Current Industry News
Herring Wins $50 Million in Penalties and Debt Relief for Retired Veterans
RICHMOND (November 15, 2018) – Attorney General Mark R. Herring today announced that he has secured more than $50 million in debt relief and ordered civil penalties as a result of his lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner, Scott Kohn (collectively, “FIP”) for making illegal, high-interest loans to more than 1,000 Virginia veterans and retirees in violation of the Virginia Consumer Protection Act.
Wells Fargo plans 1,000 U.S. job cuts
(Reuters) – Wells Fargo & Co said on Thursday it notified about 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups of plans to eliminate their positions. The layoffs are consistent with the bank’s previously announced plans to reduce headcount by up to 10 percent by 2020, spokesman Tom Goyda said. Wells Fargo, the No. 4 U.S. bank by assets, had about 262,000 employees as of Sept. 30.
Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair
Rep. Maxine Waters pledged Wednesday that Trump administration efforts to roll back banking reforms won’t stand when the new Congress convenes. The California Democrat is expected to take over as chair of the House Financial Services Committee. “Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end,” Waters said during a hearing with Randal Quarles, the Fed’s vice chair of banking supervision.
Location Services, LLC Pays DRN $325,000 After Federal Court Rules in DRN’s Favor
FORT WORTH, Texas, Nov. 15, 2018 /PRNewswire/ — Digital Recognition Network (DRN), an AI and data analytics company that provides vehicle location data and analytics to auto lenders, insurance carriers and other commercial verticals, today announced that Location Services, LLC has paid the company $325,000 on behalf of itself and DigitalDog Auto Recovery to settle all remaining issues in a lawsuit originally brought to contest the validity of a one-year non-competition provision in DRN’s contract with DigitalDog, which runs through May 11, 2019.