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Results 1 - 10 of 642 |
Posted Date: Tuesday, March 5, 2024
The Consumer Financial Protection Bureau recently invoked its “dormant” Dodd-Frank Act authority when it issued its first supervisory designation order to a nonbank installment lender. The notice outlined activities that the bureau determined could pose a risk to consumers. Read on »
Posted Date: Friday, March 1, 2024
The Securities and Exchange Commission recently issued $81 million in total fines against 16 financial firms for widespread recordkeeping failures. Examiners determined employees, including some in senior leadership, engaged in “off-channel” communications and the mishandling of electronic correspondence. Read on »
Posted Date: Friday, February 23, 2024
United Wholesale Mortgage (UWM) filed suit against Mortgage Solutions FCB and its owner for breach of contract and trademark infringement. The lawsuit points to a private Facebook group which uses the UWM logo and serves as a platform for mortgage brokers to share accounts of UWM and its “All In” ultimatum. Read on »
Posted Date: Tuesday, February 20, 2024
In a move that would make Capital One Financial Corp. the largest credit card company in the U.S., the company announced it has entered into a $35.3 million merger agreement with Discover Financial Services. If approved by federal regulators, the combined entities would be positioned to compete with the world’s largest payment providers. Read on »
Posted Date: Tuesday, February 13, 2024
A crypto trading platform agreed to pay $1.5 million to settle charges with the Securities and Exchange Commission and multiple state securities organizations for failing to register its interest-based product offering. The company offered to pay interest to investors who deposited crypto assets on the platform. Read on »
Posted Date: Tuesday, February 6, 2024
United Wholesale Mortgage (UWM) initiated its second legal action in as many months against a lender for alleged breach of contract for submitting mortgages to competitors whose business models the wholesaler deems harmful to mortgage brokers. UWM’s policy has raised both legal and ethical questions among industry insiders. Read on »
Posted Date: Tuesday, February 6, 2024
The Department of Justice charged a former Bank Secrecy Act (BSA) compliance officer with criminal BSA violations for his role in a scheme to bring more than $1 billion in high-risk international financial business to a small, now-defunct credit union. The Treasury’s Financial Crimes Enforcement Network ordered the defendant to pay a $100,000 civil money penalty as well. Read on »
Posted Date: Tuesday, February 6, 2024
The Senate Banking Committee explored concerns about the risks posed by fraudsters and cyber criminals who target financial institutions during a recent hearing on the prevalence of ransomware attacks, phishing attacks, check fraud, spoofing and other common types of fraud, as well as the methods used to execute them. Read on »
Posted Date: Tuesday, February 6, 2024
The Securities and Exchange Commission (SEC) exposed an old fraud with a modern twist used to swindle crypto investors out of more than $1.7 billion. The SEC’s complaint said the defendants operated a pyramid scheme advertising significant profits stemming from non-existent revenue streams. Read on »
Posted Date: Friday, February 2, 2024
The Association of Independent Mortgage Experts (AIME) recently appointed a new chair and CEO to helm the membership organization representing the independent mortgage industry. Jonathan Haddad will assume the lead role at AIME on April 1, succeeding current chair and CEO Katie Sweeney.
Under Sweeney’s leadership, AIME saw a 300 percent increase in total annual membership to more than 65,000. Read on »
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