BUSINESS
April 15, 2009 | Tiffany Hsu and David Colker
A self-described credit union that advertised personal loans nationwide was not registered as a lending institution and gave a phony address, according to Pennsylvania and Michigan banking regulators. First Star Credit Union, which advertised in the Los Angeles Times and other newspapers this month, referred consumers to a toll-free phone number and a website for information on getting a loan. The company operating the website, which listed a York, Pa.
BUSINESS
November 30, 2010 | By Duke Helfand, Los Angeles Times
California's seven largest health plans were fined nearly $5 million in total Monday for failing to properly pay medical claims submitted by thousands of doctors and hospitals over the last three years. Insurance regulators said the companies also would pay "tens of millions of dollars" in restitution to medical providers whose claims were underpaid or incorrectly rejected. The fines cap an 18-month investigation by the California Department of Managed Health Care into the payment practices of Aetna Inc., Anthem Blue Cross of California, Blue Shield of California, Cigna Corp.
BUSINESS
November 15, 2010
Here are some examples of recent lobbyist meetings with federal regulators, as reported on the agency websites: Citigroup: Aug 18 meeting at the Federal Reserve: Four Citi employees "raised concerns" with new derivatives legislation and explained "the importance of retaining their ability to hedge across markets. " Center on Executive Compensation: Aug 19 meeting at the Securities and Exchange Commission: The head of the industry-sponsored center presented material indicating that a new rule forcing companies to release information on executive pay "imposes substantial, costly and counterproductive regulatory burdens on employers at a time when growing the economy and encouraging job growth are top priorities.
BUSINESS
February 17, 2011 | By Ronald D. Orol
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
CALIFORNIA | LOCAL
May 14, 2011 | By Paul Pringle, Los Angeles Times
Despite complaints about drunken hooliganism at Dodger Stadium, state regulators rarely visit the ballpark and have issued no citations for liquor-law violations there since 1999. Fans and some police officials say that over-imbibing at Chavez Ravine has become a stubborn problem. But not to the state Department of Alcoholic Beverage Control, the licensing authority that enforces responsible booze retailing, according to records and interviews. Davey Johnson was still managing the team when ABC last alleged a single instance of a Dodgers vendor running afoul of the rules, such as by selling to minors or inebriated adults or failing to do enough to prevent disruptive behavior due to drinking.
BUSINESS
July 3, 2010 | By E. Scott Reckard, Los Angeles Times
Did regulators move too fast in taking down Arrowhead Credit Union, as a prominent financial consultant contended? Or was the San Bernardino nonprofit heading for ruin and misrepresenting its financial condition, as a spokesman for its federal regulator said? One thing is certain: The dispute over the 152,000-member credit union shows that regulators can expect more pushback as they intensify scrutiny of the financial institutions. "The kind of [confrontational] situation we're seeing at Arrowhead can occur at other credit unions," said David Chatfield, acting chief executive of the California and Nevada Credit Union League trade group.