commercial bank or a credit union. and then it seems from what you are telling me and the previous presenter, to align everything we want to do, it seems as though a public bank charter would be necessary quite frankly. it would cover everything that we would want to do, including the use that marijuana industries could also bank with. but it also includes that we could actually set our own values around how it serves the municipality. instead of the commercial bank that actually, the main goal is to make money for their stakeholders, is that correct? >> i think the best option would be passing a state law authorizing, a level of constitutional authorization so cities can create their own public banks. but short of passing that law, i think it's possible to create, to use the commercial bank or credit union bank structure, i wouldn't give up on those options because i think if we could describe individual plans to the department of business oversight we could potentially get it chartered. so i don't think it's impossibl

there will be discussions on what will be the next step for the eurozone, particularly on the banking union think you will have less banks. investors had a lot of news to keep their eyes on this week. rising yields for u.s. treasuries, mixed economic data from the u.k. and europe and best it is of volatility from the recent corrections. let us revisit some the most interesting conversations about adamarkets starting with scheetz who said a february selloff in stocks was "the appetizer, and not the main course." possible to be as precise as you would like to be around these things but when i look at the forecast, you really overlapping themes that crossover in the second quarter. you will have inflation picking up, not just in the u.s. but in the eurozone and in japan. at the thing time, i think that we think a number of activity indicators including global economic indices are going to be moderating. and so, it is not necessarily that it is going to be a recession or a sharp slowdown but that the rising inflation numbers will seem potentially more worrying when the economic data is not as s

tom: with the european banking union, does that raise the specter or encourage banks to go across bordersnto germany and italy and spain. will that facilitate the noise because in the past it's been too difficult to do. frederic: not yet. we don't have the benefit of the completion of the banking union for example, full liquidity of capital flows from one company to the other. it's still a relatively fragmented market. if you look long-term you'll probably have more am terization and more benefit to think of consolidation and first domestically. alix: where domestically, what banks [frederic: in italy and germany we all know there are many banks and probably you will have less banks going forward. in most markets to deal with the challenges of the technology, the investments, you probably need three and six banks concentrating the bulk of the retail businesses. alix: the news is deutsche bank is cutting 500 staff and credit swiss is pushing people to take unpaid sabbaticals. why is the requirement so hard and what have you experienced? frederic: the banking markets have been structural an

is, beyond the long-term opportunity in europe financial markets, we are going to complete the banking union going to see deeper capital markets. there are long-term opportunities and we can take advantage of these. on top of this, the economic activity is good in europe. we have growth rates like we have not seen for maybe the last 10 years across the eurozone. that is an opportunity for banks and hopefully we will see rates rising. you know, we suffered dramatically from negative rates. you did not have that in the u.s., it is painful, i can tell you. we will see a much better rate environment. >> it is not just the steeper curve. you need to get out of the positive rate environment. what is your best case for that? >> our assumption, the strategic plan was that progressively in 2019 we will exit the negative rate territory. with growth rates at 2.3% or 2.4% for the next two years for the eurozone, normally you should see lower unemployment rates, which is also higher inflation on wages. i think this is much better and the monetary -- the central banks would like to exit the policy progres

government, there will be discussions on what the next step for the eurozone, in particular on the banking union, i think you will have less banks. shery: investors had a lot of news to keep their eyes on this week. rising yields for u.s. treasuries, mixed economic data from the u.k. and europe, and the vestiges of volatility from the recent correction in global equities. let's revisit some of the most interesting conversations about the markets, starting with morgan stanley chief asset strategist andrew sheets, who said a february selloff in stocks was "the appetizer, and not the main course." andrew: it is never possible to be as precise as you would like to be around these things, but when i look at our economists'forecasts, you really do have two overlapping themes that crossover in the second quarter. you will have inflation picking up, not just in the u.s. but in the eurozone and in japan. at the same time, i think that we see a number of activity indicators, like global economic surprise indices, which are fundamentally mean reverting series, are going to be moderating. and so, it is not

