#bank statement analysis

[novelpatterns]

How Does Bank Statement Analysis Enhance Credit Underwriting in Financial Institutions?

What is a Bank Statement Analysis?

Bank statement analysis is a systematic review of the transactions recorded in a bank statement, used primarily to assess an individual’s or company’s financial health and stability. This process is essential in credit underwriting, where banks and financial institutions evaluate whether a borrower is capable of repaying a loan. By examining how money is received and spent, lenders can get a detailed picture of the borrower’s financial behaviour, cash flow stability, and overall creditworthiness.

Through this analysis, financial institutions gain insights into several critical aspects of a borrower’s financial life. For instance, regular deposits may indicate a steady income, while frequent overdrafts could signal financial mismanagement. By identifying these patterns, lenders can make informed decisions about the level of risk involved in lending to a particular individual or business.

Moreover, bank statement analysis goes beyond just assessing current financial health; it also helps in projecting future financial behavior. This predictive capability is invaluable in credit underwriting as it allows lenders to anticipate potential financial difficulties before they arise, enabling proactive management of loan portfolios. In addition, understanding spending habits and financial commitments through bank statement analysis aids in customizing lending products to better suit the borrower’s needs. This personalized approach not only enhances customer satisfaction but also strengthens the institution's relationship with its clients, fostering loyalty and trust.

The Role of Bank Statement Analysis in the Financial Sector

In the financial sector, understanding the cash flow of potential borrowers is crucial for risk management. Bank statement analysis provides a factual basis for making lending decisions by highlighting the financial strengths and vulnerabilities of the borrowers. It allows lenders to assess:

Income Stability: Regular income entries reflect financial stability.

Cash Flow: Timing and consistency of cash inflows and outflows.

Financial Commitments: Recurring expenses and existing liabilities.

Spending Behaviour: Patterns that might indicate financial distress or mismanagement.

Key Components of Bank Statements

A bank statement typically includes the following components, each providing valuable insights into the account holder’s financial activities:

Account Holder Information: Identity verification to prevent fraud.

Account Summary: Overview of the financial status at the beginning and end of the period.

Detailed Transactions: All the inflows and outflows during the statement period, providing a trail of financial activities.

Utilization of Bank Statement Analyzers in Credit Underwriting

The adoption of bank statement analyzers in credit underwriting has revolutionized how financial institutions assess credit risk. These tools automate the extraction and analysis of financial information, offering advantages such as:

Efficiency: Rapid processing of data to speed up the credit decision process.

Accuracy: Reduced human error in data interpretation.

Scalability: Ability to handle large volumes of applications.

Financial Insights Derived from Bank Statement Analysis

By thoroughly analyzing bank statements, lenders can:

Detect Early Warning Signs: Unusual transactions or abrupt changes in spending can indicate potential financial distress.

Evaluate Financial Discipline: Regular savings and consistent payment of bills show financial responsibility.

Assess Profitability and Growth: For businesses, consistent revenue growth and profitability are good indicators of a healthy company.

Statistical Insights in Bank Statement Analysis

The power of bank statement analysis can be illustrated through various statistics:

A study by found that businesses that maintain average monthly balances of at least 10% of their annual revenues are 30% more likely to maintain long-term financial stability.

According to a report, applicants with irregular income patterns are 15% more likely to default on loans than those with steady incomes.

Data from a financial analytics firm indicated that 20% of loan defaults were associated with borrowers who had significant fluctuations in their monthly expenses.

Advanced Techniques in Bank Statement Analysis

Modern bank statement analyzers employ advanced techniques such as:

Machine Learning: To identify patterns and predict future behavior based on historical data.

Data Visualization: Graphical representation of data to spot trends and outliers more effectively.

Natural Language Processing (NLP): To interpret transaction descriptions and categorize them automatically.

Challenges and Solutions in Bank Statement Analysis

Despite its advantages, bank statement analysis faces challenges such as:

Data Overload: Handling the massive volume of data can be overwhelming.

Privacy Concerns: Ensuring the security and confidentiality of personal and financial data.

Complexity of Analysis: Especially with non-standardized financial statements.

Solutions include:

Adopting Robust Data Management Systems: To handle large datasets efficiently.

Implementing Strong Cybersecurity Measures: To protect sensitive data.

Continuous Training and Development: Ensuring that financial analysts are equipped with the latest tools and knowledge.

Conclusion: The Future of Financial Analysis

Bank statement analysis is becoming increasingly sophisticated, with new technologies enhancing the accuracy and depth of financial insights. As financial institutions continue to embrace digital transformation, the role of bank statement analyzers will expand, becoming a fundamental aspect of financial assessments. This progression not only helps in accurate credit underwriting but also empowers consumers and businesses to understand and improve their financial health, fostering a more financially literate and stable society.

As the landscape of financial technology evolves, the integration of advanced analytical tools is reshaping traditional banking practices. These innovations are democratizing access to financial insights, allowing both individuals and businesses to make informed decisions about their financial futures.

The future of bank statement analysis is likely to see even more integration with artificial intelligence and blockchain technologies, further enhancing transparency and trust in financial transactions. AI-driven insights will provide more personalized financial advice, helping consumers optimize their spending and saving habits. Meanwhile, blockchain could offer an immutable record-keeping system that enhances the security and accuracy of financial data.

In this new era, collaboration between financial institutions, fintech companies, and regulatory bodies will be key to ensuring that these technological advancements are leveraged ethically and responsibly. By prioritizing consumer privacy and data protection, while also fostering innovation, the financial sector can build a robust framework that supports sustainable growth and financial inclusion for all.

Ultimately, as bank statement analysis becomes more accessible and comprehensive, it will not only enhance the efficiency of credit underwriting but also contribute to the broader goal of creating a more equitable financial ecosystem. This shift will empower consumers with the knowledge and tools they need to achieve financial well-being, paving the way for a future where financial literacy is the norm rather than the exception.

[scoremeijiu98]

Understanding Bank Statement Analysis: A Comprehensive Guide

Bank statement analysis is an essential practice in both personal and professional finance management. It involves reviewing and interpreting the information in bank statements to understand financial health, track expenses, and identify trends. In this blog, we will explore what bank statement analysis entails, its importance, and how to perform it effectively.

What is Bank Statement Analysis?

Bank statement analysis is the process of examining the details of bank statements to gain insights into financial transactions over a specific period. Bank statements typically include information such as deposits, withdrawals, transfers, fees, and the opening and closing balances for the account. Analyzing this information helps individuals and businesses make informed financial decisions.

