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kp777 · 7 months

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By Jake Johnson

Common Dreams

Oct. 2, 2023

The corporate forces that have been gunning for the Consumer Financial Protection Bureau since its creation more than a decade ago are set to have their moment before the U.S. Supreme Court on Tuesday, with the justices poised to hear a predatory payday lending group's challenge to the agency's funding mechanism on the second day of their new term.

The case—Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited—poses an existential threat to the CFPB, which has aggressively pursued corporate criminals under the leadership of director Rohit Chopra, who has been dubbed "Wall Street's most hated regulator."

Depending on the scope of the Supreme Court's decision, the outcome of the case could have consequences that reach far beyond the consumer agency's budget, potentially throwing the U.S. mortgage market into chaos and undermining other regulatory agencies and federal programs—including Medicare and Social Security.

"How the court rules, and the relief it orders, will have enormous implications for the future of the agency, the validity of its past rules and enforcement actions, and its ability to continue protecting consumers against fraud and abuse in the sale of a broad range of financial products and services, from payday loans to mortgages and credit cards," Stephen Hall, legal director and securities specialist at Better Markets, said Monday.

"The case also threatens the viability of other critically important agencies that have essentially the same funding structure that fuels the CFPB, including the Federal Reserve and the other banking regulators," Hall added.

Last year, 5th Circuit Court of Appeals—a federal panel composed entirely of judges appointed by former President Donald Trump—ruled that the CFPB's funding structure is unconstitutional. Unlike other federal agencies, the CFPB's funding comes from the Federal Reserve system, not congressional appropriations, making it less subject to annual political fights and right-wing austerity sprees.

The CFPB appealed the ruling, which was authored by a judge who received donations from the banking industry when he was a Mississippi state lawmaker.

As The New York Timesobserved Sunday, the 5th Circuit didn't just take aim at the CFPB's funding mechanism.

"It concluded that all actions taken by the bureau in its 12-year existence should be 'rewound,'" the newspaper reported. "If the Supreme Court agrees that the bureau's funding is improper, it could, at minimum, force the agency to rely on congressional appropriations. Or the court could follow the 5th Circuit's suggestion and obliterate everything the agency has done to date."

The plaintiffs in the case, which brought their challenge in response to a CFPB rule targeting the abusive activities of payday lenders, contend that the bureau's funding structure violates the Constitution's appropriations clause because it falls outside the annual congressional appropriations process—a claim that legal experts say is both "wrong" and "incredibly dangerous."

Such reasoning, if accepted by the U.S. Supreme Court, "would invite challenges to a host of other federal financial regulators and could wreak havoc on the nation's economy," Brianne Gorod, Brian Frazelle, and Alex Rowell of the Constitutional Accountability Center argued last year.

"And nothing in the law requires this result: The decision is at odds with constitutional text and history, Supreme Court precedent, and long-standing historical practice," they added.

Last week, the watchdog group Americans for Financial Reform (AFR) stressed that "all bank regulators and numerous other agencies and programs likewise rely on funding outside annual appropriations, such as Social Security and Medicare."

"If the Supreme Court does not turn back this unprecedented interpretation of the Constitution, it will put all of these government agencies at the mercy of the increasingly unpredictable annual appropriations process," said Elyse Hicks, consumer policy counsel at AFR. "The gears behind important financial regulatory and rulemaking work would grind to halt any time Congress reached a budgetary impasse. The judiciary too could find itself unable to meet its financial obligations during a government shutdown."

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dayofbanks · 6 months

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Regulatory Environment of Financial Institutions.

Financial regulations are laws and rules that govern financial institutions. Regulations of financial institutions focus on providing stability to the financial system, fair competition, consumer protection, and prevention and reduction of financial crimes. By the mid-1970s, the global financial system witnessed market-oriented reforms that led to liberalization in the financial system, such as the reduction of interest rate controls, removal of investment restrictions on financial institutions and a line of business restrictions, and control on international capital movements. The modern trend observed is that financial sector regulation is moving toward a greater cross-sector integration of financial supervision. In 1998, the adoption of the Basel Accord, which required international banks to attain an 8% capital adequacy ratio was a major significant milestone in banking regulations. The collapse of the global financial system that led to the global crisis can be attributed to the systemic failure of financial regulation. Basel I defined bank capital and bank capital ratio based on two-tier systems. The Basel II framework consisted of Part 1, the scope of application and three pillars, the first one being minimum capital requirements, the second one a supervisory review process, and the third pillar is market discipline. The Basel III framework prepared new capital and liquidity requirements for banks.