david: as you look forward to a european banking union, which you anticipated this point, does that meanto get bigger, and in particular will there be consolidation? what you anticipate? frederic: the completion of the european banking unit will be at the top of the agenda of governments. once we have effectively the german governments, there will be discussions on what the next step for the eurozone, in particular on the banking union. long-term, yes, i think you will have less banks. the priority short-term is to fundamentally transform the businesses, particularly in light of the new technologies. in 10 year's time, yes, will have less banks and we want to be in a position of strength to take avenge of opportunities if any. lisa: that was societe generale 's ceo speaking earlier on bloomberg. a lot of questions to remain for the whole banking industry, particularly in europe. coming up, getting the deal done -- we speak with the cohead of m and a ubs about the climate for mergers and acquisitions. this is bloomberg, from new york. ♪ retail. under pressure like never before. and its co

in 2011, the average asset size of banks and credit unions in san francisco true from $4 billion to $9 billion. we have bigger national banks to choose from and the bigger the institutions get, the less likely they are to be invested in san francisco priorities. i asked the analyst to produce a support looking at key large banks that have the capacity to provide banking services to the city and county of san francisco, and assess their performance against a social responsibility indicators used by the san francisco treasurer office. these indicators include the percentage of loans made to small businesses, people of color, low-income communities and for community development purposes. overall, the major banks performed worse than their smaller counterparts in each of the areas. additionally, almost without exception, these banks are investing that industries that conflict with san francisco. civilian firearms, tobacco, fossil fuels and private prisons. i understand that establishing a public bank in the city and county of san francisco is an undertaking and there are challenge, but i'm

mark: he is also weighing in on banking union.t's important to complete the architecture of the european union. what hope is there for progress on this front? that's once we have a german government in place. paul: you can almost sense the frustration with the ecb over recent years. the ecb has been very active in providing monetary support that allowed the economy to revive. it insists that you need to have a more resilient economy in the future with the financial sector and a resilient real economy as well. that requires performance and they have not been coming through. the completion of the your area with common deposit to insurance that he says is absolutely needed. that is all decided by governments and not technocrats. those talks may go on for some while unless you get some german franco corporation really getting underway and pushing some of those through. mark: the president himself will go on for some while as well. good to see you. paul gordon, bloomberg western european central banks team leader. once coming up next?

the banking union needs to be completed and weenies a look at transforming the european stability mechanismpean monetary fund and there are other institutional changes that are needed. i think there's a strong determination on the part of the 27 to take these forward. this is independent of what happens with brexit. changeswe need those and people are well aware of the agenda and it's known. we are starting to work on it and i've no doubt that within the next year or so that those decisions will be taken. vonnie: we just have a few seconds left, but i would love you response on your primary foreign-policy objective as eu ambassador to the united states. where do you want help or coordination from the united states? what are you pushing, which geography of the world for example? david: it's difficult to single out one place, but i would say the most -- the two most immediate crises that we are facing is undoubtably syria. this is the greatest humanitarian catastrophe in a generation. we are working very closely with the united states and the international community and trying to bring about

we recognize that these smaller banks and credit unions intimately know their communities and how best to serve them, but we also know that changes to the rules that are designed to ensure that community banks are safe and sound can have unintended consequences. while community banks did not cause the 2008 financial crisis, they were at the isn'ter of another crisis just -- at the center of another crisis just two decades before. when i came to the financial services committee, thousands of savings and loans holding companies were failing and causing serious harm to the communities they were supposed to serve. this was due in part to the fact that lawmakers thought it was wise to weaken safeguards on these savings and loan holding companies allowing them to take on more leverage and offer riskier products. i fear that congress will again pass legislation today that will ultimately cause harm to both the very community banks we want to help and the hardworking americans that rely on them. and now republicans are trying to raise the threshold as high as possible. in the chairman's wrong

