphasising that alcohol in PET bottles had been banned, she cautioned distributors and retailers to desist from sale and distribution of the banned product. She recalled the ministerial ban and the agreement signed by Distillers and Blenders Association of Nigeria in 2018. The NAFDAC boss said that the agreement, which introduced a phased withdrawal process, reached the final phase of ensuring complete removal of the banned products from markets. She noted that the agency stopped registering and renewing licenses for these products since 2018, as manufacturers were given ample time to exhaust stocks and halt production. She said that enlightenment campaigns and stakeholder engagements were conducted to ensure compliance with the ban. She expressed concern over alcohol consumption among teenagers and youths, saying that the satchet size and the cost make it easily accessible, but the impact could be devastating. She reiterated the agency’s determination to safeguard public health through strict regulatory measures.Australians heading into face a tough decision on how to access their hard-earned . The question is: Should you opt for a lump sum, an income stream, or a combination of both? And just like every broad-based question in life, it circles back to the cliched but truthful answer: "It depends". That's not ideal for someone seeking a more definitive answer, but what you can do is understand the pros and cons of both routes to obtaining your money. Here's a breakdown to help you make an informed choice. Options for accessing superannuation When you retire, you can withdraw your super as a lump sum, convert it into an income stream, or combine the two. Each approach offers unique benefits and trade-offs. A lump sum gives you immediate access to your entire super balance, which you can use to pay off debts, invest, or enjoy some long-awaited luxuries. all funds offer this option. According to MoneySmart, this superannuation option can be appealing if you have high-interest debts or want to make significant one-off purchases, such as downsizing your home. But spending large amounts upfront could deplete your super faster than expected, potentially leaving you with fewer funds for later years. Investing outside super might also expose you to higher tax rates than those within the super system, especially when buying and selling shares or property. It really depends on what your estimated annual living expenses might be. This includes things like holidays and medical appointments, and you wish for. It also depends on your final super balance. Larger accounts might consider this option more viable. What about an income stream? With an income stream, your superannuation is converted into regular payments, similar to a salary. These payments continue throughout retirement, just like a sinking fund, only potentially invested. This method offers a steady income, tax-free investment returns, and could help preserve your superannuation for the long term. Income streams are highly flexible, allowing you to choose payment frequencies and amounts within minimum withdrawal limits. However, the amount you can transfer to a retirement-phase account is capped at $1.9 million under the transfer balance cap. Por que no los dos? (Why not both?) Many retirees opt for a mix of both. Here, you take a portion of your super as a lump sum to cover immediate expenses while leaving the remainder in an income stream for a stable, long-term income. That sounds like having your cake and eating it. But there are caveats. Funds are still employed in the super system, meaning they might not be readily available if needed. Some might have more handy uses for the money from an investment perspective. Again, it is situation-dependent, but there are multiple ways to access the income stream, including an According to the Australian Tax Office, there are multiple tax offsets available for the income component as well. Superannuation takeaway The decision to take your superannuation as a lump sum, an income stream, or both depends on your unique circumstances. Each option has pros and cons, so it's worth considering all to ensure your super supports your retirement dreams. No matter what the case, knowing all the critical facts can help make the best decisions.Daily Post Nigeria EPL table: Chelsea four points behind Liverpool after 4-3 win over Tottenham Home News Politics Metro Entertainment Sport Sport EPL table: Chelsea four points behind Liverpool after 4-3 win over Tottenham Published on December 8, 2024 By Ifreke Inyang Cole Palmer scored twice from the penalty spot as Chelsea edged a 4-3 win over Tottenham Hotspur on Sunday. The hosts began the game in stunning fashion, racing into a two-goal lead thanks to Dominic Solanke and Dejan Kulusevski. Jadon Sancho pulled one back before Palmer converted his first spot kick. Chelsea then took the lead for the first time, with Enzo Fernandez firing in from inside the box. Palmer scored again from 12 yards, while Son Heung-Min’s last-gasp goal was a mere consolation. The result takes Chelsea clear of Arsenal in second place with 31 points. The Gunners’ 1-1 draw at Fulham leaves them on 29 points in third place. Champions Manchester City also drew 2-2 at Crystal Palace and are fourth with 27 points. Related Topics: chelsea EPL Table liverpool tottenham Don't Miss EPL: Offside from Martinelli is criminal – Merson on Arsenal’s 1-1 draw at Fulham You may like EPL: We’re not favourites – Maresca speaks ahead of Tottenham vs Chelsea clash EPL: Liverpool warned Salah could cost them title this season EPL: Chelsea ready to allow midfielder leave Maresca’s side EPL: No doubt – Maresca puts Chelsea star on same level with Rodri, Rice EPL: Drogba refused to leave – Jackson vows to become Chelsea legend EPL: You’re not allowed to drop your form — Maresca warns Chelsea forward Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media Ltd
