A16 EZ RE THEWASHINGTONPOST.FRIDAY,JULY 31 , 2020
THEMARKETS6 Monitoryourinvestmentsatwashingtonpost.com/markets Dataand graphicsby
JASONDJFMAMJJ6,8,1 1,
'S&P 500 IndustryGroupSnapshotIndustryGroupDaily%
Chg
- 3 % Chg% 1 Yr + 73. 3 %
Air Freight&Logistics 8. 4
Semiconductors&Semi Eqp 2. 2
WaterUtilities 1. 8
HouseholdProducts 1. 7
Computers&Peripherals 1. 2
Oil, Gas, ConsumableFuel - 4. 2
Auto Components - 4. 1
EnergyEquipment&Svcs - 3. 4
IndustrialConglomerates - 3. 2
Metals&Mining - 2. 9$1000investedover 1MonthBritain£
0. 76BloombergJA SONDJFMAMJJ18,24,29,
'Futures Close 1 D%Chg
Copper 2.91 -0.
CrudeOil 39.92 -3.
Gold 1966.80 -0.
NaturalGas 1.83 -5.
OrangeJuice 1.21 -1.
Futures Close 1 D%Chg
Silver 23.36 -3.
Sugar 12.11 0.
Soybean 8.88 0.
Wheat 5.30 -0.
Corn 3.27 0.CurrencyExchange2 - yrnote
Yield:
0. 12 %Bank Prime
3. 25 %Exchange-Traded
(Ticker) 1 D%Chg
$ 452 $ 1347
Coffee(COFF.L) 2.
Copper(COPA.L) -0.
Corn (CORN.L) -0.
Cotton(COTN.L) 0.
CrudeOil (CRUD.L) -3.
Gasoline(UGAS.L) -3.
Gold (BULL.L) -0.
NaturalGas (NGAS.L) -1.
Silver(SLVR.L) -4.
Close10 , 587. 81
1 D%Change
- 4 %
LIBOR3-Month
0. 26 %ConsumerRates1 D%Change
0. 4 %MoneyMarketNatl
0. 261-Yr ARM
2. 97 %GainersandLosersfromtheS&P 1500 Index
Company Close1 D%
Chg
Ultra CleanInc 30.81 24.
PDF SolutionsInc 24.27 23.
ConsolidatedComm7.41 22.
ApacheCorp 16.01 17.
SanminaCorp 29.81 15.
QUALCOMMInc 107.19 15.
BlackbaudInc 64.92 14.
UnitedParcelService 141.46 14.
MYR GroupInc 38.23 14.
PitneyBowesInc 3.32 12.
Bel Fuse Inc 12.30 11.
QorvoInc 128.67 11.
CustomersBancorp 11.97 10.
ComtyHealthSystems 4.93 9.
FTI ConsultingInc 121.60 9.
DieboldNixdorfInc7.49 9.
RepligenCorp 151.25 9.
HologicInc 69.71 8.
Ichor HoldingsLtd 32.90 8.
KnowlesCorp 15.82 8.Company Close1 D%
Chg
Valarisplc 0.42 -33.
KratonCorp 14.01 -23.
SpectrumPharma 3.10 -20.
QEP ResourcesInc 1.56 -17.
TrinseoSA 22.38 -16.
GarrettMotionInc 6.15 -13.
Sally BeautyInc 11.70 -12.
Amer Axle &Mfg 7.09 -11.
S&T BancorpInc 21.14 -11.
BerkshireHills Bcp 9.76 -10.
NewMarketCorp 375.68 -9.
Children'sPlaceInc 24.22 -9.
AOSmith Corp 48.46 -9.
AegionCorp 15.72 -8.
OceaneeringIntl 5.66 -8.
SignetJewelersLtd 11.21 -8.
Penn VirginiaCorp 10.11 -8.
Dana Inc 11.89 -7.
Titan International 1.61 -7.
