Release Date: February 9, 2012

For immediate release

The Federal Reserve Board on Thursday announced that it has reached an agreement in principle with five banking organizations regarding the issuance of monetary sanctions against the organizations totaling $766.5 million. The monetary sanctions would be assessed for unsafe and unsound processes and practices in residential mortgage loans servicing and foreclosure processing. These deficiencies were identified by examiners during reviews conducted from November 2010 to January 2011. The deficiencies represented unsafe and unsound practices at these five institutions and corrective measures were required by formal enforcement actions issued against the institutions on April 13, 2011.

The Board will assess monetary sanctions against the parent holding companies of the five largest mortgage servicers supervised by federal banking regulators for failure to appropriately oversee their subsidiaries’ mortgage loan servicing and foreclosure processing operations. Those parent holding companies are Bank of America Corp., Citigroup Inc., Ally Financial, Inc., JPMorgan Chase & Co., and Wells Fargo & Co. The Board will also assess monetary sanctions against the two mortgage servicers owned by JPMorgan Chase and Ally Financial that are subject to the Board’s jurisdiction for the servicers’ failures. Those servicers are GMAC Mortgage, LLC a subsidiary of Ally Financial, Inc., and EMC Mortgage Corporation, a subsidiary of JPMorgan Chase & Co.

The amounts of the monetary sanctions to be levied by the Board against these institutions are as follows:

The amount of the sanctions assessed against each organization takes into account the maximum amount prescribed for unsafe and unsound practices under the applicable statutory limits, the comparative severity of the institutions’ misconduct, and the comparative sizes of the institutions’ foreclosure activities. The executed assessment orders will be released shortly.

In agreeing to issue the more than $766.5 million in monetary sanctions, the Board is acting in conjunction with a comprehensive settlement agreed in principle between the five banking organizations, the state Attorneys General, and the Department of Justice on February 9, 2012 (“Settlement Agreement”). The Settlement Agreement requires these organizations to provide $25 billion in payments and other designated types of monetary assistance and remediation to residential mortgage borrowers. The Settlement Agreement amount includes the Board’s monetary sanctions. In an effort to facilitate a broad settlement of related state and federal claims, and to obtain an agreement that will maximize the effectiveness of assistance provided through an integrated set of remedial programs, the Board decided to participate with federal and state regulatory and law enforcement authorities in a joint settlement.

Under the terms of the Board’s agreement in principle, the banking organizations must pay to the Board for remittance by the Board to the U.S. Treasury the amount of the sanction not expended by the organization within two years in providing borrower assistance or remediation in compliance with the Settlement Agreement (“Borrower Assistance”), or on a program, acceptable to the Federal Reserve, to provide funding for nonprofit housing counseling organizations for counseling to borrowers who are facing default or foreclosure or in connection with borrower remediation set forth in the independent foreclosure reviews required by the April 13 enforcement actions (“Counseling Program”). The Federal Reserve will closely monitor expenditures on Borrower Assistance and the Counseling Program and compliance by the five banking organizations with the requirements of the monetary sanctions issued by the Board.

In 2011, enforcement actions were also issued against another six institutions supervised by the Federal Reserve for unsafe and unsound processes and practices in residential mortgage loan servicing and foreclosure processing. Although the Federal Reserve is not issuing monetary sanctions against those six institutions at this time or against the two thrift holding companies now under the Federal Reserve’s jurisdiction that control mortgage servicing subsidiaries, the Federal Reserve believes that monetary sanctions in those cases are appropriate and plans to announce monetary penalties against them.

The actions issued in April required the banking organizations that have servicing entities regulated by the Federal Reserve to, among other things, submit plans acceptable to the Federal Reserve to correct the many deficiencies in residential mortgage loan servicing and foreclosure processing. Those plans must, among other things, strengthen the coordination of communications with borrowers by providing borrowers the name of the person at the service who is their primary point of contact, establish limits on foreclosures where loan modifications have been approved, establish robust third party vendor controls, strengthen compliance programs, and provide appropriate remediation to borrowers who suffered financial injury as a result of errors by the servicers. In addition, the enforcement actions issued in April required the parent holding companies to submit plans acceptable to the Federal Reserve to improve holding company oversight of residential mortgage loan servicing and foreclosure processing conducted by bank and nonbank subsidiaries. Those plans must, among other things, strengthen board of directors’ oversight over residential mortgage servicing activities, and enhance enterprise-wide risk management, compliance, and internal audit programs.

