Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The MoneySense guide to inflation (2025) + MORE Dec 5th
Inflation is the increase in the cost of goods or services. Governments use this valuable information to set monetary policy. In turn, lenders and banks also rely on inflation numbers to set interest rates, and borrowers use them to make investment or budgeting goals.
We’ll explain how inflatio.... More »
Microsoft outage: Heathrow, NatWest and Minecraft among sites down - BBC + MORE Oct 29th
Microsoft outage: Heathrow, NatWest and Minecraft among sites down BBCMicrosoft hit with Azure, 365 outage ahead of quarterly earnings report CNBCMajor outage at Amazon and Microsoft Azure takes down banks, airlines, Office 365, and even Minecraft Yahoo! Finance Cana.... More »
Canada’s top 50 socially responsible corporations: 2015 + MORE Jun 8th
Fashion forward: Industria de Diseno Textil SA is a member of the Better Cotton Initiative
For the seventh year, Maclean’s has partnered with Sustainalytics, the leading independent provider of environmental, social and governance research, to determine the Top 50 Most Socially Responsible Compan.... More »
BoC expected to raise rates again this week, vying to quash inflation faster - CTV News + MORE Jul 9th
BoC expected to raise rates again this week, vying to quash inflation faster CTV NewsHow to prepare for Bank of Canada's anticipated interest rate hike this week Global NewsCanadian banks poised for 0.25% interest rate hike: lot of pain yet to come, economist says Ya.... More »
NDP proposes ban on pay-to-pay fees charged by banks + MORE Jun 1st
(Photo: Fernando Morales/The Globe and Mail/Canadian Press)
OTTAWA – Flush from its success in getting rid of the tax on feminine hygiene products, the NDP wants the House of Commons to abolish so-called “pay-to-pay” fees charged by big banks.
The official Opposition will introduce a motion on.... More »
Justice Department announces nearly $1 billion settlement with SunTrust over bad mortgages
– canadianbusiness.com
WASHINGTON – The government on Tuesday announced a nearly $1 billion settlement with SunTrust to resolve allegations that it underwrote and provided faulty mortgage loans.
In reaching a $968 million deal, the Justice Department and government regulators accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees.
“SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis” of 2008, Attorney General Eric Holder said in a statement.
The agreement is with SunTrust Mortgage, a Richmond, Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc. The financial institution had announced the anticipated settlement in October.
As part of the deal, SunTrust has agreed to provide $500 million in homeowner relief and $418 million to resolve allegations that it underwrote bad loans.
SunTrust chief executive William H. Rogers Jr. said in a statement that SunTrust was pleased to have resolved the allegations…
In reaching a $968 million deal, the Justice Department and government regulators accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees.
“SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis” of 2008, Attorney General Eric Holder said in a statement.
The agreement is with SunTrust Mortgage, a Richmond, Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc. The financial institution had announced the anticipated settlement in October.
As part of the deal, SunTrust has agreed to provide $500 million in homeowner relief and $418 million to resolve allegations that it underwrote bad loans.
SunTrust chief executive William H. Rogers Jr. said in a statement that SunTrust was pleased to have resolved the allegations…