"Home Alone" house up for sale for $3.8 million in suburban Chicago – but not the one you're thinking ofHICKSVILLE, N.Y. , Dec. 13, 2024 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE: FLG) ( the "Company"), today announced the appointment of Lee Smith as Senior Executive Vice President and Chief Financial Officer (CFO), effective December 27, 2024 . The appointment follows the decision of current CFO Craig Gifford to step down to reengage in personal endeavors outside of the banking industry. Gifford will remain with the Bank through March 31, 2025 , and work closely with Smith during the transition period, ensuring a seamless hand-over and continued support for the Bank's ongoing initiatives. "For more than a decade, Lee has been an instrumental member of Flagstar's executive team. He is a proven leader with a strong track record, has the requisite experience and expertise, and possesses deep knowledge of the Company. The Board of Directors and I have full faith and confidence in Lee to continue to help guide the Company in this financial leadership position," said Joseph M. Otting , Chairman, President, and CEO. Smith joined legacy Flagstar Bancorp, Inc. in 2013 as Chief Operating Officer and his transition to CFO comes after serving on Flagstar's executive management team for more than a decade, most recently as President of Mortgage. He has an extensive background in accounting, finance, mortgage, private equity, and operations, spanning more than 25 years. His experience in managing large-scale transactions, optimizing financials and operations, and working with regulators demonstrates a strong ability to drive financial performance, ensure compliance, and lead financial operations. Additionally, his leadership in M&A deals, capital markets, and financial management positions him well to oversee financial strategies, risk mitigation, and operational efficiency at a senior financial level. His prior roles include Partner at Matlin Patterson Global Advisers LLC, a private investment firm. He is also a member of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1998 and has a BSc in Economics and Accountancy from Loughborough University in England . Otting added, "I want to express our sincere appreciation to Craig for his impactful contributions over the past year. His leadership during this time has been invaluable, and we wish him all the best. As all of our stakeholders know, we have been working relentlessly to elevate Flagstar to new heights. I also recognize the personal sacrifices and time commitment required away from our personal lives for this journey. Given the substantial progress we've made as a Company, I am comfortable that this is a good time for this transition, and I am confident the momentum we've gained will only strengthen as we move forward." About Flagstar Financial, Inc. Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York . At September 30, 2024, the Company had $114.4 billion of assets, $73.0 billion of loans, deposits of $83 .0 billion, and total stockholders' equity of $8 .6 billion. Flagstar Bank, N.A. operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. In addition, the Bank has approximately 80 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses. Cautionary Statements Regarding Forward-Looking Statements This release may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic goals, including those related to our merger with Flagstar Bancorp, Inc., which was completed on December 1, 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, and our ability to fully and timely implement the risk management programs institutions greater than $100 billion in assets must maintain; (h) the effect on our capital ratios of the approval of certain proposals approved by our shareholders during our 2024 annual meeting of shareholders; (i) the conversion or exchange of shares of the Company's preferred stock; (j) the payment of dividends on shares of the Company's capital stock, including adjustments to the amount of dividends payable on shares of the Company's preferred stock; (k) the availability of equity and dilution of existing equity holders associated with amendments to the 2020 Omnibus Incentive Plan; (l) the effects of the reverse stock split; and (m) transactions relating to the sale of our mortgage business and mortgage warehouse business. Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results. Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; recent turnover in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; the success of our blockchain and fintech activities, investments and strategic partnerships; the restructuring of our mortgage business; our ability to recognize anticipated expense reductions and enhanced efficiencies with respect to our recently announced strategic workforce reduction; the impact of failures or disruptions in or breaches of the Company's operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflict (including the Russia / Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed on December 1, 2022 , and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. Additionally, there can be no assurance that the Community Benefits Agreement entered into with NCRC, which was contingent upon the closing of the Company's merger with Flagstar Bancorp, Inc., will achieve the results or outcome originally expected or anticipated by us as a result of changes to our business strategy, performance of the U.S. economy, or changes to the laws and regulations affecting us, our customers, communities we serve, and the U.S. economy (including, but not limited to, tax laws and regulations). More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10 ‐ K/A for the year ended December 31, 2023, Quarterly Report on Forms 10-Q for the quarters ended March 31, 2024 , June 30, 2024 , and September 30, 2024 , and in other SEC reports we file. Our forward ‐ looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC's website, www.sec.gov . Investor Contact: Salvatore J. DiMartino (516) 683-4286 Media Contact: Steven Bodakowski (248) 312-5872 View original content to download multimedia: https://www.prnewswire.com/news-releases/flagstar-financial-inc-names-lee-smith-as-chief-financial-officer-302331680.html SOURCE Flagstar Financial, Inc.Julie Appleby | KFF Health News Unauthorized switching of Affordable Care Act plans appears to have tapered off in recent weeks based on an almost one-third drop in casework associated with consumer complaints, say federal regulators . The Centers for Medicare & Medicaid Services, which oversees the ACA, credits steps taken to thwart enrollment and switching problems that triggered more than 274,000 complaints this year through August. Now, the annual ACA open enrollment period that began Nov. 1 poses a real-world test: Will the changes curb fraud by rogue agents or brokerages without unduly slowing the process of enrolling or reducing the total number of sign-ups for 2025 coverage? “They really have this tightrope to walk,” said Sabrina Corlette, co-director of the Center on Health Insurance Reforms at Georgetown University. “The more you tighten it up to prevent fraud, the more barriers there are that could inhibit enrollment among those who need the coverage.” CMS said in