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Financial Regulation

Business
Capital One Kept $2B In Savings Account Interest From Banking Customers, CFPB Suit Says Capital One Kept $2B In Savings Account Interest From Banking Customers, CFPB Suit Says
Capital One Kept $2B In Savings Account Interest From Banking Customers, Cfpb Suit Says The federal government is suing Captial One, accusing the banking giant of deceiving consumers and withholding more than $2 billion in interest payments on savings accounts. The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One and its parent company, the agency said in a news release on Tuesday, Jan. 14. The CFPB accused Capital One of marketing its "360 Savings" accounts as offering some of the nation's highest interest rates but froze those rates while competitors' rates climbed. Simultaneously, the bank introduced a nearly identical product, "360 …

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by Chris Spiker
Police & Fire
Broker From Livingston Stole $270K From Elderly Couple Broker From Livingston Stole $270K From Elderly Couple
Broker From Livingston Stole $270K From Elderly Couple An investment broker must pay restitution to an elderly widow after admitting he stole more than a quarter of a million dollars from her and her husband, Attorney General Gurbir S. Grewal said Monday. Michael Alan Siegel, 62, of Livingston, who pleaded guilty to theft by deception in Essex County Superior Court, is scheduled to be sentenced in September. Prosecutors wilk ask for a three-year sentence. Siegel was friends with the couple when he suggested they transfer their investment accounts, which totaled more than $2 million, to the brokerage Siegel went to work for in 2013. The husband…

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by Paul Milo