NewzIntel.com

Category: Commerce

  • MIL-OSI USA: Congressman Valadao’s Bill to Expand Telehealth Opportunities Passes Out of House Committee on Energy and Commerce

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    WASHINGTON – Today, the House Committee on Energy and Commerce advanced H.R. 3419, the Telehealth Network and Telehealth Resource Centers Grant Program Reauthorization Act, out of full committee markup. This bipartisan bill was introduced by Congressman David Valadao (CA-22) and Congressman Adam Gray (CA-13) and would provide investment in rural healthcare by reauthorizing the telehealth network and telehealth resource centers grant programs through Fiscal Year 2030.

    “Central Valley families shouldn’t have to wait weeks just to see a doctor,” said Congressman Valadao. “Expanding access to telehealth gives patients more flexibility, helps address workforce shortages that are straining our healthcare system, and gives families the tools needed to better connect with providers. I’m grateful to Chairman Brett Guthrie and the Energy and Commerce Committee for prioritizing this issue and look forward to advancing this bill.”

    Background:

    Originally enacted in 1944, the Public Health Service Act (PHSA) provides the foundation for the nation’s public health programs and workforce. Over the years, it has been a critical tool in addressing America’s evolving health care needs—particularly in rural and underserved communities where access to quality care remains a challenge.

    Through key provisions supporting community health centers, workforce development programs, and telehealth expansion, the PHSA has helped bring vital services to millions of Americans living in rural areas. Reauthorizing the telehealth network and telehealth resource grant programs ensures continued investment in initiatives that recruit and retain health professionals in rural communities, strengthens rural hospitals and clinics, and closes the geographic gaps in receiving quality care.

    Read the full bill here.

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    MIL OSI USA News –

  • MIL-OSI USA: Warnock Renews Effort to Address Bias in Housing Appraisals, Help Families Build Generational Wealth through Homeownership

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Warnock Renews Effort to Address Bias in Housing Appraisals, Help Families Build Generational Wealth through Homeownership

    Senator Reverend Warnock’s legislation would empower Georgians with more data and tools to fight bias that would lower their homes’ values
     For most Americans, the largest driver of wealth is their home. This makes it important to have accurate, unbiased home valuations
    Research from Brookings has found homes in Black neighborhoods are valued roughly 21% to 23% below what their valuations would be in non-Black neighborhoods
    In March, Senator Warnock introduced a comprehensive legislative package of housing bills to address the ongoing housing affordability and availability crisis in the United States
    ICYMI from The Atlanta Voice: Warnock leads Senatorial effort to even the playing field in home appraisals
    Senator Warnock: “This bill is an important next step in helping Georgia families and all Americans realize the full value of their homes, and it empowers them with more data and tools to fight bias that would lower their homes’ values”
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) and five of his Senate colleagues introduced new legislation to address appraisal bias in the home buying and selling processes. Housing appraisals are supposed to provide an objective estimate of a home’s market value to ensure homebuyers pay a fair price and homeowners receive the full value of their home. Unfortunately, systemic bias in the appraisal process has disadvantaged families of color for far too long. To combat appraisal biases faced by many current and aspiring homeowners, Senator Warnock’s Appraisal Modernization Act empowers Georgians with more data and tools to fight bias that would lower their homes’ values. The legislation would:
    Increase transparency to support oversight and enforcement against bias by requiring the Federal Housing Finance Agency (FHFA) to publish an online database of property-level appraisal and other home valuation data that lenders collect in connection with a mortgage application.
    Protect and empower consumers by codifying a consumer’s right to appeal a home valuation (also known as a Reconsideration of Value (ROV)) or request a second appraisal and directing the development of standardized policies to ensure consistent treatment of consumers who request an ROV or second appraisal.
    Together, these provisions will empower consumers to realize the full value of their homes. The urgency of this legislation was only further heightened when, last week, the Trump administration announced it was ending the federal task force dedicated to removing racial bias from the appraisal process. 
    “Home valuations are a critical part of the mortgage lending process and ensuring families can build generational wealth through homeownership,” said Senator Reverend Warnock. “This bill is an important next step in helping Georgia families and all Americans realize the full value of their homes, and it empowers them with more data and tools to fight bias that would lower their homes’ values.”
    “I am very proud to continue the work I started as County Executive to make homeownership more equitable and accessible. As County Executive I signed a law that outlawed appraisal bias in Prince George’s County – and now it’s time we outlaw it across the nation. Home ownership should not be just a dream for the rich but an opportunity for all. Many Marylanders see home ownership as the surest way to build wealth, and they’re right. This legislation will increase transparency, protect consumers, and give Marylanders a true chance to thrive,” said Senator Alsobrooks.
    “Too many families of color suffer from systemic biases in the home appraisal process,” said Senator Booker. “One of the largest drivers of wealth for Americans is their home, and the color of your skin should not be a determinant of your home’s value. This bill is a critical step in ensuring more reliable appraisal methods, and empowering consumers to appeal potentially discriminatory valuations.”
    “For far too long, the American Dream of buying a home has been kept out of reach for families of color by a system that is fundamentally broken,” said Senator Kim. “Every family should be able to achieve that dream, and this bill will take common sense steps to make the changes needed to make those dreams come true.”
    Inconsistency in the appraisal market can disrupt the entire housing ecosystem by improperly inflating or deflating home values, while bias can perpetuate historic disinvestment in communities of color and contribute to the widening racial and ethnic wealth and homeownership gaps. That is why industry stakeholders and fair housing advocates have long supported increasing transparency in appraisal data and why most responsible lenders believe ROV is an important part of maintaining the integrity of the appraisal process. Several studies have also identified a clear relationship between lower valuations and Black neighborhoods and revealed overt references to race in appraisals. On average, today White families hold $1.3 million in wealth, compared to $211,000 for Black and $227,000 for Latino families. For most Americans, the largest driver of wealth is their home. This makes it important to have accurate, unbiased home valuations.
    “An appraisal has the power to determine the value of a consumer’s most important financial asset and can hold the key to determining whether the consumer is able to purchase a permanent home rather than rent, access credit on reasonable terms, and build wealth for generations to come,” said Nikitra Bailey, Executive Vice President of the National Fair Housing Alliance® (NFHA ). “NFHA commends Senator Warnock and his colleagues for a sensible bill designed to help consumers, appraisers, and lenders obtain the data necessary to ensure home valuations are fair and consistent.”
    “The Housing Policy Council (HPC) has long advocated for extending access to GSE data to all market participants, to enhance risk management models and practices across the housing finance ecosystem. Shared access to all government appraisal data would be a good first step to accomplish this worthy goal. HPC looks forward to working with Senator Warnock on this important policy objective,” said Ed DeMarco, President of the Housing Policy Council.
    “As President of NAMB, I will always support any legislation that ensures the fairness, protection, and privacy of homebuyers, and I applaud Senator Warnock for leading this effort. The reality is that we must be thorough in the quest to protect consumers, and we hope that your colleagues will consider this important bill as it navigates the legislative process,” said James Nabors II, President of the National Association of Mortgage Brokers.
    “The Appraisal Modernization Actis a vital first step toward remedying the decades of discrimination that have been baked into the home valuation system. The public appraisal database will enable researchers to develop more reliable valuation methods that do not rely on old data tainted by unacceptable attitudes and practices. And strengthening the consumer’s right to appeal a defective valuation will help them to protect their home equity going forward,” said Andrew Pizor, Senior Attorney, National Consumer Law Center
    “For most homeowners, their home represents family, stability and their primary financial asset,” says Laura Arce, senior vice president, Economic Initiatives at UnidosUS. “The economic value of that home includes many factors, but the race or ethnicity of its owner should not be one of them. UnidosUS supports the Appraisal Modernization Actand applauds its sponsors, Senators Warnock, Alsobrooks, Blunt Rochester, Kim, Warren, and Booker. The home appraisal industry is overdue modernization, and this bill will bring needed transparency and a common sense right to appeal to the appraisal process. American families should not have to continue to leave equity behind.”
    As a member of the Senate Banking Committee, which oversees federal housing policies, Senator Warnock has worked to increase affordable housing and illuminate a path to homeownership, a cornerstone of the American Dream. As one of twelve brothers and sisters growing up in public housing in Savannah, Senator Warnock deeply understands the importance of having a place to call home and homeownership. In March 2025, Senator Warnock introduced a comprehensive legislative package of housing bills to address the ongoing housing affordability and availability crisis in the United States. In the past few years, Senator Warnock voted for government funding legislation that increased America’s housing supply, strengthened housing affordability, and addressed the homelessness crisis, including by: increasing the supply of affordable housing nationwide with funding to build 10,000 new rental and homebuyer units; extending funding for the Yes In My Backyard (“YIMBY”) grant program to support efforts to increase our nation’s housing supply and lower housing costs through state and local zoning changes; and delivering $275 million in new funding for Homeless Assistance Grants to help address homelessness in communities across the country and providing new resources to better connect people experiencing homelessness with health care services. Senator Warnock has also secured nearly $80 million in housing investments to provide affordable housing options for Georgians at all income levels and repair hazardous housing conditions in low-income housing units. 
    In addition to Senator Warnock, the Appraisal Modernization Act is cosponsored by U.S. Senators Angela Alsobrooks (D-MD), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Andy Kim (D-NJ), and Elizabeth Warren (D-MA). 
    A fact sheet on the legislation can be found HERE.
    Bill text for the Appraisal Modernization Act can be found HERE.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Warnock Highlights Consequences of Medical Debt Rule Reversal for Millions of Americans to ABC News Live Prime

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    ICYMI: Warnock Highlights Consequences of Medical Debt Rule Reversal for Millions of Americans to ABC News Live Prime

    Senator Reverend Warnock spoke to ABC News Live Prime anchor Linsey Davis about the Trump administration’s decision to reverse policy to keep medical debt off credit reports

    In January 2025, Senator Warnock successfully pressed the CFPB to ban credit lenders from including medical bills in credit reports and prohibit lenders from using medical information in lending decisions

    On July 14, Senator Warnock led 29 colleagues in demanding answers from the CFPB on why the Trump Administration was actively working to add medical debt back onto credit reports

    Senator Reverend Warnock: “This is an issue that impacts millions of Americans”

    Senator Reverend Warnock joins ABC News Live Prime, watch HERE

    Washington, D.C. – On Wednesday, U.S. Senator Reverend Raphael Warnock (D-GA) joined ABC News Live Prime with host Linsey Davis to discuss the Trump administration’s decision to add medical debt back onto credit reports. The administration is working to vacate the Consumer Financial Protection Bureau’s (CFPB) medical debt rule finalized in January 2025. The interview follows a Senator Warnock-led effort to demand the CFPB share relevant data and any communications it had with entities during the process that would profit from its decision.

    “This is an issue that impacts literally millions of Americans,” said Senator Reverend Warnock. “Medical debt is not a good predictor of whether or not people will pay [their debts]. There are a lot of mistakes as it turns out around medical billing.”

    “[Medical debt] drives peoples’ scores down, making it very, very difficult if not impossible to get a mortgage, to get a car loan, to start a small business. As your credit score goes down, of course, everything becomes more expensive. That seems to be a theme of the Trump administration. They’re making everything more expensive,” added Senator Warnock.

    Senator Warnock, a member of the Senate Finance Committee which oversees the federal tax code, continues to stand up in defense of Georgia consumers by holding the CFPB under President Trump accountable. In February, Senator Warnock questioned Trump administration CFPB nominees at a Banking, Housing, and Urban Affairs Committee Hearing. During the hearing, Senator Warnock asked the nominees if they agreed with President Trump on the CFPB being, ‘A very important thing to get rid of’ and if the agency would address the 266,560 outstanding complaints from Georgians in a timely manner.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Trade – Canada-NZ dairy dispute: A win for exporters

    Source: BusinessNZ

    ExportNZ is pleased to see a years-long dairy dispute between Canada and New Zealand resolved, unlocking higher export value for Kiwi business.
    Executive Director Josh Tan says the outcome is a win for New Zealand dairy exporters, and a win for the rules-based trading system.
    “It’s essential that our trade agreements function as they were agreed to – particularly in the current global trade context. Likewise, our trade partners should ensure they are playing by the rules.
    “Canada remains a valuable trade partner to New Zealand. In agreeing to meet its obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada has guaranteed better market access for Kiwi exporters and we commend them for honouring this agreed outcome.
    “ExportNZ acknowledges the Minister for Trade and Investment and our New Zealand officials, for their persistent effort to reach the right outcome under the CPTPP agreement.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy Sector – New rules unlock network connection barriers to support electrification

    Source: Electricity Authority

    The Electricity Authority Te Mana Hiko (the Authority) is making it easier and faster to connect to the electricity network so New Zealand can electrify faster.
    The changes are the first steps in the Authority’s work to make it easier and more efficient for businesses, developers and other consumers to get access to the electricity network so communities and the economy can benefit.
    The Authority consulted on a package of changes late last year, with a focus on reducing the time and cost to connect infrastructure such as public EV charging stations, manufacturing, and solar farms.
    Authority General Manager Networks and System Change Tim Sparks says standardised rules about how the 29 lines companies process connection applications and how they develop and structure pricing for new and upgraded connections are vital to getting more electricity into the network and reducing costs.
    “Inconsistencies and inefficiencies in the application processes and pricing methodologies across New Zealand’s 29 lines companies can add unnecessary time and cost to projects, particularly for those who want to operate in multiple regions,” Sparks said. “The changes we’ve announced today will help address these issues and unlock more of the barriers to electrification.
    “Under the new rules, lines companies must offer the least-cost, technically acceptable solution,” Sparks said. “Any extra costs to enhance the connection – for example running the connection underground – will be paid for by whoever requested it. This ensures people aren’t paying for other network costs they didn’t ask for.”
    The Authority’s changes include introducing processes for larger users wanting to connect – such as an EV charge point operator or a public transport operator electrifying its fleet – including setting timeframes for decisions. To date, large energy users haven’t had baseline protections because the rules have only applied to electricity generators directly connecting to the network. Providing a clear and consistent process will increase transparency and certainty for those needing to connect and make the process more efficient for everyone involved.
    “We have been working with the Commerce Commission and industry on these improvements, which we believe will increase transparency and consistency and address some known issues. Overall, we expect both lines companies and those needing to connect will benefit from more efficient connection processes. All New Zealanders will benefit over time through increased choice and value as more services and infrastructure come online sooner.”
    The Authority is introducing eight new requirements to improve the network connection application process and four new connection pricing requirements. The Authority is further considering two of the rule changes originally proposed in last year’s consultation papers to ensure they fully and effectively address the issues they are intended to resolve. They are:
    – the ‘reliance limit’, which aimed to prevent already high-upfront charges from increasing further
    – creating an obligation for distributors to connect all applications that meet certain criteria.
    The Authority expects to further consult on these two further potential changes before the end of the year.
    The Authority is now seeking feedback on the draft wording of the new connection pricing rules to ensure it accurately reflects the decisions made. The technical consultation on the draft wording of the new rules for connection application processes will open in August.
    Most of the requirements for new connection pricing methodologies come into effect on 1 April 2026 to align with any other distribution pricing changes, as well as with the Commerce Commission processes. The new requirements for the connection application processes come into effect in the second half of 2026, allowing 12 months after the changes have been gazetted. The exception is the application process for large consumers, which will come into effect 18 months after being gazetted, as this involves entirely new processes that need to be developed.
    For more information:
    Notes:The Electricity Authority is an independent Crown Entity with the main statutory objective to promote competition in, reliable supply by, and the efficient operation of, the electricity industry for the long-term benefit of consumers. The additional objective of the Authority is to protect the interests of domestic consumers and small business consumers in relation to the supply of electricity to those consumers.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Duckworth Joins Gallego and Colleagues in Condemning Trump Administration for Letting Credit Union Off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    July 17, 2025
    [WASHINGTON, D.C.] – Combat Veteran and U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senator Ruben Gallego (D-AZ) and six of her colleagues in condemning the Trump Administration for its recent decision to terminate the consent order against Navy Federal Credit Union (NFCU). This decision effectively excuses NFCU from accountability for charging millions in illegal surprise overdraft fees to their members—primarily active-duty servicemembers, Veterans, Department of Defense employees and their families.
    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the Senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”
    That order was rescinded on July 1, 2025.
    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable—or even willing—to fulfill its legal mandate,” the Senators continued. “At a minimum, the public and Congress deserve answers.”
    The letter was cosigned by U.S. Senators Catherine Cortez Masto (D-NV), Chris Van Hollen (D-MD), Ron Wyden (D-OR), Raphael Warnock (D-GA), Elizabeth Warren (D-MA) and Angela Alsobrooks (D-MD).
    The full letter is available below and on Senator Duckworth’s website:
    Dear Acting Director Vought,
    We write to express profound alarm over the Consumer Financial Protection Bureau’s recent decision to terminate the consent order against Navy Federal Credit Union (NFCU), effectively excusing them from accountability for charging millions in illegal surprise overdraft fees to their members – primarily active-duty service members, veterans, Department of Defense employees, and their families.1 This decision appears to prioritize financial institutions over the very servicemembers the Bureau is charged with protecting. The restitution funds intended to compensate harmed consumers are now at risk of being withheld. This reversal is particularly troubling given your Bureau’s pledge less than three months ago to prioritize protections for military consumers.
    In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases—even when accounts showed sufficient funds. In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund. Your recent two-page order terminating that consent order provides no detailed explanation or justification for this reversal.
    On April 16, 2025, under your leadership, the Bureau pledged to “focus its enforcement and supervision resources on pressing threats to consumers, particularly service members and their families and veterans.”3 And yet, your abrupt reversal of this consent order suggests your stated commitment to servicemembers is little more than lip service. The CFPB’s mission is to protect consumers from unfair, deceptive, or abusive practices and to hold lawbreaking companies accountable. Under your direction, it is doing neither. As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable—or even willing—to fulfill its legal mandate. At a minimum, the public and Congress deserve answers.
    Accordingly, we respectfully request answers to the following questions no later than July 30, 2025:
    How much of the $80.6 million in restitution remains unpaid to affected consumers?
    What portion of the $15 million originally designated for the Victims Relief Fund was actually deposited? If any amount was withheld or returned, please explain.
    Were affected consumers notified that the consent order was terminated and that restitution obligations may be altered or withdrawn?
    Was the Bureau’s Office of Servicemember Affairs consulted before the consent order was terminated? If not, why not?
    What was the full legal and factual basis for terminating the consent order?
    What communications or meetings occurred between the CFPB and Navy Federal Credit Union from January 1, 2025, to the present? Please include dates, topics, and participants.
    Who at the CFPB authorized the termination of the consent order, and what internal processes were followed to approve it? Please identify all senior staff, attorneys, and political appointees involved.
    Was any analysis conducted on the impact of this decision on affected consumers or on military households more broadly? If so, please provide a copy of that analysis.
    How does this action align with the CFPB’s publicly stated enforcement priorities, particularly your April 16, 2025, memo referencing protections for servicemembers and veterans?
    At a time when families are feeling the strain of higher costs and every dollar is hard-earned, the American people—especially our servicemembers, veterans, and military families—deserve more. They deserve a Bureau that has their backs, not one that shields institutions from accountability.
    Thank you for your attention to this matter. We look forward to your prompt and thorough response.
    Sincerely,
    – 30 –

    MIL OSI USA News –

  • MIL-OSI USA: North Dakota Department of Commerce Announces Grants for Tourism and Community Enhancement

    Source: US State of North Dakota

    The North Dakota Department of Commerce will open the 2025 Tourism and Community Enhancement Grants aimed at enhancing tourism, community infrastructure, and historic preservation across the state. These grants, funded by the 69th Legislative Assembly, are designed to support various projects that will contribute to North Dakota’s visitor and resident experiences.

    The grant opportunities are as follows:

    Historic Opera House Restoration Grant: $250,000 to restore a historic opera house constructed prior to 1930 that once served as a community entertainment hub.

    Medora Transportation Improvement Grant: $1 million to support the development, building, and operation of a public transportation system in Medora, North Dakota.

    Community Hall Grant: $175,000 for improvements to a multi-function community hall in rural North Dakota communities.

    Historic Theater Restoration Matching Grant: $500,000 to support the improvement and restoration of a historic theater constructed prior to 1930 that is currently operational and offering public events.

    Historic Theater Improvement Grant: $250,000 to support the improvement and restoration of a historic theater constructed prior to 1930 that once served as a community entertainment hub.

    State Magazine Grant: $250,000 to current or previous publishers of an official state magazine that features stories and photos showcasing the best of North Dakota.

    All grants will be open from July 22 – Sept. 1, 2025.

    Eligible organizations must submit a concise application letter to Commerce, identifying the applicant, point of contact, amount requested, intended uses for the funds, current and/or future events, and desired outcomes. Applications must be submitted electronically by 5 p.m. CDT Sept. 1, 2025, to McKenzie Clayburgh at clayburghmckenzie@nd.gov.

    For more information on the Tourism and Community Enhancement Grants, go to https://ndgov.link/TourismEnhancementGrants. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Opens Business Recovery Center in San Angelo to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Tom Green Countyto assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 18, SBA customer service representatives will be on hand at the Business Recovery Center in San Angelo to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    TOM GREEN COUNTY
    Business Recovery Center
    Angelo State University
    69 N. Chadbourne St.
    San Angelo, TX  76903

    Opens at 10 a.m., Friday, July 18
    Mondays – Fridays, 8 a.m. – 5 p.m.

