Latest news with #Humm
Perth Now
9 hours ago
- Business
- Perth Now
Big changes coming to BNPL from Tuesday
Big changes are coming for Buy Now Pay Later providers as tighter regulations aim to stop consumers being affected by potentially harmful credit contracts. From Tuesday June 10, BNPL products – including Afterpay, Zip and Humm, as well as low cost credit contracts for significant purchases, including solar panels or dental work – will be regulated in the same way as credit cards. The new legislation was introduced by the Albanese government in June 2024, requiring BNPL providers to hold an Australian credit licence, comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC), and establish a new category of low cost credit under the Credit Act. BNPL providers, under ASIC, may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain. Major changes are coming for BNPL products like Zip, Afterpay and Humm from Tuesday June 10. NewsWire / John Gass Credit: News Corp Australia BNPL products are the third-most used credit product in the country, sitting behind credit cards (58 per cent) and home loans (21 per cent), according to CreditSmart. This means consumers may begin to see missed or late repayments appearing on their credit reports. It also means consumers can expect to undergo mandatory credit checks, which could impact their credit scores. 'Some BNPL providers will report additional information, such as repayments, on consumers' credit reports,' Arca chief executive officer Elsa Markula said. 'However, BNPL providers such as Afterpay will report credit checks only.' The majority of BNPL customers are younger Australians. NewsWire /Gaye Gerard Credit: News Corp Australia A study from CreditSmart revealed one fifth of Australian consumers use a BNPL service such as Afterpay or Zip, but one third (33 per cent) have never checked their credit reports. Younger Australians are the biggest consumer of BNPL, with Millennials making up 38 per cent and Gen Z representing 13 per cent. However, 15 per cent of Gen Z said they didn't believe lenders would check their credit report during an application process. Ms Markula said the change in BNPL regulations would give consumers a harsh reality check when it comes to their credit scores, especially if they were hoping to apply for a loan or a mortgage.'BNPL is now the third most used credit product in Australia, behind credit cards and home loans,' she said. 'But too few people understand how it affects their credit profile, especially young Australians. 'Under the new rules, your BNPL behaviour could directly impact your credit score and your future ability to get a loan, a credit card, or even a mortgage.' The BNPL products will now be regulated like credit cards and home loans. NewsWire / John Gass Credit: News Corp Australia She urged consumers to be wary as the changes may catch them off-guard. 'Not all providers will report the same data at the same time, so check updates from your BNPL provider,' she said. Ms Markula said the sweeping legislation changes could be a positive move for Australians hoping to improve their credit score. 'Done right, BNPL usage can now be a tool for strengthening your credit profile, especially for younger or credit-invisible consumers looking to access more traditional forms of credit down the track,' she told NewsWire. She urged consumers to make repayments on time to avoid a negative hit to the credit reports. 'While not all BNPL providers report payment history, where this information is reported it is the most important factor for building or protecting your credit score,' she said. Consumers have also been cautioned to check their credit score regularly, and watch for errors or missing information. 'Check your credit reports from all three major credit reporting bodies to ensure your information is accurate,' she said. Ms Markula said the regulation changes should make Australians consider when they use BNPL products, and limit credit applications if unnecessary. 'Apply for credit only when needed; multiple applications in a short time may signal financial stress to lenders,' she said. 'Only take on credit – including BNPL – you can comfortably repay.'
News.com.au
9 hours ago
- Business
- News.com.au
Big changes are coming to Buy Now Pay Later. Here's how it affects you
Big changes are coming for Buy Now Pay Later providers as tighter regulations aim to stop consumers being affected by potentially harmful credit contracts. From Tuesday June 10, BNPL products – including Afterpay, Zip and Humm, as well as low cost credit contracts for significant purchases, including solar panels or dental work – will be regulated in the same way as credit cards. The new legislation was introduced by the Albanese government in June 2024, requiring BNPL providers to hold an Australian credit licence, comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC), and establish a new category of low cost credit under the Credit Act. BNPL providers, under ASIC, may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain. BNPL products are the third-most used credit product in the country, sitting behind credit cards (58 per cent) and home loans (21 per cent), according to CreditSmart. This means consumers may begin to see missed or late repayments appearing on their credit reports. It also means consumers can expect to undergo mandatory credit checks, which could impact their credit scores. 'Some BNPL providers will report additional information, such as repayments, on consumers' credit reports,' Arca chief executive officer Elsa Markula said. 'However, BNPL providers such as Afterpay will report credit checks only.' A study from CreditSmart revealed one fifth of Australian consumers use a BNPL service such as Afterpay or Zip, but one third (33 per cent) have never checked their credit reports. Younger Australians are the biggest consumer of BNPL, with Millennials making up 38 per cent and Gen Z representing 13 per cent. However, 15 per cent of Gen Z said they didn't believe lenders would check their credit report during an application process. Ms Markula said the change in BNPL regulations would give consumers a harsh reality check when it comes to their credit scores, especially if they were hoping to apply for a loan or a mortgage. 'BNPL is now the third most used credit product in Australia, behind credit cards and home loans,' she said. 'But too few people understand how it affects their credit profile, especially young Australians. 'Under the new rules, your BNPL behaviour could directly impact your credit score and your future ability to get a loan, a credit card, or even a mortgage.' She urged consumers to be wary as the changes may catch them off-guard. 'Not all providers will report the same data at the same time, so check updates from your BNPL provider,' she said. Ms Markula said the sweeping legislation changes could be a positive move for Australians hoping to improve their credit score. 'Done right, BNPL usage can now be a tool for strengthening your credit profile, especially for younger or credit-invisible consumers looking to access more traditional forms of credit down the track,' she told NewsWire. She urged consumers to make repayments on time to avoid a negative hit to the credit reports. 'While not all BNPL providers report payment history, where this information is reported it is the most important factor for building or protecting your credit score,' she said. Consumers have also been cautioned to check their credit score regularly, and watch for errors or missing information. 'Check your credit reports from all three major credit reporting bodies to ensure your information is accurate,' she said. Ms Markula said the regulation changes should make Australians consider when they use BNPL products, and limit credit applications if unnecessary. 'Apply for credit only when needed; multiple applications in a short time may signal financial stress to lenders,' she said. 'Only take on credit – including BNPL – you can comfortably repay.'
