Alimentation Couche-Tard Inc. and CrossAmerica Partners LP Agree to Pay $3.5 Million Civil Penalty to Settle FTC Allegations that they Violated 2018 Order

Retail fuel station and convenience store operator Alimentation Couche-Tard Inc. (“ACT”) and its former affiliate, CrossAmerica Partners LP (“CAPL”), have agreed to pay a $3.5 million civil penalty to the FTC to settle allegations that they violated a 2018 order requiring divestitures of 10 retail fuel stations in Minnesota and Wisconsin to Commission-approved buyers no later than June 15, 2018.

The 2018 order settled FTC charges that ACT’s and CAPL’s acquisition from Holiday Companies of approximately 380 retail fuel stations with attached convenience stores in 10 states was anticompetitive because it would have increased the risk of both unilateral and coordinated anticompetitive effects in 10 local retail fuel markets.

The FTC alleges that ACT and CAPL violated the 2018 order by:

  • failing to divest to one or more Commission-approved buyers by June 15, 2018, retail fuel stations in the Minnesota divestiture markets of Aitkin, Hibbing, Minnetonka, Mora, St. Paul, and St. Peter; and the Wisconsin divestiture markets of Hayward, Siren, and Spooner;
  • failing to maintain the viability, marketability, and competitiveness of the Hibbing retail fuel station, and failing to divest the retail fuel station as an on-going business;
  • failing to provide accurate and detailed information in compliance reports submitted in March, April, and May of 2018 about their efforts to divest; and
  • failing to provide, in compliance reports from June 18, 2018, through at least June 19, 2019, a full description of efforts to comply with the 2018 order to maintain assets with regard to the Hibbing retail fuel station.

The Commission votes to authorize the staff to file the civil penalty complaint and to approve the proposed judgment, and to issue a Commission Statement were both 5-0. The FTC filed the complaint and proposed judgment in U.S. District Court for the District of Columbia.

NOTE: The Commission authorizes the filing of a complaint when it has “reason to believe” that the named defendants are violating or are about to violate the law and it appears to the Commission that a proceeding is in the public interest. Judgments have the force of law when approved and signed by the District Court judge.

SBA and Treasury Announce Release of Paycheck Protection Program Loan Data

WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP).  This disclosure covers each of the 4.9 million PPP loans that have been made.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin.  “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas.  The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued.  “Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.”

“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said Administrator Jovita Carranza.  “In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic.  Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program.  The jobs numbers released last week reinforced that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”  

Today’s release includes loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges as follows:

  • $150,000-350,000
  • $350,000-1 million
  • $1-2 million
  • $2-5 million
  • $5-10 million

These categories account for nearly 75 percent of the loan dollars approved.  For all loans below $150,000, SBA is releasing all of the above information except for business names and addresses.

The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry.  The loans have reached diverse communities proportionally, across all income levels and demographics.

In addition, the data provides information regarding the sizes of participating lenders and participation by community development financial institutions, minority depository institutions, Farm Credit System institutions, fintechs and other nonbanks, and other types of lenders.  It further contains data showing the reach of the program in underserved communities, rural communities, historically underutilized business zones (HUBZones), and participation by religious, grantmaking, civil, professional, and other similar organizations.

View the Paycheck Protection Program Report through June 30th.

Loan-level data.

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Due to COVID-19 Pandemic, FTC Grants Public Access to Four Administrative Proceedings Via Telephone or Live Streaming

Federal Trade CommissionHeadquarters:
600 Pennsylvania Avenue, NW
Washington, DC 20580
Contact Us

Due to COVID-19 Pandemic, FTC Grants Public Access to Four Administrative Proceedings Via Telephone or Live Streaming

Federal Trade CommissionHeadquarters:
600 Pennsylvania Avenue, NW
Washington, DC 20580
Contact Us

FTC Gives Final Approval to Settlement with Digital Game Maker

The Federal Trade Commission finalized a settlement with a digital game maker over allegations it misled consumers about its membership in a program aimed at ensuring companies adhere to requirements of the Children’s Online Privacy Protection Act (COPPA).

