Cary, you asked me to look into whether Crescent Bank would be class worthy. I believe that it is; or, is at least worth a shot to sue. Crescent’s paperwork filed with the FDIC reflects that it is carrying approximately 898 million dollars in automobile loans on its books as of the third quarter 2016. Granted Pennsylvania only makes up a small portion of this lender’s footprint (it has two Pennsylvania branch locations out of 41 nationwide in 23 states). Nonetheless, it appears that Crescent has had a location in the Pittsburgh area since 2011 and a branch in Horsham since 2012. They are known as a subprime lender, so I would imagine a high percentage of the loans they make go into default. We do not have the Experian “auto account” data
When doing an evaluation of any case, you should always look at all the relevant facts and issues involved before jumping to conclusions. As for this case, Mike Thurmond, the operator of Top Quality Auto Sales, a used car dealership, has financed his dealerships inventory of vehicles by creating a financing arrangement with Indianapolis Car Exchange (ICE). ICE then filed a financing statement that listed Top Quality’s inventory as collateral for the financing. After this, Top Quality sold a Ford truck to Bonnie Chrisman, who was also a used car dealer. Chrisman paid Top Quality for the truck and then proceeded to sell it Randall and Christina Alderson, who paid Chrisman for the vehicle. In
Edmond’s was a suspect fraud investigator that worked for Discover credit card. He called to report his company flagged some purchases made on a Discover credit card with the cardholder being James Frank Boucher. Edmond was aware James Frank Boucher was issued a second Discover credit card due to previously reported fraud activity on the previous account. Discover contacted James Frank Boucher via telephone on 09/03/2016 at 1100 hours. Discover questioned James Frank Boucher about 3 transactions made on 09/02/2016. James Frank Boucher denied using his credit card for the 3 transactions. All 3 transactions were committed on 09/02/2016. 1) Circle K located at 111 E. Walnut St. Murphysboro, Illinois in the amount of $8.64 at 1241 hours. 2) Wal-Mart located at 6495 Country Club Rd. Murphysboro, Illinois in the amount of $73.40 at 0104 hours. 3) Walgreens located at 503 Walnut St. Murphysboro, Illinois in the amount of $1.94 at 0952 hours. The suspect attempted to make a cash advance at Circle K and Walgreens, but was declined. Edmond indicated the reason for the report to the local authorities was due to James Frank Boucher having a second report of fraud and believed it was necessary for the authorities to investigate. Discover reimbursed James Frank Boucher’s account after learning the 3 transactions listed above were fraudulent. I advised Edmond there was a report on file
The United States Attorney’s Office Eastern District of Pennsylvania. Predatory Lending. Retrieved October 31, 2011. http://www.justice.gov/usao/pae/Documents/predatorylending.htm
Prior to Fuller’s transfer, management at the Carson’s location was poorly run using the classical approach. While this approach can be successful, management has to find a good middle ground between caring for the company and caring about their employees. A traditional classical approach recognizes that there are five important factors to running a successful business (Miller, 19). According to text, these factors are planning, organizing, command, coordination and control (Miller, 19-20). These factors can be seen when you look at Third Bank as a whole. In the study, the CEO saw the issues in his company and put a plan together to improve. He had meetings with management, like fuller, to organize a solution. He then commanded all locations
The outsourced administrative support company accused CFPB of the alleged accountability absence that violated the US Constitution. The Congress “interfered” with the consumer finance protection regulation that stirred additional legal charges against the CFPB. However, the specialty of CFPB as the only existing remedy against the financial crisis made it possible for the company to overrule the congressional interference and retain “accountability deficits” (Block-Lieb, 2012, p. 28). The present position shows the dubiousness of the CFPB that goes against the governmental regulations while secures the ability of the population to loan and be
According to Ferrell et al., (2011) the key facts and critical issues of the Countrywide Financial Meltdown were due to several different mishaps. In this case study, I have read that this organization was established to aid consumers with the ability to make purchases without a set criteria amount of revenue at their disposal. The issues came about when the customer would begin the repayment process. They start to claim they were unaware of the interest-rate because would be prudent onto the loan; they would fault the lender for late fees, excessive fees attached to their loans, and other default issues. Although these were some significant acquisitions, the institutions were permitted to rebuttal their claims. However, “another financial
McBride Financial Services is a regional mortgage company that becomes the most advanced mortgage company in the Midwest. This company gives low cost mortgage services by using the state-of-the art technology to help homebuyers. The McBride also offers conventional, FHA, and VA mortgage loans for the customers who are purchasing or refinancing at the lowest possible rate. In addition, this company provides credit report , home inspection, and an appraisal of $ 1,500.00 for a fixed price for its customers(Apollo 2004).
