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The Justice Department says Capital One has agreed to pay $12 million to resolve allegations the bank violated special protections in federal law for members of the military. The government says Capital One wrongfully foreclosed on some homes and improperly repossessed some cars. In addition, the government says the bank obtained wrongful court judgments against… Continue Reading Capitol One to pay $12M in case on servicemen

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Small businesses continued to postpone borrowing in 2011, according to a report by the U.S. Small Business Administration. Overall lending and borrowing by financial depository institutions and small businesses was weaker in 2011 than in the previous year, the report said. The availability of credit is paramount to small business health, growth and survival, wrote… Continue Reading Small businesses postponed borrowing in 2011, report says

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  Wells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday.   Wells Fargo, the nation’s largest residential home mortgage originator, allegedly engaged in a pattern or practice of discrimination against qualified African-American and Hispanic… Continue Reading Wells Fargo to pay $175M in lending settlement

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Wells Fargo, Bank of the West and US Bank National are the top Colorado lenders for SBA-backed loans. The Small Business Administration Colorado district office on Tuesday named the top performing lenders, based on the total SBA 7(a) loan approvals and dollar value for the first nine months of FY 2012. In Colorado, the top… Continue Reading Colorado SBA-backed loans on the rise, $269 million approved

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  The Colorado Securities Commission suspended the license of Bottom Line Results, a Woodland Park-based securities and mortgage brokerage firm.   Richard Roop, president of the company, also received a suspended license, according to Fred Joseph, securities commissioner.   The order was based on a summary suspension action initiated by the division staff in May.… Continue Reading Securities Commission suspends license of Woodland Park securities firm

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Even when accounting firms hire them, many women and minorities drop out because of lack of support that prevents accomplishment and advancement, according to a new report by the American Society of Women Accountants. The ASWA 2012 Special Report on Diversity in the Accounting and Finance Fields says that shifting demographics in the U.S. demonstrate… Continue Reading Report: accounting firms need more diverse workforce

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Domestic partners face unique challenges in their retirement planning, including steep upfront costs to create retirement income options that come more easily for married couples. Continue Reading Advisers help domestic partners plan for retirement

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Colorado Springs homeowners with FHA- backed mortgages are catching a break with a new refinance program that aims to help ¬†lower monthly payments. The FHA Streamline Refinance program went into effect Monday and is designed to help homeowners who bought houses roughly between 2005 and May 31, 2009, when interest rates were running at 6… Continue Reading Springs homeowners could benefit from FHA refinancing program

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Pew: Regulate banks’ hidden-fee practices

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Despite changes in banking regulations, it is still risky for Americans to open checking accounts because of hidden fees, according to a Pew report. Overdraft fees cost American consumers $29.5 billion in 2011, said the Pew Safe Checking in the Electronic Age Project. The project recommends that regulatory changes be made by the Consumer Financial… Continue Reading Pew: Regulate banks’ hidden-fee practices

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A top federal regulator says JPMorgan Chase had weak controls in place to contain risk in its investment division that suffered a $2 billion-plus trading loss. U.S. Comptroller of the Currency Thomas Curry is telling a Senate panel that the nation’s largest bank began reducing the amount of hedging it was doing to minimize potential… Continue Reading Regulator: JPMorgan had ‘inadequate’ risk controls

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