The corrective plans must be acceptable to the Federal Reserve. We expect to publish the action plans shortly. The Federal Reserve will continue to closely monitor the conduct of the foreclosure review and the institutions’ implementation of the plans, and will take additional enforcement actions as needed.

For media inquiries, call 202-452-2955

Federal Reserve Board announces agreement in principle with five banking organizations regarding the issuance of monetary sanctions | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: February 8, 2012

For immediate release

The Federal Reserve Board on Wednesday announced its approval of the notice by Hana Financial Group Inc., Seoul, Korea, to acquire indirect controlling interests in KEB NY Financial Corp., New York, New York, and KEB LA Financial Corp., Los Angeles, California.

Attached is the Board’s Order relating to this action.

For media inquiries, call 202-452-2955.

Attachment (110 KB PDF)

Federal Reserve Board announces approval of notice by Hana Financial Group Inc. | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

More than 42-percent of the poll respondents visiting the website indicate spending money on their homes as a top priority this coming year.  A desire to “get away” polled high, with 23-percent stating they plan to take a major vacation in 2012. Purchasing a new car was on many respondents’ minds with 15-percent saying this was a top priority this year.

“These buying plans bode well for builders, contractors and home appliance retailers,” said Steve J. Bernas, president and CEO of the Better Business serving Chicago and northern Illinois. “Consumers looking to spend their money wisely for home improvements can obtain a free quote on a variety of services from the Better Business Bureau at www.bbb.org”

The survey also noted 19-percent of respondents are holding off major purchases or home improvements until the economy improves. 

Bernas continues, “Whether consumers are looking to spend money on their homes or a vacation, the BBB suggests they check out our free Business Reviews before putting money down.”

For more consumer tips you can trust, visit www.bbb.org 

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

Home Is Where the Money Goes Shows Better Business Bureau Consumer Survey | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: February 7, 2012

For immediate release

The Federal Reserve Board on Tuesday announced the execution of the following enforcement actions:

Ambank Holdings, Inc. (PDF), Davenport, Iowa
Written Agreement dated February 2, 2012

Brogan Bankshares, Inc. (PDF), Kaukauna, Wisconsin
Written Agreement dated February 2, 2012

CoastalSouth Bancshares, Inc. (PDF), Hilton Head, South Carolina
Written Agreement dated February 2, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board issues enforcement actions with Ambank Holdings, Brogan Bankshares, and CoastalSouth Bancshares | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

CHICAGO, IL – February 2, 2012 – Distressed consumers, worried about paying bills or buying food for their families, are turning to payday loans for fast cash. While many borrowers believe they can pay off the loans quickly, the Better Business Bureau serving Chicago and northern Illinois (BBB) warns payday loans may have long-lasting and devastating effects.

“Consumers should be extremely cautious when considering loans either from an online business or a neighborhood loan office,” said Steve J. Bernas, President & CEO of the Better Business Bureau serving Chicago and northern Illinois. “Payday loans can trap borrowers in a revolving door of debt that can be difficult to escape. When borrowers discover their loan repayments leave them unable to meet their bills, they are forced to take out additional payday loans.”

The BBB offers these tips for consumers considering taking out a payday loan:

• See if your bank or credit union offers short term loans.
• Contact your creditors or loan Service Company as quickly as possible if you are having trouble with payments. Ask if you can have more time.
• Use a credit card for emergencies. Shop for the credit offer with the lowest cost. Compare the APR and the finance charge, which includes loan fees, interest and other credit costs. Find out if you can delay paying a bill which has no interest charges, and make payment arrangements with the company. 
• If you do take out a payday loan, read the agreement thoroughly and make sure you understand it. Know exactly when the loan payment is due, how the money will be collected and how much your payments will total.