Learn more about Regulatory Environment of Financial Institutions related to the publication - Strategies of Banks and Other Financial Institutions: Theories and Cases.

#Financial regulations #Regulations of financial institutions #financial security #financial industry #financial markets #financial risk management #bank capital ratio #Basel Accord #interest rate controls #international capital movements #banking system #4 december #sustainable development goals #international day of banks

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dr-alex-zarifis · 7 months

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Report on the cryptoasset ecosystem in Latin America and the Caribbean, by the University of Cambridge

This report offers a balanced analysis of the opportunities, and challenges, caused by the many moving parts of the cryptoasset ecosystem in Latin America and the Caribbean. I am happy to have contributed to this as one of the co-authors. I found it particularly interesting how some countries want to lead in the adoption of cryptoassets while others want to be more cautious. The countries that lead believe in their ability to regulate cryptoassets and manage any risks that emerge. They want to have first mover advantage. Other countries do not believe being an early, enthusiastic, adopter is worth the risks, and prefer to wait until the industry and the regulation mature. Both approaches are valid, but in both strategies it is important to follow developments closely. This is where this report can be helpful in gaining insights into this sector’s development, market trends, challenges and opportunities, as well as regulation.

The cryptoasset sector has grown across Latin America and the Caribbean in recent years and this expansion has led to increased employment opportunities. Some cryptoasset firms are now full-service fintech providers. The regulatory views on digital assets have shifted, with around a third of public sector respondents being more positive towards cryptoassets. The private sector participants are also more positive now, and they collaborate more with regulators through innovation hubs and sandboxes. The private sector respondents also see growth opportunities in DeFi services and onboarding corporate clients.

However, there are also challenges to address with the most important one being the lack of regulatory clarity. Public sector respondents believe they need more expertise in cryptoassets.

Reference

Proskalovich R., Jack C., Zarifis A., Serralde D.M., Vershinina P., Naidoo S., Njoki D., Pernice I., Herrera D. & Sarmiento J. (2023) ‘Cryptoasset ecosystem in Latin America and the Caribbean’, University of Cambridge – Cambridge Center for Alternative Finance (CCAF). Available from: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/crypotasset-ecosystem-in-latin-america-and-the-caribbean/

#bitcoin #cryptoasset #cryptocurrency #cryptomining #decentralised finance #ethereum #financial regulations

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truthtrend · 1 year

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Former Cork-based Deloitte executive fails in bid to halt criminal prosecution

In the complex realm of financial regulations and legal agreements, the case of Brian Murphy, a former senior audit partner at Deloitte, has stirred significant debate and legal scrutiny. Mr. Murphy finds himself entangled in a legal battle concerning alleged tax offences, despite asserting his belief that he was shielded from criminal prosecution.

The saga began with a summons issued by the Director of Public Prosecutions (DPP) in February 2014, relating to an alleged VAT refund claim during Mr. Murphy's tenure as a director of a company. Subsequently, in October 2015, further allegations surfaced regarding tax returns spanning from 2008 to 2012, prompting the DPP to seek criminal summons against him.

Mr. Murphy vehemently denies any wrongdoing, basing his defense on an agreement he claims was reached with Revenue in August 2015. According to him, this agreement, made within the context of civil proceedings, included provisions that would shield him from prosecution as long as he complied with a settlement payment plan.

Adding to the complexity are alleged oral representations made to Mr. Murphy by a legal executive acting on behalf of solicitors representing Revenue. These representations, he argues, reinforced his belief that he would not face criminal prosecution.

However, the High Court's ruling in May of the previous year dealt a blow to Mr. Murphy's hopes, affirming that he could indeed be prosecuted for the alleged tax offences. Despite his legitimate expectations based on agreements and representations, the court's decision sets a precedent that emphasizes the primacy of legal process and obligations.

As the legal proceedings unfold, the case of Brian Murphy underscores the intricate interplay between contractual agreements, oral representations, and the authority of legal institutions in matters of taxation and criminal prosecution.

