Items Tagged with 'Minnesota'


  • Federal authorities warn of fake bank supposedly operating in Minneapolis

    First National Bank in Minneapolis doesn’t actually exist
    Anyone who has received any kind of notice from First National Bank in Minneapolis, Minnesota, take note: the bank does not actually exist. According to the OCC, it received information about an entity calling itself First National Bank that is supposedly located at 222 S. 9th Street in Minneapolis. But the supposed bank isn’t what it appears to be.
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  • Minnesota's KleinBank reaches settlement with DOJ over redlining allegations

    Bank will expand service area to include certain minority neighborhoods
    The Department of Justice and Minnesota-based KleinBank reached a settlement agreement covering charges that the bank excluded minority neighborhoods from its service area and engaged in discriminatory lending. Now, despite continuing to disagree with the government’s claims, the bank is settling with the DOJ in order to move forward.
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  • Monday Morning Cup of Coffee: Private capital is returning to the mortgage market

    Plus, developments in affordable housing
    A few weeks ago, we asked if private capital was beginning to show more interest in the mortgage market. And now, we’re starting to see more signs that interest in mortgages that don’t fit inside the Qualified Mortgage box seems to be growing. Plus, big rental-related news out of New York and Minnesota. All that, and more, in your Monday Morning Cup of Coffee.
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  • Redfin Mortgage expanding to Minnesota

    Online real estate brokerage continues expansion of lending channel
    Redfin, which expanded into mortgage lending last year, is growing its lending business again. Initially, Redfin Mortgage was available in Texas. Then, the company expanded to Illinois, Washington, D.C., Pennsylvania, and Virginia. Now, Redfin is setting up a mortgage operation in Minnesota as well.
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  • Tim Pawlenty resigning as CEO of Financial Services Roundtable after big bank shake-up

    Rumored to be running for Minnesota governor again
    Former Minnesota Gov. Tim Pawlenty will be stepping down from his position as CEO of the Financial Services Roundtable next month, the trade group announced Tuesday. Pawlenty’s resignation comes on the heels of a big bank-led shake-up at the FSR, which reportedly saw the nation’s largest banks vote to shrink the group’s membership to preclude mid-size and smaller banks, along with payment companies, from being members of the group.
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  • Minnesota's KleinBank accused of discriminatory lending

    DOJ accuses bank of redlining minority neighborhoods
    Minnesota-based KleinBank excluded minority neighborhoods from its service area for all banking services and engaged in discriminatory lending, the Department of Justice claimed in a lawsuit filed late last week. According to the Department of Justice, none of KleinBank’s branch locations in the Minneapolis-St. Paul metro area is located in a minority neighborhood, a practice known as “redlining.” The bank denies the DOJ's allegations.
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  • American Modern Insurance Group fined $1M for over-charging on force-placed insurance

    Also required to cut rates by 43%
    The state of Minnesota announced earlier this week that it is fining American Modern Insurance Group $1 million for over-charging Minnesota residents for force-placed insurance. American Modern Insurance Group will also be required to cut its insurance rates by 43% and provide refunds to the affected homeowners.
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  • MERS wins in class-action suit from Minnesota counties

    Court of Appeals upholds lower court’s ruling on bypassing recording fees

    MERSCORP has won another legal battle, but this time the challenge wasn’t over MERS’ authority to assign the mortgage. In this case, 87 Minnesota counties claimed that MERS' mortgage assignments were depriving the counties of income from recording fees.

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