U.S. Government News

New York Branch of the United Bank for Africa: FinCEN and OCC Assess Civil Money Penalties

Mon, 28 Apr 2008 13:04:35 PST

The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $15 million, against the New York Branch of United Bank for Africa, PLC ("the Branch") for violations of the Bank Secrecy Act (BSA). The Branch, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $15 million to the U.S. Department of the Treasury.

Mortgage Fraud Report: FICEN releases Updated Report

Wed, 23 Apr 2008 08:03:45 PST

The Financial Crimes Enforcement Network (FinCEN) today released an update to its November 2006 mortgage loan fraud assessment, which is based upon analysis of suspicious activity reports (SARs) provided by the financial industry. The previous study examined a statistical sample of SARs reporting mortgage fraud filed between April 1996 and March 2006. This updated study continues the analysis for reports filed through March 2007.

Bankruptcy Filings Rebound in Calendar Year 2007

Thu, 17 Apr 2008 12:12:43 PST

Bankruptcy filings in the federal courts rose 38 percent in calendar year 2007, according to data released today by the Administrative Office of the U.S. Courts. The number of bankruptcies filed in the twelve-month period ending December 31, 2007, totaled 850,912, up from 617,660 bankruptcies filed in calendar year 2006. Filings rebounded from a 70 percent drop in calendar year 2006, which was the first full 12-month period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect.

Phony Investment Solicitations: SEC Launches New Offense to Alert Investors

Thu, 17 Apr 2008 09:29:11 PST

The Securities and Exchange Commission today announced the launch of its latest offensive targeting online boiler rooms, cold calls, and other potentially fraudulent financial solicitations circulating to unsuspecting investors. Such solicitations often use phony claims of SEC registration, false U.S. addresses, or endorsements from make-believe government agencies or international organizations to make their investment opportunities appear more credible. Some also falsely claim to be affiliated with established brokerage firms.

Money Smart for Young Adults

Tue, 15 Apr 2008 08:11:51 PST

The FDIC’s Money Smart for Young Adults curriculum helps youth ages 12-20 learn the basics of handling their money and finances, including how to create positive relationships with financial institutions. Equipping young people in their formative years with the basics of financial education can give them the knowledge, skills, and confidence they need to manage their finances once they enter the real world.

The 2008 CONSUMER ACTION HANDBOOK is Now Available for Download

Wed, 02 Apr 2008 10:39:23 PST

You work hard for your money, so it’s important to get the most out of it. Where can you turn to make informed major purchases? Do you know where to go when you have a consumer problem? To help answer both these questions, the Federal Citizen Information Center has published the free.

Student Loans Availability: Shays Expresses Concerns

Sat, 22 Mar 2008 08:22:00 PST

Congressman Christopher Shays (CT-4) wrote today to Treasury Secretary Henry Paulson and Education Secretary Margaret Spellings expressing his concern about the availability of student loans in the Federal Family Education Loan Program (FFELP). Shays called on Secretaries Paulson and Spellings to use their authority to ensure uninterrupted access to higher education and guarantee students are not denied access to higher education.

Investor Workshop Fraud: SEC Charges TV Infomercial Personalities in Investor Workshop Fraud

Tue, 11 Mar 2008 20:48:09 PST

The Securities and Exchange Commission today filed civil fraud charges against two promoters who illegally made millions selling a get-rich-quick stock trading system they touted on TV and at investor workshops at hotels in dozens of cities nationwide.

The Federal Reserve on Friday announced two initiatives to address heightened liquidity pressures in term funding markets.

Fri, 07 Mar 2008 14:25:23 PST

First, the amounts outstanding in the Term Auction Facility (TAF) will be increased to $100 billion. The auctions on March 10 and March 24 each will be increased to $50 billion--an increase of $20 billion from the amounts that were announced for these auctions on February 29.

Free Credit Report? Make Sure You're Getting The Real Thing

Mon, 03 Mar 2008 21:59:23 PST

If the thought of identity theft scares you like it does me, or you're looking to make a major purchase and you need to check your credit rating, those ads for companies that promise you "free credit reports" may have caught your attention. Truth is, you don't need those guys. You can get a copy of your credit report for free, all by yourself .

