Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress

first_img The Best Markets For Residential Property Investors 2 days ago Subscribe Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Leaning Into Tax Lien Investing Next: Homeownership May Be More Affordable Than We Thought in Daily Dose, Featured, Government, News Sign up for DS News Daily  Print This Post Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph March 12, 2019 3,789 Views The day began with a pair of important hearings on Tuesday.Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee to address the bank’s progress in providing reparations related to past scandals and how the bank is working to improve its culture and better serve its customers.Meanwhile, the Senate Committee on Banking, Housing and Urban Affairs met in an Executive Session to discuss the CFPB’s activities and plans with Kathleen L. Kraninger, Director, Consumer Financial Protection Bureau as the witness. Wells Fargo’s Sloan Testifies Before House Financial Services CommitteeThe hearing stems back to 2016, when the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), and Los Angeles City Attorney fined Wells Fargo Bank collective penalties of $185 million for opening millions of deposit and credit-card accounts in customers’ names without their consent or knowledge. The CFPB and OCC imposed the bank with civil money penalties and demanded restitution to harmed customers. In the follow-up hearing on Tuesday, Wells Fargo defended its response, claiming the bank has worked toward a change in leadership, culture, and practices. Sloan pointed out that Wells Fargo has created the required ethics training for all team members titled “Change for the Better.” He also added that he “cannot promise perfection,” however, he suggested that the changes implemented will act as a deterrent to further issues.U.S. Representative Maxine Waters asked Slone directly, “You’ve not been able to keep Wells Fargo out of trouble, why should Wells Fargo continue to be the size that it is?” Sloan replied that he believed the bank was serving its 70 million customers very effectively and he reiterated the changes the bank has made since he took over. Further, Sloan said “We’ve made fundamental changes. I can give personal assurance the bank will comply with consent decrees.”The main question that was asked throughout the hearing, is whether or not Wells Fargo is too big, and if the bank should be dissolved to protect consumers from further harm. Sloan insisted that breaking up the big bank doesn’t serve consumers, saying “I think the value that larger banks bring today is that because of our economies of scale, we can invest billions in technologies and innovation and services that our medium-size and smaller competitors can’t,” he said. “There are a number of products and services that we’ve been able to introduce because of our economies of scale.”Sloan also acknowledged the bank had had improperly foreclosed on 500 homes after incorrectly denying mortgage modifications, due to a computer glitch last year. He said that full restitution has been made and that each of the affected customers “recieved $15K compensation,” but did not have an answer when asked about additional harm such as devastating credit scores and other residual damages caused by the error. Addressing the plight of a collective 3.5M customers who were defrauded, Sloan was questioned as to why the bank perceivers customers not worthy of the same justice that was meted out to investors. To which Sloan responded, “We went back 15 years, looked back 165M accounts and we feel we captured all customers harmed, addressed and made things right. They have all been taken care of, restitution has been made. We’ve settled customer suits, and resolved them but we’ve enforced our arbitration rights.” When asked about the accountability of the bank’s lobbyists and their stance on the bill concerning overdrafts, Sloan indicated that he has not spoken to them but he intends to. Ms. Waters ended the session with a promise to reintroduce legislation aimed at holding big banks accountable, which would, among other things, give regulators the authority to break up lenders that abuse consumers.Patrick McHenry, the top Republican on the committee, acknowledged that Mr. Sloan has made some progress, but expressed concern that Fed and the OCC still don’t seem comfortable with measures taken so far.”We don’t know with certainty how many consumers were affected,” Mr. McHenry said. Nor do we know “the full extent of the damage.”Wells Fargo contends that it’s made progress toward turning itself around and that it’s committed to making things right for its customers and earning back the public’s trust.Sloan pointed to the addition of seven new members to the bank’s board over the past two and a half years. “Solving past problems is not enough,” he said. “We are equally committed to preventing new problems from developing.”CFPB Director Testifies Before Senate Banking CommitteeEven as the Wells Fargo hearing was unfolding, the Senate Committee on Banking, Housing and Urban Affairs met in an Executive Session to discuss the CFPB’s activities and plans.In a previous hearing held last week by the House Financial Services Committee titled, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Kraninger stated that the Bureau was “stronger at this time, not weaker” and that it was on the right track. She also defended claims that sufficient efforts were not being made to police predatory lending.As part of CFPB’s Fall 2018 Semiannual Report issued in February that outlined the bureau’s work, Kraninger stated, “‘As I begin my stewardship of the CFPB, I will be moving forward with the agency to make sure the American people have access to the financial products and services that best suit their individual needs, the financial institutions that serve them are competing on a level playing field and the marketplace is innovating in ways that enhance consumer choice.” Prior to this morning’s hearing, U.S. Senator Mike Crapo (R-Idaho), the Committee’s Chairman, said, “During this hearing, I look forward to hearing more about Director Kraninger’s priorities for the CFPB in the upcoming work period; additional legislative or regulatory opportunities to provide widespread access to financial products and services; and steps that could be taken to increase the protection of consumers’ financial and other sensitive information.”He also took note of the positive changes in recent years under new leadership. However, he urged that the CFPB must ensure that the “collection of consumer information is limited, information is retained only as long as is absolutely necessary to fulfill the CFPB’s obligations and that appropriate safeguards are in place to protect it.”“Data privacy is another issue that the Committee will spend significant time on this Congress. Americans are rightly concerned about how their data is collected and used, and how their data is secured and protected by both government agencies and private companies. I have long raised concerns about big data collection by the CFPB, especially with respect to credit card and mortgage information,” Crapo added. Tagged with: CFPB Congress House of Representatives Kathy Kraninger Senate Wells Fargo CFPB Congress House of Representatives Kathy Kraninger Senate Wells Fargo 2019-03-12 Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Demand Propels Home Prices Upward 2 days ago About Author: Stephanie Bacot Servicers Navigate the Post-Pandemic World 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] last_img read more