OccidentalPetroleum 15.77 -7.5Yr CD Natl
0. 695 - yrnote
Yield:
0. 23 %RATESNASDAQCOMPOSITEINDEX$1000investedover 1Year6Mo CD Natl
0. 34Japan ¥
104. 75Mexico$
22. 02JA SONDJFMAMJJ2,2,3,
'YYTD%Change
18. 0 %Close26 , 313. 65
New Car Loan Natl
4. 26AsiaPacific - 13. 7 % +1 3. 7 %
S&P/ASX200 INDEX 6051.08 0.
CSI 300 INDEX 4656.15 -0.
HANGSENGINDEX 24710.59 -0.
NIKKEI 225 22339.23 -0.Europe - 20. 7 % + 20. 7 %
STXE 600 (EUR)Pr 359.52 -2.
CAC 40 INDEX 4852.94 -2.
DAX INDEX 12379.65 -3.
FTSE 100 INDEX 5989.99 -2.10 - yrnote
Yield:
0. 54 %Close3 , 246. 22
DowJones 30 Industrials
Company Close^1 DCh%g ChYYgT%D
3M Co 152.12 -2.6 -13.
AmerExpCo 94.65 -2.1 -24.
AppleInc 384.76 1.2 30.
Boeing 161.95 -2.4 -50.
Caterpillr 136.73 -2.7 -7.
Chevron 86.27 -4.2 -28.
Cisco Sys 46.44 -0.6 -3.
Coca-Cola 47.69 -0.7 -13.
Dow Inc 41.73 -4.1 -23.
ExxonMobil 41.87 -4.9 -40.
GldmanSchs 199.53 -1.5 -13.
HomeDepot 266.31 0.6 21.
IBM 122.90 -1.9 -8.
Intel Corp 47.99 -0.2 -19.
J&J 146.84 0.2 0.
Company Close^1 DCh%g ChYYgT%DJPMorgan 97.02 -2.7 -30.
McDonald's 195.41 -0.4 -1.
Merck&Co78.99 -0.5 -13.
Microsoft 203.90 -0.1 29.
NIKE Inc 96.82 -0.2 -4.
PfizerInc 38.74 -1.3 -1.
Prcter&Gmbl 131.42 2.4 5.
RythnTech 57.46 -3.3 -35.
Travelers Cos I115.93 -0.8 -15.
UntdHlthGr 305.23 -0.5 3.
VerznComm 57.30 -0.3 -6.
Visa Inc 194.06 -2.3 3.
Walgreens 40.64 -1.3 -31.
Walmart 130.12 -0.4 9.
Walt Disney 115.66 0.0 -20.1Yr CD Natl
0. 4630-Yr Fixed mtge
3. 09 %COMMODITIES EU €
0. 84INTERNATIONALSTOCKMARKETS6 - monthbill
Yield:
0. 09 %YYTD%Change
0. 5 %15-Yr Fixed mtge
2. 74 %Canada$
1. 341 D%Change
- 9 %
Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
rate, whichcan vary from the federaltargetrate. LIBORis the London
InterbankOfferedRate. Consumerrates are from Bankrate.All figuresas of
4:30 p.m. New York time.FederalFunds
0. 25 %Markets YYTD%ChgAmericas CloseDaily
%Chg
- 6 % + 14. 6 %
BRAZILIBOVESPAINDEX 105008.70 -0.
S&P/TSXCOMPOSITEINDEX 16299.29 0.
S&P/BMVIPC 37136.78 -1.
- 6 % + 14. 6 %
HomeEquityLoan Natl
5. 21STANDARD&POOR'SData and graphicsby:DOWJONES' 19BrazilR$
5. 15YYTD%Change
- 8 %
BYDANIELLEDOUGLAS-
GABRIELAn emerging practice of using
education data to determine cred-
itworthinessisdrawing scrutiny
on CapitolHill, where Senate
Democratsare questioning
whether privatestudent lenders
are engaging in educational
redlining by raising thepriceof
credit for historically marginal-
izedgroups.