For more consumer tips you can trust from your BBB, visit www.bbb.org  

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

Better Business Bureau Advice: Avoid Payday Loans | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency

For immediate release

January 31, 2012

Four federal financial regulatory agencies on Tuesday issued supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties.

The agencies issued the guidance to reiterate policy and to remind regulated financial institutions to monitor all credit quality indicators relevant to credit portfolios, including junior liens. Examples of junior liens include second mortgages and home equity lines of credit taken out by mortgage borrowers.

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency reiterate key concepts included in generally accepted accounting principles and existing ALLL supervisory guidance related to the ALLL and loss estimation practices. Regulators also remind institutions to follow appropriate risk-management principles in managing junior lien loans and lines of credit.

Media Contacts:
Federal Reserve Board	Barbara Hagenbaugh	(202) 452-2955
FDIC	David Barr	(202) 898-6992
NCUA	John Zimmerman	(703) 518-6336
OCC	Dean DeBuck	(202) 874-5770

Attachment (201 KB PDF)

Last update: January 31, 2012

Agencies issue guidance on junior lien loan loss allowances | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

CHICAGO, IL – January 31, 2012 – Valentine’s Day means big bucks for florists. It is a bigger holiday than Mothers Day, Easter, and Christmas; making it their busiest day of the year. The Better Business Bureau serving Chicago and northern Illinois (BBB) cautions those looking to send flowers for their special someone to be careful when selecting a florist.

Complaints about Florists increased 47 percent in 2011 compared to 2010. Last year 588 individuals filed complaints; in 2010 that number was 398 according to the Better Business Bureau serving Chicago and northern Illinois.

“When buying flowers consumers should be especially careful when making the purchase online or over the phone,” said Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and northern Illinois. “Consumers need to review the description of the floral arrangement or any other gift purchased online or in conversation with the florist or sales person.”

Pay careful attention to the options offered such as size of arrangement, color of flowers, color of vase, delivery in a box or vase, and inclusion of an enclosure or gift card. Note that all the options mentioned may not be available on all sites or may involve additional charges. While you think you’re ordering from a local florist, you may actually be on the phone with someone hundreds or thousands of miles away.

“Another important point is to make sure that your order is clear and detailed. Review the guarantee on the site or with the salesperson. This will help alleviate your concerns about quality or delivery,” states Bernas.

The BBB offers the following advice for safe and successful shopping for Valentine’s Day:

• Do your homework. Before ordering flowers, chocolates or any other gifts for Valentine’s Day check out the company’s Business Review at www.bbb.org in order to help prevent disappointment with the product or customer service.

• Allow time for shipping. Check with the retailer or check the web site to make sure that you have allowed enough time for delivery by your specified date. Make sure that this date is specified clearly and guaranteed when you order.

• Be wary of any email received from an unknown sender. Do not open any unsolicited email and do not click on any links provided. Fake e-cards coming from scammers/hackers may send you an infected card or send you to a link where you are could compromise your computer’s safety.

For more information on shopping with companies you can trust, visit www.bbb.org

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

Better Business Bureau Warns: This Valentine’s Day Express Yourself with Care- Complaints Against Florists Up 47% | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 31, 2012

For immediate release

The Federal Reserve Board on Tuesday announced the execution of the following enforcement actions:

Bank of Bartlett (PDF), Bartlett, Tennessee
Prompt Corrective Action Directive dated January 30, 2012

Capitol City Bancshares, Inc. (PDF), Atlanta, Georgia
Written Agreement dated January 25, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board issues enforcement actions with Bank of Bartlett and Capitol City Bancshares, Inc. | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

CHICAGO, IL – January 26, 2012- Each New Year millions of people crowd into gyms armed with willpower and personal goals toward healthier, more active lifestyles. While it’s exciting to gear up towards a goal, it’s also important to treat this decision like any other major purchase. If you’re pledging to lose some pounds this year by joining a gym, the Better Business Bureau (BBB) provides ten questions to ask before signing on the dotted line.

