July 13, 2012 |
U.S. aviation regulators proposed to fine Boeing Co. $13.6 million for delays in telling airlines how to install devices on 383 aircraft to prevent fuel-tank explosions. Boeing was given a Dec. 27, 2010 deadline to submit instructions on how to add the systems in its U.S.-registered 747 jumbo jets and 757 single-aisle planes, according an e- mailed statement today by the Federal Aviation Administration. The Chicago-based company missed the deadline for 747s by 301 days, and was 406 days late for 757s, according to the FAA release.
July 18, 2011 |
A former commodities trader pleaded guilty Monday to threatening to kill more than 40 financial regulators, including the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Vincent McCrudden, 50, admitted in court that he posted the threats on his company's website in December, asking for help executing his plan. His guilty plea came the day testimony was to begin in his federal trial, said his lawyer, Bruce Barket. McCrudden pleaded guilty in U.S. District Court in Central Islip, N.Y., to two counts of transmission of threats to injure.
February 17, 2011 |
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.
March 8, 2013 |
Sen. Elizabeth Warren (D-Mass.) wants to know: How much money do banks have to launder to get charged with a crime? In a Senate Banking Committee hearing Thursday, Warren asked financial regulators why officials from banks weren't prosecuted even after confessing to extensive money laundering. Specifically, she asked why British bank HSBC -- which was fined $1.92 billion after admitting to moving millions of dollars around for drug cartels, terrorist organizations and regimes such as Iran -- avoided prosecution.
October 10, 2012 |
Federal safety regulators are warning that counterfeit air bags are being installed by auto repair shops that might not deploy in an accident or alternately, could explode, sending metal shrapnel into the vehicle's passenger cabin. “We want consumers to be immediately aware of this problem and to review our safety information to see if their vehicle could be in need of inspection,” said Transportation Secretary Ray LaHood. The fake air bags look nearly identical to certified, original-equipment parts, right down to bearing the insignia and branding of major automakers, according to the National Highway Traffic Safety Administration.
October 1, 2013 |
WASHINGTON -- Although the federal government began a partial shutdown Tuesday, most financial regulators remained on the job because their agencies are funded outside the congressional appropriations process. But the effects of the shutdown still will be felt in the financial sector -- and would increase the longer it lasts. The special mechanisms that pay for most financial regulators -- in many cases through fees on the firms they oversee -- limits the direct consequences of the shutdown on Wall Street and the banking industry.
August 2, 2010
Certified Federal Credit Union in the City of Commerce was seized by federal regulators Saturday because of losses suffered during the real estate and housing downturns, according to the National Credit Union Administration. Vons Employees Federal Credit Union, based in El Monte, immediately assumed the deposits and loans of Certified and took over its operations, said John J. McKechnie III, a spokesman for the national agency. Certified, which had only one office, served 8,500 members.
February 22, 2012 |
Federal regulators warned of a new scam in which so-called phantom debt collectors harass people into paying bills they don't even owe, typically preying on Americans already burdened with financial problems. Officials said Tuesday that they had shut down a Villa Park operation that they alleged in a lawsuit fraudulently collected about $5 million in phantom debts. In a lawsuit filed by the Federal Trade Commission, a court froze the assets of American Credit Crunchers, an affiliated company called Ebeeze and their owner, Varang K. Thaker.
July 3, 2010 |
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.
July 31, 2013 |
The egregiously light wrist-slap that federal regulators gave to JPMorgan Chase & Co. over its $125-million rip-off of California consumers has drawn the attention of Sen. Elizabeth Warren (D-Mass). The first-term senator, who has already made a mark in Washington for her no-nonsense questioning of financial regulators, has asked the Federal Energy Regulatory Commission to justify its settlement -- a $410-million penalty that includes no criminal referrals, even though FERC identified three energy traders and a top JPMorgan executive whose fingerprints were all over the scheme.