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As MLB free agency continues, one of the biggest names on the market could get closer to landing a new deal soon. Per ESPN's Buster Olney , New York Yankees star free agent Juan Soto is expected to start receiving offers this week. According to Olney, Soto has spent the last few weeks meeting with teams and club officials, allowing both sides to get to know each other. This article will be updated soon to provide more information and analysis. For more from Bleacher Report on this topic and from around the sports world, check out our B/R app , homepage and social feeds—including Twitter , Instagram , Facebook and TikTok .
PHILADELPHIA and VANCOUVER, British Columbia, Dec. 11, 2024 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, today announced that it intends to offer to sell common shares and warrants in an underwritten public offering. All of the common shares and warrants are to be sold by the Company. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. ThinkEquity is acting as the sole book-running manager for the offering. The Company intends to use the net proceeds from the offering primarily for working capital requirements, general corporate purposes, and the advancement of business objectives. The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-276650), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 22, 2024 and declared effective on January 31, 2024. The offering will be made only by means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been or will be filed with the SEC on its website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from the offices of ThinkEquity, 17 State Street, 41 st Floor, New York, New York 10004. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About BriaCell Therapeutics Corp. BriaCell is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. More information is available at https://briacell.com/ . Forward-Looking Statements This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements, including those related to our ability to close the underwritten public offering and the use of proceeds, are based on BriaCell’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully under the heading “Risk Factors” in the Company’s most recent annual report, and in the Company’s other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under the Company’s profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date, and BriaCell Therapeutics Corp. undertakes no duty to update such information except as required under applicable law. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Company Contact: William V. Williams, MD President & CEO 1-888-485-6340 info@briacell.com Media Relations: Jules Abraham CORE IR julesa@coreir.com Investor Relations Contact: CORE IR investors@briacell.comZURICH — Saudi Arabia was officially confirmed Wednesday by FIFA as host of the 2034 World Cup in men's soccer, giving the oil-rich kingdom its biggest prize yet for massive spending on global sports driven by Crown Prince Mohammed bin Salman. The Saudi bid was the only candidate and was acclaimed by the applause of more than 200 FIFA member federations. They took part remotely in an online meeting hosted in Zurich by the soccer body's president Gianni Infantino. "The vote of the congress is loud and clear," said Infantino, who had asked officials on a bank of screens to clap their hands at head level to show their support. The decision was combined with approving the only candidate to host the 2030 World Cup. Spain, Portugal and Morocco will co-host in a six-nation project, with Argentina, Paraguay and Uruguay each getting one of the 104 games. The South American connection will mark the centenary of Uruguay hosting the first World Cup in 1930. The decisions complete a mostly opaque 15-month bid process which Infantino helped steer toward Saudi Arabia without a rival candidate, without taking questions, and which human rights groups warn will put the lives of migrant workers at risk. "We look forward to hosting an exceptional and unprecedented edition of the FIFA World Cup by harnessing our strengths and capabilities to bring joy to football fans around the world," Prince Mohammed said in a statement. FIFA and Saudi officials have said hosting the 2034 tournament can accelerate change, including more freedoms and rights for women, with Infantino on Wednesday calling the World Cup a "unique catalyst for positive social change and unity." "I fully trust our hosts to address all open points in this process, and deliver a World Cup that meets the world's expectations," the FIFA president said. An international collective of rights groups said FIFA made a "reckless decision" to approve Saudi Arabia without getting public assurances, and the Football Supporters Europe group said it was "the day football truly lost its mind." A fast-track path to victory was cleared last year by FIFA accepting the three-continent hosting plan for the 2030 World Cup. It meant only soccer federations in Asia and Oceania were eligible for the 2034 contest, and FIFA gave countries less than four weeks to declare a bid. Only Saudi Arabia did. The win will kick off a decade of scrutiny on Saudi labor laws and treatment of workers mostly from South Asia needed to help build and upgrade 15 stadiums, plus hotels and transport networks ahead of the 104-game tournament. Amnesty International said awarding the tournament to Saudi Arabia represents "a moment of great danger" for human rights. "FIFA's