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Legal / Law: Criminal Law

NAHREP and the Hispanic Wealth Project Report on the Drivers of Hispanic Wealth

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The report discusses how age is highly consequential to wealth; As individuals age, earnings rise and assets have more time to appreciate. Collectively, Latinos are significantly younger than the general population. Education is also highly correlated with income; In 2019, Latinos with a college degree had a median income 79.5 percent greater than those without. Education also provides exposure to wealth-building principles.

Latinos who own a home have a median net worth that is, on average, 27.4 times that of renters. The connection between homeownership and wealth is especially consequential for Latinos, who hold 54.1 percent of their total wealth in real estate. The Urban Institute estimates that 70% of homeownership growth in America over the next 20 years will come from Hispanic homebuyers.

“Latinos are just beginning to age into their prime earning and investing years, and as they continue to age and become more educated, their economic impact will undoubtedly grow,” said Sara Rodriguez, Hispanic Wealth Project Chairperson. She added, “Supporting the growth of Hispanic wealth will ensure both the financial stability of Hispanic individuals and families and the greater prosperity of the U.S. economy.”

Latinos are starting businesses at almost twice the rate of their non-Hispanic white counterparts, and Latino-owned employer firms are growing their revenue and number of employees more quickly. There are now more than 375,000 Latino-owned employer businesses in the U.S. Self-employed Hispanic households have, on average, 5 times the median net worth of households that are employed by others.

Diversification of assets is critical to wealth building and, in addition to non-financial assets like home and business equity, financial assets are also highly correlated with net worth. Latino families who own non-cash financial assets, such as stocks, bonds, and retirement accounts, have a median net worth that is, on average, 10.6 times that of families who do not. The potential for growth in this area is substantial, because currently only 41.5 percent of Hispanic households invest in any form of non-cash financial asset, and only 25.5 percent own a retirement account.

“Implementing recommendations centered on the three wealth-building pillars—homeownership, business ownership, and financial assets—will expedite wealth accumulation within the Latino community,” said Gary Acosta Co-Founder & CEO of NAHREP.

Part two of this report, scheduled for release in late fall 2023, will analyze updated household wealth data from the Federal Reserve, assess progress toward HWP goals, and explore the repercussions of the COVID-19 pandemic on Latino net worth.

NAHREP and The Hispanic Wealth Project remain steadfast in their commitment to empowering the Hispanic community through financial education and opportunities for wealth creation.

About NAHREP:
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually and multimedia content. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2023 policy priorities here.

About the Hispanic Wealth Project:
The Hispanic Wealth Project (HWP), a nonprofit 501(c)3 organization, is committed to empowering Latinos to fully participate and prosper in the U.S. economy through education, small business development and sustainable homeownership.

Media Contact

Orlando Camargo, NAHREP, 6197194800, [email protected], https://nahrep.org 

SOURCE NAHREP

Legal / Law: Criminal Law

Zakay Law Group APLC and JCL Law Firm APC File Class Action Lawsuit Against Windsor Twin Palms Healthcare Center Alleging Failure to Provide Meal and Rest Breaks

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As a result of their rigorous work schedules, Windsor Twin Palms Healthcare Center’s employees were allegedly unable to take off duty rest breaks and were not fully relieved of duty for rest periods. Specifically, the lawsuit alleges employees were required from time-to-time to work in excess of four (4) hours without being provided ten (10) minute rest periods as a result of their overburdened work requirements and inadequate staffing. Further, the lawsuit alleges these employees were denied their first rest periods of at least ten (10) minutes for some shifts worked of at least two (2) to four (4) hours from time to time, a first and second rest period of at least ten (10) minutes for some shifts worked of between six (6) and eight (8) hours from time to time, and a first, second and third rest period of at least ten (10) minutes for some shifts worked of ten (10) hours or more from time to time. Additionally, Windsor Twin Palms Healthcare Center’s employees were also allegedly not provided with one-hour wages in lieu thereof. As a result of their allegedly rigorous work schedules and inadequate staffing, Windsor Twin Palms Healthcare Center’s employees were from time to time allegedly denied their proper rest periods by Windsor Twin Palms Healthcare Center.