    The following location is also open and continues to serve survivors:

    KERR COUNTY
    Business Recovery Center
    The YES Center at First Presbyterian Church
    823 North St.
    Kerrville, TX   78028

    Mondays – Fridays, 9 a.m. – 6 p.m.
    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Harshbarger Joins President Trump at White House for Signing of HALT Fentanyl Act

    Source: United States House of Representatives – Representative Diana Harshbarger (R-TN)

    Washington, D.C. — Today, Congresswoman Diana Harshbarger (R-TN) joined President Donald J. Trump at the White House to celebrate the signing of the bipartisan Halt All Lethal Trafficking (HALT) of Fentanyl Act, landmark legislation aimed at cracking down on the trafficking and abuse of deadly illegal fentanyl that continues to devastate communities across the nation.

    “Counterfeit Fentanyl is one of the deadliest drug threats our country has ever faced, and East Tennessee families have seen the devastation firsthand,” said Rep. Harshbarger. “The HALT Fentanyl Act is a commonsense, life-saving bill that will help law enforcement keep these poisons out of our communities and hold criminals accountable. I was proud to stand with President Trump and my colleagues at the White House today to mark this important victory in our fight to protect American lives.”

    BACKGROUND:

    Harshbarger was an original co-sponsor of the House version of this legislation. As a pharmacist and member of the Energy and Commerce Committee, Rep. Harshbarger has been a vocal advocate for combating the opioid and illegal fentanyl crisis and played a critical role in advancing the bill through Congress. Additionally, Harshbarger is the Vice Chair of the Energy and Commerce Health Subcommittee and is a part of the Republican Doctors Caucus.

    The bill permanently classifies illicit fentanyl-related substances as Schedule I drugs under the Controlled Substances Act, giving law enforcement the tools they need to stop traffickers and ensuring this incredibly dangerous substance remains off our streets.

    MIL OSI USA News –

  • MIL-OSI USA: Thirteenth Defendant Pleads Guilty in Transnational Scheme to Defraud U.S. Consumers

    Source: US State of California

    A Peruvian national pleaded guilty yesterday for his participation in transnational mail and wire fraud schemes that targeted vulnerable United States consumers.

    According to court documents, David Cornejo Fernandez, 36, of Lima, Peru, facilitated fraud schemes that stole millions of dollars from Spanish-speaking victims across the United States. Cornejo provided Internet-based telephone lines, caller-ID spoofing services, and recording capabilities to a network of fraudulent call centers based in Peru. Relying on Cornejo’s services, those call centers defrauded and extorted thousands of Spanish-speaking victims by falsely threatening them with court proceedings, fines, and other consequences. Cornejo further provided the call centers with the technology – and, at times, the training – to convincingly impersonate federal agents, police officers, attorneys, court personnel, and other government officials in order to extort payments from victims. Cornejo was extradited from Peru in November 2024 to face charges related to the scheme.        

    Cornejo is the 13th defendant to be convicted in connection with a $15 million transnational fraud scheme that defrauded and threatened Spanish-speaking U.S. consumers. These fraudsters falsely claimed the victims would suffer severe legal, financial and other consequences if they did not pay for English-language products. Collectively, the scheme was responsible for defrauding more than 30,000 United States consumers, many of whom were vulnerable.

    “The Department of Justice is committed to protecting vulnerable U.S. consumers from fraud, especially schemes carried out by criminals impersonating U.S. government officials,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Those who target American consumers from abroad will be identified, prosecuted, and held accountable for their crimes. We thank the Republic of Peru for their assistance in arresting and extraditing this defendant and others involved in these scams.”

    “The defendant thought he could hide behind borders and phone lines, but the Postal Inspection Service is relentless when it comes to protecting American consumers,” said Acting Inspector in Charge Bladismir Rojo, U.S. Postal Inspection Service, Miami Division. “Setting up fake call centers to harass and intimidate innocent victims, Cornejo and his co-conspirators, crafted a campaign of fear designed to rob people of not only their savings but their peace of mind. If you target Americans, no matter where you are in the world we will find you.”

    In pleading guilty, Cornejo admitted that he provided his co-conspirators with the technology to manipulate the phone numbers on victims’ caller IDs, which enabled them to place threatening calls that appeared to be coming from U.S. federal agencies, court officials or law enforcement agencies. Cornejo also placed recordings on his co-conspirators’ inbound phone lines that appeared to be recordings from actual U.S. courts, police departments and federal agencies. These recordings enhanced the apparent legitimacy of the threatening calls and were used to extort payments from vulnerable consumers in the Southern District of Florida and across the United States. Cornejo also regularly replaced telephone numbers that victims reported as fraudulent, thus enabling his co-conspirators to continue with the fraudulent scheme. 

    Yesterday, Cornejo pleaded guilty to conspiracy to commit mail and wire fraud. A sentencing hearing is scheduled before the Senior U.S. District Judge Robert N. Scola in Miami on Sep. 25.  Cornejo faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    USPIS and the Consumer Protection Branch investigated the case.

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorney Carolyn Rice of the Consumer Protection Branch are prosecuting the case and Assistant U.S. Attorney Annika Miranda for the Southern District of Florida is handling asset forfeiture. The Justice Department’s Office of International Affairs, U.S. Attorney’s Office for the Southern District of Florida, State Department’s Diplomatic Security Service, U.S. Marshals Service, Peruvian National Prosecutor General’s Office and Peruvian National Police provided critical assistance.

    If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Laplace Woman Sentenced for Making False Statements to Small Business Administration

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that LATRICIA HOPE HAYNES MOLIERE (“MOLIERE”), age 51, a resident of LaPlace, Louisiana was sentenced on July 10, 2025, for making False Statements to the Small Business Administration (SBA), in violation of Title 18, United States Code, Section 1001.

    According to court documents, MOLIERE submitted an application for a loan through the Paycheck Protection Program (PPP) in March 2021. In this application, she falsely represented that she owned a baking sole proprietorship with an average monthly payroll of $8,041. In support of the PPP application, MOLIERE attached a fraudulent Internal Revenue Service Form 1040 Schedule C. Several months later, MOLIERE filed a petition for bankruptcy in which she said that she was not a sole proprietor. As a result of her false representations, MOLIERE received $20,102 from the SBA. This loan was later forgiven because MOLIERE falsely represented that she had spent the SBA funds on payroll.

    United States District Judge Eldon E. Fallon sentenced MOLIERE to 3 years of probation, and a mandatory special assessment fee of $100. MOLIERE also agreed to pay restitution in the amount of $22,742.71 to the SBA.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Acting U.S. Attorney Simpson praised the work of the United States Secret Service and the United States Trustee in investigating this case. Assistant United States Attorney Maria M. Carboni of the Financial Crimes Unit is handling the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Thirteenth Defendant Pleads Guilty in Transnational Scheme to Defraud U.S. Consumers

    Source: United States Attorneys General

    A Peruvian national pleaded guilty yesterday for his participation in transnational mail and wire fraud schemes that targeted vulnerable United States consumers.

    According to court documents, David Cornejo Fernandez, 36, of Lima, Peru, facilitated fraud schemes that stole millions of dollars from Spanish-speaking victims across the United States. Cornejo provided Internet-based telephone lines, caller-ID spoofing services, and recording capabilities to a network of fraudulent call centers based in Peru. Relying on Cornejo’s services, those call centers defrauded and extorted thousands of Spanish-speaking victims by falsely threatening them with court proceedings, fines, and other consequences. Cornejo further provided the call centers with the technology – and, at times, the training – to convincingly impersonate federal agents, police officers, attorneys, court personnel, and other government officials in order to extort payments from victims. Cornejo was extradited from Peru in November 2024 to face charges related to the scheme.        

    Cornejo is the 13th defendant to be convicted in connection with a $15 million transnational fraud scheme that defrauded and threatened Spanish-speaking U.S. consumers. These fraudsters falsely claimed the victims would suffer severe legal, financial and other consequences if they did not pay for English-language products. Collectively, the scheme was responsible for defrauding more than 30,000 United States consumers, many of whom were vulnerable.

    “The Department of Justice is committed to protecting vulnerable U.S. consumers from fraud, especially schemes carried out by criminals impersonating U.S. government officials,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Those who target American consumers from abroad will be identified, prosecuted, and held accountable for their crimes. We thank the Republic of Peru for their assistance in arresting and extraditing this defendant and others involved in these scams.”

    “The defendant thought he could hide behind borders and phone lines, but the Postal Inspection Service is relentless when it comes to protecting American consumers,” said Acting Inspector in Charge Bladismir Rojo, U.S. Postal Inspection Service, Miami Division. “Setting up fake call centers to harass and intimidate innocent victims, Cornejo and his co-conspirators, crafted a campaign of fear designed to rob people of not only their savings but their peace of mind. If you target Americans, no matter where you are in the world we will find you.”

    In pleading guilty, Cornejo admitted that he provided his co-conspirators with the technology to manipulate the phone numbers on victims’ caller IDs, which enabled them to place threatening calls that appeared to be coming from U.S. federal agencies, court officials or law enforcement agencies. Cornejo also placed recordings on his co-conspirators’ inbound phone lines that appeared to be recordings from actual U.S. courts, police departments and federal agencies. These recordings enhanced the apparent legitimacy of the threatening calls and were used to extort payments from vulnerable consumers in the Southern District of Florida and across the United States. Cornejo also regularly replaced telephone numbers that victims reported as fraudulent, thus enabling his co-conspirators to continue with the fraudulent scheme. 

    Yesterday, Cornejo pleaded guilty to conspiracy to commit mail and wire fraud. A sentencing hearing is scheduled before the Senior U.S. District Judge Robert N. Scola in Miami on Sep. 25.  Cornejo faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    USPIS and the Consumer Protection Branch investigated the case.

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorney Carolyn Rice of the Consumer Protection Branch are prosecuting the case and Assistant U.S. Attorney Annika Miranda for the Southern District of Florida is handling asset forfeiture. The Justice Department’s Office of International Affairs, U.S. Attorney’s Office for the Southern District of Florida, State Department’s Diplomatic Security Service, U.S. Marshals Service, Peruvian National Prosecutor General’s Office and Peruvian National Police provided critical assistance.

    If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI: Mega Fortune Company Limited Announces Closing of $15 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 17, 2025 (GLOBE NEWSWIRE) — Mega Fortune Company Limited (the “Company” or “MGRT”), an Internet of Things (“IoT”) solution provider in Hong Kong, today announced the closing of its initial public offering (the “Offering”) of 3,750,000 ordinary shares at a price of $4.00 per share. The Company has granted the underwriter a 45-day option to purchase up to an additional 562,500 ordinary shares at the public offering price, less the underwriting discounts.

    The aggregate gross proceeds from the Offering were $15 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on The Nasdaq Capital Market on July 16, 2025 under the ticker symbol “MGRT.”

    The Offering was conducted on a firm commitment basis. D. Boral Capital LLC acted as the sole book-running manager for the Offering. FisherBroyles, LLP acted as U.S. securities counsel to the Company, and Jun He Law Offices LLC acted as U.S. counsel to D. Boral Capital LLC in connection with the Offering.

    A registration statement on Form F-1, as amended, relating to the Offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-282977) and was declared effective by the SEC on June 30, 2025. The Offering was made only by means of a final prospectus. A final prospectus relating to the Offering was filed with the SEC on July 16, 2025, which may be obtained from D. Boral Capital LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022 by email to dbccapitalmarkets@dboralcapital.com, or by calling +1 (212) 970 5150. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at http://www.sec.gov.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Mega Fortune Company Limited

    Mega Fortune Company Limited (the “Company”) is an Internet of Things (“IoT”) solution provider in Hong Kong. Through its operating subsidiary QBS System Limited (“QBS System”), the Company has specialized in delivering comprehensive IoT solutions and services across various industries. QBS System’s business service portfolio includes the provision of IoT Integration Solution Services, IoT Maintenance and Support services, Business Process Outsourcing (“BPO”) services and trading sales. Through its IoT platform, tools and services, QBS system helps enterprises through their digital transformation, launch IoT initiatives, upscale an existing IoT application or integrate any IoT solution with a legacy system to help them become more innovative, effective and productive. The Company’s vision is to become the preferred choice for IoT solutions for enterprises and projects in the Asia-Pacific region.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For more information, please contact:

    Mega Fortune Company Limited
    Phone: +852 5627 5338
    Email:  priscilla.cheng@megafortune-group.com

    The MIL Network –

  • MIL-OSI: Mega Fortune Company Limited Announces Closing of $15 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 17, 2025 (GLOBE NEWSWIRE) — Mega Fortune Company Limited (the “Company” or “MGRT”), an Internet of Things (“IoT”) solution provider in Hong Kong, today announced the closing of its initial public offering (the “Offering”) of 3,750,000 ordinary shares at a price of $4.00 per share. The Company has granted the underwriter a 45-day option to purchase up to an additional 562,500 ordinary shares at the public offering price, less the underwriting discounts.

    The aggregate gross proceeds from the Offering were $15 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on The Nasdaq Capital Market on July 16, 2025 under the ticker symbol “MGRT.”

    The Offering was conducted on a firm commitment basis. D. Boral Capital LLC acted as the sole book-running manager for the Offering. FisherBroyles, LLP acted as U.S. securities counsel to the Company, and Jun He Law Offices LLC acted as U.S. counsel to D. Boral Capital LLC in connection with the Offering.

    A registration statement on Form F-1, as amended, relating to the Offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-282977) and was declared effective by the SEC on June 30, 2025. The Offering was made only by means of a final prospectus. A final prospectus relating to the Offering was filed with the SEC on July 16, 2025, which may be obtained from D. Boral Capital LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022 by email to dbccapitalmarkets@dboralcapital.com, or by calling +1 (212) 970 5150. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at http://www.sec.gov.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Mega Fortune Company Limited

    Mega Fortune Company Limited (the “Company”) is an Internet of Things (“IoT”) solution provider in Hong Kong. Through its operating subsidiary QBS System Limited (“QBS System”), the Company has specialized in delivering comprehensive IoT solutions and services across various industries. QBS System’s business service portfolio includes the provision of IoT Integration Solution Services, IoT Maintenance and Support services, Business Process Outsourcing (“BPO”) services and trading sales. Through its IoT platform, tools and services, QBS system helps enterprises through their digital transformation, launch IoT initiatives, upscale an existing IoT application or integrate any IoT solution with a legacy system to help them become more innovative, effective and productive. The Company’s vision is to become the preferred choice for IoT solutions for enterprises and projects in the Asia-Pacific region.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For more information, please contact:

    Mega Fortune Company Limited
    Phone: +852 5627 5338
    Email:  priscilla.cheng@megafortune-group.com

    The MIL Network –

  • MIL-OSI USA: As Chaotic Trump Tariffs Drive Price Hikes, Warren, Baldwin, Schakowsky, Deluzio Propose New Tools to Fight Price Gouging

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    July 17, 2025
    Text of Bill (PDF) | Bill One-Pager (PDF)
    Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.) and Tammy Baldwin (D-Wis.), along with Representatives Jan Schakowsky (D-Ill.) and Chris Deluzio (D-Pa.) reintroduced the Price Gouging Prevention Act to fight back against the corporate greed enabled by the Trump administration’s chaotic tariff policies. The bill would give the Federal Trade Commission (FTC) and state attorneys general new tools to enforce a federal ban against grossly excessive price increases.
    The last five years have repeatedly shown us that giant corporations will take advantage of inflation and supply chain disruptions to expand their profit margins by raising prices higher than necessary to cover cost increases. President Trump’s on-again, off-again tariffs have created yet another opportunity for corporate price gouging. The tariff-driven uncertainty gives companies the opportunity to raise prices on all goods, regardless of whether they are actually subject to new tariffs, higher and for longer than what is necessary to cover any cost increases. Now, dozens of companies have reported raising the prices of goods and services unaffected by Trump’s tariffs. 
    “Donald Trump’s reckless tariff policies are giving companies cover to squeeze families and raise prices more than necessary. My bill is an opportunity for Congress to stand up for families by cracking down on price gouging and fighting back against corporate abuse,” said Senator Warren.
    Last week, Senator Warren and 16 other Democrats urged the FTC to investigate tariff-enabled corporate price gouging that is raising costs for American families and use its full authority to prevent it.
    “The biggest corporations in our country jack up the cost of everyday household items, take in record profits, and give their executives huge bonuses – all on the backs of hard-working Wisconsin families. Donald Trump claimed he would lower prices – so far, he has done just the opposite and is even opening the door to more price gouging. But, if we pass this bill, we can rein that in and give Wisconsinites some breathing room and allow them to save for the future,” said Senator Baldwin. “Our bill will finally crack down on corporate greed and help stop those big companies at the top of the food chain from sticking families with exorbitant costs.”
    “Prices are still too high, and inflation is still pounding folks. Especially now, we need to rein in monopolists and other huge corporations with the power to price gouge the American people,” said Congressman Deluzio. “By upping FTC enforcement practices and boosting transparency, this bill will take some of the squeeze off American families and small businesses suffering under the thumb of out-of-control corporate power.”
    “President Donald Trump promised to lower costs, but we have seen the exact opposite. Greedy corporations are using the economic turmoil the Trump Administration has created to gouge the American people on everything from groceries to consumer goods. While these large corporations rake in record profits, families in my community and across the country are struggling to put food on the table,” said Congresswoman Jan Schakowsky. “Our bill will finally put an end to price gouging by empowering the FTC and state attorneys general to hold bad actors accountable when they take advantage of consumers.”
    Senator Warren introduced this bill in the 116th Congress, 117th Congress, and again in the 118th Congress. 
    The Price Gouging Prevention Act of 2025 would help the federal government and state attorneys general fight corporate price gouging. The bill would: 
    Prohibit price gouging at the federal level—anytime and anywhere. The bill would clarify that price gouging is an unfair and deceptive practice under the FTC Act. It would allow the FTC and state attorneys general to stop sellers from charging a grossly excessive price, regardless of where the price gouging occurs in a supply chain or distribution network; 
    Help enforcers establish when price gouging is occurring during a significant shift in trade policy. The bill lists a set of exceptional market shocks—including an “abrupt or significant shift in trade policy”—and outlines a standard for a presumptive violation of the price gouging prohibition during such a shock, such as when companies brag about increasing prices; 
    Create an affirmative defense for small businesses acting in good faith. Small and local businesses sometimes must raise prices in response to crisis-driven increases in their costs because they have little negotiating power with their price-gouging suppliers. This affirmative defense protects small businesses earning less than $100 million from frivolous litigation if they show legitimate cost increases; 
    Require public companies to clearly disclose costs and pricing strategies. During periods of exceptional market shock, the bill requires public companies to transparently disclose and explain changes in their cost of goods sold, gross margins, and pricing strategies in their quarterly SEC filings; and 
    Provide $1 billion in additional funding to the FTC to carry out its work.
    Senators Richard Blumenthal (D-Conn.), John Fetterman (D-Pa.), Andy Kim (D-N.J.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), Elissa Slotkin (D-Mich.), and Sheldon Whitehouse (D-R.I.) joined as co-sponsors. 
    Representatives Angie Craig (D-Minn.), Maggie Goodlander (D-N.H.), Hank Johnson (D-Ga.), Ro Khanna (D-Calif.), Eleanor Holmes Norton (D-D.C.), Jerry Nadler (D-N.Y.), Mary Gay Scanlon (D-Pa.), Rashida Tlaib (D-Mich.), and Paul Tonko (D-N.Y.) joined as co-sponsors. 
    “Consumers deserve and desperately need stronger protection against price gouging and unfair profiteering that this legislation will provide. As state Attorney in Connecticut, I saw firsthand how corporate greed leads wrongdoers to exploit loopholes in present law. American consumers should be safeguarded more effectively by imposing accountability and transparency,” said Senator Blumenthal.
    “Trump’s chaotic tariff policies handed large companies a free pass to jack up prices on the goods and services we rely on every day. As a result, hard-working Americans are being forced to take a smaller slice of the pie while corporate executives line their pockets. The Price Gouging Prevention Act gives regulators the teeth to shut this down,” said Senator Fetterman. “It forces big companies to be honest about why they’re raising prices, and it’ll bring relief at the grocery store and the pump to families across the Commonwealth.”
    “No one should be allowed to pad their pockets by price gouging hardworking Americans,” said Senator Kim. “At a moment when more and more people are feeling like they can’t afford the American dream, this bill is an important tool to stand up for working families, lower costs, and build an economy that looks after all Americans, not just the wealthiest few.”
    “Big corporations are making big profits, and some are cynically using Trump’s tariffs and trade threats to justify price increases on hard working people,” said Senator Markey. “While Republicans shower big corporations with lavish tax breaks, Senator Warren and Senator Baldwin are leading the fight to stand up for working people. I am proud to stand with my colleagues to co-sponsor the Price Gouging Prevention Act and end predatory profiteering.”
    “From outrageous prices for prescription medications, to the costs of groceries skyrocketing, it’s working families footing the bill while huge corporations gouge consumers to line their own pockets,” said Senator Merkley. “Americans deserve basic consumer protections from this harmful practice, and we need the Price Gouging Prevention Act to put people over profits.”
    “Michiganders know their pocketbooks. They know when they are getting taken for a ride.  The cost of living is too high in America, and it is keeping hard-working people out of the middle class,” said Senator Slotkin. “One way to attack that problem is to crack down on price gouging from the largest, multi-national corporations, who too often use a crisis or supply chain disruption to further squeeze Americans and raise prices. This bill strengthens the tools in our toolkit to go after bad-faith actors and protect the middle class.”
    “Corporate bad actors are using Trump’s tariff chaos as an excuse to hike prices far beyond their own cost increases to make even more money at the expense of hardworking Americans,” said Senator Whitehouse. “Our legislation will crack down on price gouging and lower costs for families.”
    This bill is endorsed by the following labor groups and organizations: AFL-CIO, UAW, USW, Accountable.US/Accountable.NOW, American Economic Liberties Project, Consumer Federation of America, Economic Security Project Action, Farm Action Fund, Food & Water Watch, Groundwork Collaborative, National Consumer Law Center (on behalf of its low-income clients), P Street, and Public Citizen. 
    “America’s working families are tired of giant corporations jacking up prices and taking a bigger and bigger slice of their paychecks just to pad their record-breaking profits. The Price Gouging Prevention Act is important legislation to crack down on this corporate greed, put some common-sense fairness back in our economy, and rein in the basic costs that are making it hard for working families to make ends meet,” said Liz Shuler, President of the AFL-CIO. 
    “Working families must never be squeezed by corporations using crises as cover to raise prices. The Price Gouging Prevention Act is a long-overdue check on corporate abuse, holding companies accountable and putting power back in the hands of consumers and workers. We’re proud to support it,” said David McCall, President of the United Steelworkers. 
    “The Trump administration has shown time and again it is on the side of the giant corporations squeezing profits from American families. While the President fans the flames on higher prices and fewer protections, the Price Gouging Prevention Act tackles corporate greed head on. It’s more important than ever that Congress take the initiative to defend American families from abusive price hikes in the marketplace,” said Caroline Ciccone, President of Accountable.US/Accountable.NOW. 
    “Cracking down on price gouging at the federal level is both commonsense and long overdue,” said Morgan Harper, Director of Policy and Advocacy at the American Economic Liberties Project. “From natural disasters to Trump’s tumultuous trade policy, big corporations are weaponizing chaos to pad their bottom line at the expense of hardworking Americans. Just like the laws many states across the country already have in place, Senator Warren’s price-gouging legislation prohibits opportunistic price increases now and during future crises to protect families and small businesses.”
    “Now, more than ever, we need to crack down on predatory corporations that weaponize economic turmoil by price-gouging hardworking Americans and lining their pockets with obscene profits. Congress should immediately pass the Price Gouging Prevention Act and give state and federal law enforcement agencies full power to stop corporations from preying on American families through this shameless profiteering,” said Erin Witte, Director of Consumer Protection for Consumer Federation of America.
    “More and more families are feeling the sting of our affordability crisis, and price gouging is a major cause. Price gouging puts basic needs like groceries, rent, and medications increasingly out of reach for millions just to line the pockets of corporate shareholders. The Price Gouging Prevention Act is a huge step towards ending this practice by holding corporate price gougers accountable,” said Adam Ruben, Director of Economic Security Project Action. 
    “For too long, corporate giants have used market disruptions as an excuse to gouge farmers and consumers, with little fear of consequences. We exposed abusive pricing schemes in the fertilizer, beef, and egg industries in recent years, yet the FTC has been hamstrung in its ability to take action. The legislation introduced by Senator Warren and her colleagues would enable antitrust enforcers to hold these corrupt corporations accountable, restoring fairness to our markets and bringing justice to America’s farmers and consumers,” said Joe Maxwell, President of Farm Action Fund. 
    “While everyday Americans are struggling to make ends meet, corporations continue to hike up prices and rake in record profits. The president’s chaotic trade policy has created the perfect environment for companies to raise prices on consumers well beyond the rate of inflation. Senator Warren’s legislation puts working families first by cracking down on these price gougers and ensuring consumers pay a fair price,” said Lindsay Owens, Executive Director of Groundwork Collaborative. 
    “Whether it’s airlines hiking prices after a hurricane, egg companies using flimsy excuses to quadruple costs, or oil giants colluding to keep prices high, we know corporations price gouge consumers for one simple reason: because they can,” said Joe Van Wye, Senior Legislative Strategist at P Street. “Decades of weak antitrust enforcement let these corporations grow unchecked—giving monopolies the power to squeeze families for every dollar. Senator Warren is taking on corporate greed head-on and demanding real accountability to put dollars back in Americans’ pockets. More of her colleagues should follow her lead.”

