FTC Secures Settlement with ICE and Black Knight Resolving Antitrust Concerns in Mortgage Technology Deal

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The Federal Trade Commission today approved a proposed consent order to resolve antitrust concerns surrounding Intercontinental Exchange, Inc.’s (ICE) proposed $13.1 billion acquisition of Black Knight, Inc. The proposed settlement ensures Black Knight’s divestiture of Empower and Optimal Blue, two businesses that provide critical services in the mortgage origination process. The FTC also secured other concessions to promote the success of the divested businesses.

The proposed consent order settles FTC charges that ICE’s deal with Black Knight, which combines the two top mortgage technology providers, would drive up costs, reduce innovation, and limit lenders’ choices for mortgage origination tools.

“This deal as originally structured would have reduced competition in key areas of the mortgage origination process, raising costs for lenders and homebuyers,” said Henry Liu, Director of the FTC’s Bureau of Competition. “To address these concerns, the Commission’s order provides structural relief and a variety of tools to preserve competition in these critical markets.”

Under the terms of the proposed order, Black Knight’s Optimal Blue business and Empower business, along with certain related products, will be divested to Constellation Web Solutions Inc. (Constellation), a provider of mortgage-related tools and software. To ensure the success of these divestitures, ICE and Black Knight are required to maintain the viability of the businesses until they are successfully divested to Constellation, and to provide transition assistance to enable Constellation to operate the businesses along the same lines that Black Knight has operated them.

The proposed consent order also requires ICE and Black Knight, for the next 10 years, to seek prior approval from the FTC before either reacquiring any divested asset or acquiring an interest in a loan origination system (LOS) business. It also requires the companies to provide prior notice to the FTC before acquiring an interest in a product, pricing, and eligibility engine (PPE) business for that same period.

The proposed consent order contains additional requirements. For example:

  • Constellation would receive a license to resell with Empower certain other Black Knight mortgage-related products and services that would be acquired by ICE.
  • For one year, ICE and Black Knight must facilitate Constellation’s hiring of certain employees not already included in the divestitures who have responsibilities for the divested products and businesses.
  • ICE and Black Knight are prohibited from enforcing any noncompete or non-solicit provision or agreement against any employee who seeks or obtains a position in the divested businesses.
  • ICE and Black Knight will transfer a promissory note used to finance Constellation’s purchase of the Optimal Blue business to a trustee, who will be responsible for selling the note within six months of the divestiture.
  • A monitor will be appointed to oversee compliance with the proposed consent order.

In March 2023, the FTC voted unanimously to issue an administrative complaint challenging ICE’s proposed acquisition of Black Knight. Black Knight’s Empower is the country’s second largest LOS, which allows lenders to manage workflows when originating a mortgage. Black Knight’s Optimal Blue business provides tools used throughout the life of a mortgage, including the country’s dominant PPE, a software used to identify and secure loan rates when generating a mortgage. Lenders strongly prefer to use a PPE that integrates with their LOS.

The FTC’s administrative complaint alleged that the proposed deal would combine Black Knight’s Empower with ICE’s Encompass, the dominant LOS in the country, and Black Knight’s Optimal Blue PPE with its largest rival, ICE’s Encompass Product and Pricing Service PPE. The administrative complaint further alleged that the proposed acquisition would make it more likely that ICE would limit rival PPE providers’ access to ICE’s dominant Encompass LOS. The FTC alleged the proposed acquisition would allow ICE to raise costs to lenders, resulting in higher fees to homebuyers.

Prior to the FTC issuing its administrative complaint, ICE and Black Knight announced a deal to divest Empower and certain related products to Constellation. The FTC’s administrative complaint charged that this divestiture did not fully resolve the potential anticompetitive impacts of ICE’s proposed transaction with Black Knight.

In April, the FTC filed suit in the U.S. District Court for the Northern District of California to prevent ICE from consummating the Black Knight transaction pending the outcome of the Commission’s administrative challenge. In July, after several months of litigation, ICE and Black Knight announced a deal to also divest Black Knight’s Optimal Blue business to Constellation.

Following this announcement, the FTC, ICE, and Black Knight made significant progress toward a potential resolution of the administrative proceeding and, in August, jointly agreed to dismiss the federal case without prejudice.

