Topics: Banking Law - 19 results


Posted 3 years ago in Banking Law by Arthur Buono  
The Road to Hell Is Paved with Mortgage Fraud

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 …

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Posted 4 years ago in Banking Law by Arthur Buono  
SEC: Fat Trade, Not Finger, Caused Flash Crash

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 …

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Posted 4 years ago in Banking Law by Arthur Buono  
Last of the New Credit Card Rules Kick In

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 …

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Posted 4 years ago in Banking Law by Arthur Buono  
Credit Denied: Why Your VISA, MC Won’t Work Abroad

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 …

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Posted 4 years ago in Banking Law by Arthur Buono  
Bank Overdraft Fees Coming Home to Roost

A federal judge Tuesday ordered Wells Fargo to pay back more than $200 million it bilked from California customers in overdraft fees. The banking giant faces even bigger claims from another class action covering customers in several other states. Wells Fargo says it will appeal the judgment, claiming its overdraft policy was legal and not deceptive.   High-low debiting practice caused multiple overdrafts Overdraft fees charged on as many as 10 items daily Wells Fargo defends practice of paying important, …

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