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 […]
“We’re seeing the first signs of spring in the thaw of credit since the crisis began in August,” said Scott Anderson, senior economist for Wells Fargo Economics. “The April economic data showed a fair amount of economic stabilization, suggesting the slump hasn’t gained much momentum.”
Explosive growth in the number of clients it serves has forced Freedom Financial Services to move its operation into a larger space. President Roy Clennan said the financial planning services business has purchased a 15,500 square foot building at 5455 N. Union, just north of Academy Boulevard.
The economy is pondering a cumbersome recovery. Inflation is looming like lightning on a 14er at noon in July, and investors want to know what to do. Since the recession and financial crisis, many people have realized that investing and the global economy are far more volatile than they were over the past several decades. […]
Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan “helps make the case” for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street. Geithner said that the Federal Reserve, the Securities and Exchange Commission and the Obama administration […]
“Despite the headwinds and shocks we’ve received, the economy has been holding up quite a bit better than most economists expected,” said Scott Anderson, senior economist for Wells Fargo Economics. Notwithstanding “the largest oil price shock since 1979, the worst credit crunch since the early ’90s, and the worst home-price declines since the Great Depression” — we have “good news.”
The Compass Bank Colorado Business Leaders Confidence Index dipped from 55.6 to 47.9 for the fourth quarter of 2007. National economic performance, along with pessimism about hiring and capital expenditures, drove the index to a record low.
Average investors have a “permanent buy-side bias,” said John O’Donnell, chief knowledge officer of Online Trading Academy. Sounds serious, if not terminal — but it can be overcome. “Part of the challenge is to bridge the gap between the public’s perception and reality,” he said. People “always look to buy something of good value — […]
“Rarely do ‘experts’ make the biggest contributions. People who are innovative and not limited by industry norms and preconceived notions are often those who break barriers and forge advances,” said Laura Benjamin, president of Pinehurst Press Ltd.
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.
Certified Financial Planner Bernie Benyak, a tax manager at Stockman, Kast, Ryan and Co., likens investing strategies to buckets that need to be filled. Bucket one should be stocks, bonds and mutual funds — things in a taxable account. Ideally, bucket two is traditional Individual Retirement Accounts, 401(k)s and similar tax-deferred accounts.
Colorado credit unions are hoping that the U.S. Senate will vote this week on a proposal to lift caps on small business loans, which would free up as much as $260 million.