reckless decision to award the 2034 World Cup to Saudi Arabia without ensuring adequate human rights protections are in place will put many lives at risk," said Steve Cockburn, Amnesty International's Head of Labor Rights and Sport." One of the stadiums is planned to be 350 meters (yards) above the ground in Neom — a futuristic city that does not yet exist — and another named for the crown prince is designed to be atop a 200-meter cliff near Riyadh. During the bid campaign, FIFA has accepted limited scrutiny of Saudi Arabia's human rights record that was widely criticized this year at the United Nations. Saudi and international rights groups and activists warned FIFA it has not learned the lessons of Qatar's much-criticized preparations to host the 2022 World Cup. "At every stage of this bidding process, FIFA has shown its commitment to human rights to be a sham," Cockburn said. The kingdom plans to spend tens of billion of dollars on projects related to the World Cup as part of the crown prince's sweeping Vision 2030 project that aims to modernize Saudi society and economy. At its core is spending on sports by the $900 billion sovereign wealth operation, the Public Investment Fund, which he oversees. "It's amazing. The infrastructure, the stadiums, the conditions for the fans and everything. After what I see, I'm more convinced that 2034 will be the best World Cup ever," Cristiano Ronaldo said in a recorded package posted on X. The five-time Ballon d'Or winner has been part of Saudi Arabia's lavish spending on soccer — stunning the sport when agreeing to sign for Al Nassr in 2022 for a record-breaking salary reportedly worth up to $200 million a year. Critics have accused Saudi Arabia of "sportswashing" the kingdom's reputation. The prince, known as MBS, has built close working ties to Infantino since 2017 — aligning with the organizer of sport's most-watched event rather than directly confronting the established system as it did with the disruptive LIV Golf project. The result for Saudi Arabia and FIFA has been smooth progress toward the win Wednesday with limited pushback from soccer officials, though some from women international players. The steady flow of Saudi cash into international soccer is set to increase. FIFA created a new and higher World Cup sponsor category for state oil firm Aramco, and Saudi funding is set to underwrite the 2025 Club World Cup in the United States that is a pet project for Infantino. North American soccer body CONCACAF signed a multi-year deal with PIF, Saudi stadiums host Super Cup games for Italy and Spain, and nearly 50 FIFA member federations have signed working agreements with Saudi counterparts. Lavish spending by PIF-owned Saudi clubs in the past two years buying and paying players – including Cristiano Ronaldo, Neymar, Karim Benzema and Sadio Mané – put hundreds of millions of dollars into European soccer. That influence could be key in talks to agree which months to play the 2034 World Cup. The November-December slot taken by Qatar in 2022 to avoid extreme midsummer heat is complicated in 2034 by the holy month of Ramadan through mid-December and Riyadh hosting the multi-sport Asian Games. Still, January 2034 could be an option — and likely better for European clubs and leagues —after the International Olympic Committee said it saw few issues in clashing with the Salt Lake Winter Games opening Feb. 10, 2034. The IOC also has a major commercial deal with Saudi Arabia, to host the new Esports Olympics. Be the first to know Get local news delivered to your inbox!
By Ricardo Brito and Anthony Boadle BRASILIA (Reuters) - Harley Sandoval, an evangelical pastor, real estate agent and mining entrepreneur, was arrested in July 2023 for illegally exporting 294 kilos of gold from Brazil's Amazon to the United States, Dubai and Italy. On paper, the gold was sourced from a legal prospect Sandoval was licensed to mine in the northern state of Tocantins. But police said not an ounce of gold had been mined there since colonial times. Using cutting-edge forensic technology, along with satellite imagery, Brazil's Federal Police said it was able to establish that the exported gold did not come from the Tocantins prospect. Instead, it had been dug up from three different wildcat mines in neighboring Pará, some on protected Indigenous reservation lands, according to previously unreported court documents dated November 2023 seen by Reuters. The prosecution is one of the first in Brazil using the new technology to tackle clandestine trading that may account for as much as half of the gold output of Brazil, a major producer and exporter of the precious metal. Illegal gold mining has surged at thousands of sites in the Amazon rainforest, bringing environmental destruction and criminal violence to the region. Seizures of illegally mined gold have surged seven-fold in the past seven years, according to Federal Police records obtained exclusively by Reuters. Sandoval, who has been released pending trial and continues to preach with his wife at a Pentecostal Evangelical church in the central Brazilian city of Goiania, denies the allegations. He maintains there is no way to establish where the gold was mined once it is melted down into ingots for export. "That's impossible. To export gold one always has to melt it down," he told Reuters by telephone. THE DNA OF GOLD Historically, gold is notoriously difficult to trace, especially once metal from different sources has been melted together, erasing the original signatures. After that, it can