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Van Hollen Call On Attorney General To Immediately Release The Epstein Files

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    July 17, 2025

    The call follows the Senators’ successful amendment to an appropriations bill to retain, preserve, and compile the Epstein files, which passed unanimously

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and U.S. Senator Chris Van Hollen (D-MD) called on Attorney General Pam Bondi to immediately release the Epstein files. The Senators’ letter follows the Senate Appropriations Committee’s unanimous passage of the Senators’ amendment requiring the Attorney General to “retain, preserve, and compile any records or evidence related to any investigation, prosecution, or incarceration of Jeffrey Epstein” and submit a report to Congress within 60 days regarding the records and evidence.

    The Senators began, “We write regarding the Department of Justice and its handling of the Jeffrey Epstein case and records. Last week, the Senate Appropriations Committee, by a unanimous bipartisan vote, directed you and the Department to preserve and retain all of the Epstein files and to submit a report on the records to the Subcommittee on Commerce, Justice, Science, and Related Agencies. This unanimous vote reflects the urgent need to provide transparency and accountability with respect to the Epstein files. There is no reason to wait until the bill with our amendment makes its way through Congress. We call upon you to follow the bipartisan directive of the Appropriations Committee and release the Epstein files without delay.”

    The Senators continued, “The case of Jeffrey Epstein is a deeply disturbing one, with horrifying sexual abuse of over 1,000 young women and girls. From the lenient plea deal he received in Florida in 2008 to the end of his case with his death in prison in 2019, survivors of his abuse have been denied the full accounting of his crimes and the justice they deserve. We must ensure that the American people can have confidence in a justice system that operates without secrecy or undue influence—especially in the handling of such a prominent case involving the sexual exploitation and trafficking of so many victims. Delivering transparency in this case is necessary to providing accountability and answers to the American people.”

    The Senators concluded, “Again, we ask that, rather than wait for the final passage of this provision, you provide the information and answers thirty days from today, August 16, 2025. We appreciate your attention to this vital matter of public interest.”

    The full text of the letter is available here. 

    -30-

    MIL OSI USA News –

  • MIL-OSI: Chemung Financial Corporation Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ELMIRA, N.Y., July 17, 2025 (GLOBE NEWSWIRE) — Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported a net loss of $6.5 million, or $1.35 per share, for the second quarter of 2025, compared to net income of $6.0 million, or $1.26 per share, for the first quarter of 2025, and net income of $5.0 million, or $1.05 per share, for the second quarter of 2024.

    “The Corporation executed two major components of a transformational balance sheet repositioning in the second quarter by issuing subordinated debt and selling a significant portion of our securities portfolio,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “These strategic actions strengthen our regulatory capital position, improved commercial real estate concentration ratios, and enhanced our flexibility in funding loan growth in key expansion markets while positioning the Corporation to benefit from lower funding costs beginning in the third quarter,” Tomson added.

    “Core operating results for the quarter were solid and we remain encouraged by continued success in executing on principal initiatives. These results reflect the resilience of our customer base and the disciplined approach taken by our organization,” said Tomson. “The recent addition of deposit focused team members in our growth markets will complement the strong loan pipelines we are seeing across our footprint,” concluded Tomson.

    Second Quarter Highlights:

    • The Corporation issued $45.0 million in aggregate principal Fixed-to-Floating Rate Subordinated Notes on June 10, 2025, due June 2035. The notes qualify as tier 2 capital at Chemung Financial Corporation.
    • Available for sale securities with a book value of $245.5 million were sold in June 2025 as part of a balance sheet repositioning in conjunction with the Corporation’s subordinated debt issuance, resulting in a realized pre-tax loss of $17.5 million. Proceeds from the sales totaled $227.3 million.
    • Non-GAAP net income and earnings per share, excluding the impact of one-time items, was $6.3 million and $1.31, respectively, for the second quarter of 2025.1
    • Net interest margin increased nine basis points, to 3.05%, for the second quarter 2025, compared to 2.96% for the first quarter 2025, partially due to the impact of the Corporation’s balance sheet repositioning on the composition of interest-earning assets.1
    • Dividends declared during the second quarter of 2025 were $0.32 per share.

    1 See the GAAP to Non-GAAP reconciliations.

    2nd Quarter 2025 vs 1st Quarter 2025

    Net Interest Income:
    Net interest income for the second quarter of 2025 totaled $20.8 million, compared to $19.8 million for the prior quarter, an increase of $1.0 million, or 5.0%, driven by increases of $1.3 million in interest income on loans and $0.5 million in interest income on interest-earning deposits, partially offset by a decrease of $0.5 million in interest income on taxable securities and an increase of $0.4 million in interest expense on borrowed funds.

    Interest income on loans increased largely due to an increase of $30.8 million in average balances of total loans, compared to the prior quarter, an increase of 12 basis points in the average yield on total loans, compared to the prior quarter, and the recognition of $0.1 million in interest income on the payoff of a previously nonaccrual multifamily commercial mortgage. The increase in average balances of total loans was concentrated in commercial real estate. Average balances of commercial loans increased $39.2 million, due mainly to an increase in average balances of commercial real estate loans, while average balances of consumer loans decreased $9.3 million, each compared to the prior quarter. Average balances of residential mortgage loans were roughly in line with the prior quarter. Consumer loan average balances decreased primarily due to a decrease in average balances of indirect auto loans, as the Corporation largely continued to prioritize other types of lending, although auto loan origination activity increased toward the end of the second quarter. This decrease was partially offset by an increase in average balances of home equity lines of credit, largely due to promotional efforts in the first half of 2025. The increase in the average yield on total loans was largely driven by an increase of 11 basis points in the average yield on commercial loans, which was supported by stability in benchmark interest rates in the current period and strong origination yields in recent periods. Interest income recognized on the payoff of one nonaccrual multifamily commercial mortgage positively impacted the second quarter’s average commercial loan yield by approximately two basis points, and the total average loan yield by one basis point.

    Interest income on interest-earning deposits increased mainly due to an increase of $46.2 million in average balances of interest-earning deposits, largely comprised of proceeds from the Corporation’s sale of available for sale securities in the second quarter of 2025, as well as proceeds from the Corporation’s subordinated debt issuance in the second quarter of 2025. The Corporation maintained elevated levels of deposits at the Federal Reserve Bank of New York (FRBNY) at the end of the second quarter, partially in anticipation of the maturity of $155.0 million of total wholesale funding early in the third quarter of 2025. A portion of remaining balances of interest-earning deposits are expected to fund loan growth across the Corporation’s markets.

    Interest income on taxable securities decreased largely due to a decrease of $51.0 million in average balances of taxable securities, compared to the prior quarter, as well as a decrease of 20 basis points in the average yield on taxable securities, compared to the prior quarter. The decrease in average balances of taxable securities was due to both normal paydown activity on mortgage-backed and SBA pooled loan securities, as well as the Corporation’s sale of available for sale securities in the second quarter of 2025. The decrease in the average yield on taxable securities primarily reflected the sale of relatively higher-yielding securities, executed to optimize sale proceeds, which generally resulted in the sale of securities which had yields above the portfolio weighted average yield prior to the sale. Additionally, an increase in amortization on SBA pooled loan securities, driven by paydown activity prior to the sale, also contributed to the decrease.

    Interest expense on borrowed funds increased primarily due to the issuance of $45.0 million in subordinated notes in the second quarter of 2025, as well as an increase of $35.5 million in average balances of Federal Home Loan Bank of New York (FHLBNY) term advances, partially offset by a decrease of $16.4 million in average balances of FHLBNY overnight advances, both compared to the prior quarter. The subordinated notes were issued at a fixed interest rate of 7.75%, which will convert to a floating interest rate of the then-current Three-Month Term SOFR rate plus a spread of 415 basis points in the second quarter of 2030. There were $0.9 million in deferred issuance costs associated with the offering. The increase in average balances of FHLBNY term advances was primarily due to decreases in average balances of other types of wholesale funding, including FHLBNY overnight advances and brokered deposits. The average cost of FHLBNY term advances was consistent with the prior quarter, while the average cost of FHLBNY overnight advances decreased three basis points compared to the prior quarter.

    Interest expense on deposits decreased by less than $0.1 million compared to the prior quarter, largely due to decreases in the average cost of customer time deposits and brokered deposits of 21 and 26 basis points, respectively, and a decrease of $20.0 million in average balances of brokered deposits, compared to the prior quarter, mostly offset by an increase of 13 basis points in the average cost of savings and money market deposits, compared to the prior quarter. The decrease in the average cost of customer time deposits was mainly due to the duration of deposits in the portfolio and the repricing of CDs issued in earlier periods as deposits were renewed or matured. The decrease in average balances of brokered deposits was partially due to an increase in average balances of other wholesale funding sources. The increase in the average cost of savings and money market deposits was primarily due to municipal deposit inflows, which tend to carry a higher cost than equivalent products for consumer or commercial clients.

    Fully taxable equivalent net interest margin was 3.05% for the current quarter, compared to 2.96% for the prior quarter. Average interest-earning assets increased $20.2 million, while average interest-bearing liabilities increased $21.2 million during the second quarter, compared to the prior quarter. The average yield on interest-earning assets increased 11 basis points to 4.83%, while the average cost of interest-bearing liabilities increased two basis points to 2.57%, compared to the prior quarter. Total cost of funds was 1.94% for the current quarter, compared to 1.92% for the prior quarter, an increase of two basis points.

    Provision for Credit Losses:
    Provision for credit losses was $1.1 million for the second quarter of 2025, in line with the prior quarter. The provision was largely due to growth in commercial loan balances and changes in model inputs, including FOMC forecasts for increased unemployment and a decline in GDP growth, as well as declines in modeled prepayment speeds. A majority of loan balances charged-off in the second quarter related to loans that carried full specific allocations in the Corporation’s allowance for credit losses, and therefore did not affect the provision for credit losses for the quarter. Charge-offs on loans which did not carry specific allocations were comparable to the prior quarter.

    Non-Interest Income:
    The Corporation recognized a pre-tax loss of $17.5 million on the sale of a portion of its available for sale securities portfolio in the second quarter of 2025, resulting in overall negative non-interest income of $10.7 million for the quarter, compared to positive non-interest income of $5.9 million for the prior quarter. Recurring non-interest income (see Non-GAAP reconciliations), which excludes the loss on the sale of available for sale securities and the gain on the sale of a previous branch property, increased $0.3 million compared to the prior quarter, driven by an increase in the change in fair value of equity investments of $0.2 million.

    The loss recognized on the sale of available for sale securities was a major component of the Corporation’s strategic balance sheet repositioning, where proceeds from the sale of securities are largely expected to be used to pay off more expensive wholesale funding liabilities later in 2025 and fund future loan growth. The pre-tax loss of $17.5 million represents 7.1% of the book value of securities sold as of the transaction date. The composition of securities sold included all the Corporation’s U.S. Treasury and SBA pooled-loan securities, as well as portions of the Corporation’s mortgage-backed securities and municipal bond portfolios. The weighted average book yield and weighted average life of securities sold were approximately 2.1% and three years, respectively, while the weighted average book yield and weighted average life of securities remaining were approximately 2.0% and seven years, respectively.

    The Corporation also recognized a gain of $0.6 million on the sale of its previously disclosed held for sale branch property in Ithaca, New York. As previously disclosed all operations of the branch, formerly known as the “Ithaca Station” branch, were consolidated into a nearby branch in Ithaca in the fourth quarter of 2024. The increase in the change in fair value of equity investments was largely due to an increase in the market value of the Corporation’s deferred compensation plan, due to improvements in financial markets during the current quarter.

    Non-Interest Expense:
    Non-interest expense for the second quarter of 2025 was $17.8 million, compared to $16.9 million for the prior quarter, an increase of $0.9 million, or 5.3%, driven by increases of $0.4 million in salaries and wages, $0.2 million in pension and other employee benefits, and $0.2 million in professional services.

    Salaries and wages increased largely due to an increase in full-time equivalent employees compared to the prior quarter, including additional staffing in the Western New York Canal Bank division and temporary summer employees, as well as an increase in salary expense attributable to the increase in the market value of the Corporation’s deferred compensation plan. Pension and other employee benefits increased primarily due to an increase in employee healthcare-related expenses, compared to the prior quarter. Professional services increased largely due to tax services related to the Corporation’s Wealth Management Group, compared to the prior quarter.

    Income Tax Expense:
    Income tax expense for the second quarter of 2025 was a tax benefit of $2.4 million, compared to income tax expense of $1.7 million for the prior quarter, a decrease of $4.1 million. The decrease in income tax expense was primarily due to the net loss on the Corporation’s sale of available for sale securities in the second quarter of 2025.

    2nd Quarter 2025 vs 2nd Quarter 2024

    Net Interest Income:
    Net interest income for the second quarter of 2025 totaled $20.8 million, compared to $17.8 million for the same period in the prior year, an increase of $3.0 million, or 16.9%, driven by increases of $1.9 million in interest income on loans and $0.5 million in interest income on interest-earning deposits, and a decrease of $1.6 million in interest expense on deposits, partially offset by a decrease of $0.7 million in interest income on taxable securities.

    Interest income on loans increased largely due to an increase of $98.7 million in average balances of total loans compared to the same period in the prior year, as well as an increase of nine basis points in the average yield on total loans compared to the same period in the prior year. The increase in average balances of total loans was concentrated in commercial loans, which grew by $129.2 million compared to the same period in the prior year, largely comprised of growth in commercial real estate balances, particularly in the Bank’s Capital region and Western New York markets. The average yield on commercial loans decreased one basis point compared to the same period in the prior year, largely due to declines in benchmark interest rates on existing loans and the lower market interest rate environment on new originations.

    Average balances of residential mortgage loans increased $2.9 million while the average yield on residential mortgage loans increased 37 basis points, each compared to the same period in the prior year. Mortgage origination activity increased in the first half of 2025 compared to the same period in the prior year, however overall origination volumes continue to trail levels experienced in recent years. The increase in the average yield on residential mortgages was partially driven by a shift in portfolio composition toward variable rate and construction-to-permanent mortgages, which are currently higher-yielding than fixed rate mortgages. Average balances of consumer loans decreased $33.3 million while the average yield on consumer loans increased 25 basis points, each compared to the same period in the prior year. The decrease in average balances was mainly due to a decrease in indirect auto origination activity, and normal portfolio turnover, as the Bank prioritized funding other types of lending over the past year. The increase in the average yield on consumer loans was primarily due to portfolio turnover in the indirect auto portfolio as older, lower-yielding balances were replaced by higher-yielding balances.

    Interest income on interest-earning deposits increased mainly due to an increase of $45.9 million in average balances of interest-earning deposits, despite a decrease of 42 basis points in the average yield on interest-earning deposits, each compared to the same period in the prior year. The increase in average balances was largely due to proceeds from the Corporation’s sale of available for sale securities in the second quarter of 2025 being held as deposits at the FRBNY in advance of $155.0 million in wholesale funding maturing early in the third quarter of 2025. The decrease in the average yield on interest-earning deposits was largely due to a decrease in the Federal Funds Target Range Upper Limit of 100 basis points between the second quarter of 2024 and second quarter of 2025. Deposits held at the FRBNY receive interest at a rate 10 basis points below the Federal Funds Upper Limit.

    Interest expense on deposits decreased primarily due to a decrease of 79 basis points in the average cost of customer time deposits, as well as a decrease of 106 basis points in the average cost of brokered deposits, each compared to the same period in the prior year, resulting in a decrease of 83 basis points in the average cost of total time deposits. The decrease in the cost of customer time deposits was largely due to changes in offered terms on CD campaigns, including a shift towards shorter duration products, while the decrease in the average cost of brokered deposits was largely due to the declining market interest rate environment, which the Corporation was able to take advantage of by primarily utilizing brokered deposits with original durations of three months or less. Average balances of customer time deposits comprised 21.3% of total average deposits for the second quarter of 2025, compared to 21.9% for the second quarter of 2024. Also contributing to the decrease in interest expense on deposits were decreases of 28 basis points and seven basis points in the average cost of interest-bearing demand deposits and savings and money market deposits, respectively, compared to the same period in the prior year. Combined, these decreases resulted in a decrease of 41 basis points in the total average cost of interest-bearing deposits compared to the same period in the prior year, from 2.86% in the second quarter of 2024 to 2.45% in the second quarter of 2025. The deposit beta on total deposits was 28% between these two periods.

    Interest income on taxable securities decreased largely due to a decrease of $86.6 million in average balances of taxable securities, as well as a decrease of 21 basis points in the average yield on taxable securities, both compared to the same period in the prior year. The decrease in average balances was mainly attributable to $57.2 million in paydowns and maturities of available for sale securities between the second quarters of 2024 and 2025, as well as $245.5 million in sales of available for sale securities during the second quarter of 2025 as part of the Corporation’s balance sheet repositioning efforts. The decrease in the average yield on taxable securities was mainly attributable to decreases in interest rates earned on variable rate securities such as SBA loan pooled securities between the second quarters of 2024 and 2025, as well as the average yield of securities sold in the second quarter 2025 being higher than the overall average yield on the portfolio at the time of the sale.

