Daily Archives: November 14, 2016

Facebook ends easy racial discrimination in housing ads

From the NY Times article:

“There are many nondiscriminatory uses of our ethnic affinity solution in these areas, but we have decided that we can best guard against discrimination by suspending these types of ads,” Erin Egan, Facebook’s chief privacy officer, said in a blog post on Friday.

Federman & Sherwood Investigates Banc of California, Inc. for Possible Violations of Federal Securities Laws

OKLAHOMA CITY–(BUSINESS WIRE)–The law firm of Federman & Sherwood has initiated an investigation into Banc of California, Inc. (NYSE: BANC) with respect to possible violations of federal securities laws.

On October 18, 2016, an article published on Seeking Alpha alleged that Banc of California, Inc. (“BANC”) had concealed numerous connections between it and Jason Galanis, who has been convicted of criminal securities fraud, including that: (1) CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and (2) separately, Galanis controlled BANC’s founding shareholder. The Seeking Alpha article also alleged that BANC had used an off-balance sheet lender to make loans to insiders. On this news, shares of BANC fell to close at $11.26 per share on October 18, 2016.

Additionally, BANC stated in its Securities and Exchange filing on November 10, 2016, that it is delaying the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 for the completion of a review into certain purported improper relationships and related party transactions and related matters. BANC further stated the review includes an investigation by independent legal counsel having no prior relationship with BANC or its officers and directors will be investigating as appointed by the Special Committee of Independent Directors, established by the Board of Directors on October 27, 2016.

Read on.

Pam Patenaude reportedly under consideration to serve as Trump’s HUD secretary

Pam Patenaude is currently the president of the J. Ronald Terwilliger Foundationfor Housing America’s Families, but could soon be the next HUD secretary, according toa POLITICO piece.

The piece speculated that Patenaude, a former adviser to Presidents Ronald Reagan and George W. Bush, has emerged as a candidate to lead HUD.

During the George W. Bush administration, she served as HUD assistant secretary for community, planning and development.

Patenaude is also the former director of housing policy at the Bipartisan Policy Center and has more than 25 years of experience in housing, community economic development, real estate and public policy.

Read on.