Category: Financial Content

Use of Forbearance Decreases and Default Rates are Normalizing to Pre-Pandemic Levels

June 27, 2023 – Enterval Analytics, LLC, has released the 20th edition of the bi-annual Private Student Loan Report (“Report”). The latest Report represents data contributions of fourteen private student loan lenders representing 65% of outstanding private student loans in the United States. The Report again shows students and families are responsibly utilizing private student loans to cover college costs.

Private student loan originations increased 10.21% year-over-year in AYTD 2022/23 for a total of $9.28 billion. The vast majority of borrowers continue to effectively manage private student loans. Gross charge-offs have stabilized at 2.44% and forbearance utilization remained extremely low at 1.36%. Early-stage delinquencies rates rose in Q4 2022 and are now normalizing at 2.86%, not far from the pre-pandemic average of 2.57%. Late-stage delinquency levels are 1.44%, consistent with pre-pandemic levels.

“The strength and stability of the private student loan market remains consistent and repayment trends continue to normalize to pre-pandemic levels,” said John Falb, CEO of Enterval Analytics. “While the payment pause on federal loans is set to expire later this summer, we are not expecting a significant impact on private student loan market performance. Private lenders assess the ability to repay through underwriting, which considers federal student loan obligations. Given the continued strength in the US labor market, a mild recession should have limited impacts.”

In addition to being fully underwritten to assess creditworthiness and ability to repay, private student loans are also school-certified, and 87.72% are cosigned. Approximately 7.30% of total student loans outstanding as of Q1 2023 are private student loans, which includes refinance, in-school, and parent loans. The remaining 92.70% of the $1.76 trillion in student loans are owned or guaranteed by the U.S. Department of Education. The Report reflects data as of Q1 2023 for in-school private student loans only and the performance metrics do not include federal student loan data.

The bi-annual Report includes continuous contributions from the five largest private student loan lenders and holders: Citizens Bank, N.A., Discover Bank, Navient, PNC Bank, N.A., and Sallie Mae Bank. In addition, the Report includes data from nine other student lender contributors. In total, these contributors represent most of the in-school originations and a majority of the private student loans outstanding in the U.S.

About Enterval Analytics, LLC.

Enterval Analytics was formed to provide industry leading research, tools, and insights for the private student loan market. Previously, the private student loan report was published by MeasureOne. In 2021, Enterval acquired certain reporting assets of MeasureOne and has assumed the lead in creating this Report.

Enterval has a dedicated team of seasoned professionals, with specialized experience in data analysis, finance, student loan portfolio management, higher education policy, public and government relations—Enterval is uniquely positioned to deliver reporting and software tool solutions focused on the higher education space. For more information about Enterval, visit www.enterval.com.

The full Private Student Loan Report is available for download at https://www.enterval.com/#reports

New York, NY – June 27, 2023 – The National Advertising Division (NAD) of BBB National Programs determined that Haleon, plc provided a reasonable basis for the challenged claims that its Voltaren Arthritis Pain Relief Gel is the:

• “#1 Doctor Recommended Topical Pain Relief Brand”
• “#1 Topical Pain Reliever Globally”

NAD also concluded that the “#1 Doctor Recommended” claim as it appears on Haleon’s website and CVS’ website is not misleading. However, NAD recommended that the advertiser discontinue the claim that “most topicals heat, cool, or irritate the surface of the skin, which masks the pain” or modify it to avoid conveying that other topical pain relievers are ineffective.

The claims at issue were challenged by competitor RB Health (US) LLC.

Voltaren Arthritis Pain Relief Gel is a topical nonsteroidal anti-inflammatory drug (NSAID) that is applied to the skin to provide temporary relief of joint pain associated with arthritis. Originally only available through prescription, Voltaren became available over the counter (OTC) in 2020.

“#1 Doctor Recommended” and “#1 Topical Pain Reliever Globally”

Based on the evidence in the record, NAD concluded that Haleon provided a reasonable basis for the claims “#1 Doctor Recommended Topical Pain Relief Brand” and “#1 Topical Pain Reliever Globally.”

