Topics: Banking Law - 10 results

Extreme weather has wreaked financial havoc nationwide, including Spring wildfires burning throughout the country. Meanwhile, the traditional boundaries of Tornado Alley – Texas, Oklahoma, Kansas Nebraska and South Dakota — may be expanded to include 11 states in the Midwest and Deep South, because the frequency and severity of tornadoes in those areas is much more widespread than commonly believed. Click here to see the new map Banks are said to be stepping up with low-cost loans. What financial help …

There’s still plenty of bad news about mortgage fraud. In the spirit of the season though I thought I’d bring you some, well, ultimately bad news about mortgage fraud. But this fraud comes from the heart. A Chicago area banker’s going to jail for altering mortgage documents to benefit distressed homeowners.   Kindhearted Chicago banker altered documents to give homeowners breaks He’s going to jail for a long time, paying $5 million in restitution New admissions of improper foreclosure practices …

The Securities and Exchange Commission (SEC) released its post mortem on last May’s "flash crash" (pdf). You might recall the market fluctuations of May 6th, when the Dow Jones Industrials Average plummeted about 1,000 points in just 20 minutes. The report is long on what caused the crash, and short on how to prevent another.   Single large order in skittish market triggered huge sell-off Short sale restrictions, circuit breakers, address problem for now Consumer Finance Protection Bureau will have …

On Sunday, the remaining changes in credit card practices made by the Credit CARD Act of 2009 became effective. The law’s been phased in over the past year. Consumer advocates say it has reined in some of the most abusive lending practices, but warn that card issuers may try impose new fees or raise interest rates to make up for lost revenue.   Credit CARD Act of 2009 now fully implemented Restrictions on penalties, late fees and interest rate hikes …

A new credit card technology being rolled out everywhere but here has left some American travelers stuck this summer. The new cards protect better against fraud than the old ones. So how come the U.S. isn’t using them?   New, more secure credit card technology used outside U.S. Travelers unable to use their U.S. credit cards at many locations abroad VISA, Mastercard, and card-issuing banks reluctant to foot bill for new system   "Chip-and-PIN" Card System Much Safer The new …