Importance of Bank Statement Analysis

1. Financial Health Assessment

Regular analysis of bank statements allows individuals and businesses to assess their financial health. By understanding income, expenses, and cash flow, one can make better financial decisions and plan for the future.

2. Expense Tracking

Bank statement analysis helps in tracking expenses and identifying spending patterns. This understanding can lead to better budgeting and financial planning.

3. Fraud Detection

Regularly reviewing bank statements can help detect unauthorized transactions and potential fraud. Early detection is crucial in preventing significant financial losses.

4. Loan Applications

Lenders often require bank statements for loan applications. A thorough analysis of bank statements can ensure that all transactions are accurately recorded and presented, improving the chances of loan approval.

5. Tax Preparation

Analyzing bank statements can simplify tax preparation by providing a clear record of all financial transactions. This can be particularly helpful for identifying deductible expenses and ensuring compliance with tax regulations.

How to Perform Bank Statement Analysis

1. Gather Bank Statements

The first step in bank statement analysis is to gather all relevant bank statements for the period you want to analyze. This could be monthly, quarterly, or annually, depending on your needs.

2. Categorize Transactions

Next, categorize all transactions into different groups, such as income, expenses, savings, and investments. This helps in understanding the distribution of funds and identifying spending patterns.

3. Identify Regular Income and Expenses

Identify regular income sources, such as salary, business income, or investment returns, and regular expenses, such as rent, utilities, and groceries. This helps in understanding the fixed components of your financial situation.

4. Analyze Cash Flow

Analyzing cash flow involves looking at the inflow and outflow of money. This helps in understanding how money is being managed and identifying areas where cash flow can be improved.

5. Look for Trends and Anomalies

Identify any trends or patterns in your financial transactions. Look for anomalies, such as unexpected charges or significant changes in spending patterns, which may require further investigation.

6. Use Financial Tools

There are various financial tools and software available that can assist in bank statement analysis. These tools can automate the process, provide visual representations of data, and offer insights that may not be immediately apparent.

Tips for Effective Bank Statement Analysis

1. Regular Review

Perform bank statement analysis regularly to stay on top of your financial situation. Monthly reviews are recommended for most individuals and businesses.

2. Keep Records

Maintain organized records of your bank statements and analysis reports. This can be useful for future reference and for preparing financial statements or tax returns.

3. Seek Professional Help

If you are unsure about how to perform bank statement analysis or need detailed insights, consider seeking help from a financial advisor or accountant.

4. Use Technology

Leverage technology and financial software to streamline the analysis process. Many tools can automate transaction categorization, generate reports, and provide actionable insights.

Conclusion

Bank statement analysis is a powerful tool for managing personal and business finances. By regularly reviewing and analyzing bank statements, you can gain valuable insights into your financial health, track expenses, detect fraud, and make informed financial decisions. With the right approach and tools, bank statement analysis can become an integral part of your financial management strategy.

[growmorebusinessptyltd]

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[shanayasharma11]

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[perfios]

Take the best bank statement analysis tool in India and analyze bank statements from Perfios. We have the best teams to analyze all your bank statements.

[mxtxfanatic]

No, every interpretation is not valid in a piece of media unless the creator has explicitly said somewhere that they have left their work open to interpretation. If you wanna “choose your own adventure” your way through a story, Minecraft exists, The Sims 4 was made free, a blank Word/Google document is a few clicks away, a pen and paper are easily found in the supplies section of most stores. A story for adults with a plot, characters, and conclusion is not your build-a-bear. You are looking for fanfics.

Someone else took the time to make a thing and share it with you so that you could understand the thing they are trying to communicate to you. If an author writes, “The sky is purple,” you don’t get to go, “Well, in the world that I live in, the sky is blue, so the sky in the story must be blue, too. Let’s discuss!” and treat that as “valid interpretation” that should be discussed with equal weight as the people discussing “ok, what’s the significance of the sky being purple? 🤔” I don’t give a singular fuck about whether you are familiar with the "cultural context" of the story or whether you can understand the original language it was written in or whether or not you know the creator on a person level. None of that shit matters, because nobody consumes media for the express purpose of finding out whether or not it conformed to the bank of knowledge Rando Number User #24,232 has learned in life. No person engaged in real critique ever has to take you seriously if your attempts at "analysis" begin and end at "I don't know the author irl to know what their intentions were, so anything goes!" That is a lazy copout, nothing "critical" to be found. Not everything in a general fandom space has to be canon-exclusive, no, but every claim to canon has to align with what is in the actual source material. There’s nothing wrong with either of those statements.

So no, you don’t get to waltz into a canon space going “Jiang Cheng is a great brother and uncle, let’s discuss” and then get upset when told “In this book, Jiang Cheng is an abusive uncle and childhood friend, and round these parts, we discuss the book.” Don’t wanna discuss Jiang Cheng's canon characteristics? The main tags never went anywhere. Get from round these parts.

[personastrologyhub]

Chart Observations, Charts of Selena & Analysis of the day of death. RIP Queen!

SPOOKY SEASON! Okay so in light of all hallows eve, I was feeling kind of morbid this morning and started to analyse how an assassination would appear in the charts of the legends we lost.

I'm starting this series starting with the Queen Selena Quintanilla 

Observations

Feel free to comment of leave your own observations.

Selena Quintanilla was born on April 16, 1971, in Lake Jackson, Texas.

She was murdered on March 31, 1995, in Corpus Christi, Texas, by Yolanda Saldívar.

Astrological Analysis with Example Connections

Selena’s Natal Chart Influences: Indicators of Vulnerability and Fame

Sun in Aries (Self-Determination and Fame): Her Aries Sun (ambition, independence) ruled by Mars (conflict, intensity) suggests a life marked by public visibility and an inner fire, but also potential clashes, especially within her relationships. The energy of Aries can attract passionate, even confrontational, dynamics, as seen in her final interaction with Saldívar, leader of  fan club and boutique. 

Venus in Pisces (Compassion and Trust):

Venus in Pisces reflects Selena’s deeply compassionate, forgiving, and trusting nature, which contributed to her broad appeal. However, Pisces (illusion) can sometimes blur boundaries, making those with this placement prone to seeing only the best in others, which could leave them vulnerable to betrayal. Selena’s Venus in Pisces (forgiveness, idealism) represents her tendency to trust others easily, seeing only the good in them. This could have made her more vulnerable to manipulation by someone close, as Pisces is often blind to hidden dangers within relationships. (Pisces rules mysteries, secrets, something that is hidden and unknown.)

