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Tag Archives: John Allison

FIGHT GOES ON

Federal regulators have reached an initial settlement with the nation’s largest banks, but the deal will not stop a 50-state coalition of attorneys general from pursuing answers and possible penalties relating to a wave of flawed foreclosures that swept the country last fall, says Iowa Attorney General Tom Miller, leader of the AGs coalition. The settlement does not impose financial ...

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Foreclosure settlement could aid underwater Mississippians

A proposed $20-billion settlement to an investigation of fraudulent mortgage foreclosure practices across the nation could help underwater borrowers in Mississippi hang on to their homes through write downs on principal balances. But the wider price could involve a block to the state bringing further legal action on related foreclosure wrongdoings. Mississippi Attorney General Jim Hood has been part of ...

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Bankers group encouraged by bid to quash debit fees cap

The American Bankers Association says legislation introduced in the Senate last Tuesday gives it hope that banks can avoid a pending cut in the fees they receive from merchants on debit card transactions. The so-called Durbin amendment, named after sponsor Sen. Dick Durbin of Illinois, mandates the Federal Reserve’s Board of Governors put a cap on the fees that can ...

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Payday lending bill could jeopardize smaller lenders

The 28 days the legislation gives borrowers to repay the loan would severely hurt cash flow of small, rural lenders, the payday-loan industry says If Mississippians want payday lenders to go away, state Rep. George Flaggs is giving them a lot of what they want, the lenders say. The Vicksburg Democrat and chair of the House Banking & Finance Committee ...

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House banking panel OKs payday-lending extension

By Ted Carter A 7-year renewal of Mississippi’s payday lending law – including a $100 increase in the amount that can be transacted — received an endorsement Tuesday from the state House’s Banking and Finance Committee. Bill sponsor Rep. George Flaggs, a Vicksburg Democrat and chair of the Banking and Finance Committee, said the bill is set for a floor ...

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More bank lending in 2011? Answer is in bad loan cleanups

Banking Commissioner John Allison says he’s seen signs that may signal turning of corner for Mississippi banking sector Nationally, banks have loosened lending and eased up on an obsession with cleaning up their balance sheets, says Sheila Bair, chairman of the Federal Insurance Deposit Corporation. Some of that change could filter down to Mississippi in the weeks ahead, Banking Commissioner ...

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Survey shows struggle to survive between paychecks

More than 1 in 3 Mississippians took out payday loans or other type high-cost, short-term loans in last five years Mississippi’s legislators faced with having to decide whether to renew a payday lending law in 2012 have a new factor to consider:  More Mississippians than ever are living paycheck-to-paycheck. Unless conventional banks make short-term, low-dollar loans more widely available, Mississippi residents ...

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AG: State not yet clear of fiasco on foreclosure

Numbers elsewhere increase odds state may have messes to clean up from flawed foreclosures Mississippi banking commissioner John Allison says it appears the state’s real estate and banking sectors will be spared troubled caused elsewhere in the nation by the foreclosure fiasco that started early in the fall. But Attorney General Jim Hood says he doubts Mississippi can escape the ...

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Getting an early start

Battle over renewing payday lending law already on the minds of many >> Mississippi’s law regulating short-term loan industry is scheduled to sunset in 2012 if not renewed Mississippi’s legislators can expect their appointment books to begin filling up early in the new year with representatives on both sides of the payday loan issue. Mississippi’s payday lending law, which sets limits on ...

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Cadence cites pressures in failed merger

Sept. 20 deadline apparently was dealbreaker As September moved past its mid-point, Cadence Bank executives saw their choices narrowed to this: Get a buyer deal done right away or feel the heat of federal sanctions for failing to meet a Sept. 19 deadline to significantly raise capital reserves. Cadence faced a two-minute drill with no timeouts left, according to a ...

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