Compliance & Regulation

Seven individuals in the Cleveland area have agreed to plead guilty to bank fraud charges in the 2010 failure of St. Paul Croatian Federal Credit Union and will testify against the main figure in the case, a purported international crime figure.

If anyone thought the GSE 'Buyback Wars' would subside in 2012 all they have to do is read a recent SEC filing from Bank of America, the poster child of repurchase claims. The bank notes that the "criteria by which the GSEs are ultimately willing to resolve claims have changed in ways that are unfavorable to us."

As 2012 begins, the California Department of Real Estate is still warning consumers to be wary of promises for loan modification, mortgage relief and foreclosure rescue scams as fraudsters to continue prey on vulnerable, financially stressed homeowners.

The Financial Crimes Enforcement Network has extended the deadline for financial institutions to adopt the agency's new Currency Transaction Report and Suspicious Activity Report until the end of March 2013.

Patrick Thesing has been named the chief compliance officer for Houston-based Stewart Information Services Corp.

One hallmark of the Dodd-Frank Act was the creation of the Office of Financial Research, an agency dedicated to collecting and sifting data from financial firms to help predict the next crisis.

Americans who are able to buy homes are putting down payments of more than 12% on average, a survey from mortgage lead generator LendingTree LLC found this month.

Numerous tax provisions including the mortgage insurance tax deduction will expire Jan. 1 because Congress did not pass its annual tax extension bill before the lawmakers left town Dec. 23.

A Rhode Island mortgage loan processor with National City Mortgage Co. has pleaded guilty to participating in a straw-borrowing scheme that brought in more than $3.5 million in fraudulently obtained mortgages.

Four federal regulators on Friday announced they would give commenters an additional month to weigh in on sweeping restrictions to banks' proprietary trading vehicles.