    Fully taxable equivalent net interest margin was 3.05% for the second quarter of 2025, compared to 2.66% for the same period in the prior year. Average interest-earning assets increased $50.5 million, while average interest-bearing liabilities increased $45.8 million, compared to the same period in the prior year. The average yield on interest-earning assets increased fourteen basis points to 4.83%, while the average cost of interest-bearing liabilities decreased 37 basis points to 2.57%, compared to the same period in the prior year. Total cost of funds was 1.94% for the current quarter, compared to 2.20% for the same period in the prior year, a decrease of 26 basis points.

    Provision for Credit Losses:
    Provision for credit losses was $1.1 million for the second quarter of 2025, compared to $0.9 million for the same period in the prior year, an increase of $0.2 million. The increase was largely due to stronger loan growth in the second quarter of 2025, which totaled $34.8 million, compared to the same period in the prior year, as well as changes in the FOMC’s projections for increased unemployment and a decline in GDP growth during the second quarter of 2025, compared to relatively stable projections during the second quarter of 2024.

    Non-Interest Income:
    The Corporation recognized a pre-tax loss of $17.5 million on the sale of a portion of its available for sale securities portfolio in the second quarter of 2025, resulting in overall negative non-interest income of $10.7 million for the quarter, compared to positive non-interest income of $5.6 million for the same period in the prior year. Recurring non-interest income (see Non-GAAP reconciliations), which excludes the loss on the sale of available for sale securities and the gain on the sale of a previous branch property, increased $0.6 million compared to the same period in the prior year, driven by increases of $0.2 million in service charges on deposits and $0.1 million in each of wealth management group fee income and change in fair value of equity investments.

    As previously mentioned in the quarter over quarter comparison, the $17.5 million loss recognized on the sale of available for sale securities was a major component of the Corporation’s balance sheet repositioning. Additionally, the $0.6 million gain on the sale of a previous branch property was part of ongoing rationalization of the Bank’s physical distribution network. Both the increase in service charges on deposits and wealth management group fee income were largely attributable to fee schedule increases implemented in the second half of 2024. Wealth management group fee income also benefited from positive changes in financial markets during the second quarter of 2025, which was also the primary driver in the change in fair value of equity investments, resulting in an increase in the market value of assets held for the Corporation’s deferred compensation plan.

    Non-Interest Expense:
    Non-interest expense for the second quarter of 2025 was $17.8 million, compared to $16.2 million for the same period in the prior year, an increase of $1.6 million, or 9.9%, driven by increases of $0.8 million in salaries and wages, $0.3 million in data processing, and $0.2 million in professional services.

    Salaries and wages increased largely due to an increase in base salaries, including merit-based increases and additional staffing for the Corporation’s Western New York regional banking center. The increase in data processing was primarily due to an increase in core service provider expenses and additional expenses related to Canal Bank operations in Western New York. The increase in professional services was mainly due to an increase in consulting expenses, partially attributable to results-based fees related to the Corporation’s implementation of fee schedule increases in 2024.

    Income Tax Expense:
    Income tax expense for the second quarter of 2025 was a tax benefit of $2.4 million, compared to income tax expense of $1.3 million for the second quarter of 2024, a decrease of $3.7 million. The decrease in income tax expense was primarily due to the net loss on the Corporation’s sale of available for sale securities in the second quarter of 2025.

    Asset Quality
    Non-performing loans totaled $8.2 million as of June 30, 2025, or 0.39% of total loans, compared to $9.0 million, or 0.43% of total loans as of December 31, 2024. The decrease in non-performing loans was largely due to paydown and charge-off activity in the first half of 2025. There were $1.4 million in paydowns on and payoffs of non-performing commercial loans in the first half of 2025, including the payoff of a $1.0 million non-performing multifamily commercial mortgage. Additionally, $0.8 million in non-performing commercial and industrial loan balances were charged-off in the first half of 2025. These decreases were partially offset by $0.3 million in commercial loan balances added to non-performing loans in the first half of 2025. Retail non-performing loans increased $0.7 million compared to December 31, 2024, largely concentrated in home equity and indirect auto loans. Approximately half of the total increase in non-performing retail loans related to one well-secured first lien home equity loan which was placed into nonaccrual status in the first quarter of 2025. Non-performing assets, which are comprised of non-performing loans, other real estate owned, and repossessed vehicles, were $8.4 million, or 0.30% of total assets as of June 30, 2025, compared to $9.6 million, or 0.35% of total assets as of December 31, 2024. The decrease in non-performing assets was largely due to a decrease in non-performing loans. Other real estate owned decreased to $0.1 million as of June 30, 2025 from $0.4 million as of December 31, 2024, and was comprised of only one property as of June 30, 2025, while repossessed vehicles were $0.2 million as of June 30, 2025 and December 31, 2024.

    Total loan delinquencies as of June 30, 2025 decreased compared to December 31, 2024, primarily driven by a decrease in commercial loan delinquencies. As of June 30, 2025, there were less than $0.1 million in performing commercial loan balances considered to be delinquent, compared to $3.9 million as of December 31, 2024. Annualized net charge-offs to total average loans for the second quarter of 2025 were 0.19%, compared to 0.05% for the first quarter of 2025, an increase of 14 basis points. Net charge-offs experienced in the second quarter of 2025 included a $0.7 million charge-off on an unsecured commercial and industrial loan which had previously carried a full allocation in the allowance for credit losses, as well as an unrelated $0.1 million partial charge-off on another commercial and industrial loan which also carried a specific allocation in the allowance for credit losses. Annualized net commercial charge-offs represented 0.20% of average balances for the second quarter of 2025. Consumer loan net charge-offs continues to be concentrated in indirect auto loans, with annualized consumer charge-offs representing 0.35% of average balances for the second quarter of 2025. Residential mortgages had an immaterial net recovery rate for the second quarter of 2025. Annualized net-charge offs for the six months ended June 30, 2025 were 0.12% of total average loan balances, compared to net charge-offs of 0.05% for the six months ended June 30, 2024, an increase of seven basis points, largely due to the $0.7 million commercial and industrial charge-off in the second quarter of 2025.

    The allowance for credit losses on loans was $22.7 million as of June 30, 2025 compared to $21.4 million as of December 31, 2024. The allowance for credit losses on unfunded commitments, a component of other liabilities, was $0.5 million as of June 30, 2025 and $0.8 million as of December 31, 2024. The increase in the allowance for credit losses on loans was partially attributable to the annual review and update to loss drivers used in the Bank’s CECL model, which resulted in higher baseline loss rates for most of the Bank’s portfolio segments. Also contributing to the increase in the allowance was year-to-date net loan growth and deterioration in FOMC forecasted data points used in modeling for national unemployment and GDP growth. Forecasts for year-end 2025 GDP growth decreased 70 basis points compared to December 31, 2024, while forecasts for year-end 2025 unemployment increased 20 basis points compared to December 31, 2024. Partially offsetting the overall increase in the allowance was a $0.8 million decrease in allowance allocations for individually analyzed loans, due to commercial net charge-offs in the first half of 2025. Provision for credit losses as a percentage of period-end loan balances was 0.05% for both the second quarter of 2025 and for the first quarter of 2025. The allowance for credit losses on loans to total loans was 1.06% as of June 30, 2025 and 1.03% as of December 31, 2024 while the allowance for credit losses on loans was 275.16% of non-performing loans as of June 30, 2025 and 238.87% as of December 31, 2024.

    Balance Sheet Activity
    Total assets were $2.852 billion as of June 30, 2025, compared to $2.776 billion as of December 31, 2024, an increase of $76.3 million, or 2.7%. This increase was driven by increases of $273.0 million in cash and cash equivalents and $61.0 million in loans, net of deferred origination fees and costs, partially offset by decreases of $244.1 million in securities available for sale and $11.0 million in accrued interest receivable and other assets.

    Cash and cash equivalents increased largely due to proceeds of $227.3 million from the Corporation’s sale of available for sale securities in the second quarter of 2025. Cash balances as of June 30, 2025 were held almost entirely at the FRBNY and the Corporation utilized a portion of these proceeds to pay off wholesale funding which matured early in the third quarter of 2025. An increase of $72.1 million in total deposits, primarily due to inflows of municipal deposits, and proceeds from the Corporation’s issuance of subordinated debt in the second quarter of 2025, also contributed to the increase in cash and cash equivalents balances.

    Loans, net of deferred origination fees and costs increased mainly due to growth in commercial real estate balances. Total commercial loan balances increased $75.5 million, or 5.0%, compared to prior year-end, comprised of an increase of $80.5 million in commercial real estate balances, partially offset by a decrease of $5.0 million in commercial and industrial balances. Year-to-date commercial loan growth was relatively evenly distributed between the Bank’s Capital Bank and Canal Bank divisions in the Albany and Buffalo markets, respectively. Residential mortgages increased $3.2 million, or 1.2%, compared to the prior year-end, with overall year-to-date origination activity as of June 30, 2025 increasing compared to the same period in the prior year. Consumer loans decreased $17.7 million, or 6.3%, compared to the prior-year end, largely due to lower levels of indirect auto loan origination activity, and a relatively fast turnover rate in the portfolio, however origination activity increased toward the end of the second quarter as a result of a decrease in interest rates offered in the indirect lending program.

    Securities available for sale decreased primarily due to the Corporation’s ongoing strategic balance sheet repositioning, which included the sale of available for sale securities with a market value totaling $227.3 million in the second quarter of 2025. The sale of securities included the Corporation’s entire portfolio of U.S Treasury and SBA pooled-loan securities, as well as portions of the mortgage-backed securities and municipal bonds portfolios. Year-to-date net paydowns and maturities on available for sale securities totaled $28.3 million, largely on mortgage-backed and SBA pooled-loan securities. Partially offsetting the overall decrease in the available for sale securities portfolio was an increase of $12.6 million in the fair value of securities, mainly due to favorable changes in interest rates compared to December 31, 2024. Accrued interest receivable and other assets decreased largely due to a decrease in the fair value of interest rate swap assets, due to changes in interest rates.

    Total liabilities were $2.618 billion as of June 30, 2025, compared to $2.561 billion as of December 31, 2024, an increase of $56.7 million, or 2.2%. This increase was driven by increases of $72.1 million in total deposits and $44.1 million in subordinated debt, net of deferred issuance costs, partially offset by decreases of $54.3 million in advances and other debt and $5.0 million in accrued interest payable and other liabilities.

    Total deposits increased $72.1 million, or 3.0%, compared to the prior year-end, largely due to increases of $44.6 million in money market deposits and $41.6 million in interest-bearing demand deposits. Increases in these deposit types were primarily attributable to seasonal inflows of municipal deposits. Total time deposits decreased $5.4 million, consisting of a decrease of $13.3 million in customer time deposits partially offset by an increase of $7.8 million in brokered deposits. The decrease in customer time deposits was partially due to the maturity of previous CD campaign offerings which were not renewed. The Bank has continued to focus on shorter-duration CD campaigns, such as six and 15-month offerings, while also introducing a 36-month option in 2025 to broaden its product offerings. All of the Corporation’s brokered deposits matured in early July 2025 and were paid off in full using a portion of the proceeds from the previously mentioned securities sale. Excluding brokered deposits, total deposits increased $64.2 million from December 31, 2024. Additionally, savings deposits decreased $7.3 million while non interest-bearing demand deposits decreased $1.4 million from December 31, 2024. Non interest-bearing deposits comprised 25.3% and 26.1% of total deposits as of June 30, 2025 and December 31, 2024, respectively.

    Subordinated debt, net of deferred issuance costs, increased due to the issuance of $45.0 million in 7.75% fixed-to-floating rate notes in June 2025 in a private offering. There were $0.9 million in deferred issuance costs associated with the offering. The subordinated debt qualifies as tier 2 capital at the holding company and tier 1 capital at the Bank. Of the $45.0 million in subordinated debt issued, $37.0 million was downstreamed to the Bank, qualifying as tier 1 capital. The notes carry an original term of ten years and are redeemable by the Corporation beginning in June 2030, and beginning in June 2030 will float based on the then current Three-Month Term SOFR, plus 415 basis points. Further details regarding the offering can be found in the Corporation’s Form 8-K filed with the Securities and Exchange Commission on June 10, 2025.

    Advances and other debt decreased mainly due to increases in cash and cash equivalents and total deposits. Advances and other debt as of June 30, 2025 largely consisted of a $55.0 million two-month term advance from the FHLBNY, which matured in July 2025, whereas the composition of advances and other debt as of the prior year-end consisted primarily of FHLBNY overnight advances. The decrease in accrued interest payable and other liabilities was mainly due to a decrease in interest rate swap liabilities, due to changes in interest rates.

    Total shareholders’ equity was $235.0 million as of June 30, 2025, compared to $215.3 million as of December 31, 2024, an increase of $19.7 million, or 9.2%, driven by a decrease of $22.4 million in accumulated other comprehensive loss and partially offset by a decrease of $3.5 million in retained earnings. The decrease in accumulated other comprehensive loss was largely due to the reclassification of a portion of losses attributable to the available for sale securities portfolio into current period earnings, due to the Corporation’s sale of available for sale securities in the second quarter of 2025, as well as an increase in the fair value of securities available for sale, mainly due to favorable changes in market interest rates. The decrease in retained earnings was mainly due to a net loss for the six months ended June 30, 2025, due to the Corporation’s loss on the sale of available for sale securities, and dividends declared of $3.1 million during the six months ended June 30, 2025.

    The total equity to total assets ratio was 8.24% as of June 30, 2025, compared to 7.76% as of December 31, 2024, and the tangible equity to tangible assets ratio was 7.53% as of June 30, 2025, compared to 7.02% as of December 31, 2024.1 Book value per share and tangible book value per share increased to $48.85 and $44.31, respectively, as of June 30, 2025 from $45.13 and $40.55, respectively, as of December 31, 2024.1 The Corporation’s sale of securities available for sale did not impact book value per share or tangible book value per share. As of June 30, 2025, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

    1 See the GAAP to Non-GAAP reconciliations

    Liquidity
    The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits of $250,000 or greater, brokered deposits, FHLBNY overnight and term advances, and FRB advances. Borrowings may be used on a short-term basis for liquidity purposes or on a long-term basis to fund asset growth. As of June 30, 2025, the Corporation’s cash and cash equivalents balance was $320.1 million, largely consisting of the proceeds from the Corporation’s sale of a portion of the available for sale securities portfolio in the second quarter of 2025. The Corporation continues to maintain an investment portfolio of securities available for sale, comprised of government sponsored entity mortgage-backed securities, municipal bonds, and corporate bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if needed. As of June 30, 2025, the Corporation’s investment in securities available for sale was $287.3 million, $74.2 million of which was not pledged as collateral. Additionally, as of June 30, 2025, the Bank’s total advance line capacity at the Federal Home Loan Bank of New York was $170.2 million, $55.0 million of which was utilized and $115.2 million of which was available as additional borrowing capacity.

    As of June 30, 2025, uninsured deposits totaled $694.3 million, or 28.1% of total deposits, including $187.4 million of municipal deposits collateralized by pledged assets, when required. As of December 31, 2024, uninsured deposits totaled $652.3 million, or 27.2% of total deposits, including $145.6 million of municipal deposits collateralized by pledged assets, when required. Due to their fluidity, the Corporation closely monitors uninsured deposit levels when considering liquidity management strategies.

    As of June 30, 2025, the Corporation had brokered deposits totaling $100.0 million, all of which matured in early July 2025. As part of its strategic balance sheet repositioning, the Corporation did not replace the brokered deposits at maturity, reflecting its efforts to reduce reliance on wholesale funding sources. The Corporation may use brokered deposits in the future either as a secondary source in funding asset growth or as an additional source of liquidity in supporting ongoing operations.

    Other Items
    The market value of total assets under management or administration in our Wealth Management Group was $2.313 billion as of June 30, 2025, including $334.0 million of assets under management or administration for the Corporation, compared to $2.212 billion as of December 31, 2024, including $301.9 million of assets under management or administration for the Corporation, an increase of $101.0 million, or 4.5%. Excluding assets under management or administration for the Corporation, total market value of Wealth Management Group assets increased $69.0 million, or 3.7%, largely due to improvements in financial markets during 2025, largely concentrated in the second quarter 2025.

    In April 2025, the Corporation completed the sale of its previous branch property on West Buffalo Street in Ithaca, New York, resulting in a pre-tax gain on the sale of $0.6 million. Branch operations had previously been consolidated into a nearby Ithaca branch in November 2024. The gain on the sale of this property has been excluded for the purposes of calculating certain non-GAAP metrics appearing elsewhere in this press release.

    As previously announced on January 8, 2021, the Corporation’s Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. As of June 30, 2025, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. No shares were repurchased in the second quarter of 2025. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares as of June 30, 2025.

    About Chemung Financial Corporation
    Chemung Financial Corporation is a $2.9 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services, and insurance.

    This press release may be found at: www.chemungcanal.com under Investor Relations.

    Forward-Looking Statements
    This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation’s expected financial position and operating results, the Corporation’s business strategy, the Corporation’s financial plans, forecasted demographic and economic trends relating to the Corporation’s industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation’s use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or “intend.” The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation’s actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.

    Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC’s website at http://www.sec.gov, on the Corporation’s website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.

                         
    Chemung Financial Corporation                    
    Consolidated Balance Sheets (Unaudited)                    
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,
    (in thousands)   2025   2025   2024   2024   2024
    ASSETS                    
    Cash and due from financial institutions   $ 35,825     $ 32,087     $ 26,224     $ 36,247     $ 23,184  
    Interest-earning deposits in other financial institutions     284,226       21,348       20,811       44,193       47,033  
    Total cash and cash equivalents     320,051       53,435       47,035       80,440       70,217  
                         
    Equity investments     3,387       3,249       3,235       3,244       3,090  
                         
    Securities available for sale     287,335       528,327       531,442       554,575       550,927  
    Securities held to maturity     680       808       808       657       657  
    FHLB and FRB stock, at cost     6,826       8,040       9,117       4,189       5,506  
    Total investment securities     294,841       537,175       541,367       559,421       557,090  
                         
    Commercial     1,591,999       1,555,988       1,516,525       1,464,205       1,445,258  
    Residential mortgage     278,221       275,448       274,979       274,099       271,620  
    Consumer     262,194       266,200       279,915       290,650       294,594  
    Loans, net of deferred loan fees     2,132,414       2,097,636       2,071,419       2,028,954       2,011,472  
    Allowance for credit losses     (22,665 )     (22,522 )     (21,388 )     (21,441 )     (21,031 )
    Loans, net     2,109,749       2,075,114       2,050,031       2,007,513       1,990,441  
                         
    Loans held for sale     2,212       284       —       —       381  
    Premises and equipment, net     15,438       16,222       16,375       14,915       14,731  
    Operating lease right-of-use assets     5,139       5,332       5,446       5,637       5,827  
    Goodwill     21,824       21,824       21,824       21,824       21,824  
    Accrued interest receivable and other assets     79,847       84,090       90,834       81,221       92,212  
    Total assets   $ 2,852,488     $ 2,796,725     $ 2,776,147     $ 2,774,215     $ 2,755,813  
                         
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Deposits:                    
    Non interest-bearing demand deposits   $ 624,389     $ 619,645     $ 625,762     $ 616,126     $ 619,192  
    Interest-bearing demand deposits     348,169       339,790       306,536       349,383       328,370  
    Money market deposits     639,706       625,505       595,123       630,870       613,131  
    Savings deposits     238,228       249,541       245,550       242,911       248,528  
    Time deposits     618,470       598,915       623,912       611,831       606,700  
    Total deposits     2,468,962       2,433,396       2,396,883       2,451,121       2,415,921  
                         
    Advances and other debt     58,616       88,701       112,889       53,757       83,835  
    Subordinated debt, net of deferred issuance costs     44,146       —       —       —       —  
    Operating lease liabilities     5,319       5,516       5,629       5,820       6,009  
    Accrued interest payable and other liabilities     40,479       40,806       45,437       42,863       48,826  
    Total liabilities     2,617,522       2,568,419       2,560,838       2,553,561       2,554,591  
                         
    Shareholders’ equity                    
    Common stock     53       53       53       53       53  
    Additional paid-in capital     48,502       48,157       48,783       48,457       48,102  
    Retained earnings     244,211       252,195       247,705       243,266       239,021  
    Treasury stock, at cost     (15,095 )     (15,180 )     (16,167 )     (15,987 )     (16,043 )
    Accumulated other comprehensive loss     (42,705 )     (56,919 )     (65,065 )     (55,135 )     (69,911 )
    Total shareholders’ equity     234,966       228,306       215,309       220,654       201,222  
    Total liabilities and shareholders’ equity   $ 2,852,488     $ 2,796,725     $ 2,776,147     $ 2,774,215     $ 2,755,813  
                         
    Period-end shares outstanding     4,810       4,807       4,771       4,774       4,772  
                                             
    Chemung Financial Corporation                        
    Consolidated Statements of Income (Unaudited)                        
        Three Months Ended
     June 30,    		  
    Percent
    		   Six Months Ended
    June 30,    		  
    Percent
    (in thousands, except per share data)   2025   2024   Change   2025   2024   Change
    Interest and dividend income:                        
    Loans, including fees   $ 29,435     $ 27,514       7.0     $ 57,534     $ 54,712       5.2  
    Taxable securities     2,530       3,251       (22.2 )     5,553       6,808       (18.4 )
    Tax exempt securities     214       254       (15.7 )     465       512       (9.2 )
    Interest-earning deposits     855       367       133.0       1,180       573       105.9  
    Total interest and dividend income     33,034       31,386       5.3       64,732       62,605       3.4  
                             
