Archive for the ‘ Banking ’ Category

Jim Puzzanghera
January 13, 2017

Wells Fargo & Co. on Friday reported a 6% drop in fourth-quarter profit in the wake of a scandal over its employees creating as many as 2 million accounts without customer authorization.

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The Washington Post: Wells Fargo wants claims over fake accounts settled out of court

wells fargo logo

By Chris Dolmetsch and Laura J. Keller
November 25, 2016

Wells Fargo is calling for dozens of customers suing over bogus accounts opened by the bank’s employees to resolve the dispute through arbitration rather than federal court.

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Los Angeles Times: Wells Fargo hit with new sanctions following fake-accounts scandal

wells fargo logo

James Rufus Koren
November 18, 2016

A federal regulator has tightened restrictions on Wells Fargo & Co., requiring it to get approval to replace or hire new executives and make other changes, in the latest fallout over the San Francisco bank’s fake-accounts scandal.

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Bloomberg: Wells Fargo’s Stars Thrived While 5,000 Workers Got Fired

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Laura J Keller, Dakin Campbell and
Kartikay Mehrotra
Published: November 3, 2016 — 2:00 AM PDT
Updated: November 3, 2016 — 6:38 AM PDT

After Wells Fargo & Co. executive John Sotoodeh handed off more than a hundred branches in Southern California to a colleague in 2009, problems surfaced quickly.

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wells-fargo

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each. (Photo: CX Matiash, Associated Press)

By Kathleen Pender
Published: October 31, 2016
Updated:   October 31, 2016 – 4:33pm

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each.

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InlandPolitics: It was a long time coming for Wells Fargo’s Stumph

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Thursday, October 13, 2016 – 08:30 a.m.

Wells Fargo may be one of the most financially-stable financial institutions in the world. But its greed was a recipe for disaster.

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General Views Of Wells Fargo Locations Ahead Of Earns Figures

Jim Puzzanghera
September 30, 2016

The reputation of Wells Fargo & Co. took another blow Thursday when it agreed to pay $24 million for the improper repossession of cars owned by members of the U.S. military.

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wells fargo logo

Federal regulators said Wells Fargo employees opened accounts in customers’ names without their consent.

James Rufus Koren and Jim Puzzanghera
September 27, 2016

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

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wells-fargo-bank

Wells Fargo is already facing four potential class-action suits and could soon face more from customers, former employees and investors over the bank’s fake-accounts scandal. (Justin Sullivan/Getty Images)

James Rufus Koren
September 26, 2016

As beleaguered banking giant Wells Fargo & Co. deals with inquiries from federal prosecutors and scrutiny from lawmakers, it’s facing a growing number of civil lawsuits brought by customers and former employees.

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Wells Fargo

A Wells Fargo office in Oakland. The bank’s CEO says that aggressive sales tactics were not part of an “orchestrated effort.” (Ben Margot / Associated Press)

James F. Peltz
September 19, 2016

When the Senate Banking Committee grills Wells Fargo & Co.’s chairman Tuesday about the banking giant’s sales scandal, look for the word “clawback” to come up more than once.

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Los Angeles Times: Senate to hold hearing on Wells Fargo’s aggressive sales tactics

wells-fargo-bank

Aggressive sales tactics by Wells Fargo & Co. employees led to a $185-million settlement package with federal and state regulators last week. Above, a branch in Miami. (Joe Raedle / Getty Images)

Jim Puzzanghera
September 12, 2016

The Senate Banking Committee will hold a hearing next week on the aggressive sales tactics by Wells Fargo & Co. employees that led to a $185-million settlement package with federal and state regulators.

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Wells Fargo

James Rufus Koren
September 8, 2016

Calling it “outrageous” and “a major breach of trust,” local and federal regulators hammered Wells Fargo & Co. for a pervasive culture of aggressive sales goals that pushed thousands of workers to open as many as 2 million accounts that bank customers never wanted.

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Politico: Tubman replacing Jackson on the $20, Hamilton spared

Harriet Tubman

By Ben White and Nolan D. McCaskill
Published: 04/20/16 – 11:56 AM EDT
Updated: 04/20/16 – 08:05 PM EDT

  • Treasury Secretary Jack Lew reverses a plan to bump Hamilton after receiving fierce blowback.