A FORMER senior audit partner at financial services giant Deloitte has lost an appeal against a High Court ruling that he can be criminally prosecuted for alleged tax offences, despite arguing he had a legitimate expectation that he would not be prosecuted. In May of last year, the High Court ruled that Brian Murphy, a qualified accountant and former audit partner with the finance firm Deloitte who brought proceedings against the Revenue Commissioners and the Director of Public Prosecutions, could be prosecuted.

In February 2014, the DPP issued a summons against Mr Murphy in relation to an alleged offence concerning a VAT refund claim on behalf of a company of which Mr Murphy had been a director.

In October 2015, the DPP further applied to have a criminal summons issued against Mr Murphy in relation to alleged offences regarding tax returns between 2008 and 2012.

Mr Murphy, of Carrigaline, Co Cork denies any criminal wrongdoing.

Mr Murphy claimed that a criminal prosecution would breach the terms of an agreement between him and Revenue in August 2015 in the context of certain civil proceedings which he claims meant that he would avoid prosecution if he adhered to a settlement payment plan.

Mr Murphy had further relied on certain oral representations he claimed were made to him on behalf of a legal executive working for solicitors acting for Revenue that he would not be prosecuted.

The appellant claimed his prosecution would amount to a breach of his ‘legitimate expectation’.

Legitimate expectation is a legal principle which may apply where a public body leads a person to believe a particular state of affairs to be undertaken and that person acts to his detriment in reliance on their representation.

Dismissing the 2022 application Mr Justice Garrett Simons said Mr Murphy had not established the grounds for his claim of the breach of his legitimate expectation.

Mr Justice Simons said the agreement between Revenue and Mr Murphy was reached in 2015 following a separate decision in 2014 made by the DPP to issue a criminal summons against him.

That summons related to an alleged offence concerning a VAT refund claim on behalf of a company of which Mr Murphy had been a director.

Mr Murphy then entered into talks with Revenue to also discharge other unrelated arrears of tax before coming to an agreement on payments in August 2015.

He undertook to make monthly payments of €4,000 from August 2015 to December 2018 to settle the outstanding taxes. In addition, Mr Murphy offered to make annual lump sum payments ranging between €20,000 and €75,000.

The judge found that the 2015 agreement did not amount to a representation that the DPP would not pursue criminal proceedings against the appellant.

Mr Justice Simons said that if there was an element in the agreement to prevent criminal prosecution it was “inconceivable that this would not have been expressly recorded in its terms”.

Mr Murphy appealed and his lawyers submitted that the judge did not adequately analyse a series of communications between Revenue and Mr Murphy before the signing of the settlement.

At the Court of Appeal, Mr Justice George Birmingham said Mr Murphy had been “anxious” to enter into a settlement agreement with Revenue that could allow him to keep working in order to make his payments but to also enter into a “highly desirable” agreement that would “preclude criminal proceedings already instituted or any further proceedings”.

“On the other hand, the position of the Revenue Commissioners was that they were not going to commit themselves to non-prosecution or to preclude other means of enforcement,” said Mr Justice Birmingham.

The judge said that Revenue had “articulated clearly” to Mr Murphy that their position would be without prejudice to any other enforcement action or prosecution and had stated that this position be “clearly stated” throughout the settlement document.

However, the draft agreement furnished to Mr Murphy had no mention of a “without prejudice” clause. “It was silent on the issue,” said Mr Justice Birmingham. Mr Murphy then signed the document and claimed that the absence of any mention of prosecution meant he had achieved his objective based on previous discussions with Revenue.

“I am quite unable to conclude that the absence of a ‘without prejudice’ clause amounts to an unambiguous and unequivocal representation to the effect that there would be no prosecutions,” said the judge.

Mr Justice Birmingham said that if Mr Murphy’s position regarding any clause was correct then the “prosecution, which had already been launched, would be halted and that the investigation which was at an advanced stage, would also be halted”.

The judge said that if the appellant was correct then it would have meant that even if underpayment of tax during other years, or other irregularities came to light, then “enforcement would be prohibited”.

“I am bound to say that I regard this as an extraordinary proposition. I cannot believe there was any representation to that effect and most certainly I cannot believe there was any representation that was unambiguous and unequivocal,” said the judge, who stressed that the document was “silent” on the matter.

“Nobody who was facing a prosecution and then found that threat lifted would allow the appearance of the threat to remain in place for a day longer than necessary,” he said, adding that Mr Murphy would have “moved immediately” to have them struck out.