The FTC alleged that Miniclip, S.A., a Swiss-based company that makes mobile and online digital games, falsely claimed from 2015 through mid-2019 that it was a member of the Children’s Advertising Review Unit’s (CARU) COPPA safe harbor program even though Miniclip’s membership had been terminated in 2015. Under the FTC’s COPPA Rule, companies are deemed in compliance with COPPA if they are a member and adhere to the guidelines of an FTC-approved COPPA safe harbor program.

As part of the settlement, Miniclip is prohibited from misrepresenting its participation or certification in any privacy or security program sponsored by a government or any self-regulatory organization, including the CARU COPPA safe harbor program. Miniclip is also subject to compliance and recordkeeping requirements.

After receiving no comments, the Commission voted 5-0 to finalize the settlement.

OCC Releases CRA Evaluations for 21 National Banks and Federal Savings Associations

News Release 2020-88 | July 2, 2020

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 1, 2020 through June 30, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

Of the 21 evaluations made public this month, 11 are rated satisfactory, nine are rated outstanding, and one is rated needs to improve.

A list of this month’s evaluations is available here. Click on the institution’s charter number to view a pdf of the evaluation. The OCC’s website (https://www.occ.gov) also offers access to a searchable list of all public CRA evaluations. Copies of the evaluations may also be obtained by submitting a request electronically through the OCC’s Freedom of Information Act (FOIA) website https://foia-pal.occ.gov/palMain.aspx or by writing to the Office of the Comptroller of the Currency, Communications Division, Suite 3E-218, Washington, DC 20219. When requests are made electronically, remember to include your postal mail address.

Media Contact

Public Affairs
(202) 649-6870

CFPB, OCC Host Virtual Innovation Office Hours

News Release 2020-87 | July 2, 2020

Joint Release

Consumer Financial Protection Bureau
Office of the Comptroller of the Currency

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) today announced they will host joint, virtual Innovation Office Hours, July 29-30, as part of the American Consumer Financial Innovation Network (ACFIN). Participants will have the opportunity to discuss issues that touch upon both consumer protection and prudential regulation.

Office Hours are one-on-one meetings with representatives from the OCC and CFPB Offices of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services. Each meeting will last no longer than one hour.

Interested parties should request a virtual office hours session by July 17, 2020, and are asked to provide information on the topic(s) they are interested in discussing with the Offices of Innovation. Specific meeting times and arrangements will be determined after the OCC and CFPB receive and accept the request.

The CFPB, along with its state partners, launched ACFIN to enhance coordination among federal and state regulators as it relates to innovation and to further objectives such as consumer access, competition, and financial inclusion. Additionally, ACFIN provides a platform for members to share information to facilitate coordination on innovation policies and programs. In addition to the CFPB and OCC, ACFIN members include the attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, Ohio, South Carolina, Tennessee, and Utah; and state financial regulators from Florida, Georgia, Missouri, Ohio, Utah, Tennessee, and Wyoming. ACFIN membership is open to any state and federal partners interested in joining.

Related Links

Media Contacts

CFPB
Marisol Garibay
(202) 384-8538

OCC
Stephanie Collins
(202) 649-6870

BRP TO INCREASE MANUFACTURING CAPACITY IN MEXICO TO MEET SIDE-BY-SIDE VEHICLES DEMAND

Valcourt, Quebec, July 2, 2020 – BRP (TSX: DOO; NASDAQ: DOOO) announced today that it is increasing its manufacturing capacity with the construction of a new facility in Mexico to meet demand for its off-road vehicles (ORVs) business.

This expansion of BRP’s production facilities is intended to help keep pace with the increased demand for Can-Am side-by-side vehicles (SSVs) experienced in recent years. After a temporary slowdown due to COVID-19, retail sales went up by over 35% in May, compared to the previous year, and the trend continued in June.

