Feds Put Brakes To Harsh Debt Collections 

Staten Island business bank cites crackdown on nonbank methods

 

STATEN ISLAND, N.Y. -- New supervisory oversight by the federal Consumer Financial Protection Bureau (CFPB) has resulted in examiners' findings of what the bureau deems illegal activities.


Victory State Bank, Staten Island's only community-based commercial bank, notes that the bureau uncovered many systemic flaws in compliance management systems at the companies in question. These exposed consumers to risky practices, the CFPB said.

 

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the CFPB has authority to supervise certain nonbank institutions and establishments and has issued rules to supervise the larger debt-collection entities.


Regarding debt-collection, the bureau said practices have long been a source of frustration for many consumers. The practices have generated a heavy volume of consumer complaints at all levels of government, including at the CFPB. It is estimated that there are more than 4,500 debt collection firms in the United States. The problems that CFPB examiners found in this market include:

 

 

  • Debt collectors intentionally and illegally misleading consumers about litigation: Examiners found that debt collectors violated the Fair Debt Collection Practices Act (FDCPA) by filing lawsuits, which implied that they intended to prove their claims, when they had no such plans. The collectors typically dismissed the suits if consumers answered them because they were then unable to produce the documents to support their claims.

 

  • Debt collectors making excessive, illegal calls to consumers: Examiners found that one debt collector had made approximately 17,000 calls to consumers outside of the appropriate times established by the FDCPA. That company further violated the law by repeatedly contacting more than 1,000 consumers as often as 20 times within two days.

 

  • Debt collectors failing to investigate consumer credit report disputes: Debt collectors often furnish information to consumer reporting agencies, which use it when compiling consumers’ credit reports. Debt collectors generally must investigate when a consumer disputes information they have sent to a consumer reporting agency. Examiners found evidence that a debt collector was deleting disputed accounts rather than investigating such disputes, and examiners directed this collector to investigate disputes it receives regarding information it furnished.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

What You Should Know About Virtual Currencies

Staten Island commercial bank cites potential risks of new cash alternative

 

STATEN ISLAND N.Y. – You may have heard about virtual currencies like Bitcoin, XRP, and Dogecoin. You may have heard you can buy them online.

Before getting involved with virtual currencies, Victory State Bank urges you to consider what can go wrong and consider the following information from the federal government’s Consumer Financial Protection Bureau.

In some circumstances, you can send them to other people or use them to pay for goods and services. You may also have heard that some people buy them as speculative investments or that you can “mine” them with your computer.

But what are virtual currencies? And, as a consumer, what risks should you be aware of?

In a nutshell, while virtual currencies offer the potential for innovation, a lot of big issues have yet to be resolved – some of which are critical.

If you are interested in using or buying virtual currencies, you should be aware of the associated risks:

HACKERS

Virtual currencies are targets for highly sophisticated hackers, who have been able to breach advanced security systems.

FEWER PROTECTIONS

If you trust someone else to hold your virtual currencies and something goes wrong, that company may not offer you the kind of help you expect from a bank or debit or credit card provider.

COST

Virtual currencies can cost consumers much more to use than credit cards or even regular cash.

SCAMS

Fraudsters are taking advantage of the hype surrounding virtual currencies to cheat people with fake opportunities. So before you get involved, it’s important to know what can go wrong.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.victorystatebank.com.

Media Contact:  

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Fishing Sheds 'Hobby' Tag

Victory State Bank notes growth of business sponsorships

 



STATEN ISLAND, N.Y. -- With increasing national interest in the business aspects of sportfishing, Staten Island's waters would seem a fitting venue for the trend to gain more exposure here.


Victory State Bank, Staten Island's only community-based business bank, points to the longtime fishing passion within boating circles as well as the many local tournaments for striped bass or fluke, tuna or even sharks.

Moreover, televised broadcasts of fishing exploits have an audience that extends into clubhouses where the nautical lifestyle is the common denominator.

On a wider scale, corporate sponsorships are putting money into the sport, beginning at the college level, although some high-school participation is being nurtured as well. 


Anglers who don't mind a clean-shaven appearance with shirt tucked in are finding favor with corporations seeking ways to show their brands. And their clothing displays the sponsors' logos.

In many instances, collegiate competitors can accept fishing gear, discounts, and prize money, which they can't do where rules of other sports mandate amateur status.

Sponsors often prefer to donate to schools, though, because of the amateurism issues.


Makers of not just fishing gear but also of boat engines and nautical gear see opportunities in rebuilding interest in a sport that was showing some earlier statistical declines. 


An emphasis on young-adult participation is part of the sponsors' hopes for fostering future growth.


What used to be a mere hobby has become a substantial industry that Bloomberg Businessweek, citing the American Sportfishing Association, says generated $31 billion in 2012 retail sales. 

