On Wednesday, May 11, the Consumer Financial Protection Bureau (CFPB), a federal watchdog agency responsible for consumer protection in the financial services industry, finalized an enforcement action against debt-relief payment processors RAM Payment and Account Management Systems (AMS) as well as AMS’s co-founders, Gregory Winters and Stephen Chaya. The respondents have been accused of illegally collecting debt-relief fees, misleading borrowers about when said fees would be paid to debt-relief companies, sending illegal advance fees to debt-relief companies, and failing to return funds to consumers who cancelled their student loan debt-relief agreements. The CFPB has ordered RAM Payment, AMS, Winters, and Chaya to pay over $11 million in consumer redress and civil money penalties, in addition to banning AMS, Winters, and Chaya from the debt-relief payment processing and account maintenance industry. Key Takeaways The Consumer Financial Protection Bureau (CFPB) has … [Read more...] about CFPB Orders Debt-Relief Payment Processors to Pay Over $11 Total Million Penalty
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US pries into over 100 trader and banker phones in texting probe
Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe
Elon Musk Goes On The Attack After Tesla Cut From S&P ESG Index
Share to Twitter Share to Linkedin Tesla, the world’s leading maker of electric vehicles, has been cut from S&P’s ESG Index created for environmentally conscious investors owing to flaws in its business conduct and, ironically, aspects of the company’s low-carbon strategy. The move inflamed Tesla CEO Elon Musk who called “ ESG is a scam .” S&P removed Tesla from the index early this month as part of a regular rebalancing of companies that prioritize sustainability but didn’t detail the changes until today, with a blog post from Margaret Dorn, head of S&P’s North American ESG Indices. Apple, Microsoft, Amazon and Alphabet were the highest-ranked companies on the list, which assesses companies’ overall environmental impact, sustainability efforts and corporate culture. Curiously, oil giant Exxon Mobil ranked among the index’s top 10 while Tesla scored in the bottom 25%, making it ineligible for inclusion. Tesla “was pushed further down … [Read more...] about Elon Musk Goes On The Attack After Tesla Cut From S&P ESG Index
Second US shooting in 2 days leaves 1 dead and 4 seriously injured in California
A shooting at a church around 70 kilometres outside Los Angeles, California, has left 1 person dead and 4 critically injured. It comes just a day after a man opened fire and gunned down 10 people at a supermarket in New York state. According to media reports, the second US mass shooting in as many days took place at the Geneva Presbyterian Church, when a lone gunman began shooting the congregation at around 1.30pm on Sunday (03.30am Monday morning in Thailand). Jeff Hallock from the Orange County Sheriff’s department says members of the congregation managed to get hold of the shooter, using an extension cable to “hogtie” his legs and confiscating at least 2 of his weapons. “That group of churchgoers displayed what we believe is exceptional heroism, and bravery. They undoubtedly prevented additional injuries and fatalities.” It’s understood most of the congregation are Taiwanese and authorities are still waiting to question up to 40 witnesses. Some media reports have stated … [Read more...] about Second US shooting in 2 days leaves 1 dead and 4 seriously injured in California
Australia PM contender overcame crash, party coup rumblings
AFP Sydney, Australia ● Wed, May 18, 2022 2022-05-18 13:28 0 02c2f042c5018a82e8094ec752599ba1 2 Asia and Pacific Australia,labor,election,Scott-Morrison,Anthony-Albanese,car-crash Free Anthony Albanese, the man narrowly favoured to become Australia's prime minister after May 21 elections, was rushed to hospital last year after a four-wheel-drive slammed into his car. "I thought that was it," he told a local radio station. At the time, his Labor Party trailed behind the conservative government in opinion polls, struggling to cut through during the pandemic. But the near-death experience changed his life, Albanese told media. In its wake, the opposition leader, 59, recovered on all fronts: overcoming serious injury, shrugging off rumblings of a party leadership coup and shedding 18 kilos (40 pounds) -- an image revamp that raised some eyebrows. His suits went from baggy to tailored, his bookish wire-framed glasses switched for "Mad Men"-style … [Read more...] about Australia PM contender overcame crash, party coup rumblings