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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Time this was cleaned up.... Arthur Sinodinos says he won’t attend Senate Inquiry into political donations Leonare Taylor 27 April 2016   http://www.theguardian.com/australia-news/2016/apr/27/arthur-sinodinos-says-he-wont-attend-senate-inquiry-into-political-donations Cabinet secretary rules out appearing at inquiry set up by Labor to investigate associated entities, such as the Liberal party’s Free Enterprise Foundation Read the senator’s letter Cabinet secretary Arthur Sinodinos won’t be attending a special parliamentary inquiry into political donations on Thursday, despite a “demand” from the Senate that he show up to give evidence.  Sinodinos wrote to the committee late Wednesday saying he wouldn’t be attending during the two hours scheduled for him to give evidence on Thursday morning and that the “direction” was “objectionable”. “It would be inappropriate for me or any minister to appear ... the purported direction ... is without precedent, and violates well established Senate practice,” Sinodinos wrote. He said the inquiry had a “ludicrously” short time frame and the public could...
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  • organza
    organza says #
    Refusing to attend is as good as saying guilty. So what's he doing as part of the government when it's not the first time he has
  • Duped
    Duped says #
    Guilty as all hell. Dirty money laundering is part of the Liberal party.
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  SAVE PRINT REPRINTS & PERMISSIONS Liberals snub Senate inquiry into Free Enterprise Foundation April 26 2016 - 6:25PM Sean Nicholls Video http://www.canberratimes.com.au/federal-politics/political-news/liberals-snub-senate-inquiry-into-free-enterprise-foundation-20160426-gof4va.html Liberal Party figures have snubbed a Senate inquiry into the controversial Free Enterprise Foundation and similar federal fundraising bodies, while star witness Arthur Sinodinos has yet to confirm his attendance. It is understood former Liberal fundraiser Paul Nicolaou, former NSW party director Mark Neeham, former federal director Brian Loughnane and NSW finance director Simon McInnes were invited to give evidence, but declined. Arthur Sinodinos under pressure There are calls for the Senator to step down after questions were raised about the source of millions of dollars of donations to the NSW Liberal Party. Courtesy ABC News24. Senator Sinodinos, who is cabinet secretary, has been specifically directed by the Senate to appear to answer questions, but was listed as unconfirmed on a program posted by the committee on Tuesday....
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Bonus restrictions, clawbacks proposed to rein in Wall St risk taking 22 April 2016   by Jesse Hamilton and Elizabeth Dexheimer http://www.afr.com/business/banking-and-finance/bonus-restrictions-clawbacks-proposed-to-rein-in-wall-st-risk-taking-20160421-gocdey Wall Street executives would have to wait at least four years to collect most of their bonus pay and could be forced to return money if their companies lose big under rules being proposed to install one of the last major planks of the Dodd-Frank Act. The ban on bonus practices that reward excessive risk-taking would strike hardest at senior executives and key employees at financial companies with more than $US250 billion ($322.5 billion) in assets, according to the long-delayed incentive compensation measures released by the National Credit Union Administration. NCUA, one of the six agencies that must adopt the rule, voted on Thursday to put out the proposal for public comment. The other regulators, including the Federal Reserve and Securities and Exchange Commission, are expected to follow. The...
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Banking royal commission 'more transparent' than ASIC investigation, Labor says  By political reporter Caitlyn Gribbin     Updated 13 Apr 2016, 8:50amWed 13 Apr 2016, 8:50am    Chris Bowen has been pressuring the Government to call a royal commission into the banking industry.   Related Story: Murray offers the Government a way out from bank royal commission (Well  Cartel Member David Murray would say that wouldn't he?)    The Federal Opposition says it has evidence that a royal commission into the banking and finance sector would be more transparent than an Australian Securities and Investments Commission (ASIC) investigation.     Key points:   •Labor pushing for formal probe into banking misconduct •Parliamentary Library advice says ASIC investigation would be less transparent than royal commission •Treasurer says ASIC has greater powers than commission  The Federal Government said "serious issues" in the banking industry needed to be addressed, but has rejected the Opposition's calls for...