    Interest expense:                        
    Deposits     11,076       12,711       (12.9 )     22,232       24,856       (10.6 )
    Borrowed funds     1,150       914       25.8       1,875       1,899       (1.3 )
    Total interest expense     12,226       13,625       (10.3 )     24,107       26,755       (9.9 )
                             
    Net interest income     20,808       17,761       17.2       40,625       35,850       13.3  
    Provision (credit) for credit losses     1,145       879       30.3       2,237       (1,161 )     292.7  
    Net interest income after provision for credit losses     19,663       16,882       16.5       38,388       37,011       3.7  
                             
    Non-interest income:                        
    Wealth management group fee income     2,993       2,860       4.7       5,860       5,563       5.3  
    Service charges on deposit accounts     1,114       964       15.6       2,234       1,913       16.8  
    Interchange revenue from debit card transactions     1,110       1,141       (2.7 )     2,147       2,204       (2.6 )
    Net gains (losses) on securities transactions     (17,498 )     —       N/M       (17,498 )     —       N/M  
    Change in fair value of equity investments     108       14       N/M       61       115       (47.0 )
    Net gains on sales of loans held for sale     51       39       30.8       91       71       28.2  
    Net gains (losses) on sales of other real estate owned     3       (3 )     200.0       (8 )     (3 )     (166.7 )
    Income from bank owned life insurance     8       10       (20.0 )     16       19       (15.8 )
    Other     1,406       573       145.4       2,281       1,373       66.1  
    Total non-interest income     (10,705 )     5,598       (291.2 )     (4,816 )     11,255       (142.8 )
                             
    Non-interest expense:                        
    Salaries and wages     7,579       6,823       11.1       14,788       13,839       6.9  
    Pension and other employee benefits     2,112       2,078       1.6       4,034       4,160       (3.0 )
    Other components of net periodic pension and postretirement benefits     (113 )     (232 )     51.3       (226 )     (464 )     51.3  
    Net occupancy     1,431       1,445       (1.0 )     2,964       2,938       0.9  
    Furniture and equipment     455       397       14.6       828       795       4.2  
    Data processing     2,563       2,297       11.6       5,097       4,870       4.7  
    Professional services     805       558       44.3       1,443       1,117       29.2  
    Marketing and advertising     351       388       (9.5 )     690       733       (5.9 )
    Other real estate owned expense     3       12       (75.0 )     14       61       (77.0 )
    FDIC insurance     434       516       (15.9 )     873       1,093       (20.1 )
    Loan expense     296       200       48.0       574       455       26.2  
    Other     1,853       1,737       6.7       3,617       3,320       8.9  
    Total non-interest expense     17,769       16,219       9.6       34,696       32,917       5.4  
                                                     
    Income before income tax expense     (8,811 )     6,261       (240.7 )     (1,124 )     15,349       (107.3 )
    Income tax expense     (2,359 )     1,274       (285.2 )     (695 )     3,312       (121.0 )
    Net income   $ (6,452 )   $ 4,987       (229.4 )   $ (429 )   $ 12,037       (103.6 )
                             
    Basic and diluted earnings per share   $ (1.35 )   $ 1.05         $ (0.09 )   $ 2.53      
    Cash dividends declared per share   $ 0.32     $ 0.31         $ 0.64     $ 0.62      
    Average basic and diluted shares outstanding     4,808       4,770           4,798       4,767      
                             
                             
    N/M – Not Meaningful                        
                             
    Chemung Financial Corporation   As of or for the Three Months Ended   As of or for the
    Six Months Ended
    Consolidated Financial Highlights (Unaudited)   June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except per share data)   2025   2025   2024   2024   2024   2025   2024
    RESULTS OF OPERATIONS                            
    Interest income   $ 33,034     $ 31,698     $ 32,597     $ 32,362     $ 31,386     $ 64,732     $ 62,605  
    Interest expense     12,226       11,881       12,776       13,974       13,625       24,107       26,755  
    Net interest income     20,808       19,817       19,821       18,388       17,761       40,625       35,850  
    Provision (credit) for credit losses     1,145       1,092       551       564       879       2,237       (1,161 )
    Net interest income after provision for credit losses     19,663       18,725       19,270       17,824       16,882       38,388       37,011  
    Non-interest income     (10,705 )     5,889       6,056       5,919       5,598       (4,816 )     11,255  
    Non-interest expense     17,769       16,927       17,823       16,510       16,219       34,696       32,917  
    Income before income tax expense     (8,811 )     7,687       7,503       7,233       6,261       (1,124 )     15,349  
    Income tax expense     (2,359 )     1,664       1,589       1,513       1,274       (695 )     3,312  
    Net income   $ (6,452 )   $ 6,023     $ 5,914     $ 5,720     $ 4,987     $ (429 )   $ 12,037  
                                                             
    Basic and diluted earnings per share   $ (1.35 )   $ 1.26     $ 1.24     $ 1.19     $ 1.05     $ (0.09 )   $ 2.53  
    Average basic and diluted shares outstanding     4,808       4,791       4,774       4,773       4,770       4,798       4,767  
    PERFORMANCE RATIOS                            
    Return on average assets     (0.92 %)     0.88 %     0.85 %     0.83 %     0.73 %     (0.03 %)     0.89 %
    Return on average equity     (11.29 %)     10.96 %     10.73 %     10.81 %     10.27 %     (0.38 %)     12.37 %
    Return on average tangible equity (a)     (12.48 %)     12.15 %     11.92 %     12.07 %     11.56 %     (0.42 %)     13.93 %
    Efficiency ratio (unadjusted) (e)     175.88 %     65.85 %     68.88 %     67.92 %     69.43 %     96.89 %     69.88 %
    Efficiency ratio (adjusted) (a)     65.69 %     65.64 %     68.64 %     67.69 %     69.19 %     65.67 %     69.64 %
    Non-interest expense to average assets     2.54 %     2.47 %     2.57 %     2.39 %     2.38 %     2.50 %     2.42 %
    Loans to deposits     86.37 %     86.20 %     86.42 %     82.78 %     83.26 %     86.37 %     83.26 %
    YIELDS / RATES – Fully Taxable Equivalent                                                        
    Yield on loans     5.61 %     5.49 %     5.61 %     5.65 %     5.52 %     5.55 %     5.51 %
    Yield on investments     2.27 %     2.26 %     2.29 %     2.21 %     2.27 %     2.26 %     2.31 %
    Yield on interest-earning assets     4.83 %     4.72 %     4.79 %     4.78 %     4.69 %     4.78 %     4.69 %
    Cost of interest-bearing deposits     2.45 %     2.48 %     2.67 %     2.88 %     2.86 %     2.47 %     2.80 %
    Cost of borrowings     4.90 %     4.54 %     4.74 %     5.08 %     5.04 %     4.76 %     5.10 %
    Cost of interest-bearing liabilities     2.57 %     2.55 %     2.73 %     2.97 %     2.94 %     2.56 %     2.90 %
    Cost of funds     1.94 %     1.92 %     2.04 %     2.24 %     2.20 %     1.93 %     2.16 %
    Interest rate spread     2.26 %     2.17 %     2.06 %     1.81 %     1.75 %     2.22 %     1.79 %
    Net interest margin, fully taxable equivalent     3.05 %     2.96 %     2.92 %     2.72 %     2.66 %     3.00 %     2.69 %
    CAPITAL                                                        
    Total equity to total assets at end of period     8.24 %     8.16 %     7.76 %     7.95 %     7.30 %     8.24 %     7.30 %
    Tangible equity to tangible assets at end of period (a)     7.53 %     7.44 %     7.02 %     7.22 %     6.56 %     7.53 %     6.56 %
    Book value per share   $ 48.85     $ 47.49     $ 45.13     $ 46.22     $ 42.17     $ 48.85     $ 42.17  
    Tangible book value per share (a)     44.31       42.95       40.55       41.65       37.59       44.31       37.59  
    Period-end market value per share     48.47       47.57       48.81       48.02       48.00       48.47       48.00  
    Dividends declared per share     0.32       0.32       0.31       0.31       0.31       0.64       0.62  
    AVERAGE BALANCES                                                        
    Loans and loans held for sale (b)   $ 2,108,557     $ 2,077,739     $ 2,046,270     $ 2,020,280     $ 2,009,823     $ 2,093,233     $ 1,999,504  
    Interest-earning assets     2,749,856       2,729,661       2,711,995       2,699,968       2,699,402       2,739,813       2,690,230  
    Total assets     2,802,226       2,784,414       2,761,875       2,751,392       2,740,967       2,793,369       2,732,679  
    Deposits     2,432,713       2,445,597       2,446,662       2,410,735       2,419,169       2,439,119       2,410,692  
    Total equity     229,161       222,802       219,254       210,421       195,375       225,999       195,618  
    Tangible equity (a)     207,337       200,978       197,430       188,597       173,551       204,175       173,794  
    ASSET QUALITY                                                        
    Net charge-offs   $ 992     $ 262     $ 594     $ 78     $ 306     $ 1,254     $ 488  
    Non-performing loans (c)     8,237       9,881       8,954       10,545       8,195       8,237       8,195  
    Non-performing assets (d)     8,447       10,282       9,606       11,134       8,872       8,447       8,872  
    Allowance for credit losses     22,665       22,522       21,388       21,441       21,031       22,665       21,031  
    Annualized net charge-offs to average loans     0.19 %     0.05 %     0.12 %     0.02 %     0.06 %     0.12 %     0.05 %
    Non-performing loans to total loans     0.39 %     0.47 %     0.43 %     0.52 %     0.41 %     0.39 %     0.41 %
    Non-performing assets to total assets     0.30 %     0.37 %     0.35 %     0.40 %     0.32 %     0.30 %     0.32 %
    Allowance for credit losses to total loans     1.06 %     1.07 %     1.03 %     1.06 %     1.05 %     1.06 %     1.05 %
    Allowance for credit losses to non-performing loans     275.16 %     227.93 %     238.87 %     203.33 %     256.63 %     275.16 %     256.63 %
                                                             
    (a) See the GAAP to Non-GAAP reconciliations.
    (b) Loans and loans held for sale do not reflect the allowance for credit losses.
    (c) Non-performing loans include nonaccrual loans only.
    (d) Non-performing assets include non-performing loans plus other real estate owned and repossessed vehicles.
    (e) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income.
                                                             
    Chemung Financial Corporation
    Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)
                                         
        Three Months Ended
    June 30, 2025    		   Three Months Ended
     June 30, 2024    		   Three Months Ended
    June 30, 2025 vs. 2024
    (in thousands)   Average
    Balance    		   Interest   Yield /
    Rate    		   Average
    Balance    		   Interest   Yield /
    Rate    		   Total
    Change    		   Due to
    Volume    		   Due to
    Rate
                                         
    Interest-earning assets:                                    
    Commercial loans   $ 1,568,239     $ 22,909       5.86 %   $ 1,439,085     $ 21,005       5.87 %   $ 1,904     $ 1,939     $ (35 )
    Residential mortgage loans     276,391       2,847       4.13 %     273,482       2,569       3.76 %     278       27       251  
    Consumer loans     263,927       3,727       5.66 %     297,256       3,996       5.41 %     (269 )     (453 )     184  
    Taxable securities     533,573       2,533       1.90 %     620,201       3,254       2.11 %     (721 )     (421 )     (300 )
    Tax-exempt securities     31,967       239       3.00 %     39,567       276       2.81 %     (37 )     (55 )     18  
    Interest-earning deposits     75,759       855       4.53 %     29,811       367       4.95 %     488       521       (33 )
    Total interest-earning assets     2,749,856       33,110       4.83 %     2,699,402       31,467       4.69 %     1,643       1,558       85  
                                         
    Non interest-earning assets:                                    
    Cash and due from banks     25,005               25,054                      
    Other assets     49,911               37,120                      
    Allowance for credit losses     (22,546 )             (20,609 )                    
    Total assets   $ 2,802,226             $ 2,740,967                      
                                         
    Interest-bearing liabilities:                                    
    Interest-bearing checking   $ 334,957     $ 1,297       1.55 %   $ 305,620     $ 1,391       1.83 %   $ (94 )   $ 128     $ (222 )
    Savings and money market     867,723       4,237       1.96 %     854,456       4,317       2.03 %     (80 )     68       (148 )
    Time deposits     519,181       4,536       3.50 %     529,063       5,643       4.29 %     (1,107 )     (102 )     (1,005 )
    Brokered deposits     92,826       1,006       4.35 %     101,182       1,360       5.41 %     (354 )     (105 )     (249 )
    FHLBNY overnight advances     4,381       50       4.58 %     10,824       151       5.52 %     (101 )     (79 )     (22 )
    Term advances and other debt     79,413       893       4.51 %     61,809       763       4.96 %     130       204       (74 )
    Subordinated debt     10,254       207       8.10 %     —       —     N/A     207       207       —  
    Total interest-bearing liabilities     1,908,735       12,226       2.57 %     1,862,954       13,625       2.94 %     (1,399 )     321       (1,720 )
                                         
    Non interest-bearing liabilities:                                    
    Demand deposits     618,026               628,848                      
    Other liabilities     46,304               53,790                      
    Total liabilities     2,573,065               2,545,592                      
    Shareholders’ equity     229,161               195,375                      
    Total liabilities and shareholders’ equity   $ 2,802,226             $ 2,740,967                      
                                         
    Fully taxable equivalent net interest income         20,884               17,842         $ 3,042     $ 1,237     $ 1,805  
    Net interest rate spread (1)             2.26 %             1.75 %            
    Net interest margin, fully taxable equivalent (2)             3.05 %             2.66 %            
    Taxable equivalent adjustment         (76 )             (81 )                
    Net interest income       $ 20,808             $ 17,761                  
                                         
    (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
    (2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.
     
    Chemung Financial Corporation
    Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)
                                         
        Six Months Ended
    June 30, 2025    		   Six Months Ended
    June 30, 2024    		   Six Months Ended
    June 30, 2025 vs. 2024
        Average
    Balance    		   Interest   Yield /
    Rate    		   Average
    Balance    		   Interest   Yield /
    Rate    		   Total
    Change    		   Due to
    Volume    		   Due to
    Rate
    (in thousands)                                    
    Interest-earning assets:                                    
    Commercial loans   $ 1,548,741     $ 44,605       5.81 %   $ 1,423,018     $ 41,647       5.89 %   $ 2,958     $ 3,543     $ (585 )
    Residential mortgage loans     275,960       5,548       4.05 %     275,571       5,166       3.75 %     382       6       376  
    Consumer loans     268,532       7,478       5.62 %     300,915       8,012       5.35 %     (534 )     (912 )     378  
    Taxable securities     558,952       5,559       2.01 %     626,747       6,814       2.19 %     (1,255 )     (713 )     (542 )
    Tax-exempt securities     34,846       518       3.00 %     39,916       558       2.81 %     (40 )     (76 )     36  
    Interest-earning deposits     52,782       1,180       4.51 %     24,063       573       4.79 %     607       642       (35 )
    Total interest-earning assets     2,739,813       64,888       4.78 %     2,690,230       62,770       4.69 %     2,118       2,490       (372 )
                                         
    Non interest-earning assets:                                    
    Cash and due from banks     25,527               25,154                      
    Other assets     50,083               38,893                      
    Allowance for credit losses     (22,054 )             (21,598 )                    
    Total assets   $ 2,793,369             $ 2,732,679                      
                                         
    Interest-bearing liabilities:                                    
    Interest-bearing checking   $ 335,556     $ 2,601       1.56 %   $ 306,758     $ 2,725       1.79 %   $ (124 )   $ 243     $ (367 )
    Savings and money market     863,354       8,103       1.89 %     859,785       8,583       2.01 %     (480 )     36       (516 )
    Time deposits     517,045       9,239       3.60 %     505,512       10,547       4.20 %     (1,308 )     234       (1,542 )
    Brokered deposits     102,777       2,289       4.49 %     111,295       3,001       5.42 %     (712 )     (220 )     (492 )
    FHLBNY overnight advances     12,535       285       4.58 %     22,849       639       5.53 %     (354 )     (256 )     (98 )
    Term advances and other debt     61,780       1,383       4.51 %     51,638       1,260       4.91 %     123       231       (108 )
    Subordinated debt     5,155       207       8.10 %     —       —     N/A     207       207       —  
    Total interest-bearing liabilities     1,898,202       24,107       2.56 %     1,857,837       26,755       2.90 %     (2,648 )     475       (3,123 )
                                         
    Non interest-bearing liabilities:                                    
    Demand deposits     620,387               627,342                      
    Other liabilities     48,781               51,882                      
    Total liabilities     2,567,370               2,537,061                      
    Shareholders’ equity     225,999               195,618                      
    Total liabilities and shareholders’ equity   $ 2,793,369             $ 2,732,679                      
                                         
    Fully taxable equivalent net interest income         40,781               36,015         $ 4,766     $ 2,015     $ 2,751  
    Net interest rate spread (1)             2.22 %             1.79 %            
    Net interest margin, fully taxable equivalent (2)             3.00 %             2.69 %            
    Taxable equivalent adjustment         (156 )             (165 )                
    Net interest income       $ 40,625             $ 35,850                  
                                         
    (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
    (2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.
     
    Chemung Financial Corporation
    Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)
                                         
        Three Months Ended
    June 30, 2025    		   Three Months Ended
    March 31, 2025    		   Three Months Ended
    June 30, 2025 vs. March 31, 2025
        Average
    Balance    		   Interest   Yield /
    Rate    		   Average
    Balance    		   Interest   Yield /
    Rate    		   Total
    Change    		   Due to
    Volume    		   Due to
    Rate
    (in thousands)                                    
    Interest-earning assets:                                    
    Commercial loans   $ 1,568,239     $ 22,909       5.86 %   $ 1,529,028     $ 21,696       5.75 %   $ 1,213     $ 695     $ 518  
    Residential mortgage loans     276,391       2,847       4.13 %     275,524       2,701       3.98 %     146       12       134  
    Consumer loans     263,927       3,727       5.66 %     273,187       3,751       5.57 %     (24 )     (99 )     75  
    Taxable securities     533,573       2,533       1.90 %     584,614       3,026       2.10 %     (493 )     (235 )     (258 )
    Tax-exempt securities     31,967       239       3.00 %     37,758       279       3.00 %     (40 )     (40 )     —  
    Interest-earning deposits     75,759       855       4.53 %     29,550       325       4.46 %     530       525       5  
    Total interest-earning assets     2,749,856       33,110       4.83 %     2,729,661       31,778       4.72 %     1,332       858       474  
                                         
    Non interest-earning assets:                                    
    Cash and due from banks     25,005               26,055                      
    Other assets     49,911               50,256                      
    Allowance for credit losses     (22,546 )             (21,558 )                    
    Total assets   $ 2,802,226             $ 2,784,414                      
                                         
    Interest-bearing liabilities:                                    
    Interest-bearing checking   $ 334,957     $ 1,297       1.55 %   $ 336,162     $ 1,303       1.57 %   $ (6 )   $ (1 )   $ (5 )
    Savings and money market     867,723       4,237       1.96 %     858,937       3,866       1.83 %     371       47       324  
    Time deposits     519,181       4,536       3.50 %     514,884       4,704       3.71 %     (168 )     48       (216 )
    Brokered deposits     92,826       1,006       4.35 %     112,840       1,283       4.61 %     (277 )     (210 )     (67 )
    FHLBNY overnight advances     4,381       50       4.58 %     20,781       236       4.61 %     (186 )     (184 )     (2 )
    Term advances and other debt     79,413       893       4.51 %     43,950       489       4.51 %     404       404       —  
    Subordinated debt     10,254       207       8.10 %     —       —     N/A     207       207       —  
    Total interest-bearing liabilities     1,908,735       12,226       2.57 %     1,887,554       11,881       2.55 %     345       311       34  
                                         
    Non interest-bearing liabilities:                                    
    Demand deposits     618,026               622,774                      
    Other liabilities     46,304               51,284                      
    Total liabilities     2,573,065               2,561,612                      
    Shareholders’ equity     229,161               222,802                      
    Total liabilities and shareholders’ equity   $ 2,802,226             $ 2,784,414                      
                                         
    Fully taxable equivalent net interest income         20,884               19,897         $ 987     $ 547     $ 440  
    Net interest rate spread (1)             2.26 %             2.17 %            
    Net interest margin, fully taxable equivalent (2)             3.05 %             2.96 %            
    Taxable equivalent adjustment         (76 )             (80 )                
    Net interest income       $ 20,808             $ 19,817                  
                                         
    (1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities.
    (2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.
     

    Chemung Financial Corporation

    GAAP to Non-GAAP Reconciliations (Unaudited)

    The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.

    In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

    The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules, although we are unable to state with certainty that the SEC would so regard them.

    Fully Taxable Equivalent Net Interest Income and Net Interest Margin

    Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution’s net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution’s net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax-exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.

