Cirrus Logic Announces CFO Transition




Cirrus Logic Announces CFO Transition

AUSTIN, Texas–(BUSINESS WIRE)–Cirrus Logic, Inc. (Nasdaq: CRUS) today announced the resignation of its Chief Financial Officer (CFO), Venk Nathamuni, effective May 24, 2024, to pursue an opportunity outside the semiconductor industry. To facilitate a seamless transition while a search is conducted for a new CFO, the Company’s Board of Directors has appointed Ulf Habermann, Principal Accounting Officer, as interim CFO effective upon Mr. Nathamuni’s departure. During Mr. Habermann’s 22-year career at Cirrus Logic, he has held various roles in the finance organization, including Controller, Treasurer, and Vice President of Finance. Mr. Habermann will continue to serve as Principal Accounting Officer.

Cirrus Logic, Inc.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.

Contacts

Media Contact:
Julia Betts

Director, Communications & Employee Experience

Cirrus Logic, Inc.

(512) 851-4174

julia.betts@cirrus.com

Browning West Announces the Dismissal of All Frivolous Lawsuits Brought by Gildan Activewear’s Board Ahead of Upcoming Annual Meeting




Browning West Announces the Dismissal of All Frivolous Lawsuits Brought by Gildan Activewear’s Board Ahead of Upcoming Annual Meeting

Pleased that Both the Quebec Superior Court and the Financial Markets Administrative Tribunal Have Recognized the Lawsuits Have No Merit by Dismissing Them in Their Entirety

Notes the Dismissals of the Board’s Wasteful and Self-Serving Lawsuits Will Ensure the Rights of Shareholders Are Protected at the Upcoming May 28^th Annual Meeting

LOS ANGELES–(BUSINESS WIRE)–Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and beneficially owns approximately 5.0% of the Company’s outstanding shares, today announced that the two meritless lawsuits brought by Gildan’s Board of Directors (the “Board”) against Browning West have been dismissed:

• The Superior Court of Quebec dismissed the Board’s Hart-Scott-Rodino Act (the “HSR Act”) legal application in its entirety and refused to hold that there was any violation of the HSR Act. The Judge indicated that the appropriate forum for the parties’ fight is not the courtroom, but rather the upcoming shareholders’ meeting.

• The Quebec Financial Markets Administrative Tribunal dismissed another application brought by the Board, which sought various orders regarding Browning West’s solicitation of proxies, including an order to prohibit Peter Lee from standing for election as a director of Gildan. The Tribunal concluded that the public interest would not be served by any of the relief sought by Gildan: “Gildan’s application aims to satisfy private interests not the public interest.”

As a reminder, Browning West is seeking to elect eight highly qualified and independent director candidates – Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner – to Gildan’s Board at the upcoming Annual Meeting of Shareholders (the “Annual Meeting”) scheduled for May 28, 2024.

Usman S. Nabi and Peter M. Lee of Browning West commented:

“We are pleased that the Board’s frivolous legal proceedings aimed at preventing shareholders from securing necessary boardroom change have been dismissed in their entirety. Since day one, we have maintained that Browning West did not breach the HSR Act and that we have complied with proxy solicitation rules every step of the way. The Board has continually pursued entrenchment, obfuscation, and disparagement of dissenting shareholders in an attempt to avoid accountability. The Board has also repeatedly tried to weaponize legal action with the primary purpose of undermining and delaying Browning West and shareholders from exercising our rights at the upcoming Annual Meeting.

These rulings represent a clear repudiation of the tactics deployed by Gildan’s entrenched Board. While it is unfortunate these directors have shamelessly wasted millions to attack shareholders in what is quickly becoming the most expensive proxy fight in Canadian history, we are encouraged that these legal sideshows have finally been laid to rest. We look forward to the May 28^th Annual Meeting, where shareholders will finally have an opportunity to elect Browning West’s eight-member slate of director candidates and reinstate Glenn Chamandy as CEO. This is the only way to ensure proven value creators Mr. Chamandy and Michael Kneeland will have the opportunity to implement their superior plan to create long-term shareholder value.”

***

For more information on how to vote for the entire Browning West slate on the GOLD Proxy Card, download a copy of the full presentation, and sign up for important campaign updates, visit www.SuperchargeGildan.com. Visit SEDAR+ (www.sedarplus.ca) to review a copy of Browning West’s Circular and related proxy materials, including a GOLD Proxy Card or voting instruction form.