North Node in Sagittarius (Public Influence): The North Node in Sagittarius (public exposure) aligns with a life of influence in the public sphere but also reveals potential risks associated with placing trust in those beyond her immediate family circle. Sagittarius emphasizes growth and risk, which may have exposed her to hidden threats.

Astrological Transits on March 31, 1995: The Day of the Assassination

Mars Conjunct Selena’s Saturn in Pisces (Conflict and Karmic Reckoning): On the day of her assassination, Mars (planet of aggression/fights/war and conflict) was conjunct Selena’s Saturn in Pisces. Mars (violence, aggression) in conjunction with Saturn (endings, karmic lessons) in Pisces (hidden enemies, secrets) represents a confrontation that culminated in betrayal and death. Pisces’ secretive influence implies that unresolved tensions with Saldívar were exposed, leading to a violent end.

Pluto Opposing Selena’s Moon in Taurus (Financial Betrayal and Emotional Vulnerability): Pluto in Scorpio (secrecy, intensity) opposing the Moon in Taurus (personal security, finances) highlights betrayal involving money and trust, with the emotional impact felt deeply by Selena. The financial element is underscored as she confronted Saldívar about bank statements, catalyzing the violent encounter.

The Impact of Transiting Pluto and Mars in Selena’s Natal Chart

Transiting Pluto in Scorpio (Themes of Death and Hidden Motives): Pluto (death, hidden motives) in Scorpio (intensity, revenge) amplified themes of betrayal and secrecy, bringing unresolved tensions with Saldívar to the surface. Scorpio’s association with power struggles implies that Selena’s final confrontation involved deep-rooted issues, reflecting Pluto’s fateful influence on her life.

Mars Activating Saturn in Pisces (Hidden Conflicts Resurfacing): The Mars-Saturn conjunction in Pisces signifies hidden or latent issues that reach a breaking point, often with sudden or final consequences. Pisces, representing things unseen, suggests an enemy within her inner circle whose hidden motives were finally exposed. Mars (aggression, action) conjunct Saturn (karmic consequences, boundaries) in Pisces (secrets, illusions) triggered hidden conflicts and brought long-standing issues with Saldívar into full view.

Moon in Sagittarius Conjunct Selena’s North Node (Life Path and Legacy): The Moon in Sagittarius aligned with Selena’s North Node on the day of her death, amplifying themes of fate and life mission. The Moon (emotions, public connection) in Sagittarius (legacy, life mission) conjunct her North Node (destiny) points to a pivotal moment that defined her path and influence. This aspect symbolizes the transformative impact of her passing, leaving an enduring legacy aligned with her life’s purpose.

Venus Opposite Pluto (Possessiveness and Betrayal): Venus in Taurus (relationships, loyalty) opposing Pluto in Scorpio (secrets, power struggles) emphasizes intense dynamics within relationships, suggesting themes of possessiveness, control, and betrayal. This alignment reflects Saldívar’s obsessive attachment to Selena and the tragic outcome of this toxic relationship.

Pluto’s influence over Venus mirrors the obsessive and possessive dynamics that culminated in violence, revealing hidden motives in their relationship.

Summary

Influences such as Mars conjunct Saturn in Pisces, Pluto in Scorpio opposing her Moon, and Venus opposing Pluto paint a vivid image of betrayal, hidden motives, and an escalating confrontation fueled by jealousy and possessiveness .Each Example Connection reveals how astrological symbols mirrored real-life events, from the violent confrontation in a private setting to Selena’s unyielding trust in someone from her inner circle. Her astrological transits on March 31, 1995, echo themes of trust, karmic reckoning, and finality, as aspects aligned in ways that exposed vulnerabilities and triggered hidden tensions, ultimately marking the end of her bright and beloved life.

[beelmons]

Hotch being like Garcia and Morgan whenever they call each other. Oh imagine it during the case✨😮‍💨

Hotch: what have you got sweetheart?

R: *chuckling*……this my soon to be husband

This just a came out of nowhere, i gotta say I literally L O V E your writing.

Change it However I like

I Hope that botch sides of your pillow are always cold. Bye<3

Not-so-professional

cw: hotch x fem!reader, link on the text lead's to my wife's fic 'honey bun' since it's a reference to her work!!! read it!!!

You loved helping the BAU out, you didn't often have the chance to, but every once in a while, when your poor friend Penelope was overworked, you would be assigned to help out with data analysis. You were forever thankful for that annoying day in which you first aided the BAU, ever demanding of new information, since it allowed you to meet Aaron Hotchner, fall in love, and end up engaged with just a couple of days to go for your wedding.

But there would be time to dwell into all that later, since today you had to be top of your game; they were getting close, and you were certain they would ask for information soon. And at last, the phone rang.

"This is future Mrs. Hotchner speaking, how can I be of help?" you said with a wide smile on your face.

His subordinates expected a scowl, or at least a reprimand for your unprofessional behavior, but they were pleased to see that, instead, their boss's lips had curled up into a smitten crescent.

"Mrs. Hotchner, we need information on Javier Perez's bank account transactions." halfway through the sentence, his tone had gotten back to the stern one he was accostumed to. "Coming right up, sweet cheeks," you paused for a second as you clicky-clacked your way through the bank systems "Seems like little Perez has been up to some naughty deeds. He spent around a hundred dollars in a hardware store, ropes, tape, your usal beginner kidnapper kit, and— Oh, my, my," you exclaimed in surprise, catching their attention.

"What is it?" you heard Rossi ask from the other side of the line.

"He spent about five hundred dollars at a place called Ms. Honey Bun's Toys For Adults. And I'm guessing they don't exactly sell over-complicated legos." you clarified.

They all exchanged amused looks at your statement, everyone but Hotch who simply kept his eyebrows furrowed.

"Anything else?" the boss finally asked.

"Nothing relevant, my love. Hope that helped." you said, your tone going back to professional since his seemed to be so as well.

"Swetheart, you always know how to help me." his tone had switched unpromted to a flirty one, indicating that there was a hidden meaning behind his words "And while you're free why don't check around if Ms. Honey's store has a website?" he indicated.

You beamed in your place and exclaimed a quick 'on it' as you hung up the phone.

