Home » Tag Archives: banking

Tag Archives: banking

Settlement shuts down payday lender, cuts fine nearly in half

By TED CARTER All American Check Cashing owner Michael Gray has settled with state banking regulators after years of failed legal appeals over charges his dozens of payday lending stores used illegal loan rollovers to trap borrowers in a cycle of debt. In exchange for Gray dropping further appeals of a license revocation order and civil penalties from the Mississippi ...

Read More »

Judge lets state agency shut down Mississippi payday lender

A judge says Mississippi regulators can shut down one of the state’s largest payday lenders, prompting an appeal. Hinds County Chancery Judge Dewayne Thomas had temporarily blocked penalties against All American Check Cashing by state banking regulators. But he ruled Tuesday that he wouldn’t reinstate All American’s licenses to cash checks or make small loans while the company fights the ...

Read More »

MBA foundation promotes education, scholarships

By BECKY GILLETTE   About five years ago the Mississippi Bankers Association decided it would be beneficial to establish a 501(c)(3) non-profit organization to fund consumer education and scholarships in the state. To date, due to the generosity of bankers in the state, the MBA Education Foundation has raised nearly $280,000, said Mac Deaver, president of the MBA. “At the ...

Read More »

Payday lender pins hopes on Chancery Court to avoid store closings, $1.58 million fine

Banking commissioner rules All American Check Cashing did thousands of illegal loan rollovers By TED CARTER A Hinds County chancery judge on May 12 gave Mississippi payday lender All American Check Cashing a brief reprieve from a state Department of Banking and Consumer Finance shutdown order for its 75 stores, a $1.58 million fine and a demand to pay refunds ...

Read More »

BILL CRAWFORD: Are state leaders ready for big cuts in federal funds?

Topnotch finance experts assess risks and plan for downturns as diligently as they evaluate and promote upside opportunities.    Mississippi’s economy has become more reliant than ever on federal funds. Should President Donald Trump and conservative leaders succeed in their plans to slash federal spending, the risks to our state economy would be substantial, if we aren’t ready. So, do our ...

Read More »

Mississippi, other states order mortgage firm to cease and desist

  By JACK WEATHERLY Mississippi and more than 20 other states have issued cease and desist orders against Ocwen Loan Servicing, LLC, the nation’s second-largest nonbank mortgage firm, which the federal Consumer Financial Protection Bureau contends in a separate legal filing is guilty of “years of widespread errors, shortcuts and runarounds” that have cost some borrowers money and others their ...

Read More »

UPDATE: S&P latest to hit Mississippi with negative credit outlook

  By TED CARTER It could have been worse. That’s the assessment Mississippi State Treasurer Lynn Fitch made after a Standard & Poor’s credit outlook downgrade to negative for Mississippi’s general obligation bond debt. Mississippi’s gets to keep its AA rating from S&P Global Ratings, but the ratings agency doesn’t see a fiscal turnaround ahead for the state any time soon. ...

Read More »

Louisiana bank failure is costliest since financial crisis

Regulators on Friday seized New Orleans-based First NBC Bank in the costliest bank failure since the financial crisis, with cleanup costs estimated at $1 billion . The Louisiana Office of Financial Institutions handed the bank to the Federal Deposit Insurance Corp. in the fourth failure of a federally insured bank this year. Hancock Holding Co. of Gulfport, Mississippi, bought $1.6 billion in ...

Read More »

Healthy profits push stocks higher yet; Nasdaq crosses 6,000

Profits are climbing for companies, and so are their stock prices. More big businesses joined the earnings parade Tuesday, saying their profits were even larger in the first three months of the year than analysts were expecting, including Caterpillar and McDonald’s. The encouraging reports pushed U.S. indexes to their second straight day of big gains, placing them either close to ...

Read More »

US stocks follow global markets higher after French election

U.S. stocks joined a worldwide rally Monday morning after election results in France over the weekend raised expectations that the European Union and euro currency will remain intact. A candidate seen as pro-business won the most votes in Sunday’s vote, and many investors expect him to win a runoff election against the remaining anti-EU candidate, which is set for May ...

Read More »