                            As of or for the
        As of or for the Three Months Ended   Six Months Ended
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except ratio data)   2025   2025   2024   2024   2024   2025   2024
    NET INTEREST MARGIN – FULLY TAXABLE EQUIVALENT                            
    Net interest income (GAAP)   $20,808     $19,817     $19,821     $18,388     $17,761     $40,625     $35,850  
    Fully taxable equivalent adjustment     76       80       88       83       81       156       165  
    Fully taxable equivalent net interest income (non-GAAP)   $20,884     $19,897     $19,909     $18,471     $17,842     $40,781     $36,015  
                                 
    Average interest-earning assets (GAAP)   $2,749,856     $2,729,661     $2,711,995     $2,699,968     $2,699,402     $2,739,813     $2,690,230  
                                 
    Net interest margin – fully taxable equivalent (non-GAAP)     3.05 %     2.96 %     2.92 %     2.72 %     2.66 %     3.00 %     2.69 %
                                                             

    Efficiency Ratio

    The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non-interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.

                            As of or for the
        As of or for the Three Months Ended   Six Months Ended
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except ratio data)   2025   2025   2024   2024   2024   2025   2024
    EFFICIENCY RATIO                            
    Net interest income (GAAP)   $20,808     $19,817     $19,821     $18,388     $17,761     $40,625     $35,850  
    Fully taxable equivalent adjustment     76       80       88       83       81       156       165  
    Fully taxable equivalent net interest income (non-GAAP)   $20,884     $19,897     $19,909     $18,471     $17,842     $40,781     $36,015  
                                 
    Non-interest income (GAAP)   $(10,705 )   $5,889     $6,056     $5,919     $5,598     $(4,816 )   $11,255  
    Less: net (gains) losses on security transactions     17,498       —       —       —       —       17,498       —  
    Less: (gain) loss on sale of branch property (net of tax)     (629 )     —       —       —       —       (629 )     —  
    Adjusted non-interest income (non-GAAP)   $6,164     $5,889     $6,056     $5,919     $5,598     $12,053     $11,255  
                                 
    Non-interest expense (GAAP)   $17,769     $16,927     $17,823     $16,510     $16,219     $34,696     $32,917  
                                 
    Efficiency ratio (unadjusted)     175.88 %     65.85 %     68.88 %     67.92 %     69.43 %     96.89 %     69.88 %
    Efficiency ratio (adjusted)     65.69 %     65.64 %     68.64 %     67.69 %     69.19 %     65.67 %     69.64 %
                                                             

    Tangible Equity and Tangible Assets (Period-End)

    Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

                            As of or for the
        As of or for the Three Months Ended   Six Months Ended
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except per share and ratio data)   2025   2025   2024   2024   2024   2025   2024
    TANGIBLE EQUITY AND TANGIBLE ASSETS                            
    (PERIOD END)                            
    Total shareholders’ equity (GAAP)   $ 234,966     $ 228,306     $ 215,309     $ 220,654     $ 201,222     $ 234,966     $ 201,222  
    Less: intangible assets     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )
    Tangible equity (non-GAAP)   $ 213,142     $ 206,482     $ 193,485     $ 198,830     $ 179,398     $ 213,142     $ 179,398  
                                 
    Total assets (GAAP)   $ 2,852,488     $ 2,796,725     $ 2,776,147     $ 2,774,215     $ 2,755,813     $ 2,852,488     $ 2,755,813  
    Less: intangible assets     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )
    Tangible assets (non-GAAP)   $ 2,830,664     $ 2,774,901     $ 2,754,323     $ 2,752,391     $ 2,733,989     $ 2,830,664     $ 2,733,989  
                                 
    Total equity to total assets at end of period (GAAP)     8.24 %     8.16 %     7.76 %     7.95 %     7.30 %     8.24 %     7.30 %
    Book value per share (GAAP)   $ 48.85     $ 47.49     $ 45.13     $ 46.22     $ 42.17     $ 48.85     $ 42.17  
                                 
    Tangible equity to tangible assets at end of period (non-GAAP)     7.53 %     7.44 %     7.02 %     7.22 %     6.56 %     7.53 %     6.56 %
    Tangible book value per share (non-GAAP)   $ 44.31     $ 42.95     $ 40.55     $ 41.65     $ 37.59     $ 44.31     $ 37.59  
                                                             

    Tangible Equity (Average)

    Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.

                            As of or for the
        As of or for the Three Months Ended   Six Months Ended
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except ratio data)   2025   2025   2024   2024   2024   2025   2024
    TANGIBLE EQUITY (AVERAGE)                            
    Total average shareholders’ equity (GAAP)   $ 229,161     $ 222,802     $ 219,254     $ 210,421     $ 195,375     $ 225,999     $ 195,618  
    Less: average intangible assets     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )     (21,824 )
    Average tangible equity (non-GAAP)   $ 207,337     $ 200,978     $ 197,430     $ 188,597     $ 173,551     $ 204,175     $ 173,794  
                                 
    Return on average equity (GAAP)     (11.29 %)     10.96 %     10.73 %     10.81 %     10.27 %     (0.38 %)     12.37 %
    Return on average tangible equity (non-GAAP)     (12.48 %)     12.15 %     11.92 %     12.07 %     11.56 %     (0.42 %)     13.93 %
                                                             

    Adjustments for Certain Items of Income or Expense

    In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.

                            As of or for the
        As of or for the Three Months Ended   Six Months Ended
        June 30,   March 31,   Dec. 31,   Sept. 30,   June 30,   June 30,   June 30,
    (in thousands, except per share and ratio data)   2025   2025   2024   2024   2024   2025   2024
    NON-GAAP NET INCOME                            
    Reported net income (GAAP)   $ (6,452 )   $ 6,023     $ 5,914     $ 5,720     $ 4,987     $ (429 )   $ 12,037  
    Net (gains) losses on security transactions (net of tax)     13,237       —       —       —       —       13,237       —  
    Net (gain) loss on sale of branch property (net of tax)     (463 )     —       —       —       —       (463 )     —  
    Net income (non-GAAP)   $ 6,322     $ 6,023     $ 5,914     $ 5,720     $ 4,987     $ 12,345     $ 12,037  
                                 
    Average basic and diluted shares outstanding     4,808       4,791       4,774       4,773       4,770       4,798       4,767  
                                 
    Reported basic and diluted earnings per share (GAAP)   $ (1.35 )   $ 1.26     $ 1.24     $ 1.19     $ 1.05     $ (0.09 )   $ 2.53  
    Reported return on average assets (GAAP)     (0.92 %)     0.88 %     0.85 %     0.83 %     0.73 %      (0.03 %)     0.89 %
    Reported return on average equity (GAAP)     (11.29 %)     10.96 %     10.73 %     10.81 %     10.27 %     (0.38 %)     12.37 %
                                 
    Basic and diluted earnings per share (non-GAAP)   $ 1.31     $ 1.26     $ 1.24     $ 1.19     $ 1.05     $ 2.57     $ 2.53  
    Return on average assets (non-GAAP)     0.90 %     0.88 %     0.85 %     0.83 %     0.73 %     0.89 %     0.89 %
    Return on average equity (non-GAAP)     11.07 %     10.96 %     10.73 %     10.81 %     10.27 %     11.02 %     12.37 %
                                                             

    For further information contact:
    Dale M. McKim, III, EVP and CFO
    dmckim@chemungcanal.com
    Phone: 607-737-3714

    Category: Financial

    Source: Chemung Financial Corp

    The MIL Network –

  • MIL-Evening Report: AI is now part of our world. Uni graduates should know how to use it responsibly

    Source: The Conversation (Au and NZ) – By Rachel Fitzgerald, Associate Professor and Deputy Associate Dean (Academic), Faculty of Business, Economics and Law, The University of Queensland

    MTStock Studio/ Getty Images

    Artificial intelligence is rapidly becoming an everyday part of lives. Many of us use it without even realising, whether it be writing emails, finding a new TV show or managing smart devices in our homes.

    It is also increasingly used in many professional contexts – from helping with recruitment to supporting health diagnoses and monitoring students’ progress in school.

    But apart from a handful of computing-focused and other STEM programs, most Australian university students do not receive formal tuition in how to use AI critically, ethically or responsibly.

    Here’s why this is a problem and what we can do instead.

    AI use in unis so far

    A growing number of Australian universities now allow students to use AI in certain assessments, provided the use is appropriately acknowledged.

    But this does not teach students how these tools work or what responsible use involves.

    Using AI is not as simple as typing questions into a chat function. There are widely recognised ethical issues around its use including bias and misinformation. Understanding these is essential for students to use AI responsibly in their working lives.

    So all students should graduate with a basic understanding of AI, its limitations, the role of human judgement and what responsible use looks like in their particular field.

    We need students to be aware of bias in AI systems. This includes how their own biases could shape how they use the AI (the questions they ask and how they interpret its output), alongside an understanding of the broader ethical implications of AI use.

    For example, does the data and the AI tool protect people’s privacy? Has the AI made a mistake? And if so, whose responsibility is that?

    What about AI ethics?

    The technical side of AI is covered in many STEM degrees. These degrees, along with philosophy and psychology disciplines, may also examine ethical questions around AI. But these issues are not a part of mainstream university education.

    This is a concern. When future lawyers use predictive AI to draft contracts, or business graduates use AI for hiring or marketing, they will need skills in ethical reasoning.

    Ethical issues in these scenarios could include unfair bias, like AI recommending candidates based on gender or race. It could include issues relating to a lack of transparency, such as not knowing how an AI system made a legal decision. Students need to be able to spot and question these risks before they cause harm.

    In healthcare, AI tools are already supporting diagnosis, patient triage and treatment decisions.

    As AI becomes increasingly embedded in professional life, the cost of uncritical use also scales up, from biased outcomes to real-world harm.

    For example, if a teacher relies on AI carelessly to draft a lesson plan, students might learn a version of history that is biased or just plain wrong. A lawyer who over-relies on AI could submit a flawed court document, putting their client’s case at risk.

    How can we do this?

    There are international examples we can follow. The University of Texas at Austin and University of Edinburgh both offer programs in ethics and AI. However, both of these are currently targeted at graduate students. The University of Texas program is focused on teaching STEM students about AI ethics, whereas the University of Edinburgh’s program has a broader, interdiscplinary focus.

    Implementing AI ethics in Australian universities will require thoughtful curriculum reform. That means building interdisciplinary teaching teams that combine expertise from technology, law, ethics and the social sciences. It also means thinking seriously about how we engage students with this content through core modules, graduate capabilities or even mandatory training.

    It will also require investment in academic staff development and new teaching resources that make these concepts accessible and relevant to different disciplines.

    Government support is essential. Targeted grants, clear national policy direction, and nationally shared teaching resources could accelerate the shift. Policymakers could consider positioning universities as “ethical AI hubs”. This aligns with the government-commissioned 2024 Australian University Accord report, which called for building capacity to meet the demands of the digital era.

    Today’s students are tomorrow’s decision-makers. If they don’t understand the risks of AI and its potential for error, bias or threats to privacy, we will all bear the consequences. Universities have a public responsibility to ensure graduates know how to use AI responsibly and understand why their choices matter.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. AI is now part of our world. Uni graduates should know how to use it responsibly – https://theconversation.com/ai-is-now-part-of-our-world-uni-graduates-should-know-how-to-use-it-responsibly-261273

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Foreign Minister Lin leads business delegation to visit Taiwan-Paraguay Smart Technology Park in Ciudad del Este

    Source: Republic of China Taiwan

    July 13, 2025No. 240During his extensive trip to Paraguay, Minister of Foreign Affairs Lin Chia-lung visited the Taiwan-Paraguay Smart Technology Park in Ciudad del Este on July 12. He was accompanied by Paraguayan Minister of Foreign Affairs Rubén Ramírez Lezcano, Minister of Industry and Commerce Javier Giménez García de Zúñiga, Minister of Information and Communication Technologies Gustavo Villate, Executive Secretary of the Office of the President Marianna Saldívar Gadea, Deputy Minister of Public Works Emiliano Fernández, Governor of Alto Paraná César Landy Torres, President of the Taiwan-Paraguay Polytechnic University Jorge Daniel Duarte Rolon, and other officials.
     
    The technology park originates from a commitment made by President Lai Ching-te to assist Paraguay with economic development and job creation. Then Vice President Lai made the pledge in August 2023 while visiting Paraguay as a special envoy to attend the inauguration of President Santiago Peña Palacios.
     
    When Minister Lin took office on May 20 last year, he held in-depth talks on the project—which would have a profound impact on Paraguay—with President Peña, who was visiting Taiwan to attend President Lai’s inauguration. The two agreed that Taiwan and Paraguay would work together to make Paraguay a South American base for the smart technology industry and talent incubation.
     
    During his visit to the park, Minister Lin remarked that promotion of the Diplomatic Allies Prosperity Project in Paraguay followed a comprehensive plan led by a national team of businesses from Taiwan. He said that the project integrated civil engineering, private 5G network architecture, and smart applications. Minister Lin added that the initiative would not only create favorable conditions for Taiwanese enterprises investing in Paraguay, but that it would also bring substantial industrial development and employment opportunities to Paraguay. He noted that the process of building the park had been a team effort. Although there had been challenges along the way, Minister Lin said that the difficulties were a source of strength for today. He stated that the newly revitalized Taiwan-Paraguay Smart Technology Park would offer Taiwanese companies the same 006688 land rental incentive provided by special zones in Taiwan. (The 006688 plan offers free rent in years one and two, a 40 percent discount in years three and four, and a 20 percent discount in years five and six.) This is the first time that the preferential policy has been made available to Taiwanese enterprises overseas. Paraguay is also the first country outside Taiwan to apply the incentive. Minister Lin said that he had long advocated for the strategy of larger enterprises guiding smaller ones, combining soft and hard tactics, promoting public-private cooperation, and facilitating internal-external exchanges. He explained that the integration of various technological, financial, and human resources would help Taiwanese industries deploy investments in Paraguay. Minister Lin indicated that Paraguay’s stable economy, abundant and cheap supplies of water and electricity, and convenient business environment could make it a base for Taiwanese enterprises entering the South American market. 
     
    For the trip, Minister Lin extended special invitations to prominent manufacturers from all areas of the supply chain to join the delegation, tour the technology park, and explore business opportunities in Paraguay. The group included representatives from the semiconductor, AI applications, smart manufacturing, smart transportation, animal husbandry, cold chain logistics, and food processing industries. It is hoped that the companies will establish a presence in Paraguay as a joint fleet, joining forces in a new flying geese pattern of development and creating a Taiwan+n model of global industrial deployment. Taiwan will work together with Paraguay to create mutual prosperity and well-being, realizing President Lai’s policy vision of making Taiwan a global economic powerhouse.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Oregon Department of Human Services takes first steps in moving to new and historic Astoria location

    Source: US State of Oregon

    span dir=”ltr”>The Oregon Department of Human Services (ODHS) will be moving to a newly renovated but historic location in the heart of Astoria in about a year.

    The building, at 1535 Commercial Street, was the first structure completed in 1923 after the 1922 fire that leveled much of Astoria. It is one of the first buildings you see as you drive into historic downtown Astoria. Over the years it has been an active part of the community. It’s been a police station, a fire station, a car dealership, a furniture and appliance store and a public market. There is a door in the building that leads to the infamous tunnels that, according to history, ferried crimped sailors to waiting ships and were also used during Prohibition to transport alcohol.

    Just as this building has been a part of the community throughout its past, that community legacy will continue with ODHS moving to that location. The renovation work when feasible will be done by local contractors and using local products. Cork has met with staff, Clatsop and Nehalem Tribes, local non-profits such as CASA (Court Appointed Special Advocates) and local school staff in the area to learn what their needs for the building would be.

    It is also more accessible inside and outside for people and easier to find than where the ODHS offices are now located in the port area at 450 Marine Drive. The city will be removing curbs for better wheelchair access. Also, it will be renovated to be a completely trauma-aware building.

    The agency will be leasing the building from Astoria Waterfront Group LLC. The Managing Member of AWG is former Astorian John Dulcich, of Goldsmith Land Investments, who remembers when he was a child coming to this building’s public market with his parents. Dulcich’s mother, Donna Mary, spent her entire career as a speech pathologist with the Clatsop County Educational Service District visiting the local schools helping children with speech therapy. Dulcich’s father, Vince Dulcich, was long-time football coach and Athletic Director at Astoria High School and also a commercial gillnetter.

    “This building has had a lot of public use. People know this building. And a lot of people in this area use human services. This is a safe area for people to come to. This building is also bringing family wage jobs here. I’m very excited ODHS will be bringing life back to this building,” Dulcich said.

    Because of the building’s history of service to the community, Dulcich decided to name the building the Van Dusen Mercantile Building to pay homage to the Van Dusen family.

    In 1849 wagon train pioneers Caroline and Adam Van Dusen started a general store by the same name in downtown Astoria. Later the Van Dusen family ventured into other industries including insurance, soft drink bottling and hospitality. Their grandson, Willis, born in 1953, and the family earned the distinction of having operated Oregon’s Oldest Business. Willis went on to serve the community as an Astoria Council member for more than 30 years and Astoria Mayor for 24 years.

    Dulcich said he is honored that the Van Dusen’s agreed to let him name the building after their family. Dulcich also noted that bringing the State ODHS to the building was originally the vision of the Van Dusen’s (Willis, Trudy and Junior) as they had initiated conversations with the State.

    “They got the ball rolling and now we just need to execute the plan so we can restore the luster to this jewel of a building,” Dulcich said.

    “It is an iconic building. If the walls could talk, I’m sure we’d hear a lot of great stories. We’re very excited to be coming to this building and to able to bring services to people in the area,” Tim Cork said. He is the District 1 Manager, which includes Clatsop, Columbia and Tillamook counties. The building will house Child Welfare, Self-Sufficiency, Oregon Eligibility Partnership and Vocational Rehabilitation programs.

    The building sits in a very scenic area, just across the street from the Nordic Park with its interpretive signage and cattycorner from the Columbia River Maritime Museum. The building’s front windows look out onto the expansive view of the mouth of the Columbia River.

    —

    Watch the video and listen to the interviews of what is to come for the future of the Astoria ODHS offices: https://vimeo.com/1097989057/b74600b04c?share=copy

    MIL OSI USA News –

  • MIL-OSI Russia: Russia and Thailand held a meeting of the subcommittee on trade and economic cooperation

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The fifth meeting of the Russian-Thai Subcommission on Trade and Economic Cooperation (PTEC) after a five-year break was held on July 15-16 in Bangkok. The Russian delegation was headed by Deputy Minister of Economic Development Vladimir Ilyichev, and the Thai delegation was headed by Deputy Minister of Trade of the Kingdom of Thailand Chanthavit Thanthasit. The subcommission was attended by 60 representatives of Russian and Thai authorities, industry associations and companies.

    During the meeting, the parties discussed the current state of bilateral trade and economic relations and proposed new areas for implementing joint projects.

    “We are seeing positive dynamics in bilateral trade. In particular, according to the results of the first five months of 2025, the trade turnover between Russia and Thailand has grown by almost 10%, and the export of Russian products to Thailand has grown by 50%. At the same time, we see potential for the export of low-carbon energy resources, agricultural and pharmaceutical products, and oil and gas equipment to Thailand. In addition, we note the mutual interest of companies in developing investment cooperation,” Vladimir Ilyichev noted in his speech.

    The Thai side confirmed its interest in developing partnership with Russia.

    “Thailand seeks to develop trade and economic relations with its key partners, and Russia is such a partner for us. We consider trade in agricultural products, green energy, IT and infrastructure development to be priority areas of cooperation with Russia,” Chanthavit Thanthasit emphasized.

    Russian companies and agencies drew the attention of the Thai side to the prospects for joint work in the areas of logistics, medicine, and IT technologies. Deputy Commercial Director for Business Development in Asian Countries of FESCO Integrated Transport LLC Alexander Priskoka suggested that Thai businesses use the company’s regular services for cargo delivery from the port of Bangkok to the ports of Vladivostok (delivery time was reduced to 20 days), as well as to the ports of Novorossiysk and St. Petersburg (delivery time was reduced to 40 days). In addition, the Chairman of the Russian-Thai Business Council Ivan Demchenko announced the imminent launch of a direct line from the port of Novorossiysk to the port of Bangkok.

    Vice President for International Cooperation of AFK Sistema Artem Zasursky revealed the prospects for joint work in the areas of river transport, electronics and forestry industry, IT projects. He placed emphasis on the development of cooperation in the tourism sector.

    “The companies in our portfolio, namely travel booking services, are ready to develop cooperation with interested partners in the hospitality industry. We also inform you about the interest of the Russian operator in developing resort projects in the regions of Thailand that are popular with Russian tourists,” said Artem Zasursky.

    Vice President of the Federation of Thai Industries Thansathit Asi and Vice Chairman of the Thai-Russian Business Council Hemmontharop Wiwat confirmed the Thai side’s interest in business cooperation. Thai businessmen noted the prospects for developing cooperation with Russia in the field of medicine, as well as in the field of cybersecurity and decarbonization of production.

    During the meeting of the PTES, special attention was paid to cooperation in the creative economy.

    “In February, we signed a Memorandum of Understanding with the Agency for Creative Industries of Thailand. We are developing a roadmap for cooperation in the creative industries. We also invite specialized Thai associations to join the joint work and take part in the first International Conference on Creative Economy, which will be held on October 8-9 in St. Petersburg,” said Ekaterina Cherkes-Zade, Director of the Center for Creative Economy Development at the Agency for Strategic Initiatives, in her speech.