However, NAD found that the claim “#1 Doctor Recommended Topical Pain Relief Brand,” if viewed in isolation and out of context, could reasonably convey a message about Voltaren being indicated for general pain and not just arthritis pain. Therefore, NAD recommended that when the advertiser makes this claim in other contexts it clearly and conspicuously discloses that Voltaren is approved for the treatment of arthritis pain.

“Most Topicals Heat, Cool, or Irritate the Surface of the Skin Which Masks the Pain”

NAD considered whether this claim is merely a description of the mechanism of action of most other topical pain relievers on the market, such as menthol-based products known as “counterirritants.” However, NAD determined that the claim could reasonably convey a misleading message to consumers that such products may harm the skin and be ineffective at treating pain.

Therefore, NAD recommended that the claim be discontinued or modified to avoid conveying the message that other topical pain relievers are ineffective.

In its advertiser statement, Haleon stated that it “agrees to comply with NAD’s decision” and that it “will take NAD’s additional recommendations into consideration in future advertising.”

All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive.

This shall not be used for advertising or promotional purposes.

About BBB National Programs: BBB National Programs, a non-profit organization, is the home of U.S. independent industry self-regulation, currently operating more than a dozen globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. These programs provide third-party accountability and dispute resolution services that address existing and emerging industry issues, create a fairer playing field for businesses, and a better experience for consumers. BBB National Programs continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-and-teen-directed marketing, data privacy, dispute resolution, automobile warranty, technology, and emerging areas. To learn more, visit bbbprograms.org.

About the National Advertising Division: The National Advertising Division (NAD) of BBB National Programs provides independent self-regulation and dispute resolution services, guiding the truthfulness of advertising across the U.S. NAD reviews national advertising in all media and its decisions set consistent standards for advertising truth and accuracy, delivering meaningful protection to consumers and leveling the playing field for business.

 

• Colorado becomes eighth Michelin Guide destination in North America
• Michelin Guide inspectors are already in the field, finding culinary gems

 

DENVER, June 14, 2023 — Michelin and the Colorado Tourism Office today announced the Michelin Guide Colorado, the latest expansion of the Michelin Guide.

Colorado has a rich culinary community that includes both established, notable chefs and innovative up-and-comers. Their restaurant teams are committed to using a wide range of high-quality ingredients, sourced locally and sustainably, with farm-to-table dining being a particular highlight.

Colorado’s mountainous terrain has influenced its culinary landscape, with many restaurants offering dishes inspired by the state’s outdoor lifestyle. Colorado’s gastronomy is influenced by German, Hispanic and Native American cultures; the state is home to several Native American tribes, including the Ute, Navajo and Apache.

The famously anonymous Michelin Guide inspectors award the iconic Michelin Stars – one, two or three – to unparalleled cuisine. The Guide is also renowned for its Bib Gourmand selection, highlighting restaurants that offer great quality food at good prices. The Michelin Green Star is given to restaurants that are leaders in sustainable gastronomy. Recommended restaurants and special professional awards are also highlighted by the inspectors.

The first Michelin Guide Colorado selection will be revealed later in 2023, and it will cover Denver, Boulder, Aspen and Snowmass Village, the Town of Vail and Beaver Creek Resort.

“Colorado has a dynamic culinary scene – one that’s perfect for the Michelin Guide,” said Gwendal Poullennec, the International Director of the Michelin Guides. “The state’s hotspot locations feature

many creative restaurant teams and an exciting mix of flavors. A blend of cultural influences provides chefs inspiration to reinvent classic dishes. And it all starts with the freshest seasonal ingredients, such as local fruits, vegetables, fish and game. Gourmets will travel from near and far to get a taste of what Colorful Colorado has to offer!”

Meticulous in maintaining their confidentiality, Michelin Guide inspectors are already in the field, making dining reservations anonymously and paying for all their meals to ensure they are treated the same as any other customer.

“We are thrilled to partner with the Michelin Guide to highlight the exceptional cuisine, sustainability efforts and innovation of the culinary industry in Colorado,” said Timothy Wolfe, Director of the Colorado Tourism Office. “Colorado residents have long enjoyed the expanding food scene of our incredibly talented chefs, who bring locally harvested ingredients to life. The Michelin Guide will further elevate Colorado as a global dining destination, serving a variety of flavors with the authentically friendly attitude that can only be found in Colorado.”