easily be traded as a financial asset or be used in the jewelry industry. But investigators say that's starting to change. A police program called "Targeting Gold" is creating a database of samples from across Brazil that are examined with radio-isotope scans and fluorescence spectroscopy to determine the unique composition of elements. The technique, long used in archaeology, was pioneered in mining by University of Pretoria geologist Roger Dixon to help distinguish between legal and stolen gold. The program developed in partnership with university researchers includes the use of powerful light beams from a particle accelerator at a Sao Paulo lab to study nano-sized impurities associated with gold, be it dirt or other metals like lead or copper, that help trace its origins. Humberto Freire, director of the Federal Police's recently-created Environment and Amazon Department, said the technology allows scientists to analyze "the DNA of Brazilian gold." "Nature has marked the gold with isotopes and we can read these unique fingerprints with radio-isotope scans," Freire said. "With this tool we can trace illegal gold before it gets refined for export." The program has helped fuel an increase in gold seizures since leftist President Luiz Inacio Lula da Silva took office last year — up 38% in 2023 from 2022, according to government numbers seen by Reuters. New Brazil central bank gold market regulations, including mandatory electronic tax receipts for all trades and tightened monitoring of suspect transactions, have also helped, according to Freire. "We estimate that around 40% of the gold that is extracted in the Amazon is illegal," he told Reuters. Brazil exported 110 tonnes of gold in 2020 worth $5 billion, according to official data, ranking among the world's top 20 exporters. Last year, exports were 77.7 tonnes, a drop the government attributes to improved enforcement of illegal mining. INDIGENOUS TENSIONS Lula's predecessor, far-right President Jair Bolsonaro weakened environmental controls in the Amazon. That triggered a new gold rush in Brazil, spurred by record world gold prices that were driven up by geopolitical tensions and central bank purchases, led by China. Prices have continued to new highs, trading at around $2,650 per ounce on Friday. Gold rushes have been a hallmark of mineral-rich Brazil from its Portuguese colonial past. But the latest surge in wildcat mining beginning during Bolsonaro's administration has been unprecedented. Satellite images show there are some 80,000 such prospects today in the Amazon rainforest, more than ever registered before. Once dominated by prospectors with gold pans, artisanal mining in Brazil has become an industrial-scale activity with heavy excavating machinery and million-dollar river dredgers. Criminal organizations fly people, equipment and gold into and out of the region with helicopters and planes that land at clandestine airstrips. Their excavations often leave behind gaping ponds of sludge contaminated with mercury, used to separate the gold from dirt and other minerals. Last year, thousands of miners who invaded the Yanomami territory, the country's largest Indigenous reservation on the northern border with Venezuela, brought violence and disease that caused malnutrition and a humanitarian crisis among the tribe, prompting Lula to send in troops. But many returned this year after the military pulled out. Lula, who has pledged to stamp out illegal gold mining, tried to fight back by deploying special forces of the environmental protection agency Ibama into Indigenous reservations and forest conservation parks. Police say cracking down on the organized crime gangs that back the wildcat miners is the next step in staunching an illegal trade that feeds the jewelry and watch industry in Switzerland, which buys 70% of Brazil's exported gold, according to government trade data. Amazon neighbors, including Colombia and French Guiana, are considering adopting the Brazilian gold analysis method to deal with their illegal gold trade and European governments have shown interest, including Switzerland and Britain, the top importers from Brazil after Canada, police and diplomats said. Brazil accounts for just 1% of gold imported by Switzerland, a global trade hub for the metal, and "measures are in place to import only legally mined gold," a Swiss embassy statement said. The embassy said it has set up a working group with other importing countries to study traceability and anti-counterfeiting tools. A 2022 study by non-profit watchdog Instituto Escolhas found that 52% of the gold exported from the Amazon was illegal, nearly all from protected Indigenous reservation lands or national conservation parks. A vibrant lobby for informal gold mining has survived Bolsonaro in Brazil's Conservative Congress, where pending bills propose legalizing wildcat mining. For now, though, gold samples from across Brazil are being added to a database with the help of scientists at the Federal Police's criminology institute lab in Brasilia, where forensic expert Erich Moreira Lima oversees microscopic scanning of gold nuggets that are kept in a safe. "Now that we have a team set up, we hope to analyze the 30,000 gold samples the Brazilian Geological Service has collected. In a few years, we should have mapped all Brazil's 24 gold producing regions," he told Reuters. Geologist Maria Emilia Schutesky and her team at the National University of Brasilia's geosciences lab conduct mass spectrometry scans on gold samples to identify associated