ADVISORY/FDIC Investigates 'Money Chain' Funding Predatory Lenders, Seeks Solutions to Curb Abusive Practices, in Boston.Assignment/News Editors ADVISORY...for Tuesday (May 23) --(BUSINESS WIRE)
Where: The Thomas P. O'Neill, Jr. Federal Office Building at 10
Causeway Street
When: Tuesday, May 23, 2000, from 9:00 a.m. to 12:30 p.m.
How do predatory predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. lenders fund their operations? Are federally insured depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. involved? If so, what steps can and should be taken by responsible lenders, state and local governments, and federal regulators to protect consumers from abusive lending practices? The Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) is continuing its investigation to find answers to these questions. In Boston on May 23, 2000, the FDIC will call on representatives from financial institutions and trade associations, government-sponsored entities, state and local governments, and consumer and community groups to trace the "money chain" through which predatory lenders fund their operations. The agency will also explore ways to help insured institutions avoid funding or otherwise supporting predatory practices. FDIC Chairman Donna Tanoue will open the forum by presenting Boston Mayor Thomas Menino Thomas Michael Menino (born December 27, 1942) is the mayor of Boston, Massachusetts, United States and the city's first Italian-American mayor. Biography Born in Readville, a part of Boston's Hyde Park neighborhood, Menino was educated at Chamberlayne Junior College (AA, with an award honoring the city's "Don't Borrow Trouble" public awareness campaign. The City of Boston, with support from many responsible bankers throughout the state of Massachusetts, including the Massachusetts Bankers Association, has been at the forefront of fighting predatory lending. The "Don't Borrow Trouble" campaign alerts consumers to the unscrupulous practices of certain lenders that can strip housing equity from unsuspecting borrowers. "Predatory lending is intended to achieve abnormally high returns by taking advantage of consumers," Chairman Tanoue said. "Predatory lenders thrive on taking advantage of people who have little choice - no alternative. Predatory lending practices should not be tolerated by any of us." Massachusetts Commissioner of Banks Thomas Curry will be among the officials participating in the meeting, as will representatives of the office of the State Attorney General. Nicholas Retsinas, Director of the Joint Center for Housing Studies at Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. , will deliver the keynote address keynote address n. An opening address, as at a political convention, that outlines the issues to be considered. Also called keynote speech. Noun 1. . The meeting will be open to the public. Seating is limited to the first 150 registrants other than media. To register by telephone, call David Wright David Wright may refer to:
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