The Michelin Guide is constantly observing the evolution of culinary destinations around the world. Michelin works with Destination Marketing Organizations, or tourism boards, to promote the travel industry in the respective locations; however, the Michelin Guide selections process remains completely independent and determined by anonymous inspectors. The Michelin Guide is working with the Colorado Tourism Office on marketing and promotion activities only.

The 2023 Colorado restaurant selection will join the Michelin Guide selection of hotels later this year and will feature the most unique and exciting places to stay in Colorado and around the world. Visit the Michelin Guide website, or download the free app for iOS and Android, to book unforgettable hotels and make restaurant reservations through partners OpenTable, Resy and SevenRooms.

History and methodology

The upcoming Colorado restaurant selection will follow Michelin’s historical methodology, based on five universal criteria, to ensure each destination’s selection equity: 1) quality products; 2) the harmony of flavors; 3) the mastery of cooking techniques; 4) the voice and personality of the chef reflected in the cuisine; 5) consistency between each visit and throughout the menu (each restaurant is inspected several times a year).

The Michelin Guide remains a reliable companion for any traveler seeking a great meal. The Guide was first published in France at the turn of the 20th century to encourage tire sales by giving practical advice to French motorists. Michelin’s inspectors still use the same criteria and manner of selection that were used by inspectors in the very beginning, now applied in destinations around the world.

Michelin published its first North American Guide in 2005 for New York. Guides have since been added in Washington, D.C.; Chicago; California; Miami/Orlando/Tampa, Florida; Toronto; and Vancouver.

About Michelin North America, Inc.

Michelin, the leading mobility company, is working with tires, around tires and beyond tires to enable Motion for Life. Dedicated to enhancing its clients’ mobility and sustainability, Michelin designs and distributes the most suitable tires, services and solutions for its customers’ needs. Michelin provides digital services, maps and guides to help enrich travel and make them unique experiences. Bringing its expertise to new markets, the company is investing in high-technology materials, 3D printing and hydrogen, to serve a wide variety of industries — from aerospace to biotech. Headquartered in

Greenville, South Carolina, Michelin North America has approximately 23,000 employees and operates 34 production facilities in the United States and Canada. (michelinman.com)

About the Colorado Tourism Office

The Colorado Tourism Office (CTO) is a division of the Governor’s Office of Economic Development and International Trade. The mission of the CTO is to empower the tourism industry by inspiring the world to explore Colorado responsibly and respectfully. The CTO seeks to advance the strength and resilience of the entire industry through collaboration, inclusivity, innovation and leadership. In 2021, Colorado travelers spent $22.5 billion, generating $1.5 billion in local and state revenues, reducing the tax burden for every Colorado household by $690. For more information, please visit www.colorado.com.

For more information, contact:

Andrew Festa

Michelin North America – External Communications andrew.festa@michelin.com

Hayes Norris

Colorado Tourism Office – Communications Manager Hayes.Norris@state.co.us

SAN DIEGO, CA — Aya Healthcare, the largest healthcare talent software and staffing company in the U.S., today announced its acquisition of Flexwise Health. Through sophisticated analysis of hundreds of thousands of data points, Flexwise technology forecasts gaps in patient demand and staffing levels to assist hospitals in optimizing resource allocation and cost. Predictive recommendations enable real-time insights for staffing decisions while providing visibility to workforce capacity months into the future.

“We’re excited to offer Flexwise to help healthcare systems reduce labor costs by using the power of predictive analytics in their staffing processes,” said Alan Braynin, president and CEO of Aya Healthcare. “We will continue to make significant investments into advanced technologies to drive greater efficiencies and superior operating results for our clients.”

Flexwise will be added to Aya’s suite of software solutions, which includes vendor management and float pool technology. Aya operates the world’s largest healthcare workforce platform, offers rich analytics on market dynamics and labor trends and delivers solutions to help healthcare systems source, manage, onboard and retain clinical and non-clinical labor. 

