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.
The Securities and Exchange Commission says 2014 has brought a record number of fines against traders and others who sought to mislead investors.
This year the commission brought an additional $760 million dollars in fines against wrongdoers, a 22 percent increase compared to year prior. Regulators attribute the increase to smarter use of data and analytical tools to analyze bad behavior.
Also this year, the SEC tried a new approach where more resources are devoted to small infractions in hopes of deterring larger crimes.
New York’s top banking regulator says he plans to relax pending rules set to govern Bitcoin and other virtual currencies. The more startup-friendly requirements come after criticism that the state has moved too quickly to regulate the new technology.
Futurists see virtual currencies as revolutionizing the financial industry the same way the Internet has revolutionized nearly everything.
New York was the first jurisdiction to introduce rules on Bitcoin. Regulators hope to mark the path for other jurisdictions to follow.
Stamford, Conn., is the first city in New England to sign on to a national effort to reduce greenhouse gas emissions in urban areas by the year 2030. It's a public-private partnership of business, environmental and government leaders called the Stamford 2030 District.
2030 Districts aim to reduce emissions and consumption of water and energy by changing the way buildings are built and operated. The group says buildings are responsible for half of all energy consumed.