what happens when banks and credit unions can no longer sell loans on the public market? they issue fewer loans. get a oung parents can mortgage for their new home. fewer single mothers can get a loan for a new car. 8 get a mortgage for -- fewer students critical loan. fewer business can get loans to bring innovative ideas to the market to create jobs. this bill is not rent a bank. it will not result in usurious interest rates. i was at a restaurant and struck up a conversation with the waitress. she can't get a mortgage. she can't buy a home even though her and her husband have good credit. that's the problem we're trying to address. i would ask the opponents of this bill to put aside politics, join me in supporting legislation that will help young families, businesses, and students. this bill will make credit accessible. i urge all members to vote for it and i yield back the balance of my time. the speaker pro tempore: the gentlewoman from california is recognized. ms. waters: thank you very much. mr. speaker and members, chairman hensarling has named the members on my

state bank and union bank are said to be at risk. a quick check of the markets in asia. thailand trading, they are hired by about 1%, and into gains on thursday. the as easy up by half a percent and looking elsewhere in the region, australia and new zealand looking at, the nikkei up by 1.3%. this is bloomberg. >> welcome to bloomberg businessweek. we are here inside the headquarters in new york. in this week's issue, can jeff bezos, jamie dimon create a new model for the american health care system. >> marble unleashes the black panther at the box office. >> all that is ahead on bloomberg businessweek. ♪ >> we are here with the editor in chief of bloomberg businessweek. i start in the business section. this is about a trifecta of well-known individuals, warren buffett, jeff is us and also jamie dimon talking about fixing the health care system. >> the biggest guys around. remain kind ofll hazy, what will actually be the solution in health care. how they're going to try and fix this. they are trying to find a ceo who can spearhead this initiative between the three compani

allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on a b o v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz that thanks for your coverage now who'd have thought you could pop into an electronics store to buy a car that's the case for this next electric vehicle that's been developed by a bunch of swedish students of two thousand people of preorder it. it began as an innovation project at lynn university in sweden now after raising well over a million euros in a crowdfunding campaign it's become a futuristic looking e-car designed to be the next generation of electric vehicles the new city car has some features that have alluded other car makers it has a three hundred kilometer range and the battery can be fast charged in just over three hours using induction technology there is also a removable battery pack th

>> for the union bank? >> the headquarters sign downtown. >> yeah, that was an action on a building permit as well that we had issued an error and sought rectification and the board upheld the determination that it needed to be revoked but with a time limit. >> with a time limit. >> thank you. >> thank you. is there any public comment on this item? mr. barnes, did you have something? good evening, members of the board of appeals. bill barnes on behalf of the city straadministrator. since the last meeting, we were asked to look at time of sale whether there was any indication in the file. we pulled the documents from 1971 and 1974 when the board acted, and the memo that was referenced by ms. hayes was written by then planning director alan jacobs describing it as an informal free lot. we can't speak to whether that was authorized at the time by planning, but from the real estate department's perspective, that was the issue. it proceeded to the finance committee which discussed at some length whether or not t

to be unnecessary, outdated or overly burdensome based on the size and risk profile of the bank or credit union. that is the regulators making the determination. not the banks and not the institutions. mr. buck: i yield one more minute to the gentleman from georgia. the speaker pro tempore: the gentleman is recognized for one minute. mr. loudermilk: thank you, mr. speaker. i am wrapping up. this bill passed out of committee with a strong bipartisan vote of more than 2/3 of the committee members including all republicans and eight democrats. i urge my colleagues to support the rule and the underlying bills and i yield back. the speaker pro tempore: the gentleman from colorado reserves. the gentleman from massachusetts is recognized. mr. mcgovern: mr. speaker, with all due respect to my colleagues, and let's be honest, the two bills that we're debating today are nothingburgers. you know, i just figured this out. in the rules committee we have spent 43% of the bills that have come before the rules committee have been financial service-related bills. mostly to undercut dodd-frank and to reward big

