Collection Recon

Fed nearing a plan to clarify direction of rates

Posted on 12. Dec, 2011 by Collections Recon.

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WASHINGTON (AP) — The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It’s ready to go further still.

Wells Fargo fined $85 million for subprime loans

Posted on 25. Jul, 2011 by Collections Recon.

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Wells Fargo & Co. has agreed to pay a record $85 million fine to settle Federal Reserve claims that it steered borrowers into costlier loans and falsified data in mortgage applications.

A New Horizon Reports That the Federal Reserve Recognizes Financial Education for Consumers

Posted on 03. May, 2011 by Collections Recon.

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Chairman Bernanke Delivers Statement on Financial Literacy

Fort Lauderdale, Fla. – At a Federal Reserve hearing held April 12, 2011, Chairman Ben Bernanke delivered a statement highlighting the importance of financial literacy and consumer education to a stable economy. He emphasized that informed consumers achieve better outcomes for their own financial health and help to increase market efficiency and innovation. Leading nonprofit credit counseling and debt management organizations, such as A New Horizon Credit Counseling, say they are pleased to see a national effort to increase financial literacy.

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Pacific Mercantile Bancorp Formalizes Regulatory Agreements

Posted on 07. Sep, 2010 by Collections Recon.

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COSTA MESA, Calif., Sep 7, 2010 (GlobeNewswire via COMTEX) — Pacific Mercantile Bancorp today reported that the Company and its wholly-owned banking subsidiary, Pacific Mercantile Bank (the “Bank”), have entered into a Written Agreement with the Federal Reserve Bank of San Francisco (the “FRB”), effective as of August 31, 2010. On that same date the board of directors of the Bank consented to the issuance of a Final Order by the California Department of Financial Institutions (the “DFI”).

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A world without overdraft

Posted on 16. Aug, 2010 by Collections Recon.

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Say goodbye to those nasty surprise overdraft fees.

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Credit-Card Debt: It’s Worse Than It Looks

Posted on 12. Jul, 2010 by Collections Recon.

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Let’s start with the headlines. They sound reassuring. The Federal Reserve said Thursday that Americans slashed their revolving consumer credit—mainly card balances—by about $7.4 billion in May. That’s an annualized rate of 10.5%. And that’s not a one-off. Since the end of 2008, they’ve cut those balances by about $127 billion, or 13%, says the Fed.