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  • 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-OSI Economics: AI with Intention: A Catalyst for Purpose-Driven Innovation

    Source: Samsung

    Start a conversation about artificial intelligence (AI) and you’re bound to hear a litany of concerns and fears. But, what if the most important conversation about AI isn’t what it can do—but how we choose to use it?
    Technology’s superpower lies in how it helps people—how it connects us, supports our everyday lives, and opens doors for the next generation of innovators and changemakers. And right now, AI is one of the most exciting and powerful technologies shaping our world.
    In a new Fast Company opinion article, Samsung Electronics America’s CMO, Allison Stransky, shares how AI can expand access, empower the next generation of changemakers, and help businesses innovate more responsibly, “I’m always ready to be an advocate for the transformative power of AI to help create positive change – and an advocate of ‘AI for Good.’”

     AI FOR GOOD: Samsung Electronics America CMO Allison Stransky spotlights student-led AI innovations—from cancer detection to smart wound care—that earned national honors in the Solve for Tomorrow STEM competition.
    The power of AI stems from its ability to unite creativity and personalization at scale. When implemented from a purpose-driven place, AI can be a tremendous positive force. And the real impact happens when this technology is used by curious, creative people with a passion for solving real problems – who want to do that with the clear purpose of fostering positive change and reimagining what’s possible. When empathy and innovation come together, that’s where AI turbocharges our ability to be a force for good.

    According to Allison, “It’s vital that people begin seeing AI as a strategic tool, not a shortcut or a replacement for learning. Young innovators shouldn’t use AI just for the sake of it. Instead, they should consider that the most powerful impact often comes from addressing small, overlooked problems that can make a big difference in people’s lives.”
    While there’s still much to learn about AI, one thing’s for certain: its rapid evolution means today’s innovations are just the beginning. To stay ahead, businesses must go beyond the hype and design AI strategies rooted in empathy, relevance, and long-term impact. We’ll be living in a world shaped by the choices we make today. So, let’s build with intention and purpose—because the future we want depends on it.
    Read Allison’s full Fast Company byline here.

    MIL OSI Economics –

  • MIL-Evening Report: ‘Don’t tell me!’ Why some people love spoilers – and others will run a mile

    Source: The Conversation (Au and NZ) – By Anjum Naweed, Professor of Human Factors, CQUniversity Australia

    DreamBig/Shutterstock, The Conversation

    This article contains spoilers!

    I once leapt out of a train carriage because two strangers were loudly discussing the ending of the last Harry Potter book. Okay – I didn’t leap, but I did plug my ears and flee to another carriage.

    Recently, I found myself in a similar predicament, trapped on a bus, entirely at the mercy of two passengers dissecting the Severance season two finale.

    But not everyone shares my spoiler anxiety. I have friends who flip to the last page of a book before they’ve read the first one, or who look up the ending before hitting play. According to them, they simply need to know.

    So why do some of us crave surprise and suspense, while others find comfort in instant resolution?

    What’s in a spoiler?

    Spoilers have become a cultural flashpoint in the age of streaming, social media and shared fandoms.

    Researchers define “spoiler” as undesired information about how a narrative’s arc will conclude. I often hear “spoilers!” interjected mid-sentence, a desperate protest to protect narrative ignorance.

    Hitchcock’s twist-heavy Psycho elevated spoiler sensitivity. Its release came with an anti-spoilers policy including strict viewing times, lobby warnings recorded by the auteur himself, and even real policemen urging “total enjoyment”. A bold ad campaign implored audiences against “cheating yourselves”.

    The twists were fiercely protected.

    Even the Star Wars cast didn’t know Darth Vader’s paternity twist until premiere night. Avenger’s Endgame filmed multiple endings and used fake scripting to mislead its stars. And Andrew Garfield flat-out lied about his return to Spider-Man: No Way Home – a performance worthy of an Oscar – all for the sake of fan surprise and enjoyment.

    But do spoilers actually ruin the fun, or just shift how we experience it?

    The satisfaction of a good ending

    In 2014, a Dutch study found that viewers of unspoiled stories experienced greater emotional arousal and enjoyment. Spoilers may complete our “mental models” of the plot, making us less driven to engage, process events, or savour the unfolding story.

    But we are also likely to overestimate the negative effect of a spoiler on our enjoyment. In 2016, a series of studies involving short stories, mystery fiction and films found that spoiled participants still reported high levels of enjoyment – because once we’re immersed, emotional connection tends to eclipse what we already know.

    But suspense and enjoyment are complex bedfellows.

    American media psychology trailblazer Dolf Zillmann said that suspense builds tension and excitement, but we only enjoy that tension once the ending lands well.

    The thrill isn’t fun while we’re hanging in uncertainty – it’s the satisfying resolution that retroactively makes it feel good.

    That could be why we scramble for an “ending explained” when a film or show drops the ball on closure. We’re trying to resolve uncertainty and settle our emotions.

    Spoilers can also take the pressure off. A 2009 study of Lost fans found those who looked up how an episode would end actually enjoyed it more. The researchers found it reduced cognitive pressure, and gave them more room to reflect and soak in the story.

    Spoilers put the audience back in the driver’s seat – even if filmmakers would rather keep hold of the wheel. People may seek spoilers out of curiosity or impatience, but sometimes it’s a quiet rebellion: a way to push back against the control creators hold over when and how things unfold.

    That’s why spoilers are fertile ground for power dynamics. Ethicists even liken being spoiled to kind of moral trespass: how dare someone else make that decision for me?!

    But whether you avoid spoilers or seek them out, the motive is often the same: a need to feel in control.

    Shaping your emotions

    Spoiler avoiders crave affect: they want emotional transportation.

    When suspense is part of the pleasure, control means choosing when and how that knowledge lands. There’s a mental challenge to be had in riding the story as it unfolds, and a joy in seeing it click into place.

    That’s why people get protective, and even chatter about long-aired shows can spark outrage. It’s an attempt to police the commentary and preserve the experience for those still waiting to be transported.

    Spoiler seekers want control too, just a different kind. They’re not avoiding emotion, they’re just managing it. A spoiler affords control over our negative emotions, but also softens the blow, and inoculates us against anxiety.

    Psychologists dub this a “non-cognitive desensitisation strategy” to manage surprise, a kind of “emotional spoiler shield” to protect our attachments to shows and characters, and remind us that TV, film and book narratives are not real when storylines hit close to home.

    Knowing what happens turns into a subtle form of self-regulation.

    So, what did I do when Severance spoilers floated by? Did I get off the bus? Nope, I stayed put and faced the beast. As I tried to make sense of the unfamiliar plot points (The macrodata means what? Mark stays where?), I found the unexpected chance to dive deeper.

    Maybe surprise is not the sum of what makes something entertaining and worth engaging with. Spoiler alert! It’s good to have an end to journey towards, but it’s the journey that matters, in the end.

    Anjum Naweed does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Don’t tell me!’ Why some people love spoilers – and others will run a mile – https://theconversation.com/dont-tell-me-why-some-people-love-spoilers-and-others-will-run-a-mile-256803

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: onsemi to Announce Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., July 17, 2025 (GLOBE NEWSWIRE) — onsemi (Nasdaq: ON) plans to announce its financial results for the second quarter, which ended July 4, 2025, before the market opens on Monday, August 4, 2025.

    The company will host a conference call at 9 a.m. Eastern Time (ET) on August 4, 2025, following the release of its financial results. Investors and interested parties can access the conference call in the following manner:

    • Webcast: A live webcast of the conference call will be available via the “Investor Relations” section of the company’s website at http://www.onsemi.com. The re-broadcast of the call will be available at this site approximately one hour following the live broadcast and will remain available for 30 days.
    • Teleconference: Investors and interested parties can also access the conference call by pre-registering here.


    About onsemi

    onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is included in the Nasdaq-100 Index® and S&P 500® index. Learn more about onsemi at www.onsemi.com.

    onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.

    Contacts
            
    Krystal Heaton
    Director, Head of Public Relations
    onsemi
    (480) 242-6943
    Krystal.Heaton@onsemi.com

    Parag Agarwal
    Vice President – Investor Relations & Corporate Development
    onsemi
    (602) 244-3437
    investor@onsemi.com                                        

    The MIL Network –

  • MIL-OSI USA: LEADER JEFFRIES: “LIFE IS GETTING MORE EXPENSIVE”

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, House Democratic Leader Hakeem Jeffries held a press conference where he emphasized that Donald Trump and House Republicans are driving up costs while taking nutritional assistance and healthcare away from millions of Americans in order to reward billionaires.

    LEADER JEFFRIES: Good afternoon, everyone. The American people desperately want an economy that is affordable for hardworking taxpayers. Donald Trump and House Republicans promised that costs would go down in the United States of America. Costs aren’t going down. They’re going up. They certainly have not gone down on day one, as Republicans promised the American people. Inflation is on the way up. Life is getting more expensive. And Donald Trump and House Republicans are driving the economy off of a cliff. Donald Trump and House Republicans have done nothing—nothing—not a single thing to make life more affordable for hardworking American taxpayers.

    The One Big Ugly Law will do nothing to meaningfully address the cost of living crisis that we have in this country. In fact, the One Big Ugly Law will make life more expensive for everyday Americans, particularly as it relates to utility bills in this country. Utility bills are going to go up as a result of the actions that have been taken by Donald Trump and Republicans. More than 17 million people are going to lose their healthcare as a result of the action taken by Donald Trump and Republicans. Children, veterans and seniors who are hungry are going to lose their nutritional assistance as it relates to the actions taken by Donald Trump and House Republicans connected to the One Big Ugly Law. And all of this has been done to reward billionaires with massive tax breaks and at the same time skyrocket and explode the debt by more than $3 trillion.

