David Herndon, the Kansas bank commissioner, told a joint committee of the Kansas Legislature that he continued to have reservations about the banking charter issued to Beneficient Fiduciary Financial LLC of Hesston because the law creating the unique form of banking prevented state regulators from fully reviewing operations of SFF. (Sherman Smith/Kansas Reflector) TOPEKA — The Kansas banking commissioner renewed apprehension about regulatory limitations in state law that inhibit thorough examination of the unusual business granted a banking charter by order of the Kansas Legislature. State banking commissioner David Herndon said Kansas law adopted in 2022 provided the charter to Beneficient Fiduciary Financial LLC of Hesston and simultaneously forbid the Kansas Office of State Banking Commissioner from applying international evaluation standards to BFF. The statute blocked the commissioner from rating BFF in terms of capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. Kansas kept state banking regulators from fully examining operations of BFF, Herndon said, despite his belief BFF’s debt instruments should be considered a “substandard asset.” Two recent limited evaluations of BFF by Herdon’s staff remain confidential, he said. In addition, Herndon last week told the Kansas Joint Committee on Fiduciary Financial Institutions that state law failed to meet requirements established by the Federal Bureau of Investigation for background checks of organizers at BFF or any other technology-enabled fiduciary financial institution, or TEFFI, authorized by the state. So far, BFF is the lone TEFFI in Kansas. “Those concerns remain, and in some cases, have deepened,” said Herndon, who had sounded alarms since inception of the TEFFI concept. “It is still impossible to conduct a meaningful safety and soundness examination.” The U.S. Securities and Exchange Commission launched an investigation of Beneficient, the Dallas-based parent company of BFF. In July, Beneficient said the SEC closed that inquiry and wouldn’t recommend enforcement action by the SEC. However, Herndon said, financial problems at the parent company could bleed into BFF and other Beneficient subsidiaries. A series of executives associated with Beneficient and BFF offered the bipartisan House and Senate oversight committee a contrary perspective on work to implement a TEFFI law unique to Kansas. The executives said the company had faced challenges, but were bullish on prospects of generating revenue, contributing to economic development in Kansas and serving as a positive example for how business could be conducted under a TEFFI model. The heart of the operation involved Beneficient assisting wealthy individuals and business owners to exchange illiquid assets locked in investment funds for liquid assets such as cash and stock. Beneficient has no interest in the deals on expensive artwork, antique vehicles or wine collections, but has targeted private equity assets that hold value but don’t produce regular cash flow. The Kansas-endorsed business earns fees for work with these alternative assets. Twenty percent of a 2.5% cut in fee revenue must be diverted to the Kansas Department of Commerce for distribution to economic development projects across the state. The remaining 80% of this slice of fee revenue must flow to the Beneficient Heartland Foundation for economic development in Hesston. Brad Heppner, CEO and board chairman of BFF, said constraints in the U.S. economy inhibited mergers and acquisitions that would have contributed to Beneficient’s TEFFI business model. After taking Beneficient public on Nasdaq in 2023, the financial services company’s stock crashed. The 52-week high in Beneficient stock value was $51.14 per share and the 52-week low was less that $1 per share. On Tuesday, it sat at 82 cents per share. Heppner told state lawmakers he was optimistic there would be a surge during the next year or so in U.S. mergers and acquisitions. He said the forecast was based, in part, on promises made by President-elect Donald Trump. “We have turned the corner,” Heppner said. “Finally, after a pretty disastrous previous year.” He said there were no guarantee of a stronger market for alternative asset deals, “but there’s general euphoria.” In April 2022, Heppner predicted as many as 50 companies eager to operate as a TEFFI