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  • Duped
    Duped says #
    You could imagine the deals ASIC would do behind closed doors, nothing basically would change. Transparency is the key issue, a Ro
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Never Forget: The Central Banks Have Engineered This Collapse Corbett • 08/25/2015 by James Corbett TheInternationalForecaster.com August 25, 2015 https://www.corbettreport.com/never-forget-the-central-banks-have-engineered-this-collapse/ Good news, everybody! The markets are rebounding! Yes, we just a hit a minor bump in the road there, but don’t worry, everything is back to normal now. Let’s forget about the tail end of last week and this week’s Black Monday, shall we? Pay no mind to the uncomfortable lowlights of the global stock rout: The staggering $5 trillion wipeout of funny money paper promise “wealth” since the yuan deflation began ($2.7 trillion on Monday alone). The all-time record spike on the volatility index (aka the “Fear Index”). The 1000 point Dow plunge off the opening bell on Monday morning. The halting of every major US index during the market mayhem. The 4500 mini crash events that forced indices worldwide to halt and unhalt at a dizzying pace. The amazing...
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Wells Fargo admits deception in $1.2 billion U.S. mortgage accord 9  April 2016 http://www.reuters.com/article/us-wellsfargo-settlement-idUSKCN0X52HK Wells Fargo & Co (WFC.N) admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.  The settlement with Wells Fargo, the largest U.S. mortgage lender and third-largest U.S. bank by assets, was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.  According to the settlement, Wells Fargo "admits, acknowledges, and accepts responsibility" for having from 2001 to 2008 falsely certified that many of its home loans qualified for Federal Housing Administration insurance.  The San Francisco-based lender also admitted to having from 2002 to 2010 failed to file timely reports on several thousand loans that had material defects or were badly underwritten, a process that Lofrano was responsible for...
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  • organza
    organza says #
    Now that sounds familiar. Governments left holding the bag when bad loans went bust!
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The irony is Mike Smith boasted of the importance of Social media for banks just before he jumped the ANZ ship....................... ANZ's Secret 1MDB Sacking Spree... How Come Management Still Sit Pretty? 18 March 2016 http://www.sarawakreport.org/2016/03/anzs-secret-1mdb-sacking-spree-how-come-management-still-sit-pretty/   There has been not a squeak from Australia’s banking regulators, prosecutors or politicians about Najib’s billions, handled by the ANZ predominantly owned AmBank in KL.  Whilst regulatory authorities across the globe have indicated that they are now closely studying this stunning scandal and banking heads have started to roll in the face of questioning by the Swiss, US and Singapore, Australia has said nothing. Neither is it apparently doing anything about the shocking state of affairs.  Except, that Sarawak Report has now learnt that secretly, behind the scenes, several of AmBank’s more junior KL staff were summarily blamed and then sacked last year, just after the cat was let out of the bag by...
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So who is responsible for having scrapped it?  Looks like IOSCO had a hand in it.........   Bank Denies Any Role In Probe Being Scrapped   By (c) Sky News 2016 | Sky News – Tue, Jan 12, 2016 22:04 GMT https://uk.finance.yahoo.com/news/bank-denies-role-probe-being-214359755.html   The Bank of England has publicly denied any role in a controversial decision by the City regulator to ditch a review into banking culture.  It (Other OTC: ITGL - news) comes days after MPs on the Treasury Select Committee summoned the leadership of the Financial Conduct Authority (FCA) to appear before them to explain the "curious" move. The Bank issued a statement after a report in the Financial Times claimed that a Bank of England official on secondment to the FCA had overseen the decision to shelve the review.  A spokesman said: "The Bank of England had no influence or role in the Financial Conduct Authority's decision to...