***

Vote the GOLD Proxy Card “FOR” ALL EIGHT of Browning West’s Highly Qualified Director Candidates and “WITHHOLD” on ALL of the Incumbent Directors.

Visit www.SuperchargeGildan.com to Learn How to Vote the GOLD Proxy Card and Obtain Copies of Other Important Voting Materials.

***

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “outlook,” “objective,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Browning West regarding (i) how Browning West intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board and management of the Company.

Although Browning West believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Browning West as a shareholder and (ii) the actions being proposed and the changes being demanded by Browning West, may not take place for any reason whatsoever. Except as required by law, Browning West does not intend to update these forward-looking statements.

Advisors

Olshan Frome Wolosky LLP is serving as legal counsel, Goodmans LLP is serving as Canadian legal counsel, and IMK is serving as Quebec legal counsel. Longacre Square Partners is serving as strategic advisor and Pelican PR is serving as public relations advisor. Carson Proxy is serving as proxy advisor.

About Browning West, LP

Browning West is an independent investment partnership based in Los Angeles, California. The partnership employs a concentrated, long-term, and fundamental approach to investing and focuses primarily on investments in North America and Western Europe.

Browning West seeks to identify and invest in a limited number of high-quality businesses and to hold these investments for multiple years. Backed by a select group of leading foundations, family offices, and university endowments, Browning West’s unique capital base allows it to focus on long-term value creation at its portfolio companies.

Contacts

Browning West
info@browningwest.com
310-984-7600

Longacre Square Partners
Charlotte Kiaie / Scott Deveau, 646-386-0091

browningwest@longacresquare.com

Pelican PR
Lyla Radmanovich / Mélanie Tardif, 514-845-8763

media@rppelican.ca

Carson Proxy
Christine Carson, 416-804-0825

christine@carsonproxy.com

Barings Corporate Investors Reports Preliminary First Quarter 2024 Results and Announces Increased Quarterly Cash Dividend Of $0.39 Per Share




Barings Corporate Investors Reports Preliminary First Quarter 2024 Results and Announces Increased Quarterly Cash Dividend Of $0.39 Per Share

CHARLOTTE, N.C.–(BUSINESS WIRE)–The Board of Trustees of Barings Corporate Investors (NYSE: MCI) (the “Trust”) met on May 16, 2024 and would like to report its preliminary financial results for the first quarter of 2024.

Key Highlights:

Commenting on the quarter, Christina Emery, President, stated, “The Trust earned $0.40 per share of net investment income, net of taxes, for the first quarter of 2024, compared to $0.36 per share in the previous quarter. The increase in net investment income was predominantly due to higher base rates. The Trust has increased dividends for the last seven quarters, which is further confirmation of our credit philosophy, where we focus on leading businesses backed by strong sponsor ownership and conservative capital structures. This approach has historically generated stable returns and relative stability during economic stress. During the quarter, Barings continued to drive origination flow into quality, 1st lien senior secured middle-market investments. When constructing portfolios, we focus on investing in high-quality businesses that are leaders in their space and offer defensive characteristics that will allow them to perform through economic cycles.”

The Board of Trustees declared a quarterly dividend of $0.39 per share, payable on June 14, 2024, to shareholders of record on May 31, 2024. This represents an increase of $0.01 per share or 2.6% over the previous dividend of $0.38 per share.

During the three months ended March 31, 2024, the Trust reported total investment income of $10.1 million, net investment income of $8.1 million, or $0.40 per share, and a net increase in net assets resulting from operations of 10.2 million, or $0.51 per share.

Net asset value (“NAV”) per share as of March 31, 2024, was $17.28, as compared to $16.77 as of December 31, 2023. The increase in NAV per share was primarily attributable to net investment income, net of taxes, of $0.40 per share, net unrealized appreciation on the Trust’s investment portfolio of approximately $0.03 per share and realized gains of approximately $0.08 per share.

The next scheduled meeting of the Board of Trustees will be held on August 15, 2024.

Recent Portfolio Activity

During the three months ended March 31, 2024, the Trust made eight new investments totaling $13.3 million and 29 add-on investments in existing portfolio companies totaling $10.2 million. During the three months ended March 31, 2024, the Trust had five loans repaid at par totaling $19.2 million and realized two equity investments that generated realized gains of $1.5 million.

