November 20, 2012 |
WASHINGTON - Federal regulators have opened investigations into 19 financial companies for possible violations of new mortgage advertising rules designed to keep firms from misleading consumers about reverse mortgages and other products. In addition, the regulators have sent letters to 32 other firms warning them about advertisements that falsely imply a connection to a government program or provide other potentially misleading information. The actions, announced Monday, came after a review by the Federal Trade Commission and the Consumer Financial Protection Bureau of about 800 ads by mortgage lenders, mortgage brokers and other firms outside the conventional banking system.
November 6, 2012 |
WASHINGTON -- Democrat Elizabeth Warren was projected to win the U.S. Senate race in Massachusetts on Tuesday night, vaulting one of Wall Street's most outspoken critics into a position of power in the nation's capital. Warren defeated incumbent Sen. Scott Brown, a moderate Republican, in one of the most expensive and hotly contested Senate campaigns in the nation. Wall Street and the rest of the financial industry had pumped about $6.2 million into the race in hopes of keeping Warren out of the Senate.
October 25, 2012 |
MELROSE, Mass. - Wall Street's philosophy in one of the nation's most hotly contested Senate campaigns could be boiled down to an old proverb: The enemy of my enemy is my friend. The financial industry has poured more than $6.2 million in contributions into the U.S. Senate race in Massachusetts between incumbent Republican Scott Brown and Democratic challenger Elizabeth Warren, who has made the fight against Wall Street greed and corruption a cornerstone of her campaign. Nearly $9 of every $10 have gone to Brown, according to the Center for Responsive Politics.
October 1, 2012 |
WASHINGTON -- Credit card giant American Express Co. has agreed to refund $85 million to 250,000 customers and pay $27.5 million in civil penalties after federal and state regulators determined numerous violations of consumer protection laws. Among the alleged infractions were misleading some people who signed up for the company's Blue Sky credit card program into believing they would get a $300 payment they never received, charging improper late payments and deceiving customers about the benefits of paying off old debts, the regulators said.
September 22, 2012 |
WASHINGTON — Three states have joined a lawsuit challenging a key provision of the Dodd-Frank financial reform law enacted in 2010. The attorneys general of Michigan, Oklahoma and South Carolina argued that the federal government's new power to liquidate large, non-bank financial companies that are on the brink of failure is unconstitutional. "Dodd-Frank gives the U.S. secretary of the Treasury essentially unlimited power — with no judicial or Congressional oversight — to pick winners and losers among creditors when these large financial institutions go bankrupt," Michigan Atty.
August 26, 2012 |
WASHINGTON — The Consumer Financial Protection Bureau wants you to see the full appraisal report on the house you're buying or refinancing as early in the mortgage process as possible, and without your having to ask the lender for it. This means all the comparable properties the appraiser selected, adjustments for property condition or location, plus all additional data — especially computer-generated estimates — that may have been used to...
August 9, 2012 |
WASHINGTON - New federal rules would require banks to provide homeowners with better information about their mortgages to avoid costly surprises, such as sharp interest rate increases, and provide better service to help them avoid foreclosure. The rules, to be proposed Friday by the Consumer Financial Protection Bureau, are designed to prevent a repeat of the foreclosure crisis. They track an outline released in April by the agency, which was created in 2010 in part to help protect borrowers.
July 21, 2012 |
WASHINGTON — Richard Cordray has a message for opponents of the Consumer Financial Protection Bureau: Neither he nor the new watchdog agency is going away. The bureau celebrates its first anniversary Saturday with opponents still trying to shut it down — or at least weaken its power. Instead, the bureau flexed its muscle for the first time this week. It joined with another banking regulator to order Capital One Bank to pay $210 million in refunds and fines to settle allegations of deceptive marketing tactics to credit card customers.
July 18, 2012 |
The watchdog is finally showing its teeth. The Consumer Financial Protection Bureau has ordered Capital One Bank to refund $150 million to about 2 million customers for deceptive marketing of payment protection and other add-on products sold with its credit cards. The federal Office of the Comptroller of the Currency, which oversees big banks but doesn't do much in the way of making them squirm, joined in the enforcement action. Cap One also has to pay $60 million in civil penalties for the practices.