Monday, March 27, 2023

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OPEN-
MINDED: 
Brian Azar, CEO and president of Pawtucket-based Coastal1 Credit Union, says a move to “open banking” as proposed by the Consumer Financial Protection Bureau could be good for institutions such as his.
PBN PHOTO/
MICHAEL SALERNO

New proposal could put customers in charge of their financial data

If information is power, then banks and credit unions are in control. That’s because every morsel of customer financial data, from spending patterns to credit...
ORIGINAL VISION: The Carpionato Group proposed a $100 million, mixed-use redevelopment of the Newport Grand site in 2019, but the project has been at a standstill and revised plans may be proposed.
COURTESY 
CARPIONATO GROUP LLC

Ex-Newport Grand site awaits new proposal

Incoming Newport Mayor Xaykham “Xay” Khamsyvoravong looks at the hulking, windowless building that once housed the Newport Grand casino, and he sees a lot...
GOING UP: Michelle Murphy, owner of Roots Hair Salon LLC in Cranston, works on Talias Oakane of ­Cranston. Murphy says she may have to raise the rent she charges her stylists, who recently raised their prices due to the increased cost of products, because her monthly payment to rent the building space for the salon recently increased.
PBN PHOTO/MICHAEL SALERNO

More businesses struggle with their rent payments

When Michelle Murphy renewed her lease recently for a 5,000-square-foot beauty salon she rents in Cranston, there was some bad news that came with...
TAKING THE LEAD: Swansea-based BayCoast Bank is one of the few banks that has offered financial services to cannabis-related businesses in Massachusetts, and BayCoast Senior Vice President and Chief Financial Risk Officer Gary J. Vierra says the bank is doing the same in Rhode Island as retail cannabis sales ramp up.
PBN PHOTO/MICHAEL SALERNO

Many banks remain leery despite legalized cannabis

As recreational cannabis sales take off in Rhode Island, opening and running a business still isn’t exactly simple for these merchants. For one, a delayed...
EXPENSIVE INGREDIENTS: Michael Manni, owner of LaSalle Bakery Inc. in Providence, says in addition to increased shipping prices and labor costs, “everything we buy has gone up.”  
PBN PHOTO/­MICHAEL SALERNO

Rising prices have taken some cheer out of bakeries

Buying dessert for the holidays might be pricier this year, and local bakeries aren’t happy about it. Whether it’s a pastry, a butter croissant, or...

Need cyber insurance? It’s not an easy answer

Though cybercrimes have long been on the rise, many small-business owners see their risk as outweighed by the high price tag that comes along...

Bear market prompting some changes in strategy

The typical seesaw relationship between stocks and bonds has been flipped on its head, with historic losses in both sending investors into a tailspin. The...
SPECIAL ­EXPERTISE: ­Steven Monacelli, an accountant with expertise in cannabis at Withum Smith+Brown PC in Providence, with Brittany Crosi, marketing ­coordinator.
PBN PHOTO/­MICHAEL SALERNO

New cannabis firms warned about financial hurdles

New cannabis-related businesses are opening throughout the state ahead of Rhode Island’s official legalization of recreational marijuana sales, but specialized accountants are warning enthusiastic...
OPPORTUNITY AHEAD? Boyd E. Foster Jr., partner at Feeney, Foster & Cavanagh CPAs LLC, says recommendations by the Federal Accounting Standards Board that would ease tracking the value of cryptocurrency held by businesses may allow his firm to take on corporate clients that have those assets. 
PBN PHOTO/MICHAEL SALERNO

The end of the cryptocurrency ‘nightmare’ on ledgers?

As cryptocurrency investors rode the digital currency rollercoaster over the last several years, Claire M. Iacobucci was right alongside them. As partner and director of...
SCAM STOPPERS: Lee H. Vilker, head of the criminal division at the U.S. Attorney’s Office in Rhode Island, helps prosecute people ­accused of defrauding others through investment schemes. 
PBN PHOTO/MICHAEL SALERNO

In some investor scams, warning flags are waving

As a federal prosecutor, Lee H. Vilker deals with not only criminal defendants but the victims of those crimes. Vilker, head of the criminal division...
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