Harriet Tubman will bump Andrew Jackson from the front of the $20 bill while Alexander Hamilton will stay put on the $10 — a historic move that gives a woman prime placement on U.S. currency and quells a controversy kicked up by Hamilton super-fans.

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Neel Kashkari

Neel Kashkari, now the president of the Federal Reserve Bank of Minneapolis, speaks in Sacramento on July 21, 2014, during his campaign for California governor. (Steve Yeater / Associated Press)

Jim Puzzanghera
February 16, 2016

A top Federal Reserve official who administered the 2008 bank bailout fund suggested Tuesday that Congress consider breaking up the largest financial firms or treating them like public utilities to prevent their failures.

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Wells Fargo

Wells Fargo “engaged in a regular practice of reckless origination and underwriting” of Federal Housing Administration loans, prosecutors alleged. (Ben Margot / Associated Press)

James Rufus Koren
February 3, 2016

Wells Fargo & Co. will pay $1.2 billion to settle claims that it duped the federal government into insuring thousands of risky mortgages in the years leading up to the housing crash, the San Francisco banking giant said Wednesday.

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The Sacramento Bee: Dan Walters: Gas prices drop, gas taxes also

Dan Walters

By Dan Walters
dwalters@sacbee.com
February 1, 2016 3:55 PM

  • Fuel prices drop to under $2 a gallon in some areas
  • As prices decline, gas taxes are adjusted downward
  • Meanwhile, politicians mull raising taxes for roadwork

California gasoline prices have been dropping sharply of late – below $2 a gallon in some areas.

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The Sacramento Bee: Dan Walters: State’s hide-the-pea accounting practices

Dan Walters

By Dan Walters
dwalters@sacbee.com
January 17, 2016 4:58 AM

  • Accounting method can affect budget’s bottom line
  • State has constantly shifted income-outgo systems
  • Including retiree costs would make big difference

Fair warning: This column is about state accounting practices, which means you are in danger of being stupefied.

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The Press-Enterprise: ONTARIO: CVB Financial tops Forbes list of best banks

Citizens Business Bank

CVB Financial tops Forbes 2016 list of America’s best banks

Published: Jan. 14, 2016 – 11:25 a.m.

CVB Financial tops Forbes 2016 list of America’s best banks.

To read article by Fielding Buck in The Press-Enterprise, click here.

Janet Yellen

Federal Reserve Chairwoman Janet L. Yellen removes her glasses as she testifies on Capitol Hill on Feb. 25. (Pablo Martinez Monsivais / Associated Press)

Jim Puzzanghera
December 16, 2015

The Federal Reserve on Wednesday raised its benchmark short-term interest rate for the first time in 9 1/2 years, providing a long-awaited vote of confidence for the recovery from the Great Recession by beginning to remove the last of the central bank’s extraordinary steps to boost economic growth.

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The Press-Enterprise: REAL ESTATE: FHFA holds pat on mortgage loan limits

The Federal Housing Finance Agency (FHFA) Logo (PRNewsFoto/FHFA)

Federal Housing Finance Agency holds pat on mortgage loan limits in 2016, a move California Realtors say will make homebuying more difficult for first-time buyers.

Published: Dec. 4, 2015 – 4:42 p.m.

Put another crimp in the belt for housing unaffordability in California.

The Federal Housing Finance Agency recently said it will keep the 2016 maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac at $417,000 on one-unit properties, and raised the cap to $625,500 in only four high-cost regions.

To read article by Debra Gruszecki in The Press-Enterprise, click here.

Los Angeles Times: Yellen signals rate hike is coming later this month

interest_rates

Don Lee
December 2, 2015

Federal Reserve Chairwoman Janet L. Yellen, saying the U.S. economy has come a long way since the Great Recession, gave clear signals Wednesday that the central bank was likely to raise interest rates this month.

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The Press-Enterprise: SAN BERNARDINO: Layoff notices given at Wells Fargo

wells fargo logo

Workers in asset management and preservation were told their jobs would be eliminated in mid-January.

Published: Nov. 18, 2015 – Updated: 7:31 p.m.

Wells Fargo Bank has warned more than 100 employees in an operating unit of a San Bernardino office of its intention to eliminate their staff positions in January.

To read article by Debra Gruszecki in The Press-Enterprise, click here.