    It’s unconscionable what Donald Trump and House Republicans have done to hurt the American people. The job of those of us who are in public service should be at all times to make life better for everyday Americans, to improve the quality of life for the American people, to ensure, as Democrats are focused on, that when you work hard and play by the rules in the United States of America, you should be able to afford to live the good life—good paying job, good housing, good healthcare, good education for your children and a good retirement. That’s the American dream, and far too many people are unable to achieve it even though they are working hard and playing by the rules. Republicans haven’t made it easier to achieve the American dream. They are making it harder for everyday Americans. And that’s a shame.

    Full press conference can be watched here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Carter Introduces Bill to Spur American Economic Development in Housing

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter Introduces Bill to Spur American Economic Development in Housing

    WASHINGTON D.C. – Rep. Earl L. “Buddy” Carter (R-GA) and Rep. Greg Stanton (D-AZ) introduced the Catalyzing Housing and American Ready Growth and Expansion (CHARGE) Investments Act, a bill that will encourage economic growth and development throughout the country by modernizing the eligibility for Transit Oriented Development (TOD) projects. The CHARGE Investments Act will create jobs, add housing, revitalize underused urban areas, and drive long-term economic growth without expanding the federal deficit. 

    Currently, federal law restricts TOD loans to projects within a half mile radius of intercity rail stations. This traditional standard largely benefits older Northeast cities, whereas most U.S. cities intentionally built their historic freight rail hubs modestly further from their downtowns. The CHARGE Investments Act ensures fair access to fiscally responsible federal loan financing administered by the Build America Bureau by expanding the TOD eligibility radius for those U.S. cities whose central business district is more than half a mile from its intercity rail or light rail. Projects inside the closest central business district within a two-mile radius of intercity rail stations, or for cities lacking intercity rail, projects within a ¼ mile radius from a light rail station, shall now be eligible.  

    “By modernizing the Railroad Rehabilitation and Improvement Financing program, the CHARGE Investments Act marks a critical step towards unlocking economic development for rural towns and growing cities alike. This bill will stimulate economic activity in not only Georgia but nationwide, ensuring some regions are not given preference over others,” said Rep. Carter. 

    “Light Rail has absolutely transformed the Valley, driving billions in private and public investment along the lines. As the cost of living rises and Arizona grows, we need more tools to develop new affordable housing units and businesses near our city centers and along the transit lines,” said Rep. Stanton. “Our CHARGE Investments Act modernizes federal financing options for transit-oriented retail and housing developments—a win-win for Arizona businesses and families.”

    The CHARGE Investments Act preserves the fiscally responsible foundation of the program by maintaining loan-based financing and requiring at least 25% private or non-federal investment while expanding access to cities unintentionally left out due to outdated limitations. These investments often generate 4–5x returns for the Treasury, driven by growth in construction, housing, hospitality, and retail.

    “The CHARGE Investments Act is the kind of forward-looking reform the hotel industry needs to spur new development opportunities, create jobs, and drive economic growth. The proposed legislation would expand loan-based financing for transit-connected projects, providing hoteliers with a critical pathway to develop projects that meet local demand. We thank Congressman Carter for his leadership on this important issue and look forward to working with him to move this legislation swiftly through Congress,” said Rosanna Maietta, President & CEO of the American Hotel & Lodging Association.

    “AAHOA also applauds the bill’s commitment to fiscal responsibility. The CHARGE Investments Act encourages market-driven investment while safeguarding taxpayer dollars by relying on loans instead of grants and requiring a minimum 25% private capital contribution. For our industry, it creates a valuable financing tool that supports smart growth, adaptive reuse, and transit-connected development,” said Kamalesh (KP) Patel, Chairman of the Asian American Hotel Owners of America (AAHOA).

    “By facilitating redevelopment near transit corridors and enabling hotel investment in high-impact areas, the CHARGE Investments Act offers a smart, modern, and locally responsive model for infrastructure and economic growth. GHLA applauds your leadership in advancing this thoughtful, pro-growth legislation. We are proud to support the CHARGE Investments Act and look forward to partnering with your office to move it forward,” said Chris Hardman, Director of Governmental Affairs for the Georgia Hotel and Lodging Association.

    Read full bill text here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: U.S. Rep. Kathy Castor Steps Up to the Plate for Breast Cancer Survivor Shahra Lambert at 16th Annual Congressional Softball Game

    Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

    WASHINGTON, D.C. – Yesterday, U.S. Rep. Kathy Castor (FL-14) played in the friendly rivalry softball game between the women of Congress and women of the D.C. press corps at the 16th Annual Congressional Women’s Softball Game (CWSG). Since 2009, the CWSG has supported the Young Survival Coalition by raising awareness of breast cancer in young women and honoring current fighters and survivors of cancer.

    This year, Rep. Castor stepped up to the plate for her District Advisor Shahra Lambert, a breast cancer survivor and dedicated advocate for residents across the Tampa Bay area. As District Advisor, Lambert uses her expertise and deep understanding of the region to meaningfully engage with constituents and stakeholders across the community. Lambert’s impressive career includes fifteen years in leadership roles for former U.S. Senator Bill Nelson, during which time she worked on several initiatives to promote equity and community engagement. After Nelson was confirmed to lead NASA, Lambert joined the Administrator’s team as Senior Advisor. Her extensive experience with federal agencies, grassroots advocacy and strategic planning has been instrumental in advancing the district’s priorities and fostering stronger connections within the community.

    Photos of the game are available here.

    “I’m humbled and honored that Congresswoman Castor is not only playing in my honor but playing for all those survivors and their loved ones’ cancer journey,” said Lambert. “It takes a village, and I’m glad to be a part of and root for Team Castor and the Congressional Women’s Softball.”

    “The Congressional Women’s Softball Game brings people together for a friendly rivalry game that helps bring people of all sides together to support initiatives raising awareness of breast cancer and underscoring the importance of young women knowing their risks and getting their screenings,” said Rep. Castor. “I was honored to play for my District Advisor, Shahra Lambert, whose exceptional experience and dedication to serving Florida families and small businesses are vital to my ability to connect with constituents and address their needs effectively. Shahra has been an asset in fighting to secure emergency federal support for my neighbors recovering from last year’s devastating hurricanes.”

    An estimated 316,950 women will be diagnosed with breast cancer in 2025, and an estimated 43,700 women will die from the disease, according to the American Cancer Society. Rep. Castor has been a leader in Congress in advancing legislation to fight cancer through increased preventative care, expanded access to cancer screenings, coverage for timely cancer treatment and investments in cancer research.

    “While I am thrilled to receive the Rep. Joanne Emerson Most Valuable Player Award this year as the Member Team’s pitcher, all of the women who have been diagnosed with breast cancer and have fought through the diagnosis are the true winners in my book,” said Rep. Castor.

    MIL OSI USA News –

  • MIL-OSI Australia: Sunny side up for eggs and cholesterol

    Source:

    18 July 2025

    From poached to panfried, when it comes to eggs, it’s all sunny side up, as new research from the University of South Australia confirms that this breakfast favourite won’t crack your cholesterol.

    Long blamed for high cholesterol, eggs have been beaten up for their assumed role in cardiovascular disease (CVD). Now, UniSA researchers have shown definitively that it’s not dietary cholesterol in eggs but the saturated fat in our diets that’s the real heart health concern.

    In a world-first study, researchers examined the independent effects of dietary cholesterol and saturated fat on LDL cholesterol (the ‘bad’ kind), finding that eating two eggs a day – as part of a high cholesterol but low saturated fat diet – can actually reduce LDL levels and lower the risk of heart disease.

    CVD is the leading cause of death worldwide, responsible for nearly 18 million deaths each year. In Australia, one person dies from CVD every 12 minutes, accounting for one in four of deaths nationwide.

    Lead researcher, UniSA’s Professor Jon Buckley, says it’s time to rethink the reputation of eggs.

    “Eggs have long been unfairly cracked by outdated dietary advice,” Prof Buckley says.

    “They’re unique – high in cholesterol, yes, but low in saturated fat. Yet it’s their cholesterol level that has often caused people to question their place in a healthy diet,” Prof Buckley says.

    “In this study, we separated the effects of cholesterol and saturated fat, finding that high dietary cholesterol from eggs, when eaten as part of a low saturated fat diet, does not raise bad cholesterol levels.

    “Instead, it was the saturated fat that was the real driver of cholesterol elevation.

    “You could say we’ve delivered hard-boiled evidence in defence of the humble egg.”

    “So, when it comes to a cooked breakfast, it’s not the eggs you need to worry about – it’s the extra serve of bacon or the side of sausage that’s more likely to impact your heart health.”

    …………………………………………………………………………………………………………………………

    Contact for interview: Prof Jon Buckley E: Jon.Buckley@unisa.edu.au
    Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: Attorney General James Sues to Block Federal Rule Slashing Access to Affordable Health Care Coverage

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James and 20 other states today filed a lawsuit challenging a new federal regulation that threatens to strip health care coverage from millions of Americans, drive up health care costs, and unlawfully remove gender-affirming care from the Affordable Care Act’s (ACA) essential health benefits. Attorney General James and the coalition argue that the new rule from the U.S. Department of Health and Human Services (HHS) and Centers for Medicare and Medicaid Services (CMS) violates federal law, ignores expert warnings, and places unjustified burdens on states and their residents. Attorney General James and the coalition are asking the court to block the rule, which they argue would devastate state health systems and endanger public health.

