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Stock Market & Financial Investment News

News Breaks
November 16, 2012
13:56 EDTWFCNY AG says Wells Fargo directive likely violates mortgage settlement
New York Attorney General Eric Schneiderman warned Wells Fargo to reverse a new policy that temporarily suspends review of mortgage relief applications from New York homeowners. Attorney General Schneiderman said he warned Wells Fargo in a letter that its directive to suspend "all home preservation reviews and decisions" across the Northeast "in order to await further instructions from FEMA" likely violates the terms of the National Mortgage Settlement.
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April 7, 2014
19:57 EDTWFCFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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