July that some types of policy changes — those in which the agent is not “affiliated” with the existing plan — will face more requirements, such as a three-way call with the consumer, broker, and a healthcare.gov call center representative. In August, the agency barred two of about a dozen private sector online-enrollment platforms from connecting with healthcare.gov over concerns related to improper switching. And CMS has suspended 850 agents suspected of being involved in unauthorized plan-switching from accessing the ACA marketplace. Still, the clampdown could add complexity to enrollment and slow the process. For example, a consumer might have to wait in a queue for a three-way call, or scramble to find a new agent because the one they previously worked with had been suspended. Given that phone lines with healthcare.gov staff already get busy — especially during mid-December — agents and policy analysts advise consumers not to dally this year. “Hit the ground running,” said Ronnell Nolan, president and CEO of Health Agents for America, a professional organization for brokers. Meanwhile, reports are emerging that some rogue entities are already figuring out workarounds that could undermine some of the anti-fraud protections CMS put in place, Nolan said. “Bottom line is: Fraud and abuse is still happening,” Nolan said. Brokers assist the majority of people actively enrolling in ACA plans and are paid a monthly commission by insurers for their efforts. Consumers can compare plans or enroll themselves online through federal or state marketplace websites. They can also seek help from people called assisters or navigators — certified helpers who are not paid commissions. Under a “find local help” button on the federal and state ACA websites , consumers can search for nearby brokers or navigators. CMS says it has “ramped up support operations” at its healthcare.gov marketplace call centers, which are open 24/7, in anticipation of increased demand for three-way calls, and it expects “minimal wait times,” said Jeff Wu, deputy director for policy of the CMS Center for Consumer Information and Insurance Oversight. Wu said those three-way calls are necessary only when an agent or a broker not already associated with a consumer’s enrollment wants to change that consumer’s enrollment or end that consumer’s coverage. It does not apply to people seeking coverage for the first time. Organizations paid by the government to offer navigator services have a dedicated phone line to the federal marketplace, and callers are not currently experiencing long waits, said Xonjenese Jacobs, director of Florida Covering Kids & Families, a program based at the University of South Florida that coordinates enrollment across the state through its Covering Florida navigator program. Navigators can assist with the three-way calls if a consumer’s situation requires it. “Because we have our quick line in, there’s no increased wait time,” Jacobs said. The problem of unauthorized switches has been around for a while but took off during last year’s open enrollment season. Brokers generally blamed much of the problem on the ease with which rogue agents can access ACA information in the federal marketplace, needing only a person’s name, date of birth, and state of residence. Though federal regulators have worked to tighten that access with the three-way call requirement, they stopped short of instituting what some agent groups say is needed: two-factor authentication, which could involve a code accessed by a consumer through a smartphone. Unauthorized switches can lead to a host of problems for consumers, from higher deductibles to landing in new networks that do not include their preferred physicians or hospitals. Some people have received tax bills when unauthorized policies came with premium credits for which they did not qualify. Unauthorized switches posed a political liability for the Biden administration, a blemish on two years of record ACA enrollment. The practice drew criticism from lawmakers on both sides of the aisle; Democrats demanded more oversight and punishment of rogue agents, while Republicans said fraud attempts were fueled by Biden administration moves that allowed for more generous premium subsidies and special enrollment periods. The fate of those enhanced subsidies, which are set to expire, will be decided by Congress next year as the Trump administration takes power. But the premiums and subsidies that come with 2025 plans that people are enrolling in now will remain in effect for the entire year. The actions taken this year to thwart the unauthorized enrollments apply to the federal marketplace, used by 31 states . The remaining states and the District of Columbia run their own websites, with many having in place additional layers of security. Related Articles Health | Feds suspend ACA marketplace access to companies accused of falsely promising ‘cash cards’ Health | California raw milk recalled after positive test for bird flu virus Health | Marin whooping cough cases level off after spike Health | More foods are making us sick: What to know as foodborne outbreaks hit Health | Which health insurance plan may be right for you? For its part, CMS says its efforts are working, pointing to the 30% drop in complaint casework. The agency also noted a 90% drop in the number of times an agent’s name was replaced by another’s, which it says indicates that it is tougher for rival agents to steal clients to gain the monthly commissions that insurers pay. Still, the move to suspend 850 agents has drawn pushback from agent groups that initially brought the problem to federal regulators’ attention. They say some of those accused were suspended before getting a chance to respond to the allegations. “There will be a certain number of agents and brokers who are going to be suspended without due process,” said Nolan, with the health agents’ group. She said that it has called for increased protections against unauthorized switching and that two-factor authentication, like that used in some state marketplaces or in the financial sector, would be more effective than what’s been done. “We now have to jump through so many hoops that I’m not sure we’re going to survive,” she said of agents in general. “They are just throwing things against the wall to see what sticks when they could just do two-factor.” The agency did not respond to questions asking for details about how the 850 agents suspended since July were selected, the states where they were located, or how many had their suspensions reversed after supplying additional information.