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State, IRS partner to curb employment tax fraud

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The Internal Revenue Service and more than two dozen state workforce agencies have agreed to share employment tax examinations results. The agreements, part of the Questionable Employment Tax Practice initiative, will provide a centralized, uniform means for the IRS and state employment officials to ensure that businesses comply with federal and state tax requirements. “Combining… Continue Reading State, IRS partner to curb employment tax fraud

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FDIC approves new banking rule

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The Federal Deposit Insurance Corp. has approved a rule that requires certain large banks to calculate risk-based capital requirements using their own internal parameters to determine credit and operational risk. It is the final rule of the Basel II Capital Accord. Under the new regulation, banks will be able to calculate specific credit risks to… Continue Reading FDIC approves new banking rule

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Wells Fargo names new regional president

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Steve Helbing is the new regional president for Wells Fargo’s Southern Colorado region. He replaces Gene Sullivan who was promoted in August to regional vice president of commercial banking in Colorado and Wyoming. Helbing comes from El Paso, Texas where he was Wells Fargo’s regional president for Border Business Banking and retail stores in Southern… Continue Reading Wells Fargo names new regional president

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The nation’s banking associations have said that Congress should place burdens on non-bank mortgage lenders to prevent another subprime lending crisis — rather than impose greater restrictions on banks.
The American Bankers Association and America’s Community Bankers have urged Congress to require mortgage lenders to place greater emphasis on a borrower’s ability to repay and to hold non-bank mortgage lenders to the same standards as banks. Continue Reading Bank groups urge Congress not to increase restrictions

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Despite subprime mortgage foreclosures and rising debt and interest rates, Americans feel confident in October about their overall financial security, according to a survey released by Country Financial Security Index.
During a random sampling of passersby on Tejon Street last week, the overall mood about personal financial security was positive. Continue Reading Public feeling confident about financial security

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Merrill Lynch reports record loss

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Merrill Lynch & Co. reported the biggest quarterly loss in its 93-year history after $8.4 billion worth of writedowns. The third-quarter loss of $2.24 billion, or $2.82 a share, was about six times higher than the New York-based company estimation on Oct. 5. Merrill Lynch wrote down the value of subprime mortgages, asset-backed bonds and… Continue Reading Merrill Lynch reports record loss

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The most recently tallied retirement savings numbers show Americans’ savings assets totaled $16.6 trillion at the end of the first quarter of this year. The numbers, which come from the Investment Company Institute, also show that retirement savings account for 38 percent of all household financial assets. The news makes March of this year a… Continue Reading Retirement savings watermark set during first quarter

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Today is the 20th anniversary of the largest one-day Dow Jones Industrial Average percentage drop since 1914. After a five-year bull market, the market fell 508 points, or 22.61 percent, on Oct. 19, 1987.
Michael G. Willis, president of Colorado Springs-based Giant 5 Funds, recalled Black Monday and how it altered his investing philosophy. Willis was an undergraduate at the time but had started trading full time. Continue Reading Local mutual fund president looks back at Black Monday

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AMEX card ranks No. 1 for customer satisfaction

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American Express ranks highest among credit card issuers in overall customer satisfaction, according to a J.D. Power and Associates Credit Card Satisfaction study released this week.
The inaugural study measures satisfaction based on benefits and features, rewards, billing and payment process, fees and rates, and problem resolution. Continue Reading AMEX card ranks No. 1 for customer satisfaction

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Department of Treasury officials said last week that they estimate Social Security is speeding toward a $13.6 trillion shortfall, and that the only solutions to the problem are higher taxes or reduced benefits.
The announcement came by way of a brief, Social Security Reform: The Nature of the Problem. Continue Reading Payroll tax pitched to stave off Social Security shortfall

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