molecules, such as lead, to place the gold's origins. "We researchers seek a 100% ability to trace gold, but that is more than what the police needs to prove a crime, which is just to establish that the gold does not come from where a suspects claims it is from," Schutesky said. (Reporting by Ricardo Brito and Anthony Boadle; Editing by Christian Plumb and Claudia Parsons)WASHINGTON — The House passed a $895 billion measure Wednesday that authorizes a 1% increase in defense spending this fiscal year and would give a double-digit pay raise to about half of the enlisted service members in the military. The bill is traditionally strongly bipartisan, but some Democratic lawmakers opposed the inclusion of a ban on transgender medical treatments for children of military members if such treatment could result in sterilization. The bill passed by a vote of 281-140 and next moves to the Senate, where lawmakers sought a bigger boost in defense spending than the current measure allows. The Pentagon and the surrounding area is seen Jan. 26, 2020, from the air in Washington. Lawmakers are touting the bill's 14.5% pay raise for junior enlisted service members and a 4.5% increase for others as key to improving the quality of life for those serving in the U.S. military. Those serving as junior enlisted personnel are in pay grades that generally track with their first enlistment term. Lawmakers said service member pay failed to remain competitive with the private sector, forcing many military families to rely on food banks and government assistance programs to put food on the table. The bill also provides significant new resources for child care and housing. "No service member should have to live in squalid conditions and no military family should have to rely on food stamps to feed their children, but that's exactly what many of our service members are experiencing, especially the junior enlisted," said Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee. "This bill goes a long way to fixing that." The bill sets key Pentagon policy that lawmakers will attempt to fund through a follow-up appropriations bill. The overall spending tracks the numbers established in a 2023 agreement that then-Speaker Kevin McCarthy, R-Calif., reached with President Joe Biden to increase the nation's borrowing authority and avoid a federal default in exchange for spending restraints. Many senators wanted to increase defense spending about $25 billion above what was called for in that agreement, but those efforts failed. Sen. Roger Wicker, R-Miss., who is expected to serve as the next chairman of the Senate Armed Services Committee, said the overall spending level was a "tremendous loss for our national defense," though he agreed with many provisions in the bill. "We need to make a generational investment to deter the Axis of Aggressors. I will not cease work with my congressional colleagues, the Trump administration, and others until we achieve it," Wicker said. Sen. Roger Wicker, R-Miss., speaks with reporters Nov. 21 on Capitol Hill in Washington. House Republicans don't want to go above the McCarthy-Biden agreement for defense spending and are looking to go way below it for many nondefense programs. They are also focused on cultural issues. The bill prohibits funding for teaching critical race theory in the military and prohibits TRICARE health plans from covering gender dysphoria treatment for children under 18 if that treatment could result in sterilization. Rep. Adam Smith of Washington state, the ranking Democratic member of the House Armed Services Committee, said minors dealing with gender dysphoria is a "very real problem." He said the treatments available, including puberty blockers and hormone therapy, proved effective at helping young people dealing with suicidal thoughts, anxiety and depression. "These treatments changed their lives and in many cases saved their lives," Smith said. "And in this bill, we decided we're going to bar service members' children from having access to that." Smith said the number of minors in service member families receiving transgender medical care extends into the thousands. He could have supported a study asking medical experts to determine whether such treatments are too often used, but a ban on health insurance coverage went too far. He said Speaker Mike Johnson's office insisted on the ban and said the provision "taints an otherwise excellent piece of legislation." Rep. Chip Roy, R-Texas, called the ban a step in the right direction, saying, "I think these questions need to be pulled out of the debate of defense, so we can get back to the business of defending the United States of America without having to deal with social engineering debates." Smith said he agrees with Roy that lawmakers should be focused on the military and not on cultural conflicts, "and yet, here it is in this bill." House Minority Leader Hakeem Jeffries, D-N.Y., responds to reporters Dec. 6 during his weekly news conference at the Capitol in Washington. Rep. Hakeem Jeffries, the House Democratic leader, said his team did not tell Democrats how to vote on the bill. "There's a lot of positive things in the National Defense Authorization Act that were negotiated in a bipartisan way, and there are some troubling provisions in a few areas as well," Jeffries said. The defense policy bill also looks to strengthen deterrence against China. It calls for investing $15.6 billion to build military capabilities in the Indo-Pacific region. The Biden administration requested about $10 billion. On Israel, the bill, among other things, includes an expansion of U.S. joint military exercises with Israel and a prohibition on the Pentagon citing casualty data from Hamas. The defense policy bill is one of the final measures that lawmakers view as a must-pass before making way for a new Congress in January. Rising threats from debt collectors against members of the U.S. armed forces are undermining national security, according to data from the Consumer Financial Protection Bureau (CFPB), a federal watchdog that protects consumer rights. To manage the impact of financial stress on individual performance, the Defense Department dedicates precious resources to improving financial literacy, so service members know the dangers of notorious no-credit-check loans. “The financial well-being of service members and their families is one of the Department’s top priorities,” said Andrew Cohen, the director of financial readiness in the Office of the Deputy Assistant Secretary of Defense at the Pentagon. But debt collectors are gaining ground. Last quarter, debt collection complaints by U.S. military service members increased 24% , and attempts to collect on “debts not owed” surged 40%. Complaints by service members against debt collectors for deceptive practices ballooned from 1,360 in the fourth quarter of 2023 to 1,833 in the first quarter of 2024. “There’s a connection between the financial readiness and the readiness of a service member to perform their duty,” said Jim Rice, Assistant Director, Office of Servicemember Affairs at the Consumer Financial Protection Bureau. Laws exist to protect the mission readiness of U.S. troops from being compromised by threats and intimidation, but debt collectors appear to be violating them at an alarming pace. “If they’re threatening to call your commander or get your security clearance revoked, that’s illegal,” says Deborah Olvera, financial readiness manager at Wounded Warriors Project, and a military spouse who’s been harassed herself by a collection agency that tried to extort money from her for a debt she didn’t owe. But after she requested the name of the original creditor, she never heard from them again. “The financial well-being of service members and their families is one of the Department’s top priorities.” —Andrew Cohen, Director of Financial Readiness at the Pentagon Under the Fair Debt Collection Practices Act, it’s illegal for debt collectors to threaten to contact your boss or have you arrested because it violates your financial privacy. The FDCPA also prohibits debt collectors from making false, deceptive, or misleading representations in connection with the collection of a debt, even for borrowers with bad credit scores. But according to the data, debt collectors are increasingly ignoring those rules. “Debt collection continues to be one of the top consumer complaint categories,” said a spokesperson at the Federal Trade Commission. The commission released a report earlier this year revealing that consumers were scammed $10 billion in 2023, a new benchmark for fraud losses. In his book Debt: The First 5,000 Years, David Graeber argues that debt often creates a relationship that can feel more oppressive than systems of hierarchy, like slavery or caste systems because it starts by presuming equality between the debtor and the creditor. When the debtor falls into arrears, that equality is then destroyed. This sense of betrayal and the subsequent imbalance of power leads to widespread resentment toward lenders. Photo Credit: Olena Yakobchuk / Shutterstock The debt collector reportedly harassing military service members most was Resurgent Capital Services, a subsidiary of collection giant Sherman Financial Group. The company tacks on accrued interest and junk fees and tries to collect on debts purchased for pennies on the dollar from cable companies, hospitals, and credit card companies, among others. Sherman Financial Group is run by billionaire Benjamin Navarro, who has a reported net worth of $1.5 billion, according to Forbes. Sherman Financial also owns subprime lender Credit One Bank and LVNV Funding, which outsource collections to Resurgent Capital. According to CFPB data, the second worst offender is CL Holdings, the parent company of debt-buyer Jefferson Capital Systems. The company has also been named in numerous complaints to the Better Business Bureau for alleged violations of the FDCPA, such as failing to properly validate debts or update credit reports with accurate information. Under the leadership of CEO David Burton, Jefferson Capital Systems is a wholly-owned subsidiary of CompuCredit Corporation, which markets subprime credit cards under the names Aspire, Majestic, and others. The third most referenced debt collector is publicly traded Portfolio Recovery Associates [NASDAQ: PRAA], which was forced to pay $27 million in penalties for making false representations about debts, initiating lawsuits without proper documentation, and other violations. Portfolio Recovery Associates is run by CEO Vikram Atal. Fourth place for alleged worst offender goes to Encore Capital Group [NASDAQ ECPG], which was required to pay $42 million in consumer refunds and a $10 million penalty for violating the Fair Debt Collection Practices Act. Encore collects under its subsidiary Midland Credit Management Group. These debt collectors all operate under a veritable shell game of company and brand names, almost none of which are disclosed on their websites, sending consumers on a wild goose chase to try and