The Office of the Comptroller of the Currency, which regulates most of the nation’s banking system, announced on Tuesday it was pausing implementation of new regulations under the Community Reinvestment Act, or CRA. Passed in 1977, the act was intended to help counteract redlining and other discriminatory lending policies and practices that denied access to capital for low-income communities, particularly Black and immigrant communities.
The Office of the Comptroller of the Currency shares responsibility for CRA enforcement with the Federal Reserve and the FDIC, both of which rejected the Comptroller’s changes last year. The changes would have resulted in two sets of CRA rules for different parts of the banking industry. That scenario is now unlikely. Consumer advocates, community development organizations, fair housing groups and even the banking industry applauded the move by the Comptroller’s office, with universal agreement that there should only be one consistent set of
BREAKING: Draft Legislation in New York Would Put Gig Workers into Toothless Unions labornotes.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from labornotes.org Daily Mail and Mail on Sunday newspapers.
The pandemic has cost Qantas at least $16 billion. Workers will now pay the price via a new round of cuts. Jack Derwin Qantas is bleeding cash during the pandemic. (David Gray, Getty Images)
Qantas has revealed that it has lost more than $16 billion in revenue since the COVID-19 pandemic began.
Grinding flights to a halt, the pandemic is expected to see Qantas announce another pre-tax loss this financial year of $2 billion, following $2.7 billion in the last one.
To compensate, CEO Alan Joyce announced the airline would cut $1 billion in annual costs via a two-year freeze on wages and a redundancy program for international flight crews.
20 May 2021
The flying kangaroo announced it will cut agent commissions on international tickets from five per cent to one per cent amid a spate of job cuts and a wage freeze in its latest market update.
Meanwhile, Virgin Australia has provided a market update of its own, announcing new routes, increased frequencies and a hiring spree.
This morning Qantas Group announced its total revenue loss since the start of COVID-19 is now projected to reach $16 billion by the end of FY21 – however, the role of domestic travel demand in the Group’s recovery is highlighted by the fact revenue from domestic flying is expected to almost double between the first and second half of this financial year.