    “This new rule is an illegal and dangerous attack on health care access,” said Attorney General James. “It strips working families of their health care coverage, imposes unnecessary red tape, and deliberately targets low-income and transgender Americans. In New York, we have expanded coverage, improved affordability, and protected New Yorkers’ health. The federal government should take every opportunity to learn from that success, not actively work to reverse it.”

    Congress enacted the Patient Protection and Affordable Care Act (ACA) in 2010 to increase access to health insurance and lower costs for individuals and families. It created state-level health insurance marketplaces where people can compare and purchase affordable plans, and it required that all plans cover a core set of “essential health benefits.” States are also allowed to require coverage of additional benefits beyond the federal minimum. Over the past five years, ACA annual enrollment has doubled, with more than 24 million Americans signing up for coverage this year alone, many of whom receive subsidies to make their insurance even more affordable.

    In June, HHS and CMS finalized a rule that makes sweeping changes to ACA eligibility and enrollment. Set to take effect in August, the rule will – by the administration’s own estimates – immediately strip coverage from up to two million people. It shortens open enrollment windows, eliminates year-round enrollment for low-income individuals, adds extensive paperwork and verification requirements, and makes it harder to access health care tax credits. It also limits automatic reenrollment and imposes illegal monthly charges on consumers who qualify for zero-dollar premium plans. Attorney General James and the coalition argue that these changes directly undermine the ACA’s core mission of expanding access to affordable health care.

    The rule also unlawfully prohibits states from including gender-affirming care in the ACA’s list of essential health benefits. Under the new policy, insurers would be prohibited from covering gender-affirming services as essential benefits when those services are related to gender dysphoria. The same treatments remain covered, however, when provided for other purposes, such as treating endocrine disorders or delaying early puberty. The attorneys general argue this discriminatory policy has no legitimate justification and will cause serious harm, especially to transgender youth and young adults. Research overwhelmingly shows that access to gender-affirming care reduces depression, anxiety, and suicidality in transgender youth. In New York, the policy conflicts directly with state law, which prohibits discrimination in health care based on gender identity and other protected characteristics.

    To implement this rule, HHS is overriding states’ authority to operate their own ACA marketplaces, requiring all exchanges, including successful state-run systems like New York’s, to implement these harmful changes. In New York, more than 220,000 people get their health insurance through the ACA marketplace. Since the marketplace was established, New York’s uninsured rate has dropped from 11 percent to 4.8 percent. If the new rule goes into effect, however, an estimated 12,000 New Yorkers will suddenly lose their health insurance, and premiums will rise across the state. The state will have to spend over $10 million on staff time alone to update its systems in line with the new rule, and the state marketplace warns that some proposals, such as the increased income verification requirements, will be impossible to implement in time for the new plan year.

    Attorney General James and the coalition argue that HHS’s new rule violates both the Administrative Procedure Act and the ACA. They are asking the court to block key parts of the rule from taking effect and ultimately vacate them in full to prevent the significant financial and public health consequences it would impose, especially on states that have invested in running their own exchanges.

    Joining Attorney General James in filing this lawsuit are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maryland, Massachusetts, Maine, Michigan, Minnesota, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, Washington, and Wisconsin, as well as the governor of Pennsylvania.

    MIL OSI USA News –

  • MIL-OSI Security: Undocumented Alien Sentenced in Federal Court for Using a False Social Security Number to Obtain Employment at Boise Hotel

    Source: Office of United States Attorneys

    BOISE – Lina Marcela Ospina Isaza, 24, of Bucaramanga, Colombia, was sentenced to time served of approximately 2 months imprisonment for the false use of a social security number, Acting U.S. Attorney Justin D. Whatcott announced today.  U.S. District Court Judge Amanda K. Brailsford waived the fine and special assessment due to Isaza’s likely deportation.  Isaza pleaded guilty on June 10, 2025.

    According to court records, Isaza, a Colombian citizen, unlawfully entered the United States near Otay Mesa, California on December 1, 2023.  She was arrested and admitted to illegally crossing the international boundary without being inspected by an immigration officer at a designated Port of Entry. However, she was released from the custody of the Department of Homeland Security by “Order of Recognizance,” pending an immigration hearing.  Isaza provided her address to a location in Massachusetts and was instructed that if she moved, she had five days to update her address with the Department of Homeland Security.  Isaza instead moved to Boise and purchased a fraudulent social security card and a fraudulent legal permanent resident card.  She presented both to a Boise hotel in April 2024 to obtain employment and signed an I-9 form that contained the fraudulent social security card number. She subsequently changed jobs and admitted to using the same fraudulent social security card to obtain new employment at a downtown Boise hotel in May 2024.

    Acting U.S. Attorney Whatcott commended the work of Homeland Security Investigations, which led to the charge.  Assistant U.S. Attorney Christian Nafzger prosecuted the case.

    This case is part of  Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime.

    Isaza is one of eight recent indictments returned in the District of Idaho of undocumented aliens using false social security numbers and fraudulent legal permanent resident cards to unlawfully obtain employment at various businesses in Boise.  The Department of Homeland Security continues to inspect I-9 employment forms to identify employees who fraudulently use social security numbers and/or fraudulent lawful permanent resident cards.  False use of a Social Security Number is a felony offense which carries up to five years imprisonment and a $250,000 fine.  For employers, the Department of Homeland Security increased civil penalties for Immigration Reform and Control Act violations on January 2, 2025.  The new civil penalty for knowingly hiring, recruiting, referral or retention of unauthorized aliens was increased to a maximum fine of $5,724 (per unauthorized alien) for a first offense and up to $28,619 (per unauthorized alien) for a third or subsequent offense.

    ###

    MIL Security OSI –

  • MIL-OSI: Talen Energy Expands and Enhances Portfolio with Best-in-Class CCGT Acquisitions in PJM

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 17, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” “we,” or “our”) (NASDAQ: TLN), a leading independent power producer, announced it has signed definitive agreements to acquire Caithness Energy’s Moxie Freedom Energy Center (“Moxie”) in Pennsylvania and Caithness Energy and BlackRock’s Guernsey Power Station (“Guernsey”) in Ohio, both combined-cycle gas-fired plants located within the PJM power market.

    The net acquisition price is $3.5 billion after adjusting for estimated tax benefits, or approximately $3.8 billion gross. The net purchase price reflects an attractive acquisition multiple of 6.7x 2026 EV/EBITDA for two of the most efficient natural gas plants in PJM, at a material discount to current new-build CCGT costs. The transaction is expected to be immediately accretive to free cash flow per share by over 40% in 2026, and over 50% through 2029.

    “This acquisition enhances Talen’s fleet by selectively adding modern, highly efficient baseload H-class CCGTs in Talen’s key markets, where we are an innovator in data center contracting,” said Mac McFarland, Talen President and Chief Executive Officer. “The transaction is immediately and highly accretive, maintains our balance sheet discipline, and adds more than the equivalent of another Susquehanna nuclear plant to our platform, further enabling large load service.”

    “Caithness has built an extensive portfolio of leading-edge power generation facilities to support our valued customers,” said James D. Bishop, Jr., Chairman and CEO of Caithness Energy. “We are proud of what we have accomplished and this sale to Talen positions the assets for continued success under a strong and successful management team.”

    ⸻

    Key Strategic and Acquisition Highlights

    • Expands Talen’s Fleet with Modern, High Efficiency, H-Class CCGTs: These highly efficient plants add both baseload generation and cash flow diversification. The plants have an average heat rate of 6,550 Btu/kWh. Their highly efficient dispatch profile results in significant energy margin and strong cash flow conversion and increases our annual generation by 50% from approximately 40 TWh to 60 TWh.

      The plants benefit from an advantaged location and reliable access to gas pipeline infrastructure from the Marcellus and Utica shale formations, with their rich natural gas reserves and interconnects to primary natural gas pipelines.

    • Enhances Platform for Data Center and Large-load Contracting: The addition of the facilities to Talen’s portfolio enhances Talen’s ability to offer reliable, scalable, grid-supported and regionally diverse low-carbon capacity to hyperscale data centers and large commercial off-takers. With greater operational flexibility, proximity to key load pockets, and proven track record in bilateral contracting, the proforma company will be well positioned to meet the evolving needs of high-growth, 24/7 power demand sectors.
    • Unlocks Material Value Day One: Immediately accretive to free cash flow per share by over 40% in 2026, and over 50% through 2029.
    • Maintains Balance Sheet Strength: Talen expects robust pro forma cash flows to drive rapid deleveraging and is committed to maintaining a leverage target of 3.5x or lower, anticipated by year-end 2026.
    • Capital Allocation Discipline: The acquisition supports a target of approximately $500 million of annual share repurchases through the 2026 deleveraging period with an aimed return to capital allocation of 70% of adjusted free cash flow thereafter.


    Additional Transaction Details
    Talen expects to issue approximately $3.8 billion in new debt to fund the acquisitions and refinance target debt, using both secured and unsecured instruments.

    The Moxie and Guernsey transactions are both expected to close in Q4 2025. Each transaction is subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino act, and regulatory approvals from the Federal Energy Regulatory Commission and other regulatory agencies.

    As part of the transaction, Talen is also acquiring the equity interests in Guernsey owned by the mid-market infrastructure funds managed by Global Infrastructure Partners (GIP), a part of BlackRock.

    ⸻

    Advisors
    RBC Capital Markets and Citi are co-lead financial advisors to Talen. Kirkland & Ellis LLP and White & Case LLP are legal counsel to Talen. Cahill Gordon & Reindel LLP is legal counsel to RBC Capital Markets and Citi.