figure out how they’re related to each other. But despite their attempts to hide their tracks behind a smoke screen of subsidiaries, a leopard can’t change its spots, and the CFPB complaint database makes it harder for them to try. Photo Credit: Bumble Dee / Shutterstock Although widely considered a consumer-friendly state, complaints spiked most in California, which saw a 188% increase in complaints filed from the fourth quarter of 2023 to the first quarter of 2024. California is home to 157,367 military personnel, making it the most populous state for active-duty service members. The second-largest increase in debt collection complaints was in Texas, which saw a 66% jump from the fourth quarter of 2023 to the first quarter of 2024. The U.S. Department of Defense reports 111,005 service members stationed in the Lone Star State, which is the third-most populous state for active-duty military. The rising trends do not correlate to the number of military personnel by state. Complaints against debt collectors in Virginia, the second most populous state with 126,145 active duty personnel, decreased by 29% in the same quarter-over-quarter period. And complaints filed quarter-over-quarter in North Carolina, the fifth most populous state with 91,077 military personnel, decreased by 3% in the same period. The third largest percentage increase in debt collection complaints was from service members stationed in Maryland, where alleged harassment reports jumped 112% from the fourth quarter of 2023 to the first quarter of 2024. Maryland ranks number 12 with just 28,059 active duty service members. Fourth place goes to Ohio – the 28th most populous active-duty state – where complaints doubled, followed by Arizona – the 15th most populous military state – where complaints were up 70% in the same quarter-over-quarter period. Photo Credit: PeopleImages.com - Yuri A / Shutterstock In 2007, Congress passed the Military Lending Act to cap the cost of credit to a 36% annual percentage rate, inclusive of junk fees and late charges, for active duty military service members. That rate is still considerably higher than average credit card rates, which range from 8% for borrowers with excellent credit scores to as high as 36% for borrowers with bad credit. But lenders still get hauled into court for violating the MLA. Don Hankey, the billionaire subprime auto lender who funded Donald Trump’s $175 million appeal bond , is among those violators. His company, Westlake Financial, which markets high-interest car loans for bad credit, has been sued twice by the Department of Justice for harassing military service members. In 2017, the DoJ alleged Hankey’s Westlake Financial illegally repossessed at least 70 vehicles owned by military service members. Westlake Financial paid $700,000 to settle the charges. In 2022, Westlake Financial paid $250,000 for allegedly cheating U.S. troops out of interest rates they were legally entitled to. Westlake Financial continues to receive complaints from military service members alleging abusive debt collection practices on its no-credit-check loans. A steady year-over-year increase in the number of complaints filed against Westlake Financial continued from 2020 to 2023. Consumer Financial Protection Bureau data shows a 13% increase in the number of complaints against the company from 2020 to 2021, a 28% increase from 2021 to 2022, and a torrential 119% surge from 2022 to 2023. The numbers suggest systemic complaint-handling processes and inadequate customer service resources. Photo Credit: Cynthia Shirk / Shutterstock On May 16, 2024, a deceptively named predatory lending industry front group dubbed the Community Financial Services Association of America (CFSA) lost a legal attempt to defund the Consumer Financial Protection Bureau. In an effort to deprive Americans of essential consumer protections, the lobby group argued that the Consumer Financial Protection Bureau’s funding structure was unconstitutional. But the Supreme Court denied its claim. In a 7-2 ruling, the Court held that the Consumer Financial Protection Bureau’s funding structure is indeed constitutional. That means the Consumer Financial Protection Bureau cannot be defunded, but it does not mean the agency cannot be defanged. The New York Times suggested that Hankey’s incentive to finance Trump’s $175 million bond could have been a reciprocity pledge to neuter the Consumer Financial Protection Bureau if Trump wins the upcoming U.S. presidential election. If Trump wins a second term, he could replace Consumer Financial Protection Bureau director Rohit Chopra, an American consumer advocate, with a predatory lending advocate. In 2020, the Trump Administration secured a Supreme Court ruling that made it easier for the president to fire the head of the Consumer Financial Protection Bureau. The ruling struck down previous restrictions on when a president can fire the bureau’s director. Like other federal agencies, the Consumer Financial Protection Bureau has also been confronted for overstepping its bounds, pushing too far, and acting unfairly against entities it regulates. Photo Credit: Lux Blue / Shutterstock Seasonality and rising interest rates do not explain the increase in debt collection complaints from service members. The surge in complaints is not tied to predictable seasonal fluctuations or changes in interest rates. The increase in debt collection complaints by service members may point to underlying systemic issues, such as aggressive and predatory debt collection practices that exploit the unique financial vulnerabilities of service members, who face frequent relocations and deployments. Debt Complaints by Service Members The 24% spike in debt collection complaints exhibits no correlation to fluctuations in interest rates. 