Eater
21-05-2025
- Business
- Eater
A Daniel Humm Nonprofit Is Opening a Tasting Menu Restaurant in NYC
Daniel Humm was standing in the dining room in his pressed chef whites, tall as an NBA forward, recalling the height of the pandemic when he turned the now-vegan, three-Michelin-starred Eleven Madison Park into a community kitchen serving 3,000 meals a day. 'It changed my life,' he says. Diners clapped, candlelight flickered, and dinner began with a parade of precious dishes made from plants. But Humm was not at EMP: He was standing in the intimate dining room of Service (116 W. Houston Street, at Sullivan Street) a soon-to-open restaurant in a converted coffee shop and soup kitchen run by ReThink Food, the nonprofit he founded with former EMP chef Matt Jozwiak in 2017. 'In my life, I always struggled with the exclusivity of my restaurant. I do love the art of food, but ReThink helped me connect with food in a different way,' Humm says. The nonprofit partners with restaurants, essentially paying them to deliver nutritious meals at no cost to communities. Last year, ReThink, which employs 49 people, granted approximately $80,000 a week to its restaurant partners (such as Marlow Bistro, Zaab Zaab, and Brain Food) and served 13 million meals to hungry New Yorkers. But in the wake of brutal cuts from the Trump administration, ReThink — along with other nonprofits tackling food insecurity like Refettorio Harlem and Food Bank for New York — have had to, well, rethink their funding models. In August, ReThink will open Service, a tasting menu restaurant helmed by Eleven Madison Park alum Rob Harmon; while Refettorio hosts monthly Chef's Lab Dinners, and Food Bank for New York produces high-profile Eat For Good dinner series. When Service opens late summer, it will have just 20 seats, all at one long table, for a six-course tasting menu ($100 per person, $120 with wines) with produce from local farms. The style tracks with Harmon's pedigree, which includes stints at La Colenda under Thomas Keller and Saison under Richard Lee. Before Service opens, the team at ReThink is hoping its pop-up dinners ($225 each) with the likes of Charlie Mitchell, Daniel Boulud, and Victoria Blamey, will help raise awareness and bring new diners, donors, and volunteers into the fold. 'Every extra dollar goes to making meals for local communities,' says Jozwiak. 'You can come for dinner, make a donation, and learn about volunteer opportunities. We want to get more people involved in our mission.' More than 1.7 million people in New York City rely on SNAP, which supplements a family's food budget, and the need is only growing. A recent poll by No Kid Hungry New York found that 52 percent of households in NYC reported taking on additional debt to pay for food. These high numbers come amid cuts to federal food safety net programs. Congress passed a budget resolution calling for a staggering $230 billion cut to programs like SNAP. The USDA also axed two critical programs, halting more than $1 billion in federal spending: a key $500 million round of funding was canceled under the Local Food Purchase Assistance, cutting off support for both food banks and farmers, and previously approved food orders under the Emergency Food Assistance Program were also canceled with no clear plan to resume purchases, creating a major food gap that began in April. Service comes at a moment when ReThink's mission is more critical than ever. 'We are seeing COVID-level demand for food. It feels like 2020,' says Jozwiak. 'And we can't fulfill all the orders.' ReThink also lost 70 percent of its revenue overnight when the Federal Emergency Management Agency clawed back more than $80 million from New York City meant to shelter and feed migrants. 'We were anticipating a longer runway with migrant services work. The scale-down in funding after Trump's inauguration was very drastic,' explains Jozwiak. 'We projected $20 million in revenue and five million meals, now we will be at $8 million in revenue and two million meals this year.' ReThink is not the only nonprofit turning to the restaurant model to help make ends meet. 'Overall, we're seeing a tightening of the belt in our partners and donors,' says Bob Wims, the director of Massimo Botturo's nonprofit, Refettorio Harlem, which provides free meals in a restaurant setting to its food-insecure neighbors. To bolster Refettorio's fundraising, it launched the Harlem Chef's Lab in February, a series of monthly collaborative ticketed dinners ($125 to $300 depending on ticket type) that blend art, music, and food. The next Chef's Lab will take place on Monday, June 9 with dance troupe GALLIM and a menu by chef Avi Szapiro of Gioia, Chopped champion Silvia Baldini, and the nonprofit's Kayla Phillips; future dates are in the works. Food Bank for New York, one of the nation's largest food banks — providing over 91 million meals to New Yorkers in need in 2024 — is also leaning on a chef event series to help replace its loss of federal funding. 