“With Aya, Flexwise is poised to advance our predictive staffing technology, further expanding its impact in the healthcare industry,” said Kevin Godsey, President of Flexwise Health. “Together, we have an opportunity to revolutionize workforce optimization, providing our clients with invaluable insights.”

“Through the AHA Innovation Development Fund, the AHA was an early supporter and investor in Flexwise alongside several member organizations. We are eager to see Aya continue to develop and deploy this innovative solution to the workforce challenges facing hospitals and health systems across the U.S.,” said Doug Shaw, senior vice president of business development at the American Hospital Association.

To learn more about Flexwise, visit www.flexwisehealth.com.

About Aya Healthcare
Aya Healthcare is the largest healthcare talent software and staffing company in the United States. Aya operates the world’s most innovative workforce platform delivering every component of healthcare-focused labor services, including travel nursing and allied health, per diem, permanent staff hiring, interim leadership, locum tenens and non-clinical professionals. Aya’s software suite, which includes vendor management, float pool technology, physician services and predictive analytics, provides hospital systems greater efficiencies, superior operating results and reduced labor costs. While technology drives efficiency and scale, Aya’s 7,000+ global employees power the company to deliver unparalleled accountability and exceptional experiences for clients and clinicians. Aya’s company culture is rooted in giving back and supports organizations around food security, education, healthcare, safe shelter and equity. To learn more about Aya Healthcare, visit www.ayahealthcare.com.

New York, NY – June 7, 2023 – Following a BBB National Programs National Advertising Division (NAD) challenge brought by competitor Purina Animal Nutrition LLC, Cargill, Incorporated voluntarily permanently discontinued certain comparative performance and superiority claims for its Nutrena^® NatureWise^® line of chicken feeds.

In response to the challenge, Cargill maintained that it possessed adequate substantiation for such claims. However, Cargill informed NAD that it had chosen to permanently discontinue the advertising campaign featuring the challenged claims for business reasons unrelated to Purina’s challenge. Therefore, NAD did not review the claims on their merits.

In its advertiser statement, Cargill thanked NAD for its attention to this matter and stated that it is “proud of the work it does to nourish animals, including flocks fed Nutrena^® NatureWise^® Layer Feeds.”

All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive.

 

About BBB National Programs: BBB National Programs, a non-profit organization, is the home of U.S. independent industry self-regulation, currently operating more than a dozen globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. These programs provide third-party accountability and dispute resolution services that address existing and emerging industry issues, create a fairer playing field for businesses, and a better experience for consumers. BBB National Programs continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-and-teen-directed marketing, data privacy, dispute resolution, automobile warranty, technology, and emerging areas. To learn more, visit bbbprograms.org.

About the National Advertising Division: The National Advertising Division (NAD) of BBB National Programs provides independent self-regulation and dispute resolution services, guiding the truthfulness of advertising across the U.S. NAD reviews national advertising in all media and its decisions set consistent standards for advertising truth and accuracy, delivering meaningful protection to consumers and leveling the playing field for business.

New York, NY – May 25, 2023 – A panel of the National Advertising Review Board (NARB), the appellate advertising body of BBB National Programs, found that T-Mobile‘s express “fast,” “high-speed,” and “reliable” claims for T-Mobile Home Internet (T-HINT) are supported, but recommended certain modifications to the claims so consumers understand the context in which they will receive internet service and the type of performance to expect through T-HINT.

T-HINT provides home internet access through the same wireless networks T-Mobile provides its cellular phone service.

T-Mobile appealed NAD’s recommendations in (Case No. 7140) to discontinue or modify its “fast” and “high-speed” claims and discontinue its “reliable” claim for T-HINT. The advertising at issue had been challenged by Comcast Cable Communications Management, LLC.

The NARB panel concluded that T-Mobile provided a reasonable basis for its express “fast” and “high-speed” claims because T-Mobile uses the data to meet its FCC-required product disclosures and a T-Mobile business executive attested that T-HINT is only sold to customers who will receive download speeds of at least 25 megabits per second and upload speeds of at least 3 Mbps.  The panel likewise concluded its express monadic “reliable” claim was supported by evidence in the record.