Los Angeles County Sheriff

Los Angeles County sheriff’s recruits go through a drill on their first day of training in Monterey Park. Union officials say low pay is hindering efforts to recruit qualified sheriff’s applicants. (Mark Boster / Los Angeles Times)

Abby Sewell
November 3, 2015

Los Angeles County sheriff’s deputies, firefighters and members of several other employee groups will get a 10% pay increase over three years under contracts approved Tuesday by county supervisors.

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InlandPolitics: Pacific Premier Bancorp continues climb

Pacific Premier Bank

Saturday, October 24, 2015 – 09:00 a.m.

Pacific Premier Bancorp (Nasdaq: PPBI), the parent of Southern California-based Pacific Premier Bank, continues to grow, along with its share price.

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Citizens Business Bank

The company is in an expansion mode, having just acquired an Oxnard-based bank

Published: Oct. 22, 2015 2:39 p.m.

  • Net income: $27.9 million
  • Year-over-year increase: $3.6 million, 14.78 percent
  • Loans and leases: Increased by $38 million, net of feees and discounts, 1 percent
  • Noninterest-bearing deposits: $3.30 billion, 55.46 percent of total deposits, increased by $54.4 million, 1.67 percent

CVB Financial Corp. and its subsidiary Citizens Business Bank just completed its second highest quarter of earnings on record, president and CEO Christopher Myers said Thursday in a conference call.

To read article by Fielding Buck in The Press-Enterprise, click here.

Pacific Premier Bank

The deal is expected to close in early 2016; the proposed transaction is valued at $118.9 million.

Published: Oct. 5, 2015 – 2:21 p.m.

Pacific Premier Bank has signed an agreement to acquire the holding company of Riverside’s Security Bank of California, and its branches in Riverside, Orange and San Bernardino counties.

To read article by Debra Gruszecki in The Press-Enterprise, click here.

Los Angeles Times: Fed declines to raise interest rate amid global market turmoil

federal reserve

By Jim Puzzanghera and Don Lee
September 17, 2015

Cautious Federal Reserve policymakers on Thursday held a key interest rate at near zero, opting to wait longer to remove the unprecedented easy-money stimulus to determine whether recent global financial market volatility has slowed the U.S. economy.

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San Bernardino Seal

Wednesday, August 26, 2015 – 12:30 p.m.

Only San Bernardino, California could hatch a whacked-out and completely unlawful scheme to tax it’s property owners.

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The Los Angeles Times: California braces for falling yuan’s ripples

Currency exchange board showing cross rates between various countries

By Shan Li, Samantha Masunaga and Andrew Khouri
August 12, 2015

At the Beverly Center on Wednesday, a clutch of Chinese tourists spilled out of a bus and into the upscale mall, ready to snap up Gucci purses and Nike sneakers.

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Citizens Business Bank

Citizens Business Bank’s Ontario-based parent company reports $26.8 million in net 2Q 2015 income, the 153rd consecutive quarter of profitability.

Published: July 23, 2015 – 2:36 p.m.

CVB Financial Corp., and its subsidiary Citizens Business Bank, reported $26.8 million in net income for the April-through-June quarter of 2015.

To read article by Debra Gruszecki in The Press-Enterprise, click here.

InlandPolitics: Greece says “NO” to European Union terms

Greece Flag

Sunday, July 5, 02:45 p.m.

Greece’s European Austerity Referendum went down in flames Sunday night.

The measure was overwhelmingly rejected by Greek voters.

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interest_rates

By Tom Petruno
July 4, 2015

The last six years of extraordinarily low interest rates have been all about rewarding borrowers at the expense of savers. But that is probably coming to an end.

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InlandPolitics: Greece debacle more political theater

Greece

Sunday, June 28, 2015 – 10:00 a.m.

All eyes on the new Greek play. Really?

Greek Prime Minister Alexis Tsipras has called for a June 5 referendum asking voters to decide whether to accept more economic pain, which they will. But all the back and forth rhetoric over the weekend is sort of entertaining.

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wells fargo logo

jpmorganchase2

Wells Fargo, JPMorgan Chase and four other banks are still not meeting standards in handling troubled mortgage borrowers, federal bank regulators say. (Julie Jacobson / Associated Press)

By E. Scott Reckard
June 17, 2015

Four years after pledging to clean up wide-ranging foreclosure abuses, Wells Fargo & Co., JPMorgan Chase & Co. and four other banks still aren’t complying with customer-service standards imposed by a federal regulator.

