This week, Richard Cordray handed in his resignation as head of the Consumer Financial Protection Bureau (CFPB). The early resignation comes at a time of increased criticism over current financial regulations and an uncertain outlook for many regulatory bodies. The CFPB especially, has been subject of intense criticism from the…
Uncertain Future for Dodd-Frank Last week, President Trump ordered a review of major banking regulations put in place following the 2008 financial crisis, largely comprising Dodd-Frank regulations. President Trump has made clear that rollbacks are a main objective for these reviews. Though the executive order only calls for a review,…
Reverse Mortgage Companies See Reversal of Fortunes This week, the Consumer Financial Protection Bureau (CFPB) announced charges against three top reverse mortgage companies with false claims and deceptive advertising. These companies lured consumers into reverse mortgage contracts under the claim that they would not stand a chance of losing their…
Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints. The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources…
Insecure Financial Securities Last week, the Financial Industry Regulatory Authority (FINRA) handed out a $650,000 fine to a broker-dealer in the Lincoln Financial Network. The industry watchdog group found that the independent broker-dealer in Lincoln Financial’s network allowed thousands of customers’ data to be exposed to foreign hackers. Similarly FINRA also found…
The Securities and Exchange Commission (SEC) has announced that investors should be on the lookout for fraudulent claims using Forms 4. A Form 4 is filed when investment insiders (officers, directors and anyone holding 10% or more in company securities) execute transactions. A Form 4, which must be filed within…
Risk-taking is a natural part of making financial investments These should be calculated risks, though; risks based on performance projections of whatever is being invested in. Though financial investments should not include those unforeseen or unaccounted for risks like fraud, investors are constantly facing it. In the event that your…
Low Interest Rates Remain The Federal Reserve has decided to leave interest rates alone for the foreseeable future, according to a report from Reuters. Despite the fact that a target rate-hike was announced last December, the Fed has deferred any increases as part of a long-term plan to reignite the…
This is an update to a previously posted article – “Wells Fargo Pays Out $190 in Financial Fraud Claim”. Read the full story here. In the wake of the massive fraud scandal stemming from a sales incentives initiative, Wells Fargo as announced that it is ending the company-wide sales product…
Jordan Belfort may have bestowed the title ‘Wolf of Wall Street’ on himself, but we all know that wolves travel in packs – and it looks like Wall Street is full of them. The Consumer Financial Protection Bureau (CFPB) a financial watch-dog group has recently released a database outlining complaints…