Lawmakers’concernscenteron
lenders factoringinwhere bor-
rowersattendcollegeorwhatthey
studytoassessthe risk of extend-
ing credit andthe appropriate in-
teresttocharge.Lenderssayusing
arangeofconsumerinformation,
including education, leads to
higher approval rates and lower
interestrates.
But Democratic Sens.Sherrod
Brown (Ohio),Kamala D. Harris
(Calif.)and Elizabeth Warren
(Mass.)say these practices may
haveadisparateimpactonminor-
itygroupsand violate fair-lending
laws. Now, theyare calling on the
Consumer FinancialProtection
Bureau(CFPB) to take action.
“Whilethe CFPBshoulden-
courage financialinstitutionsto
increase access to financialser-
vices...theuseofnon-individual-
izeddataraises fair lending con-
cerns,”lawmakerswroteinaletter
to CFPB Director Kathleen
Kraninger released Thursday.
“The lender is notevaluating the
applicant based on theirown
characteristics, but instead based
on the characteristicsofother stu-dents at their school or whowere
in the samemajororprogram.”
Inresponsetoreportsofalleged
discriminationinprivatestudent
lending,SenateDemocratsinFeb-
ruaryrequestedinformationfrom
six companies on their use of edu-
cational data. Thepractices of two
of those firms, Upstartand Climb
Credit,raised red flags.
Upstart, an onlinelending plat-
form, considerswhere an appli-
cant attended collegeinits credit
scoring model. Thecompany
rankscolleges based on average
standardized test scores of incom-
ing students, which lawmakers
say couldresult in discrimination
becauseracialand ethnic minori-
tiesare disproportionatelycon-
centrated in schoolswithlower
test scores.
To thatend,Democratsare cit-
ing arecent study by the Student
BorrowerProtection Centerthat
analyzed the use of educationaldata by Upstart. Researchers
searchedUpstartfor rates for ap-
plicantswith identical creditpro-
files across arangeofhighe-
r-education sectors, including
Hispanic-servinginstitutions and
historicallyblackcollegesanduni-
versities.
In onecase,ahypothetical24-
year-oldanalystseekingto refi-
nance a$30,000 loan wouldpay
nearly $3,500more over five years
if shegraduatedfromHoward
Universitycomparedwithasimi-
larstudentatNew York Univer-
sity, according to thereport. The
Howardgrad would alsobe hit
with$729inloanorigination fees
thatthe NYUalum wouldavoid.
Graduates of NewMexico State
University, aschool wheremore
than50percent of students are
Hispanic, were chargednearly
$1,724 morethanotherwise iden-
tical NYUgraduates in thesame
scenario.Thatincludes$631morein originationfees.
Whenthe Student Borrower
Protection Center released its re-
portinFebruary,Upstart chief
executiveandco-founderDaveGi-
rouard called the findings “mis-
guided.”Inresponsetotheinquiry
fromlawmakers, the companyar-
guedthatitsmodelactuallyshows
increased rates of approval formi-
norityborrowers.
“Educationvariablesare con-
sidered in asimilarway to other
predictorsofdefaultsuchasFICO,
credit report data, and income,”
Upstartsaid.“Whileeducation
datais onlyasmallminorityofthe
overall model, it helps in predict-
ing ability to repay,increasingthe
model’s accuracyand therefore al-
lowsustobetterserve somecon-
sumers.”
SenateDemocratsalso took is-
sue withthemethods of Climb
Credit,astudent-lendingcompa-
ny based in NewYork City. Thelender considersanapplicant’s
major or academic program to
predictearnings after graduation,
whichis then usedtocalculate a
future debt-to-income ratio.
Lawmakers saystudies have
shownthatthispracticecanresult
in discrimination.A2017studyby
the American EnterpriseInstitute
examining the use of college ma-
jors as adetermining factor for
creditfoundthatthepracticeruns
ahighriskofviolatingfairlending
laws. Blackand Hispanicgradu-
ates tendto selectmajorsthat
yieldlowerpay thantheirWhite
peers.