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InlandPolitics: Now it begins! Greece can’t make loan payment

Greece Flag

Thursday, June 4, 2015 – 10:00 a.m.

Expect ripples in the financial markets.

Greece, a country where the mainly tourist-driven economy is driven by government jobs and pensions, finally can’t pay its bills.

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Jon Ortiz

The State Worker
By Jon Ortiz
jortiz@sacbee.com
June 1, 2015

  • Draft legislation lowers benefits for future hires when they retire
  • Brown bargaining medical coverage terms with unions

Even as Gov. Jerry Brown bargains changes to retiree health benefits with four state-employee unions, his administration has drawn up some unnumbered bills that reveal the governor’s thinking on how to cut those costs long-term.

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The Sacramento Bee: Revenue forecasts on state budgets are a crapshoot

Dan Walters

Dan Walters
dwalters@sacbee.com
May 26, 2015

  • California gets most revenue from income taxes
  • Capital gains by the wealthy provide big chunk of revenue
  • Financial forecasts serve the interests of those making them

Marty Block, a state senator from San Diego, recently asked a question in public that many in and around the Capitol have been mulling for years.

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wells fargo logo

A lawsuit filed in San Francisco federal court accuses Wells Fargo of pressuring workers to open so many accounts and provide so many other services that the employees deceived and defrauded customers across the country.

By E. Scott Reckard
May 13, 2015

A former Wells Fargo & Co. customer accused the San Francisco banking firm in a lawsuit of fostering a high-pressure sales culture that ended up deceiving and defrauding him and customers nationwide.

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General Views Of Wells Fargo Locations Ahead Of Earns Figures

A culture of high-pressure sales encouraged employees to engage “in unfair, unlawful and fraudulent conduct,” the suit says.

By E. Scott Reckard
May 4, 2015

Rigid sales quotas at Wells Fargo Bank have driven employees to open unauthorized accounts for customers, sticking them with bogus fees and damaging their credit, according to a city of Los Angeles lawsuit that echoes a Times investigation.

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LATimes: Federal Reserve to send record $98.7-billion profit to Treasury

federal reserve

The Fed said it earned a record $98.7 billion in profit in 2014.

By Jim Puzzanghera
January 10, 2015

The Federal Reserve said Friday it made a record $98.7 billion in profits last year, mostly from interest on the more than $4 trillion in bonds it has purchased since 2008 to stimulate the economy.

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LATimes: Fed signals it will go slow on lifting key interest rate

federal reserve

By Jim Puzzanghera,
December 17, 2014

The American economic outlook, bolstered by robust job growth and a sharp drop in gasoline prices, was boosted a little more with the Federal Reserve’s signal that it would take as long as three years to raise interests to once-normal levels.

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The PE: EASTVALE: City employees could get raises

Eastvale-Logo-Color

An assistant city manager position also would be created and filled if the acting city manager’s plan is approved

Published: Dec. 9, 2014 Updated: 10:00 p.m.

A proposal to give Eastvale employees a raise and reorganize City Hall staff by creating a new assistant city manager post will go the the City Council on Wednesday, Dec. 10.

To read story by Sandra Stokley in The Press-Enterprise, click here.

LATimes: Fannie Mae, Freddie Mac detail plans for 3% down-payment mortgages

freddie-mac-fannie-mae-logo

On Monday, Fannie Mae and Freddie Mac announced details of programs to back mortgages with down payments as low as 3%.

By Jim Puzzanghera, E. Scott Reckard
December 9, 2010

Housing finance giants Fannie Mae and Freddie Mac on Monday detailed plans to once again back mortgages with down payments as low as 3%, saying the move to make home ownership more accessible contains safeguards to protect against abuses that led to the subprime housing market crash.

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Calpensions: CalPERS retirees outnumber active workers soon

calpers

By Ed Mendel
Monday, November 24, 2014

In a few years CalPERS retirees are expected to outnumber active workers, a national trend among public pension funds that makes them more vulnerable to big employer rate increases.

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LATimes: First-time home buying hits lowest level in nearly three decades

Home for sale

A home for sale in Huntington Beach in May. Just one-third of homes bought this year went to first-time buyers, the lowest rate since 1987. (Bryan Chan / Los Angeles Times)

Tim Logan
November 3, 2014

First-time home buyers aren’t buying homes like they used to.