On the other side of the line, Hotch kept hopelessly smiling at the speaker that had recently gone dead, with his particular i'm-not-really-smiling face that he so stubbornly wore at the office. He was too entranced to notice the entire team had gone quiet, simply staring in his direction. He finally raised his sight and realized he was the center of attention, which caused a confused look out of him.

"Honeymoon preparations?" Derek asked with his usual teasing tone.

Aaron had to clear his throat, trying to impose his authority again, before he spoke. "Everyone get back to work."

Needless to say, after Morgan texted the entire exchange to her, Penelope was very proud.

[dreaminginthedeepsouth]

The Lincoln Project :: @ProjectLincoln

Kamala Harris delivers her closer at the Elipse, as Park Police estimate a crowd of 75,000 has gathered.

* * * *

KAMALA CLOSES

TCinLA

Oct 29, 2024

To me, Kamala Harris closing speech was the kind of closing argument a prosecutor presents to a jury, lioning out why they should make the decision they will.

Anand Ghiriharadas posted an excellent analysis of her closing speech, which I am posting below.

That was a very strong closing argument from Kamala Harris. Framing the threat of fascism as not an abstraction but a distraction from a focus on your problems. Promising to move us away from the chaos and division of these years and heal families and communities.

She very deftly pitted who he is against who we are and dared people to show that their country is much better than he is.Share

She pulled off the bank shot: saying we have to save a democracy, yes, but save it for a reason, which is to make your life better. It is a complicated maneuver, and she did it well tonight.

She invited men to stand up for the women in their lives.

She talked about the border, but then quickly and rightly pivoted to the fact that we are nation of immigrants, a fact we should celebrate.

Her reclaiming of freedom and patriotism is a coup, the good kind of coup. The crowd’s embrace of patriotism and “U.S.A.!” chants tonight shows how much that message has been transmitted and left an imprint.

There was something raw and personal when she talked about how she just is irked by unfairness. It just doesn’t sit right with her. It felt like a statement of motivation that was much richer than the generic fact of being a middle-class kid. It got somewhere visceral.

We are all so exhausted by fascist threat mitigation that we forget all the awesome stuff we could be doing instead. So her section on building houses also served as a reminder that building in general, creating, dreaming, can again become our focus when he is finally gone from our lives.

She is, on a deeper level, attempting a rebranding of the Democratic Party away from big program creation, dating back to FDR, and reorienting it around quality of life improvement. Don’t talk about the programs you want to create. Talk about the pain points you want to solve.

Many of the best arguments of recent years are weaving together now. Trump’s narrow, hateful vision isn’t who we are. His project is all about him, not your problems. The soul of the nation is good and can be reclaimed. The divisions can end. Let’s build stuff instead of fight.

Most powerfully, she invoked American history from end to end, and vowed that a country founded in defiance of a petty tyrant must refuse to submit to another.

[dizzymoods]

[Link to original article]

I do not disagree with the sentiment expressed by Malm in this article nor in the excerpted quote. However, how it is expressed and celebrated is bothersome.

i was in middle school when the war on terror started. The use of "civilian" is not a neutral descriptor. "Civilian" has a connotation denoting whiteness, ascribed with a degree of innocence. Civilians killed by the US in Iraq, Afghanistan, Somalia, [pick a country] are "collateral damage" not "civilians". We've seen israelis call Palestinian babies born in the months after October 2023, Hamas ie enemy combatants.

Almost all israelis are ex-colonial soldiers. How do we describe them as "civilians" when they partook in violent military action against Palestinians? Those that are not ex-idf still maintain the colonial society. Religious, pacifist objectors to service rarely renounce their citizenship. The idf, even if they brutalize these objectors, nevertheless protect their spot on the land — ironically the very reason for the punishment, "you're only here bc of us dummy". And then you have civilians, who may not be active military but become avatars of the colonial army when they call upon the idf to help them kick Palestinians out of their homes in the West Bank.

I met someone who is descended from the family who enslaved my maternal family. We are related and to borrow a phrase from James Baldwin, "my grandmother is not a rapist." Even though slave owners or settler/colonizers may not be official government employees, they authorize the state. We see this expressed in 1776 and 1948, for example.

Calling israelis settlers is not an indictment of their morality or an indication of the level of violence they've personally conducted. It is a descriptor of the violence inherent to their class position in the way bourgeois is. Calling them "civillians" is invoking a moral sentiment that the people they are colonizing, the Palestinians, are not afforded. Zionist rag The Atlantic literally said it is okay to kill babies the day before the firebombing of Rafah where we actually saw people burned alive and decapitated babies. That's one.

Two: Why are we re-litigating 7 October over half a year into a genocide?

"Critically" supporting Palestinian armed resistance 184 days and 75 years after Al-Aqsa Flood is a bit late, no? (Malm's original article was published on 8 April 24) So how is this statement exactly brave when people were supporting Palestinian armed resistance for decades? I mean Wu Tang Clan was rapping about PLO style 31 years ago. Chavez, Mao, Malcolm, the Panthers, Castro, Mandela, Shakur, Jordan etc etc etc have all supported not just the Palestinian cause but the righteousness of their armed struggle. Unequivocally, mind you. It's only been settler-supporters of Palestine that equivocate on this matter.

Liberal supporters of Palestine still wince at the celebrations of Al-Aqsa Flood. And of the Haitian Revolution and of the FLN, ANC, etc etc. They think it is a celebration of killing settler-"civilians". It's not. It's a celebration of the advancement of or the success of the liberation movement.

It sounds callous but everyone has a matter of fact relationship to violence. It's not cause for celebration. it's actually a tragedy. Violence is a sign non-violent means we're ineffective. It means the endurance people have of death without concessions has been exhausted.

The zionist Jabotinsky understood this in 1923. It doesn't matter if the jewish settlers are benevolent or malicious: there is a contradiction between the zionists who want to settle the land and the Palestinians who refuse to cede the land, which can only be reconciled through violence. And if the zionists were to be successful, he said they will need to ceaselessly employ offensively defensive violence to maintain their settlements. Hence the mowing of the lawn in Gaza every two years, the ever expanding settlements in the West Bank. Jabotinsky's analysis is 40 years older than Wretched of the Earth btw. Straight from the colonizer's mouth. So again, what is brave about this statement?

[edited for spelling]

[thatpodcastkid]

Magnus Archives Relisten 11, MAG 11 Dreamer

If someone came to my place of work proclaiming they had a prophetic dream about my death I would simply believe them. RIP to Gertrude but I'm just built different ig.

MAG 11 analysis, spoilers ahead!