could open offices in Hesston within two years. None have done so. Rep. Stephen Owens, a Hesston Republican and legislative champion of BFF and Beneficient, said when the TEFFI law was created that it could attract alternative asset businesses to Kansas in the same way the credit card issuing industry boomed in South Dakota. He said two years ago a business-friendly TEFFI model could drive as much as $1 billion over a decade into Kansas. Owens is on the joint legislative oversight committee responsible for monitoring BFF. Democratic Sen. Jeff Pittman of Leavenworth, another member of the committee, said he was concerned the TEFFI concept hadn’t taken off in the way Heppner and Owens predicted in the past. He said members of the Legislature would benefit from testimony by independent experts in the banking industry who might explain what was holding back investment in the TEFFI market. During the joint committee’s recent hearing at the Capitol, testimony came from BFF associates, the state banking commissioner and the state Department of Commerce. Heppner said it was true BFF remained the lone TEFFI in the United States, but he asserted there was interest from two out-of-state groups that might be willing to enter the alternative asset business in Kansas. He didn’t identify those entities. The state banking commissioner said he’d had no inquiries from companies intrigued by Kansas’ first-of-its-kind alternative asset framework. Sen. Michael Fagg, R-El Dorado, praised BFF’s distribution of several million dollars in economic development seed grants through the Department of Commerce. The third round of grants were released by the Department of Commerce in September. Fagg lauded plans to move ahead with revitalization of Main Street in Hesston, including development of a grocery store. That work is funneled through the Beneficient’s foundation. “We wouldn’t have any of this economic development without BFF,” Fagg said. “We’re trying to promote a new idea. I wanted to personally and publicly thank them (BFF) for that.” Former state Sen. Jeff King, an attorney with Crossroads Legal Solutions who represents Benificient and BFF, said the federal SEC investigation of Beneficient came to an end. He said the Beneficient believed it was time for the Legislature to consider how the current regulatory structure had performed and how changes could more effectively attract clients. Alan Dienes, managing director and chief operating office at BFF, urged lawmakers to exempt BFF from certain regulations typical of a bank. He said state law required BFF to complete daily and monthly reports in the manner of a bank, but the TEFFI shouldn’t be treated as such. He said the 2025 Legislature should allow BFF more time to compile quarterly reports and be exempted from lending limits. “We think it’s time to start fine-tuning the statute,” he said. “The world changes a little bit.” BFF executives urged the Legislature to compel the Department of Commerce to launch a marketing campaign to recruit businesses that might make use of a TEFFI charter. BFF president Derek Fletcher said the state’s TEFFI law should be amended during the upcoming session to recognize movement toward digitization of asset ownership. He said the state’s $250,000 application fee for a TEFFI was too high, despite the scheduled lowering of that fee to $100,000 next year. He said the fee was a barrier to entry into the TEFFI business world. If the Legislature took up a TEFFI reform bill, the state banking commissioner said lawmakers should include provisions that would address voluntary or involuntary termination of BFF operations or of any subsequent TEFFI. Beneficient executives previously opposed placement into statute of language that outlined what would happen if a TEFFI was declared insolvent. In the past, Sen. Tom Holland, D-Baldwin City, was unsuccessful in generating interest in legislation that would grant state regulators the authority to suspend Beneficient’s operations. Holland also had sought a state-led inquiry of Beneficient and Beneficient’s former parent company, GWG Holdings. A federal lawsuit alleges GWG Holdings misled investors by selling hundreds of millions of dollars in bonds. GWG Holdings spun off Beneficient in 2022 as the Legislature was engaged in developing a program to create the TEFFI sought by Beneficient.