Mr Justice Birmingham said the trial judge properly assessed the case and “he was fully entitled to reject the claim, whether formulated in terms of legitimate expectation, or contract, or some cross between the two”.

Mr Justice Birmingham then dismissed the appeal.

#Taxation #Legal Proceedings #Financial Regulations #Criminal Prosecution #Deloitte #Revenue Commissioners #High Court #Legal Agreements #VAT Refund #Compliance

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shasat-uk · 7 months

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Countering Money Laundering: New Comprehensive AML Initiative Takes Aim at Financial Threats

In a world where financial crime continues to evolve, combating money laundering has become paramount. Governments and international organizations have devised stringent anti-money laundering (AML) regulations to safeguard the global financial system. Now, a cutting-edge two-day course has emerged, designed to empower professionals with the knowledge and tools needed to reduce risks and enhance AML compliance.

Money laundering represents a significant menace to the stability of the global economy. To tackle this multifaceted issue, governments and international bodies have introduced AML regulations spanning various sectors such as banking, gaming, real estate, legal, and accounting services. Amid this backdrop, a newly launched course on international anti-money laundering regulations and best practices is set to equip professionals with the latest insights.

The two-day program delves deeply into the latest AML developments, with a particular emphasis on the Financial Action Task Force (FATF) recommendations and the European Union's 5th and 6th AML directives, among other international regulations. Attendees will gain comprehensive insights into various facets of compliance, including risk assessments, customer due diligence (CDD), enhanced due diligence (EDD), and transaction monitoring.

Led by experienced trainers, the course employs real-world case studies, interactive discussions, and practical exercises to empower participants with the skills and knowledge required to effectively manage money laundering risks within their organizations. Furthermore, it takes a proactive approach by addressing the risks associated with digital assets, sanctions, and real-world money laundering scandals spanning diverse industries, such as banking, gambling, real estate, law, accounting, and more.

Attendees will not only learn to stay compliant with AML regulations but also discover best practices for mitigating risks effectively. Through a blend of lectures, case studies, and interactive exercises, participants will master the art of conducting AML risk assessments, implementing due diligence procedures, and crafting AML compliance programs aligned with regulatory expectations.

Staying attuned to the ever-changing AML landscape is crucial. This course ensures professionals are well-versed in the latest trends and emerging threats in the world of AML. It also explores innovative strategies to remain one step ahead of potential financial crimes.

Whether one serves as a compliance officer, risk manager, or business leader, this workshop promises to endow individuals with the knowledge and skills required to navigate the intricate realm of AML compliance. The ultimate goal is to foster a safer and more secure global financial system, fortified against the scourge of money laundering.

Participants can anticipate gaining expertise in various critical domains, including understanding the global landscape of money laundering and terrorist financing. This involves appreciating the pivotal role played by AML compliance in mitigating these threats.

Furthermore, attendees will delve into identifying the pivotal components of an effective AML compliance program, fostering a culture of compliance within their organizations, and conducting thorough risk assessments. They will also navigate the intricate web of AML regulations and compliance requirements across diverse jurisdictions.

Staying ahead of the curve remains central to AML compliance, and this course equips participants with insights into the latest trends and emerging threats in the field. It also unveils innovative strategies to counteract these challenges.

In an increasingly digital world, understanding the unique AML risks associated with digital assets is essential. The course ensures attendees are well-versed in these risks and armed with strategies to mitigate them.

Moreover, the program caters to professionals across various industries, including finance, fintech, insurance, real estate, gambling, professional services, and law firms. It imparts specialized insights into industry-specific AML compliance requirements, enabling professionals to address risks within their respective sectors effectively.

Effective cross-functional collaboration is also emphasized as a means to promote AML compliance. Strategies for engaging with stakeholders across organizations are part of the course content. Additionally, the program underscores the importance of effective training and communication in promoting AML compliance, guiding participants in implementing training programs within their organizations.

Professionals will also learn best practices for conducting AML investigations and how to respond to regulatory inquiries and audits. By the end of the course, attendees will have a robust action plan for implementing AML compliance strategies and ongoing risk mitigation.

Networking opportunities with fellow AML professionals further enrich the learning experience, allowing for the exchange of valuable experiences and perspectives.

