Finance News

Family Members Become Lenders of Last Resort

Last year, 27 percent of first-time homebuyers received a cash gift from relatives or friends to come up with a down payment.

Feds Release $71.5M Withheld During Migrant Crisis

The funds are distributed to all 50 states with the bulk of the money going to Florida, California, Texas, New York, Michigan and Minnesota. Florida receives the largest chunk of the refugee services money, some $20 million in discretionary funding.

Spat With Regulators Sends FHA Loans Plunging

Home loans to lower-income Americans are dwindling as Washington regulators and major banks continue to haggle over who pays when riskier mortgages go bad.

Fed's Yellen Says Families Need to Boost Their Savings

The Great Recession showed that a large number of American families are "extraordinarily vulnerable" to financial setbacks because they have few assets to fall back on, Federal Reserve Chair Janet Yellen said Thursday.

Citibank Argues It's Stuck Between Argentina, US Judge

Citibank N.A. is set to tell an appeals court in New York that it faces "grave sanctions" from Argentina unless it defies a U.S. judge's order blocking it from making payments to holders of $8.4 billion of the country's bonds.

Beatrice A. Butchko

Miami-based Bijoux Turner Retail Chain Hit with $8.5M Award

By Adolfo Pesquera |

The judgment was entered against the global women's fashion accessories boutique chain best known for selling all merchandise for $10.

Federico Moreno

SEC Gets Freeze in Alleged Ponzi Targeting South-Dade Investors

By Adolfo Pesquera |

A Miami federal judge granted an emergency asset freeze against a Turks and Caicos Islands company accused of operating a Ponzi scheme in South Florida.

Wall Street Court Defeat Strengthens Swap Rules Overseas

Wall Street's bid to rein in U.S. derivatives regulation was rejected by a federal judge in a significant victory for the government's ability to police trading outside the country.

Clients' Foreign Tax Bills Now a Concern for U.S. Bankers

By Eleazar David Melendez |

A panel of banking regulation experts in Miami suggests bankers might soon have to worry about their foreign clients' tax bills abroad.

Once-Troubled Reverse Mortgages Poised For Rebound

Federally insured reverse mortgages are showing signs of a rebound, drawing the scrutiny of regulators seeking to reduce historically high default rates.

Speculation Swirls Over Fed Language on Rate Hike

When the Federal Reserve issues a policy statement after it meets this week, the financial world will be on high alert for two words: "Considerable time." The presence or absence of that phrase will trigger a rush to assess the likely timing of the Fed's first increase in interest rates since it cut them to record lows in 2008.

Banks' Best Approach to Hiring in New Era of Compliance

By Gustavo Pena |

As banks move to strengthen their compliance functions and avoid costly penalties, many are restructuring their overall risk management processes, and most are actively hiring. In this competitive environment, banks of all sizes are finding that their standard recruitment and hiring procedures are simply not up to the task.

Real Estate Tax Would Fund Land Conservation

By News Service of Florida |

A proposed constitutional amendment on the November ballot would redirect documentary stamp tax proceeds to buying environmentally sensitive land.

Wealth Gap Is Putting the Squeeze on State Revenue

The widening gap between the wealthiest Americans and everyone else has been matched by a slowdown in state tax revenue, according to a report released Monday by Standard & Poor's.

Fitch: Barclays Among Banks Facing Material Fine Risk

Barclays Plc, Citigroup Inc. and Deutsche Bank AG are among banks that could face "material and widespread" fines on misconduct such as alleged rigging of currency rates, Fitch Ratings said.

Office Depot Moving Stock To Nasdaq

Office Depot, the Boca Raton-based office supplies retailer will stop trading on the NYSE at the close of business on Sept. 25, and will start trading on the Nasdaq stock market on Sept. 26.

Federal Reserve

Bond Market Indicators Dispel Fears of Inflation

As the Federal Reserve winds down its third round of unprecedented stimulus, one thing has become increasingly clear in the bond market: the U.S. economy just isn't going to grow enough to upend demand for Treasuries.