30-Year Fixed Mortgage Rates Pandemic stimulus checks were also not a factor. COVID-19 relief benefit checks went through three major rounds during the pandemic. The final round of Economic Impact Payments went out in March 2021 . To better understand the rising trend of debt collection complaints, we calculated the increase in the total number of complaints and the percentage increase quarter-over-quarter. For example, New Jersey has the second largest percentage increase in complaints quarter-over-quarter, but the total number of complaints increased by just 16. The data for this study was sourced from the Consumer Financial Protection Bureau (CFPB) complaint database. The dataset specifically targeted complaints filed by U.S. military service members, identified using the tag “Servicemember” within Q4 2023 and Q1 2024. Readers can find the detailed research methodology underlying this news story in the accompanying section here . For complete results, see U.S. Troops Face Mounting Threats from Predatory Debt Collectors on BadCredit.org . Homelessness reached record levels in 2023, as rents and home prices continued to rise in most of the U.S. One group was particularly impacted: people who have served in the U.S. military. "This time last year, we knew the nation was facing a deadly public health crisis," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said in a statement about the 2023 numbers. He said the latest homelessness estimates from the Department of Housing and Urban Development "confirms the depth of the crisis." At least 35,000 veterans were experiencing homelessness in 2023, according to HUD. While that's about half of what it was in 2009—when the organization began collecting data—things have plateaued in recent years despite active efforts to get that number to zero. Although they make up just 6.6% of the total homeless population, veterans are more likely to be at risk of homelessness than Americans overall. Of every 10,000 Americans, 20 were experiencing homelessness. Of veterans living in the United States, that number jumps to 22, HUD data shows. Complicated by bureaucracy, family dynamics, and prejudice, the path from serving in the military to homelessness is a long one. According to a 2022 study by Yale School of Medicine researchers, homelessness typically occurs within four years of leaving the military, as veterans must contend with the harsh reality of finding a job in a world where employers struggle to see how skills on the battlefield transfer to a corporate environment. These days, veterans also deal with historically high rent and home prices, which causes many to rely on family generosity while figuring out a game plan. Stacker examined academic studies, analyzed government data, and spoke with members of the Biden administration, experts, and former members of the armed forces to see the struggles members of the military face when leaving the armed forces. The Department of Veterans Affairs offers transition assistance to the roughly 250,000 service members who leave each year. However, those programs can be burdensome and complex to navigate, especially for those who don't have a plan for post-military life. Only a small portion of veterans have jobs lined up when they leave, according to 2019 Pew Research. Many also choose to live with relatives until they get on their feet, which can be longer than anticipated. Some former service members are unsure what kind of career they'd like to pursue and may have to get further education or training, Carl Castro, director of the Military and Veteran Programs at the Suzanne Dworak-Peck School of Social Work at the University of Southern California, told Stacker. "It takes years for that kind of transition," Castro said. Many have trouble finding a job after leaving the service, even if they are qualified. Some employers carry misconceptions about those who have served. A 2020 analysis from the journal Human Resource Management Review found that some veterans face hiring discrimination due to negative stereotypes that lead hiring managers to write them off as a poor culture fit. Underemployment, or working low-wage jobs below their skill level, is also an issue. While the unemployment rate for veterans was 3% in March 2024, a study released by Penn State at the end of 2023 found three years after leaving the service, 61% of veterans said they were underemployed because of perceived skill mismatches . This phenomenon can have long-term economic effects, and eventually, that frustration can boil over, strain relationships, and potentially lead to housing instability. Working, especially a low-wage job, is not protection against homelessness. A 2021 study from the University of Chicago found half of people living in homeless shelters and 2 in 5 unsheltered people were employed, full or part-time. High rents make it difficult to save up, even when applying for a VA loan—a mortgage backed by the Department of Veterans Affairs that typically has more favorable terms. While the VA does not require a downpayment, some lenders, who ultimately provide the loan, do. They're not entirely risk-free either, and veterans can still lose their homes if they are unable to keep up with their mortgages. In November 2023, the VA put a six-month