For those eager to enhance their AML compliance skills, here is the schedule of upcoming programs by Shasat. However, we recommend you continue to visit Shasat's website for the most up-to-date program schedules.

Anti-Money Laundering (AML) Compliance Workshop | GID 24001 | London: October 19-20, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24003 | Singapore: October 30-31, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24004 | Bermuda: September 28-29, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24005 | Las Vegas: December 18-19, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24006 | Riga: October 24-25, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24007 | Zurich: November 2-3, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24008 | Sydney: December 4-5, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24009 | Mumbai: November 6-7, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24010 | Mexico City: December 11-12, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24011 | Lagos: December 21-22, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24012 | Istanbul: November 13-14, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24013 | Manila: October 30-31, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24014 | Cyprus: October 26-27, 2023

Anti-Money Laundering (AML) Compliance Workshop | GID 24000 | Online | Available on request

For more details and to enrol in the Anti-Money Laundering (AML) Training Programs, please visit:

https://shasat.co.uk/product-category/anti-money-laundering-training-programs/

This comprehensive AML course equips professionals with the knowledge and skills needed to navigate the complex world of AML compliance effectively.

#AML #AML Compliance #Money Laundering #Financial Regulations #Risk Mitigation #Anti-Money Laundering #Financial Training #Professional Development

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technicalfika · 8 months

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Mastering Accounts Payable: 15 Common Interview Questions and Expert Answers

Preparing for an Accounts Payable (AP) interview is a crucial step in securing a position in this vital finance function. To help you excel in your interview, we’ve compiled a comprehensive guide that covers the 20 most common AP interview questions, each paired with expert answers. In this article, you’ll gain valuable insights into the world of AP and enhance your chances of acing your…

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#Accounting #Accounting Software #Accounting Standards #Accounts Payable #Accuracy in AP #AP Interview #Cost Savings #data security #Disputed Invoices #Financial Regulations #Foreign Currency Transactions #Fraud Prevention #High Invoice Volume #Invoice Processing #Payment Methods #Tax Compliance #Urgent Payments #Vendor Onboarding #Vendor Relationships

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rickybaby · 3 months

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Is an RB podium bad for F1?

#how would it not be a ‘genuine’ podium simply because they’re taking parts off Red Bull that is well within the regulations???#I can’t believe they’re going to make me deep throat a corporation on main like that all season long #a backmarker gets some financial backing and decides to exploit some symbiosis within legal boundaries of the sport #and suddenly it’s a problem?#and not to make this about Daniel but would this have gotten this much attention if it would have been any other driver pairings at RB?#daniel ricciardo

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dontmeantobepoliticalbut · 11 months

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ACCORDING TO DATA RELEASED BY THE ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION, THE STATE SOLD OVER $130 MILLION WORTH OF LEGAL MARIJUANA AND MARIJUANA PRODUCTS IN MAY

In May, there was $132,777,299.46 in legal marijuana purchased in Illinois. Of this, $100 million was purchased by those living in Illinois, with the remaining $32.7 million sold to out-of-state residents. This brings the year-to-date total to $647,984,773, putting the state on track to top well more than $1 billion for 2023.

The $132 million sold in May is a slight increase from the $131 million sold in April, but a slight decrease from the $134 million sold in March.

Marijuana was legalized for those 21 and older in Illinois in 2019, with the first marijuana store opening the following year. The possession limit for residents is 30 grams of cannabis flower, five grams of cannabis concentrate and no more than 500 milligrams of THC contained in a cannabis-infused product.

The possession limit for non-Illinois residents is 15 grams of cannabis flower, 2.5 grams of cannabis no more than 250 milligrams of THC contained in a cannabis-infused products.

In 2022 there was $1,552,324,820 in marijuana and marijuana products legally sold in Illinois, a 12% increase from 2021 and a 131% increase from 2020.

#us politics #news #the marijuana herald #Illinois #Illinois Department of Financial and Professional Regulation #2023 #legalize it #marijuana #recreational cannabis #medical cannabis #recreational marijuana #medical marijuana #decriminalize cannabis

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ivygorgon · 28 days

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AN OPEN LETTER to THE U.S. CONGRESS

Hold Bank Execs Financially Accountable for Mismanagement! Pass the DEPOSIT Act.

274 so far! Help us get to 500 signers!