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APRA a ‘convenient alibi’ for rate rises: report Written by James Mitchell September 22, 2015 http://www.theadviser.com.au/breaking-news/33079-apra-a-convenient-alibi-for-rate-rises-report A new report argues that recent pricing and policy changes in the Australian mortgage market have little to do with regulatory forces but are more an effort by the banks to protect their margins and profits.  Released this week, The Property Imperative Report V report from Digital Finance Analytics (DFA), with results from the September 2015 DFA Household Survey, includes a special feature on current mortgage pricing dynamics.     The report examines “the real factors at play, compared with the hyperbole about the banks being forced to reprice investment loans thanks to regulatory intervention, and to show they are being good corporate citizens”.  “Actually, we think it has much more to do with competitive pricing dynamics than it has to do with regulatory change, and APRA is providing a convenient alibi for quick significant changes,”...
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Better hope we get that Royal Commission........Global disaster on the way   U.K.’s Financial Conduct Authority’s Review of Banking Culture Report is scrapped     http://www.digitalfinanceanalytics.com/blog/uks-financial-conduct-authoritys-review-of-banking-culture-is-scrapped/ By Martin North|January 2, 2016- 9:38 am|Banking Culture The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.  The FCA had planned to look at whether pay, promotion or other incentives had contributed to scandals involving banks in the UK and abroad.  The FCA said it had decided instead to “engage individually with firms to encourage their delivery of cultural change” according to UK reports. The move means the watchdog’s so-called “banker bashing” review has effectively ended after only a few months.  The decision comes after the FCA’s chief executive, Martin Wheatley, announced in July his decision to quit the post when the Chancellor George Osborne refused to renew his contract,...
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Bank culture: what might actually change? Consumers Fighting Back having their say for a change and Banksters sent to jail.  Time for Change DateApril 11, 2016 - 8:46AM Clancy Yeates Banking reporter   Read more: http://www.smh.com.au/business/banking-and-finance/bank-culture-what-might-actually-change-20160407-go1db3#ixzz45WWQW2KU Follow us: @smh on Twitter | sydneymorningherald on Facebook       David Murray on ASIC initiatives: 'Adolf Hitler comes to mind' The chair of the Financial System Inquiry and former Commonwealth Bank CEO David Murray has condemned ASIC's focus on banking culture. It was a sweltering day in Sydney when the country's oldest bank, Westpac, celebrated its 199th birthday last week. What is more, the venue it chose for the event, the last undeveloped wharf in the city, Pier 2, doesn't have air conditioning to shield guests from the temperatures of more than 34 degrees outside, the hottest ever recorded in April. Regulators have uncovered repeated examples of products that have been inappropriate for customers, but sold to them anyway. ...
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    douglen46 says #
    These thieves need to spend many years of hard labor doing something good for the community for a change, giving back instead of
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Turnbull needs to act on bank royal commission to boost his credibility on the unions April 6, 2016   https://theconversation.com/turnbull-needs-to-act-on-bank-royal-commission-to-boost-his-credibility-on-the-unions-57386 Malcolm Turnbull argues it is so vital to revive a tough watchdog in the construction industry that there will be a double dissolution if the Senate refuses to agree.  Critics such as Queensland independent senator Glenn Lazarus point to scandals and bad behaviour in other areas and say that if the Australian Building and Construction Commission (ABCC) were to be resurrected, it should be as a wide anti-corruption body – a proposition the government won’t countenance. It’s reasonable for Turnbull to resist calls to transform the proposed ABCC into a new and different entity. That would not be an amendment but a complete change of concept for the body. The case for such a comprehensive new organisation has not been established.  But the broader point being made has some validity. If...