authority say 52 year old rosemary lions tuning the money from among other places, her union's bank accountsre she served as president. >>> reading eagle, nine district attorneys including those from berks, chester chester counties, representatives from federal agencies panel dollars together in new task force to fight the opioid drug crisis. >> firefighters found makeshift methamphetamine lab in a tropical can a hotel room the lab on the 44 tower of the west tower, 44 year old michael of manchester township ocean county was taken into custody. >> that's a look at newspaper headlines from around the delaware and lehigh valley. >> and up next, the cherry and white faces big test on the road as they looking to dancing in march, highlights from the temple game. plus this. >> my first response was a real one. >> police officer comes into contact with a kangaroo. yes, a kangaroo. we'll explain how it all went down when we come back. so i want my glasses my girlfriend loves artists. and i need a conservative pair, cuz her parents hate artists! get up to 40% off a second pair of glasses. schedule y

we hear so much about taking union in europe -- about banking union in europe.. there has been some progress over the last year but judging, it will take a while. matt: speaking of politics, we had a government permission, we are almost there with an agreement in berlin. it made very little news. has the lack of permanent government affected your business here in germany? stephan: germany is a very stable country. it is a pro economic environment so it is not really affected a day-to-day process. that is indeed very good news. a new government wants the almost part is finished as well. our hope is that will be finished pretty soon. matt: thank you for joining us. cheap -- stefan angles, chief financial officer. tom: let me turn to the terminal with the vix. mike wilson with us. this is an important chart. this the first chart i showed 1998, 2007,th lehman low. 2008 and here is where we were in the heat 40's ago. mike wilson, we have really improved. but the 14 day rate of change. how long does it take typically given -- to get back to normal given a big event li

the bill forces banks and credit unions to disclose to the government detailed information about who they lend to. the ranking democrat on of -- the ranking democrat on the senate banking committee, senator sherrod brown of ohio, has cited reveal's reporting as a reason for congress to put the breaks on this effort. amy: well, for more, we're joined now by two guests. in san francisco, california , we are joined by aaron glantz, senior reporter at reveal from the center for investigative reporting. his new investigation is headlined, "kept out: how banks block people of color from homeownership." and joining us from the capital of pennsylvania, from harrisburg, democratic state senator vincent hughes of pepennsylvania, who serves as te democratic chairman of the senate appropriations committee. thank you both for joining us. aaron, if you would start out by laying out what your investigation found and what exactly redlining is. >> we wanted to know why it was, as you mention in your intro, that even though segregation in housing discrimination has been a legal for 50 years that the ho

i know each and every one of these credit unions, small banks, small businesses wants to do. i'd ask the gentleman from texas if he'd commit to working with me to encourage the justice department to move forward with some guidance in this area so that we could provide certainty, not just to credit unions, not just to community banks but to all of these small businesses looking to do their very best to comply with the a.d.a. mr. poe: will the gentleman yield? mr. woodall: i'd be happy to yield to my friend from texas. mr. poe: this legislation makes the a.d.a. better. the right of people to have access -- have 30 seconds? the chair: the gentleman's time has expired. mr. goodlatte: pleased to yield to the gentleman from texas. mr. poe: this legislation makes it better for the disabled to have access under the notice and cure requirement and the judiciary committee will continue to work with the department of justice and stakeholders on this. in fact, jurisdictions said the a.d.a. goes to websites. we believe that 620 will help. i yield back to the gentleman. mr. woodall: these

allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz there thanks for your coverage. and just briefly copenhagen's famous restaurant reopened on the weekend after closing down last year critics have named it the world's best restaurant for years in a row it took copenhagen on the world food map and promoted locally sourced menus turning the idea into an during trend on hearing chef and a remains in charge of returning for the global to a militant costs just over three hundred euros per person. drinks and tables in the forty seat restaurant are already fully booked for the next six months. all right some sources now for you to use this force pablo fully elliott is here with me with the big stories from the olympics n.p.r. chang problem and sadly a case of doping