ClimbCredittoldlawmakers
thatthe companydoesnot con-
ductany testing to determine
whether its underwritingpractic-
es have adisparateimpact, an
admission that lawmakers sayis
evidencethatthe CFPB needsto
conduct additional oversight.
[email protected]Lawmakers study whether private student lenders are engaged in redlining
Usingstudentdata could
raisethe priceof credit
for marginalizedgroups.BYJUSTINJOUVENALAnthoniaNwaorie headed to a
Houstonairport with morethan
$41,000in her bagsin2017, plan-
ning to usethe cash to buildafree
medicalclinicforwomenandgirls
in her nativeNigeria, accordingto
alawsuit.
But the registered nurse was
stoppedontheboardingbridgeby
agents fromCustomsand Border
Protection,whoclaimedshefailed
to reporttaking more than
$10,000outofthe country as re-
quiredbyfederallaw.
Nwaorie’scurrencywas seized,
andthoughshewasnevercharged
withacrime, it took months anda
legal battle beforeCBP returned
the moneywithoutconditions.
Such seizures arehardly unique.
More than $2 billion was taken
fromtravelersatthe nation’s air-
portsbythe CBPand otheragen-
cies nowassociated with theDe-
partment of HomelandSecurity
between 2000 and 2016, accord-
ing to afirst-of-its-kind analysisof
agovernmentdatabase of every
seizure.
FederallawallowsCBPandoth-
er agencies to takecashfrom trav-
elersas away to combatdrug
traffickingand othercriminal en-
terprises,but thenew reportby
the Institute for Justice found
nearly70 percent of such casesare
likeNwaorie’s —noarrest accom-
paniesaseizure.
Critics argue federalagencies
are abusingcivil forfeiture to fat-
ten budgets, since the cashflows
intogovernment coffersand is
redistributed. Thereportfound
DHSairport seizures have explod-
ed overthe decade-and-a-half
studied, climbing 178percent. In
all,DHSagenciesmademorethan
30,500cash seizuresduring the
period.
DullesInternational Airport
ledthe nationinDHS seizures
during 2016, the latestyear for
whichdata was available.About
$41 million wastaken from travel-
ers,ornearlyaquarter of the
amount seized nationwide, ac-
cording to thereport.Dulles only
accounts for 2percent of thena-
tion’sair travelers.
Other major hub airportsalso
sawlargenumbersofseizuresin
recent years,including Chicago’s
O’Hare InternationalAirport,
NewYork City’sJohnF.Kennedy
International Airport,Dallas/Fort
WorthInternationalAirport and
Atlanta’sHartsfield-Jackson In-
ternational Airport. Thereport
says the findingssuggest DHS
agents at certainairportsmay be
particularlyaggressive.
“When you considerthatthese
agencies have the abilitytoseize
different types of property wher-
ever theyoperate, the scope of the
entireprogram is justsolarge,”
saidJenniferMcDonald,seniorre-
searchanalystatthe instituteand
the author of the report. “The rea-
son we focusedoncash seizures at
airports is becausewe’ve heard
theyaresomeofthemostabusive.”Nwaorie recalledhow shewas
searchedand at onepoint, hand-
cuffed.
“Thatwas averybig night-
mare,”Nwaorie said. “You think
youwouldwakeupand it would
go away,but it didn’tgoaway.”
DHS officialsreferredques-
tionstotheCBP. ACBPspokesman
defendedcivilforfeitureinastate-
mentafterreviewingtheinstitue’s
report,sayingthe requirementsto
declare currencyare clearly dis-
played in CBPfacilities and on the
agency’swebsite.
“The mostcommonreasonfor
currencyseizuresis afailure to
complywithreporting require-
ments, which is aviolationoffed-
eral law,”the statement read.
“However, currencyseized by CBP
at portsofentry has alsobeen
connected withbulkcash smug-gling,counterfeiting, narcotics
trafficking,and other criminal of-
fenses.Anindividualmay petition
for the return of seized currency,
but the petitionermustprove that
thesource and intendeduse of the
currencywas legitimate.”