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The PE: JURUPA VALLEY: City won’t give up on lost funds

Jurupa Valley Seal

Another bill or a lawsuit against the state could be the next moves to get lost revenue restored.

Published: Oct. 3, 2014 Updated: 5:13 p.m.

Jurupa Valley leaders said this week that they will fight to remain a city after Gov. Jerry Brown’s second veto in three years of a bill to restore crucial state funding to Jurupa Valley and Riverside County’s three other new cities of Eastvale, Wildomar and Menifee.

Like Riverside County officials, they may consider a lawsuit against the state.

To read story by Sandra Stokley in The Press-Enterprise, click here.

SacBee: California pensions, consumers get $800 million from Bank of America case

Bank of America

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Aug. 21, 2014 – 8:29 am
Last Modified: Friday, Aug. 22, 2014 – 7:55 am

California homeowners and pension funds will receive $800 million from Bank of America Corp., the state’s share of a record-breaking settlement over toxic mortgages issued and packaged as investment securities during the housing bubble.

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Bank of America

FILE – In this Jan. 14, 2014, file photo, a Bank of America sign is photographed in Philadelphia. A person familiar with the matter says Bank of America has agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis. (AP Photo/Matt Rourke, File)

By Kevin Smith, San Gabriel Valley Tribune

Posted: 08/06/14, 7:20 PM PDT | Updated: 1 min ago

Bank of America has tentatively agreed to pay up to $17 billion to settle an investigation into its sale of toxic mortgage-backed securities leading up to the nation’s financial crisis, an insider said Wednesday.

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LATimes: GOP-led House gives marijuana businesses another boost

marijuana-leaf

By Evan Halper
July 16, 2014

When it comes to liberalizing marijuana policy, Congress has once again shown that it is not always the liberals taking the lead.

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LATimes: With Citigroup paying up, will feds’ attention now turn to BofA?

bank-of-america

By E. Scott Reckard and Jim Puzzanghera
July 14, 2014

With Citigroup Inc. agreeing to pay $7 billion for issuing toxic mortgage securities, the Justice Department now turns to settling its case against what analysts call the biggest mortgage miscreant of all: Bank of America Corp.

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WSJ: For Fed, Raising Rates Won’t Be Easy

federal reserve

The Wall Street Journal
By Justin Lahart
JUly 13, 2014

Any time the Federal Reserve raises interest rates, there is risk to the economy. The next time it does so will be far more fraught than ever before.

The Federal Reserve is hoping it will be able to raise rates without rattling markets. Doing so after injecting so much money into the banking system may not come easily.

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Reuters: Fed independence questioned as Republicans ramp up pressure

The facade of the U.S. Federal Reserve building is reflected on wet marble during the early morning hours in Washington

The facade of the U.S. Federal Reserve building is reflected on wet marble during the early morning hours in Washington, July 31, 2013. (REUTERS/Jonathan Ernst)

By Michael Flaherty and Alistair Bell
WASHINGTON Thu Jul 10, 2014 4:02am EDT

(Reuters) – A surge of Republican pressure is bringing the Federal Reserve’s long-held independence into question again, as conservative lawmakers seek to place the U.S. central bank under tougher scrutiny.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Tuesday, Jun. 3, 2014 – 12:00 am
Last Modified: Tuesday, Jun. 3, 2014 – 12:09 am

It’s been nearly a decade since the Capitol’s politicians last had a substantial amount of extra money to spend.

During the mid-2000s, a short-lived housing boom poured billions of extra dollars into the state’s coffers, and politicians pumped them out as fast as they came in. General fund spending exploded by nearly 30 percent in three years.

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LATimes: Mortgage rates defy forecasts

For Sale

Demand for home loans been lower than expected as the housing market has cooled. (Daniel Acker / Bloomberg)

E. Scott Reckard
Friday, May 9, 2014

As 2014 arrived, experts were confident that the 30-year mortgage rate would rise to at least 5% this year as the Federal Reserve cut back a bond-buying program, which had depressed the rates to unheard-of lows in 2013.

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LATimes: Mortgage lending slows to a 14-year low

By Tim Logan
April 25, 2014, 5:39 p.m.

Fewer home sales and rising interest rates have led to the nation’s lowest level of mortgage lending in 14 years.