    To develop business contacts between Russian and Thai businesses, Ivan Demchenko invited the PTEC participants to take part in the Russian-Thai Business Forum, which the Russian-Thai Business Council is holding on November 26–28 in Phuket.

    “I hope that we will see concrete results of our joint work in the near future. We count on the support of the Thai side in expanding the bilateral economic dialogue between our countries,” Vladimir Ilyichev summed up following the meeting.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Europe: Written question – Digital bureaucracy and systemic burden on commercial SMEs in Greece – E-002838/2025

    Source: European Parliament

    Question for written answer  E-002838/2025
    to the Commission
    Rule 144
    Galato Alexandraki (ECR)

    The recent Institute of Commerce and Services/Hellenic Confederation of Commerce and Entrepreneurship survey highlighted digital bureaucracy as one of the most important sources of cost and uncertainty for commercial small and medium-sized enterprises (SMEs) in Greece. It identifies, inter alia, a lack of interoperability between public systems, technical errors, delays in software upgrades, short adaptation periods and outdated procedures (such as repeating applications for supporting documents already available to other bodies). 60 % of businesses state that they need external support to meet digital obligations (accountants, invoicing providers, etc.), while 40 % are concerned about the cost of software and skills.

    In addition, there is a significant delay in payments of state aid and debts due to insufficient computerisation. At the same time, Greek retail is exposed to unfair competition from Asian digital platforms that exploit the gaps in the European framework, while Greece’s 3-place drop in global competitiveness (IMD 2024) is directly related to administrative burdens.

    In view of the above, the Commission is asked:

    • 1.What guidelines or requirements exist from the EU side for digital governance and interoperability of public services?
    • 2.Is there a plan for financial support for SMEs with the aim of covering compliance costs and upgrading digital skills?
    • 3.Does the Commission intend to strengthen the adoption of uniform European operating standards in national digital infrastructures?

    Submitted: 11.7.2025

    Last updated: 17 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Press release – Danish Presidency debriefs EP committees on priorities

    Source: European Parliament

    Denmark holds the Presidency of the Council until the end of 2025. This text will be updated regularly as the hearings take place.

    Agriculture and Rural Development Committee

    On 15 July, Jacob Jensen, Minister for Food, Agriculture and Fisheries, said that the Presidency will focus on easing the administrative burden for farmers while continuing to promote the green transition and animal welfare. Concluding the current negotiations on the common agricultural policy (CAP) simplification package and starting discussions on the post-2027 CAP will also be priorities.

    Several MEPs called for fair conditions between farmers inside and outside the EU in connection with the Mercosur Agreement and animal welfare. They asked how the presidency will help guarantee the EU’s protein and fertiliser self-sufficiency and support organic farmers. Others raised the issue of ensuring that the green transition does not compromise the agriculture sector’s sustainability.

    Regional Development Committee

    On 15 July, Danish Minister for European Affairs Marie Bjerre argued that cohesion policy should continue to play a crucial role in the EU budget, as the Presidency works on proposals for the next multiannual financial framework (MFF). She said that funding should also support competitiveness and be flexible in the face of unexpected events. Ms Bjerre highlighted the need to strengthen rule of law conditionality in the allocation of EU funds.

    MEPs agreed on the need to modernise cohesion policy and make it more flexible, but asked for the Presidency’s support in defending the policy’s core purpose – reducing inequalities between regions – and the role of regions and local authorities.

    Legal Affairs Committee

    On 15 July, Justice Minister Peter Hummelgaard stressed the need to boost EU competitiveness but also to protect common values while advancing the green and digital transition. He committed to make progress on draft bills on the protection of adults and insolvency, while promoting rules on parenthood.

    Morten Bødskov, Minister of Industry, Business and Financial Affairs, will strive to simplify existing rules for the benefit of EU businesses in the upcoming negotiations on sustainability reporting and due diligence obligations. Mr Bødskov also intends to advance the patent package and the “28th regime” initiative (a single set of EU rules to support innovation).

    MEPs inquired about plans to strengthen the rule of law, fight illegal migration and improve licensing, considering the planned withdrawal of the proposal on standard essential patents. They also asked for work to move ahead on the special tribunal for the crime of aggression, for measures to ensure that simplification does not lead to deregulation, and for efforts to balance rights and copyright in the context of new technologies.

    Foreign Affairs Committee

    On 15 July, European Affairs Minister Marie Bjerre said that the Presidency wants to advance EU accession negotiations with all candidate countries. She also added that the EU must act more independently to ensure its security. The dialogue with Türkiye will continue, but its accession negotiations will remain on hold.

    MEPs called for more support for some candidate countries on their EU path. They also enquired on possible new strategic partners for the EU, given recent developments in relations with the US, and called for the deepening of relations with Latin America. They also asked what steps the Presidency intends to take to help the humanitarian situation in Gaza.

    Environment, Climate Change and Food Safety Committee

    On 15 July, Jacob Jensen, Minister for Food, Agriculture and Fisheries, highlighted the need to simplify EU legislation for farmers and food producers, and to promote innovation through tools such as new genomic techniques, on which the Presidency aims to strike a deal with Parliament. He stressed the importance of making the EU’s agri-food sector more competitive while maintaining high standards of sustainability and food safety. Other priorities include an EU strategy for plant-based proteins, animal welfare, and action to tackle antimicrobial resistance.

    MEPs raised questions about the future of the CAP, demanding greater fairness, increased support for smaller farms, and clear targets for pesticide reduction. MEPs also enquired about trade agreements, such as with Mercosur, and a possible ban on PFAS (per- and polyfluoroalkyl substances).

    Lars Aagaard, Minister for Climate, Energy and Utilities, stressed the importance of reaching an agreement on the EU 2040 climate target, to offer clear guidance for climate action, investment, and industrial competitiveness. He underlined the need for an agreement before the COP30 in Brazil on 10–21 November 2025, to show EU leadership and unity.

    Some MEPs raised concerns about energy affordability and the social impact of the new emissions trading system, while others stressed excessive flexibility would undermine the 2040 target.

    Civil liberties, Justice and Home Affairs Committee

    On 15 July, Justice Minister Peter Hummelgaard said the Presidency would prioritise work on the fight against serious cross-border and organised crime, action to improve victims’ rights, and police cooperation to counter migrant smuggling. The Presidency will also advance work on the directive and regulation to combat child sexual abuse.

    Torsten Schack Pedersen, Minister for Resilience and Preparedness, called for implementation of the “Preparedness Union” strategy to strengthen EU security, resilience and preparedness. The Presidency will advance work on the reformed EU civil protection mechanism, the stockpiling strategy and measures to protect critical infrastructure.

    MEPs asked the Presidency about progress on the directives on combating corruption and victims’ rights. According to the Justice Minister, work on both will continue promptly as a priority. MEPs and the Ministers also discussed law enforcement access to data, and measures against terrorism and online radicalisation.

    Kaare Dybvad, Minister for Immigration and Integration, emphasised the need to implement the Asylum and Migration Pact in full. The Presidency will work on proposals on safe third countries, safe countries of origin and a common approach to returns. He also mentioned the possibility of developing external partnerships and possible return hubs in third countries, stressing the need to uphold international law and human rights. Other priorities are action to combat migrant smuggling and the EU talent pool.

    On Migration and Asylum Pact implementation, MEPs asked about the solidarity platform, protection of human dignity, and cooperation with third countries. The minister replied that priority should be given to people in need of refugee status. Economic migrants must use legal channels, and those with no right to stay need to be returned to their home countries.

    Marie Bjerre, Minister for European Affairs, said the Presidency aimed to strengthen the link between respect for EU values and access to EU funds, enhance the Council’s rule of law dialogues, and support tools such as the Commission’s rule of law report. It will also work to reinforce the conditionality mechanism in the next long-term budget, by increasing funding for it and ensuring more automatic application.

    Some MEPs raised concerns about the situation in Hungary, and called for a stronger conditionality mechanism and better protection of media freedom and civil society. Others called for clarity on the definition of rule of law, and raised the issues of spyware use against journalists and the situation in Gaza.

    Employment and Social Affairs Committee

    On 15 July, Employment Minister Ane Halsboe-Jørgensen stressed that the Presidency would focus on investing in skills, fair labour mobility, strengthening social dialogue, and occupational health. She aims to advance the revision of the Carcinogens and Mutagens Directive (CMRD) and the European Globalisation Adjustment Fund for Displaced Workers. Minister for Social Affairs and Housing Sophie Hæstorp Andersen highlighted the need to improve independent living for persons with disabilities and to improve access to sustainable and affordable housing.

    MEPs highlighted the lack of legislative proposals in social areas and voiced concern about the future of the European Social Fund+. They stressed the need to strengthen the European Labour Authority, and addressed the working conditions of non-EU nationals, the lack of skilled workers, and the migration of qualified workers. Others asked for action on employment rights for persons with disabilities, the coordination of social security systems, and the European Child Guarantee.

    Internal Market and Consumer Protection Committee

    On 15 July, Caroline Stage Olsen, Digital Affairs Minister, emphasised the need for action to boost investment and cut red tape. Special attention will be given to protecting minors online through firm Digital Services Act enforcement, new age verification rules and action to tackle addictive design. She supported postponing elements of the AI Act to give business, especially smaller companies, more time to comply.

    Morten Bødskov, Minister for Industry, Business and Financial Affairs, stressed the Presidency’s intention to tackle customs challenges, unfair competition, slow growth and job loss. The minister also expressed strong support for the green transition and the need to advance work on simplification packages and regulatory burden reduction targets.

    MEPs asked about the Presidency’s plans to work on e-commerce, the posting of workers, attracting talent and the “28th regime” (a single set of EU rules to support innovation). They also enquired about digital policy loopholes and the Digital Fairness Act, and the need to advance negotiations on the late payments regulation and the European defence industrial strategy.

    Development Committee

    On 15 July, Foreign Affairs Minister Lars Løkke Rasmussen called for a stronger Team Europe approach, given the widening gap between humanitarian needs and the resources available. Presidency priorities include the Global Gateway, the Samoa Agreement, the EU-African Union (AU) Summit, human rights and the sustainable development goals. The Presidency will champion external action in negotiations on the next long-term EU budget.

    MEPs stressed the importance of development aid and the need to make sure foreign investment upholds human rights, while also voicing concern over irregular migration. They called for a broader EU presence at the next EU-AU Summit, and asked about the Presidency’s plan for the UN High-Level Political Forum on Sustainable Development.

    Public Health Committee

    On 16 July, Sophie Løhde, Danish Minister for Interior and Health, highlighted the need to strengthen EU preparedness through efficient medical countermeasures, ensure better access to medicines, and address antimicrobial resistance. She shared the Presidency’s commitment to finalising the Council’s position on the critical medicines act, hoping an agreement with Parliament could be reached on the pharmaceutical package by the end of the year.

    MEPs quizzed the minister on medicine affordability, rare diseases, and healthcare workforce shortages. Some called for a greater focus on women’s health, action against PFAS contamination, and improved EU coordination of health and military crisis preparedness.

    Constitutional Affairs Committee

    On 16 July, European Affairs Minister Marie Bjerre said the Presidency priorities were to advance a merit-based EU accession process and uphold the rule of law. She also highlighted the need to reinforce democratic resilience, for instance through the Commission’s Democracy Shield and improved transparency of foreign interests. The Presidency is also committed to strengthening interinstitutional cooperation and pursuing institutional reforms within the existing treaty framework.

    MEPs raised questions on the link between internal EU reforms and future accessions, the use of qualified majority voting to overcome institutional deadlocks, the right of inquiry, and electoral reform. Bjerre replied that the lack of consensus among member states on possible treaty changes made that a less feasible path.

    Security and Defence Committee

    On 16 July, Defence Minister Troels Lund Poulsen said that one of the priorities was to continue to support Ukraine politically, militarily and financially, and work on integrating the Ukrainian defence industry into the EU one. This includes paving the way for Ukrainian companies to set up facilities in the rest of Europe. He also mentioned the need for Europe to be able to defend itself by 2030 by increasing its defence readiness and production, and freeing up defence financing.

    MEPs questioned the minister on a range of topics, including the use of frozen Russian state assets to support Ukraine’s reconstruction, a dedicated European defence fund, removing hurdles to support the Ukrainian defence industry, and the pros and cons of non-EU country access to EU defence funds.

    Fisheries Committee

    On 16 July, Jacob Jensen, Minister for Food, Agriculture and Fisheries, said the Presidency would prioritise the green transition, simplification, including for the Ocean Pact, and better regulation of fisheries. They will also focus on fishing opportunities in the Mediterranean and Baltic Sea for 2026 to allow fishers to plan early.

    MEPs highlighted fleet renewal, the Baltic Sea’s herring situation and the MFF’s role in achieving sustainability, simplification, and climate goals. They expressed concern over the 24-metre fleet renewal restriction and called for specific funding mechanisms for the Ocean Pact. Finally, they welcomed the focus on 2026 fishing quotas and sustainability objectives.

    Transport and Tourism Committee

    Boosting competitiveness, easing the administrative burden, ensuring a green transition in transport and tourism, but also military mobility, are the main drivers of Danish presidency, said Thomas Danielsen, Minister of Transport on 16 July. He hoped to start talks with MEPs on passenger rights and rules on counting CO2 emissions, as well as to finish negotiations on railway capacity infrastructure. Morten Bødskov, Minister of Business, Industry and Financial Services, added the Presidency perspective on shipping transport and upcoming EU ports and maritime industry strategies.

    The majority of transport committee MEPs welcomed the Presidency priorities, the ambition to reach a Council position on weights and dimensions rules, while some questioned the focus on the green transition. On passenger rights, MEPs were frustrated with the Council decision to force into a tight deadline to reach a deal on future rules, and asked the minister not to forget the multimodal part of the package.

    Women’s Rights and Gender Equality Committee

    On 16 July, Minister for Environment and Gender Equality, Magnus Heunicke, outlined priorities including combating gender-based violence, promoting equal opportunities by involving men and boys, and strengthening LGBTQI equality amid rising hate and harassment. He announced that a Council meeting on 17 October would focus on equality and non-discrimination.

    MEPs raised concerns about the absence of an EU-wide consent-based definition of rape, the lack of progress on the revision of the Victims’ Rights Directive, the under-representation of women in government, and the stalled horizontal anti-discrimination directive. In response, Heunicke confirmed that there would be a discussion on a consent-based rape definition, and that finalising the Victims’ Rights Directive negotiations was a priority.

    International Trade Committee

    On 16 July, Minister for Foreign Affairs Lars Løkke Rasmussen named agreements on the revised general scheme of preferences (GSP) and the foreign investment screening review as being among his priorities. The phasing-out of Russian gas imports and ratification of the trade agreement with Mercosur are also high on the agenda. The Presidency will also work to negotiate a new trade relationship with the US, while being prepared for other scenarios.

    MEPs welcomed the priorities, particularly on concluding the Mercosur Agreement, phasing out Russian gas imports and concluding the revision of the GSP. Some MEPs also questioned the Presidency on how EU-Israel trade relations should evolve given the humanitarian situation in the Middle East.

    Culture and Education Committee

    On 16 July, Mattias Tesfaye, Minister for Education and Youth, said that Presidency wanted to make vocational education and training more attractive, ensure learning mobility, and focus on how the digitalisation affects learning outcomes. The Presidency will also prioritise negotiations on the next generation of Erasmus+ and on the European education area.

    Many MEPs expressed their concerns about the future of the Erasmus+ programme and enquired about the protection of children online, recognition of competences, and the safety of young students in the workplace.

    Jakob Engel-Schmidt, Minister for Culture, Media and Sports Policy, highlighted the need to prohibit the use of images, voice and other personal features in deepfakes or lifelike imitations. The EU Copyright Regulation should be updated to address the challenges posed by artificial intelligence to the cultural and creative sectors, either by guaranteeing fair remuneration for rights holders or by achieving the best possible conditions for licensing agreements. In sport, the Presidency promises to do more to uphold democratic values and integrity in the awarding of international sports events.

    MEPs asked for measures to help EU countries implement the European Media Freedom Act and highlighted the revision of the Audiovisual Media Services Directive. MEPs also raised issues such as protecting heritage against natural disasters and gender equality programmes in sport.

    Industry, Research and Energy Committee

    On 16 July, Caroline Stage Olsson, Minister for Digital Affairs, outlined two priorities: enhancing digital competitiveness and protecting minors online. She advocated for reducing the administrative burden on business and for strategic investment for a more sovereign Europe. She also highlighted work on enforcing the Digital Services Act (DSA), stricter regulations for age verification and data protection, and the establishment of a competitiveness fund.

    Some MEPs stressed the need to reduce dependency on non-European tech companies and to balance regulation with simplification, to foster innovation while protecting consumers. Questions were asked about the impact of the DSA on free speech and privacy, and about investment in less connected regions.

    Troels Lund Poulsen, Deputy Prime Minister and Defence Minister, outlined four priorities: enhancing Europe’s defence capabilities, supporting Ukraine, fostering cooperation with NATO and strengthening the EU’s defence against hybrid threats. He also stressed the importance of the European defence industry programme (EDIP) to this end.

    Torsten Schack Pedersen, Minister for Resilience and Preparedness, focused on cybersecurity and highlighted three priorities: strengthening EU cyber resilience, framing a robust EU response to cyber crises, and simplifying the EU cyber legislation framework.

    MEPs enquired about the creation of a unified European defence market, the standardisation of defence products, and the need for joint procurement to enhance defence capabilities. Questions also focused on Baltic Sea security and measures to counter potential sabotage. Concerns were voiced about Europe’s dependency on non-European defence suppliers.

    Lars Aagaard, Minister for Climate, Energy and Utilities, emphasised the importance of a secure, clean and affordable energy supply, as well as of a stronger energy sector, focusing on renewable and clean energy produced locally. He called for an approach that would balance environmental protection with economic competitiveness and for Europe to phase out its dependency on Russian energy.

    Morten Bødskov, Minister for Industry, Business and Financial Affairs focused on competitiveness and highlighted the need for increased investment in green technologies and new critical technologies such as life sciences, artificial intelligence, biotech, and quantum. Mr Bødskov also stressed the need to simplify regulations to foster innovation and growth.

    MEPs stressed the need for a more efficient regulatory environment to foster innovation and competitiveness. They expressed concerns about high energy prices and highlighted the importance of investing in clean energy technologies and infrastructure to achieve energy security and reduce greenhouse gas emissions. Several MEPs questioned the balance between environmental protection and economic competitiveness, and called for a more pragmatic approach to regulation that would not stifle innovation and growth.

    MIL OSI Europe News –

  • MIL-OSI USA: Shaheen, Marshall Renew Bipartisan Push to Crack Down on Illegal Drug Activity on Social Media

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Roger Marshall, M.D. (R-KS) today reintroduced the bipartisan Cooper Davis and Devin Norring Act to require social media companies to work with federal agencies to combat the sale and distribution of illicit drugs on their platforms. The Senators’ bipartisan bill would ensure that social media companies turn over basic information relating to illicit online fentanyl activity to federal agencies – empowering state and local law enforcement to use this data to combat fake fentanyl-laced pills and prosecute those who prey on America’s youth. 
    “In recent years, we’ve seen the startling role that social media has played in fueling the substance use disorder crisis impacting New Hampshire by making it easier for young people to get their hands on these dangerous drugs. It’s past time that Congress step in to put a stop to it,” said Senator Shaheen. “Our bipartisan bill would hold social media companies accountable to their obligation to keep our kids safe by requiring that they report illicit drug activity on their platforms and work with law enforcement to stop it. Families and communities across this country have dealt with enough heartbreak – as the substance use epidemic evolves, so must our response.” 
    The Cooper Davis and Devin Norring Act is named after two young men who both tragically lost their lives to fentanyl poisoning after purchasing a pill from social media. It is cosponsored by U.S. Senators Chuck Grassley (R-IA), Dick Durbin (D-IL), Amy Klobuchar (D-MN) and Todd Young (R-IN). 
    In recent years, organized drug cartels have dominated fentanyl trafficking in the country, and they have set up large, sophisticated distribution networks online via social media. In investigating fentanyl-related poisoning and deaths in teenagers and young adults, law enforcement agencies have found an alarming rate of these deadly pills acquired through platforms like TikTok and Snapchat. Unfortunately, federal agencies do not have the data to intervene and prevent these illegal activities. The Cooper Davis and Devin Norring Act would require social media companies and other communication service providers to take on a more active role in working with federal agencies to combat the illegal sale and distribution of drugs on their platforms. This critical data will also empower state and local law enforcement to combat fentanyl, methamphetamine and fake fentanyl-laced pills and prosecute those who prey on America’s youth. Fentanyl remains the most dangerous drug threat facing Americans, and fatal poisonings are the fastest growing among adolescents, teenagers and young adults. After a decrease of deaths involving opioids from an estimated 83,140 in 2023 to 54,743 in 2024, drug-related deaths are rising across the U.S., according to the Centers for Disease Control and Prevention. 
    Shaheen has spearheaded crucial legislation and funding to fight the substance use disorder epidemic, including through her leadership on the pivotal U.S. Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, which funds the U.S. Department of Justice. Shaheen recently introduced her bipartisan Keeping Drugs Out of Schools Act to help prevent youth opioid use and overdoses by establishing a new grant program that allows current or former Drug-Free Communities (DFC) coalitions to partner with schools to provide resources educating students about the dangers of synthetic opioids. Shaheen has also helped enact the FENTANYL Results Act to increase global cooperation in the fight against synthetic drug trafficking and the HALT Fentanyl Act to permanently schedules all fentanyl-related substances as Schedule I drugs under the Controlled Substances Act to ensure law enforcement can keep them off the streets and hold drug traffickers accountable. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Opening Remarks at Full Committee Mark Up of Military Construction-VA, Commerce-Justice-Science Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***WATCH: Senator Murray’s opening remarks***

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, delivered the following opening remarks as the committee meets to consider the draft fiscal year 2026 Military Construction, Veterans Affairs, and Related Agencies and Commerce, Justice, Science, and Related Agencies appropriations acts.

