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Wells Fargo to pay $175M in lending settlement

  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

State to assume oversight of advisers

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The burden of regulating mid-size investment advisers will shift from federal to state agencies this year, a time when state budgets have been slashed and resources are limited. The Dodd-Frank financial reform act mandates this regulatory shift for midsize investment advisers, or those who have between $25 million and $100 million in assets under management.… Continue Reading State to assume oversight of advisers

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For a while, it seemed as though regulatory red tape would prevent Central Bancorp from opening a local bank branch. Central already had wealth management, mortgage, title and insurance operations at its downtown office, but had long wanted to add full-service banking to its array of services. Although the Federal Deposit Insurance Corp. wouldn’t authorize… Continue Reading One year later, Central Bank and Trust is on a roll

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In an era when banks are shuttering locations, one local bank is expanding. 5 Star Bank — one of the healthiest of the locally chartered banks — will open a branch on the north end of town the first week in October. Not only is the bank growing, but it’s building the branch from the… Continue Reading 5 Star shining during dark banking time with new branch

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In the midst of negotiations with a landlord for new office space, Lisa Hamilton needed a loan. Four large banks refused to lend her the money without SBA funding — but she didn’t have time for that lengthy process. An optometrist, she owned two Pearle Vision franchises and wanted to open a third location. Hamilton… Continue Reading Small banks hope to capitalize on woes of larger banks

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A day in the life of a typical small business owner can be hectic. Many are so busy running the day-to-day operations of their businesses that the financial aspects of the company are often overlooked. Nonetheless, the bottom line of a business won’t improve by itself. “Most small business owners are really challenged just to… Continue Reading Entrepreneurs not always good financial managers

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Bankers don’t steeple their fingers in glee each time they deny a loan. In fact, bankers are frustrated that they can’t make the loans they want to, said First Commercial Bank Colorado Springs Market President Jack Kerr. That’s a problem bankers will be faced with this year, he said. “Banks in El Paso County and… Continue Reading Bankers will be faced with resolving problem loans in 2010

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Local bankers take a look at the year ahead

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Here’s a look at what economists and bankers foresee for 2010. Equity markets and investing Slowly the economy will improve. But meanwhile, opportunities are already available for investors. “We’re expecting positive gross domestic product growth in 2010 — maybe in the 2.5 percent range,” said Jeff Savage, senior director of investments for Wells Fargo Private… Continue Reading Local bankers take a look at the year ahead

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Small business owners want to know why banks aren’t lending or won’t renew their loans. The era of fast, loose and easy loans seems to have evaporated for the foreseeable future. During a recent Entrepreneurial Corner at BiggsKofford P.C., several bankers talked about why loans cannot always be renewed and what the industry is battling… Continue Reading Bankers try to explain apparent extreme reduction of loan activity

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No cash? Then it’s time to get creative

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“When you wake up in the morning and need some money for your business, you may think you need cash,” said Karl Dakin, CEO of DaVinci Quest LLC. “But you can leverage publicity instead of cash.” Dakin was part of a panel of speakers featured during a Peak Venture Group seminar, “Alternatives for Injecting Cash… Continue Reading No cash? Then it’s time to get creative

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