The Commission vote to accept the consent agreement for public comment was 3-0. Further details about the proposed consent order can be found in the analysis to aid public comment. The FTC will publish the consent agreement package in the Federal Register shortly. Instructions for filing comments appear in the published notice. Comments must be received 30 days after publication in the Federal Register. Once processed, comments will be posted on Regulations.gov.

NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions.

Official news published at https://www.ftc.gov/news-events/news/press-releases/2023/08/ftc-secures-settlement-ice-black-knight-resolving-antitrust-concerns-mortgage-technology-deal

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Hanna Interpreting Services Awarded Comparably’s Best Company for Work-Life Balance

Hanna Interpreting Services, a premier language services provider, is proud to announce its recognition by Comparably as one of the best companies for work-life balance. This honor is a testament to the company’s unwavering commitment to employee well-being and its innovative approach to fostering a harmonious work environment.

Comparably’s accolade assesses factors such as employee satisfaction with work-life balance, average hours worked per day, lunch break lengths, and overall feelings of burnout. Hanna Interpreting Services' dedication to creating an environment that melds productivity with personal time has made it stand out in this evaluation.

A significant contributor to this balance is the company's hybrid working model, where employees merge the best of both worlds by working remotely for three weeks and in the office for one week every month. This flexibility allows team members to maintain their personal lives while still fostering in-person collaboration. Hanna also ranked among the top 35% of companies for diversity and in the top 40% for gender balance.

"It's a balance we've been striving to achieve, especially in these dynamic times," says President Tom Elias Hanna. "We understand the challenges presented by both remote work and the need to be in-office."

September is a monumental month for Hanna Interpreting Services. In addition to the Comparably award, the company celebrated its 13th anniversary on September 9, marking over a decade of industry leadership and commitment to bridging linguistic barriers. The month also saw the inauguration of a brand-new office space, showcasing the company’s dedication to growth and serving as a hub for innovation and team collaboration.

As Hanna Interpreting Services continues to evolve and set benchmarks in the industry, the core values remain consistent: a commitment to bridging language barriers, a dedication to employee well-being, and a vision to be the most trusted name in language services.

Founded in 2010 by mother and son duo Jennifer Hanna and Tom Elias Hanna in their garage, Hanna has grown to more than 70 employees, served 1.1 million clients to date in 250+ languages, and has sponsored countless outreach events to serve the local community.

For more information about Hanna Interpreting Services or to schedule an interview, please contact Sean Spicer, Revenue Operations Manager, at Sean.Spicer@HannaIS.com
 

Contact Information:
Sean Spicer
RevOps Manager
sean.spicer@hannais.com
(619) 963-2331


Original Source: Hanna Interpreting Services Awarded Comparably's Best Company for Work-Life Balance

With Nearly 2,000 Athletes, the 2023 JCC Maccabi Games & Access, North America’s Largest Jewish Teen Sports and Community Building Event, Leaves a Lasting...

With Nearly 2,000 Athletes, the 2023 JCC Maccabi Games & Access, North America’s Largest Jewish Teen Sports and Community Building Event, Leaves a Lasting Impact
Boys 16U Soccer Finals

The Fort Lauderdale Maccabi Soccer team won their gold medal match against the Philadelphia team.

The 2023 JCC Maccabi Games® & Access, hosted by the David Posnack Jewish Community Center (DPJCC) in Fort Lauderdale, Florida, have concluded with resounding success and heartfelt gratitude to the community that made it all possible. This week-long celebration of sports, camaraderie, and inclusivity has left a lasting impact, thanks to the dedicated efforts of our generous supporters.

Close to 2,000 Jewish teen athletes aged 12-16, representing communities worldwide, gathered in Fort Lauderdale to experience the joy of sports and the power of inclusion. The Games, presented by the JCC Association of North America, offered an unforgettable Olympic-style experience filled with competitions, opening and closing ceremonies, community service, social and cultural events, and opportunities to create Jewish connections that will last a lifetime.

One of the highlights of this year's event was the introduction of JCC Maccabi Access, brought to you by UKG and presented by the Posnack Family Foundation. This program is designed to provide athletes aged 12-18 with intellectual and developmental disabilities an inclusive Maccabi experience. This three-day program, held in conjunction with the 2023 JCC Maccabi Games®, exemplified the event's commitment to inclusivity and diversity.

