A Mexican citizen who was being deported was permitted to return to his home to retrieve $31,700 he had saved and buried in a glass jar in his yard. Over a seven-year period, Cristobal Chavez Torres saved the money in $100 bills from earnings as construction worker, during which he never earnd more than $7.25 an hour. Chavez had been carrying $10,000 in cash in his pockets before opting to store the money in the jar at the mobile home in which he was living. He said he did not open a financial institution account because he was carrying fake documents. Chavez was permitted by the Immigrant and Customs Enforcement office to retrieve the money-and a 16-year-old son, before returning home. The money was turned over to the Mexican consulate and deposited in a financial institution account so it could be transferred to Chavez in Mexico. Chavez was one of 48 workers who were arrested by U.S. authorities.
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A coalition of Democratic attorneys general, led by California and Illinois, have sued the Department of Housing and Urban Development over a guidance that they argue will scale back enforcement to strict federal standards and threaten state funding to enforce fair housing laws.
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CEO René Jones told American Banker that private-credit firms are both partners and competitors. "Today, one of the concerns is that we don't have that full transparency, as much as we would like. And so we have to be cautious as we move in that direction," he said.
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The Federal Reserve's recently published request for information on options for updating its check clearing apparatus has bankers fearing that it will opt to phase out paper checks entirely — an outcome that has community banks panicked.
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A federal judge ruled that acting Consumer Financial Protection Bureau Director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.
March 15 -
A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.
March 13









