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It’s official: Fed raises interest rate for the second time this year Fourth increase since December 2015

It’s official: Fed raises interest rate for the second time this year Fourth increase since December 2015

June 14, 2017-Brena Swanson-As predicted, the Federal Open Market Committee announced after its June meeting that it is raising the federal funds rate for the second time this year.According to an announcement from the Federal Reserve, the FOMC voted to raise the target range for the federal funds rate by 25 basis points to a range of 1% and 1.25%.The Fed first announced it raised interest rates this year during its March meeting when it increased the federal funds rate ...
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CFPB Director Cordray responds to claims he slowed Wells Fargo investigation Sends letter to Financial Services Committee chair

CFPB Director Cordray responds to claims he slowed Wells Fargo investigation Sends letter to Financial Services Committee chair

June 15, 2017- Brena Swanson-Consumer Financial Protection Bureau Director Richard Cordray decided to set the record straight on the bureau’s involvement and actions in the massive Wells Fargo fake account scandal after House Republicans accused him of slowing down the investigation. To Cordray, the claims on his lack of initiative in the investigation are unfounded and don’t tell the full story.Last September the CFPB, Office of the Comptroller of ...
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CHOICE Act will have a 'catalytic impact'

CHOICE Act will have a 'catalytic impact'

Scotsman Guide New- June 15, 2017- The U.S. House of Representatives last week passed the Republican-backed Financial CHOICE Act along party lines. The bill calls for dismantling much of the regulatory framework created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Attorney H. Rodgin Cohen, senior chairman of the global law firm of Sullivan & Cromwell and a well-known figure on Wall Street, told Scotsman Guide News that significant parts of the CHOICE Act could ...
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Industry reacts: While June rate hike expected, rest of year remains uncertain Four meetings left this year

Industry reacts: While June rate hike expected, rest of year remains uncertain Four meetings left this year

June 14, 2017- Brena Swanson-While Wednesday’s interest rate hike didn’t come as a surprise to the market, the rest of the year doesn’t look as certain, as industry reactions start to pour in on the news.  The common consensus heading into Wednesday’s meeting was that the Fed would raise interest rates, so the impact was already priced into the market.“Recent weak economic data – notably, inflation and consumer spending &ndas...
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Latest Wells Fargo scandal emerges in mortgage department Officials accused of making unauthorized changes to home loans

Latest Wells Fargo scandal emerges in mortgage department Officials accused of making unauthorized changes to home loans

June 15, 2017- Kelsey RamírezThe flames are still burning from Wells Fargo’s fake account scandal last year, where the company opened as many as 2 million credit card and bank accounts without authorization, when now yet another scandal may be coming to light – this time in the mortgage department.The last scandal was so huge that the company even said that it planned to change its employee compensation plan, de-emphasizing the sales goals that led to ...
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Treasury Issues First Recommendations for Regulatory Reform

Treasury Issues First Recommendations for Regulatory Reform

BY: JANN SWANSONJun 14 2017, 11:37AMThe Treasury Department has released the first in what it describes as a series of reports to the President looking at the country's financial regulatory system.  The report, titled A Financial System That Creates Economic Opportunities, was mandated by Executive Order 13772 which instructs the Treasury Secretary to report the extent to which the existing financial regulatory system promote the Administration's "Core Principles...
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Neil Gorsuch writes first opinion as Supreme Court justice

Neil Gorsuch writes first opinion as Supreme Court justice

by Ryan Lovelace | Jun 12, 2017, 10:59 AM Supreme Court Justice Neil Gorsuch's first opinion for the high court Monday decided that a company may collect debts it purchased without violating the Fair Debt Collection Practices Act."Disruptive dinnertime calls, downright deceit, and more besides drew Congress's eye to the debt collection industry," Gorsuch wrote in the high court's unanimous opinion."From that scrutiny emerged the Fair Debt ...
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