I am writing to urge you to pass the Deliver Executive Profits on Seized Institutions to Taxpayers (DEPOSIT) Act that was recently introduced by Sen. Richard Blumenthal and U.S. Reps Adam Schiff (D-CA) and Mike Levin (D-CA).

This important legislation would hold executives at failed banks financially responsible for their mismanagement and prevent them from selling off shares of stock, potentially profiting from their bank failure -- like Silicon Valley Bank CEO Greg Becker might have done when he sold $3.6 million of stock shortly before the collapse of SVB.

American taxpayers shouldn’t be left holding the bag and bailing out banks while their executives are walking away with multi-million dollar compensation and bonus packages. Please respond in writing and let me know you co-sponsored this bill. Thanks!

▶ Created on March 24, 2023 by Jess Craven

📱 Text SIGN PNFKGB to 50409

🤯 Liked it? Text FOLLOW JESSCRAVEN101 to 50409

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your-spiritual-journey · 1 year

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#2008 #bankruptcy #credit default swaps #crisis #derivatives #financial collapse #fraud #government bailout #investigation #lending practices #mortgage-backed securities #regulation #regulatory failure #risky loans #Silicon Valley Bank #subprime mortgages #systemic risk #United States

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j-august · 5 months

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Binance also operated in the state of Heisenbergian uncertainty, sometimes known as Malta. Malta has a substantial financial services industry, which welcomed Binance with open arms in 2018 and then pretended not to know him in 2020. This continues Malta’s proud tradition of strategic ambiguity as to whether it is an EU country or rentable skin suit for money launderers. ¿Por qué no los dos? Despite this, Binance would continue claiming to customers and other regulators for a while that it was fully authorized to do business by Malta.

Patrick McKenzie, Bits about Money

#quote #quotation #Patrick McKenzie #Bits about Money #Binance #(I put this in the tags with some trepidation)#Heisenbergian uncertainty #Malta #financial services industry #strategic ambiguity #country #skin suit #see also: Cyprus #customers #regulators #money laundering

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manwithoutaspleen · 8 months

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Man

#perfect storm of feels bad happening #it’s still too humid for me to be comfortable like my body cannot regulate still #and it’s a traumaversary (not just. the historical one lmao)#and I have a super long day with new and difficult students #(the kids are good just what they need is more challenging)#and my financial stuff still isn’t figured out #it’s just a Lot and I wish I could have a proper break at some point #i just want to not feel like I’m being hunted for sport for a little bit

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yersina · 2 years

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Okay so. I know in canon that Bak Yerim, Moon Hyuna, and Kang Soyoung + Riette (occasionally) all hang out together and are friends. They go out for game night and go to restaurants together.

I think it’d be really funny if you wanted to write a mini thing where this group goes to an arcade together for game night and just demolish the place. Figuratively or literally! Who’s better at the claw machine? Who’s a sore loser? Who breaks the most things? These are all fun questions you can answer!

(This is obviously if you’re still taking requests. I love all your writing so much, have a nice day!)

One day after meeting up for dinner, Hyuna is walking Soyoung and Yerim to their respective bus stops. The two younger girls are a step ahead of her, chatting animatedly about a dungeon Soyoung cleared earlier that week (“There were wyverns, Yerim-ah! Almost dragons!”), when Yerim breaks off with a gasp and presses her face to the window of a dark building.

Hyuna peers inside. “An arcade?”

“I’ve always wanted to go to one,” Yerim says, and there’s more than a small trace of wistfulness to her voice.

“You’ve never been?” Soyoung asks curiously, pressing her nose to the window next to Yerim and knocking their heads together gently.

“Never had the time or money.” Yerim says it with a nonchalant shrug, but Hyuna has some suspicions, pieced together from different fragments of their conversations and dinners together.

Well, there’s no time like the present.

“Let’s go,” she declares, and pushes open the doors without waiting for agreement.

1. Skeeball

“Oh, I remember this!” Soyoung makes a beeline for the back of the arcade, dragging Yerim with her, while Hyuna pauses to pay for some coins. “You just throw the balls into the holes over there,” she’s explaining when Hyuna joins them again.

“And you just have to get a high score, right?” Yerim bounces on her toes, giving her arms a stretch for show. “Should be easy!”