Will my membership renew automatically? Many times people who joined a gym didn’t realize that their contract would renew automatically and that they would have to take specific steps to cancel their contract. 

How can I get out of my contract? Getting out of a gym contract isn’t always as easy as getting into one, so make sure you understand what steps you would need to take to cancel your membership.

What happens if I move? Gyms have any number of different policies when it comes to how moving will affect your membership. It might depend on how far away you’re moving and if they have other locations nearby.

What happens if the gym goes out of business? Ask the gym to explain what will happen to your money if they suddenly close down.
 
Five questions to ask yourself when looking at potential gyms/health clubs:

What are my fitness goals?Determining your fitness goals in advance will help you select a facility that is most appropriate for you. If you have a serious health condition, consult with a medical professional when setting your fitness goals.

Is this location convenient?If the gym is across town, you’ll be less likely to work out. Choose a fitness club that is convenient to work or home so the location is not a deterrent to getting exercise.

Can I really afford this every month? Monthly gym fees add up and, after any introductory periods are over, the price could jump higher than your budget can handle. Do the math before you join and make sure you can afford a gym membership.

Am I feeling pressured to join? Do not give in to high-pressure sales tactics to join right away. A reputable gym will give you enough time to read the contract thoroughly, tour the facilities, and make an informed decision.

Did I get everything in writing? Read the contract carefully and make sure that all verbal promises made by the salesperson are in writing.  What matters is the document you sign, so don’t just take a salesperson’s word for it.

For more advice from BBB on how to be a savvy consumer all year long, visit www.bbb.org

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reviews on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

The Better Business Bureau Advises: Lose Weight Not Money | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 26, 2012

For immediate release

The Federal Reserve Board announced on Thursday that Chairman Ben S. Bernanke will deliver a series of lectures aimed at college students. Beginning on March 20, he will lead four classes on “The Federal Reserve and its Role in Today’s Economy” as part of a course offered to undergraduates at the George Washington University School of Business. The class will feature a variety of speakers who will discuss central banking. Chairman Bernanke’s lectures are scheduled for March 20, 22, 27 and 29 and will begin at 12:45 pm EDT. 

Online viewing will be available to the public at www.ustream.tv/channel/federalreserve . After the lectures, the Board will post transcripts and video recordings at www.federalreserve.gov. 

For media inquiries, call 202-452-2955.

Federal Reserve Chairman to deliver lecture series to college students | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 25, 2012

For release at 2:00 p.m. EST

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table and charts summarizing the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the January 24-25 meeting of the Committee.

The table will be incorporated into a summary of economic projections released with the minutes of the January 24-25 meeting. Summaries of economic projections are released on an approximately quarterly schedule.
 
Attachment (PDF)

For media inquiries, call 202-452-2955.

Federal Reserve Board and Federal Open Market Committee release economic projections from the January 24-25 FOMC meeting | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 25, 2012

For release at 2:00 p.m. EST

Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary policy strategy. The Committee intends to reaffirm these principles and to make adjustments as appropriate at its annual organizational meeting each January.

The FOMC is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society.

Inflation, employment, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Moreover, monetary policy actions tend to influence economic activity and prices with a lag. Therefore, the Committee’s policy decisions reflect its longer-run goals, its medium-term outlook, and its assessments of the balance of risks, including risks to the financial system that could impede the attainment of the Committee’s goals.

The inflation rate over the longer run is primarily determined by monetary policy, and hence the Committee has the ability to specify a longer-run goal for inflation. The Committee judges that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory mandate. Communicating this inflation goal clearly to the public helps keep longer-term inflation expectations firmly anchored, thereby fostering price stability and moderate long-term interest rates and enhancing the Committee’s ability to promote maximum employment in the face of significant economic disturbances.