US to send $1.25 billion in weapons to Ukraine, pushing to get aid out before Biden leaves office WASHINGTON (AP) — U.S. officials say the United States is expected to announce it will send another $1.25 billion in military assistance to Ukraine. It's part of a push by the Biden administration to get as much aid to Kyiv as possible before leaving office on Jan. 20. Officials say the large package of aid includes a significant amount of munitions, including for the National Advanced Surface-to-Air Missile Systems and the HAWK air defense system. It also will provide Stinger missiles and 155 mm- and 105 mm artillery rounds. The officials say they expect the announcement will be made on Monday. They spoke on condition of anonymity to provide details not yet made public. An online debate over foreign workers in tech shows tensions in Trump's political coalition WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in the president-elect’s political movement into public display. The argument previews fissures and contradictory views his coalition could bring to the White House. The rift laid bare tensions between the newest flank of Trump’s movement — that is, wealthy members of the tech world who want more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says WASHINGTON (AP) — A top White House official says a ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But Anne Neuberger, a deputy national security adviser, said Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks. Israeli troops burn northern Gaza hospital after forcibly removing staff and patients, officials say DEIR AL-BALAH, Gaza Strip (AP) — Gaza's Health Ministry says Israeli troops have stormed one of the last hospitals operating in the territory's north on Friday and forced many of the staff and patients outside. Then they had to remove their clothes in winter weather. It was the latest assault on Kamal Adwan Hospital. Parts of it were set on fire. Staff say it has been hit multiple times in the past three months by Israeli troops waging an offensive against Hamas fighters in surrounding neighborhoods. Israel's military says Hamas uses the hospital as a base. It did not provide evidence, and hospital officials have denied it. Azerbaijani and U.S. officials suggest plane that crashed may have been hit by weapons fire U.S. and Azerbaijani officials have said weapons fire may have brought down an Azerbaijani airliner that crashed on Wednesday, killing 38 people. The statements from Rashad Nabiyev and White House national security spokesman John Kirby on Friday raised pressure on Russia. Officials in Moscow have said a drone attack was underway in the region that the Azerbaijan Airlines flight was destined for but have not addressed statements from aviation experts who blamed the crash on Russian air defenses responding to a Ukrainian attack. The plane was flying from Azerbaijan’s capital of Baku to Chechnya on Wednesday when it crashed, killing 38 people and leaving all 29 survivors injured. Court rules Georgia lawmakers can subpoena Fani Willis for information related to her Trump case ATLANTA (AP) — A judge has ruled that the Georgia state Senate can subpoena Fulton County District Attorney Fani Willis. It's part of a inquiry into whether Willis has engaged in misconduct during her prosecution of President-elect Donald Trump. But Fulton County Superior Court Judge Shukura Ingram is giving Willis the chance to contest whether lawmakers’ demands are overly broad before Willis responds. A Republican-led committee was formed earlier this year and sent subpoenas to Willis in August seeking to compel her to testify during its September meeting and to produce scores of documents. Willis argued that the committee didn’t have the power to subpoena her. US homelessness up 18% as affordable housing remains out of reach for many people Federal officials say the United States saw an 18.1% increase in homelessness, a dramatic rise driven mostly by a lack of affordable housing as well as devastating natural disasters and a surge of migrants in several parts of the country. The U.S. Department of Housing and Urban Development said that federally required tallies taken across the country in January found that more than 770,000 people were counted as homeless. That increase comes on top of a 12% increase in 2023, which HUD blamed on soaring rents and the end of pandemic assistance. Among the most concerning trends was a nearly 40% rise in family homelessness. In states that ban abortion, social safety net programs often fail families MEMPHIS, Tenn. (AP) — Tennessee has a nearly total abortion ban and a porous safety net for mothers and young children. GOP state leaders in Tennessee and other states that banned abortion after the U.S. Supreme Court overturned Roe v. Wade in 2022 argue that they are bolstering services for families. Recent research and an analysis by The Associated Press has found that from the time a Tennessee woman gets pregnant, she faces greater obstacles to a healthy pregnancy, a healthy child and a financially stable family life than the average American mom. What Snoop wants: Arizona Bowl gives NIL opportunities to players for Colorado State, Miami (Ohio) TUCSON, Ariz. (AP) — When Snoop Dogg agreed to become the sponsor of the Arizona Bowl, he had a demand: It must have a NIL component. Other bowls have provided NIL chances for single players the past few years, but the Arizona Bowl is believed to be the first to offer NIL compensation to every player on both Colorado State and Miami (Ohio). The players participated in youth clinics before Saturday's game and will be compensated for their time. Alex Ovechkin is on track to break Wayne Gretzky's NHL career goals record Alex Ovechkin of the Washington Capitals is chasing the NHL career goals record of 894 held by Wayne Gretzky. Ovechkin entered the season 42 goals short of breaking a record that long seemed unapproachable. He is set to play again Saturday at the Toronto Maple Leafs after missing more than a month with a broken left fibula. Ovechkin was on pace to get to 895 sometime in February before getting injured. At 868, he his 27 goals away from passing Gretzky.