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Labor pledges royal commission into bank behaviour April 8, 2016 Editor:   LIBERALS THROWING CONSUMERS OVER A CLIFF TO PROTECT CROOKED BANKER MATES https://theconversation.com/labor-pledges-royal-commission-into-bank-behaviour-57490?utm_medium=email&utm_campaign=Latest%20from%20The%20Conversation%20for%20April%2011%202016%20-%204647&utm_content=Latest%20from%20The%20Conversation%20for%20April%2011%202016%20-%204647+CID_3f9c8c21af65b451e58e328b4cb3ae1c&utm_source=campaign_monitor&utm_term=Labor%20pledges%20royal%20commission%20into%20bank%20behaviour   Opposition Leader Bill Shorten has promised a Labor government would set up a royal commission into misconduct in the banking and financial services industry.  Shorten said public confidence in the sector had taken “hit after hit” in recent years, which have seen a string of revelations about bad behaviour. “Many Australians have suffered through the decisions of banks and financial institutions,” he said. Retirees had lost their savings, small businesses had lost their livelihood, families had lost hundreds of thousands of dollars and insurance beneficiaries had been denied justice and legitimate claims.  “There are literally tens of thousands of victims, if not more. And today I say enough is enough. This string of scandals has to stop.” Shorten called on the government to establish a royal...
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Surprised?  He should have acted years ago...he loves getting tough with consumers!!!   ASIC opposes Royal Commission   Tuesday 24 March 2016   Written by Aleks Vickovich and Tim Stewart http://www.ifa.com.au/news/14340-asic-opposes-royal-commissionASIC chairman Greg Medcraft has added his voice to the chorus opposing a proposed royal commission into white-collar crime, including the financial planning industry.   Speaking to journalists on the sidelines of the ASIC Annual Forum in Sydney yesterday, Mr Medcraft said there have been sufficient inquiries into the sector already. “I think the time for inquiries is finished,” he said. “I think what we need now is action, and action is already underway. “FOFA is now implemented, we’ve got the financial advice register, we’ve got the recommendations on the financial adviser exam from the senate inquiry, we’ve got recommendations from the Financial System Inquiry. “So we’ve got things being implemented, and then maybe we have government decisions impending. So I...
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The rot behind the scenes.......hush hush – no distractions needed!  So who  is responsible for the leak???    https://ellenbrown.com/2016/04/10/the-war-on-savings-the-panama-papers-bail-ins-and-the-push-to-go-cashless/   The War on Savings: The Panama Papers, Bail-Ins, and the Push to Go Cashless Posted on April 10, 2016 by Ellen Brown Exposing tax dodgers is a worthy endeavor, but the “limited hangout” of the Panama Papers may have less noble ends, dovetailing with the War on Cash and the imminent threat of massive bail-ins of depositor funds. The bombshell publication of the “Panama Papers,” leaked from a Panama law firm specializing in shell companies, has triggered both outrage and skepticism. In an April 3 article titled “Corporate Media Gatekeepers Protect Western 1% From Panama Leak,” UK blogger Craig Murray writes that the whistleblower no doubt had good intentions; but he made the mistake of leaking his 11.5 million documents to the corporate-controlled Western media, which released only those few documents...
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  Opinion The Drum By Tim Dunlop Posted Fri at 11:38amFri 8 Apr 2016, 11:38am http://www.abc.net.au/news/2016-04-08/dunlop-panama-papers-reveal-a-two-tier-global-economy/7308520   What the Panama Papers reveal isn't just some dodgy legal practices by a few oligarchs and corporations. It's the exposure of alternative economic infrastructure designed to keep wealth in the hands of the few, writes Tim Dunlop. No sooner had the Panama Papers dropped than I noticed a bunch of people jump in with tweets and articles and Facebook posts pleading with us to understand that a lot of this activity is legal and that there are often profoundly good reasons for setting up anonymous bank accounts in offshore locations. We shouldn't presume everyone involved is doing something illegal or immoral, they counselled. This is obviously true. And you know what? Cry me a river. Let's not get distracted here. The focus should very much be on the problem these revelations have uncovered, not...
