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Swiss Bank Accountholders Sought
Posted on February 20th, 2009 No commentsA government lawsuit filed Feb. 19 seeks the identities of tens of thousands of possible U.S. tax cheats who hid billions of dollars in assets at the Swiss-based bank UBS AG, the Milwaukee Journal Sentinel reported in a Business brief. A defiant Swiss president pledged to maintain his country’s bank secrecy laws. In the suit filed in Miami, the Obama administration wants UBS to turn over information on as many as 52,000 U.S. customers who concealed accounts from the U.S. government in violation of tax laws. A deal announced Feb. 18 provides access to about 250 to 300 UBS customers who used Swiss bank secrecy laws to hide assets.
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Mid-Wisconsin Gets TARP Funds
Posted on February 20th, 2009 No commentsThe Medford-based parent company of Mid-Wisconsin Bank has become the eighth Wisconsin-based bank to receive funding through TARP’s Capital Purchase Program. The bank said it received a $10 million investment from the U.S. Treasury, according to the Milwaukee Journal Sentinel.
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Help for Countrywide Borrowers
Posted on February 20th, 2009 No commentsMore than 2,900 people in Wisconsin at risk of losing their homes could have an easier time getting lower mortgage rates under an agreement announced Feb. 19 by Attorney General J.B. Van Hollen. Bank of America has agreed to lower interest rates on troubled subprime and adjustable-rate mortgages from Countrywide Financial, which B of A acquired last year. Read more in the Milwaukee Journal Sentinel.
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Bank Apologies for Escrow Delay
Posted on February 20th, 2009 No commentsHarris Bank is working with customers to resolve issues related to late property tax payments made on behalf of Milwaukee-area customers, the Milwaukee Journal Sentinel reported.
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SBA Scam Detailed
Posted on February 20th, 2009 No commentsCon artists have been sending fraudulent letters on what looks like stationery of the U.S. Small Business Administration, asking business owners for bank account information so they supposedly can qualify for a tax rebate under the economic stimulus act, the SBA warned on Feb. 19. The letters are false and businesses should not respond to them, the agency said in a Milwaukee Journal Sentinel news brief. Anyone who receives such a letter should report it to the SBA fraud line, (800) 767-0385 or e-mail OIGHotline@sba.gov.
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Citi to Replace Cards Following Breach
Posted on February 20th, 2009 No commentsCitigroup Inc. has started sending replacement credit cards to its customers, apparently in response to a massive security breach at a payment processing company, according to a Milwaukee Journal Sentinel news brief. Heartland Payments Systems Inc. revealed Jan. 20 that its system used to process Visa, MasterCard, American Express and Discover Card transactions was breached late last year. The Princeton, N.J., company said the breach did not involve merchant data, cardholders’ Social Security numbers, unencrypted personal identification numbers, addresses or telephone numbers.