Daily Archives: June 12, 2014

SAY WHA? CHASE PROGRAM HONORED BY NATIONAL NOTARY ASSOCIATION

The National Notary Association (NNA) has announced JPMorgan Chase & Company as the 2014 recipient of its March Fong Eu Achievement Award. The firm is being honored for launching its One Chase Notary Program, taking on the challenge of standardizing Notary Public procedures throughout the firm nationwide, and implementing Notary best practices across all of its business divisions.

The National Notary Association chose to honor JPMorgan Chase because of its groundbreaking program and its recognition of the vital role trusted notarizations play in building consumer confidence.JPMorgan Chase is the first company to receive the coveted annual award, which for more than three decades has been presented to an individual.

The scope of the One Chase Notary Program is vast: The Company employs more than 24,000 Notaries at thousands of branch locations, offices and service centers in 36 states. The One Chase Notary Program is designed to help the firm’s Notaries uphold state laws — which vary by state — and comply with numerous regulatory and corporate legal requirements. In turn, this ensures a more positive customer service experience, and a higher level of consumer protection.

“We created the right standard for our company across the country by sitting down and looking at how we could be more consistent for both our customers and our colleagues,” said Tracey Gilliam, the JPMorgan Chase associate general counsel who led the program’s design and development.

Rest here…

Which bankster’s CEO earned the most bank in 2013?

For the CEOs of the nation’s largest banks, the financial benefits of their position can be…well, how to put this…spectaculartastic? Stupenderful? Astoundalous? Something like that.

In fact, the financial benefits of being a bank CEO have only gotten better in the last few years, to the tune of a 32% increase from 2009-2013.

So just how good is it to be the CEO of a massive bank? One could say it makes their personal bank accounts too big to fail.

Need proof of that? Here’s the list of the top ten highest paid bank CEOs for 2013.

1. Wells Fargo’s John Stumpf – $19,320,409

2. Capital One’s Richard Fairbank – $18,294,525

3. Citigroup’s Michael Corbat – $17,558,119

4. FirstMerit’s Paul Greig – $16,411,240

5. State Street’s Joseph Hooley – $15,841,234

6. Bank of America’s Brian Moynihan – $13,139,357

7. BB&T’s Kelly King – $11,993,625

8. PacWest’s Matthew Wagner – $11,895,271

9. JPMorgan Chase’s Jamie Dimon – $11,791,833

10. US Bancorp’s Richard Davis – $10,793,663

And how did each of those well-paid gentlemen reach those hefty paychecks. Take a look at the chart below, provided by SNL Financial, who also provided the data. It shows the breakdown of the base salary, bonus, option awards, stock awards, and other forms of compensation that each CEO received.

Read on.

The Insult and And the Obscenity of Cheryl Samons Assignments of Mortgage

Hat tip from Weidner law:

Link

Another Biggest Loser From Cantor’s Stunning Collapse: Boeing

Another Biggest Loser From Cantor’s Stunning Collapse: Boeing

Boeing slid 2.3 percent to $134.10 at the close in New York, the steepest drop since April 10.

Boeing Co. (BA) fell the most in two months as U.S. House Majority Leader Eric Cantor’s defeat in a primary election threatens congressional reauthorization of low-cost lending that benefits the world’s largest planemaker.

Keeping alive the Export-Import Bank will be an “even more high-profile/challenging fight,” Chris Krueger, a senior policy analyst for Guggenheim Securities LLC, said today by e-mail. Boeing was the “biggest loser” besides Cantor in the Virginia Republican’s surprise loss yesterday, Krueger wrote.

Ex-Im arranges financing that helps foreign airlines buy jets, a service that Boeing said last month would support $10 billion of 2014 sales. As Congress debates reauthorization, House Financial Services Committee Chairman Jeb Hensarling of Texas is being promoted as a possible Cantor successor. He has said the U.S. should “exit the Ex-Im.”

Boeing slid 2.3 percent to $134.10 at the close in New York, the steepest drop since April 10. The decline was the biggest among 30 stocks on the Dow Jones Industrial Average and erased a year-to-date gain for the Chicago-based manufacturer.

Stocks in the U.S. and Europe declined after the World Bank cut its global growth forecast to 2.8 percent from 3.2 percent, citing weaker outlooks for the U.S., China and Russia.

John Dern, a Boeing spokesman, declined to comment about yesterday’s election results.

Will John Boehner Be Brought To Tears?

