Wells Fargo & Co. WFC, -0.26% cheated a number of their foreign-currency exchange business customers by overcharging them, according to a Wall Street Journal report late Monday. According to the Journal, an internal review found that out of about 300 fee agreements, only 35 companies ended up paying what they were originally told the price was. Foreign-exchange employees received bonuses …
Month: November 2017
WHITE HOUSE MEMO JUSTIFYING CFPB TAKEOVER WAS WRITTEN BY PAYDAY LENDER ATTORNEY
THE LAWYER WHO wrote the Office of Legal Counsel memo supporting the Trump administration’s viewpoint that the president can appoint Mick Mulvaney as acting director of the Consumer Financial Protection Bureau represented a payday lender in front of the CFPB last year. Steven A. Engel wrote the memo for OLC, which has been criticized by academics for seeking a conclusion and working …
Trump Conflict Of Interest: CFPB Pick Mulvaney Linked To Lobbyist For Bank Facing Possible CFPB Sanctions
Trump is trying to install former lawmaker and White House budget director Mick Mulvaney to head the CFPB, after the resignation of its former chief, Obama appointee Richard Cordray. Federal recordsshow Mulvaney’s longtime staffer is Natalee Binkholder, who left Mulvaney’s office to work as a top lobbyist for Santander – a major bank. The records show Binkholder …
Richard Cordray’s last act as CFPB head
On the eve of his departure Cordray sent letters to the heads of financial CEOs, urging banks to give their clients more control over their own finances. “I urge you to think creatively about how you can put more control directly in the hands of your customers. This will help them as they worry about …
Trump administration considering El-Erian for Fed vice chair role – source
The White House is considering Allianz Chief Economic Advisor Mohamed El-Erian for the vice chair role in the Federal Reserve, CNBC reported. A source familiar with the discussions told the news outlet that the search process is in its initial stages and that an announcement is not likely within 2017. CNBC said El-Erian offers a …
More Questions Circle Wilbur Ross’ Ethics As Congress Ethics Watchdog, GAO, Investigation Requested
The U.S. Congress’ primary ethics watchdog, the Government Accountability Office (GAO), has been asked to investigate whether Commerce Secretary Wilbur Ross’ offshore investments could have created conflicts of interest, following revelations from the Paradise Papers. Democratic Senators Cory Booker (D-NJ) and Richard Blumenthal (D-CT), who earlier joined four other senators in asking the Department of Commerce Inspector …
HSBC to pay $352m to settle tax evasion charges in France
HSBC Holding PLC agreed Tuesday to pay $352 million to settle charges that it helped wealthy clients of its private Swiss bank evade taxes in France. The investigation that resulted in the settlement was based on data found by French authorities in 2009 when they searched the home of Herve Falciani, a former IT employee of …
Marketing to Millennials
It’s a strategy many originators are currently grappling with – and one of growing importance given how much influence they have on the housing market – so here are some tips on reaching this large buying cohort “Millennial homebuyers shop a bit differently than GenXers or other groups of the past. Social media, for whatever …
Hensarling: Cordray’s resignation was ‘long overdue’
The announcement that the director of the Consumer Financial Protection Bureau was resigning came as welcome news to one powerful Republican. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, said Cordray’s resignation was “long overdue.” Hensarling has long been a vocal critic of the CFPB and its director, Richard Cordray, who announced …
Realtor.com site isn’t headed the way of busted coffee machines just yet
Despite earlier reports, it looks like realtor.com isn’t pulling its ads from a top-rated Fox News program. Multiple companies have pulled their advertising from the top-rated Hannity in the wake of Sean Hannity’s on-air comments about Roy Moore, the Alabama senatorial candidate and former state supreme court chief justice accused of sexually assaulting teenage girls …