It’s not until Yerim has already slotted the two necessary coins into the machine and she’s winding up her arm like a baseball pitcher that Hyuna realizes that maybe they should’ve explained the concept a bit further. “Wait—”

A loud crash answers her as Yerim throws the ball full force at the target with the highest points. The new point total flickers on the screen for a brief moment before the machine croaks and completely dies.

All of them stare at the broken skeeball machine.

“Oops?” Yerim squeaks.

“You’re suppose to toss it underhand,” Soyoung chimes in helpfully.

Hyuna pinches the bridge of her nose and thanks whatever dungeon gods or higher beings might be out there that she’s an S-Rank and can afford to pay for a little property damage.

2. Basketball

“Here, let’s try this one instead,” Hyuna suggests, steering Yerim in the direction of the basketball game after several reassurances to the arcade proprietor that she fully intends on compensating any damage that they cause. “This one’s overhand—it’s just basketball but miniature. You know basketball, right?”

“Of course I do, eonni,” Yerim whines. “There’s a basketball court at my high school, you know.”

“Let’s see who can get the higher score!” Soyoung chirps excitedly and quickly goes to claim a machine for herself.

Hyuna, as much as she’d like to join in or wander off to find her own game to play, figures that having at least one person on guard duty to do damage control probably wouldn’t be remiss. “I’ll be referee.”

The first half of the game goes well. Hyuna alternates between cheering for Soyoung, who’s obviously played before and is making most of her shots, and Yerim, who picks up the movement quickly and doesn’t lag too far behind. “Fighting, Yerim!”

And then, with about fifteen seconds left on the timer, Yerim takes a glance at Soyoung’s score and lets out a wail. “Eonni, you’re beating me by so much!”

“Twelve seconds left!” Soyoung screeches in return.

The next ball that Yerim picks up audibly crunches beneath her fingers. Hyuna stares. Soyoung pauses in the middle of throwing a ball. “Game over,” the machines declare within seconds of each other.

“Uh.” Yerim hesitantly presents the squashed ball to Hyuna. “Sorry, I got excited?”

Hyuna sighs and mentally adds it to her tally of damages.

3. Air hockey

“Maybe let’s stay away from ball games.” Hyuna pushes them in the direction of the rest of the arcade. Out of the corner of her eye, she notices that the few other arcade patrons still lingering around are openly staring at them, and bares her teeth at them in a smile. All of them, satisfactorily, immediately flee.

“Oh, oh!” Soyoung grabs Yerim by the hand and pulls her to a neon-lit table near the middle of the hall. “Air hockey! This was one of my favorites as a kid.”

Yerim runs a hand over the dotted surface skeptically. “Air hockey?”

“Yeah! Hyuna-eonni, wanna play a game with me to help me demonstrate?”

Hyuna cracks her knuckles with a grin. “Get ready to go down.” She doesn’t care that Soyoung is almost ten years younger than her. Hyuna doesn’t plan on showing any mercy.

Unfortunately, Soyoung ends up winning the air hockey game too, if only because Hyuna hasn’t stepped foot inside an arcade since she was in college. “That was fun, eonni!” she says with a wide smile. “Usually people can’t even score a single point against me, but you got two in.”

Hyuna rolls her eyes and hands her spot over to Yerim. “Yah, Soyoung-ah. I’m up for a rematch anytime.”

Yerim steps up to the table, a comically focused expression on her face. “Go easy on me, eonni.”

“We can start slow.”

Yerim plays her first game like most beginners do, just protecting her goal without much thought, too focused on keeping track of the puck. After Soyoung wins that game, Yerim immediately tugs on Hyuna’s sleeve. “Again!”

Hyuna obligingly slots a few more coins into the machine and starts up another game . This time, Yerim is able to get a few more attacks in and, to Hyuna’s relieved delight, doesn’t even cause major property damage while she’s at it.

And then, while she’s bending over to add even more coins for a third game, she notices grooves in the side of the plastic rink that definitely hadn’t been there before. Grooves that, if she checked, she’s certain would match the side of an air hockey puck.

Hyuna might as well buy the entire establishment at this point. “Actually, how about let’s try something else?”

4. Punching bag machine

When Hyuna spots the punching bag machine, she does a few mental calculations and decides that it’s perfect. It’s made to be hit. “Here,” she says, slapping the machine. “We can punch the bag and see who’s stronger.”

Yerim’s hand shoots up. “Oh! Let me go first!”