    Lazard is lead financial advisor to Caithness. Paul Hastings LLP is legal counsel to Caithness. Morgan Stanley & Co. LLC served as lead financial advisor and Simpson Thacher & Bartlett LLP is legal counsel to Global Infrastructure Partners, a part of BlackRock.

    ⸻

    Investor Call
    Talen will host an investor call at 4:30 p.m. EDT today, Thursday, July 17, 2025. To participate in the call, please register for the webcast via the page linked here. Participants can also join by phone by registering via the form linked here prior to the start time of the call to receive a conference call dial-in number. For those unable to participate in the live event, a digital replay will be archived for approximately one year and available on the Events page of Talen’s Investor Relations website linked here.

    ⸻

    About Talen
    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    ⸻

    About Caithness
    Caithness Energy, LLC is a privately held independent power producer with over 30 years of experience developing, managing, and operating innovative power generation projects. Headquartered in New York, Caithness focuses on clean, efficient natural gas and renewable energy assets, including the Moxie and Guernsey facilities—some of the most advanced combined-cycle gas plants in the U.S. The company is known for its leadership in developing state-of-the-art, low-carbon generation solutions that support reliable power delivery and environmental stewardship.

    ⸻

    Forward-Looking Statements
    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things statements regarding the proposed Moxie and Guernsey acquisitions, the expected closing of the proposed transactions and the timing thereof, the financing of the proposed transactions, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources, accounting matters, expectations, beliefs, plans, objectives, goals, strategies, future events or performance, shareholder returns and underlying assumptions. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations and are subject to numerous factors that present considerable risks and uncertainties.

    ⸻

    Talen Contact Information

    Investor Relations
    Sergio Castro, Talen Energy
    Vice President & Treasurer
    (281) 203-5315
    InvestorRelations@talenenergy.com

    Media Contact
    Taryne Williams, Talen Energy
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com

    The MIL Network –

  • MIL-OSI: Credit Acceptance Named 2025 Top Workplace in Financial Services

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, July 17, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) has been named a 2025 Top Workplace in Financial Services for the second consecutive year. We ranked #4 in the 1,000+ employee size category, up five spots from last year.

    “Our goal is to create a workplace where team members love coming to work because they know they can make a difference,” said Ken Booth, Chief Executive Officer, Credit Acceptance. “Through a meaningful mission that gives team members opportunities to positively impact the lives of our customers, our listening culture where every voice matters, and a commitment to remote work that provides incredible flexibility, it’s clear why we’re consistently recognized as a great place to work.”

    Alongside our mission of changing lives, our PRIDE values—Positive, Respectful, Insightful, Direct, Earnest—are the foundation of our culture. By living these values each day, team members create an environment where trust is built, collaboration thrives, and every person feels empowered to make a difference.

    This is the fourth workplace award we have received this year, including reaching #34 on Fortune’s 2025 100 Best Companies to Work For® list and #2 on the 2025 Top Workplaces USA list.

    The Top Workplaces USA Awards are based on a survey administered by Energage which measures 15 culture drivers that are proven to predict high performance against industry benchmarks.

    About Credit Acceptance

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles, or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    About Energage

    Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 18 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

    The MIL Network –

  • MIL-OSI: Credit Acceptance Named 2025 Top Workplace in Financial Services

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, July 17, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) has been named a 2025 Top Workplace in Financial Services for the second consecutive year. We ranked #4 in the 1,000+ employee size category, up five spots from last year.

    “Our goal is to create a workplace where team members love coming to work because they know they can make a difference,” said Ken Booth, Chief Executive Officer, Credit Acceptance. “Through a meaningful mission that gives team members opportunities to positively impact the lives of our customers, our listening culture where every voice matters, and a commitment to remote work that provides incredible flexibility, it’s clear why we’re consistently recognized as a great place to work.”

    Alongside our mission of changing lives, our PRIDE values—Positive, Respectful, Insightful, Direct, Earnest—are the foundation of our culture. By living these values each day, team members create an environment where trust is built, collaboration thrives, and every person feels empowered to make a difference.

    This is the fourth workplace award we have received this year, including reaching #34 on Fortune’s 2025 100 Best Companies to Work For® list and #2 on the 2025 Top Workplaces USA list.

    The Top Workplaces USA Awards are based on a survey administered by Energage which measures 15 culture drivers that are proven to predict high performance against industry benchmarks.

    About Credit Acceptance

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles, or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    About Energage

    Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 18 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

    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-Evening Report: Rising seas threaten to swallow one of NZ’s oldest settlement sites – new research

    Source: The Conversation (Au and NZ) – By Peter N. Meihana, Senior Lecturer in History, Te Kunenga ki Pūrehuroa – Massey University

    Veronika Meduna, CC BY-SA

    One of Aotearoa New Zealand’s oldest settlement sites is at risk of being washed away by rising seas, according to new research.

    Te Pokohiwi o Kupe (Wairau Bar) near Blenheim is a nationally significant archaeological site. It dates back to the first arrival of people and holds the remains of first-generation Polynesian settlers as well as many cultural artefacts.

    The site is significant for the local iwi, Rangitāne o Wairau, because of its history of colonial exploitation and the eventual repatriation of koiwi tangata (ancestral remains) in 2009, which marks an important moment in the modern history of Rangitāne.

    Coastal flooding is already a hazard at Te Pokohiwi o Kupe, but this increases dramatically as sea level rises. The study, led by Te Rūnanga a Rangitāne o Wairau in partnership with researchers at Earth Sciences NZ, shows about 20% of the site could be inundated during a 100-year storm event under current sea levels.

    But with 50 centimetres of climate-driven sea-level rise, which could occur as soon as the 2050s under high-emissions scenarios, more than half of the site could flood in the same event. If sea levels rise to a metre, which could be reached during the early 2100s, three-quarters of the site will be inundated and subject to significant erosion.

    From grave robbers to collaborators

    During the first part of the 20th century, the site was raided by fossickers searching for curios. In 1939, they uncovered an urupa (cemetery) and disinterred the remains of one of the earliest ancestors, along with their sperm whale tooth necklace and moa egg.

    Further “discoveries” drew Roger Duff, then an ethnologist at the Canterbury Museum, to the site in 1942. He led several excavations until the summer of 1963-64.

    The Rangitāne community protested the excavations. Tribal elder Hohua Peter MacDonald was particularly vocal, but the tribe was unable to prevent the digs and the removal of ancestors and their burial goods.

    In 2003, Rangitāne presented their Treaty of Waitangi claims before the Waitangi Tribunal. The tribunal agreed the Crown had breached the treaty in its dealings with the tribe and subsequent negotiations saw land at Te Pokohiwi returned to Rangitāne. These land parcels were close to where ancestors had been taken and the remains were eventually returned in 2009.

    Prior to the repatriation, the University of Otago, Canterbury Museum and Rangitāne agreed that research, including genetic sequencing of the koiwi tangata and an archaeological survey of the site, would take place before the reburial. Due to their past experiences, Rangitāne had little trust in the scholastic community. But in a first of its kind, a memorandum of understanding was signed between the parties.

    Before the reburial of the koiwi tangata, the iwi agreed to genetic sequencing and an archaeological survey of the site.
    Veronika Meduna, CC BY-SA

    Maintaining connections

    Our study used high-resolution, local-scale analysis of sea-level rise and coastal change to assess the risk to archaeological taonga (treasures) and wāhi tapu (sacred sites) at Te Pokohiwi o Kupe.

    By combining the knowledge of Rangitāne hapū (sub-tribal groups) about the site’s boundaries and locations of ancestral or archaeological taonga with LiDAR-derived topographic data, the research team mapped its exposure to present-day and future coastal inundation from spring tides and storm-wave events.

    Sea-level scenarios were consistent with the latest projections by the Intergovernmental Panel on Climate Change and national guidelines to estimate the likely timing of future inundation.

    Results suggest climate-driven shoreline changes and permanent inundation will increasingly threaten this culturally and archaeologically significant site.

    While this research focused on relative and extreme sea-level inundation risks, earlier palaeo-tsunami studies show the area is also known to be exposed to tsunami hazards.

    Ongoing research supported by a Natural Hazards Commission grant seeks to expand on our findings by integrating multiple inundation types with iwi-led experiences of impacts and mitigation. The goal is to develop new inclusive approaches for quantifying the effects of compounding inundation hazards.

    The integrated place-based approach underpinning this research supports dialogue about adaptation and rescue options for protecting sacred sites threatened by climate change through a combination of locally led and nationally supported interventions.

    For Rangitāne, Te Pokohiwi o Kupe is a place where relationships are maintained, responsibilities upheld and identity reaffirmed. While its archaeological value is widely recognised, its deeper significance lies in the enduring connection Rangitāne maintain with the whenua (land) and with the stories, knowledge and obligations it carries.

    Over time, the nature of that relationship has evolved. What was once marked by protest and exclusion has shifted into a place of active management and leadership, in part supported through the return of the land as part of the iwi’s treaty settlement.

    Now, with growing threats posed by sea-level rise and coastal erosion, that connection faces a different kind of challenge. The concern is not only for what may be physically lost, but for what it might mean to lose the ability to stand in that place, to gather there and to sustain the relationship that has grounded generations of Rangitāne people in Wairau.

    The focus is not only on preserving what remains, but on ensuring the connection to Te Pokohiwi continues, even as the landscape changes. More than protecting a site, this is about protecting the ability of Rangitāne to remain in meaningful relationship with Te Pokohiwi o Kupe, its stories and its significance.

    Peter N. Meihana is a trustee of Te Runanga a Rangitāne o Wairau.

    Ongoing research is supported through the Natural Hazards Commission (Toka Tū Ake EQC Project No. 4045).