SEC Charges Six Defendants in Multi-Million Dollar Securities Fraud Targeting the Filipino Community, Church Members, and Military Personnel

Wed, 27 Feb 2008 14:06:08 PST

The Securities and Exchange Commission ("Commission") on Wednesday, February 27, 2008, filed civil securities fraud charges stemming from a $10 million securities fraud that victimized over 75 investors from several affinity groups, including the Southern California Filipino community, fellow church members, and military personnel.

Preventing Foreclosure: Consumer Workshops on Preventing Foreclosures

Wed, 27 Feb 2008 12:19:00 PST

The State and Consumer Services Agency and Business, Transportation and Housing Agencies are pleased to present a series of Consumer Workshops Focusing on Preventing Foreclosures. Credit counselors, loan servicers and lenders will offer on-site assistance and information on available options with your mortgage.

Most Bankruptcy Courts Offer Mediation

Sat, 23 Feb 2008 16:59:03 PST

The beauty of mediation is that it can give those involved in a bankruptcy case a good feeling about the legal system," Bankruptcy Judge Barry Russell (C.D. Cal.) said. "If you can help resolve your own dispute, you feel much better about the process and are much more likely to live up to the promises you make

A To-Do List for Fine-Tuning Your Finances

Wed, 20 Feb 2008 21:11:08 PST

Any time is a good time to prioritize your financial goals and begin taking steps to achieve them. Here are suggestions to consider for your financial to-do list.

Buying or Financing a New Car

Mon, 11 Feb 2008 22:21:54 PST

In the market for a new car but don’t know where to start? Don’t worry, your friends from the Federal Trade Commission and the Federal Citizen Information Center can help.

Building Your Financial House: The I.I.I.’s Free, Personal Finance Software Makes Keeping Track of Your Finances Easier than Ever

Fri, 25 Jan 2008 11:27:58 PST

What would happen if you became ill and couldn’t make financial decisions to safeguard your family? Or if your family were unable to find vital records after your death? Have you done all you can to reduce your debt while saving for the future? The Insurance Information Institute’s (I.I.I.) free, downloadable personal finance software can help you put your financial house in order.

Online Marketers of Prepaid Debit Cards to Subprime Consumers Will Pay More Than $2.2 Million to Settle FTC Charges

Fri, 25 Jan 2008 11:21:17 PST

An operation marketing Visa- and MasterCard-branded prepaid debit cards to subprime consumers has agreed to settle Federal Trade Commission charges that it made unauthorized debits from consumers’ bank accounts and engaged in deceptive marketing practices. The settlement requires the defendants to pay $2,258,258 for consumer redress, plus the proceeds from the sale of an automobile. In addition, one of the defendants, Dale Paul Cleveland, must pay taxing authorities an additional $667,288

U.S. Treasury to Launch Prepaid Cards for Unbanked Social Security, SSI Benefit Recipients

Fri, 04 Jan 2008 08:43:34 PST

The U.S. Department of the Treasury's Financial Management Service (FMS) has designated Comerica Bank as its financial agent in a new initiative to give millions of unbanked Americans the option of using a prepaid debit card for receiving Social Security and other federal benefit payments. The "Direct Express®" card provides a safer and more convenient alternative to paper checks. Comerica Bank was selected, in part, because of its experience as a prepaid card issuer for millions of benefit recipients, particularly for state government programs.

Bankruptcy Help: New Web Page Helps Pro Se Bankruptcy Filers

Sat, 22 Dec 2007 20:03:52 PST

Filing a bankruptcy case pro se-without the assistance of an attorney-is not for the faint of heart. "Before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a pro se debtor could successfully navigate filing a Chapter 7 bankruptcy

The Federal Reserve Bank of San Francisco Announces 2008 Board of Directors

Thu, 13 Dec 2007 09:29:57 PST

San Francisco, December 13, 2007 – Two new members join the Federal Reserve Bank of San Francisco's board of directors, William D. Jones, president and CEO of San Diego-based CityLink Investment Corporation, and Daniel P. Myers, president and CEO of Bridge Bank, N.A., located in San Jose, California, were both elected for three-year terms beginning January 1, 2008