Liquidity and Capitalization

As of March 31, 2024, the Trust had cash of $7.9 million and $35.0 million of borrowings outstanding. The Trust had unfunded commitments of $19.5 million as of March 31, 2024.

Net Capital Gains

The Trust realized net capital gains of $1,770,637 or $0.08 per share during the quarter ended March 31, 2024. By comparison, for the quarter ended December 31, 2023, the Trust realized net capital gains of $480,613 or $0.052 per share.

Annual Meeting

At the Annual Meeting, which was held on Thursday, May 16, 2024, shareholders elected Clifford M. Noreen as an Interested Trustee and Edward P. Grace III as an Independent Trustee, each for three-year terms.

About Barings Corporate Investors

Barings Corporate Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol (“MCI”).

About Barings LLC

Barings is a $406+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of March 31, 2024

Per share amounts are rounded to the nearest cent.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Cautionary Notice: Certain statements contained in this press release may be “forward looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund’s current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

Contacts

MediaRelations@barings.com

Barings Participation Investors Reports Preliminary First Quarter 2024 Results and Announces Increased Quarterly Cash Dividend Of $0.36 Per Share




Barings Participation Investors Reports Preliminary First Quarter 2024 Results and Announces Increased Quarterly Cash Dividend Of $0.36 Per Share

CHARLOTTE, N.C.CHARLOTTE, N.C.–(BUSINESS WIRE)–The Board of Trustees of Barings Participation Investors (NYSE: MPV) (the “Trust”) met on May 16, 2024 and would like to report its preliminary financial results for the first quarter of 2024.

Key Highlights:

Commenting on the quarter, Christina Emery, President, stated, “The Trust earned $0.36 per share of net investment income, net of taxes, for the first quarter of 2024, compared to $0.33 per share in the previous quarter. The increase in net investment income was predominantly due to higher base rates. During the quarter, Barings continued to drive origination flow into quality, 1st lien senior secured middle-market investments. When constructing portfolios, we focus on investing in high-quality businesses that are leaders in their space and offer defensive characteristics that will allow them to perform through economic cycles.”

The Board of Trustees declared a quarterly dividend of $0.36 per share, payable on June 14, 2024, to shareholders of record on May 31, 2024. This represents an increase of $0.01 per share or 2.9% over the previous dividend of $0.35 per share and the seventh consecutive quarterly increase.

During the three months ended March 31, 2024, the Trust reported total investment income of $4.9 million, net investment income of $3.8 million, or $0.36 per share, and a net increase in net assets resulting from operations of $5.3 million, or $0.50 per share.

Net asset value (“NAV”) per share as of March 31, 2024, was $15.88, as compared to $15.41 as of December 31, 2023. The increase in NAV per share was primarily attributable to net investment income, net of taxes, of $0.36 per share, net unrealized appreciation on the Trust’s investment portfolio of approximately $0.03 per share and net realized gain on investments, net of taxes, of $.08 per share.

The next scheduled meeting of the Board of Trustees will be held on August 15, 2024.

Recent Portfolio Activity

During the three months ended March 31, 2024, the Trust made eight new investments totaling $6.1 million and 28 add-on investments in existing portfolio companies totaling $4.0 million. During the three months ended March 31, 2024, the Trust had five loans repaid at par totaling $9.5 million and two equity investments were realized totaling $1.0 million.

Liquidity and Capitalization

As of March 31, 2024, the Trust had cash of $4.0 million and $18 million of borrowings outstanding. The Trust had unfunded commitments of $9.5 million as of March 31, 2024.

Net Capital Gains

The Trust realized net capital gains of $897,805 or $0.08 per share during the quarter ended March 31, 2024. By comparison, for the quarter ended December 31, 2023, the Trust realized net capital gains of $198,004 or $0.02 per share.

Annual Meeting

At the Annual Meeting, which was held on Thursday, May 16, 2024, shareholders elected Clifford M. Noreen as an Interested Trustee and Edward P. Grace III as an Independent Trustee, each for three-year terms.

About Barings Participation Investors

Barings Participation Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol (“MPV”).