“Despite the pandemic, demand for our products has remained strong, and even surpassed last year’s figures for the same period,” said José Boisjoli, President and CEO. “Our continued innovation and steady growth in SSVs make this additional capacity necessary to meet our goal of achieving 30% market share”, he added.

The planned facility will be located in Juárez and represents an investment of an estimated CA$185M and would result in the creation of up to 1,000 permanent jobs. BRP’s total capital expenditure for FY21 is now expected to be in a range of CA$275M to CA$300M.

Site planning and construction are scheduled to begin within the next months, and the plant is expected to be ready for operation by Fall 2021. This new plant, combined with the company’s two off-road manufacturing facilities in Juárez, will create positive operational synergies and efficiencies.

About BRP

We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.1 billion from over 120 countries, our global workforce is made up of approximately 12,600 driven, resourceful people.

www.brp.com

@BRPNews

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Quintrex, Stacer, Savage and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements relating to the plan to build a new production facility in Mexico, the  costs related to this project and the planned increase in capital expenditure for fiscal year 2021, the moment when this proposed new facility will start operation, the number of permanent jobs expected to be created, the impact of this proposed new plant on the Company’s production capacity, other statements about the Company’s current and future plans, its ability to address the COVID-19 pandemic and other statements about the Company’s prospects, expectations, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, financial position, market position, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, the expected growth in demand for products and services in the markets in which the Company competes, research and product development activities, including projected design, characteristics, capacity or performance of future products and their expected scheduled entry to market, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of applicable securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements are presented for the purpose of assisting readers in understanding certain key elements of the Company’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Company’s business guidance, objectives, plans and strategic priorities will be achieved. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the risk factors that are discussed in greater detail under the heading “Risk Factors” of its Annual Information Form and other filings filed with the securities regulatory authorities in each of the provinces and territories of Canada and the United States, available on SEDAR at sedar.com or EDGAR at sec.gov. The forward-looking statements contained in this press release represent BRP’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, BRP disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

 

For media enquiries:

Elaine Arsenault

Senior Advisor, Media Relations

Tel.: 514.238.3615

[email protected]

 

For investor relations:

Philippe Deschênes

Investor Relations

Tel.: 450.532.6462

[email protected]

 

Statement from Secretary Steven T. Mnuchin on the African Development Bank Ethics Review

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the African Development Bank ethics review:

“I welcome the African Development Bank Governors’ decision to conduct an independent review of the work of the Bank’s Ethics Committee and its appointment of a high-level panel led by former Irish President Mary Robinson to conduct the review. Undertaking an independent review is fully consistent with a presumption of innocence. International financial institutions must adhere to the highest standards of governance and transparency, and the decision to pursue an independent review demonstrates the strength of the African Development Bank.”

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Treasury and Five Major Airlines Agree on Loan Terms

WASHINGTON – Today the U.S. Department of the Treasury announced that American Airlines, Frontier Airlines, Hawaiian Airlines, Sky West Airlines, and Spirit Airlines have signed letters of intent setting out the terms on which Treasury would extend loans under Division A, Title IV, Subtitle A of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

“We are pleased that major air carriers intend to use this important program and for Treasury to use its authority under the CARES Act to provide much-needed financial assistance, while ensuring appropriate taxpayer compensation,” said Secretary Steven T. Mnuchin.  “Conversations with other airlines continue, and we look forward to finalizing agreements as soon as possible.”

Title IV of the CARES Act authorizes the Department of the Treasury to make loans to eligible businesses related to losses incurred as a result of the coronavirus pandemic.  It requires borrowers to provide warrants, equity interests, or senior debt instruments as appropriate taxpayer compensation.  Participating borrowers must also commit to certain requirements under the CARES Act to maintain employment levels and limit employee compensation, dividends, and share repurchases. 

Loan terms are subject to the execution of definitive agreements, and relevant transaction documentation will be posted on www.Treasury.gov/CARES within 72 hours after a transaction is completed.

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