The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market. These factors may change over time and may not be directly measurable. Consequently, it would not be appropriate to specify a fixed goal for employment; rather, the Committee’s policy decisions must be informed by assessments of the maximum level of employment, recognizing that such assessments are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments. Information about Committee participants’ estimates of the longer-run normal rates of output growth and unemployment is published four times per year in the FOMC’s Summary of Economic Projections. For example, in the most recent projections, FOMC participants’ estimates of the longer-run normal rate of unemployment had a central tendency of 5.2 percent to 6.0 percent, roughly unchanged from last January but substantially higher than the corresponding interval several years earlier.

In setting monetary policy, the Committee seeks to mitigate deviations of inflation from its longer-run goal and deviations of employment from the Committee’s assessments of its maximum level. These objectives are generally complementary.  However, under circumstances in which the Committee judges that the objectives are not complementary, it follows a balanced approach in promoting them, taking into account the magnitude of the deviations and the potentially different time horizons over which employment and inflation are projected to return to levels judged consistent with its mandate.

Federal Reserve issues FOMC statement of longer-run goals and policy strategy | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 25, 2012

For immediate release

Information received since the Federal Open Market Committee met in December suggests that the economy has been expanding moderately, notwithstanding some slowing in global growth. While indicators point to some further improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment has slowed, and the housing sector remains depressed. Inflation has been subdued in recent months, and longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects economic growth over coming quarters to be modest and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that over coming quarters, inflation will run at levels at or below those consistent with the Committee’s dual mandate.

To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy.  In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.

The Committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in a context of price stability.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen.  Voting against the action was Jeffrey M. Lacker, who preferred to omit the description of the time period over which economic conditions are likely to warrant exceptionally low levels of the federal funds rate.

Federal Reserve issues FOMC statement | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

CHICAGO, IL-January 24, 2012 – Inquiries for Business Reviews to the Better Business Bureau serving Chicago and northern Illinois (BBB) jumped by over 16-percent in 2011, a sign consumers are taking the initiative to investigate companies before doing business with them.  

“We are very pleased the BBB has become a greater resource for consumers who are following our advice to check out free BBB Business Reviews before signing a contract or making a purchase,” says Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and Northern Illinois. “If consumers would consistently do this simple first step, there would be fewer upset and dissatisfied shoppers.”

The total number of inquiries fielded by the BBB in 2011 was 4,482,760, a marked increased over the 3,853,476 in 2010. Visits to the BBB website, www.bbb.org/chicago, increased by 40-percent.

“The reason for the inquiry increases,” explained Bernas, “is the intensive education campaign the BBB has sponsored through its use of billboards, radio, print, online advertising and public events.”

Complaints to the Better Business Bureau serving Chicago and Northern Illinois dropped by nearly 5,000 in 2011 compared to the 55,528 handled in 2010.

The top 10 types of businesses receiving complaints for northern Illinois in 2011 were: Department Stores, Financial Services, Insurance Companies, Auto Repair & Services, New Car Auto Dealers, Airlines, Collection Agencies, Retail Florists, Used Car Auto Dealers, and Restaurants. 

Consumers seeking Free BBB Business Reviews can visit our website at www.bbb.org

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

Educated Consumers Result in Fewer Complaints Says the Better Business Bureau | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 20, 2012

For immediate release

The Federal Reserve on Friday released blank templates showing the format of the two charts it will use on January 25 to report Federal Open Market Committee (FOMC) participants’ projections of the appropriate target federal funds rate. It also released a draft of an explanatory note that will accompany the projections.

The first chart, which will have shaded bars when released on January 25, will show FOMC participants’ projections for the timing of the initial increase in the target federal funds rate. The second chart, which will have dots representing policymakers’ individual projections when released on January 25, will show participants’ views of the appropriate path of the federal funds rate over the next several years and in the longer run.

For media inquiries, call 202-452-2955.

Attachment (89 KB PDF)

Federal Reserve releases templates for reporting FOMC participants’ projections of the appropriate target federal funds rate | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

CHICAGO, IL- January 19, 2012 - Reacting to a natural disaster or emergency not only means ensuring the immediate safety of employees, but also planning how the business will continue to function in the aftermath. Even if your business is not located in an area that is a likely target for a natural disaster, you need to be prepared for the unexpected with a comprehensive business continuation plan.