If you would like to know more about the Windsor Twin Palms Healthcare Center lawsuit, please contact Attorney Jackland Hom today by calling (619) 255-9047.

Zakay Law Group, APLC and JCL Law Firm, APC are labor and employment law firms with offices located in California that dedicate their practices to fighting for employees who have been wronged by their employers due to unfair employment practices. Contact one of their attorneys today if you need help with workplace issues regarding wage and hour, wrongful termination, retaliation, discrimination, and harassment.

-THIS IS AN ATTORNEY ADVERTISEMENT (Rules Prof. Conduct, rule 7.2)-

Media Contact

Jackland Hom, Zakay Law Group, APLC, (619) 255-9047, [email protected], https://zakaylaw.com/

SOURCE Zakay Law Group, APLC

Legal / Law: Criminal Law

GeoComm Announces New Vice President and General Manager of Safety and Security

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GeoComm, provider of Public Safety Location Intelligence®, announces a new Vice President and General Manager of Safety and Security, appointing Bill McCullough. Bill will be responsible for leading and directing safety and security solutions as we build GeoComm School Safety, a solution for keeping students and faculty safe.

ST. CLOUD, Minn., Sept. 26, 2023 /PRNewswire-PRWeb/ — St. Cloud, MN: GeoComm, provider of Public Safety Location Intelligence®, announces a new Vice President and General Manager of Safety and Security, appointing Bill McCullough. Bill will be responsible for leading and directing safety and security solutions as we build GeoComm School Safety, a solution for keeping students and faculty safe.

Bill is a trusted leader in the education technology industry with over 25 years of experience in the public sector with a primary focus on education, working with school districts in all 50 states. Bill is an advocate for children’s safety and has a personal mission of keeping children safe. In the last 10 years, he has continued to fulfill his passion of keeping children safe, specializing in companies that provide students safety and mental health solutions.

With the last 7 years at Gaggle, a company that focuses on school safety and provides schools with technology for mental and emotional help, Bill understands the importance of early intervention and creating a safe environment for learning. Bill also has experience at Robin, a company that builds strong connections, support systems, and compassion within school communities to promote student, educator, and parental growth. Through his experience, Bill has developed a strong ability to recognize when children are unsafe and create safer learning environments.

“Joining GeoComm is an exciting opportunity and will allow me to continue building on my personal and professional values,” said Bill, “GeoComm School Safety is an important part of creating safer learning environments for students and faculty, and I am honored to lead the initiative and advocate for the safety of children.”

“With the addition of Bill to the GeoComm team, we are excited to see where his leadership takes us,” said Jeff Liebl, GeoComm President and CEO, “He has a strong sense of integrity and experience leading school safety initiatives across the country.”

To learn more about GeoComm School Safety, visit http://www.geocomm.com/school-safety and schedule a free demonstration with our team of experts.

About GeoComm: GeoComm, provider of Public Safety Location Intelligence®, has a national reputation as a leading provider of public safety GIS systems. These systems route emergency calls to the appropriate 9-1-1 call center, map the caller’s location on a call taker or dispatcher map, and guide emergency responders to the scene of the accident on mobile displays within police, fire, and ambulance vehicles. Over the last 28 years, GeoComm has grown to serve local, regional, statewide, and military agencies in forty-nine states, helping keep more than 100 million people safe. Through the years our statewide NG9-1-1 GIS project footprint has expanded to include seventeen‥statewide projects across the country. More recently, GeoComm’s innovative solutions are enhancing emergency response situational awareness by empowering emergency responders with a visual representation of indoor spaces for key buildings in their response areas and by converting raw z-axis (vertical) position measurements into a dispatchable location.

Media Contact

Susan Becker, GeoComm, 3203812169, [email protected], www.geocomm.com

SOURCE GeoComm

Legal / Law: Criminal Law

NAHREP Announces Establishment of the National Hispanic Construction Alliance

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“I am honored to join in the effort to provide future NHCA members with capacity building, access to working capital, and opportunity awareness,” said George Carrillo, Executive Director of NHCA. Carrillo was formerly Executive Director of Latino Built, a nonprofit led by Latino-owned business contractors working with community and trade partners to improve opportunities in construction for Latino-owned businesses in Oregon. Carrillo added, “Strengthening the role of the Latino contractor is essential to addressing labor shortfalls in the home builder industry and the housing industry in general.”