About Barings LLC

Barings is a $406+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of March 31, 2024

Per share amounts are rounded to the nearest cent.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Cautionary Notice: Certain statements contained in this press release may be “forward-looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund’s current or future investments. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

MediaRelations@barings.com

GK Investor’s Genco Campaign Results in Material Improvement




GK Investor’s Genco Campaign Results in Material Improvement

Notes Company’s Significant Share Price Increase Following Public Pressure

NEW YORK–(BUSINESS WIRE)–GK Investor LLC (“GK”), a shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced the following:

On December 28, 2023, the last trading day before GK publicly announced its position in Genco, the closing price of Genco’s common stock was $16.48. Yesterday, the closing price of Genco’s common stock was $22.53. GK believes that its advocacy on behalf of all common shareholders has been an important wake-up call to Genco’s complacent Board of Directors (the “Board”) and has contributed to the improved performance of Genco’s common stock – thereby providing an attractive return to shareholders, including GK. GK also believes that its efforts were a principal driver behind Genco’s decision to focus on capital allocation, reduce its discount to NAV and add a new voice in the boardroom. Consequently, GK is withdrawing its nomination of Mr. Robert Pons as a candidate for election to Genco’s Board as well as its bylaw repeal proposal. GK intends to continue to closely monitor Genco and the actions of its current Chairman and Board, and expects to continue to hold them accountable.

GK thanks Mr. Robert Pons for his tireless efforts as its nominee and willingness to represent the best interests of all shareholders, despite being subject to baseless personal attacks from Genco’s Board.

Cautionary Statement Regarding Forward-Looking Statements

This communication does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “intends”“believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if GK’s underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by GK that the future plans, estimates or expectations contemplated will ever be achieved.

Contacts

Media
Joe Germani

Longacre Square Partners

jgermani@longacresquare.com

KBRA Assigns Preliminary Ratings to Sunnova Hestia II Issuer, LLC Solar Loan Backed Notes, Series 2024-GRID1




KBRA Assigns Preliminary Ratings to Sunnova Hestia II Issuer, LLC Solar Loan Backed Notes, Series 2024-GRID1

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to two classes of notes issued by Sunnova Hestia II Issuer, LLC Solar Loan Backed Notes, Series 2024-GRID1, a $168.9 million residential solar loan ABS transaction.

This transaction represents the second securitization under the Hestia program, which contains a partial loan guarantee provided by the U.S. Department of Energy. Projects funded under Project Hestia are, in part, to provide loans for clean energy systems to disadvantaged communities in the US and Puerto Rico. The project is required to provide at least 20% of its loans to customers with credit scores of 680 or less, and at least 10% and a target minimum of 20% to homeowners in Puerto Rico.

The Guaranteed Loan Borrower is collateralized by approximately $260.8 million of residential solar loans approximately $23 million will be prefunded at closing. The $237.8 million residential solar loans in the statistical pool includes PV Solar Loans under Sunnova’s Easy Own Plan Equipment Purchase (“Easy Own”) Agreements (59.8% as of the statistical cutoff date), PV/BESS Solar Loans under its SunSafe Easy Own Plan Equipment Purchase (“SunSafe Easy Own”) Agreements (31.8%), and BESS Solar Loans under its SunSafe Agreements (8.4%). While Sunnova’s residential solar loan agreements offer 10- and 15-year loans, the majority of the aggregate initial pool balance (97.7%) has 25-year original terms.

Sunnova Energy Corporation (“Sunnova”, or the “Company”) is a Houston, TX based independent solar power company that provides low-cost solar electricity to homeowners, and a wholly owned subsidiary of Sunnova Energy International Inc. (“SEI”), a public company. The Company started its operations in January 2013 and began providing solar energy services under its first operating Photovoltaic (“PV”) System in April 2013. Sunnova originates loans to mostly prime credit quality homeowners through its partnerships with local dealers. As of March 31, 2024, the Company has served a total customer count of over 438,000 in more than 50 U.S. states and territories. Sunnova provides its services through long-term residential solar service agreements (”SSA”) in the following formats: i) lease agreements, ii) power purchase agreements (“PPA”), and iii) loan agreements. The three types of loan agreements are Easy Own Plan Equipment Purchase Agreements (“PV Solar Loans”), SunSafe Easy Own Plan Equipment Purchase Agreements (“PV/BESS Solar Loans”), and SunSafe Agreements (“BESS Solar Loan”). The collateral included in this securitization includes only loan agreements. The Company originates loans to mostly prime credit quality homeowners through its partnerships with local dealers. The Company has also issued 10 ABS securitizations collateralized by secured residential solar loans and seven transactions collateralized by lease and PPA products.

