Compliance & Regulation

A California con man has been sentenced to 22 years in prison for two independent fraud schemes targeting the Latino community.

A convicted financial crime felon, whose conviction has been widely reported in the press and which is known to every person working on the NMLS, submits an MU form and applies for a state MLO license.

After two and a half years of failures nearly every Friday, and a pile of about 350 collapsed banks, one former management team of a shuttered thrift has decided to fight back.

The National Credit Union Administration has proposed a new investment rule that eliminates the need to obtain top grades from Wall Street rating agencies, replacing it instead with the judgment of a credit union's management.

The Federal Deposit Insurance Corp. has sent letters to former executives of the failed Washington Mutual Bank, Seattle, warning of possible legal action, according to a report by Dow Jones, quoting a source familiar with the situation.

Federal prosecutors have ended their criminal investigation of former Countrywide Financial chairman and CEO Angelo Mozilo, after deciding that his actions managing the nation's largest lender did not constitute criminal behavior, according to a report in The Los Angeles Times.

The White House may want to pull the plug on Fannie Mae and Freddie Mac, but it plans on keeping the Federal Home Loan Bank System alive, albeit at reduced capacity.

Wells Fargo & Co. on Friday agreed to refund up to $10 million of mortgage fees to eligible military veterans who refinanced their residential loans with the bank or its affiliates.

The Treasury Department has tapped a former Wall Street managing director to be in charge of the research, markets and regulation arm of the new Consumer Financial Protection Bureau.

MERSCORP, the electronic mortgage registry system, said it will propose a rule to stop its member/users from foreclosing in its name.