Announcements
State of Michigan Department of Consumer and Industry Services
Office of Financial and Insurance Services
Enforement Actions
Access Mortgage-Lansing Unlicnesed activity, Failure to conduct business in accordance with the law- $2000 civil penalty
American Mortgage-Failure to pay outstanding invoices within reasonable time $100 civil/$1075 late
Capital Securities-Lansing Failure to conduct business in accordance with the law-$1500 Civil/$2150 late penalty
CRK and Associates Inc.-Clarkston MI Unlicensed activity $500 civil penalty
DBSA Holding-Failure to conduct business in accordance with the law $5000 fine
Dynamic MOrtgage-Dearborn MI Failure to maintain books $5000 civil fine
Shellie Garrett-Southfield MI Failure to pay outstanding invoices within a reasonable time $500 civil/$725 late fee
Hot Brands, Inc Laughlin Associates-Unlawful practices Cease and Desist
El and Michael White Hartwell-Southfield Unlicensed activity Cease and Desist
Metro One Lenders Southfield Unlicensed activity-Denial of licenses
Vazilyn Poinsetta-Detroit MI Unlawful practices Cease and desist $10,000 fine
PERSONAL BANKRUPTCIES AT LOWEST LEVEL IN TWO DECADES
Statistics just released from the Administrative Office of the U.S. Courts confirm that personal bankruptcy filings during the first quarter of 2006 fell to the lowest level since 1985. For the three months ending March 31, 2006, there were 112,685 petitions filed for personal bankruptcy relief, compared to nearly 400,00 for the same period one year earlier. In the first quarter of 20206 Chapter 7 filings fell to 56% of the total, and Chapter 13 filings rose accordingly,. Of course, the shifting of borrowers who had the capacity for meaningful repayment out of Chapter 7 and into Chapter 13 was one of the primary objectives of last years bankruptcy reform act. Source: Spotlight on Finance June 06
PERSONAL BANKRUPTCIES BY STATE AND JUDICIAL DISTRICT FOR
THE 3-MONTH PERIOD ENDING MARCH 31, 2006
COMPARED TO THE SAME QUARTER IN 2005
| |
TOTAL FILINGS
AS OF 3/31/06 |
% CHANGE IN
TOTAL
3/31/05
3/31/06 |
%
CHAPTER 7 AS OF
3/31/06 |
| Michigan |
6555 |
-63% |
62.4% |
| East |
5148 |
-60.8% |
58% |
| West |
1407 |
-69.4 |
78% |
BANK EXAMS SCHEDULED FOR 2ND AND 3RD QUARTER OF 2006
SECOND QUARTER-OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
- LaSalle Bank Midwest National Association-Troy Michigan
THIRD QUARTER
- First National Bank of America – Lansing Michigan (August 06)
THIRD QUARTER-FEDERAL DEPOSIT INSURANCE CORP. (FDIC)
- Grand Haven Bank-Grand Haven Michigan
- Founders Trust personal Bank-Grand Rapids Michigan
- Northpointe Bank-Grand Rapids Michigan
- 1st State Bank-Saginaw Michigan
THIRD QUARTER-FEDERAL RESERVE BANK (FRB)
- Byron Bank-Byron Center Michigan
- Chelsea State Bank-Chelsea Michigan
- Chemical Bank-Midland Michigan
- Comerica Bank-Detroit Michigan
THIRD QUARTER-OFFICE OF THE THRIFT SUPERVISOR (OTS)
- Sterling Bank & Trust-Southfield Michigan
Expected CRA Examination Schedule 3rd Quarter 2006 Southeast Region-Sterling Bank & Trust FSB One Towne Square Southfield, MI 48076 Exam scheduled for July 2006.
For more information on MCRC contact Veronica Williams Raphael 517-485-3588 x142.
Look for our upcoming issue of our newsletter.
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