Boehner-cries

 

No really: as Politico reports, “Cantor’s private speech drove Boehner to tears.” If Boehner is sent home packing by his constituents in Ohio in the primary, then it will be time to bring out the waterworks again. It’s frightening that this weeper of the house is number 3 in the line of the Presidency.

 

 

 

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CFPB charges Stonebridge Title Services for RESPA violation

CFPB charges Stonebridge Title Services for RESPA violation

The Consumer Financial Protection Bureau ordered New Jersey-based Stonebridge Title Services to pay $30,000 for paying illegal kickbacks for referrals.

The CFPB charged that the company paid commissions to more than 20 independent salespeople who referred title insurance business to Stonebridge.  

Stonebridge solicited people to provide it with referrals of title insurance business, offering to pay commissions of up to 40% of the title insurance premiums Stonebridge itself received.

In doing so, the company violated Section 8 of the Real Estate Settlement Procedures Act and is required to pay a civil penalty.

Link

House subpoenas two more in CFPB discrimination investigation

House subpoenas two more in CFPB discrimination investigation

(Update 1: Added CFPB’s annual performance report and counter claim on gender discrimination 1:15 p.m. ET.)

(Update 2: Added CFPB spokesperson comment. 2:25 p.m. ET.)

The House Financial Services Oversight and Investigations Subcommittee will subpoena two more whistleblowers who allege they were witness to or victims of discrimination and retaliation at the Consumer Financial Protection Bureau.

CFPB examiner Ali Naraghi and former bureau employee Kevin Williams asked the committee to be subpoenaed in order to protect their interests and guard against further retaliation by the Bureau.

The House has been investigating allegations of discrimination and retaliation at the CFPB for several months, after a story broken in American Banker in March detailed a pattern of personnel problems including evidence that “the CFPB’s own managers have shown distinctly different patterns in how they rate employees of different races.”

The latest round of subpoenas is part of the subcommittee’s ongoing investigation into what a previous CFPB whistleblower testified is “a pervasive culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing.”

CFPB spokesperson Jen Howard replied to news of the subpoenaes.

Link

J.P. Morgan could face cuts in pay, jobs: CFO

J.P. Morgan could face cuts in pay, jobs: CFO

J.P. Morgan Chase & Co. could face pay cuts and job reductions in its investment bank, due in part to revenue pressures and relatively slow trading conditions, the firm’s chief financial officer said Wednesday.

Speaking at an investor conference in New York, J.P. Morgan CFO Marianne Lake said the firm could cut compensation if it continues to face short-term revenue pressures. She didn’t give a time frame, however.

J.P. Morgan determines compensation based on a number of factors, including risk-adjusted returns, performance and competition, she added.

Ms. Lake, who described the revenue pressures as cyclical, also said there is “too much capacity” in the fixed-income area, where bonds and other contracts tied to rates and currencies trade. That could lead to cuts in J.P. Morgan’s business over time, depending on market conditions.

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Judge considers dismissing U.S. fraud case against Bank of America

Judge considers dismissing U.S. fraud case against Bank of America

(Reuters) – A federal judge on Wednesday said he would consider dismissing a U.S. Department of Justice lawsuit accusing Bank of America Corp (BAC.N) of civil fraud in the sale of mortgage securities that soured during the global financial crisis.

While not issuing a formal ruling, U.S. District Judge Max Cogburn said he had concerns and indicated at a hearing in Asheville, North Carolina that he might adopt the recommendation of a federal magistrate judge for a dismissal of the fraud claims tied to the $850 million (506.29 million pounds)sale of securities.

“DOJ may not have the evidence to try this as a fraud case,” Cogburn said.

Link

Goldman, Bain to pay $121 million in LBO collusion settlement

Goldman, Bain to pay $121 million in LBO collusion settlement

(Reuters) – Goldman Sachs Group Inc will pay $67 million and Bain Capital Partners LLC will pay $54 million to settle their portions of a lawsuit accusing several big private equity firms of conspiring not to outbid each other in takeovers.

The preliminary settlement with former shareholders of companies acquired in leveraged buyouts from 2003 to 2007 was disclosed in papers filed on Wednesday in Boston federal court, and requires approval by U.S. District Judge William Young.

Goldman and Bain did not admit wrongdoing in agreeing to settle. Five defendants remain: Blackstone Group, Carlyle Group, KKR & Co, Silver Lake Partners and TPG Capital Management. A trial is set for Nov. 3.

The December 2007 lawsuit, which has shined a light on how Wall Street operates behind the scenes, accused private equity firms of running an “overarching” conspiracy not to outbid, or “jump,” each other after transactions were announced.

Goldman was a defendant because of buyouts involving its private equity arm.