thank you very much for coming out to the state of the union post again. i appreciate bank of america for making these conversations possible. we have a

economist atal union bank. chris, what is your comment on janet yellen's reign? chris: it is a shame. i would have thought a populist president would have taken someone who would take a more aggressive ants with the federal reserve, like a lot of republicans wanted to see. we got a guy that janet yellen like. -- liked. we are hopeful he will do a good job. is thed of the fed nation's chief economist. you really have to knowing you are doing and have technical asked her teeth. expertise.chnical he is a lawyer by trade. as far as him knowing what to do in a crisis, on his own, based on his training and experience as an economist, he is a little short on that. kathleen: we shall see. you are. the big question for him is how quickly do you normalize? the bond market and equity towards threeking or four hikes. i know you are pretty bullish on inflation. if you look at the fact that workers are not getting big wage increases, this seems like an alarm bell going off. 10 year yields had broken higher before the report. they were 2.79%. 2.85%.nt as high as the bond market

do we do something short-term with the existing charters of the credit union or commercial banking charter or get in the formation of something entirely new and work at the state level. and there's a lot of issues right now we are having to parse that out because they are state-level issue that's are hard. but i want to echo what ben becker just said about cannabis being something we should put off to the side when we are focusing on the short-term and figure out how to move forward with this task force. i'm curious, maybe you could respond to this what the process is going to be for the task force and selection and how fast it's going to move forward. [bell] >> thank you. are there any other members of the public that would like to speak on this item? all right, seeing none. public comment is closed. thank you, to the members of the public for voicing your support. articulating your concerns. and most importantly, kind of raising questions on the direction you would like the task force to go in that you would like the city to be going in. that's actually very helpful. supervisor fewer, i

an interesting analysis from asia correspondent based in singapore the european union's briggs and negotiator michaud bank he says the time has come for britain to make a choice of what sort of future relationship it really wants with the bloc he says without a customs union and outside the single market values to trade are unavoidable the u.k. wants the best of both worlds but he is in london ahead of the next phase of talks on leaving the view it will focus on the terms of a transition deal key issues including immigration and britain's ability to strike third party trade deals. garia has taken up the e.u.'s rotating presidency you know what he's thinking so what well the nation isn't a role model economy it's dogged by organized crime and corruption and still has strong links to the russian oligarch you don't use christiane type went there for us. the city of vanna is bulgaria's largest port on the black sea. fleet pipeline sections were made in the german city of housing and have been delivered to a firm owned by the russian energy giant gazprom the port city is awash with rumors of what gazprom is do

have only identified one possible victim and asked other customers to first check with the bank or credit union to see if there is unauthorized charges before calling police. channel 6 "action news." >> all right thank you for that report. time for a check of the "action news" traffic situation this evening. >> lets swing is over to matt pellman. >> aldi traffic is slowing down along 95 southbound side by ridley park it's normal stuff in the southbound lanes. and we had a fender bender off to the side and now that is gone and a normal southbound delay from past 420 to 320 in delco. on the big picture lost our crash in lawn crest at levic and everything is reopen. and accident along 42 busy spot at 130 has cleared and still 9 miles per hour coming off 676 joining up with the north south freeway. still watching a crash in worchester serious one, and one at jeffersonville at trooper road at main street and a crash in pennsauken. 130 at union avenue south of route 90 the betsy ross bridge and the rails better news they finished the repair as long the patco high speed line. and an extra train runnin

