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Banking Web sites pose potential compliance risk

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Bank and insurance company Web sites could be getting their organizations some unwanted attention.
Financial services consultant Les Abromovitz told bankers at a conference last month that while Web sites increase a bank’s visibility to potential clients, they also attract the attention of regulators. Continue Reading Banking Web sites pose potential compliance risk

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Ent Federal Credit Union opened the city’s first financial services branch on a college campus on Oct. 2.
The branch at the University of Colorado at Colorado Springs is the 21st service center for Ent, the region’s largest financial institution.
In what has become a trend, a number of banks and credit unions are establishing college campus branches. The school branches are seen as a way to capture future customers. Continue Reading The school bell now tolls for Ent Federal at UCCS

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Sweet music: U2 can avoid higher business taxes

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It’s not uncommon that when taxes become too high, a business moves to a more favorable climate.
And it now appears that the world of rock ’n’ roll has embraced the principal.
Irish rock star Bono and his band U2 recently moved their business empire from Ireland to Holland to avoid paying the new, higher tax rates that target music royalties. Continue Reading Sweet music: U2 can avoid higher business taxes

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Citigroup trader thought she had the Midas touch

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Citigroup Inc., the largest U.S. bank, lost $20 million buying and selling gold and silver in 2002 and 2003, after a trader hid contracts and reported bogus prices, according to a New York Stock Exchange report.
A good portion of those losses can be attributed to Citigroup trader Gail Edmonds. Continue Reading Citigroup trader thought she had the Midas touch

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GlaxoSmithKline settles record-breaking tax bill

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OK, if you thought your last business tax bill was big, consider what drug maker GlaxoSmithKline recently shelled out to the tax man.
This week, GSK paid $3.4 billion to the Internal Revenue Service — the largest tax settlement in the history of the agency.
The settlement stems from a transfer pricing dispute that stretches back to the 1980s. Continue Reading GlaxoSmithKline settles record-breaking tax bill

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U.S. Bancorp wraps up purchase of Vail Bank

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U.S. Bancorp, the nation’s sixth largest financial institution and Colorado’s second largest bank, has completed its $98.6 million acquisition of Vail Banks Inc.
The purchase adds 24 Colorado branch locations in 19 communities to U.S. Bancorp’s operations. Continue Reading U.S. Bancorp wraps up purchase of Vail Bank

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Freedom Financial Serv. opens second location

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Moving day is over for Freedom Financial Services.
The financial services organization has completed its expansion into its second location near Union and Academy boulevards.
Freedom Financial purchased a 15,500 square foot building at 5455 North Union Blvd. Continue Reading Freedom Financial Serv. opens second location

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Mutual fund board rule change nears deadline

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Aug. 28 marks the last day to submit comment about the Securities and Exchange Commission’s proposal for stricter mutual fund rules.
The deadline will likely signify an end to a months-long battle between the SEC, mutual fund trade groups and federal appellate courts about whether the rules are needed.
The SEC would like for 75 percent of a fund’s directors, including the chairman, to be independent and free from ties to the fund’s management. Continue Reading Mutual fund board rule change nears deadline

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For the fifth consecutive year, Rainsberger Wealth Advisors has received national recognition from Bloomberg’s Wealth Manager Magazine as one of the nation’s premier wealth management and consulting firms.
In the July/August issue of the magazine, RWA ranked as the top firm in Colorado Springs and one of top 10 in Colorado. Nationally, it placed 297th. Continue Reading Rainsberger once again on top of Bloomberg list

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Chase cooking things up again with Kitchen

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John H. Kitchen has been named president of the Colorado Springs market for J.P. Morgan Chase.
The announcement comes after former president Wayne Paton left Chase earlier this summer for a job as president of small business and corporate services at Ent Federal Credit Union.
Kitchen was formerly president of private client services for J.P. Morgan Chase. Continue Reading Chase cooking things up again with Kitchen

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