Posts Tagged ‘government’

Daylight Saving Time: Facts and Figures

Posted on November 03, 2017 by Laura Lam

Sunday, November 5, 2017, marks the end of Daylight Saving Time – a twice-a-year occurrence that we collectively partake in, changing our clocks forward an hour in the spring and back an hour in the fall. But why do we do this? What purpose does it serve? Is it really for the farmers?  You might be surprised how many misconceptions there are surrounding this longstanding practice. Who came up with changing the clocks?  The idea to change the clocks to save daylight was first proposed by English architect William Willett in 1907 when he published The Waste of Daylight. It is believed that Willett’s idea arose…

Never Forget: Remembering 9/11

Posted on September 11, 2017 by Laura Lam

Most of us still remember it like it was yesterday.  September 9, 2001, a black day that shook the whole world. A massive attack was launched by the Islamist terrorist in US. It is regarded as the worst terror attacks that shook the world.  The attacks resulted into massive destruction and death, it triggered major initiatives by US to combat terrorism a global menace. Today, September 11, 2017, the world will remember the day that changed the life of millions. Here are some facts about the 9/11 attacks that we know. It was September 9, 2001 when 19 hijackers took…

Labor Day 2017: Facts and Figures

Posted on September 04, 2017 by Laura Lam

Today is Labor Day – the holiday will be celebrated by families around the country with picnics, barbecues, road trips, and sports events.  It is the last blast of the summer vacation season.  Labor Day is a federal holiday and most Government offices, schools, and, businesses are closed.  Here are 10 Labor Day Facts. Labor Day in Canada began in 1872 in Toronto but quickly made its way south to the U.S.  Originally it began as a significant demonstration demanding rights for workers. The first U.S. Labor Day was celebrated on Tuesday, September 5, 1882, in New York City, planned by the Central Labor Union. …

Electronic Communications: A Growing Compliance Risk

Posted on June 01, 2017 by Laura Lam

The 7th annual Electronic Communications Compliance Survey from Smarsh reveals that finaical firms are struggling to keep up with the multitude of electronic communications channels.  More than half of respondents (52%) cited text messages as their current No. 1 source of non-email content compliance risk. About 33% of respondents cited social media communications as the greatest compliance risk, and 8% cited instant messaging. The survey also found that almost half of firms have no oversight or retention of text messages.  “Firms need to leverage new and emerging channels to communicate with their customers and stay competitive, but they’re failing to manage the risk,”…

Trump to Replace Top Banking Regulator

Posted on May 02, 2017 by Laura Lam

The Trump administration, looking to make its first major imprint on U.S. banking regulators, is preparing to replace Comptroller of the Currency Thomas Curry as chief overseer of federally chartered banks, according to people familiar with the matter. President Donald Trump could soon replace Curry with an acting head of the agency, who would serve until a new comptroller is confirmed, these people said. The change could happen as soon as this week, they said. A White House spokeswoman declined to comment, as did a spokesman for Curry. The comptroller oversees hundreds of bank supervisors stationed inside large U.S. financial…

Is the Future of the CFPB at Stake?

Posted on November 16, 2016 by Laura Lam

Republican lawmakers and big names on Wall Street have been trying to weaken or abolish the Consumer Financial Protection Bureau since it was created more than five years ago.  Now they might actually have some leverage. President-elect Donald Trump says he would “dismantle” Dodd-Frank, the legislation that gave birth to the federal consumer watchdog. His election, combined with the Republican sweep in Congress, gives leverage to the lawmakers and financial groups looking to rein in the independent agency’s powers. The unfriendly environment in Washington is coming just weeks after the CFPB was dealt another major blow. Last month, a federal appeals court ruled that…

Survey: Election Outcome is Economy’s Big Threat

Posted on October 04, 2016 by Laura Lam

What the majority of Americans fear most about the upcoming presidential election is the election itself — and that might be the scariest part of all.  A new survey by Bankrate.com found that 61% of Americans believe the election’s outcome is the single biggest threat to the U.S. economy, well ahead of such ominous potential threats as terrorism (12%), global economic turmoil (9%), a stock market decline (8%), or an interest-rate hike (5%). “It’s a new administration, regardless of who wins, and that’s part of the anxiety Americans are feeling,” said Greg McBride, Bankrate’s chief financial analyst. The fact that…

CFPB Recovers $14.3 Million for Consumers

Posted on March 18, 2016 by Laura Lam

The Consumer Financial Protection Bureau (CFPB) released its latest supervision report where the exams of banks and non-banks resulted in the remediation of $14.3 million to approximately 228,000 consumers. The report, covering the last months of 2015, found violations in the student loan market, including illegal automatic defaults by student loan servicers and illegal garnishment threats by debt collectors performing services for the Department of Education. Examiners also found instances of international money transfer companies violating the CFPB’s new remittance rule, banks providing inaccurate information to credit reporting companies about customer checking accounts, and debt collectors illegally contacting consumers. CFPB Director Richard…

Never Forget: 9/11 Anniversary Facts & Figures

Posted on September 11, 2015 by Saldutti

Most of us still remember it like it was yesterday.  September 9, 2001 – the dark day that shook the whole world. A massive attack was launched by the Islamist terrorist in US., which resulted in massive destruction and death.  The day also triggered major initiatives by the U.S. to combat terrorism a global menace. Today, September 11, 2015, the world will remember the day that changed the life of millions. Here are some facts about 9/11 attacks that everyone should know. It was September 9, 2001 when 19 hijackers took control of four passenger jets flying above US. 2…

Over 40 Million Modified Mortgages are Underwater

Posted on June 19, 2014 by Saldutti

More than 40% of the 2 million recently modified mortgages facing interest-rate resets are underwater, according to data released Monday by Black Knight Financial Services. By comparison, the firm’s analysis of April mortgage performance showed that the national negative equity rate was 9.4%. “We have seen a continual reduction in the number of underwater borrowers at the national level for some time now, but modified loans show a different picture,” said Kostya Gradushy, manager for loan data and customer analytics. “Given that the data has shown quite clearly that equity—or the lack thereof – is one of the primary drivers…