June 22, 2013 |
More than a year after regulators cracked down on Wall Street's flawed home foreclosure procedures, authorities are stepping up pressure on debt collectors over a flood of lawsuits rife with unsupported allegations against delinquent credit card holders. State and federal regulators are increasingly alarmed that banks and debt collectors appear to be using faulty records in litigation against borrowers having trouble paying what they owe on their credit cards. In some cases, authorities said, the paperwork and the procedures have been so defective that borrowers weren't even given notice of lawsuits against them until judges rendered default judgments for their failure to appear in court to defend themselves.
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.
CALIFORNIA | LOCAL
November 19, 2013 |
SACRAMENTO - California authorities are investigating whether laws were broken when a government regulator went to work for healthcare giant Kaiser Permanente, a company she spent years investigating for the state. Marcy Gallagher was a supervising attorney at the California Department of Managed Health Care, where she participated in several investigations of Kaiser. Last year, she left state employment and joined the company, where she works in a unit that responds to California regulators.
December 12, 2013 |
Federal regulators shut down 52 bus companies in a nationwide safety crackdown partly prompted by a February bus crash near San Bernardino that killed eight people and injured 30 others. The Federal Motor Carrier Safety Administration said it pulled 340 unsafe vehicles from the road after investigators found several safety problems among the bus companies it investigated. "Bus travel is increasingly popular because it is a convenient, inexpensive option for students, groups and families," said U.S. Transportation Secretary Anthony Foxx in a statement.
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.
April 15, 2009 |
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.
June 23, 2011 |
The two-headed beast that regulates health insurance in California is under fire. For the first time in a decade, healthcare leaders in Sacramento are publicly asking whether it's time to junk overlapping bureaucracies that police health insurers and HMOs. Some suggest that a single agency would be better equipped to serve the public and tackle a maze of new healthcare rules from the federal government. Others say such a move would distract from more pressing issues facing lawmakers and regulators.
August 1, 2013 |
Ford Motor Co. has been hit with a $17.35-million penalty by federal safety regulators for taking too long to recall nearly half a million Escape sport utility vehicles in 2012. The National Highway Traffic and Safety Administration agreed to the settlement with Ford rather than face “possible litigation” or a protracted public battle over the issue, according to the settlement signed by the two sides. “This is very significant,” said Michelle Krebs, senior analyst at auto information website Edmunds.com.
March 30, 2014 |
WASHINGTON - Federal regulators twice declined to investigate faulty ignition switches in General Motors Co. cars that led to 13 deaths - even though one official found "a pattern" of problems, according to a new congressional report. The report, released Sunday, added fresh details to a controversy that has shaken the revitalized automaker. Already under fire for lengthy delays in recalling the vehicles, GM also was accused in the report of allowing the defective part to be installed in millions of vehicles after testing showed it did not meet the company's own specifications.
February 18, 2013 |
WASHINGTON - Sen. Elizabeth Warren (D-Mass.), a darling of liberals who has been mentioned as a potential 2016 presidential contender, had kept a deliberately low profile since her election in November. In less than five minutes last week, however, the new Massachusetts senator announced her presence in the nation's capital and showed she plans to be a thorn in the side of the big financial institutions. At her first hearing as a member of the Senate Banking Committee on Thursday, Warren chastised banking regulators for not trying to put more executives from big banks in jail for their roles in the financial crisis.