    Corey Hebberd does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Rising seas threaten to swallow one of NZ’s oldest settlement sites – new research – https://theconversation.com/rising-seas-threaten-to-swallow-one-of-nzs-oldest-settlement-sites-new-research-260799

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: New Barbie with type 1 diabetes could help kids with the condition feel seen – and help others learn

    Source: The Conversation (Au and NZ) – By Lynne Chepulis, Associate Professor, Health Sciences, University of Waikato

    Mattel Inc/AP, The Conversation, CC BY

    Barbie has done many things since she first appeared in 1959. She’s been an astronaut, a doctor, a president and even a palaeontologist. Now, in 2025, Barbie is something else: a woman with type 1 diabetes.

    Mattel’s latest Barbie was recently launched by Lila Moss, a British model who lives with type 1 diabetes. The doll comes with a visible insulin pump and a continuous glucose monitor, devices many people with diabetes rely on.

    To some people, this might seem like just another version of the doll. But to kids living with type 1 diabetes – especially young girls – it’s a big deal. This new Barbie is not just a toy. It’s about being seen.

    What is type 1 diabetes?

    Type 1 diabetes is a condition where the body stops making insulin, the hormone that helps control blood sugar levels.

    It’s not caused by lifestyle or diet. It’s an autoimmune condition (a disorder where the immune system mistakenly attacks healthy cells) and often starts in childhood.

    People with type 1 diabetes need to take insulin every day, often through multiple injections or an insulin pump. They also need to check their blood sugar regularly, using finger pricks or a continuous glucose monitor worn on the skin (usually the upper arm).

    Although type 1 diabetes can be effectively managed, there is no cure.

    Millions of people across the world live with this condition, and numbers are on the rise. In Australia, type 1 diabetes affects more than 13,000 children and teens, while in New Zealand, around 2,500 children under 18 have type 1 diabetes. Globally, 1.8 million young people are affected.

    Children with type 1 diabetes may wear a continuous glucose monitor.
    Pavel Danilyuk/Pexels

    Managing type 1 diabetes isn’t easy for children

    Young people with type 1 diabetes must think about their condition every day – at school, during sports, at sleepovers and even while playing. They may have to stop what they’re doing and check their blood sugar levels. It can feel isolating and frustrating.

    Stigma is a big issue for children and young people with type 1 diabetes. Some young people feel embarrassed using their insulin pumps or checking their blood sugar in public. One study found pre-teens with diabetes sometimes felt they received unwanted attention when using devices such as insulin pumps and glucose monitors.

    Stigma can make young people less likely to take care of their diabetes, which can create problems for their health.

    Seeing a Barbie with an insulin pump and glucose monitor could make a significant difference.

    Children form their sense of identity early, and toys play a surprisingly powerful role in that process. While children with type 1 diabetes can often feel different from their peers, toys can help normalise their experience and reduce the sense of isolation that can come with managing a chronic condition.

    Research shows toys and media such as books and TV shows reflecting children’s experiences can boost self-esteem, reduce stigma and improve emotional wellbeing.

    For girls especially, Barbie is more than a doll. She represents what is often perceived to be admired or desirable and this can influence how girls perceive their own bodies. A Barbie with a glucose monitor and insulin pump sends a clear message: this is part of real life. You’re not alone.

    That kind of visibility is empowering. It tells children their condition doesn’t define them or limit their potential. It also helps challenge outdated stereotypes about illness and disability.

    Some may worry a doll with a medical condition might make playtime too serious or scary. But in reality, play is how kids learn about the world. Toys that reflect real life – including health issues – can help children process emotions, ask questions, reduce fear and feel more in control.



    Read more:
    Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out

    A broader shift towards inclusivity and representation

    Mattel’s new Barbie shows diabetes and the devices needed to manage the condition in a positive, everyday way, and that matters. It can start conversations and help kids without diabetes learn what those devices are and why someone wears them. It builds understanding early.

    Mattel has added to its range of Barbies in recent years to showcase the beauty that everyone has. There are now Barbies with a wide range of skin tones, hair textures, body types and disabilities – including dolls with hearing aids, vitiligo (loss of skin pigmentation) and wheelchairs. The diabetes Barbie is part of this broader shift toward inclusivity and should be applauded.

    Every child should be able to find toys that reflect who they are, and the people they love.

    This Barbie won’t make diabetes go away. But she might help a child feel more seen, more confident, more like their peers. She might help a classmate understand that a glucose monitor isn’t scary – it’s just something some people need. She might make a school nurse’s job easier when explaining to teachers or students how to support a student with diabetes.

    Living with type 1 diabetes as a child is tough. Anything that helps kids feel a little more included, and a little less different, is worth celebrating. A doll might seem small. But to the right child, at the right moment, it could mean everything.

    Lynne Chepulis receives funding from the Health Research Council of New Zealand

    Anna Serlachius receives funding from the Health Research Council and Breakthrough T1D (formerly JDRF).

    – ref. New Barbie with type 1 diabetes could help kids with the condition feel seen – and help others learn – https://theconversation.com/new-barbie-with-type-1-diabetes-could-help-kids-with-the-condition-feel-seen-and-help-others-learn-261263

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australian law is clear: criticism of Israel does not breach the Racial Discrimination Act

    Source: The Conversation (Au and NZ) – By Bill Swannie, Senior Lecturer, Thomas More Law School, Australian Catholic University

    Earlier this month, the Federal Court found controversial Muslim cleric Wissam Haddad breached the Racial Discrimination Act.

    Justice Angus Stewart ruled a series of speeches Haddad posted online were “fundamentally racist and antisemitic [and] profoundly offensive” towards Jewish people in Australia.

    However, the court also ruled criticism of Israel, Zionism and the Israel Defense Forces are not antisemitic and therefore do not breach the law.

    This finding could help inform the current debate on how to define antisemitism in Australia.

    Antisemitism and the law

    Haddad’s sermons were found to include “perverse generalisations” about Jewish Australians made at a time of “heightened vulnerability” following the October 7 2023 attacks on Israel by Hamas.

    The court’s decision is based on provisions in the Racial Discrimination Act.

    The act applies equally to all racial and ethnic groups in Australia. It does not refer directly to antisemitism, nor does it prohibit it specifically.

    But Jewish people have been recognised as a distinct ethnic group protected by the act since 2002. As such, several successful court cases have been brought by Australian Jews under the laws.

    To breach the act, speech must be likely to “offend, insult, humiliate or intimidate” a reasonable member of the target group – in this case, Jewish people in Australia. Trivial or minor harms do not meet this standard.

    Also, the speech must have been done “because of” the race or ethnicity of the target group. This means the race or ethnicity of the person or group must be one of the reasons for the speech.

    The law protects against racial discrimination, which includes ethnicity. It does not prohibit religious discrimination. However, for Jews, Sikhs and other ethno-religious groups there is some overlap.

    There is no liability under the Racial Discrimination Act if the speech was done “reasonably and in good faith” for a “genuine purpose in the public interest”.

    This is the free speech defence.

    Other breaches of the RDA

    In 2002, the Federal Court found the act was breached by a website that denied the extent and existence of the Jewish Holocaust.

    The website’s creator, Frederick Toben, claimed the content was true and its publication was in the public interest. However, the language used by Toben was deliberately provocative. His clear intention to offend Jewish people meant no defence was available.

    In September 2023, a Melbourne secondary college breached the act by allowing Jewish students to be systematically bullied and harassed, including through the use of racial epithets and Nazi swastikas.

    The court took into account the intergenerational trauma experienced by students whose families were affected by the Holocaust. The school was ordered to pay compensation to the students totalling more than $400,000.

    Criticism of Israel does not breach the law

    Crucially, in the recent Haddad decision, the court stated “it is not antisemitic to criticise Israel”.

    Parts of a speech made by Haddad that referred directly to the conduct of Israel and the Israel Defense Forces did not breach the Racial Discrimination Act because they could not reasonably be regarded as referring to Jewish people.

    Further, references in the speech to Zionism were regarded by the court as referring to a political ideology, rather than Jewish ethnicity.

    However, the court did recognise that criticism of Zionism and Israel was sometimes coded, or included subtle references to Jewish identity.

    Under the act, courts must carefully consider the context of relevant speech, including the tone and language used. That means blaming Jewish people for the actions of Israel or the Israeli military, for example, could in fact breach the law.

    Antisemitism definition

    The Federal Court’s decision in the Haddad case preceded the proposed antisemitism strategy by Jillian Segal, the government’s special envoy on combating hatred against Jewish people.

    Her report recommends the International Holocaust Remembrance Alliance’s definition of antisemitism be embedded in all public institutions.

    The definition is controversial because it appears to conflate criticism of Israel with racial and ethnic prejudice. Concerns have been raised legitimate criticism of Israel and its government would be stifled if the definition was widely embraced.

    A version of the definition was adopted in February by Universities Australia, the governing body for Australian universities.

    Some universities have rejected the definition on the grounds it may restrict legitimate academic freedom on campus.

    No defence available to Haddad

    Haddad argued his speeches were justified because they were based on Islamic scriptures. However, after weighing up expert evidence, the court found denigrating Jewish people was not supported by scripture.

    The speeches were not made “reasonably and in good faith”, given Haddad had used inflammatory language. He further “courted controversy” by also maligning Christians and Hindus.

    As the speeches were no more than “bigoted polemic”, no conflict between religious freedom and the Racial Discrimination Act arose.

    In summary, Haddad breached the act by making profoundly offensive speeches regarding Jewish people in Australia.

