FDIC to Offer Weekly Online Consumer Tips

March 9, 2010 By: Federal Deposit Insurance Corporation

FDIC announced it will begin to regularly deliver tips on money management on the agency's Web site and through an e-mail subscription service. "We believe this new service – delivering simple, practical tips on an ongoing basis over the Internet – will make it easier and more convenient for people ...

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New York Fed Begins Work on Reverse Repurchase Structure

March 9, 2010 By: Federal Reserve Bank of New York

The Federal Reserve Bank of New York announced the beginning of a program to expand its counterparties for conducting reverse repurchase agreement transactions. The program would be used to drain reserves beyond what could likely be conducted through the New York Fed’s traditional counterparties, th...

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Bair Discusses Challenges of Underwater Loans

March 8, 2010 By: Federal Deposit Insurance Corporation

While seeing hopeful signs of recovery for the residential real estate market, FDIC Chairman Shelia Bair also pointed out remaining challenges. Speaking before the Multicultural Real Estate and Policy Conference in Washington, D.C., Bair said Moody's economy.com estimated that almost 16 million home...

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FASB Updates Guidance on Embedded Credit Derivative Exceptions

March 8, 2010 By: Financial Accounting Standards Board

The Financial Accounting Standards Board issued an update to answer questions that have arisen about the scope of embedded credit derivative exceptions. FASB said it is clear that the transfer of credit risk that is only in the form of subordination of one financial instrument to another is an embed...

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Federal Regulators Consolidate Due Diligence Ownership Guidance

March 8, 2010 By: Federal financial regulators

Federal financial regulators issued guidance to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships. The document provides guidance on customer due diligence and the enhanced due diligence processes f...

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FATF Targets Countries for Poor Anti-Money Laundering Practices

February 22, 2010 By: Financial Action Task Force

The Financial Action Task Force recently identified countries that have deficiencies in their efforts to stop money laundering and terrorist financing. FATF sets the standards for combating money laundering and terrorist financing on a global level. The eight countries declared to be deficient in th...

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Federal Reserve Hosts Web Site for New Credit Card Rules

February 22, 2010 By: Federal Reserve

The Federal Reserve launched a new interactive Web site to help consumers better understand the new credit card protections that will take effect on Feb. 22. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accoun...

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Obama Funds State Program for Homeowners in Hard Hit Areas

February 22, 2010 By: Funds State Program

President Barack Obama announced plans to spend $1.5 billion to help families in states that have been hardest hit by the housing crisis. The plan calls for providing funds to state housing agencies in states that have suffered an average home price drop of more than 20 percent. The formula for allo...

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FinCEN Reports on Mortgage, Foreclosure Fraud Trends

February 19, 2010 By: Financial Crimes Enforcement Network

The Financial Crimes Enforcement Network released a new analysis of suspicious activity related to possible mortgage loan and foreclosure rescue fraud reported in the third quarter of 2009. FinCEN identified the two most common types of housing fraud. In one typical scam, homeowners were conned into...

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OCC Settles With Capital One Over Credit Card Practices

February 19, 2010 By: Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency reached a $775,000 settlement with Capital One over credit card account closing practices. The practices occurred from 2004 to 2006 and were brought to the attention of OCC by the offices of the California and West Virginia Attorneys General. OCC said th...

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