WASHINGTON (Reuters) – The U.S. consumer financial watchdog said on Wednesday it was seeking fines against PHH Corp and repayment to consumers over allegations that the mortgage lender steered borrowers to insurers from which it took kickbacks.
The Consumer Financial Protection Bureau (CFPB) said lenders sometimes require mortgage insurance for large loans to protect themselves if the borrower defaults. Lenders generally choose the insurers, which often buy secondary insurance, or reinsurance, to reduce some of their own risk.
WASHINGTON (Reuters) – President Barack Obama invoked the struggles faced by a wounded Army Ranger as he urged the U.S. Congress on Tuesday to work with him to tackle big problems such as boosting the economy and promoting justice and fairness.
Obama paid tribute in his State of the Union address to Sergeant First Class Cory Remsburg, who spent months in a coma after being wounded by a roadside bomb in Afghanistan. Remsburg is blind in one eye and had to re-learn to speak and walk after he was left partially paralyzed.
WASHINGTON (Reuters) – Five U.S. senators slammed a government report that raised red flags about risks posed by asset management firms in a letter to Treasury Secretary Jack Lew that was dated Thursday.
The bipartisan group said the September study mischaracterized the asset management industry and in some places relied on faulty information, and that the report could threaten the credibility of the Treasury Department unit that published it.
WASHINGTON (Reuters) – Community banks from across the United States and some of the country’s biggest retailers are at each other’s throats over whose job it is to protect consumers from the kind of cyber attacks suffered last month by Target and Neiman Marcus.
The National Retail Federation delivered a shot on Tuesday, saying in a letter to U.S. lawmakers that its bank “partners” had failed to adopt new technology and instead continued to issue “fraud-prone” magnetic stripe credit and debit cards.
WASHINGTON (Reuters) – A drive to enact legislation to dismantle Fannie Mae (FNMA.OB: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FMCC.OB: Quote, Profile, Research, Stock Buzz) has stalled after the government-run companies chalked up a string of quarterly profits and groups banking on their survival rallied to their cause.
President Barack Obama and lawmakers from both parties have said they want to wind down the two mortgage finance giants, which own or guarantee 60 percent of all U.S. home loans.
WASHINGTON, Jan 21 (Reuters) – A drive to enact legislation
to dismantle Fannie Mae and Freddie Mac has
stalled after the government-run companies chalked up a string
of quarterly profits and groups banking on their survival
rallied to their cause.
President Barack Obama and lawmakers from both parties have
said they want to wind down the two mortgage finance giants,
which own or guarantee 60 percent of all U.S. home loans.
WASHINGTON (Reuters) – Big U.S. national banks would have to report their risk appetites and boost oversight by their boards under new rules proposed by a U.S. bank regulator on Thursday to help avoid a repeat of the 2007-2009 financial crisis.
The Office of the Comptroller of the Currency (OCC) issued the guidelines as part of its “heightened expectations” program for the biggest U.S. banks.
WASHINGTON (Reuters) – Five U.S. bank regulatory agencies on Tuesday approved a tweak to the Volcker rule that would allow banks to keep interests in certain funds backed by trust-preferred securities.
The change was aimed at easing the concerns of small banks that they needed to dump certain investments they thought would be allowed under the rule, losing money in the process.
NEW YORK/WASHINGTON, Jan 14 (Reuters) – The U.S. Federal
Reserve on Tuesday took a first formal step toward restricting
the role of Wall Street banks in physical commodities markets,
seeking feedback on ways to limit the “catastrophic” risks of
dealing with oil tanks or power plants.
In a 6-0 vote, the Fed board agreed to publish a preliminary
notice laying out its concerns and potential remedies, following
months of growing public and political pressure to check banks’
decade-long expansion into the raw materials supply chain.
NEW YORK/WASHINGTON, Jan 13 (Reuters) – The U.S. Federal
Reserve is set to take its first formal step toward limiting the
role of Wall Street banks in physical commodities markets this
week by issuing a notice to seek public comment on the topic,
sources familiar with the matter said on Monday.
The Fed will publish an “advance notice of proposed
rulemaking” on Tuesday, laying out the issues it is considering,
one day before a second Senate banking committee hearing on the
matter, the sources said.