Financial institutions

Last year presented some of the greatest challenges Carson City small business owners have faced. Unfortunately, there has been a disproportionate effect on diverse-owned businesses, including those owned by Black and African American entrepreneurs.

Greater Nevada Credit Union, a Carson City-based credit union serving northern Nevada, contributes $25,000 as the first corporate sponsor and financial institution to the Audacity Fund Reno, which provides funding, education and support to local business owners from underserved populations.

CARSON CITY — To assist with disaster relief during this devastating fire season, Greater Nevada Credit Union has donated $30,000 to three different credit unions coordinating relief efforts in California and Oregon. Rogue Credit Union Foundation in Medford, Ore.; Redwood Credit Union Community Fund in Santa Rosa, Calif.; and Sierra Central Credit Union in Yuba City, Calif. will each receive $10,000 to assist with ongoing relief efforts.

UPDATE: While the businesses at Topsy Lane have Carson City addresses, Topsy Lane is technically within the jurisdiction of Douglas County, bringing Carson City's fined businesses to 1, and Douglas County's to 2.

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According to the Nevada Division of Industrial Relations, six Northern Nevada businesses were cited for failing to comply with COVID-19 safety guidelines, three of which were in Carson City.

Laws implementing a wide range of criminal justice reforms, establishing a state board responsible for regulating marijuana and creating a payday loan database finally take effect Wednesday, more than a year after the 2019 legislative session ended.

RENO - Based on processed applications as of May 13, 2020, Nevada State Bank has announced approval for 4,255 U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans totaling $592,005,500.

More than 68% of the loans were made to businesses with fewer than 10 employees and approximately 82% of the loans approved were for amounts less than $150,000 (57% for amounts less than $50,000). The funding will help preserve payrolls for 65,607 Nevada jobs, based on applicant data.

Gov. Steve Sisolak has ordered — not asked — all nonessential businesses in the state to shut down and cease operations at midnight Friday as part of a monthlong closure to avoid further spread of the novel coronavirus.

But what exactly is an “essential” or “nonessential” business?

The Nevada Department of Business and Industry has launched a central repository for questions, concerns and notices related to the COVID-19 outbreak in relation the state's business and finance related agencies.

COVID 19 and Real Estate – What You Need To Know- One Realtors Advice.

Nevada’s response to the COVID-19 pandemic has restricted the activities of many local businesses that aren’t considered “essential.” Realtors are among the list included in essential businesses, so are lenders, title companies, and banks.
With that said and with direction from Nevada Realtors Association at the state level there are some things to be aware of.

On Wednesday, the Nevada Health Response Center (NHRC) released the COVID-19 Risk Mitigation Initiative listing of essential services and sectors and non-essential services and sectors. The release includes social distancing measure.

Gov. Steve Sisolak’s request Tuesday night for all non-essential businesses in the state, including casinos, to close their doors for 30 days in order to avoid further spread of the novel coronavirus has been met with some confusion over what is and isn’t an “essential” business.

UPDATE: The press conference is available by going here.
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Gov. Steve Sisolak on Tuesday ordered a sweeping shutdown of nonessential businesses, including casinos and retail stores, for 30 days, a move that would have been unthinkable weeks ago before the novel coronavirus wreaked its havoc around the world.

With home prices rising in many areas of the country, many people are worried that we’re headed for a housing crash like the one we suffered in 2008.

But here’s the thing: it’s just not true. While it’s understandable that people would look at the current market, consider it a “housing bubble,” and assume it’s going to pop, the truth of the matter is the market today couldn’t be any more different than they were before the crash of 2008.

Let’s look at four reasons why we’re not headed for another housing crash:

1. Banks have tightened their lending practices

Last month the Douglas County Sheriff’s Office visited a senior citizen for a Caring Neighbors referral. Caring Neighbors is a new program administered by DCSO, where qualified and uniformed volunteers call and visit the seniors in our community.

Most folks know that our tax rules require reporting of worldwide income. Now special forms are required to disclose foreign financial assets (Form 8938 and FinCEN 114).