KBRA applied its General Global Rating Methodology for Asset-Backed Securities and Consumer Loan ABS Global Rating Methodology, as well as Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology, as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA also conducted an operational assessment of Sunnova, as well as a review of the transaction’s legal structure and transaction documents. KBRA will review the operative agreements and legal opinions for the transaction prior to closing.

To access rating and relevant documents, click here.

Click here to view the report.

Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• ABS: Consumer Loan ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004305

Contacts

Analytical Contacts

Melvin Zhou, Managing Director (Lead Analyst)

+1 646-731-2412

melvin.zhou@kbra.com

Jacob Paulose, Associate Director

+1 646-731-1269

jacob.paulose@kbra.com

Brockton Bowers, Senior Analyst

+1 646-731-2418

brockton.bowers@kbra.com

Eric Neglia, Head of Commercial and Consumer ABS (Rating Committee Chair)

+1 646-731-2456

eric.neglia@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director

+1 646-731-2369

arielle.smelkinson@kbra.com

Eisen and Checkbook Revolutionize Payment Disbursements with Launch of Disbursement Hub




Eisen and Checkbook Revolutionize Payment Disbursements with Launch of Disbursement Hub

SAN MATEO, Calif.–(BUSINESS WIRE)–#AutomatePayments–In response to the evolving regulatory landscape surrounding account closures and fund disbursements, leading financial technology companies Eisen and Checkbook have joined forces to introduce Disbursement Hub—a groundbreaking solution designed to streamline payment disbursements and ensure compliance with consumer protection regulations.

The Consumer Financial Protection Bureau (CFPB) has heightened its enforcement efforts, placing a spotlight on the prompt handling of refunds when accounts are closed. Failure to act quickly can result in significant penalties, making it imperative for financial institutions to align their processes with regulatory requirements. Disbursement Hub offers a comprehensive solution to assist institutions in navigating the complexities of account closures and fund disbursements efficiently.

Eisen is building the future of account offboarding across the three critical phases of closing customer accounts—Outreach, Disbursement, and Escheatment—with a focus on meticulous attention to detail and adherence to regulatory timelines. Eisen chose Checkbook to power Disbursement Hub to replace manual workflows, reduce errors, save time, and ensure timely compliance with regulatory guidelines.

“Together with Checkbook, Eisen is setting a new standard for account offboarding by providing a solution that supports massive scale operations on a moment’s notice. Our strategic partnership is a crucial step to help financial institutions navigate the complexities of compliant offboarding and consumer protection, without dedicating an entire team to manage the process.” – Allen Osgood, CEO of Eisen.

“We are thrilled to partner with Eisen to solve this industry problem and enable Financial Institutions to not only seamlessly disburse payments for account closures, but also monitor those funds, and escheat them compliantly as necessary. We look forward to working hand-in-hand with Eisen to continue to innovate on best in class solutions.” – Aditya Raikar, VP of Partnerships, Checkbook.

One of the key features of the Disbursement Hub is its ability to facilitate an easy, simple way for banks and fintechs to mass disburse payments in an expedited and scalable manner on short notice. If any payments remain uncashed, Eisen monitors them for escheatment and ensures compliance with state laws.

The collaboration between Eisen and Checkbook exemplifies innovative thinking in response to the demands of the financial industry and regulatory landscape. By introducing Disbursement Hub, the two companies are setting a new standard in financial transaction management, providing institutions with a powerful tool to navigate complex challenges, such as closing millions of customer accounts nationwide.

The launch of the Disbursement Hub signifies a significant milestone in reshaping the landscape of financial disbursements, offering financial institutions a robust system to enhance operational efficiency, ensure compliance, and provide superior service in the rapidly evolving world of fintech.

For media inquiries and further information about the Disbursement Hub, please contact Eisen at contact@witheisen.com or Checkbook at partnerships@checkbook.io.

About Eisen:

Eisen offers account offboarding solutions for financial institutions, streamlining compliance with the outreach, disbursement, and escheatment requirements of closing accounts.

About Checkbook:

Checkbook is an innovative payment technology company that offers a versatile and embeddable platform. This platform helps businesses simplify their disbursement process and scale their payouts. It focuses on digital payment solutions that are easy to use and efficient.

Contacts

Eisen

contact@witheisen.com

Checkbook

partnerships@checkbook.io