    The court ordered the sermons be removed from social media, while Haddad was ordered not to repeat them.

    The decision clarifies that antisemitic speech is prohibited by the discrimination laws, although criticism of Israel is not.

    Bill Swannie does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australian law is clear: criticism of Israel does not breach the Racial Discrimination Act – https://theconversation.com/australian-law-is-clear-criticism-of-israel-does-not-breach-the-racial-discrimination-act-261175

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Kennedy in National Review: Hospitals can’t keep hiding their prices from patients

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.) penned this op-ed in National Review arguing that hospitals are failing to comply with federal regulations requiring them to display their prices for medical care clearly. Kennedy explains how his bill, the Hospital Transparency Compliance Enforcement Act, would help the Trump administration enforce price transparency rules and save patients money.

    Key excerpts of the op-ed are below: 

    “It can be scary to go to the hospital when you are sick or injured, but it can be even more terrifying to get the bill.

    “Many Americans have no way of knowing how much a hospital will charge them for a routine medical procedure until weeks later when the bill arrives in the mail. This doesn’t happen anywhere else. If I wanted to know the exact price of every mayonnaise at the grocery store, I could pull up the website and tell you in two minutes. 

    “This lack of transparency not only allows hospitals to charge breathtakingly high prices without fear of competition from other facilities, but it also allows them to charge different patients different rates for the same procedure.”

    . . .

    “Congress can help the Trump administration hold these hospitals accountable by doubling the fines of those who refuse to comply. My Hospital Transparency Compliance Enforcement Act would increase penalties for noncompliance to as much as $11,000 per day for large hospitals.

    “American consumers, employers, and insurers could have saved an estimated $80 billion if President Trump’s original price transparency order had been enforced under President Biden. Families cannot afford for Congress to sit by while hospitals continue to ignore our rules to the detriment of patients. 

    “If Louisianians can find the price of a side of mashed potatoes at any of the 600 Cracker Barrel locations around the country, they ought to be able to find the price of a blood test at the nearest hospital, too. Hospitals cannot keep denying patients the information they need to make the best decisions for their families.”

    Read Kennedy’s op-ed here.  

    Text of the Hospital Transparency Compliance Enforcement Act is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Markey, Padilla, Chu Join Union Workers to Announce Legislation to Protect Workers from Extreme Heat

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (July 16, 2025) – Today, on the heels of another harsh heat wave across California, Senator Edward J. Markey (D-Mass.) joined Senator Alex Padilla (D-Calif.), Representative Judy Chu (D-Calif.-28), and union workers from the United Farm Workers (UFW), American Federation of State, County and Municipal Employees, and United Steelworkers to announce their bipartisan, bicameral legislation to implement federal enforceable workplace heat stress protections.

    Co-leads of the legislation include Senator Catherine Cortez Masto (D-Nev.), and Representatives Robert C. “Bobby” Scott (D-Va.-03), Ranking Member of the House Committee on Education and Workforce, and Alma Adams (D-N.C.-12).

    To address the increasing risks from extreme temperatures, the lawmakers introduced the Asunción Valdivia Heat Illness, Injury, and Fatality Prevention Act, legislation to protect the safety and health of indoor and outdoor workers who are exposed to dangerous heat conditions in the workplace. The legislation would protect workers against occupational exposure to excessive heat by requiring the Occupational Safety and Health Administration (OSHA) to establish an enforceable federal standard to protect workers in high-heat environments with commonsense measures like paid breaks in cool spaces, access to water, limitations on time exposed to heat, and emergency response for workers with heat-related illness. The bill also directs employers to provide training for their employees on the risk factors that can lead to heat illness and guidance on the proper procedures for responding to symptoms.

    The bill is named in honor of Asunción Valdivia, who died in 2004 after picking grapes for 10 hours straight in 105-degree temperatures. Mr. Valdivia fell unconscious, but instead of calling an ambulance, his employer told Mr. Valdivia’s son to drive his father home. On his way home, he died of heat stroke at the age of 53.

    “Even as heat waves become more frequent, longer-lasting, and more severe, red state politicians are rolling back heat protections and child labor protections across the country. It’s not rocket science—you cannot be pro-worker if you are anti-heat protection,” said Senator Markey. “Our legislation would provide workers with basic, effective protections: access to water, access to shade, time limits on high heat exposure, and procedures for emergency medical response. Every worker deserves to know when they clock in that they will return home safe at the end of their shift.  The thermometer is rising and the clock is ticking. Republicans want to sacrifice working Americans. Let’s save our workers instead.”

    “Asunción Valdivia’s death was completely preventable, yet his story is sadly not unique. As the planet continues to grow hotter, there is still no federally enforceable heat safety standard for workers. That’s not just dangerous for the farm workers and construction workers who work all day outside in the sun — it’s also dangerous for the factory and restaurant workers in boiling warehouses and kitchens,” said Senator Padilla. “Every family deserves to know that even on the hottest day, their loved one will come back home. A national heat safety standard would provide that peace of mind and finally give workers the safety they deserve.”

    “From farmhands to construction workers, America’s essential workforce is doing important work while under extreme heat conditions,” said Senator Cortez Masto. “Temperatures continue to reach record highs in Nevada and across the United States. We must act now to protect our communities’ vital workers.” 

    “As we continue to experience record-breaking summer heat waves, we’re also seeing a distressing increase in cases of workers collapsing and even losing their lives due to excessive heat. I will never forget people like Asunción Valdivia or Esteban Chavez Jr., who passed away in Pasadena, California in 2022 after a day of delivering packages in 90-degree heat in a truck without air conditioning. Unfortunately, their tragic deaths were entirely preventable,” said Representative Chu. “Whether on a farm, driving a truck, or working in a warehouse, workers like Asunción and Esteban keep our country running while enduring some of the most difficult conditions—often without access to water or rest. To protect our workforce and save lives, we must pass this bill into law and establish comprehensive and enforceable federal standards addressing heat stress on the job.”

    “This summer, Americans across the country are grappling with some of the hottest temperatures on record. Yet workers in this country still have no legal protection against excessive heat—one of the oldest, most serious, and most common workplace hazards. Heat illness affects workers in our nation’s fields, warehouses, and factories, and climate change is making the problem more severe every year,” said Ranking Member Scott, House Committee on Education and Workforce. “This legislation will require OSHA to issue a heat standard on a much faster track than the normal OSHA regulatory process. I was proud to advance this important bill in 2022, and I urge Chairman Walberg and Committee Republicans to do so again this Congress. Workers deserve nothing less, particularly as heat-related illnesses and deaths rise.”

    “As we face record temperatures, it has never been more important that we protect our workers facing extreme heat in the workplace,” said Representative Adams. “Last year, a North Carolina postal worker Wendy Johnson lost her life to heat illness after spending hours in the back of a postal truck on a 95-degree day with no air conditioning. Her death was entirely preventable, and Wendy should still be with us today. I’m proud to introduce this bill so we can honor her memory and ensure every worker has the protections from extreme heat that Wendy deserved.” 

    According to the National Oceanic and Atmospheric Administration (NOAA), 2024 was the warmest year on record for the United States. The past decade, including 2024, was the hottest on record, marking a decade of extreme heat that will only get worse. Heat-related illnesses can cause heat cramps, organ damage, heat exhaustion, stroke, and even death. Between 1992 and 2017, heat stress injuries killed 815 U.S. workers and seriously injured more than 70,000. The Washington Center for Equitable Growth estimates hot temperatures caused at least 360,000 workplace injuries in California from 2001 to 2018, or about 20,000 injuries a year. The failure to implement simple heat safety measures costs U.S. employers nearly $100 billion every year in lost productivity.

    From 2011-2020, heat exposure killed at least 400 workers and caused nearly 34,000 injuries and illnesses resulting in days away from work; both are likely vast underestimates. Farm workers and construction workers suffer the highest incidence of heat illness. And no matter what the weather is outside, workers in factories, commercial kitchens, and other workplaces, including ones where workers must wear personal protective equipment (PPE), can face dangerously high heat conditions all year round.

    The Asunción Valdivia Heat Illness, Injury, and Fatality Prevention Act has the support of a broad coalition of over 250 groups, including: Rural Coalition, International Brotherhood of Teamsters, AFL-CIO, UNITE HERE!, Communication Workers of America, Alianza Nacional de Campesinas, Sierra Club, United Farm Workers, Farmworker Justice, Public Citizen, International Union of Bricklayers and Allied Craftworkers, United Food and Commercial Workers International Union, Union of Concerned Scientists, United Steelworkers, National Resources Defense Council, American Lung Association, and Health Partnerships.

    “Every worker safety rule in America is written in blood,” said UFW President Teresa Romero. “The UFW has been fighting for heat safety protections for decades. Over 20 years later, Asuncion Valdivia’s death still hurts. There are so many other farm workers — many whose names we do not know — who have also been killed by extreme heat on the job in the years since. Enough is enough. Every farm worker deserves access to water, shade, and paid rest breaks — it’s past time for Congress get this done.”

    “Too many workers – including AFSCME members – have lost their lives on the job as a result of blistering heat waves and record-breaking temperatures,” said AFSCME President Lee Saunders. “As the number of heat-related illnesses and fatalities continue to rise, it is well past time we adopt nationwide safeguards to better protect the workers who maintain our infrastructure, keep our streets clean, harvest our food, and keep our economy moving. We at AFSCME thank Senator Padilla and Representative Chu for introducing the Asunción Valdivia Heat Illness, Injury, and Fatality Prevention Act, which will ensure essential workers who brave the heat can do their jobs safely and effectively, and most importantly, make it home alive.”

