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BUSINESS
June 19, 2013 | By E. Scott Reckard
The nation's biggest banks haven't yet kept all the pledges they made 16 months ago to settle state and federal investigations into abuses of troubled homeowners and the foreclosure process, the national monitor for the settlement reported. The banks have said they are fulfilling their obligation to provide about $25 billion in aid to distressed borrowers. But monitor Joseph A. Smith, in a report Wednesday, said the banks have also reported failures to fully comply with their promised reforms in processing loan-modification requests, evictions and home seizures.
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CALIFORNIA | LOCAL
August 9, 2013 | By Patrick McGreevy
SACRAMENTO -- Gov. Jerry Brown's desk is getting more cluttered as lawmakers this week resumed sending him legislation, including a measure aimed at making sure state-chartered banks are not funneling money to the government of Iran. The Iran bill was introduced by Robert Blumenfield, a Democrat from Woodland Hills, before he left the state Assembly in July to take a seat on the Los Angeles City Council. The measure directs the California Commissioner of Financial Institutions to look for transactions with Iran when doing audits of state-chartered financial institutions every two years.
WORLD
March 28, 2013 | By Anthee Carassava
ATHENS -- After being locked out of their banks for nearly two weeks, the people of bailed-out Cyprus finally had access to their financial institutions Thursday, lining up to withdraw cash but maintaining calm and order despite fears by authorities of potential unrest. The government deployed police and security guards throughout the island to head off any outbreaks of violence among a populace desperate to transact business and tap their savings after a tumultuous two weeks that saw Cyprus teeter on the edge of bankruptcy.
NEWS
February 14, 2014 | By Timothy M. Phelps
WASHINGTON - The Obama administration issued guidance to prosecutors and banks Friday meant to make it easier for legal marijuana sellers to open bank accounts. But the guidance fell short of giving banks carte blanche to get involved in a business that is legal in some states for medical or recreational purposes but is still illegal under federal law. A memo issued Friday by Atty. Gen. Eric H. Holder Jr. to all federal prosecutors said that prosecution may not be appropriate for banks dealing with marijuana sellers if they are operating legally in their states and stay away from red zones, such as the sale of the drug to minors or across state lines.
BUSINESS
September 17, 2013 | By Jim Puzzanghera
WASHINGTON - Just before the financial crisis hit, Wells Fargo & Co. had $609 billion in assets. Now it has $1.4 trillion. Bank of America Corp. had $1.7 trillion in assets. That's up to $2.1 trillion. And the assets of JPMorgan Chase & Co., the nation's biggest bank, have ballooned to $2.4 trillion from $1.8 trillion. Ending the problem of so-called too-big-to-fail firms was a rallying cry for politicians and regulators after the unprecedented bailouts in fall 2008. The issue was the major impetus for enacting the sweeping Dodd-Frank regulatory overhaul two years later.
WORLD
February 7, 2013 | By Henry Chu
LONDON - Ireland sealed a deal with the European Central Bank on Thursday to ease the crippling cost of its public bailout of failing banks, keeping the country on track to wean itself from international emergency loans. By overhauling repayment of the debts it incurred to rescue its banks, Ireland will be on track by the end of 2013 to be able to borrow money on the open market the way most other governments do. It was effectively shut out of those markets at the end of 2010, when the gaping hole ripped into its budget by the bank bailout forced Dublin to go cap in hand to its European partners and the International Monetary Fund.
NEWS
February 4, 2012 | By Michael A. Memoli
Mitt Romney's strength in Nevada is due in large part to the power of the state's sizable Mormon population. In 2008, Romney won more than 50% of the caucus vote in Nevada, easily defeating second-place finisher Ron Paul, eventual GOP nominee John McCain and four other Republican hopefuls. It was one of 11 states he won before conceding. Mormons make up about 7% of Nevada's population. But entrance polls conducted before the vote showed that Mormons made up 26% of the total Republican turnout.
BUSINESS
February 14, 2014 | By Timothy M. Phelps and Jim Puzzanghera
WASHINGTON - The Obama administration, taking the first regulatory step to accommodate the country's growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one side, many states now allow the sale of marijuana for medical or recreational use. Atty. Gen. Eric H. Holder Jr. said last month that law enforcement agencies were increasingly concerned about marijuana sellers who are forced to deal in cash because the banks' unwillingness to deal with them prevents them from using credit cards.
BUSINESS
August 29, 2012 | By E. Scott Reckard
"Occupy"-style protesters will have both political and corporate targets at hand next week when the Democratic National Convention is held in Charlotte, N.C, Bank of America Corp.'s hometown. A group organized under the March on Wall Street South banner planned to demonstrate beginning Sunday at BofA's headquarters and at Wells Fargo & Co.'s regional headquarters in Charlotte. Protests also were planned at the Charlotte headquarters of Duke Energy Corp. Environmental protesters have targeted Duke because of its reliance on coal-powered generators.
CALIFORNIA | LOCAL
May 16, 2012 | By Catherine Saillant, Los Angeles Times
Joining a growing number of municipalities, the Los Angeles City Council on Tuesday adopted a "responsible banking" ordinance that will require banks doing business with the city to disclose detailed data on loans and foreclosure activity by community. Much of the information is already reported under federal law but can be hard to find in voluminous federal banking reports, said Miguel Santana, city administrative officer. The new law would bring the information together on a city website that the public could search by census tract, he said.
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