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InlandPolitics: Is the economy as strong as people think?

Economy

Sunday, April 20, 2014 – 10:00 a.m.

Much effort is being put into making Americans believe the economy is building strength.

The assertion is prominent within government circles.

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LATimes: Fed minutes indicate easy-money policy may persist

federal reserve

Minutes from the central bank’s last meeting suggest Fed policymakers aren’t as eager to start raising interest rates as investors expected.

By Don Lee
April 9, 2014, 7:01 p.m.

WASHINGTON — An account of the Federal Reserve’s last meeting suggests that policymakers aren’t as eager to take away the punch bowl as the market thought.

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LATimes: Regulators act to require stronger bank capital

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Wells Fargo and seven other banks will have to add about $68 billion in capital to their reserves to meet new requirements. (Bloomberg News / October 10, 2012)

Associated Press
April 8, 2014, 3:16 p.m.

WASHINGTON — Regulators are acting to require U.S. banks to build a sturdier financial base to lessen the risk that they could collapse and cause a global meltdown.

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DailyBulletin: Will further pullbacks from the Fed slow America’s economic recovery?

question-mark

By Kevin Smith, San Gabriel Valley Tribune
Posted: 02/22/14, 6:40 PM PST |

America’s slow but steady recovery from the Great Recession has been fueled at least in part by government stimulus.

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LATimes: Banks get a primer on pot money

Medical Marijuana

Obama administration offers institutions new guidance in an effort to bring dispensaries into the mainstream.

By Timothy M. Phelps and Jim Puzzanghera
February 14, 2014, 6:09 p.m.

WASHINGTON — The Obama administration, taking the first regulatory step to accommodate the country’s growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash.

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InlandPolitics: This and That!

Edit

Monday, February 3, 2014 – 09:30 a.m.

Here’s some news flowing across the transom both Monday morning, and last week, in case you missed it.

Yellen takes over at Fed

Janet Yellen officially replaced Ben Bernanke as Chair of the Federal Reserve on Monday. Expect the continued reduction in stimulus to continue. There really is no choice.

The Fed balance sheet is over $4 trillion in printed money. A number not included in the nation’s $17 trillion debt.

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The Sun: Redlands’ 1st Centennial Bank: Five years later

FDIC

By Sandra Emerson, Redlands Daily Facts
Posted: 01/25/14, 9:46 PM PST |

REDLANDS >> Five years ago this week, 1st Centennial Bank in Redlands became the third of more than 120 banks to fail in 2009 as part of a nationwide financial meltdown.

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Politico: Holder: Feds to set rules for banks and pot money

Medical Marijuana

By JOSH GERSTEIN |
1/23/14 5:33 PM EST

The Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday.

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UTSanDiego: State of affairs not as rosy as Brown claims

Jerry Brown

The governor glosses over debt and poverty (AP Photo/Rich Pedroncelli)

By Steven Greenhut
Jan. 22, 2014

SACRAMENTO — Gov. Jerry Brown offered a buoyant take on California’s fiscal situation during his State of the State address in the Assembly chambers on Wednesday morning. Amid cheers from Democratic legislators, Brown touted California’s fiscal resurgence and chided commentators who had suggested that he skip this traditional exercise of pomp and circumstance.

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Calpensions: San Bernardino police get second $1 million raise

pensions

By Ed Mendel
Monday, December 9, 2013

Following the city charter, a reluctant San Bernardino city council last week approved a police pay raise costing about $1 million, the second $1 million police salary increase since the city filed for bankruptcy last year.

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SacBee: Bankrupt Detroit can cut pensions; implications big for California

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Dec. 3, 2013 – 9:13 am

It was a gold-plated promise: A career in government meant a safe and sound pension, no matter what.

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InlandPolitics: FDIC reaches settlement in Redlands Centennial seizure

FDIC

Tuesday, December 3, 2013 – 09:45 a.m.

A settlement has been reached between the Federal Deposit Insurance Corporation (FDIC) and the former board and management of the now-defunct Redlands Centennial Bank.

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SacBee: JPMorgan settlement sends $300 million to CalPERS, CalSTRS

jpmorganchase2

Capitol Alert
The latest on California politics and government
November 19, 2013

California’s retirement funds for teachers and state employees will receive nearly $300 million from a sweeping settlement between the Justice Department and financial titan JPMorgan.

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