Fox & Fiancée: Sean Hannity is engaged to fellow Fox News host Ainsley Earhardt
Qatar’s banking sector drives innovation, sustainability in evolving economic landscape: Commercial BankIn a remarkable political development, Austria's far-right Freedom Party achieved a milestone victory in the Styria state election, securing a triumph for the first time in the region. This win reflects echoes of last September's general election, showcasing the party's rising strength as national coalition discussions proceed. Though the Styria election carries limited direct national repercussions, it adds pressure on those currently negotiating Austria's first three-way government since 1949. This marks only the second state win for the eurosceptic, Russia-friendly Freedom Party, their previous being Carinthia during former leader Joerg Haider's prominence in the late 1990s and 2000s. According to projections by pollster Foresight, the Freedom Party secured 35.3% of votes, surpassing the conservative People's Party's 26.6%. This is a historic first since World War Two, with neither the People's Party nor the Social Democrats winning in the state, famed as the birthplace of actor Arnold Schwarzenegger. The Freedom Party now looks to form a coalition for a majority in Styria's state assembly. (With inputs from agencies.)By JILL COLVIN NEW YORK (AP) — President-elect Donald Trump wants to turn the lights out on daylight saving time. In a post on his social media site Friday, Trump said his party would try to end the practice when he returns to office. “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” he wrote. Setting clocks forward one hour in the spring and back an hour in the fall is intended to maximize daylight during summer months, but has long been subject to scrutiny. Daylight saving time was first adopted as a wartime measure in 1942. Lawmakers have occasionally proposed getting rid of the time change altogether. The most prominent recent attempt, a now-stalled bipartisan bill named the Sunshine Protection Act , had proposed making daylight saving time permanent. The measure was sponsored by Florida Sen. Marco Rubio , whom Trump has tapped to helm the State Department. Related Articles National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game National Politics | About 3 in 10 are highly confident in Trump on Cabinet, spending or military oversight: AP-NORC poll “Changing the clock twice a year is outdated and unnecessary,” Republican Sen. Rick Scott of Florida said as the Senate voted in favor of the measure. Health experts have said that lawmakers have it backward and that standard time should be made permanent. Some health groups , including the American Medical Association and American Academy of Sleep Medicine, have said that it’s time to do away with time switches and that sticking with standard time aligns better with the sun — and human biology. Most countries do not observe daylight saving time. For those that do, the date that clocks are changed varies, creating a complicated tapestry of changing time differences. Arizona and Hawaii don’t change their clocks at all.