i know each and every one of these credit unions, small banks, small businesses wants to do. i'd ask the gentleman from texas if he'd commit to working with me to encourage the justice department to move forward with some guidance in this area so that we could provide certainty, not just to credit unions, not just to community banks but to all of these small businesses looking to do their very best to comply with the a.d.a. mr. poe: will the gentleman yield? mr. woodall: i'd be happy to yield to my friend from texas. mr. poe: this legislation makes the a.d.a. better. the right of people to have access -- have 30 seconds? the chair: the gentleman's time has expired. mr. goodlatte: pleased to yield to the gentleman from texas. mr. poe: this legislation makes it better for the disabled to have access under the notice and cure requirement and the judiciary committee will continue to work with the department of justice and stakeholders on this. in fact, jurisdictions said the a.d.a. goes to websites. we believe that 620 will help. i yield back to the gentleman. mr. woodall: these

banks that's how they they do that type of stuff so all are agents got money and western accounts someplace in every country whether they're sending countries or receiving countries type stuff and western union you so loved to ride the money right every day it was holding it was making interest right it was earning interest per day all banks are an expert and it used to do that it's now finding ourselves an extremely competitive market for a lot of the companies say in two hours your money is there which means how long you're holding right so western union was one of the places that least of all wanted to deliver within two hours and even today you go to the sides and they'll show you different rates and they charge you depending on how soon your your family members pick up the money. i feel under him. in our village seventy percent of the locals are young but they're going they're leaving and then a month some are unlucky they have accidents on roofs never been to that and they return home crippled and we see young people in groups of up to thirty leaving here . others go alone and then. some of them pay coyotes what people smugglers that's on. their land there are people who've sold their

allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on a b o v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz there thanks for your coverage. to come including a digital display so thin you can paste it on your skin try to think of a use for that. why would you want to do that why would you want to sell yourself into a big mobile phone ok i just thought of an idea or a small one thank you more from better place as he said let's go down to the boat and international film festival w is covering got across the week and we'll catch up with our colleagues down there scott's roxboro and charlotte's tells him to welcome both the premiering as we speak is the opposite of glitz and glamour this is what we expect from tell us more. yeah the film it's called it's a dr drama about the devastating terrorist attacks in norwa

union. it is predicted the bank of england will raise its benchmark rate twice this year, expected to keep ratesn hold to their u.k. growth and inflation forecast this week. they see a 25 basis point hike in may and another in november. dennis allen says u.s. stocks and commercial real estate prices are high, but stopped short of saying they are in a yellen says u.s. stocks and commercial real estate prices are high, but stopped short of saying they are in a bubble. i don't want to say too high, but i do want to say hi. praise earnings ratios are near the high end of their ranges. if you look at commercial real estate, prices there are quite high relative to risk. is that a bubble, or is it too high? it is very hard to tell. is this a source of some concern that asset valuations are so high? debra: yellen's successor is yet to be sworn in. 22 north korean athletes will compete at the winter games. lee is back jay y. in court appealing his five-year prison sentence. prosecutors are appealing for a longer-term. bars for 12e behind years, arguing that would establish the rule of law and investigati

in the customs union, meanwhile the times says a cabinet compromise on the customs union is on the cards. then a top bank of england official warns against post—brexit banking regulations. the guardian has an exclusive on a secret fraternity of freemasons which is continuing to operate in westminster. lloyds is becoming the first bank to bank customers from using credit cards to buy bitcoin. and the express says it is time to wrap up warm, describing the forthcoming cold spell as a scandinavian freeze. 0n the same story, the mirror says temperatures are going to plummet to minus 1a. that is a little flavour. no real consensus on what the main story will be, let us see what has appealed to i guess this evening. you will kick us off with the eye. brexit, what is the latest development. theresa may is trying to soothe the hardliners. this is the head of the biggest summit. the cabinet are planning to sit down and have a discussion about what will happen, what the deal will look like. i don't think i would wa nt to look like. i don't think i would want to be referee. there is a lot of argy—bargy. want to be