United Federal Credit Union (UFCU) marked the formal opening of its newest Carson City branch with a ribbon-cutting ceremony on Wednesday, November 2.

Credit union leaders were joined by community dignitaries, members and staff at the new facility, located at 935 Jacks Valley Road.

The Treasury Department recently told of the efforts to curtail tax evasion. Some proposed regulations would use the recent release of the “Panama Papers” to audit the high-profile individuals and overseas tax havens largely used to hide cash and avoid taxes.

Sometimes folks ask "is IRS really trying to collect from those who try to cheat on their taxes-not report all the income"?

On Jan. 29 Acting Assistant Attorney General Caroline Ciraolo gave some information on what is being done on folks and banks that try to hide foreign bank accounts and not report the income earned.

Ballot Question 1, creating a Court of Appeals

The problem is that the Nevada Supreme Court is overwhelmed by appeals. But the proposed fix, detailed in Senate Bill 463 (2013), does not address the fact that the Court has no authority to decide which cases it will hear. Instead, Nevada must be just like everybody else, a “government of, by and for lawyers.”

Both problems have a simple, quintessentially conservative solution, proposed by Gary Schmidt, recently a candidate for State Senator from district 16 -- Tort Reform:

Over the past year and a half, Greater Nevada Credit Union (GNCU), the area’s largest locally-based credit union, has seen more than 115% growth in its business lending portfolio. One of the credit union’s newest products, construction loans, is taking off just as rapidly, thanks to local businesses that want to expand, and the unique services offered by Greater Nevada to help them do it.

Business owners and aspiring entrepreneurs will have an opportunity to access resources and learn more about overcoming the issues and challenges of launching or expanding a business during the Governor’s Conference on Small Business 2013. The annual statewide conference, taking place in Reno for the first time on August 28 at the Grand Sierra Resort, will provide a comprehensive one-stop resource for information on funding, licensing, regulatory compliance and much more.

Statewide taxable sales in Nevada for March increased by 5 percent over March 2012 and a 5.4 percent increase for the fiscal year, the state's Department of Taxation reports Tuesday. In Carson City, taxable sales increased by 10.9 percent, largely due to the Nevada Legislative session.

CARSON CITY – Gov. Brian Sandoval today announced he has appointed Bruce Breslow as director of the Department of Business and Industry, effective November 12. Breslow is currently Director of the Department of Motor Vehicles.

RBS Financial Products will pay a $42 million settlement to resolve an investigation into the firm’s role in purchasing and securitizing subprime and payment option adjustable rate mortgages in Nevada.
The assurance of discontinuance, filed in Eighth Judicial District Court, requires RBSFP to commit to certain changes in its practices to the extent it securitizes Nevada mortgages and to pay the State $42 million to be used for payments to affected borrowers, mortgage fraud enforcement, and foreclosure prevention, and attorney’s fees and costs.

Greater Nevada Credit Union (GNCU) recently named Linda Barker as Vice President of Information Technology. Barker is responsible for leading the credit union’s technology initiatives and supporting its internal team, business partners, and members.

CARSON CITY – A new federal program is bringing $13.8 million to Nevada to lend to small businesses to spur job growth, Gov. Brian Sandoval announced earlier this week.
The funds provided to Nevada’s State Small Business Credit Initiative (SSBCI) by the Small Business Jobs Act are expected to help create private sector jobs and spur more than $138 million in additional lending to small businesses in Nevada, Sandoval said.

CARSON CITY – Gov. Brian Sandoval has appointed Las Vegas financial adviser Ken Wiles to the Economic Forum, a panel of mostly private citizen fiscal experts charged with making tax revenue projections for the state.

Reno-based Nevada Security Bank, with three Reno branches and an administrative office, an Incline Village branch, and a Roseville, Calif., branch were closed Friday by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation as receiver.

Carson River Community Bank in Carson City was closed today by the Nevada Department of Business and Industry, Financial Institutions Division, which appointed the Federal Deposit Insurance Corporatio

She started with the standard "I am so proud to be an American," paid respect with "happy birthday Ronald Reagan," and almost blew it with a lame "ice tea" joke.