    “For the Steelworkers Union, we represent workers in manufacturing settings and in a host of other areas where not only is it hot outside, but the areas that they work around are as hot as up to 3,000 degrees and they must wear protective equipment. The Asunción Valdivia Heat, Illness, Injury, and Fatality Prevention Act is important because it will provide a basic standard for not just outdoor, but indoor workplaces as well to ensure that there is proper rest breaks and the ability to stay cool. The Steelworkers are absolutely supportive of this bill and are going to work with Republicans and Democrats to ensure that heat illness is the last thing a worker should worry about,” said Roy Houseman, Legislative Director of United Steelworkers. 

    “Everyone deserves safe working conditions, but powerful corporations have not done enough to protect their workers from hot working environments, exacerbated by the climate crisis,” said Liz Shuler, President of the AFL-CIO. “Extreme heat is increasingly causing indoor and outdoor workers to collapse or even die on the job, and our union family has already lost too many members to preventable, work-related heat illness. The Occupational Safety and Health Administration (OSHA) must issue a strong heat rule, not a weak one, to ensure workers have specific protections they need and to be able to raise unsafe working conditions without fear of retaliation.”

    “It’s long past time for meaningful legislation to protect Teamsters and other workers from the effects of prolonged heat exposure and dangerous heat levels while at work,” said Teamsters General President Sean M. O’Brien. “Paid breaks in cool spaces, access to water, and limitations on time exposed to heat are simple common sense steps that should be mandated immediately. Waiting to implement these measures is unacceptable and will result in the further loss of lives.”

    “Workers in America are facing unprecedented dangers from climate-driven heat and extreme weather, and things are only getting worse. It is far past time for a strong national standard to protect workers from illness and death caused by exposure to extreme heat. The provisions mandated in this bill, including temperature triggers, acclimatization, water, shade and paid rest breaks, would save countless lives. They represent a common sense and common decency approach that employers could quickly adopt. American workers deserve no less, and they urgently need it. Today, OSHA is in the final stage of issuing a final rule on this issue. It is imperative that the rule maintain the integrity and high standards called for in the Asuncíon Valdivia Heat Illness, Injury, and Fatality Prevention Act. We applaud Senators Padilla, Markey, and Cortez Masto and Representatives Chu, Adams, and Scott, as well as the dozens of Senators and Congresspersons who have joined them in this long effort. It’s time to bring a high quality, protective standard to the finish line for American workers,” said Ernesto Archila, Climate and Financial Regulation Policy Director, Public Citizen.

    “Every summer high temperature records get broken in states across the country, and while public health officials urge residents to stay inside and stay safe millions of workers have to report for work. From fields to warehouses, airports to schools, construction sites to manufacturing plants, and many more industries, too many workers are at risk of not getting home safely at the end of the day due to exposure to heat on the job. We know how to prevent these dangers. In fact, both outdoor and indoor workers in states like Oregon, California, and Maryland have strong, enforceable protections in place already. And in Washington, Colorado, and Minnesota at least some categories of workers are being kept safe from heat. But millions labor in other states where there are no protections; worker safety is left to the federal government in these states, and absent strong rules workers are left to protect themselves and hope for the best. We must extend workplace protections from heat to all workers. The National Employment Law Project thanks Senator Padilla and Representative Chu, as well as the dozens of Senators and Congresspersons who have cosponsored the Asunción Valdivia Heat Illness, Injury, and Fatality Prevention Act of 2025,” said Anastasia Christman, Senior Policy Analyst, National Employment Law Project.

    The bill is cosponsored by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Mark Kelly (D-Ariz.), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    A one-pager on the Asunción Valdivia Heat Illness, Injury, and Fatality Prevention Act is available here.

    A section-by-section of the bill is available here.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Markey, Reps. Matsui, Barragán, Schneider, Carbajal Introduce Legislation to Create Coordinated Federal Response to Climate and Health Crisis

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF)

    Washington (July 17, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works Committee and the Health, Education, Labor, and Pensions (HELP) Committee, and Representatives Doris Matsui (CA-07), Salud Carbajal (CA-24), Nanette Barragán (CA-44), and Brad Schneider (IL-10) today reintroduced the Climate Change Health Protection and Promotion Act, legislation that would improve America’s public health response to climate change by establishing an Office of Climate Change and Health Equity (OCCHE) within the Department of Health and Human Services (HHS). OCCHE was originally established by President Biden’s Executive Order on Tackling the Climate Crisis at Home and Abroad. In January 2025, President Trump eliminated OCCHE and terminated its staff. Senators Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), and Jeff Merkley (D-Ore.) are cosponsors of this legislation.

    The reestablished OCCHE would support climate health research, health impact monitoring, and climate resilience initiatives within the health sector. In addition to codifying OCCHE, the bill would also direct the Secretary of HHS to develop a National Strategic Action Plan to assist health professionals in preparing for and responding to the public health effects of climate change. 

    “Climate change is making people and the planet sicker, and we need a national treatment plan to address the worst effects,” said Senator Markey. “While the Trump administration tries to fire everyone with any ability to fight the health impacts of the climate crisis, and while Republicans pass bills that kick millions of people off their health care, we are demanding a different future—one with a resilient health system that protects us all. My Climate Change Health Protection and Promotion Act will put us on track for a healthier, and brighter, future.”

    “Climate change is already endangering the health of Americans nationwide,” said Congresswoman Matsui. “President Trump and his Republican allies want to bury their heads in the sand, but we’ve seen the life-threatening effects of climate change in the Sacramento region, as flooding and wildfires are becoming more frequent and more intense. These impacts will only worsen as climate change accelerates. The Climate Change Health Protection and Promotion Act will ensure our healthcare system is prepared to face this new reality.”

    “The climate crisis is a persistent threat to our way of life – it is not just an environmental threat but is a public health emergency,” said Congressman Schneider. “The Climate Change Health Protection and Promotion Act will help ensure we are better prepared and supplied to protect the health and well-being of our communities and our planet. I’m proud to co-lead this bill with Reps. Matsui, Barragán and Carbajal and I’m hopeful that the coordination and investment it promotes will strengthen our ability to confront the health impacts of climate change head on.”

    “Climate change is already impacting the environment around us, and those changes bring real risks to our public health,” said Congressman Carbajal. “Our country must have a clear strategy for meeting these mounting threats to our air, water, and food supplies. This legislation marks a key step forward to defending both our environment and our well-being.”

    “Climate change is a very real problem that affects millions of Americans, from the growing health challenges they face to the care they receive,” said Congresswoman Barragán. “Yet, the Trump administration has undermined our federal agencies’ ability to protect our communities from climate change, especially as many of our underserved communities often fall through the cracks. That is why I am proud to co-lead this bill with Representative Matsui, which prioritizes public health and protects the environment by making sure that our agencies have the proper tools and resources they need to help combat climate change.”

    “The Climate Change Health Protection and Promotion Act of 2025 would implement an evidence-based approach to protecting Americans from the health threats of hazards like extreme heat, wildfire smoke, and storms. Data shows these climate-related events are increasing in severity and frequency,” said Jenny Keroack, Director of Program Strategy & Management in Health Care Without Harm’s U.S. Climate Program. “As a civil servant who worked at the now-defunct HHS Office of Climate Change and Health Equity, I was proud to help health care organizations support their patients and staff in the face of climate threats. We must redouble these efforts and use all of our public health tools to safeguard our communities from natural disasters and extreme weather.”

    “The climate crisis is also a health crisis and requires a robust whole-of-government approach to combat it,” said Ranjani Prabhakar, Legislative Director, Healthy Communities at Earthjustice Action. “From extreme heat to intense natural disasters, climate change is causing and exacerbating negative health outcomes in communities across the country. We thank Senator Markey and Rep. Matsui for recognizing the critical link between climate and public health and obligating the government to act.” 

    Specifically, the Climate Change Health Protection and Promotion Act would:

    • Formally establish an Office of Climate Change and Health Equity within the Department of Health and Human Services.
    • Provide technical support to state and local health departments to develop preparedness plans and conduct community outreach.
    • Enhance modeling of environmental and disease data and expand research into the relationship between climate change and health.
    • Prioritize communities who have been disproportionately harmed by the climate crisis.
    • Improve monitoring of infectious diseases and environmental health indicators.
    • Develop a National Strategic Action Plan for climate and health.
    • Require health impact assessments to determine how current and proposed laws, policies, and programs would protect against the health impacts of climate change.

    This legislation is endorsed by Health Care Without Harm, American College of Physicians, Center for Organizing, Deep South Center for Environmental Justice, Public Citizen, Physicians for Social Responsibility, Earthjustice, Climate Justice Alliance, and the International Transformational Resilience Coalition.

    Senator Markey has introduced several pieces of legislation to address the intersecting climate and health crises, including the Green New Deal for Health Act, which he introduced with Representative Ro Khanna (CA-17) in 2023.

    In July 2025, along with Representative Barragán, Senator Markey introduced a resolution recognizing climate change as a growing threat to public health and calling for a coordinated federal strategy to protect communities from worsening climate-fueled harms. 

    Last Congress, Senator Markey introduced the Protecting Moms and Babies against Climate Change Act with Representative Lauren Underwood (IL-04), the Preventing HEAT Illness and Deaths Act with Representative Suzanne Bonamici (OR-01), and the Community Mental Wellness and Resilience Act with Representatives Paul Tonko (NY-20) and Brian Fitzpatrick (PA-01).