'We have seen a loss of 2.5 million meals, which are gone, canceled,' says CEO and president Leslie Gordon. 'Now we have to work diligently to find the resources to fill the gap.' To do so, Food Bank for New York is doubling down on Eat for Good, a series of collaborations between acclaimed international chefs it launched last year. Dinners with Nancy Silverton and Hilary Sterling and Evan Funk and Misi Robbins have already taken place; upcoming pairings include culinary dream teams: Cookbook author Adeena Sussman with Shukette's Ayesha Nurjaja, and Tatiana's Kwame Onwuachi with The Gray's Masahma Bailey. 'The mission of Eat Food Good is to create a meaningful space to bring people together to have that all-important conversation of why food is important,' says Gordon. 'Everyone in this sector is being hit by this. It's a tidal wave of impact and to crisis magnitude I am not typically an alarmist, but Eat for Good is one way to continue to elevate the conversation and gain support to fill the gap. We hope these dinners inspire people to stand shoulder to shoulder with us.' The way forward, for Jozwiak and others working toward feeding people in need, is to lean on the restaurant model and hope they can bridge the gap in funding to continue feeding the city's food-insecure communities. 'Restaurants saved our city during COVID and kept people going,' says Jozwiak. 'We are still fighting that fight.' Sign up for our newsletter.
Yahoo
26-02-2025
- Business
- Yahoo
Illegal marijuana taking a big bite out of Nevada tax revenue, school funding
LAS VEGAS (KLAS) — The illicit market for cannabis in Nevada has grown to a $242 million business, taking a bite out of the state's effort to profit from the legalization of marijuana. During a wide-ranging presentation to the Nevada Legislature on Tuesday, the state's Cannabis Compliance Board (CCB) noted declining revenues, a national trend that followed an initial surge in cannabis use during the COVID-19 pandemic. Taxable sales have fallen from $965 million in fiscal year 2022 to just over $829 million in fiscal 2024. That means tax money for schools is also on the decline. Taxes fell by about $32 million over that same period, a drop of about 21%. Lawmakers wanted to know more about illegal sales and what is being done to shut them down. 'It's in the open. I mean its deliveries are in the open, the advertising is in the open. What has to happen to shut that down?' Republican Sen. John Steinbeck, who represents the northwest Las Vegas valley. 'It's definitely out of control.' CCB Executive Director James Humm and his staff said the enforcement falls under several state agencies. When legal marijuana is growing, it's under the Department of Agriculture. As a consumable, the Nevada Department of Health and Human Services oversees regulation. There are also business licensing regulators involved. 'We have also heard complaints of delivery to the Strip properties, to the hotels and casinos where licensees are not able to deliver. I feel like that is a big competitor,' Kara Cronkhite, CCB's chief of health and safety, told the Nevada Legislature's Senate Committee on Revenue and Economic Development. 'And additionally, high-potency CBD products that have THC in them, hemp-derived products that are extremely potent are also readily available online and in smoke shops and other types of facilities around town,' Cronkhite said. Humm cited the growing presence of intoxicating hemp products, synthetics, and delta-8 THC, which are showing up for sale in smoke shops and gas stations. Democratic Sen. Fabian Doñate asked if the board needed to be given authority to go after illegal operations. 'Happy to contemplate that,' Humm said, but there is no legislation this session that would change that aspect of enforcement. Doñate also pressed CCB officials on what they could do to increase sales, but the board is just following laws set up under previous legislation. Some of the avenues for restaurants, spa businesses and events are allowed, but there are currently only two consumption lounges licensed by the state in Clark County. Laws currently prohibit retail sale of cannabis products except in licensed dispensaries or lounges. Consumption in public is prohibited, but public use outdoors is widespread. Doñate asked about legalizing it at events, and CCB staff explained that would only be legal at the actual site of a lounge. But Doñate had bigger ideas, hinting that the Electric Daisy Carnival might present an opportunity. That would require the Las Vegas Motor Speedway to be a licensed retailer. 'I would like to talk offline on how we could fix that,' Doñate said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