American Express has become one of the leaders in credit and debit card transactions of the financial world. As the most innovative company in the business, they were the first to develop a large-scale traveller’s check. Over the years the company became more of a financial company and with the advent of consumer credit and debit cards they became a major player in supplying this service to it's members. American Express produced a niche market of "card members" to fit the needs of various financial desires. American Express has had to diversify it's products and services over the years to stay competitive with Visa and Master Card, who still control over 75% of the market share. The "elite" consumer still carries an American Express card, and the services and extra benefits associated with "being a member" are still an attractive bonus to many users. With it's financial services, travel business, and it's new Internet business sites American Express continues to grow and even through the recent meltdown in the financial markets they have seemed to emerge as strong as ever and will remain competitive through the 21st century. Once appeared as a travel service company associated with entertainment expenses, and even had several celebrities appeared in their advertisement campaigns. However today it seems as though the company attempts to convey that their service provides an easy and rewarding spending experience.
The Bank of the United States is a symbol of the long held American fear of centralization and government control. The bank was an attempt to bring some stability and control and was successful at doing this. However, both times the bank was chartered, forces within the economy ultimately destroyed it. The fear of centralization and control was ultimately detrimental to the U.S. economy.
My father started, owned and operated a tire business there for 45 years. During the latter years, he depended strictly on out of town business, because the locals prevented county vehicles, school vehicles, and any other county business to be done there. Nevertheless, the business did very well. In 1993, my father had double knee replacement surgery. The business fell behind a few payments on a mortgage loan from a local bank. My father had done business with that bank since 1951. After very few months, the bank began foreclosure proceedings. My father immediately sold a large inventory of tires, raised $10,000. He offered the bank the $10,000 to pay the arrearage plus a few payments in advance to show good faith. Every possible attempt was made to satisfy the bank, but everything was turned down except the $50,000 required to pay the loan off in full.
The forced liquidation of some $3 trillion in private label structured assets has been deprived from the financial markets and the U.S. economy has obtained a vast amount of liquidity that the banking system simply cannot restore. It is not as easy to just assign blame within these case however it is noted that the credit rating agencies unethical decisions practices helped add onto the financial crisis of 2008 and took into account the company’s well-being before any other stakeholders.
During the past year Wells Fargo, a well-recognized bank of the United States, has been trying to clean its name and the mess it got itself into, when it was brought to the public that the bank was involved in generating fraudulent checking and savings accounts for its clients without their knowledge or their authorization. “The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent”
In this case study it was stated that there were a problem happen in the outsourcing for the Royal Bank of Scotland. What happen was there were an error that happen during the routine software upgrade that cause million of that bank customer cant access to their account. The error happen when one junior technician in India was accidently wiped all the information during the routine software upgrade. The member of staff that was working under the program for the Royal Bank of Scotland, NatWest and Ulster Bank and it was based in Hyderabad, India.
Even though “now” banks and building societies look much alike, they used to be completely different types of financial institutions. For this reason, I will point out the differences and similarities as we go along the historical process through which these two, once utterly distinct, types of financial institutions started to look the same.
The METRO Cash & Carry (MCC) company was established in 1964. In that year, the first full scale METRO Cash & Carry wholesale store opened in Mülheim an der Ruhr with selling space of 14,000 square metres. That was a new dimension in food and non-food wholesale. The MCC company was founded by the two brothers Wilhelm Schmidt-Ruthenbeck and Erwin Schmidt as well as the Schell family, owner of a wholesale company for electrical appliances. Soon, Otto Beisheim was nominated as the managing director of METRO-SB-Großmärkte GmbH & Co. KG.