    MIL OSI USA News –

  • MIL-OSI USA: ICE Boston arrest leads to conviction for alien who illegally reentered US after deportation

    Source: US Immigration and Customs Enforcement

    BOSTON – An ICE Boston operation led to an unlawfully present Guatemalan alien pleading guilty in federal court to illegally reentering the U.S. after deportation. Manuel Ruiz-Luis, 52, pleaded guilty to one count of unlawful reentry of a deported alien.

    Officers with ICE Enforcement and Removal Operations Boston arrested Ruiz, who was illegally residing in New Bedford, March 31, 2025.

    “Manuel Ruiz-Luis has displayed a blatant disregard for U.S. immigration laws by illegally reentering the U.S. after having been deported on two previous occasions,” said ICE ERO Boston acting Field Office Director Patricia H. Hyde. “Furthermore, Ruiz-Luis chose to endanger our law-abiding residents by driving his vehicle under the influence of alcohol. ICE Boston will continue to prioritize public safety by arresting and removing criminal alien offenders from our New England neighborhoods.”

    Ruiz-Luis was first deported from the U.S. to Guatemala in April 1996 and reentered the U.S. illegally sometime thereafter.

    Ruiz-Luis was removed from the U.S. a second time on March 28, 2012. Sometime after his March 2012 removal, Ruiz Luis illegally reentered the U.S. without permission.

    Prior to his 2012 removal, Ruiz-Luis had multiple criminal convictions in the U.S. including one for operating under the influence and four separate convictions for operating a motor vehicle without a license.

    Ruiz-Luis faces up to two years in prison followed by one year of supervised release and a fine of up to $250,000 at his sentencing, which is scheduled for Sept. 18. Furthermore, Ruiz-Luis is subject to deportation upon completion of any sentence imposed.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X at @EROBoston.

    MIL OSI USA News –

  • MIL-OSI Canada: Province moves to protect supply of two more diabetes drugs

    The Province is limiting sales of the drugs tirzepatide and dulaglutide, commonly known by the brand names Mounjaro and Trulicity, to preserve the supply for people with diabetes who really need it.

    In April 2023, the provincial government added a “limits on sale” regulation to the Pharmacy Operations and Drug Scheduling Act to prevent sales of semaglutide (Ozempic, Wegovy, Rybelsus) to non-Canadian residents, to limit the impact of a supply shortage.

    “Tirzepatide, dulaglutide and semaglutide are prescription drugs approved for the management of Type 2 diabetes, but their off-label use for weight loss is driving shortages of the drugs in several countries, including the United States,” said Josie Osborne, Minister of Health. “Our government is continuing to take action to ensure that people living with diabetes have reliable access to these essential medications.”

    Drugs in the regulation, which now include tirzepatide and dulaglutide, can be purchased from B.C. pharmacies, online or in-person, by B.C. residents, Canadian citizens and permanent residents.

    B.C. pharmacists will not be able to sell tirzepatide, dulaglutide and semaglutides to people who are not a citizen or permanent resident of Canada and who are not at the pharmacy in person. However, they will still be able to sell the drugs, in person at the pharmacy, to non-Canadians who have a valid prescription signed by a Canadian doctor or nurse practitioner.

    The College of Pharmacists of B.C. is responsible for ensuring that college registrants comply with the regulation.

    Learn More:

    Learn about B.C. PharmaCare: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/pharmacare-for-bc-residents

    MIL OSI Canada News –

  • 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: H.R. 3477, Ensuring Airline Resiliency to Reduce Delays and Cancellations Act

    Source: US Congressional Budget Office

    H.R. 3477 would require passenger air carriers to develop and regularly update a strategy to prevent or limit the effects of severe weather and other anticipated disruptions on passengers. The bill would require the Department of Transportation to develop a method to protect the confidentiality of trade secrets or proprietary information in those strategies. In addition, H.R. 3477 would require the Government Accountability Office to evaluate the effectiveness of the strategies and report to the Congress.

    Based on the cost of similar activities, CBO estimates that implementing the bill would cost $1 million over the 2025-2030 period. Any related spending would be subject to the availability of appropriated funds.

    The bill would impose a private-sector mandate as defined in the Unfunded Mandate Reform Act (UMRA) by requiring passenger air carriers to develop a strategy for preventing or limiting the effect of weather and other foreseeable disruptions on passengers. This would marginally expand existing requirements on air carriers to plan for, and respond to, certain disruptions in service. CBO expects that because carriers would build on existing operational policies for responding to those events, the cost of compliance would fall well below the threshold established in UMRA for private-sector mandates ($206 million in 2025, adjusted annually for inflation).

    H.R. 3477 would not impose intergovernmental mandates as defined in UMRA.

    The CBO staff contacts for this estimate are Aaron Krupkin (for federal costs) and Brandon Lever (for mandates). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA 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 Security: Homeland Security Task Force Created in Houston

    Source: US FBI

    Task Force Will Combat Emerging Transnational Criminal Threats

    HOUSTON—The U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI) Houston Field Office and FBI Houston announced the establishment of a regional Homeland Security Task Force (HSTF) on July 17 to combat emerging threats from transnational criminal organizations in Southeast Texas.

    The task force was created as a regional component to the national Homeland Security Task Force established by the Department of Homeland Security and Department of Justice pursuant to an Executive Order issued by President Donald Trump on January 29, 2025, to protect the American people from invasion by transnational criminals.

    The Houston HSTF’s objective is to end the presence of criminal cartels, foreign gangs, and transnational criminal organizations operating in Southeast Texas through a collaborative, whole-of-government approach. To accomplish this mission, the HSTF will conduct intelligence-driven, multi-jurisdictional investigations targeting drug trafficking, money laundering, weapons trafficking, human trafficking, alien smuggling, homicide, extortion, kidnapping, child exploitation, and other transnational crimes. The task force will work closely with state and local partners to identify, investigate, and eliminate violent criminal organizations and associates operating in communities throughout Southeast Texas.

    “As transnational criminal organizations, foreign terrorist organizations, drug cartels, foreign gangs and other bad actors continue to evolve and become more sophisticated, it’s vital that we work together as a law enforcement community to find transformative ways to confront emerging threats,” said HSI Houston Special Agent in Charge Chad Plantz. “This is especially true in Southeast Texas where we face a myriad of unique border-related challenges and threats from transnational criminal organizations. By establishing this permanently integrated multi-agency task force with dedicated personnel from federal, state and local law enforcement working side-by-side with a common mission, we will be better postured to detect and respond to any type of threat we might face.”

    “Foreign terror organizations who profit off violence, drugs, and human lives now face a united front unseen before in Houston,” said FBI Houston Special Agent in Charge Douglas Williams. “For the first time, law enforcement and intelligence agencies are focused on hunting down and eradicating transnational criminals within Houston communities. Federal, state, and local police will coordinate with the U.S. Intelligence Community and overseas partners to efficiently eliminate newly designated terrorists wreaking havoc in our neighborhoods.”

    The Homeland Security Task Force will be headquartered in Houston and have a satellite office in Corpus Christi. The heads of HSI Houston and FBI Houston will co-lead the task force with input from a regional executive committee comprised of leaders from participating agencies. Task force personnel will include law enforcement agents, intelligence analysts, and professional staff.

    Participating agencies will include the Drug Enforcement Administration, Bureau of Alcohol, Tobacco, Firearms, and Explosives, U.S. Marshals Service, Internal Revenue Service Criminal Investigative Division, U.S. Postal Inspection Service, U.S. Customs and Border Protection Office of Field Operations, Texas Department of Public Safety, Houston Police Department, Harris County Sheriff’s Office, Montgomery County Sheriff’s Office, the High Intensity Drug Trafficking Area Director, U.S. Attorneys from the Southern and Eastern Districts of Texas, and other federal, state, and local partners.

    For more news and information on the Houston Homeland Security Task Force follow @FBIHouston and @HSIHouston on X.

    MIL Security OSI –

  • MIL-OSI NGOs: Angola: Authorities must respect and ensure the right to freedom of peaceful assembly

    Source: Amnesty International –

    Angolan authorities must respect and ensure the right of peaceful assembly and guarantee that nationwide protests planned for 19 and 26 July against high cost of living, are facilitated and protected, said Amnesty International.

    Police must refrain from violating the right to freedom of peaceful assembly, including through the use of unnecessary and excessive force against protestors as witnessed in past protests, including on 12 July, where some of the protesters were arbitrarily arrested and others injured following unlawful use of force by the police

    Vongai Chikwanda, Amnesty International’s Deputy Regional Director for Campaigns in East and Southern Africa.

    The organization has documented how members of the Rapid Intervention Police and the Service for Criminal Investigation repressed similar protests held in Luanda, on 12 July where at least two people were critically injured, and 17 others were arrested.

    “Police must refrain from violating the right to freedom of peaceful assembly, including through the use of unnecessary and excessive force against protestors as witnessed in past protests, including on 12 July, where some of the protesters were arbitrarily arrested and others injured following unlawful use of force by the police,” said Vongai Chikwanda, Amnesty International’s Deputy Regional Director for Campaigns in East and Southern Africa.

    “Angolan authorities must immediately open independent, thorough and impartial investigation into the allegations of human rights violations committed by members of the Angola Police and to bring the perpetrators to account in a fair trial”.

    “Authorities must refrain from harassing and intimidating those who exercise their right of peaceful assembly”.

    Background

    Members from civil society organizations, such as Movement Fúria 99, from the Union for Total Independence of Angola (UNITA) and from the Angola Students Movement called for a two-day protest on 12 and 19 July 2025, following high fuel and transportation costs. On 12 July, thousands of people joined the protest, which was planned to start at the São Paulo Square and to end at the Maianga Square, in front of the National Assembly, in Luanda. The protest was impeded by the Police.

    MIL OSI NGO –