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Tag Archives: U.S. Securities & Exchange Commission

Cordray Faces Senate Committee for Nomination Hearing

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), sat once again on Tuesday in front of the Senate Banking Committee, this time to present his case to continue leading the consumer agency. While some had expected a contentious round of questioning from Republicans critical of CFPB in its current form, the proceedings were generally cordial, with Cordray and commitee members agreeing to work together to maximize transparency and accountability at the bureau.

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JPMorgan Reports Record Profit for Third Straight Year

According to its quarterly filing, JPMorgan took in $5.7 billion in net income during 2012's final quarter, up 53 percent from the same quarter in 2011. Revenue for the quarter was $24.4 billion, up 10 percent compared with the prior year. Much of that profit came on the bank of JPMorgan's strengthened mortgage business. The bank's mortgage banking division reported originations of $51.2 billion in Q4, up 33 percent year-over-year and 8 percent quarter-over-quarter.

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SEC Chairman to Step Down in December

After serving as chairman of the Securities and Exchange Commission (SEC) for nearly four years, Mary L. Schapiro announced Monday she will step down on December 14. Schapiro was appointed as chairman by President Obama in January 2009 and was sworn in by the end of the month after receiving unanimous confirmation from the Senate.

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JPMorgan Announces Settlement with SEC over Disclosures

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns. According to the filing, JPMorgan "has reached an agreement in principle" with the staff of the SEC to resolve claims under investigation. The SEC notified JPMorgan in January that it was considering pursuing claims after an examination of JPMorgan's and Bear Stearns' practices.

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Trulia Goes Live With Public Offering

Trulia announced Friday that it filed an initial public offering, with major banks and financial institutions lining up behind the move. The real estate website opened up shares of common stock by filing registration papers with the Securities and Exchange Commission.

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SEC Charges Stick for Former Fannie Mae CEO

A former Fannie Mae executive now finds himself facing charges from the SEC of misleading investors about the GSE's loans. According to a complaint filed in the United States District Court for the Southern District of New York, ex-CEO Dan Mudd, along with two other defendants, allegedly misled investors into thinking the company had far less exposure risky loans than it actually had. SEC accuses Mudd, Enrico Dallavecchia, and Thomas Lund of creating ├â┬ó├óÔÇÜ┬¼├àÔÇ£materially false and misleading statements regarding Fannie Mae's exposure to subprime and Alt-A loans├â┬ó├óÔÇÜ┬¼├é┬Ø between 2006 and 2008.

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Georgia Bank Closes as Authorities Search for Missing Banker

A Georgia bank closed Friday, with state authorities appointing the FDIC as receiver. The banker, accused of embezzling millions from the shuttered institution, remains missing after a two-week absence. Montgomery Bank & Trust, located in Alley, Georgia, closed its doors Friday, reopening as part of Ameris Bank. Ameris entered a purchase agreement with the FDIC to assume all of Montgomery Bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós deposits and about $12.4 million of its assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô mainly cash and cash equivalents, according to the FDIC.

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