    Senator Murray’s opening remarks, as delivered, are below:

    “Thank you very much, Chair Collins.

    “We are here to resume consideration of the CJS bill and to take up the MilCon-VA bill—and I do want to thank our MilCon-VA subcommittee leaders, Senator Boozman, and Senator Ossoff for all of your hard work.

    “It is a good thing that by working together, we were able to put together a solid bill that invests in folks back home. This is the way the process should work: Senators coming together and finding common ground on common sense investments.

    “But I do have to acknowledge the elephant in the room here. It is no secret the path to advancing more of our bills is going to be harder because of the unprecedented, partisan rescissions bill that Republicans just passed.

    “It is extremely frustrating to see so many of the colleagues that have worked with us to pass funding bills turn around and vote to rip away the funding that we all agreed on.

    “I have never seen anything like it because the Senate has never done anything like it. We have never—until now—passed a purely partisan rescissions bill. It is a dangerous new precedent. And it poses some hard questions my colleagues across the aisle need to start answering. Because Russ Vought has not been subtle: round two of these partisan cuts are on their way soon. He said that this morning.

    “So, what do my colleagues want to do? Do they want to turn this into the Rescissions Committee? Because that is one path we could end up going down, and as of now we are one big, alarming step down it.

    “It is not the path I want go down. I want to see us turn back to what has historically made this Committee so powerful—and so worth being on—in the first place. Which is working together to advance bills that deliver for our constituents and get signed into law. And it is unfortunate that many members of this body have voted to make that a whole lot harder. That is the reality—and there is no ignoring it.

    “Now, I do believe our work here is as important as ever: writing bills that make the voice of the Senate, and the voices of our constituents heard, instead of letting Donald Trump and Russ Vought make the decisions with a forever CR. There is no doubt in my mind the bills that we negotiate—together—will be far preferable to the partisan House bills that cut like there’s no tomorrow or another slush fund CR.

    “We have already seen this President abuse the power from the last CR to ignore our bipartisan decisions, spend taxpayer dollars as he sees fit, and rob money from blue states—exactly as I warned about. We’ve already learned that lesson the hard way. We cannot throw in that towel again and let OMB hold up funding for our states or zero out projects we secured for folks back home. That’s part of why bipartisan bills are so important. But everyone has to understand, getting to the finish line always depends on our ability to work together in a bipartisan way. And it also depends on trust—trust.

    “And as I warned on the floor, bipartisanship doesn’t end with any one line being crossed, it erodes over time—bit by bit. And frankly, I am alarmed by how quickly that erosion is happening right now, over the last six months, and certainly over the last 24 hours.

    “We are racing in the wrong direction, and it is really on my colleagues across the aisle to decide if they are going to hit the brakes or go over the cliff. The question of whether forging a bipartisan path is hopeless or not will depend very much on whether this Committee is able to lock arms, and whether our colleagues will defend bipartisan deals from a budget chief who believes quite plainly that Congress—and appropriators—should have as little say as possible on federal spending.

    “I appreciate that two Republican members of this Committee ultimately took a principled stand against the partisan rescissions package, I really hope that more will join us in standing up for our power of the purse.

    “Now, turning back to the bills before us today—the MilCon-VA bill is one that I care very deeply about. As the daughter of a World War II veteran, the programs we fund in our MilCon-VA bill are very personal to me.

    “Doing right by our vets, getting them the care they need and the support they were promised, is a moral obligation. I’ll have more to say as we debate the bill—including areas I’d like to have done more.

    “But the bottom line is—it delivers the funding needed to support safe and updated infrastructure for our troops and their families and to keep our word to our veterans.

    “As the Chairman noted, we will also take up the CJS bill. I spoke last week about the serious concerns I share with Senator Van Hollen. And it is frustrating that after a bipartisan amendment was taken up, instead of advancing the bill, we recessed and are only now taking it back up with consideration of a partisan amendment.

    “My hope is that we can ensure the integrity of the process for the FBI site, and it’s protected along with the prerogatives of this committee. I am prepared to see what happens as this bill moves forward but will probably vote no if it does not get addressed.

    “With that, I will turn it back over to Chair Collins.”

    MIL OSI USA News –

  • MIL-OSI USA: News 07/15/2025 Blackburn, Thune, Kelly Call on USICAO to Raise Mandatory Commercial Pilot Retirement Age

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.), Senate Majority Leader John Thune (R-S.D.), and U.S. Senator Mark Kelly (D-Ariz.) sent a letter to U.S Secretary of State Marco Rubio and U.S. Mission to the International Civil Aviation Organization (USICAO) Chargé d’Affaires Anthony Clare urging them to support ICAO’s effort to raise the mandatory commercial pilotretirement age. This would reduce the pilot shortage and increase safety by ensuring the most qualified and experienced pilots are on the flight deck.

    As the Chinese Communist Party (CCP) seeks to dominate international organizations around the world, the United States must not allow our adversary to lead international aviation standards, build goodwill with our allies, or gain a competitive advantage over the U.S.

    Global Data Confirms Experienced Pilots Have Less Accidents than Junior Pilots 

    During the 14th Air Navigation Conference held last year from August 26th to September 6th, the ICAO advanced formal action directed at raising or even eliminating the institution’srecommended pilot retirement age of 65 years. This initiative—led by Canada, Australia, Brazil, Japan, New Zealand, the United Kingdom, and the International Air Transport Association— makes it increasingly likely that the international community will move to increase the suggested retirement age in the near future. Such a move would be consistent with data from around the world, which confirm that experienced pilots have fewer accidents than junior pilots. Therefore, it would stand to reason that raising or eliminating the pilot retirement age—coupled with the existing rigorous technical and medical testing that pilots undergo—would result in a reductionof accidents by closing the experience gap and retaining the greatest level of experience our passengers expect on the flight deck. In fact, many countries around the world already allow pilots above the age of 65 to fly and have been doing so without compromising safety.”

    Senator Blackburn Has Led the Effort to Raise the Mandatory Commercial Pilot Retirement Age 

    “Last Congress, in the Senate Commerce Committee, Senator Blackburn led several of her colleagues in an amendment to the Federal Aviation Administration (FAA) Reauthorizationwhich would have raised the mandatory commercial pilot retirement age from 65 to 67. This amendment did not alter any other qualification to become a commercial pilot and was widely supported by industry.”

    USICAO Must Not Cede Its Leadership Role to China by Sitting on the Sidelines of this Debate

    “The United States is one of ICAO’s largest member states and one of 36 states that make up the ICAO Council. The USICAO is tasked with improving the safety, security, and sustainability of civil aviation in the U.S., and, as such, has an obligation to advocate for changes to international standards to benefit American consumers and our dominance in the skies. Therefore, the USICAO should not spend this debate sitting on the sidelines. As I know you understand, if the United States cedes our leadership role in this space on the international stage, China—who is presently and actively joining our partners to advocate for raising the pilot retirement age—will gladly fill that void.”

    Click here to read the full letter. 

    RELATED

    MIL OSI USA News –

  • MIL-OSI USA: News 07/16/2025 Blackburn, Peters Pass Bipartisan Bill to Advance U.S. Manufacturing Policy and Competitiveness

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    The U.S. Senate unanimously passed bipartisan legislation authored by U.S. Senators Marsha Blackburn (R-Tenn.) and Gary Peters (D-Mich.) to establish a National Manufacturing Advisory Council at the U.S. Department of Commerce. The National Manufacturing Advisory Council Act would establish the National Manufacturing Advisory Council as a key component in developing federal manufacturing policy to help strengthen U.S. leadership in global manufacturing.

    “A resilient domestic manufacturing base with a national strategic plan will strengthen the United States’ competitiveness,” said Senator Blackburn. “The National Manufacturing Council Act would support our workforce by increasing communication and collaboration across different industries.”

    “To support manufacturers in Michigan and throughout the United States, we need our industry partners, economic developers, lawmakers, and workers reading from the same playbook,” said Senator Peters. “A National Manufacturing Advisory Council would help bring together and amplify the voices of manufacturers, workers, and industry experts to strengthen our federal manufacturing policy. In doing so, we can proactively address rising challenges in the industry and better seize opportunities that will propel American manufacturing to new heights in the coming decades.”

    The National Manufacturing Advisory Council would be made up of manufacturing, labor, and education leaders to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. 

    The National Manufacturing Advisory Council would meet at least twice a year to advise the Secretary of Commerce on policies and programs that impact U.S. manufacturing. It would also propose solutions to challenges and problems facing manufacturers in the United States. The Advisory Council would be required to:  

    • IDENTIFY AND ASSESS the effects of technological developments, production capacity, skill availability, investment patterns, and emerging needs for United States manufacturing competitiveness.  
    • SOLICIT INPUT from the public and private sectors – including businesses and labor groups – as well as academia on emerging trends in manufacturing.   
    • PROVIDE RECOMMENDATIONS to the Secretary addressing global and domestic manufacturing trends threatening the U.S. manufacturing sector, including supply chain interruptions, logistical challenges, and technological changes. The Advisory Council would also advise the Secretary on ways to increase federal attention with respect to manufacturing – as well as matters relating to the U.S. manufacturing workforce such as the impact of new technology and worker training and education priorities.  
    • IDENTIFY REGULATORY ISSUES encountered by the domestic manufacturing sector and provide advice on how to mitigate issues through a favorable environment for manufacturers, workers, and consumers.  

    “We applaud Senator Blackburn for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing (AAM). “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”  

    “The Association of Equipment Manufacturers applauds Senator Marsha Blackburn and Senator Gary Peters for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, American Equipment Manufacturers (AEM), Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”     

    “We commend Senator Marsha Blackburn (R-Tenn.) and Senator Gary Peters (D-Mich.) for introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for Motor and Equipment Manufacturers Association (MEMA), The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”  

    The National Manufacturing Advisory Council for the 21st Century Act is also supported by the American Small Manufacturers Coalition (ASMC).   

    In May, the Senate also passed Blackburn’s and Peter’s Securing Semiconductor Supply Chains Act which would strengthen federal efforts to attract investment in U.S. semiconductor manufacturers and supply chains.

    MIL OSI USA News –

  • MIL-OSI USA: As Trump’s Chaos Jeopardizes America’s Farmers, Duckworth Discusses Agriculture Priorities with Illinois Corn Growers and Illinois Soybean Association

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    July 17, 2025

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) yesterday met with leaders and members from the Illinois Corn Growers and the Illinois Soybean Producers to discuss their shared priorities to grow Illinois’s agriculture industry and support our farmers. Duckworth and the members discussed the importance of supporting our family farmers by expanding the biofuels market, increasing agricultural exports and improving farm safety net programs as Donald Trump continues to threaten critical federal agricultural programs. Photos from yesterday’s meeting with the Illinois Corn Growers can be found on the Senator’s website. Photos from yesterday’s meeting with the Illinois Soybean Producers can be found on the Senator’s website.

    “America has always depended on our nation’s farmers to grow the food and fuel we need, and I’m proud to advocate for them on both the national and international stage,” Duckworth said. “The work of Illinois’s farmers is so important to the strength of our state and our nation, and I will continue to do everything I can to support the Illinois Corn Growers, the Illinois Soybean Association and our farmers across the state at the federal level.”

    In the Senate, Duckworth has been a leader in supporting biofuels, including expansion of sustainable aviation fuel (SAF) and permanent authority to use E15 fuel year-round. Duckworth, the founding co-chair of the Senate Sustainable Aviation Fuel Caucus, helped introduce the bipartisan Nationwide Consumer and Fuel Retailer Choice Act of 2025, the Consumer and Fuel Retailer Choice Act and the bipartisan Next Generations Fuel Act to allow the year-round, nationwide sale of ethanol blends higher than 10 percent. Duckworth additionally helped introduce the bipartisan Home Front Energy Independence Act to ban Russian oil and expand use and production of biofuel that’s grown in the American heartland, while providing American families with a less expensive option to fuel their vehicles. Previously, she introduced the SAF Accuracy Act and helped introduce the Farm to Fly Act and to help accelerate the production and development of SAF.

    As a member of the U.S. Senate Foreign Relations Committee, Duckworth has been an advocate for Illinois agriculture across the globe and helped secure significant wins for Illinois and American agriculture. After Duckworth’s visit in 2023, Japan announced a regulatory change that will lead to an increase in imports from U.S. biofuel producers, supporting our farmers and growing Illinois’s economy, and following a prior trip to Taiwan in 2022, she helped secure a commitment from Taiwan to purchase an estimated $2.6 billion of our Illinois’s corn and soybeans.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: As Trump’s Chaos Jeopardizes America’s Farmers, Duckworth Discusses Agriculture Priorities with Illinois Corn Growers and Illinois Soybean Association

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    July 17, 2025

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) yesterday met with leaders and members from the Illinois Corn Growers and the Illinois Soybean Producers to discuss their shared priorities to grow Illinois’s agriculture industry and support our farmers. Duckworth and the members discussed the importance of supporting our family farmers by expanding the biofuels market, increasing agricultural exports and improving farm safety net programs as Donald Trump continues to threaten critical federal agricultural programs. Photos from yesterday’s meeting with the Illinois Corn Growers can be found on the Senator’s website. Photos from yesterday’s meeting with the Illinois Soybean Producers can be found on the Senator’s website.

    “America has always depended on our nation’s farmers to grow the food and fuel we need, and I’m proud to advocate for them on both the national and international stage,” Duckworth said. “The work of Illinois’s farmers is so important to the strength of our state and our nation, and I will continue to do everything I can to support the Illinois Corn Growers, the Illinois Soybean Association and our farmers across the state at the federal level.”

    In the Senate, Duckworth has been a leader in supporting biofuels, including expansion of sustainable aviation fuel (SAF) and permanent authority to use E15 fuel year-round. Duckworth, the founding co-chair of the Senate Sustainable Aviation Fuel Caucus, helped introduce the bipartisan Nationwide Consumer and Fuel Retailer Choice Act of 2025, the Consumer and Fuel Retailer Choice Act and the bipartisan Next Generations Fuel Act to allow the year-round, nationwide sale of ethanol blends higher than 10 percent. Duckworth additionally helped introduce the bipartisan Home Front Energy Independence Act to ban Russian oil and expand use and production of biofuel that’s grown in the American heartland, while providing American families with a less expensive option to fuel their vehicles. Previously, she introduced the SAF Accuracy Act and helped introduce the Farm to Fly Act and to help accelerate the production and development of SAF.

    As a member of the U.S. Senate Foreign Relations Committee, Duckworth has been an advocate for Illinois agriculture across the globe and helped secure significant wins for Illinois and American agriculture. After Duckworth’s visit in 2023, Japan announced a regulatory change that will lead to an increase in imports from U.S. biofuel producers, supporting our farmers and growing Illinois’s economy, and following a prior trip to Taiwan in 2022, she helped secure a commitment from Taiwan to purchase an estimated $2.6 billion of our Illinois’s corn and soybeans.

    -30-

    MIL OSI USA News –

  • MIL-OSI Analysis: Why employees hesitate to disclose mental health concerns – and what employers can do about it

    Source: The Conversation – Canada – By Zhanna Lyubykh, Assistant Professor, Beedie School of Business, Simon Fraser University

    About one in four employees has a diagnosable mental health condition, and up to 65 per cent say mental health concerns interfere with their ability to work.

    The economic toll is staggering. In the United States alone, mental health concerns cost over $280 billion annually. Worldwide, that figure reaches an estimated US$1 trillion annually.

    Mental health is increasingly being recognized as critical to workplace functioning. Organizations invest substantial resources in wellness programs, mental health training and employee assistance programs. Some even offer on-site therapy sessions at no cost to their employees.

    Yet despite these efforts, many employees remain hesitant to seek help or disclose their mental health conditions. This reluctance can leave employees under-supported and contribute to increased absenteeism and turnover. Those who choose not to disclose often miss out on access to workplace accommodations and support, which can exacerbate their conditions and even increase the risk of job loss.

    Disclosure can be a gateway to vital support, but questions remain about how to facilitate such disclosures. Our research, recently published as an open-access article, shows the decision to disclose a mental health condition isn’t purely personal and can depend on the broader workplace environment.

    Supportive workplaces lead to better mental health

    Across two samples, we surveyed 1,232 employees from Canada and the U.S. We recruited participants from Qualtrics, an online panel provider, and a large financial institution in Canada that operates across multiple locations. We asked employees — both with and without mental health concerns — to indicate the extent to which they perceived their organization as supportive of disclosing mental health concerns.

    Employees with mental health concerns shared whether they had disclosed their condition to their employer, how willing they were to disclose in the future, their levels of anxiety and depression, and a range of work-related attitudes and behaviours.

    We found that a work environment that was safe and supported the disclosure of mental health concerns was extremely beneficial for both employees and organizations.

    First, employees working in highly supportive environments were 55 per cent more likely to disclose their mental health concerns. These environments were also linked to greater willingness to disclose current or potential mental health concerns.

    Second, supportive environments were associated with lower levels of anxiety and depression, both of which are important indicators of mental health. This suggests that organizations can contribute to employee mental health by fostering supportive environments.

    Third, employees who felt their organization supported disclosure reported higher job satisfaction, greater work engagement, and more organizational citizenship behaviours, such as helping co-workers or going above and beyond their job duties. These kinds of behaviours help create healthy, high-performing workplaces.

    In one of our samples, we matched employee responses with their organizational records of absenteeism. We found that when employees rated their organizational environment as supportive of mental health disclosure, they were less likely to miss work due to illness.

    Supporting mental health disclosure

    Our study identified three elements of a workplace that support mental health disclosure. The first is the absence of stigma and anticipated discrimination. Many employees choose to conceal their concerns because they are fearful of being stigmatized, facing unfair treatment or being passed over for promotions.

    Employees often pick up on subtle cues in their environment — consciously or not — to estimate the risk of stigma. If they observe colleagues with disclosed mental health conditions being treated negatively, this signals low organizational support and makes disclosure appear risky.

    The second element is the availability of organizational resources. Disclosing one’s mental health concerns should unlock access to organizational supports, such as time off or counselling programs. These supports need to be tangible and go beyond mere mentions in the employee handbook. Employees form perceptions about how seriously their organization takes mental health based on whether these resources are present and accessible.

    The third element is the presence of social support. Our research found that social support was an important indicator of informal culture around mental health concerns. Such support may include emotional support from peers or supervisors, and the ability to openly discuss mental health.

    Employees notice whether, and how, mental health is discussed at work. When employees are encouraged to talk openly about it, the workplace appears more conducive to disclosure. In contrast, when concerns are dismissed or met with unhelpful advice such as “stay positive” or “toughen up,” the environment is unlikely to be seen as supportive.

    How organizations can support disclosure

    Our research points to four main strategies organizations can use to foster an environment that signals support for disclosing mental health concerns.

    1. Identify areas for improvement.

    Our research provides a list of survey items that organizations can use to track employee perceptions and identify priority areas for improvement. For example, employees might be asked whether they feel safe disclosing a mental health concern, or whether they believe the organization responds supportively when others do. These items can be include in annual employee surveys, with anonymity ensured to encourage honest responses.

    2. Combat stigma by role modelling.

    Workplace leaders are well-positioned to make positive change and role model appropriate behaviours. Employees often look to leaders and model their behaviour. Providing leaders with training about implicit biases, and equipping them with tools to provide support to employees with mental health concerns, can help start the cycle of positive change. Leaders who receive mental health training tend to be more supportive, more likely to encourage disclosure and are better able to guide employees toward appropriate help.

    3. Make resources visible and easily accessible.

    Even when organizations have resources available, employees may not know about them or may find them difficult to access. Organizations and managers need to frequently communicate about the availability of mental health resources and ensure they are easy to access. Red tape and bureaucracy can deter employees from accessing organizational supports.

    4. Talk openly about mental health.

    Talking about mental health can help normalize it and encourage employees to share their concerns. This can include intentionally creating opportunities for such discussions, such as mental health days. In addition, when senior leaders share their experiences with mental health concerns, it can help normalize such discussions.

    Ultimately, a disclosure-supportive environment benefits employee mental health and encourages positive work behaviours. In other words, when employees feel safe enough to speak up, both employees and organizations benefit from it.

    Zhanna Lyubykh receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

    Justin Weinhardt receives funding fromHaskayne School of Business’s Future Fund, and the Social Sciences and Humanities Research Council of Canada (SSHRC).

    Nick Turner receives research funding from Cenovus Energy Inc., Haskayne School of Business’s Future Fund, Mitacs, and the Social Sciences and Humanities Research Council of Canada (SSHRC).

    – ref. Why employees hesitate to disclose mental health concerns – and what employers can do about it – https://theconversation.com/why-employees-hesitate-to-disclose-mental-health-concerns-and-what-employers-can-do-about-it-261158

    MIL OSI Analysis –