Fate Therapeutics Reports New Employee Inducement Award Under Nasdaq Listing Rule 5635(c)(4)Kansas banking commissioner still not sold on Beneficient’s unusual business model
CHICAGO (AP) — Sam Darnold figured the Vikings would recover the Bears’ onside kick near the end of regulation and he would only need to kneel. Though things got a little more complicated, he’ll take this result. Darnold threw for 90 of his 330 yards in overtime to set up Parker Romo’s game-ending 29-yard field goal , and Minnesota outlasted Chicago 30-27 on Sunday after giving up 11 points in the final 22 seconds of regulation. “You’re expecting to recover the onside kick and just take some knees,” Darnold said. “So your mindset (is) you’ve got to get ready to go back out there and execute at a high level and I feel like our offense did a really good job of that, obviously, in overtime.” Darnold threw two touchdown passes. Jordan Addison caught eight passes for a career-high 162 yards and a touchdown, and T.J. Hockenson had 114 yards receiving for the Vikings (9-2), who remained one game behind Detroit in the rugged NFC North. Caleb Williams threw for 340 yards and two touchdowns as the Bears (4-7) dropped their fifth straight, with three decided on the final play. Chicago is 5-18 in one-possession games under coach Matt Eberflus, who is 14-31 in 2 1/2 seasons. RELATED COVERAGE NBC’s Mike Tirico calls Eagles-Rams game after suffering Achilles injury last Monday Rams once again fall flat in prime time with a chance to move into a tie atop the NFC West Brandon Graham expects to miss rest of season after tearing triceps in Eagles’ win over Rams “I think we got better in all phases,” Williams said. “We’ve gotten better over these past couple games. I think today was a testament to that, being decisive, receivers and everybody. It’s tough.” Minnesota appeared to have the game in hand, leading 27-16 with 1:56 left after Romo kicked a 26-yard field goal. But the Bears weren’t finished. Deandre Carter made up for a muffed punt that led to a touchdown in the third quarter with a 55-yard kickoff return to the 40. Williams took it from there, capping an eight-play drive with a 1-yard touchdown pass to Keenan Allen. A 2-point conversion pass to DJ Moore made it 27-24 with 22 seconds remaining. The AP Top 25 college football poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . The Bears recovered the onside kick and Williams hit Moore over the middle for a 27-yard gain to the 30 before spiking the ball. Cairo Santos made a 48-yard field goal as time expired. Chicago won the coin toss, but Jonathan Greenard got his second sack of the game, taking down Williams for a 12-yard loss on second down. That led to a three-and-out. The Vikings took over at the 21, and Darnold led a 10-play drive, overcoming a sack by Montez Sweat on the first play and two penalties. “It was just the ability to overcome, and his trust in me and my trust in him,” coach Kevin O’Connell said. “We were gonna do it via the pass on that drive for the most part, try to mix some runs in there if we could. But I think that when your best is required, I had no hesitation of trying to attack what I was seeing and trying to get our guys going to get down there and give Parker a chance.” Darnold connected with Hockenson for a 29-yard completion that put the ball on the 9. He took a knee and Romo nailed the winner. “Football is a game where you’ve got to be able to respond,” O’Connell said. “It’s never gonna be perfect. This group is a special group, and it’s a road win in the NFC North and I’m really proud of our team.” Darnold surpassed his previous high of 19 touchdown passes in a season with a 2-yarder to Addison on the first play of the second quarter, and he made it 14-7 with a 5-yard score to Jalen Nailor late in the first half. He completed 22 of 34 passes. Aaron Jones ran for 106 yards and a score for the Vikings. Williams was 32 of 47 with a 103.1 passer rating in his second straight solid performance since Thomas Brown replaced the fired Shane Waldron as offensive coordinator. “He’s growing in front of our eyes,” Eberflus said of the No. 1 overall draft pick. “Today was a really good growth for him to be able to go out there and execute the way he did with a 103 passer rating and be able to get those drives going at the end to put us in position to win the game.” Moore caught seven passes for 106 yards and a touchdown, and Allen added 86 yards receiving and the late TD. Injuries Vikings: LB Ivan Pace Jr. (hamstring) and LT Cam Robinson (foot) left in the first quarter. ... S Jay Ward (elbow) was also banged up. ... Darnold missed two plays with a foot injury after he was hit by Gervon Dexter Sr. on a pass play with about 6 1/2 minutes remaining in regulation. He said he just needed to walk it off. Up next Vikings: Host Arizona next Sunday. Bears: Visit Detroit on Thanksgiving. ___ AP NFL: https://apnews.com/hub/NFL