A fraud scam involving phony warehouse lending is leading mortgage brokers to lose tens of thousands of dollars, according to a California advisory. California regulators issued the warning earlier this month, cautioning mortgage brokers to be on alert for the elaborate scam, where unlicensed fraudulent businesses approach them with offers of warehouse lines of credit.
The Federal Trade Commission is sending refunds to hundreds of borrowers targeted by a law firm’s scam, as it and other regulators continue to process outcomes from a historic enforcement effort. A total of 322 distressed borrowers that a law firm with ties to disbarred attorney Michael Lanier took money from in loan modification scams
Senate Majority Leader Chuck Schumer, D-N.Y.Bloomberg News WASHINGTON — Senate Majority Leader Chuck Schumer said at a virtual campaign event that he believes the Senate could pass crypto legislation before the end of the year. “Passing legislation this year is absolutely possible, even in these divided times,” he said. The event, known as “Crypto4Harris”
Michael Barr, vice chair for supervision at the US Federal Reserve, from left, Todd Harper, chair of the National Credit Union Administration, Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), and Michael Hsu, acting director of the Office of the Comptroller of the Currency, testify in front of Congress.Tierney L. Cross/Bloomberg Federal regulators
With the line between banks and fintechs growing ever blurrier, financial services supervisors ought to consider adjusting regulation to fit the kinds of activity an institution is engaged in, writes James Hilton, of Ludwig Advisors.Jakub Jirsak/jirsak – stock.adobe.com In the corporate world, banks occupy a unique niche. They are hybrid entities — unlike most corporations
U.S. District Judge Daniel Domenico issued a preliminary injunction that prevents Colorado from enforcing its interest rate cap on any out-of-state community bank or fintech members of trade groups that sued to block a 2023 state law.Adobe Stock The state of Colorado has taken a hit in its effort to impose an interest rate cap
The Supreme Court held in a 7-2 ruling Thursday that the Consumer Financial Protection Bureau’s funding structure — whereby their operating costs are paid by the Federal Reserve subject to a cap — complies with the Constitution’s Appropriations Clause, reversing an opinion by the 5th Circuit Court of Appeals.Bloomberg News The Supreme Court ruled on
The Federal Reserve publicized the results of its climate stress test pilot program Thursday and found that the biggest banks could face higher loan defaults on commercial real estate and residential real estate loans as well as loan defaults related to a decarbonizing economy over the coming decades.Bloomberg Creative Photos/Bloomberg Creative WASHINGTON — The largest banks