pause on foreclosures when an NPR investigation found thousands of veterans were in danger of losing their homes after a COVID forbearance program ended. Biden officials pointed to high rents and the end of COVID-era housing restrictions like eviction moratoriums to explain the spike in Americans experiencing homelessness. In the last year, homelessness rose 12%—to more than 650,000 people—the highest level since data began being collected in 2007. Overall, more than half of people experiencing homelessness in 2023 live in states with high living costs. Most were in California, followed by New York and Florida. Western states, including Montana and Utah, experienced massive population growth during the pandemic, becoming hubs for remote workers who drove home prices and rents even further. For veterans, housing costs certainly play a role, but those who leave the military also face systemic barriers. "It's worrying there are people that continue to fall through the cracks," said Jeanette Yih Harvie, a research associate at Syracuse University's D'Aniello Institute for Veterans and Military Families. Just under a quarter of adults experiencing homelessness have a severe mental illness , according to 2022 HUD survey data. They are also likely to have chronic illnesses but are unable to maintain preventative care, which only exacerbates these problems. Veterans facing homelessness are more likely to have experienced trauma , either before or after joining the military, according to Yale researchers who analyzed the 2019-2020 National Health and Resilience in Veterans Study. Childhood trauma was among the most significant commonalities among vets who become homeless. Substance use disorder is also widespread and can indicate an undiagnosed mental illness . Racial and ethnic disparities are at play, too. A 2023 study in the Journal of Psychiatric Research showed that Hispanic and Black veterans were more likely to screen positive for PTSD, and Hispanic veterans were more likely to report having suicidal ideation. Overall, access to mental health care has improved in the last decade or so. In December 2023, the VA announced it would open nine additional counseling centers. However, the stigma of getting help remains, especially after years of being conditioned to be self-reliant and pull oneself up by their bootstraps. That help, in the form of public policy, is slowly working to catch up to the need. In 2023, the Biden administration invested millions into research programs and studies on suicide prevention by the VA office in addition to a proposed $16 billion to improve quality and lower-cost mental health care services for veterans. And, in February of this year, HUD and the VA announced they would give up to $14 million in vouchers to public housing agencies for veterans experiencing homelessness. The program would also offer case management and other services. Still, with a culture that pushes people to keep going, it can be challenging for servicemembers to take advantage of these opportunities, Harvie said. "When you've been doing that for the last 15 or 20 years, it's difficult to stop and say, 'I'm the person that needs help.'" Story editing by Kelly Glass. Copy editing by Kristen Wegrzyn. Stay up-to-date on the latest in local and national government and political topics with our newsletter.
NoneIIT climate assessment report flags flood, drought risk in 11 Bihar, Kerala, Odisha districtsFIFA confirms 2034 World Cup coming to Saudi ArabiaThe Detroit Lions will play without two high draft picks in rookie cornerbacks Terrion Arnold and Ennis Rakestraw Jr. while possibly getting back veteran Emmanuel Moseley against the host Indianapolis Colts on Sunday. Arnold was downgraded Saturday from questionable to out because of a groin injury. He was limited at practice on Thursday and participated in a full practice on Friday. The Lions drafted Arnold with the 24th overall pick of the 2024 NFL Draft out of Alabama. Arnold, 21, has started all 10 games and has 38 tackles and six passes defended. Rakestraw (hamstring) was placed on injured reserve after not practicing all week. He already had been ruled out for Sunday's game. Detroit picked Rakestraw in the second round (61st overall) out of Missouri. He has played in eight games and has six tackles. Rakestraw, 22, has played on 46 defensive snaps (8 percent) and 95 special teams snaps (42 percent). Moseley had full practice sessions all week and was activated from injured reserve on Saturday but was listed as questionable for Sunday. The 28-year-old is in his second season with Detroit and appeared in one game last season before going on IR in October 2023. He was placed on IR on Aug. 27 with a designation to return. Moseley played from 2018-22 for the San Francisco 49ers and had 162 tackles, four interceptions -- one returned for a touchdown -- and 33 passes defensed in 46 games (33 starts). Detroit elevated linebacker David Long on Saturday for game day. Long, 28, signed with the practice squad on Tuesday after the Miami Dolphins released him on Nov. 13. He had started six of eight games for the Dolphins this season and had 38 tackles. In other Lions news, the NFL fined wide receiver Jameson Williams $19,697 for unsportsmanlike conduct for making an obscene gesture during a touchdown celebration in last Sunday's 52-6 home win over the Jacksonville Jaguars, the NFL Network reported Saturday. Williams, 23, scored on a 65-yard pass from Jared Goff with 12:55 remaining in the third quarter. --Field Level Media