Reds caravan stopping in Batesville

first_imgBATESVILLE, Ind. — The 2017 Reds Caravan kicks off Thursday (1/26), and will make a stop right here in Batesville.Thursday, around 10:00 AM, visit the Southeastern Indiana YMCA for your chance to ask questions and sign autographs.You’ll have the chance to meet broadcaster Thom Brennaman, Fox Sports Ohio host Jim Day, and Reds catcher Tucker Barnhart.If you can’t make it to the Y, be sure to tune in to listen to the live broadcast around 10:00 AM.last_img

One injured in Sunday afternoon accident

first_imgFRANKLIN COUNTY, Ind. — One person was injured in a two-vehicle accident on Sunday around 12:15 PM in Franklin County.According to the Franklin County Sheriff’s Department, a car being driven by Rhonda S. Moorehous was traveling east on US 52, when the car went left of center, continuing off the north side of the roadway up an embankment.The vehicle then came back into the westbound lane and struck a car being driven by Mildred H. Simmermeyer.Police say Moorehous thought she went unconscious into a seizure.Simmermeyer saw the vehicle coming across the center line but did not have time to react before being struck.Moorehous was transported to the Pac Center in Harrison, Ohio with back and shoulder pain.Police say alcohol and drugs are not a factor in the accident.last_img

Women Football Players of BiH defeated by England with a minimum Result

first_imgThe women national football team of BiH almost made a great sensation, but they were defeated by the favored England with a result of 0:1 in the sixth match of group 7 in qualifications for the European Championships 2016.During the match played in the Training Center of the Football Federation of BiH in Zenica, the attribute of the match hero went to the goalkeeper of the BiH national team Almina Hodžić, who defended 14 shots by the guest players.The English women dominated during the entire match, and in the first half Hodžić had to intervene seven times.Gemma Davison had the best chance in the first half, in the 41st minute, but Hodžić amazingly defended the goal.Domination of the English national team continued in the beginning of the second half, but Hodžić was undefeatable and she saved the BiH net in the 48th minute, when Jill Scott made an attempt, and in the 58th minute, when Hodžić was more successful than Jordan Nobbs.As the match approached the end, pressure by England kept increasing. In the 71st minute, Francesca Kirby, who entered the game four minutes earlier, had an opportunity, but Hodžić defended amazingly once again.Three minutes later, Scott made another attempt, but the BiH goalkeeper was again undefeatable.Guests’ initiative on the field paid off in the 86th minute. Karen Carney kicked the ball, Hodžić defended, but the striker of Birmingham succeeded from the second attempt and scored a goal, causing great celebration among the English women.(Source: klix.ba/ photo bhrt)last_img read more