Thereportfoundhalf of the
DHS airport seizureswerefrom
travelerswho allegedly failedto
reporttheyweretraveling inter-
nationally with more than
$10,000 in cash.Othercommon
claims for seizingcashwas thatit
was involved in drugtrafficking,
smuggling goods or therewas
someviolationoflocalorstatelaw,
according to the report.
TheInstitutefor Justice be-
cameone of the firstnongovern-
mententities to obtain theforfei-
ture databasemaintainedbythe
TreasuryDepartmentafterrough-lyfouryears of legalactionand
negotiationsfollowing afreedom
of informationrequest in 2015.
Theinstitute is alibertarianpub-
lic interest lawfirmbased in Vir-
ginia.The Washington Post is the
firsttoreport on the findings.
Nwaorie’s ordealbeganinOcto-
ber2017.Nwaorie,62,saidshewas
unawareof the lawrequiring her
to declare her cash,before she
arrived at Houston’s GeorgeBush
Intercontinental Airport.
She saidshe had spentyears
saving themoney to openthe clin-
icandhadtuckeditintoenvelopes
inher purseand carry-on bag.But
on the boarding bridge, CBP
agents asked her howmanypeo-
ple shewas carrying money for
and another question thatstung:
“How longhaveyou beenin the
United States?”
Nwaoriehad been aU.S.citizen
since 1994.She said she was led to
aroomwhereshe was questioned,
before the agents seized all
$41,377.She was then letgo, but
didn’thavemoneytocontinue her
trip immediately.
Inthemonthsthatfollowed,CBP
senther aforfeiture letter and
Nwaorierequestedthe case be
transferredtoaU.S.attorney’soffice
for judicial forfeitureproceedings,
accordingtocourtdocuments.
In April2018, the CBP sent an-
other letter sayingtheU.S.attor-
ney’soffice declinedtopursuefor-
feiture proceedingsand it was re-
turningNwaorie’s money, court
documents show.
But there wasacatch:CBP
wantedNwaorie to signanagree-
mentsaying she would not sue. If
Nwaoriedid not respond in 30days,CBP would initiate its own
forfeitureproceedings,according
to courtdocuments.
Nwaorierefused to signand
decidedtosueCBPinfederalcourt
in Texas. Thesame daythe agency
relentedandstartedtheprocessof
refundingher money, according
to courtdocuments. Shewas sent
acheckinMay 2018.
Critics arguethe system is
stackedagainstpeoplesuchas
Nwaorie. Subjects mustaffirma-
tively challengethe seizurewithin
awindow of time if they hopeto
gettheir moneyback, and most
casesare decidedby an attorney
withthe seizing agency, rather
thanajudge.
Civil forfeitureisnot limited to
DHS agencies.Other local,state
and federal agencies engageinit
as well, and the practice has come
under increasing scrutiny.
TheSupremeCourtlimited the
power of stateand localagencies
to seizeproperty in an important
rulingin2019.AttheendofJune,a
group of senators introducedleg-
islation known as the Fair Actthat
wouldincrease the burdenof
proofbeforeassetscouldbeseized
among otherchanges to strength-
en protections.
Forher part, Nwaoriewas able
to resumeher work.Themedical
clinicisunder construction, al-
thoughitwas delayed by over a
year.
“It’sbeen something that I
prayed and thoughtabout for
manyyears,”Nwaoriesaid.“Igrew
upinthetownwhereI’mdoingthe
clinic.Womendieinchildbirth.It’s
asituation that shouldn’thappen.”
[email protected]Analysis: DHS agents seized $2 billion from airport travelers over 16 years
KATHERINEFREY/THEWASHINGTONPOST
Passengers line up at Virginia’s DullesInternationalAirport, which
led thenation in DHSseizures during 2016, with$41 million taken.In 70% of cases,civil
forfeituresaren’t
followedby an arrest