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Author Archives: Claude Solnik

House of cards

LONG ISLAND — Banks and retailers are getting smarter, rolling out automated teller machines with chips designed to provide more security than magnetic strips. But in a result you can file under “The price of progress,” the shift at least ...

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Financial News: Naming names

New money laundering regulations being implemented in the United Kingdom and in the works across the European Union are expected to hit home for private U.S. companies with operations there. All companies in the U.K. are being required to file ...

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Monetary Matters: Virtual lending companies mean business across the country

As online lending continues to grow, attracting entrepreneurs and large financial institutions, it is turning into a growing source of work for accountants, lawyers and those providing financial advice to investors. Any growing sector can attract service providers, but online ...

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Medical Matters: State mandates electronic prescriptions

Paper prescription pads are now a thing of the past in New York State – at least in theory. New York State as of March 27 began requiring physicians, pharmacists, dentists and other healthcare providers to prescribe medications electronically rather ...

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Credit unions ramping up mortgage lending

Credit unions are increasing their mortgage lending, boosted by growing awareness and demand, increased lending staff, new regulations regarding counseling and highly competitive rates. A report issued by TransUnion indicated credit unions provided 11 percent of U.S. mortgage originations for ...

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School testing company Pearson has checkered past

Although Pearson, the nation’s biggest testing company, has come under scrutiny in New York for a $7.7 million settlement with the state, the firm has faced numerous problems nationwide, leading to millions more in settlements. In addition to that sum ...

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Goodwill accounting giving biz a break

Accounting related to acquisitions is getting easier – and often cheaper – thanks to new rules that no longer require firms to make annual calculations related to the value of the acquired business. Regulators are giving private companies a break ...

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Costs loom as FASB rethinks revenue reporting

The nation’s primary maker of accounting rules is changing the way companies calculate revenue – a potentially massive transition creating more work and expense for reporting firms. The Financial Accounting Standards Board, a Norwalk, Conn.-based nonprofit that sets U.S. accounting ...

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Banks, processors bet on microchips

The biggest bet on chips these days isn’t at the casino. Amid concerns over the ease with which credit and debit cards can be counterfeited, banks, retailers and firms that process transactions are shifting to newer, more costly cards with ...

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New regs bring worry over qualified mortgages

New government regulations set to kick in after the New Year are re-creating two classes of borrowers. Created under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the regulations — set to take effect Jan. 10 — will apply ...

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Hurricane-damaged cars flood U.S. roads

A tidal wave of more than 9,000 flood-damaged cars are on the roads in New York and nearly 210,000 are chugging along nationwide, according to a new study by Carfax. But titles in states such as New York don’t let ...

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