Applying For a Loan? You Are Protected By the Equal Credit Opportunity Act

 

Victory State Bank echoes federal law that prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and more

 

People use credit to pay for education or a house, a remodeling job or a car, or to finance a loan to keep their business operating. If you are applying for a loan, Victory State Bank, Staten Island’s only community-based business bank, suggests you know your rights under federal law to ensure discrimination doesn’t play a role in a lender’s decision-making process.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

Creditors may ask you for most of this information in certain situations, but they may not use it when deciding whether to give you credit or when setting the terms of your credit. Not everyone who applies for credit gets it or gets the same terms: Factors like income, expenses, debts, and credit history are among the considerations lenders use to determine your creditworthiness.

The law provides protections when you deal with any organizations or people who regularly extend credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Everyone who participates in the decision to grant credit or in setting the terms of that credit, including real estate brokers who arrange financing, must comply with the ECOA.

For a brief summary of the basic provisions of the ECOA, log onto: http://www.consumer.ftc.gov/articles/0347-your-equal-credit-opportunity-rights.

 

 

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 onlinehttp://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.

 

Subject to new tax surcharge?

 

Victory State Bank sees investment-income levy spawning strategies

 
 

STATEN ISLAND, N.Y. -- The impact of the new federal 3.8 percent surtax on net investment income is already shaping approaches to 2014 returns. 

Victory State Bank says the increasing volume of buzz about the new tax indicates a large number of people are in its crosshairs.


Single taxpayers with a modified adjusted gross income (MAGI) above $200,000 are subject to it, as are couples above $250,000.

The Net Investment Income Tax (NIIT) has shown itself to be somewhat complicated in taking a bite from interest, dividends, capital gains, rental receipts, royalties, and more.

Forbes magazine tells readers, "The NIIT is still practically brand-new, and the final regulations are complex." 

At the end of a piece outlining some ways to reduce or avoid the surcharge, some of which Forbes suggests may not be practical, the magazine says, "Pay a tax pro before trying any fancy stuff."

In fact,the American Institute of CPAs has issued advisory information for practitioners toward minimizing the impact on individuals' passive investment income and on estates and trusts.


The levy was widely described as a way to help pay for the The Patient Protection and Affordable Care Act, popularly called Obamacare.

 

The surcharge's reach is rather sweeping, and other sources are distilling the basics into short lists that include these highlights: 

  •   Gains from selling stocks and securities in taxable brokerage accounts; capital gains from mutual funds; real estate gains that include the taxable portion of a large gain from the sale of a principal residence. 
  •   Gross income from (a) dividends, (b) interest but excluding tax-free interest such as from municipal bonds, (c) royalties, (d) annuities, (e) gains from passive business activities requiring minimal time spent on them, and (f) rents.
  •   Gains from the sale of passive partnership interests and S corporation stock which take up very little time.
  •   Gross income and gains from trading financial instruments or commodities.

 

For someone considering a tax-trimming conversion to a Roth, a caveat from Kiplinger's advises keeping income below amounts that trigger the tax and being mindful of the 3.8 percent if there's a likelihood of crossing into a higher bracket.



 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.

 

Job Gains Boost Optimism

 

Victory State Bank notes renewed economic optimism

 

STATEN ISLAND, N.Y. (June 2, 1014) -- Today's jobs report citing June's major gains in private payrolls shows more hiring, and Victory State Bank sees this as more support for optimism about the economy.

As reported this morning by Reuters, U.S. private payrolls recorded their largest gain in 1-1/2 years in June as businesses stepped up hiring, reinforcing views the economy has rebounded from its first-quarter slump.

Private employers added 281,000 workers to payrolls, up from 179,000 in May, payrolls processor ADP said on Wednesday. June's gains, which topped economists' expectations for an increase of only 200,000 jobs, was the largest since November 2012.

Coming a day before the release of the government's comprehensive employment report for June, the ADP report increased the likelihood of another month of strong nonfarm payrolls growth, economists said.

"It signals continued strengthening in job creation and increases our confidence that payrolls for June may have posted their fifth consecutive 200,000-plus monthly gain," said John Ryding, chief economist at RDQ Economics in New York.

Nonfarm payrolls probably increased by 212,000 in June after rising 217,000 the prior month, according to a Reuters poll of economists.

The ADP report, which is jointly developed with Moody's Analytics, was the latest indication the decline in economic growth in the first three months of the year was temporary. Gross domestic product contracted at a 2.9 percent annual pace in the first quarter.

Automobile sales surged in June and factories continue to expand at a steady clip. Housing, which has struggled following a run-up in mortgage rates last year, is also showing signs of life.

Prices for U.S. Treasury debt fell on the ADP data, while the dollar rose against a basket of currencies. U.S. stocks were poised to open slightly higher.

Last month, job gains in the private sector were broad-based. Construction payrolls increased 36,000, the biggest gain since February 2006.

Manufacturing added 12,000 jobs. Professional business services employers hired 77,000 workers last month, the most since November 2012.

 

                                              

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.          

 

Protect Deceased’s Identity from Theft

 

Victory State Bank offers pragmatic IRS advisory



Each year, thieves steal the identities of nearly 2.5 million deceased Americans.

Victory State Bank suggests following these few simple IRS tips to reduce the risk of a deceased person’s identity being stolen:

  • Send the IRS a copy of the death certificate; this is used to flag the account to reflect that the person is deceased.
  • Send copies of the death certificate to each credit reporting bureau asking them to put a “deceased alert” on the deceased’s credit report.
  • Review the deceased’s credit report for questionable credit card activity.
  • Avoid putting too much information in an obituary, such as birth date, address, mother’s maiden name or other personally identifying information that could be useful to identity thieves. More information to help you guard against identity theft is available at IRS.gov; enter ID Theft in the search box.

  

 

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.

 

Used-Car Rule Protects Buyers

 

Victory State Bank points to federal demands on sellers 

 

STATEN ISLAND, N.Y. -- There may be times that you consider buying a previously owned vehicle. Before moving forward, Victory State Bank suggests you become familiar with federal guidelines that sellers must comply with.

Here are the basic points in the Federal Trade Commission (FTC) rule governing sales of used cars.

  • Know your rights.

Generally, the FTC Car Rule requires dealers (including commercial outlets, which encompass the likes of rental and leasing companies and even online sales) to display a Buyers Guide on used cars they offer for sale.

The Buyers Guide must tell you:

  • Whether the vehicle is being sold "as is" or with a warranty
  • What percentage of the repair costs a dealer will pay under the warranty
  • That spoken promises are difficult to enforce
  • To get all promises in writing
  • To keep the Buyers Guide for reference after the sale
  • The major mechanical and electrical systems on the car, including some of the major problems to look out for
  • To ask the dealer if you may have the vehicle inspected by a mechanic you hire, either on or off the lot

For additional important information, go to www.ftc.gov.

 

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.