Facts: Statement of "Antonio Blake" regarding his dreams of Gertrude Robinson, Head Archivist of the Magnus Institute (Head Archivist is another odd and foreshadowing usage of proper nouns in the transcript). Statement given March 14th, 2015.

Statement Notes: Oliver I love you but I also hate you so so much.

It's so strange relistening to this statement. On my first listen, I was very sympathetic to "Antonio." He was this innocent man who suddenly developed psychic abilities that tormented him. Even in 121 when he describes what he did on the voyage to Point Nemo, he seems to be driven by fear and desperation. But knowing what happens after Point Nemo and who he becomes in the Eyepocalypse, I wonder how much influence the power of the End had on him. As Jon develops his abilities, he becomes less confident in "normal" social situations, but more confident and stronger in dangerous horror-based scenarios. This seems true with Blake/Banks as well. He's very nervous as his abilities are developing when he tries to talk to Gertrude or Jennifer from Grifter's Bone. As he becomes more attuned with his abilities and gives in to his desires, he becomes more powerful, shown when he is strong and devoid of emotion enough to kill the actual Dr. Pritchard. He becomes strongest when he "gives in" to the End, being most clear and charming as he gives his statement in 121 and the Coroner's Report in 168. Just being able to track this change so clearly from this first statement to the last speaks not only to Jonny Sims skills for character development, but also the power of the Entities to draw out the worst in a person.

Blake describes his dream world as an "overexposed" or "washed out" photograph. The fading imagery was very profound and strong to me. Death is a fear, a horror represented by the black tendrils, but also a simple force of nature, slowly sucking life and color from all things. Unstoppable.

I don't know why I'm harping on this, but I can't understand why Blake's dreams always begin at the top of Canary Wharf. Does that come up again in the show? Is it personally significant to Blake?

Character Notes: I already got into Blake, so my other main character concern for this episode is Gertrude.

Did she ever see this statement?

Did she simply miss it? Was she busy and didn't get a chance to look at it before it was too late? Did she read it and attempt to prepare? She was smart. She knew which statements were real and which weren't. She would have understood what Blake was capable of. Did she attempt to prepare and defend herself but just couldn't manage it? Did Elias hide it from her? Did she read it and just accept the inevitable?

But of course, I have to bring up the Graham mention. I always thought the Graham/Oliver ship was just a fun fan thing, but I didn't realize Oliver had broken up with a Graham in cannon. Moreover, I didn't realize that it was confirmed to be Graham Folger until reading about the Season 5 Q&A when working on this post.

This raises an interesting point about original Graham. Blake describes having a mental breakdown due to his job, and Amy Patel describes her office job degrading her mental health as well. Is there something about Graham that attracts people losing their minds in an office? While it could be something spooky, I do understand why people stuck in mind-numbing careers would be drawn to someone with the time and resources to explore what he actually wants to do with his life, rather than what he has to do.

Entity Alignment: This is very clearly an End episode. I very much believe that, while he may not be the most powerful or dangerous avatar in the series, Oliver Banks was one of the most deeply connected to his entity. His psyche, his spirit, and his physical body were all so entrenched in death. It's interesting that there is no "inciting incident" that causes Graham to become an avatar of the End, as usually there is one event that acts as the root of an avatar's development. You could possibly argue it was his mental health breakdown, but that seems unrelated to death or anything associated with the End.

[novelpatterns]

Unleashing the Power of AI-Driven Finance: Novel Patterns at Singapore Fintech Festival

As one of the most significant and esteemed events in the financial technology industry, the Singapore Fintech Festival (SFF) serves as a hub for revolutionary ideas, innovative solutions, and conversations that shape the sector. Each year, SFF attracts participants from around the globe, including bankers, tech developers, regulators, investors, and fintech entrepreneurs, all driven by a shared objective: to propel the future of finance. The 2024 festival has continued this tradition, brimming with enthusiasm and insights as companies showcase their latest developments in artificial intelligence, blockchain, cybersecurity, and more.

In this ever-changing landscape, Novel Patterns distinguished itself by presenting an impressive array of AI-driven solutions. As the financial sector undergoes digital transformation, companies are on the lookout for tools that can optimize processes, bolster security, and satisfy growing customer demands. Novel Patterns has been leading the charge in these advancements, developing solutions that not only keep up with industry evolution but also propel innovation forward.

The festival atmosphere was charged with discussions on how artificial intelligence is reshaping financial services. From the bustling exhibition halls to the deep-dive sessions with industry experts, it was clear that automation and AI-driven insights are now essential components in finance. Whether through predictive analytics, enhanced customer support, or real-time data processing, AI is transforming how financial institutions operate.

For Novel Patterns, SFF was the ideal platform to demonstrate how its products — Genesis, CART, and MyConCall — are addressing these trends and supporting the next generation of financial services

Genesis: The All-in-One Platform for Modern Fund Management

In today’s world, where data-driven insights and efficient processes are crucial for achieving success, Genesis provides fund managers with a distinct advantage. This all-encompassing platform is tailored to meet the changing demands of both investors and regulatory authorities, delivering clarity and control over the intricate aspects of fund management.

Attendees at SFF were particularly impressed with how Genesis addresses some of the toughest challenges in investment management:

Efficient Portfolio Allocation and Tracking: With Genesis, fund managers can seamlessly allocate assets across a diverse portfolio, reducing manual processes and enhancing accuracy.

Real-Time Reporting and Transparency: Genesis provides clear, insightful reporting that keeps both managers and clients informed, building trust and improving transparency.

Automated Compliance: The platform incorporates compliance features that help managers stay on top of changing regulations, ensuring that every decision meets legal and industry standards.

For investment professionals, Genesis serves not merely as a tool but as a strategic asset that enhances their workflow and fosters client trust. At SFF, financial firms have identified Genesis as a game-changing solution that consolidates efficiency, compliance, and transparency in one platform while also providing the scalability necessary for growth in a fiercely competitive market.

CART (Credit Assessment and Robotic Transformation): Accelerating Lending with AI

CART addresses critical needs in the lending process:

Instant Data Extraction & Analytics from Unstructured Financial Documents: Traditional credit assessments can be time-consuming and prone to errors. CART streamlines this by automatically extracting and analyzing data from bank statements, invoices, and other unstructured documents in seconds.

Risk and Fraud Detection: CART’s AI-driven risk scoring and pattern analysis highlight potential fraud indicators and categorize applicants by risk level, empowering lenders to make safer and more profitable decisions.