In hindsight, Hyuna really should’ve anticipated the way the bag completely flies off with the force of Yerim’s punch.

5. Claw machine

“Okay,” Hyuna says, grasping Yerim by the shoulders and leading her around the arcade until they’re situated in front of a claw machine. “This one takes patience, okay? Delicacy and patience.”

“And money,” Soyoung chimes in, scanning the variety of claw machines available. “Oh, this one’s cute, with all the stuffed animals!”

Yerim joins her, nose pressed against the plastic. “Oh, hey, that one kind of looks like Peace, doesn’t it? Ahjussi’s horned lion?” There is indeed a particularly red lion plush with yellow tufts of fur making up its mane that reminds Hyuna of Yoojin’s horned lion pet lying near the drop area, though it’s unfortunately buried beneath another stuffed animal.

“Oh, the lion? That one’s cute, but I think that dragon over there is even cuter.”

“I’m gonna win the lion,” Yerim declares determinedly. “I’ll give it to Ahjussi.”

Hyuna hands the necessary coins over to Yerim and both she and Soyoung watch as Yerim puzzles through the controls and positions the claw over the dog plushie lying on top of the lion plushie with the utmost of care.

“More left, I think,” Soyoung suggests.

“More forward,” Hyuna chimes in.

Yerim cranes her neck and squints. “Are you sure? I feel like it should be more towards me.”

“No, I think it’s good where it is,” Soyoung says.

Hyuna gestures impatiently at the controls. “Just push the button already.”

Yerim pushes the button. They all watch as the claw sways downwards, weakly grasps onto an ear of the dog, and fails to move it even an inch. “Well, at least you touched it,” Soyoung tries.

“Eonni, another try.”

The other ear slides out of grasp this time.

“One more time.”

A foot.

“One more time.”

The same foot.

“Please?”

The claw misses the dog entirely this time.

“You know, the lion is underneath the dog plushie,” Soyoung points out helpfully. Yerim groans.

“Well, this is your last try,” Hyuna says, handing over her last two coins.

Yerim takes them sullenly. “I’d have to get both of them at once with this.”

“You never know until you try.” Soyoung pats Yerim’s shoulder. “You can do it.”

They all watch with bated breath as Yerim pushes the last of the coins into the claw machine and once again positions the claw over the dog plushie. “And… go!” A slap of the button and the claw begins to descend.

Down… down…

The claw once again grasps a leg of the plushie and begins to valiantly tug it upwards. The dog is raised maybe halfway out of its slump before the claw gives up and it droops back to sit on the lion’s face again.

Yerim turns to her with teary eyes. “Eonni.”

Hyuna manages to hold out against that expression for a valiant ten seconds. “Don’t… do this when you go to an arcade again,” she tries, channeling her inner ‘Yoojin when he’s talking to the Haeyeon guild leader’ energy. Yerim gives her a confused look. “Don’t do what I’m… Y’know what, never mind.”

She gives up and moves to the back of the machine with a sigh. She spends a moment trying to puzzle through the cords and wires coming from the back of the claw machine, before giving a mental shrug and lifting the whole thing, dangerous creaking and popping be damned, and gives it a gentle shake.

“Oh! Oh! Eonni, you’ve almost got it, do that one more time!” Yerim calls, and cheers when Hyuna does just that. “Okay, I think I can reach it now!”

She sets the claw machine back down as carefully as possible, wincing when the whole floor shudders at the impact and the metal buckles. Just another thing to add to the bill, she supposes.

When she peeks around the side of the machine, Yerim has amassed a small pile of stuffed animals, no doubt also shaken loose, and is in the process of pulling her prize out of the flap. “Eonni,” she crows, presenting it to her proudly. “Look, isn’t it cute?”

“Very cute.” Soyoung nods in agreement.

The beaming smile that Yerim gives them both is definitely worth the hefty bill that Hyuna is no doubt going to have to pay.

Mission success.

#definitelyhuman10 #sina writes #sctir #s classes that i raised #fanfiction #i have been to an arcade two (2) times in my life I am vastly underqualified to write this asksjdks #hyuna has unofficially been regulated to babysitter and occasional partner in mischief when it comes to these two #I’m pretty sure it’s canon that there are game centers made specifically for awakened ppl #hyuna makes the financially wise decision of switching to one of those after they start making the arcade a recurring thing

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