Business

Development
10:07 pm
Mon December 8, 2014

Small Conn. Town Has Big Plans For Development Along Thames

Preston Riverwalk site along the Thames River.
Credit Rhonda Miller

Nearly 400 acres of prime real estate along the Thames River in Preston, Connecticut, was once the site of Norwich State Hospital,  which closed in 1996. Since then, the property has attracted several proposals for development.  None of them have worked out.

Five years ago, the little town of Preston took a big leap and bought the property, that's now envisioned as Preston Riverwalk.

Bulldozers and scrap sorting machines are working on the rubble of one of 57 structures being demolished on the Preston Riverwalk site.

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new rules crack down on aggressive debt collectors
4:00 pm
Wed December 3, 2014

Debt Collectors Praise New Regulation In NY

New York finalized new debt collection regulations on Wednesday, making them some of the most debtor-friendly in the country.

The state Department of Financial Services wrote and revised the new regulations with the help of both consumer advocates and debt collectors, pleasing both constituencies.

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Regulators press payment network
6:39 pm
Thu November 13, 2014

Banks Agree To Block Payday Lenders

Four additional banks have agreed to block online payday lenders from accessing customer accounts in New York. The agreement comes as the banks' processing network remains silent on efforts to keep the illegal loans from crossing state borders.

Payday lending is generally illegal in New York and Connecticut because the loans, which can be as high as 500 percent, exceed both states' cap on allowable interest.

However, investigators in New York have received complaints that payday lenders are making these loans online.

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Despite market rebound, profits scant
6:57 pm
Mon November 10, 2014

Wall Street Bonuses Will Be Flat This Year

Trader Sean Spain works on the floor of the New York Stock Exchange, Monday, June 24, 2013.
Credit AP Photo/Richard Drew

A new survey finds that Wall Street bonuses this year will be flat despite strong gains in the stock market.

This comes as hundreds of new rules take effect pushing the industry away from making risky bets.

In the past those risky bets led to big profits and big bonuses. But the Dodd-Frank Wall Street Reform Act introduced rules requiring banks to keep more cash on hand and curb the kinds of complicated trading that led to the financial collapse in 2008.

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"hundreds of thousands may have been harmed"
2:12 pm
Tue October 21, 2014

NY regulators accuse top lender of repeated abuse

Bank regulators in New York are accusing the nation's largest subprime mortgage lender of errors that might have harmed hundreds of thousands of borrowers.

New York's Department of Financial Services accuses Ocwen Financial of backdating letters warning of foreclosure or unsuccessful loan modifications. This means that by the time a borrower receives a letter from Ocwen, it's already too late to do anything about it.

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