 


About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

  

Labor Day Is Good For Business

Holiday puts consumers in end-of-summer buying mode



 

STATEN ISLAND, N.Y. – More than just a Monday highlighted on the calendar, the Labor Day holiday has evolved to span the entire three-day weekend when crowds seek not only retail sales but also recreation and entertaining diversions. 


In short, Labor Day is good for business.


Victory State Bank, Staten Island's only community-based business bank, observes that good weather, lower gasoline prices and the psychological end of summer stir the mindset that makes this holiday a benchmark.


The bank is mindful, too, that the Labor Day frenzy can have an impact on workers and their families. The bright side is that certain employees are in demand during the holiday, and this means jobs.


Labor Day also is a holiday when Staten Islanders plan for the fall season and last-chance home-and-garden chores ahead of the cold weather.

Moreover, back-to-school momentum continues to drive sales.

Some may head for an off-Island escape as a final vacation opportunity, but the tendency now is to focus once more on the family and home.

As a further impetus to business activity, gasoline for shopping trips and family visits is lower than in recent past years. The Association for Convenience & Fuel Retailing is reporting that the average pre-Labor Day retail price for gasoline is the lowest since 2010.


Just a reminder: Labor Day is a banking holiday, and Victory State Bank will be closed in observance. However all branches will be open tomorrow (Friday). On Saturday, only the Great Kills and Bay Street branches will be open with hours from 9 a,m. to noon.

For branch locations and hours, go to the Information Center tab at www.victorystatebank.com.

 

 


About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.VictoryStateBank.com.

Media Contact

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

   

El Niño Befriends Business

Staten Island commercial bank cites below-normal storm outlook 

 

 

STATEN ISLAND, N.Y. -- Weather-sensitive businesses may be able to benefit from the relative calm projected for the traditionally stormiest remainder of this year.


Victory State Bank, Staten Island's only community-based business bank, sides with enterprises planning for good showings in the two quarters that will wind down the year. 


And where weather would be part of the planning process, the hurricane outlook is being described by the National Oceanic and Atmospheric Administration (NOAA) as below- or near-normal.

The main driver of this year’s outlook has been summer's El Niño. The phenomenon causes stronger wind shear, which reduces the number and intensity of tropical storms and hurricanes.


El Niño can also strengthen the trade winds and increase the atmospheric stability across the tropical Atlantic, making it more difficult for cloud systems coming off of Africa to intensify into tropical storms.


The outlook anticipates a 50 percent chance of a below-normal season, a 40 percent chance of a near-normal season, and only a 10 percent chance of an above-normal season. 

                                                 

For the six-month hurricane season, which began June 1, NOAA predicted a 70 percent likelihood of eight to 13 named storms (winds of 39 mph or higher), of which three to six could become hurricanes (winds of 74 mph or higher), including one to two major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher).

         

These numbers are near or below the seasonal averages of 12 named storms, six hurricanes and three major hurricanes, based on the average from 1981 to 2010. The Atlantic hurricane region includes the North Atlantic Ocean, Caribbean Sea and Gulf of Mexico.


“Even though we expect El Niño to suppress the number of storms this season, it’s important to remember it takes only one land falling storm to cause a disaster,” said Kathryn Sullivan, NOAA administrator.

Humberto was the first of only two Atlantic hurricanes in 2013. It reached peak intensity, with top winds of 90 mph, in the far eastern Atlantic.

Gerry Bell, lead seasonal hurricane forecaster with NOAA’s Climate Prediction Center, said the Atlantic – which has seen above-normal seasons in 12 of the last 20 years – has been in an era of high activity for hurricanes since 1995. However, this high-activity pattern is expected to be offset in 2014 by the impacts of El Niño, and by cooler Atlantic Ocean temperatures than in recent years.


The expectation of near-average Atlantic Ocean temperatures this season, rather than the above-average temperatures seen since 1995, also suggests fewer Atlantic hurricanes, Bell said.


NOAA has some new tools at the National Hurricane Center this year. An experimental mapping tool will be used to show communities their storm surge flood threat. The map will be issued for coastal areas when a hurricane or tropical storm watch is first issued, or approximately 48 hours before the anticipated onset of tropical storm force winds.

The map will show land areas where storm surge could occur and how high above ground the water could reach in those areas.


Early testing on continued improvements to NOAA’s Hurricane Weather Research and Forecasting model (HWRF) shows a 10 percent improvement in this year's model compared to last year. Hurricane forecasters use the HWRF along with other models to produce forecasts and issue warnings.  


NOAA’s seasonal hurricane outlook is not a hurricane landfall forecast; it does not predict how many storms will hit land or where a storm will strike. Forecasts for individual storms and their impacts are provided throughout the season by NOAA’s National Hurricane Center.

"It only takes one hurricane or tropical storm making landfall to have disastrous impacts on our communities," said Joe Nimmich, FEMA associate administrator for Response and Recovery. "We need you to be ready. Know your risk for hurricanes and severe weather, take action now to be prepared and be an example for others in your office, school or community."

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.