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A few reminders...   Financial advice laws set to be watered down - FOFA law change rebellion lauded by financial advice victims   19 November 2014 Yolanda Redrup   http://www.smh.com.au/business/banking-and-finance/fofa-law-change-rebellion-lauded-by-financial-advice-victims-20141119-11ps0r.html   Victims of dodgy financial planners have strongly backed the crossbench rebellion that will undo the Coalition government changes to  consumer protection laws. But the victims say even if the the push is successful, power will still sit firmly in the hands of the financial planners. Merilyn Swan, whose parents were victims of rogue Commonwealth Bank financial planner Don Nguyen, said the bar for the moral financial planners to pass was "so low a caterpillar could crawl underneath it". "The bar for clients to climb over to get something done is Mount Everest, but for financial planners it's on the ground. There is a disparaging gap," she said. "I do hope these changes are stopped ... it's a tiny step, but...
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Geoff- Posted on Sunday, April 10, 2016   My take on this is that those in the know now have the BFCSA Documents and all the personal statements that we have lodged and they now realise the devastation these revelations will have on the general Australian public who think : " She'll be right. The Banks look after us." Just about everyone I talk to thinks I'm crazy when I tell them about the bank Fraud, LAF Fraud, FOS total dependence on the Banks and persecuting the borrowers. ASIC being either conned by the Banks or just protecting them . Ordinary Australians are finally going to see the House of Cards that is the Australian Financial Industry. Geoff- Posted on Sunday, April 10, 2016   We must all be soo sad for these poor misunderstood BANKSTERS !!!!! I was blackmailed by a Commonwealth Bank Business Manage into two Loans. The housing...
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  • organza
    organza says #
    The filthy word is credit and what they can 'and do' with binary code, sticky fingers and a click of the mouse!
  • douglen46
    douglen46 says #
    I remember years ago if you wanted a loan from the bank even a small amount if you didn't earn enough there was no way you would
  • organza
    organza says #
    One could say we were all conned into a loan we did not understand, in my case not the kind of loan I thought I had applied for an
  • Aries
    Aries says #
    Geoff.....Banks pay a lot of money for propaganda on T.V. about how they look after their customers... ASIC are liars as well, do
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When can we expect the same?   It’s official: Wells Fargo reaches largest settlement in FHA history Announces $1.2 billion settlement April 8, 2016   http://www.housingwire.com/articles/36749-its-official-wells-fargo-reaches-largest-settlement-in-fha-history   Wells Fargo officially finalized its agreement with the federal government to pay $1.2 billion, in what is now the largest recovery for loan origination violations in FHA’s history.   The settlement resolves claims related to Wells Fargo’s Federal Housing Administration mortgage insurance lending program for the time period between 2001-2010. According to a press release from the Department of Justice, Wells Fargo admitted, acknowledged and accepted responsibility for, among other things, certifying to the Department of Housing and Urban Development, during the period from May 2001 through December 2008, that certain residential home mortgage loans were eligible for FHA insurance when in fact they were not, resulting in the Government having to pay FHA insurance claims when some of those loans defaulted. Wells Fargo originally...
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https://www.change.org/p/the-prime-minister-of-australia-royal-commission-australian-banking-sector/ Tell the Prime Minister of Australia what you think of Bankers and TOXIC INTEREST ONLY MORTGAGE LENDING? Most victims did not know their Mortgage was Interest Only They had no idea these 30 year LOW DOCS were evil 30 year BRIDGING LOANS!!!! They were told these were simply mortgages like their parents had and yet lower repayments per month. This is the biggest scandal Australia has ever had to endure.  Every citizen will feel pain from the fall out. Banking Cartel members must be sent to jail for white collar crime. PLEASE SIGN and help 1.5 million low income decent Australians get Justice from evil Bankers...
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  • Jenny L
    Jenny L says #
    We need a Royal Commission so justice can be done!
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