Mumbai Police use a PUBG red zone reference to remind people to social distance!

first_imgImage Courtesy: Hindustan Times/PUBGAdvertisement jscnNBA Finals | Brooklyn Vs965uWingsuit rodeo📽Sindre E86( IG: @_aubreyfisher @imraino ) 5ufyoz9Would you ever consider trying this?😱abta6Can your students do this? 🌚4icyqRoller skating! Powered by Firework As India observes the nationwide lock down due to the novel Coronavirus pandemic, social media has been the gateway to promote awareness amongst the citizens of the country about the dos and don’ts for preventing any further contamination of COVID-19. From sportspersons to celebrities, and even many govt organisations have taken to different social media platforms to promote the message. However, Mumbai Police have found a very interesting way to remind the people to stay indoors, by making a reference to the famous video game PlayerUnknown’s Battlegrounds!Advertisement Image Courtesy: Hindustan Times/PUBGAs the Coronavirus outbreak has caused major devastation across the globe, staying self isolated in everyone’s own homes is the way to battle out the deadly virus. Mumbai Police made a witty comparison to the current situation in the country to the Red Zone occurrence in PUBG.Like a temporary danger zone, a Red Zone in a PUBG match means the players must find a house or a building to stay indoors and survive, until the zone passes, which sounds very similar to the real-life situation humanity is facing at the moment.Advertisement On Monday, the official Twitter handle of Mumbai Police shared a clip of a PUBG match, where the player is seen indoors in a red zone, as explosions are seen outside. “Every player knows – when in a red zone, always stay at home! #GamingLessons #Safety101 #TakingOnCorona” the clip was captioned with. Check it out below-The tweet soon went viral among the Twitterati for the creativity shown by Mumbai Police, and till now has over 71k views and 4.6 likes. Followers were impressed with the idea of using PUBG for providing ‘gaming lessons’ which are also effective in the real life scenario.Since Maharashtra has become the worst affected state, with the highest number of COVID-19 cases and deaths in the country, this was a clever initiative by Mumbai Police to urge its citizens to remain indoors and avoid going out in the current ‘red zone’.There has been 5,221 confirmed cases reported in Maharashtra, and 251 patients have succumbed to the virus.If you like reading about MMA, make sure you check out MMAIndia.com Also follow India’s biggest arm wrestling tournament at ProPanja.comAlso read-Sports India Exclusive: Jamuna Boro: Mary Kom helps me in my training camps!Call of Duty Mobile C’ship 2020 will have a prize pool of Rs. 7,60,60,500! Advertisementlast_img read more