Creating a disaster plan for your business is a great way to start the New Year. Business that have a continuity plan in place – and use it during and after disaster strikes – typically experience less damage, loss and downtime than businesses without a plan.

“If your company lacks an emergency plan, an emergency can turn into a business catastrophe,” said Steve J. Bernas, President & CEO of the Better Business Bureau serving Chicago and northern Illinois. “But a solid emergency plan can give you a lot of peace of mind and a greater sense of security.”

After you’ve made plans to ensure the safety of your employees, the BBB offers the following advice to help keep your business operating and meeting your customers’ needs:

Don’t be caught off guard. Consider the different types of disasters—fire, flood, tornado, etc.—that can occur and how your business would respond differently to being displaced for a week, a month, or longer.

Know your surroundings. Determine alternate locations for your business to operate if you are displaced from your current building. This could mean enabling employees to work from home.

Prepare your staff. Identify essential staff who are core to the operations of the business and keep a list of their contact numbers (home, work, cell) and e-mail addresses that can be accessed by employees from several locations (home, Internet, etc.).

Communicate, communicate, communicate. Devise an emergency communications plan that outlines how your business will be in contact with employees, customers, vendors and other key external contacts in the days following a disaster. Contact vendors and suppliers to confirm their emergency response plan procedures. Be prepared to use alternate vendors for essential supplies and equipment. Have your back-up equipment kept in good working condition.

Have an up-to-date inventory of your assets. Review your insurance policies to ensure that you have adequate coverage for items you cannot afford to lose. A standard policy may not cover business interruption losses.

Store your documents safely and efficiently. Keep duplicates of personnel, payroll, payables and receivables and other essential records at an off-site location. Regularly make back-up copies of important computer files.

Establish a succession of management for the company. Determine who will manage the company if key leaders are unavailable.

For more business tips you can trust, visit www.bbb.org

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reviews on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

Better Business Bureau Advises Having a Disaster Plan for Your Business | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 19, 2012

For immediate release

The Federal Reserve Board on Thursday announced the execution of the following enforcement action:

Tennessee Central Bancshares, Inc. (PDF), Parsons, Tennessee
Written Agreement dated January 12, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board issues enforcement action with Tennessee Central Bancshares | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

According to a Better Business Bureau Survey, Shoppers Pick ‘Customer Service’ as Most Important Consideration When Buying

CHICAGO, IL-January 17, 2012 – While price and product selection were factors in the recent Holiday shopping season, customer service showed itself to be the most important element for shoppers according to a post-Christmas poll by the Better Business Bureau.

In the 10 days following the holiday, More than half (51%) of visitors to the BBB website picked customer service over price (33%), product selection (11%) and location (5%) as the key concern in making purchasing decisions.

“These results show that consumers continue to place a very high value on customer service,” said Steve Bernas, president and CEO of the Better Business Bureau of Chicago and northern Illinois. “Price and product selection were significantly lower in consumers’ interest than how the business relates to its customers.” 

The BBB president noted that while price usually is usually highlighted in advertising and promotions, stores may be missing what is truly important to the consumer if they do not make the buying experience pleasing to the customer. 

“Most store owners will admit that while price may pull customers into the store initially, it is the customer service and experience in the store that makes them into a repeat customer,” Bernas explained. “And repeat customers are what every business wants.” 

For more consumer advice, visit www.bbb.org

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As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reviews on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.