However, the NARB panel found that the “high-speed” or “fast” claims imply that consumers will experience speed performance akin to consumers’ experience with wired broadband service which delivers consistent speed with little variation – a message that was not supported as mobile home internet technology introduces substantial fast speed variability into network performance that is unlike wired internet speed performance.

Further, the NARB panel determined that T-Mobile’s “reliable” claim implies service dependability akin to wired home internet service, which requires more robust support than T-Mobile provided.

Therefore, the NARB panel recommended T-Mobile:

• Modify its “fast”, “high-speed”, and “reliable” home internet service claims to clearly and conspicuously disclose that T-HINT provides internet access through a mobile wireless or cellular network and that T-HINT speeds vary due to factors affecting mobile wireless or cellular networks; and
• Modify its speed range claims to include the percentiles of T-HINT customers to which any stated speed ranges apply.

T-Mobile stated that it appreciates the NARB panel’s “careful review and determination that T-Mobile provided a reasonable basis and reliable support for its express claims” that T-HINT is “fast,” “high-speed” and “reliable,” and that, while it disagrees that “these supported express monadic  claims “need further disclosures in order to avoid implying consistent speed and dependability claims, T-Mobile supports the self-regulatory process and will take NARB’s recommendation into account in future advertising.”

All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive.

 

About BBB National Programs: BBB National Programs, a non-profit organization, is the home of U.S. independent industry self-regulation, currently operating more than a dozen globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. These programs provide third-party accountability and dispute resolution services that address existing and emerging industry issues, create a fairer playing field for businesses, and a better experience for consumers. BBB National Programs continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-and-teen-directed marketing, data privacy, dispute resolution, automobile warranty, technology, and emerging areas. To learn more, visit bbbprograms.org.

About the National Advertising Review Board (NARB): The National Advertising Review Board (NARB) is the appellate body for BBB National Programs’ advertising self-regulatory programs. NARB’s panel members include 85 distinguished volunteer professionals from the national advertising industry, agencies, and public members, such as academics and former members of the public sector. NARB serves as a layer of independent industry peer review that helps engender trust and compliance in NAD, CARU, and DSSRC matters.

Dubai, UAE: The British Council held its annual Schools Now! conference, in Dubai on 1 and 2 March 2023, which brought together over 2,000 education leaders and professionals from British Council’s Partner Schools around the world, to discuss the latest innovations in teaching and learning across international education.

Schools Now! 2023, themed ‘Transforming Schools: Leadership at all levels’, explored effective leadership across school communities through keynote presentations, panel discussions and workshops. Delegates learned about the importance of developing student leaders, as well as professional pathways to leadership.

Douglas Woods, Global Head of Education Services, British Council, spoke of promoting leadership at all levels in schools to enable an inclusive culture, that nurtures talents and distributes leadership effectively across staff. Through this approach a safe and enriching environment is enabled where students will have the confidence to step up and develop their own leadership skills that will support them in schools and throughout their lives. He also touched upon how effective leadership is more important for schools than at any time in the past as we emerge from the pandemic.

Sir Mark Grundy, CEO of Shireland Collegiate Academy Trust, who delivered the first keynote, explored the topic of retaining our best staff and achieve the highest and most specific levels of achievement for our young people. Professor Eman Gaad, Dean of the Faculty of Education and a Professor of Special and Inclusive Education, British University in Dubai (BUiD) spoke about the perceptions of educational leadership for inclusivity. Other keynotes focused on developing 21st century student leaders and leadership development at multiple levels in the school community.

Simon Higgins, Global Head of School Exams, British Council said, ‘We were delighted to host our eighth annual flagship event Schools Now! global conference in Dubai. This year’s theme, ‘Leadership at all levels’ helped school leaders to reflect on the challenges they continue to face daily in a post pandemic world, and also explored ways to develop leadership throughout their school to better support staff, students, and the wider community.’