“With a 23-year history of impacting national housing policy, a network of 40,000 members in nearly 100 chapters across the country, NAHREP will work together with the NHCA and with industry professionals and policymakers to advance Hispanics in the construction industry,” said Gary Acosta, NAHREP Co-Founder and CEO.

A separate national advisory board will help establish the formal entity and ensure the representation of a cross-section of industry participants from throughout the country. Industry professionals and entities are encouraged to contact mailto:[email protected] [[email protected] __title__ ] to be considered for an advisory board position.

The first in-person national advisory board meeting of the National Hispanic Construction Alliance will convene, in Miami, at L’ATTITUDE September 27-30.

About NAHREP:
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually and multimedia content. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2023 policy priorities here.

Press Contact:
[email protected]
(619) 719-4800
https://nhca.pro/

Media Contact

NHCA, NAHREP, 6197194800, [email protected], https://nhca.pro/

SOURCE NAHREP

Legal / Law: Criminal Law

Resident Home Donates Over 1,000 Pillows to Displaced Maui Residents After Wildfire

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Recognizing the needs of those who have lost their homes and belongings, Nectar wanted to give a small source of comfort while the community rebuilds its home.

“No one donation can give the Maui community back everything they lost,” said Co-Founder and Co-CEO of Resident Home, Eric Hutchinson. “These pillows do not fix all of the damage that has been done, but it is a way to show our support to the community.”

In addition to this recent charitable effort, Resident Home has a history of giving back to the community. Earlier this summer, Nectar made a generous donation of 18 mattresses to the Coalition for Family Harmony’s shelter in Ventura County, demonstrating its commitment to making a positive impact on society.

Maui is more than a beautiful island to explore, it is the home of thousands of residents who need help and support during this time.

About Nectar:
The mattress magic began when Nectar launched in 2016. The goal was to make the most comfortable, yet affordable, memory foam mattresses you could buy online. Today, Nectar is America’s most awarded mattress and is available in more than 4,000 retail stores in the US. Nectar believes any person can be a morning person with the right mattress. With more than 70,000 5-star reviews and 4 million happy sleepers, there’s no wrong side of this bed. Nectar is owned by Resident Home, America’s #1 mattress company.

About Resident Home
Resident Home is a fast-growing direct-to-consumer mattress, bedding, and home furnishing company with a passion to provide consumers with better choices when it comes to everyday home products. Their brands include Nectar, DreamCloud, Siena, Awara, and Cloverlane. Each brand holds unparalleled standards for quality, style, and value. For more information, visit https://www.residenthome.com/.

Media Contact

Frank Tortorici, Marketing Maven, 908-875-8908, frank@marketingmaven.com

SOURCE Resident Home

Legal / Law: Criminal Law

Academy of Adoption and Assisted Reproduction Attorneys Thank Senators For Reintroducing Adoption Tax Credit Refundability Act To Expand Access To Adoption Tax Credit

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AAAA is a member of the Adoption Tax Credit Working Group’s Executive Committee, a coalition of adoption advocates united by their support for the Adoption Tax Credit. After leading a successful effort to preserve the Adoption Tax Credit during 2017, the Adoption Tax Credit Working Group has continued to work to restore refundability to the Adoption Tax Credit. While the credit was made permanent in 2013, refundability of the credit that was available in 2010 and 2011 was not extended. A refundable credit allows more middle- and lower-income families to take full advantage of the credit, as those families may not have the tax liability to receive the full value of the credit, even after carrying forward the credit for up to five years.

“The Adoption Tax Credit has always enjoyed bipartisan support in Congress, and this legislation continues that commitment to families hoping to adopt and those families welcoming children into their forever home,” said AAAA President Peggy Swain. “Restoring refundability to the Adoption Tax Credit will help more families adopt and unite more children with loving families.”

“The Adoption Tax Credit helps families with the expenses of adoption. The value of the credit is up to $15,950 for adoptions finalized in 2023 for eligible adoption expenses,” said AAAA Adoption Director Deb Guston. “This credit is especially meaningful for families adopting from foster care, who can claim the full value of the credit. This financial support to American families underscores our country’s commitment to children and families.”

