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Chase Bank Settles for Millions in Jacked Up Minimum Payment Case

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JPMorgan has agreed to pay $100 million to dispose of a suit filed alleging that Chase Bank jacked up the minimum payments due on credit cards, improperly. The $100 million settlement is 45 percent of the $220 million in alleged up-front transactional fees that consumers paid for the promotional balance transfer loans. The suit alleges Chase Bank wanted consumers to ... Read More »

CFPB First Public Enforcement Action Against Capital One for Payment Protection and Credit Monitoring

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The Consumer Financial Protection Bureau (CFPB) announced its first public enforcement action with an order requiring Capital One Bank (U.S.A.), N.A. to refund approximately $140 million to two million customers and pay an additional $25 million penalty. This action results from a CFPB examination that identified deceptive marketing tactics used by Capital One’s vendors to pressure or mislead consumers into ... Read More »

US Bank Stops Bitch Slapping Ohio Unemployed With Overdraft Charge

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Those in Ohio who are receiving unemployment benefits will be getting a bit of a reasonable break come July 18, reports Policy matters Ohio. Seems that until now, the Reliacard prepaid debit cards that are issued by US Bank to deposit benefits on would hit the unemployed with a $17 overdraft charge. But you’ve got to wonder, since it is ... Read More »

Identity Theft Fraud Victims, Here’s Everything You Ever Need to Know to Fix the Mess

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If you are the victim of identity theft the last thing you want to worry about is what to do next. Thanks to the kind folks at the FTC here is a comprehensive guide on what to do if you discover you are a victim of identity theft. This step-by-step guide will make it extremely easy for you to take ... Read More »

Mortgage Company CFO Sentenced to 60 Months in Prison

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Delton de Armas, a former chief financial officer (CFO) of Taylor, Bean & Whitaker Mortgage Corp. (TBW), was sentenced today to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW. De Armas was sentenced June 15, 2012 by U.S. District Judge Leonie M. Brinkema in the Eastern ... Read More »

Former Bank President Sentenced to 6 Years in Club Fed

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Middle District of Florida Robert E. O’Neill today announced that United States District Judge Charlene Edwards Honeywell yesterday sentenced Jerry J. Williams (52, Fort Worth, Texas), former President, Chief Executive Officer, and Chairman of the Board of Directors of Orion ... Read More »

FDIC Takes Over Security Bank, North Lauderdale, Florida

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The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Security Bank National Association, North Lauderdale, Florida. As of March 31, 2012, the bank had approximately $101 million of total assets. The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe ... Read More »

Overdraft Fees On The Rise Warns Cambridge Credit Counseling

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From the kind folks over at Cambridge Credit Counseling comes this warning and advice about overdraft fees. “At one time or another, you may have had the misfortune of over-drafting your bank account. An overdraft occurs when you make a purchase or ATM transaction but don’t have enough money in your bank account to cover it. For a fee, anywhere ... Read More »

Bank President Pleads Guilty to Bank Fraud

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WASHINGTON, DC – The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Eastern District of Louisiana Jim Letten today announced that Reginald R. Harper, age 58, of Hammond, Louisiana, the former president and chief executive officer of First Community Bank of Hammond, La., pleaded guilty yesterday to one count ... Read More »

OCC Appoints Receiver for Fort Lee Federal Savings Bank

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The Office of the Comptroller of the Currency (OCC) yesterday appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Fort Lee Federal Savings Bank, Fort Lee, New Jersey, a federal savings association. As of December 31, 2011, the institution had approximately $51.9 million in total assets. The OCC acted after finding that the institution had experienced substantial dissipation of ... Read More »

OCC Issues Cease and Desist Letter Against Citibank

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The OCC announced it has sent a cease and desist letter to Citibank regarding “identified deficiencies in the Bank’s overall program for Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance” As we all know, banks make mistakes. It just seems that typically it is the consumers that wind up paying for them. The OCC found that the bank’s BSA compliance program had ... Read More »

Mortgage Banker Faces Jail Time While Others Already Sentenced for TBW and Colonial Bank Fraud

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Delton de Armas, a former chief financial officer (CFO) of Taylor, Bean & Whitaker Mortgage Corp. (TBW), pleaded guilty today to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank. The guilty plea was announced March 20, ... Read More »

The Super Duper How to Switch Banks Step-By-Step Guide

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Flexo (aka Flexo) has a new post over on his tremendous site that gives you a set-by-step approach to switching banks. Seems more people are taking steps to vote with their money against bank policies they don’t agree with and beat feet to another bank. As Flexo says: With automated banking, direct deposits, and pre-authorized electronic withdrawals and online bill ... Read More »

Mortgage Settlement With Banks Leaves Consumers Still Looking In the Abandoned Windows

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by Cora Currier ProPublica The Obama administration is billing today’s $25 billion agreement between most states and five banks that engaged in flawed or deceptive practices as a big win for struggling homeowners. Most of the money in the settlement isn’t a penalty, or a fine levied on the banks. Instead, the biggest slice of the settlement will be money ... Read More »

Former Bank President Pleads Guilty to Attempted TARP Theft and Fraud

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Jerry Williams (51), formerly of Naples, Florida, and currently residing in Fort Worth, Texas, pleaded guilty today to conspiracy to commit bank fraud and making false statements to federal regulators. Williams faces a maximum penalty of 15 years in federal prison. A sentencing date has not yet been set. “Williams is another senior bank executive being held criminally responsible for ... Read More »

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