Scott Ehrlich, CEO of the David Posnack Jewish Community Center, reflected on the Games, stating, "We were overjoyed to welcome Jewish athletes from all corners of the world to Broward County for the 2023 JCC Maccabi® Games & Access. Our heartfelt appreciation goes to our JCC Maccabi Team led by our Co-Chairs, Lori and Mitch Green, Debby and Dennis Eisinger, Davia and Jim Mazur, and Missy and Dan Longman. Their unwavering commitment contributed significantly to establishing an atmosphere that nurtured camaraderie, inclusiveness, and the genuine essence of the Games."

The Games' success was significantly bolstered by the support of honorary co-chairs Scott Scherr, founder of Ultimate Software, and Scot Hunter, co-founder of Emerald Multi-Family Office. Their encouragement to business owners and the backing of corporate and community partners played a pivotal role in the event's success.

Supporting Corporate Sponsors:

  • Emerald Multi-Family Office
  • Southern Glazer's Wine & Spirits
  • Official Torch Sponsor: Duty-Free America
  • Kent Security
  • Official Beverage Sponsor: Coca-Cola 
  • The Meltzer Group
  • Official Transportation: Sponsor Comcast 
  • Official Media Partner: Clear Channel Outdoor 
  • Official Produce Sponsor: ProEx International
  • Official Pun, Pass, and Kick Sponsor: Miami Dolphins
  • Official Basketball Sponsor: Miami HEAT
  • Official Baseball Sponsor: Miami Marlins
  • Official Cleaning Company Sponsor: AK Building Services
  • Official Swimming Sponsor: Blavatnik Family Foundation 
  • Northland Investments
  • Official V-VIP Dinner Sponsor: Aroma Market & Catering
  • Custom Outfitters LLC
  • FP&L
  • Greenspoon Marder
  • Manne Foundation for Homeless Prevention
  • Official Mitzvah Sponsor: Children's Services Council of Broward County

The 2023 JCC Maccabi Games® & Access were not just about competition; they were also about giving back to the community. The JCC Cares Mitzvah Projects showcased the spirit of service, assembling over 1,000 Rosh Hashanah food baskets for Goodman JFS Seniors and Holocaust Survivors, donating over 2,500 pairs of new sneakers to students, in partnership with Children's Services Council of Broward County, and repurposing 340 medals for the "We Finish Together" organization, spreading kindness to ill children and adults in hospitals.

Among the highlights:

  • Approximately 10,000 spectators attended the Opening Ceremony at FLA Live Arena.
  • 1,620 visiting athletes.
  • 21 Access participants.
  • 375 Coaches & Chaperones.
  • 850 Community Volunteers.
  • 600 Host Families.
  • 215 Local Athletes & Access participants representing Team Fort Lauderdale.
  • 64 delegations, including international representation from Israel, Ukraine, Argentina, South Africa, Mexico, Canada, Great Britain, and 53 cities throughout the USA.
  • 100 Local businesses and individuals generously supporting.
  • 110,000 bottles of Dasani water, Powerade, and soda provided by Coca-Cola.
  • 47,000 pounds of ice used.
  • 20,000 meals served.
  • 300 athletes and coaches wrapped tefillin daily.

As the Games came to a close, the resounding message was one of unity, inclusivity, and the power of community. The 2023 JCC Maccabi Games® & Access will be remembered not only for the athletic achievements but also for the lasting friendships, cultural exchanges, and shared experiences that will continue to enrich the lives of all those who participated.

For more information about the 2023 JCC Maccabi Games® & Access and how you can support future events, please visit dpjcc.org.

Contact Information:
Rixys Alfonso
Corporate Sponsorship Consultant
rixys@causemomarketing.com
305-558-8877

Scott Ehrlich
Chief Executive Officer
sehrlich@dpjcc.org
954-434-0499, ext. 313
Related Images
Boys 16U Soccer Finals
Boys 16U Soccer Finals

The Fort Lauderdale Maccabi Soccer team won their gold medal match against the Philadelphia team.

Ukrainian team with Stanley
Ukrainian team with Stanley

The Ukranian team, sponsored by the David Posnack JCC, poses with Stanley C. Panther at opening ceremonies of the JCC Maccabi Games & Access.

JCC Access Games Athlete & Coaches
JCC Access Games Athlete & Coaches

Nico poses with his coaches during a skill competition at the Maccabi Access games.



Original Source: With Nearly 2,000 Athletes, the 2023 JCC Maccabi Games & Access, North America's Largest Jewish Teen Sports and Community Building Event, Leaves a Lasting Impact
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