Release Date: May 13, 2013 For immediate release Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said in instructions to those firms Monday.
Better Business Bureau warns consumers and businesses about vulnerability to scams Better Business Bureau (BBB) is urging all consumers and businesses to pay close attention to a Cyber Security Advisory issued by the Federal Bureau of Investigation regarding a vulnerability in Microsoft’s Internet Explorer 8 browser (IE8) that could allow scammers to access and take over users’ computers. The risk for all users – home, business and government – is high, and BBB is urging anyone with IE8 to follow the recommended steps to address the problem.
Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley
Release Date: May 8, 2013 For immediate release Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday . The payments are being made to correct an error by Rust Consulting, the paying agent, when the original payments were sent last week. As Rust Consulting has announced, approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay. The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks. The Federal Reserve Board became aware of a possible discrepancy on Tuesday and immediately contacted Rust Consulting to assess the problem. The Federal Reserve was advised that on May 3, 2013, Rust sent checks to the affected borrowers–approximately 96,000 of the more than 217,000 Goldman Sachs and Morgan Stanley borrowers who were mailed checks on May 3–that were incorrect. The checks were for amounts that were smaller than the amounts that the Federal Reserve had specifically instructed Rust to send those borrowers. The Federal Reserve directed Rust to distribute the supplemental payments to affected borrowers as soon as possible. The Federal Reserve will continue to closely monitor the payment agreement and Rust’s work in distributing checks under the agreement.
Chicago, IL – May 7, 2013 – Summer break is quickly approaching for high school and college students and many of them will be searching for summer jobs. The Better Business Bureau serving Chicago and Northern Illinois is warning students about job scams that could result in a loss of money and a waste of time.
Federal Reserve Board announces termination of enforcement action with Greer Bancshares Incorporated
Release Date: May 7, 2013 For immediate release The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below: Greer Bancshares Incorporated, Greer, South Carolina Written Agreement dated July 7, 2011 Terminated May 3, 2013 Search of Federal Reserve enforcement actions. For media inquiries, call 202-452-2955.
Chicago , IL – May 2, 2013 – Mother’s Day, Sunday, May 12, is fast approaching. If you are planning on buying a gift, you should make sure to read the “fine print” that can prevent potential misunderstandings as we honor the 85.4 million mothers in the United States, according to the US Census Bureau .
Federal Reserve Board issues enforcement action with the Baraboo Bancorporation, and termination of enforcement actions with Harbor Bankshares Corporation and NorCal Community Bancorp
Release Date: May 2, 2013 For immediate release The Federal Reserve Board on Thursday announced the execution of the following enforcement action: The Baraboo Bancorporation, Inc. (PDF) , Baraboo, Wisconsin Written Agreement dated May 30, 2013 The Federal Reserve Board also announced the termination of the enforcement actions listed below: Harbor Bankshares Corporation, Baltimore, Maryland Written Agreement dated July 22, 2010 Terminated April 26, 2013 NorCal Community Bancorp, Alameda, California Written Agreement dated December 20, 2010 Terminated April 24, 2013 Search of Federal Reserve enforcement actions.
FOR IMMEDIATE RELEASE Three Chicago Nonprofit Leaders Awarded Fellowships at Harvard Business School Chicago, IL – May 1, 2013 The Harvard Business School Club of Chicago and HBSCC Charitable Fund…
Jacobson Assumes Chairmanship of Better Business Bureau Chicago, IL- April 30, 2013 – Carl Jacobson, Director of Asset Management of GE Real Estate, has been named the new Chair of the Better Business Bureau serving Chicago and Northern Illinois (BBB). Jacobson has been a long-serving member of the BBB Board of Directors, most recently as the BBB treasurer.
Payments to Goldman Sachs and Morgan Stanley borrowers covered by foreclosure agreement to begin May 3
Release Date: April 29, 2013 For immediate release Payments to more than 220,000 borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley are scheduled to begin on Friday, May 3 following an agreement announced earlier this year by the Federal Reserve Board. Under the agreement, $247 million will be made in direct payments to borrowers whose homes were at any stage of the foreclosure process in 2009 and 2010 with the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).