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Tag Archives: Dodd-Frank

CFPB investigators enlisting help of former managers of All American Check Cashing stores

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By TED CARTER The U.S. Consumer Financial Protection Bureau has extended its investigation of Madison-based All American Check Cashing to include questioning of former managers of the company’s check cashing and payday lending stores. The Bureau had been reported to have sent investigators to Jackson to interview current and former executives of All American Check Cashing. But the Bureau’s interest ...

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New federal rules set for appraisal management companies


By TED CARTER Mississippi legislation that two years ago set new rules for appraisal management companies should largely free appraisal companies in the state from taking on newly enacted compliance standards. Six federal financial regulatory agencies have implemented minimum requirements for state registration and supervision of appraisal management companies (AMCs), an entity that provides appraisal management services to lenders or underwriters ...

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Regions only one of several lenders in trouble over overdraft fees


By TED CARTER  Regions Bank is paying tens of millions in reimbursements and a fine of $7.5 million after its executives ignored a warning two years ago that its overdraft practices could be illegal. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act brought new scrutiny to bank overdraft practices across the country. Until the federal law ordered banks ...

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What next for banks after failed debit fee experiment?

Dead in a near blink of an eye. That’s how history will chronicle the big idea banks had for ginning up revenue through a monthly fee to customers for debit-card transactions. Perhaps you can blame awful timing. Parks in cities across the nation began filling up with protests against Wall Street and the banking system at about the same time ...

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Why businesses are not expanding

By Amy McCullough The Great Recession is technically over, but many Mississippi businesses faced with complying with new regulations regarding banking, healthcare, the environment and labor aren’t feeling much relief. Regulatory uncertainty is the reason many businesses are afraid to expand. Even if access to credit wasn’t restricted due to new banking rules, many business owners say uncertainty over the ...

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Dodd-Frank: Credit risk will stay after sale

If it’s toxic, you’re vested in it. That’s the rule shaping up as part of the Dodd-Frank reform law. The measure mandates that regulators develop rules requiring any securitizer to retain at least 5 percent of the credit risk for any asset that is securitized and sold, transferred, or conveyed to a third party. The FDIC, says Chairman Sheila Bair, ...

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