JPMorgan Chase & Co. announced today that it has reached a $13 billion settlement in principle negotiated by the President’s RMBS Working Group of the Financial Fraud Enforcement Task Force. Today’s settlement resolves actual and potential civil claims by the Department of Justice (DoJ), several State Attorneys General (State AGs), the Federal Deposit Insurance Corporation… Keep reading →
finance
JPMorgan Chase Reaches Settlement with the President’s Task Force on Residential Mortgage-Backed Securities
By businesswireJanet Yellen’s comments at her confirmation hearing to become Federal Reserve chairman reverberated beyond the Senate Banking Committee on Thursday, and could influence the planning and decision making of nearly two-thirds of the nation’s CFOs and finance chiefs. Sixty-one percent of senior Chartered Global Management Accountant designation holders surveyed by the American Institute of CPAs said the comments and… Keep reading →
Statement by Steve Case, Chairman and CEO of Revolution LLC, on the Latest SEC Rules on Crowdfunding
By businesswireThe following is a statement by Steve Case, Chairman and CEO of Revolution LLC, on the latest SEC rules on crowdfunding: “I’m pleased that the SEC has taken this step to implement the bipartisan JOBS Act. The rules bring us closer to the day when start-ups can access capital more easily, and small investors can… Keep reading →
New SDCTA Analysis Finds Local School Districts Drastically Underfunding Pension Costs
By businesswireThe San Diego County Taxpayers Association (SDCTA) today released a study that finds contributions to the public retirement system for California’s teachers are continuing to fall short of mandated obligations – by hundreds of millions of dollars – despite a decade of warnings. The California State Teachers Retirement System (CalSTRS) is the 100-year-old Defined Benefit… Keep reading →
IRI MarketPulse Survey Uncovers Impact of Government Shutdown and Debt Ceiling Crisis on Consumers
By businesswireAccording to Information Resources Inc. (IRI)’s Q3 2013 MarketPulse™ survey results released today, 85 percent of American consumers were aware of the looming debt ceiling crisis and of the government shutdown, which is clearly impacting their views of their personal finances, including their approach to grocery shopping. The survey was fielded to consumers between Sept…. Keep reading →
In light of the on-going government shutdown, Kroll Bond Rating Agency (“KBRA”) has reached out to issuers of residential mortgage-backed securities (“RMBS”) transactions to find out how they are handling the inability to execute IRS form 4506-T, Request for Transcript of Tax Return, and what, if any, impact it may have on both origination practices… Keep reading →
Study Says Retailers Have Shared Debit Swipe Fee Savings But Consumers Could Save More if Fed Set Cap Lower
By businesswireThe National Retail Federation welcomed a new study released today that shows retailers have passed along the majority of the savings from debit card swipe fee reform to their customers, and that the resulting increase in consumer spending has boosted job creation across the country. But the study also shows that benefits for consumers and… Keep reading →
Servicemembers Doubt Congress Will Act In Time To Avoid Government Shutdown, First Command Reports
By businesswireThe majority of servicemembers and their families doubt that lawmakers will take appropriate actions to avoid a government shutdown in October or a second round of sequestration in the coming year, according to the First Command Financial Behaviors Index®. The latest survey results reveal that 86 percent of middle-class military families (senior NCOs and commissioned… Keep reading →
JPMorgan Chase reaches settlements with SEC, FCA, OCC and Federal Reserve on CIO trading matter
By businesswireJPMorgan Chase & Co. today announced that it has entered into settlements with the Securities and Exchange Commission, the U.K. Financial Conduct Authority, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency regarding the firm’s Chief Investment Office trading incident and its aftermath. Total penalties in… Keep reading →
The following statement can be attributed to Michael Petricone, senior vice president, government and regulatory affairs, Consumer Electronics Association®, regarding House Judiciary Committee Chairman Goodlatte’s issuance of principles governing collection of sales taxes on products purchased online. “Leaders in both parties recognize that differential tax treatment of online and brick-and-mortar retailers is unjustifiable and unsustainable…. Keep reading →