Improved Decision-Making Speed: By accelerating the entire credit assessment process, CART allows lenders to respond to applicants faster, increasing customer satisfaction and enabling quicker loan disbursements.

During SFF, CART created significant excitement among participants, especially those from established banks and fintech firms eager to integrate AI for enhanced lending efficiency. A key highlight was CART’s capability to boost lending speed by as much as 40%. Attendees at our booth witnessed firsthand how this solution can assist financial institutions in meeting the growing demand for swift and precise loan processing.

MyConCall: Setting New Standards for Secure Financial Communication & Digital Onboarding

In the realm of finance, confidentiality is not merely important — it is essential. With MyConCall, Novel Patterns delivers a secure, compliant, and user-friendly communication platform tailored to the specific requirements of financial teams. As concerns about data breaches and regulatory demands escalate, MyConCall ensures peace of mind with encrypted communication and improved data security.

Key features that make MyConCall essential for finance teams:

End-to-End Encryption for Voice and Video Calls: MyConCall ensures that sensitive discussions remain private and secure, with encryption safeguarding every interaction.

Compliance-Ready Features: Built with regulatory compliance in mind, MyConCall offers features that make record-keeping and data privacy seamless and stress-free.

Enhanced Collaboration Tools: Beyond secure calls, MyConCall provides file-sharing options, meeting scheduling, and other tools that support team collaboration without compromising security.

SFF 2024 participants, including representatives from major financial institutions and up-and-coming fintech companies, were attracted to MyConCall as a safe alternative to traditional communication methods. They recognized its ability to minimize compliance risks while enabling seamless, secure, and efficient communication within financial teams.

A Vision for the Future: Partnering to Build a Smarter, Faster, and Safer Financial Landscape

Novel Patterns’ experience at the Singapore Fintech Festival was not just about presenting products; it was also about fostering a community of like-minded individuals who share a belief in technology’s potential to transform the financial industry. The discussions we engaged in, the insights we gathered, and the relationships we cultivated reaffirmed our dedication to pushing the limits of what is achievable in fintech.

By showcasing solutions like Genesis, CART, and MyConCall, Novel Patterns is empowering organizations to enhance their processes while also contributing to a wider transformation that emphasizes efficiency, security, and inclusivity in finance.

We are thrilled to continue this journey and spread our message of financial innovation to various platforms around the globe. As we anticipate future events, we are excited to introduce new features, broaden our offerings, and strengthen our collaborations with innovative institutions worldwide.

The Journey Continues: Join Us in Redefining Financial Innovation

Our time at SFF 2024 was truly inspiring. We eagerly anticipate more chances to connect, collaborate, and innovate in the months ahead. With each event, Novel Patterns remains dedicated to providing solutions that create value, enhance security, and empower financial institutions to flourish in a rapidly digitalizing world.

[scoremeijiu98]

A Comprehensive Guide to Bank Statement Analysis

In today’s financial landscape, understanding your bank statements is crucial for effective money management and financial planning. Bank statement analysis not only helps individuals track their spending but also aids in detecting errors, budgeting, and making informed financial decisions. This comprehensive guide provides insights into how to analyze bank statements effectively, ensuring you maximize their utility and maintain financial health.

What is Bank Statement Analysis?

Bank statement analysis involves reviewing and interpreting the details contained in your bank statements. This includes transactions, balances, fees, and other pertinent financial data. The goal is to gain a clear understanding of your financial habits, identify discrepancies, and make informed decisions based on your financial behavior.

Why is Bank Statement Analysis Important?

Track Spending HabitsAnalyzing your bank statements helps you understand where your money is going. By categorizing expenses and income, you can identify spending patterns, adjust your budget, and find areas where you might save more.

Detect Errors and FraudRegularly reviewing your bank statements helps spot errors or unauthorized transactions. Early detection of these issues allows you to address them promptly with your bank, minimizing potential financial loss.

Improve BudgetingWith a clear picture of your income and expenses, you can create a more accurate and realistic budget. Bank statement analysis helps ensure that your budget reflects actual spending and income trends.

Plan for the FutureAnalyzing past transactions provides insights into your financial behavior, which can guide future financial planning. Whether saving for a major purchase or planning for retirement, understanding your financial patterns is essential for setting and achieving goals.

Steps for Effective Bank Statement Analysis

Gather Your StatementsCollect all relevant bank statements for the period you wish to analyze. This could be monthly, quarterly, or annually, depending on your needs. Most banks provide online access to statements, making it easy to download and review them.

Categorize TransactionsBreak down your transactions into categories such as groceries, utilities, dining out, and entertainment. Many financial software tools and apps can automate this process, but it can also be done manually. Categorization helps in understanding spending patterns and identifying areas where adjustments can be made.

Review Balances and TransactionsExamine the opening and closing balances on each statement. Ensure that all transactions are correctly recorded and that there are no discrepancies between your records and the bank’s records. Pay attention to fees, interest charges, and any unusual transactions.

Identify Trends and PatternsLook for recurring expenses and income sources. Identify any trends in your spending that could indicate a need for adjustment. For instance, if you notice a consistent overspending in a particular category, consider revising your budget or spending habits.

Check for Errors and FraudScrutinize each transaction to ensure it matches your receipts or records. Report any discrepancies, such as unauthorized transactions or errors, to your bank immediately. Keeping an eye out for fraudulent activities is crucial for safeguarding your finances.

Summarize FindingsCreate a summary of your analysis, highlighting key findings such as total expenses, income, and any areas for improvement. This summary can serve as a basis for budgeting and financial planning.

Tools and Resources for Bank Statement Analysis

Financial Software and AppsMany financial tools and apps can help automate bank statement analysis. These tools often offer features like expense categorization, budget tracking, and financial reporting.

SpreadsheetsIf you prefer a manual approach, using spreadsheets like Microsoft Excel or Google Sheets can be effective. Create a template to track and categorize your transactions, and use built-in functions to analyze spending patterns.

Banking ToolsSome banks offer built-in tools and features for analyzing transactions and managing budgets. Explore your bank’s online platform to see if such tools are available.

Tips for Successful Bank Statement Analysis

Be ConsistentRegularly review your bank statements to stay on top of your financial situation. Monthly reviews are recommended to catch any issues early and maintain an accurate budget.

Keep DocumentationMaintain receipts and records for significant transactions. This documentation can help verify transactions and resolve any discrepancies.

