IN BRIEF: California regulator hires ex-Consumer Reports atty to lead new innovation office reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
2 Min Read
The California flag flies above City Hall in Santa Monica, California February 6, 2009. REUTERS/Lucy Nicholson (UNITED STATES)
(Reuters) - California’s financial regulator has tapped an attorney with a background in consumer protection to lead a new office aimed at fostering responsible innovation in fintech.
The California Department of Financial Protection and Innovation said Monday that Christina Tetreault, who most recently served as manager of financial policy for Consumer Reports, would lead its Office of Financial Technology and Innovation.
The new office was mandated by a law that took effect in January. The law expanded the DFPI’s authority to oversee fintech companies, debt collectors and other previously unregulated businesses.
Legal CFPB defends broad investigation into auto title lender
Jody Godoy
3 minute read
Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly
The Consumer Financial Protection Bureau has denied TMX Finance LLCâs bid to end an investigation into the auto title lenderâs business practices, rejecting the companyâs claim that it was unlawfully broad.
The CFPB demanded documents from the company in February for an investigation into potentially illegal lending, loan servicing and debt collection practices by consumer-lending companies or title-loan companies, according to the decision.
Message :
Required fields
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Navient Corporation (NasdaqGS: NAVI).
Throughout 2017 and 2018, several civil lawsuits were filed against the Company by Attorneys General from Illinois, Pennsylvania, Washington, California and Mississippi and the U.S. Consumer Financial Protection Bureau (“CFPB”) and for violations of state and/or federal consumer protection laws, based on allegations of widespread acts of misconduct detrimental to borrowers of the loans it services. The Company has also received separate CIDs or subpoenas from the Attorneys General for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana on similar grounds. In October 2020, the New Jersey Attorney General also filed suit against the Company for violation of New Jersey consumer protection laws, allegin
FBN Holdings Plc (FBN) has about 1,201,447 individual shareholders. What does the average shareholder make of the sack of the entire board of FBN Ltd and FBN Holdings Plc? What does the Central Bank of Nigeria (CBN) communicate with these actions?
The issue at stake here is
Credit Risk. FBN identified credit risk as the “single largest risk for the group.” Credit risk is essentially the possibility that a customer of the bank will borrow cash from the bank, promising to repay at an agreed interest rate, and then default on that promise.
The Genesis
The CBN Governor’s statement says that in 2016, the CBN conducted an audit of FBN and found out the institution was in “grave financial condition” with inadequate capital and loans given to the internal customer who had not paid back those loans.