AAAA urges all Members of Congress to cosponsor and support S. 2895/H.R. 3662, the Adoption Tax Credit Refundability Act.

AAAA is headquartered in Greenwood, Indiana. For more information, visit us at adoptionart.org.

Media Contact

Margaret Swain, Academy of Adoption & Assisted Reproduction Attorneys, 443-857-3350, [email protected], www.adoptionart.org 

Twitter

SOURCE Academy of Adoption & Assisted Reproduction Attorneys



Legal / Law: Criminal Law

Large Corporate Bankruptcy Filings Surged in First Half of 2023

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Increase in large corporate bankruptcy filings driven by companies in retail trade, services, and manufacturing.

NEW YORK, Sept. 26, 2023 /PRNewswire-PRWeb/ — The increase in large corporate bankruptcies in the first half of 2023 marked a reversal from a gradual decline in filings since the start of 2021, according to a report released today by Cornerstone Research.

The report, Trends in Large Corporate Bankruptcy and Financial Distress—Midyear 2023 Update, found that the number of bankruptcies filed by public and private companies with over $100 million in assets increased during the first half of 2023 to 72 filings, already surpassing the 53 bankruptcy filings in 2022. While the number of bankruptcies increased, the average assets at the time of filing, $780 million, were well below the 2005–2022 average of $2.05 billion and the 2022 average of $1.62 billion.

Retail Trade, Services, and Manufacturing saw the most notable increases in bankruptcy filings in the first half of the year, while Mining, Oil, and Gas continued to decline. Manufacturing has already seen nearly twice as many bankruptcies as in the previous year (24 filings in 1H 2023 compared to 13 in 2022) and accounted for 33% of all bankruptcies filed in the first half of 2023.

“The surge in large corporate bankruptcy filings in the first half of 2023 is consistent with economic conditions posing heightened bankruptcy risk for highly leveraged companies,” said Matt Osborn, a principal at Cornerstone Research and coauthor of the report. “Along with a general rise in interest rates, credit spreads for highly leveraged corporate issuers compared to investment grade issuers began widening in mid-2022, a shift that generally persisted into the first half of 2023.”

The number of mega bankruptcies, those filed by companies with over $1 billion in reported assets, also increased. In the first half of 2023, the number of mega bankruptcies already matched the full-year total for 2022 of 16 and surpassed the 2005–2022 half-year average of 11. The largest bankruptcy was filed by SVB Financial Group, with $19.68 billion in assets at the time of filing. The largest non-financial-firm bankruptcy filing was by Bed Bath & Beyond Inc., with $4.40 billion in assets at the time of filing. Six mega bankruptcies were filed by companies in the Services industry.

Additional Statistics and Trends

  • The first half of 2023 saw an average of 12 bankruptcies per month, nearly twice the monthly average between 2005 and 2022 of 6.4.
  • The average assets at the time of filing among the largest 20 bankruptcies in the first half of 2023 ($2.32 billion) were 41% lower than that of the 20 largest in 2022 ($3.95 billion).
  • The most common venues for bankruptcy filings were Delaware and the Southern District of Texas, which accounted for 39% and 32% of all bankruptcy filings in 1H 2023, respectively.
  • The second half of 2022 saw a large number of corporate bankruptcies involving crypto lending companies, exchanges, and related businesses, with such bankruptcy filings continuing in the first half of 2023.

About Cornerstone Research 

Cornerstone Research provides economic and financial consulting and expert testimony in all phases of litigation and regulatory matters. The firm supports clients with rigorous, objective analysis. Working with an extensive network of leading academics, former regulators, and industry specialists, Cornerstone Research identifies the most qualified experts for every case.

Founded in 1989, Cornerstone Research has always been guided by its core values: commitment to clients, experts, and staff, and to delivering consistently high-quality service. The firm has over 800 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington.

http://www.cornerstone.com

Media Contact
Elisabeth Gaubinger, Cornerstone Research, 202.912.8909, [email protected], https://www.cornerstone.com/

SOURCE Cornerstone Research