Set Financial GoalsUse insights from your bank statement analysis to set and track financial goals. Whether saving for a vacation or paying off debt, having clear goals can help you stay focused and motivated.

Conclusion

Bank statement analysis is a vital practice for managing your finances effectively. By understanding your spending habits, detecting errors, and making informed decisions, you can take control of your financial future. Whether you use financial software, spreadsheets, or manual methods, regular analysis of your bank statements is key to maintaining financial health and achieving your financial goals.

[tieflingkisser]

Israel Is Currently Imprisoning at Least 240 Children in West Bank, Group Says

The Palestinian Prisoners’ Society says that many children have been subjected to torture while imprisoned.

Israel has detained at least 640 Palestinian children in the West Bank since October, the Palestinian Prisoners’ Society (PPS) reported on Monday, as Israeli officials have escalated their violence and suppression of Palestinians in the West Bank during their genocide of Gaza. At least 240 of these children are still in Israeli detention, according to the group. Israeli officials are also imprisoning a group of children in Megiddo prison in northern Israel, PPS reported. Megiddo prison, like many other Israeli detention centers, is rife with abuse, reports have found, for both children and adults held there. These children have been “exposed to all kinds of retaliatory measures, including abuse, torture, as well as medical negligence” while imprisoned, the group said. This includes a 7-year-old child, Baha Kazem Haj Mohammed, who PPS said was arrested on Sunday, the first day of the Eid al-Adha holiday. He was reportedly detained along with several other children while in the town center of al-Mughayyir, near Ramallah in the West Bank, and was beaten and then released hours later, according to the group. Israel has a long history of abusing Palestinian children in the West Bank and Gaza, as Palestinians say that Israeli officials view children as the future of Palestine, which they must extinguish. According to Defense for Children International-Palestine (DCIP), Israeli forces have detained 13,000 Palestinian children since 2000 — typically boys between the ages of 12 and 17. In an analysis of affidavits from 766 of these arrests in recent years, DCIP found that 75 percent of these children were subject to violence while detained, while 97 percent were interrogated without family or a lawyer present. A quarter of them are then imprisoned in solitary confinement — a brutal form of torture — for two or more days before trial, one expert recently told Reuters.

[...]

The arrests are part of Israel’s escalating violence in the West Bank. The UN Office for the Coordination of Humanitarian Affairs (OCHA) recently reported that it has recorded the deaths of at least 505 Palestinians in the West Bank since October, marking a period of “unprecedented bloodshed” in the region while Israel has been indiscriminately slaughtering Palestinians in Gaza. The acceleration of brutality against Palestinians in the West Bank has alarmed some advocates against Israel’s apartheid and occupation. “While the world is understandably focused on the destruction unfolding in Gaza, we should not lose sight of what is happening in the West Bank — actions which are in violation of both American and international law,” said Sen. Bernie Sanders (I-Vermont) in a statement on Friday. “Let’s be clear: the right-wing, extremist [Benjamin] Netanyahu government is not only breaking international law in Gaza, they are doing the same in the West Bank, where they are pursuing illegal annexation by force,” Sanders continued. “Netanyahu should be facing serious consequences for these violations, not receiving an invitation to address a joint session of Congress.”

[mariacallous]

For more than three weeks, Gaza has faced an almost total internet blackout. The cables, cell towers, and infrastructure needed to keep people online have been damaged or destroyed as Israel launched thousands of missiles in response to Hamas attacking Israel and taking hundreds of hostages on October 7. Then, this evening, amid reports of heavy bombing in Gaza, some of the last remaining connectivity disappeared.

In the days after October 7, people living in Gaza have been unable to communicate with family or friends, leaving them unsure whether loved ones are alive. Finding reliable news about events has become harder. Rescue workers have not been able to connect to mobile networks, hampering recovery efforts. And information flowing out of Gaza, showing the conditions on the ground, has been stymied.

As the Israel Defense Forces said it was expanding its ground operations in Gaza this evening, internet connectivity fell further. Paltel, the main Palestinian communications company, has been able to keep some of its services online during Israel’s military response to Hamas’ attack. However, at around 7:30 pm local time today, internet monitoring firm NetBlocks confirmed a “collapse” in connectivity in the Gaza Strip, mostly impacting remaining Paltel services.

“We regret to announce a complete interruption of all communications and internet services within the Gaza Strip,” Paltel posted in a post on its Facebook page. The company claimed that bombing had “caused the destruction of all remaining international routes.” An identical post was made on the Facebook page of Jawwal, the region’s biggest mobile provider, which is owned by Paltel. Separately, Palestinian Red Crescent, a humanitarian organization, said on X (formerly Twitter) that it had lost contact with its operation room in Gaza and is “deeply concerned” about its ability to keep caring for people, with landline, cell, and internet connections being inaccessible.

“This is a terrifying development,” Marwa Fatafta, a policy manager focusing on the Middle East and North Africa at the digital rights group Access Now, tells WIRED. “Taking Gaza completely off the grid while launching an unprecedented bombardment campaign only means something atrocious is about to happen.”

A WIRED review of internet analysis data, social media posts, and Palestinian internet and telecom company statements shows how connectivity in the Gaza Strip drastically plummeted after October 7 and how some buildings linked to internet firms have been damaged in attacks. Photos and videos show sites that house various internet and telecom firms have been damaged, while reports from official organizations, including the United Nations, describe the impact of people being offline.

Damaged Lines

Around the world, the internet and telecoms networks that typically give web users access to international video calls, online banking, and endless social media are a complicated, sprawling mix of hardware and software. Networks of networks, combining data centers, servers, switches, and reams of cables, communicate with each other and send data globally. Local internet access is provided by a mix of companies with no clear public documentation of their infrastructure, making it difficult to monitor the overall status of the system as a whole. In Gaza, experts say, internet connectivity is heavily reliant on Israeli infrastructure to connect to the outside world.

Amid Israel’s intense bombing of Gaza, physical systems powering the internet have been destroyed. On October 10, the United Nations’ Office for the Coordination of Humanitarian Affairs (OCHA), which oversees emergency responses, said air strikes “targeted several telecommunication installations” and had destroyed two of the three main lines of communications going into Gaza.

Prior to tonight’s blackout, internet connectivity remained but was “extremely slow and limited,” Access Now’s Fatafta says. People she has spoken to from Gaza say it could take a day to upload and send a few photos. “They have to send like 20 messages in order for one to go through,” Fatafta says. “They are desperately—especially for Gazans that live outside—trying to get through to their families.”