Ottawa details list of US tariff targets offers up to 2B in

first_imgOTTAWA – The Trudeau government intensified Friday its trade fight with U.S. President Donald Trump, posting an extensive final hit list of $16.6-billion worth of American imports that will be slapped with retaliatory tariffs this weekend.The federal government also released specifics of a financial aid package for industries caught in the crossfire, including up to $2 billion in fresh funding and support for workers in Canada’s steel, aluminum and manufacturing sectors.Ottawa’s unprecedented reprisal against its closest ally comes in response to the Trump administration’s punishing tariffs on Canadian steel and aluminum.It begs the question: what comes next? There are preparations for the possibility of a drawn-out and escalating dispute.Foreign Affairs Minister Chrystia Freeland unveiled the details — including a finished list of the targeted U.S. products — during a news conference at a steel factory in Hamilton.“Canada has no choice but to retaliate with a measured, perfectly reciprocal dollar-for-dollar response — and that is what we are doing,” Freeland said.“They will take effect on July 1 and will remain in place until the United States eliminates its trade-restrictive measures against Canada.”Prime Minister Justin Trudeau apparently reiterated that position to the president himself in a phone call on Friday.A readout of the call released by the prime minister’s office says Trudeau called Trump to express his condolences on a deadly shooting at a newspaper in Maryland this week — but the two leaders also discussed trade.“As he has said in past conversations and in public, the prime minister conveyed that Canada has had no choice but to announce reciprocal countermeasures to the steel and aluminum tariffs that the United States imposed on June 1, 2018,” the readout stated.“The two leaders agreed to stay in close touch on a way forward.”Aside from tariffs on steel and aluminum imports from the U.S., dozens of additional consumer goods will be subject to 10 per cent duties — from ketchup, to lawn mowers, to playing cards.It’s all part of Ottawa’s plan to strike back at the U.S. in response to hefty tariffs on steel and aluminum, 25 per cent and 10 per cent respectively, imposed last month by Trump.Freeland called the legal pretext used by the U.S. to impose the duties — that Canada poses a national security threat — “not only absurd, it’s hurtful.”“We are perfectly within our rights to respond,” said Freeland, who was joined at the announcement by Trudeau cabinet colleagues Patty Hajdu and Navdeep Bains.There are fears, however, that Canadian tariffs — some of which target businesses in states that are important to Trump and his supporters — could lead to fresh trade action from the U.S.Trump himself has already threatened to put tariffs on the automotive sector, which could prove far worse for the Canadian economy than the steel and aluminum duties.Peter Clark, an Ottawa trade consultant, said U.S. automotive tariffs would be a “disaster — pure, unmitigated disaster” for Canada.Freeland, asked whether she feared the U.S. would escalate matters, recalled a public comment she made right before the start of NAFTA negotiations — another tough Canada-U.S. trade file. At the time, she said she told Canadians the federal government expected “moments of drama in this process.”“I think that prediction has been borne out,” she said. “I think all of us, at this point, fully anticipate there will be some moments of drama in the future.”Ohio-based trade lawyer Dan Ujczo said he believes there’s a significant chance Trump will introduce auto tariffs to some degree, although he predicted they could target the European Union rather than Canada.Overall, Ujczo said Canada’s retaliatory tariffs have been baked into the White House’s calculus for months. The situation means it’s now a top priority for stalled NAFTA talks to get moving as soon as possible, he said.The U.S. tariffs, he insisted, are inextricably intertwined with the NAFTA negotiations. And at the end of the day, Ujczo added the Trump administration’s overarching objective of the talks has been to stop Canada and Mexico from being the back door to North America for Chinese goods, like steel.“What we’ve seen over the last six months or so is Canada take measures to stop that,” he said. “But from the U.S. perspective, it took the threat of tariffs to do that, to prod Canada toward that goal.”Last week, U.S. Commerce Secretary Wilbur Ross said the U.S. tariffs against Canada and other allies were designed to force them into action to address the world’s overproduction and overcapacity of steel.Freeland has insisted that Canada introduced stronger safeguards on steel well before the U.S. imposed the tariffs.On this front, Ottawa feels it has more work to do. Bains, the economic development minister, said Friday that the feds are consulting with industry so even more can be done to address the diversion and dumping of aluminum and steel in the Canadian market.The Trudeau government’s decision to stand up to Trump with countermeasures has attracted wide support in Canada. But domestic businesses, particularly those in the steel sector, have expressed deep concerns about any escalation in the trade battle.More broadly, the effects of the trade fight are expected to hurt both economies — putting jobs at risk and potentially raising consumer prices.For example, Clark said as the price of products like steel rise, the increases will move through the system and hit the consumer in the wallet.On support for businesses and workers, Friday’s federal package includes similar measures to those offered by Ottawa last year in response U.S. duties on softwood lumber products from Canada.For the latest dispute, the government intends to help affected workers by doubling the duration of work-sharing agreements under the employment insurance program to 76 weeks from 38 weeks. The aim is to help businesses retain skilled workers and avoid layoffs during any rough patches ahead.Ottawa is also vowing to boost funding for the provinces and territories to increase job and training programs.For companies, Ottawa is promising up to $1.7 billion worth of financing and services for steel and aluminum industries through the Business Development Bank of Canada and Export Development Canada.Through its strategic innovation fund, Ottawa is also offering up to $250 million in support to reinforce the competitiveness of Canadian manufacturers and strengthen the integration of Canada’s steel and aluminum supply chain.Bains said the support is aimed at helping firms adjust to the difficult circumstances while enabling them to continue to innovate along the way.The government also plans to invest $50 million over five years to help firms take full advantage of recent trade agreements, including Canada’s deal with the European Union and its membership in the Trans-Pacific Partnership.— With files from Armina Ligaya in Hamiltonlast_img read more