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Two Colorado credit unions merge

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Trinity Credit Union of Trinidad and Power Credit Union of Pueblo have merged. The accounts of the new Power Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000 and the new Power Credit Union members should not experience interruption in services. The Colorado Division of Financial Services… Continue Reading Two Colorado credit unions merge

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Morgan Stanley renames wealth management business

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Morgan Stanley said Tuesday that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management. The business manages $1.7 trillion in client assets through a network of 17,000 people in 740 locations. Earlier this month, the company reached a deal with Citigroup Inc. to increase its majority stake in… Continue Reading Morgan Stanley renames wealth management business

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US orders Discover to refund $200M to cardholders

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Discover Bank will pay millions in fees to settle accusations by U.S. regulators that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. Discover, the sixth-biggest U.S. credit card issuer, will pay a $14 million fine and refund $200 million directly to more than 3.5 million customers, federal… Continue Reading US orders Discover to refund $200M to cardholders

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Springs Utilities to offer revenue bonds

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Colorado Springs Utilities will offer $153.3 million in series 2012C bonds to individuals and other investors Sept. 12, according to a press release. The majority of the bonds – about $110.6 million – will be used to refinance outstanding debt at lower interest rates, and the remaining $42.7 million will help finance utility system expansion… Continue Reading Springs Utilities to offer revenue bonds

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t’s not surprising that retired banker Bill Berenz likes to mountain bike. Continue Reading Berenz hits the road after successful banking career

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Bankers are often first to notice when an older adult is being bilked out of savings or retirement money by scammers and swindlers … Continue Reading Quandary: Bankers look for best way to end elder abuse

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SEC urges fuller disclosure for muni market

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  Federal regulators are urging Congress to require fuller disclosure and stricter standards for the $3.7 trillion municipal securities market to help protect investors.   The Securities and Exchange Commission issued a report Tuesday after reviewing the market for bonds and other securities used to finance schools, roads and hospitals around the country.   Despite… Continue Reading SEC urges fuller disclosure for muni market

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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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