“Every time I try to call someone from family or friends, I try to call between seven to 10 times,” says Ramadan Al-Agha, a digital marketer who lives in Khan Yunis, a city in the south of the Gaza Strip. “The call may be cut off two or three times,” he told WIRED in a WhatsApp message before the latest outages. “We cannot access news quickly and clearly.” People in the region have simultaneously faced electricity blackouts, dwindling supplies of fuel used to power generators, and a lack of clean water, food, and medical supplies. “It is a humanitarian disaster,” Al-Agha says.

Connectivity in Gaza started to drop not long after Israel responded to the October 7 Hamas attack. Rene Wilhelm, a senior R&D engineer at the nonprofit internet infrastructure organization Ripe Network Coordination Center, says based on an analysis of internet routing data it collects that 11 Palestinian networks, which may operate both in the West Bank and Gaza Strip, began to experience disruption after October 7. Eight of the networks were no longer visible to the global internet as of October 23, Wilhelm says. Ahead of this evening’s blackout, there was around 15 percent of normal connectivity, according to data from Georgia Tech’s Internet Outage Detection and Analysis project. That dropped to around 7 percent as reports of the blackout circulated.

One office belonging to Paltel in the Al Rimal neighborhood of Gaza City has been destroyed in the attacks, photos and videos show. Floors have been destroyed and windows blown away in the multistory building, and piles of rubble surround the entrances. (It is unclear what equipment the building housed or how many floors Paltel occupied.) Another internet provider, AlfaNet, is listed as being based in the Al-Watan Tower. The company posted to its Facebook page on October 8 that the tower had been destroyed and its services have stopped, with other online posts also saying the tower has been destroyed.

Multiple Palestinian internet and telecoms firms have said their services have been disrupted during the war, mostly posting to social media. Internet provider Fusion initially said its engineers were trying to repair its infrastructure, although it has since said this is not continuing. “The network was destroyed, and the cables and poles were badly damaged by the bombing,” it wrote on Facebook. JetNet said there had been a “sudden disruption” to access points. SpeedClick posted that the situation was out of its control. And HiNet posted that it has “no more to offer to ensure” people could stay online following “the attacks and destruction our internet servers have suffered.”

Across Paltel’s network on October 19, according to an update shared by the Office for the Coordination of Humanitarian Affairs, 83 percent of fixed line users had been disconnected, with 53 percent of sites providing fixed line connections also being offline. Half of the company’s fiber optic internet lines in Gaza weren’t operational, the update says. The connectivity disappeared this evening, according to Paltel’s Facebook post, which says there has been a “complete interruption” of all its services. Paltel, AlfaNet, Fusion, and SpeedClick could not be reached or did not respond to requests for comment.

Lost Connections

In recent years, governments and authoritarian regimes have frequently turned to shutting down the internet for millions of people in attempts to suppress protests and curtail free speech. Targeting the communications networks is common during conflicts. During Russia's war in Ukraine, its forces have decimated communications networks, tried to take over the internet, and set up new mobile companies to control information flows. When Hamas first attacked Israel on October 7, it used drones to bomb communications equipment at surveillance posts along the borders of the Gaza Strip.

Monika Gehner, the head of corporate communications at the International Telecommunication Union, says the body is always “alarmed” by damage inflicted on any telecommunications infrastructure during conflicts. The ITU, the United Nations’ primary internet governance body, believes “efficient telecommunication services” are crucial to peace and international cooperation, and its secretary-general has called for respecting infrastructure in the Middle East, Gehner says.

Officials in Israel have consistently claimed they are targeting Hamas militants within Gaza, not civilians, while responding to the Hamas attacks, which killed more than 1,400 people in Israel. The Hamas-run Health Ministry within Gaza has said more than 7,000 people have been killed there and released a list of names. A spokesperson for the Israel Defense Forces did not respond to WIRED’s questions about internet disruptions within Gaza.

Hanna Kreitem, a senior adviser for internet technology and development in the Middle East and North Africa at the Internet Society, an open internet advocacy nonprofit, says Palestinian firms have a “big reliance” on Israeli internet firms. “Palestinians are not controlling any of the ICT infrastructure,” says Mona Shtaya, a non-resident fellow at the Tahrir Institute for Middle East Policy. Mobile networks in the Gaza Strip rely on 2G technologies. Al-Agha, the digital marketer, shared a screenshot showing mobile internet speeds of 7.18 kilobytes per second; average mobile speeds in the US in 2022 were 24 megabits per second, according to mobile analytics firm Statista.

“The internet is vital in times of war in crises,” says Fatafta, the Access Now policy manager, who adds that there can be “terrible consequences” linked to connectivity blackouts. The UN’s OCHA said rescue workers have had a harder time “carrying out their mission” partly due to the “limited or no connection to mobile networks.” Al-Agha says he has lost some clients due to the disruptions. The lack of connectivity can obscure events that are happening on the ground, Fatafta says. News crews have told WIRED they have footage from the ground but are “losing the story because of the internet.”

Kreitem says that a lack of electricity and access to the equipment will have made an impact on top of any physical damage to communications networks. “We don't know how many of the people that actually operate these networks are still alive,” Kreitem says. “The network operators are part of the world there, there's no place for them to run. They are as affected as any other person.”

[odinsblog]

For all the time Republicans spend complaining about the economic struggles faced by everyday Americans, they remain steadfast in their commitment to ensuring major corporations can continue squeezing their customers.

Late Wednesday afternoon, the GOP-controlled House Financial Services Committee voted to advance a bill that would repeal a new Consumer Financial Protection Bureau (CFPB) rule that drastically reduces the caps on credit card late fees - from $30-$41 to $8.

The legislation would also repeal the CFPB's ban on automatic adjustment of late fees due to inflation. In the Democratic-controlled Senate, where the bill is expected to fail, a similar repeal measure was introduced by Banking, Housing, and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) — who has recently devoted most of his energy to fawning over Donald Trump — and co-sponsored by 12 other Republicans.

“Credit card companies penalize consumers with exorbitant late fees that far exceed their actual costs, raking in billions of dollars in profits on the backs of those who can least afford it,” said Chuck Bell, advocacy program director for Consumer Reports, in a statement urging Congress to reject the repeal.

According to Republicans on the committee, however, lowering late fees will “harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates,” while removing incentives for timely payments.”

An analysis published this week by the watchdog group Accountable.US found that Republicans on the committee have “received over $7.9 million from industry groups against this rule and the largest credit issuers.”

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