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General Electric has set aside $1.5 billion to cover potential fines in a Justice Department probe of high-risk mortgages handled by its lending business before the 2008 financial crisis.

“General Electric has set aside $1.5 billion to cover potential fines in a Justice Department probe of high-risk mortgages handled by its lending business before the 2008 financial crisis” writes John Minchillo Associated for washingtonexaminer.com. GE completed the sale of WMC in December 2007, a transaction it said at the time was prompted by “pressures in the U.S. subprime mortgage industry.”. The Boston-based company learned that investigators were looking into GE Capital and its WMC subsidiary in December 2015, and Justice subsequently served the company with subpoenas.Such securities, which enabled…

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China trade body urges tighter corporate compliance after ZTE woes: document

“We can see compliance risk has become a core risk for Chinese firms that join international competition,” the trade body said in the proposal dated April 18″ reports businessinsider.com. The authorities should introduce compliance training measures for government officials and business leaders, the body said.The trade body said top compliance experts, including those working at ZTE’s American suppliers and other multinational companies, had held a discussion this week on the U.S. sanctions to form the CCPIT’s policy proposal.The ZTE case represents a “milestone” and government leaders should urge the company…

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New York governor presses banks, insurers to weigh risk of NRA ties

“NEW YORK (Reuters) – New York Governor Andrew Cuomo on Thursday ramped up pressure on banks and insurers to revisit whether their ties to the National Rifle Association and other gun rights groups harm their reputations and the public interest” writes Midwest Communications Inc for 95kqds.com. The governor directed New York’s Department of Financial Services to urge state-chartered banks and the more than 1,400 insurers it regulates to review whether their ties to the NRA and similar groups sends the “wrong message” to clients and communities. Source: 95kqds.com Share This:

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Wells Fargo is reportedly expected to face a $1 billion settlement with federal regulators as soon as Friday for its auto insurance and mortgage practices.

“In addition to the 2016 fines, Wells Fargo also faced an unusual regulatory crackdown in February, when the Federal Reserve restricted it from growing as a penalty for “widespread consumer abuses.”” writes Ap Photo Paul for washingtonexaminer.com. Since its fake accounts scandal that resulted in $185 million in fines in 2016, Wells Fargo has faced a number of other reports of bad behavior, including that the creation of unwanted accounts was more widespread than was initially thought. Source: washingtonexaminer.com Share This:

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Ikea-owned TaskRabbit hit by apparent data breach

“Acquiring a company doesn’t just mean you’re buying its assets, but also the risk exposure from the target company.”” writes Dan Alaimo for retaildive.com. TaskRabbit has apparently suffered a data breach of unidentified size and scope.While we don’t know what type of cyber due diligence Ikea performed on TaskRabbit, we know it’s an important piece of the M&A puzzle.Cybersecurity risk exposure needs to be at the forefront of all M&A activity. Source: retaildive.com Share This:

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Retired? You may feel young, but your investments should reflect your age

“Suddenly, at age 76, he had a stroke; his wife took care of him for 8 years during which time no one attended to the investment portfolio” writes Melody Juge for marketwatch.com. Risk tolerance is a key factor in successful self-investing and applies in today’s investment environment more than ever, especially for those over age 60. 3.When you are 42 it is not a usual thought to be concerned about who will take over your investment portfolio should you be unable to continue.Timely decision making, as it relates to the…

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Fed’s Quarles: 30-year fixed-rate mortgage ‘probably’ doesn’t need government backstop

“The 30-year fixed-rate mortgage could probably survive without a government guarantee, a senior Federal Reserve official said as Congress contemplates yet another round of housing finance reform” writes Senior Economics Reporter for marketwatch.com. Housing finance should be “as private-sector driven as possible,” he said.Heidi Heitkamp, Democrat for North Dakota, whether a government guarantee was “essential” for “retaining” the 30-year mortgage instruments.The North Dakota Democrat suggested that reform of the market for housing finance would soon become the No.1 focus of the Senate Banking panel.Congress has struggled to reform the housing…

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This app can help determine the risk of diabetes for people in rural India

“A new healthcare app could help people in India determine their risk of developing diabetes” writes Shannon Connellan for mashable.com. In the U.S., rural areas have approximately 68 doctors per 100,000 people.So, this project intends to open up this availability by equipping healthcare workers with technology.Dubbed IMPACT Diabetes, the program will train women in the community health sector to use a new tablet app. Source: mashable.com Share This:

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Could tontines be an alternative to annuities?

“Although, historically, tontines were not used for retirement, the current conversation among economists and finance experts focuses on the potential of tontines to offer longevity insurance for retirees” writes Alicia H for marketwatch.com. Tontines do not provide insurance against this “systemic longevity risk” and instead pass it on to the customer instead.The main consideration is insuring against “longevity risk” — the possibility of outliving one’s savings — without unduly restricting spending. Source: marketwatch.com Share This:

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Phys Ed: To Slash Your Risk of Heart Disease, Keep Moving

“Like heart disease risk, aerobic fitness and muscular strength each can be affected by genetic inheritance, Dr” writes Phys Ed for nytimes.com. The researchers zeroed in on the 482,702 men and women in the study who had had no known heart disease at the start, genetically typing their tissue samples, looking for various snippets of genes known to raise heart disease risk. Source: nytimes.com Share This:

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