banks north korea this aspect is relatively new at the allegations of the past often involved russian individuals corporations and also state officials or in a broader sense people from the former soviet union well it makes me all question conrad whether or not european banking supervisors are actually doing a good job. well it's not true that nothing has happened in the past in those cases in the past many of those banks had to pay high fines but of course people here now in frankfurt in the financial center of the euro zone are discussing why we have to learn from the u.s. treasury about those allegations against. and whether the european central bank was acting too cautiously their current bills and with the analysis from frank that thailand's economy grew three point nine percent last year fueled by an increase in exports of machinery computers and cars it's the strongest growth in five years and while the tourism industry remains critically important exports now make up two thirds of the economy because we can sometimes dubbed the detroit of the east into the presence of several foreign automakers like ford toyota and honda and also houses petrochemical and electronics companies growth

meanwhile the times says a cabinet compromise on the customs union, is on the cards. a top bankcial warns against post—brexit, banking deregulation in the financial times. the guardian has an exclusive on a secret fraternity of freemasons which is continuing to operate in westminster. lloyds becoming the first bank to ban customers from using credit cards to buy bitcoin, is the telegraph's top story. the express says it's time to wrap up warm, describing the forthcoming cold spell as a "scandinavian freeze". and on the same story, the mirror says temperatures are going to plummet to minus 1a. that's the flavour of tomorrow's front pages — no real consensus on what the main story is, so let's see what's appealed to our guests this evening. i know you will kick us off with the eye and the woes of theresa may. she is there in china saying she is not a quitter and she is her own person. she is increasingly not. that does make me sad because she is a female prime minister and i think she needs to be much more gutsier. as soon as she returns here, something happens to her. according t

was talking about, those are traditionally known as points, payments by lenders to cordsing banks, credit unions, and mortgage brokers and wholesale transactions, as has been discussed, fees paid to affiliated however not unaffiliated title companies, and this is the one that's most bizarre of all, amounts of insurance and taxes held in escrow. that counts as -- towards that 3%. as a result of this confusing and problematic definition, many affiliated loans, particularly those made to low and moderate income home borrowers, could not qualify as q.m.'s without that designation it's unlikely the loan would be made and if it were, it would only be available at higher rates due to the heightened liability risks. consumers would lose the ability to take advantage of the convenience and market efficiencies offered by one-stop shopping. hardworking americans realize one-stop shopping every day. they partake in it. in west michigan with the headquarters of meyer. a great regional supermarket chain that is where families across the midwest go to buy groceries, pick up clothes for the kids, auto parts. it

thank you very much for coming out to the state of the union post again. i appreciate bank of america for making these conversations possible. crowne a fantastic triple , tripleheader line up this morning, people who were in the make the newsg and eliminated it for us. business tech, media, politics, our events follow the same format. they are quick and we start with what happens and why it matters. that's the formula you always get in the axios stream when you go on axios.com. every story starts as one phone screen, and in that what's new, what's happening, white matters -- why it matters to make you smarter faster. i'd like to thank my axios events colleagues for pulling together this fantastic event. thank all of you for being here. we're going to start. we have three guests today, and our first guest this morning who has seen 35 addresses to congress, or states of the union. representative from the fifth district prince george's county maryland house democratic whip congressman steny hoyer. what an honor. thank you so much. >> thank you, mike. [applause] >> so we were j

so we have peco, pgw, we have banks, we have credit unions, you can have your credit checked, you knowor coming in for more information folks can find information on cwf philly.org, we tosses it back to rahel. >> jim, thank you. and community in florida picking up with the poster service over carrier they say refuses to deliver their mail. resident of the rv resort says the problem going on for month the carrier of the postal service says he refuses to enter the community until she is offended by their naked lifestyle. >> offenses cents me she doesn't do her job because if she can't do her job she shouldn't be having this job. >> the postal creed it doesn't say anything about them not coming in a nudist resort. i pay for a service, i expect that service. >> well, the worker has every right to refuse, and they'll not force her to go beyond the gates if she is uncomfortable. we'll be right back with three do you like freshly steamed lobster? do you like the word and? then you'll love outback's steak and lobster. back by popular demand, only $15.99. so hurry in now. outback steakhouse. au