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In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity.

On Monday, the FTC accused SoFi of using its television, print, and online ads to mislead consumers about the effectiveness of the lender’s loan refinancing programs, claiming that SoFi deceptively inflated how much borrowers can save by as much as 200% in some cases.

And according to the FTC, there are other le...

The credit ratings agency, Moody’s Investors Service, just released a report citing deterioration in overall loan quality in the mortgage lending market.

And, the analysts there think the problem might get worse, before it gets better.

“Further weakening would heighten the risk of performance deterioration, a credit negative for certain financial institutions and residential mortgage-backed securities,” the report, led by senior analyst Jody Shenn, states.

Bear in mind that in its role as a CRA, Moody’s job is to call things risky and give it a measure. Mortgage bonds...

Late last week, the Office of Civil Rights for the Department of Health and Human Services (OCR) announced a $16 million settlement with health-insurance company Anthem, Inc. The settlement amount is nearly three times larger than any prior settlement with the OCR.

As a reminder, in 2015, Anthem suffered the largest reported health data breach in U.S. history.   The breach itself started the prior year, when an employee at an Anthem subsidiary opened a phishing e-mail containing malicious content. With that malicious code in place, the hacker was able to gain remote...

An Arapahoe County jury has awarded $37,000 to one of four employees who sued Aurora-based American Financial Corp., after they were fired for trying to expose the company’s alleged mortgage fraud.

The jury decision in favor of mortgage consultant Sandra Reynolds came Wednesday afternoon in Arapahoe County District Court where Reynolds and three co-workers had filed wrongful termination lawsuits, plaintiff’s attorney Jack Olsen said. Olsen declined further comment about the verdicts.

The jury ruled against the other three employees — Stacia Springer, Steffen Mehnert...

Two members of Wells Fargo & Co.’s operating committee have taken leaves of absence from their positions, including a Charlotte-based official, the bank said Wednesday.

The departures of David Julian as chief auditor and Hope Hardison as chief administrative officer are linked to the bank’s ongoing fraudulent customer-account scandals. Julian works in Charlotte.

The bank said in its statement the leaves of absence are “related to previously disclosed, ongoing reviews by regulatory agencies in connection with historical retail banking sales practices.”

“These leaves of...

HITRUST today released the following statement regarding the HIPAA settlement relating to the Anthem security breach in 2015.

An inaccurate media story earlier today reported that Anthem had a HITRUST CSF Certification at the time a breach occurred in 2015 and it did not adequately identify or address the issue relating to the breach. While Anthem did have a HITRUST CSF Certification, the organization did not have a breach in any system or area of the organization that was within the scope of its HITRUST CSF Certification.

A HITRUST CSF Certification is issued based...

A politically charged lawsuit that originally would have pitted seven independent New Jersey hospitals against the state’s largest health insurance company has ended. Less than two hours before oral arguments were to begin in a Hackensack courtroom, The Valley Hospital, the last remaining plaintiff in the case, agreed to withdraw its claim that Horizon Blue Cross Blue Shield of New Jersey’s OMNIA health plans violated the spirit of its contract with the hospital. Horizon said in a statement it was “pleased to have reached an agreement with Valley Health System. We...

CentraState Medical Center in Freehold Thursday became the latest hospital to drop a three-year-old lawsuit against Horizon Blue Cross Blue Shield of New Jersey that accused the state's dominant health insurance provider of squeezing community hospitals out of the market.

CentraState was once one of seven hospitals that sued Horizon for relegating them to a more expensive tier in the company's OMNIA discount health plans, which Horizon said would revolutionize health care options in the state.

Valley Hospital in Ridgewood, the last plaintiff in the case, an...

Aetna has reached an agreement in New Jersey to pay a $365,211.59 civil penalty to settle claims that it allowed the private health information of individuals to be viewed through transparent envelope windows. The insurer will also reportedly pay $100,000 in Connecticut and $175,000 in the District of Columbia for a total of $640,000.

Aetna inadvertently disclosed the HIV/AIDS-related information on thousands of beneficiaries, including about 647 New Jersey residents, according to New Jersey Attorney General Gurbir S. Grewal, in an agreement announced October 10. 

Th...

Anthem Inc., the nation’s second-largest health insurer, has agreed to pay a record $16 million to the government to settle potential privacy violations in the biggest known healthcare hack in U.S. history, federal officials said Monday.

The personal information of nearly 79 million people — including names, birth dates, Social Security numbers and medical IDs — was exposed in the cyberattack, which Anthem discovered in early 2015.

The settlement between the Indianapolis company and the Department of Health and Human Services represents the largest amount collected b...

CVS Health CVS, +1.90% today announced that it has entered into an agreement with the U.S. Department of Justice (DOJ) that allows it to proceed with its proposed acquisition of Aetna AET, +1.04% DOJ clearance is a key milestone toward finalizing the transaction, which is also subject to state regulatory approvals, many of which have been granted. CVS Health's acquisition of Aetna remains on track to close in the early part of Q4 2018.

"DOJ clearance is an important step toward bringing together the strengths and capabilities of our two companies to improve the cons...

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