Mark Walker, Director English & Exams, British Council highlighted the importance of bringing together education leaders from around the world to share ideas, best practices, and perspectives, ‘At the British Council, we are passionate about changing lives. We work hand-in-hand with individuals to help them gain the skills, confidence, and connections they need to transform their lives and shape a better world. From learning English to gaining internationally recognized qualifications, we are dedicated to helping our partners build networks, explore creative ideas, and access high-quality education.’

Globally, British Council Partner Schools work with more than 2,000 schools, support over 100,000 teachers and touch the lives of about one million students. With attendees from the Americas, Europe Sub-Saharan Africa, Middle East & North Africa, South Asia and East Asia, the truly global event helps to support the mission of the British Council in building connections, understanding and trust through education.

For media enquiries, please contact:

Anna Koniuhova
Senior Communications Manager
MENA at Anna.Koniuhova@britishcouncil.org

About the British Council

The British Council is the UK’s international organisation for cultural relations and educational opportunities. We support peace and prosperity by building connections, understanding and trust between people in the UK and countries worldwide. We work with people in over 200 countries and territories and are on the ground in more than 100 countries. In 2020–21 we connected with 67 million people directly and with 745 million people overall.

For more information, please visit: www.britishcouncil.org . You can also keep in touch with the British Council through http://twitter.com/britishcouncil and http://blog.britishcouncil.org/.

New York, NY – February 28, 2023 – In a Fast-Track SWIFT challenge brought by AT&T Services, Inc., the National Advertising Division (NAD) of BBB National Programs recommended that Verizon Communications, Inc. modify disclosures used in connection with its claim that consumers who switch to Verizon will get service “for just $25 a line guaranteed for three years.”

Fast-Track SWIFT is an expedited challenge process designed for single-issue advertising cases brought to NAD.

AT&T challenged a pricing claim made by Verizon in a television commercial featuring actress Cecily Strong and actor Paul Giamatti, who portrays Albert Einstein. The commercial promotes Verizon’s “Welcome Unlimited” plan where consumers who switch to Verizon can get service “for just $25 a line guaranteed for three years.”

In this challenge, NAD considered whether the challenged Verizon television commercial accurately and effectively conveyed the message that the “guaranteed” monthly $25 per line price is exclusive of taxes and fees.

NAD noted that in advertising the price of a product or service, the total price the consumer will pay is material to the purchasing decision, especially in advertisements for monthly services. As a result, it is material that the advertised price of $25 per line excludes taxes and fees and this material limitation on the advertised prices must be clearly and conspicuously disclosed.

To inform consumers of the material limitation of the price guarantee (it excludes taxes and fees), NAD recommended that Verizon modify its disclosures to make them clear and conspicuous and easy for consumers to notice, read, and understand:

• For example, the advertiser should keep the taxes and fees disclosure on screen at all times the actors are discussing the offer and separate it from the long block text disclosure at the bottom of the screen.
• Additionally, the fee disclosure should be incorporated in the main claim or in similar size text and font in close proximity to the main claim or disclosed in the audio.

 

NAD determined that the AT&T challenge was appropriate for Fast-Track SWIFT as NAD’s review did not require the review of complex evidence or substantiation related to the advertiser’s pricing claim.

In its advertiser statement, Verizon stated that it will comply with NAD’s recommendation that it make its disclosure even more proximate to the claim even though reasonable consumers understand taxes and fees are separate from the advertised rate and two disclosures appeared on screen twice.

All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive.

 

About BBB National Programs: BBB National Programs, a non-profit organization, is the home of U.S. independent industry self-regulation, currently operating more than a dozen globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. These programs provide third-party accountability and dispute resolution services that address existing and emerging industry issues, create a fairer playing field for businesses, and a better experience for consumers. BBB National Programs continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-and-teen-directed marketing, data privacy, dispute resolution, automobile warranty, technology, and emerging areas. To learn more, visit bbbprograms.org.

About the National Advertising Division: The National Advertising Division (NAD) of BBB National Programs provides independent self-regulation and dispute resolution services, guiding the truthfulness of advertising across the U.S. NAD reviews national advertising in all media and its decisions set consistent standards for advertising truth and accuracy, delivering meaningful protection to consumers and leveling the playing field for business.