🤓 🚀 Accountants are dying off

Good morning!

Let's take a look at this week's trending content.

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TRIVIA

Which popular toy brand was founded by a Danish carpenter in 1932 and is derived from the Danish words meaning "play well"?

A. Playmobil
B. LEGO
C. Fisher-Price
D. Mattel👀

⚖️ Federal Judge Upholds CFPB Rule on Small Business Loan Data Collection - A federal judge has dismissed a banking industry challenge against a CFPB rule requiring lenders to collect demographic data on small business borrowers. This ruling supports the enforcement of fair lending laws aimed at preventing discrimination. The rule, introduced in 2023, mandates lenders to gather data on small business loan applications, focusing on ownership by women or racial minorities. Despite industry concerns about potential increased loan costs, the court upheld the rule, emphasizing that policy disagreements do not make it unlawful. Lenders must comply by July 2025.

📉 Small Businesses Have Grown In Past Year Despite More Than Half Reporting Labor Challenges - According to the U.S. Bank 2024 Small Business Perspective, 73% of American small business owners reported growth last year, with even higher rates among Black (84%) and Hispanic (80%) owners. Despite challenges like labor shortages, inflation, and supply chain issues, small business owners remain optimistic. Many plan to invest in digital tools and AI, with 75% focusing on digital transformation to achieve business goals. However, concerns about job security due to automation persist, especially among younger employees.

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FINANCE

Three Tips For Small Business Borrowers In A High Interest Environment 🧑🏼‍🏭

Entering 2024, indications were that inflation might be easing, and borrowers became hopeful that interest rate cuts would be on the horizon. Now, four months into the year, inflation remains sticky, and Federal Reserve Chair Jerome Powell has suppressed talk about rate cuts.

“In recent months, inflation has shown a lack of further progress toward our 2% objective,” Powell said following the Federal Open Markets Committee meeting on Wednesday, May 1. “(Interest rate cuts) will take longer than previously expected.”…

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FUN STUFF

🧮 75% of America’s accountants are thought to be retirement-age or older, and fewer people are going into accounting than ever before. Does this create an opportunity, or is the profession doomed?

🛒 A new Costco opened in Japan, and customers waited over 5 HOURS to get into the store, despite it opening 3 hours EARLY.

🙏🏼 Rest in peace to Maria Branyas Morera, the world’s oldest known person (117).

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TRIVIA ANSWER

B. LEGO