According to a Better Business Bureau Survey, Shoppers Pick ‘Customer Service’ as Most Important Consideration When Buying | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: January 17, 2012

For immediate release

The Federal Reserve Board on Tuesday announced the execution of the following enforcement action:

Southwest Florida Community Bancorp, Inc. (PDF), Fort Myers, Florida

Written Agreement dated January 10, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board issues enforcement action with Southwest Florida Community Bancorp, Inc. | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Steve Bernas and Lisa Madigan Criticize

Abusive, Illegal Debt Collection Practices

Steve Bernas, president and CEO of your Better Business Bureau, participated in a news conference today (Wednesday, January 11) called by Illinois Attorney General Lisa Madigan announcing the attorney general’s Top 10 list of consumer complaints for 2011. In particular, Madigan detailed complaints about abusive and illegal debt collection practices. To combat this trend, Madigan announced action against a Chicago-area debt collector. Bernas detailed complaints to the BBB against the debt collector. He also described action consumers can take to help avoid debt collection issues, and how to complain about abusive debt collection practices. 

The official press release from Attorney General Lisa Madigan’s office follows.

MADIGAN: 2011 CONSUMER COMPLAINTS SHOW DEBT COLLECTORS USING ILLEGAL, ABUSIVE TACTICS

Chicago – Attorney General Lisa Madigan today released her list of the top 10 consumer complaints for 2011, revealing that consumer debt was the upmost concern among Illinoisans.

For the fourth consecutive year, consumer debt complaints in 2011 ranked No. 1 on the Attorney General’s annual top 10 list of complaints. Of the nearly 5,900 debt-related complaints, more than 1,100 were filed against debt collectors who illegally threatened and harassed consumers. Madigan said the complaints and calls to her office demonstrate the extent to which consumers are struggling to pay off debt and are being targeted by abusive, aggressive debt collectors. Abusive debt collection is a growing problem nationally, Madigan noted, with the Federal Trade Commission reporting in 2010 its top complaint was abusive debt-collection practices.

As part of today’s announcement, the Attorney General took action against a Skokie-based debt collector, PN Financial Inc., filing suit in Cook County Circuit Court. Madigan said PN Financial emerged last year as one of the most egregious cases of illegal debt collection during her tenure as Attorney General. “As this difficult economy persists, honest, hard-working families are increasingly targets for debt collectors that operate outside the law,” Madigan said. “Though consumers may be struggling under the weight of debt, they still have the right to be protected against illegal harassment and fraud.”

Madigan’s lawsuit against PN Financial and owner, Nelson Macwan, of Skokie, alleges numerous violations of state and federal laws that protect Illinois consumers from off-limits debt collection tactics. Madigan alleged PN Financial acted illegally by:

• Revealing information about debts to people other than the consumer, including employers or family members;
• Fronting as a law firm and intimidating consumers with fake court case numbers on letters sent to consumers to falsely represent they had been sued for failure to pay a debt;
• Debiting more money from consumers’ bank accounts than consumers authorized, causing some to incur overdraft fees; and
• Accessing consumers’ credit reports without authorization to intimidate them to pay alleged debts.

Additionally, Madigan said in some instances PN Financial attempted to collect debts it was not authorized to collect. As a result, some consumers paid PN Financial, without realizing they didn’t owe any outstanding balances to the collection company, and reported losing at least $9,000. PN Financial also contacted other consumers over debts that had already been paid off.

Fifty-two consumers have filed complaints with Madigan’s office against PN Financial. The Chicago Better Business Bureau has received 82 complaints against the company.

“The BBB has received numerous complaints from consumers who allege a troubling trend in the debt collection industry,” said Steve Bernas, Better Business Bureau of Chicago president and CEO. “According to these consumers, certain debt collection companies are attempting to collect debts that these consumers don’t owe or have previously paid off. We support the efforts of Illinois Attorney General Lisa Madigan to protect consumers. Currently, PN Financial Inc., against which Attorney General Madigan filed suit today, has the BBB’s lowest rating-an ‘F’.”

Madigan’s lawsuit seeks to shut down PN Financial, permanently bar it from debt collection in Illinois, provide restitution to affected consumers and assess an array of civil penalties.

In addition to consumer debt, Madigan said other categories that topped her list of complaints involved identity theft and home repair. In 2011, more than 200,000 consumers contacted Madigan’s office for assistance and a total of 24,516 formal complaints were filed.

The Top 10 consumer complaints for 2011:

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