BFCSA Blog

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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APRA probe risks CBA rating Australian Financial Review Aug 28 2017 11:00 PM Jonathan Shapiro, Phillip Coorey, James Eyers   Global credit rating agencies are on alert after the prudential regulator unveiled an inquiry into scandal-ridden lender Commonwealth Bank of Australia warning that it could lead to a credit downgrade of the bank. S&P Global said any "material adverse findings" from the Australian Prudential Regulation Authority's review into CBA's governance, culture and accountability could weaken the bank's credit profile. The agency said any indications of weaknesses in CBA's governance and risk management frameworks uncovered by the inquiry or material damage to its reputation could also weigh on its rating, which is already on a negative outlook. Fitch Ratings said the APRA process could "result in negative rating action" if systemic issues were identified or if "lasting damage to the franchise" was inflicted. It also warned that management time at CBA could...
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APRA starts Commonwealth Bank of Australia inquiry amid AUSTRAC allegations Australian Financial Review Aug 28 2017 9:22 AM James Eyers, Phillip Coorey   The prudential regulator will launch an independent prudential inquiry into Commonwealth Bank of Australia's governance, culture and accountability, following the allegations raised by AUSTRAC that the bank failed to report suspicious transactions. An independent panel will be established to run the inquiry, APRA said in a statement on Monday morning, and will take six months to provide a report that will be made public. The inquiry will not specifically look at the money-laundering allegations but APRA said it would focus on governance, culture and accountability frameworks and practices within the group. CBA said it supports the APRA inquiry. CBA will pay its costs. "CBA recognises that events over recent years have weakened the community's trust in us. We have been working hard to strengthen trust, and will continue...
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ASIC handed CBA advanced copy of CommInsure Report   ASIC investigates the CBA Scandals gathers evidence and facts and then; ASIC sends its own report to CBA NAREV to ask him to heck and see if the ASIC “facts” are correct or perhaps FAKE STATS?  Really????     27 August 2017 Mario Christodoulou   http://www.smh.com.au/business/banking-and-finance/asic-handed-cba-advanced-copy-of-comminsure-report-20170826-gy4pse.html Australia's corporate watchdog has defended a decision to hand the Commonwealth Bank an advance copy of a report into its handling of life insurance claims before it was made public. The report, into the bank's troubled life insurance business CommInsure, was looking into the bank's practice of using outdated medical definitions to deny insurance claims, first exposed in a joint Four Corners/Fairfax Media investigation.   CBA chief executive Ian Narev. Emails between senior staff at ASIC show CBA repeatedly asked for a copy of the report and media release before it was released publicly. Photo: Bloomberg...
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If one knows how the financial industry works the mentality has always been find the loopholes and vague wording in regulation and exploit the loopholes 'full throttle.  The risk taken if the knowledge that any fine imposed if caught is substantially less than profit gained from illegal activity - that justifies taking the risk.  So "lets do it" Role of the CEO is to come up new strategies with new financial 'innovation strategies' to keep profits rolling in and COVER UP for activities of the the previous CEO and wilful blindness by the Board. Only fear the bastards have is reputational loss when and if they do get caught and it hits the media so it’s down to controlling the media and fake news. Ex CEO of Soc Gen Medcraft not in the know before he made his great big escape from the NY French Bank? I don’t think so!  That's a stretch of the...
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  Commonwealth Bank to face independent inquiry from banking regulator APRA It’s APRA who should be investigated for failure to regulate our rotten to the core Major Banks!   Commonwealth Bank to face independent inquiry from banking regulator APRA By business reporter Michael Janda Mon 28 Aug 2017,  http://www.smh.com.au/business/banking-and-finance/asic-handed-cba-advanced-copy-of-comminsure-report-20170826-gy4pse.html   Scott Morrison dismisses calls for banking royal commission (ABC Nes) Related Story: How three men got away with money laundering through CBA Related Story: Commonwealth Bank could face a lost decade, warns analyst Related Story: CBA announces $9.9b profit amid money laundering scandal   The banking regulator has said it will establish an independent inquiry into the Commonwealth Bank. Key points: Independent panel appointed by APRA to investigate culture, governance and accountability at CBA CBA will pay for the cost of the inquiry Final report expected to take around six months and be made public The Australian Prudential Regulation Authority (APRA)...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    I know how you feel after several years of battling and being worn down and slowly destroyed (whilst suffering enough conditions t
  • douglen46
    douglen46 says #
    I feel sick to my stomach why is APRA doing a shamm investigation into rotten Banks it's time the Gov stepped in to hold a Royal C
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Kids in primary school could understand this...it’s not a housing bubble but a bank engineered asset bubble with the intention of stealing all the tangible assets!   Why are house prices so high? http://positivemoney.org/issues/house-prices/ Many of us were told that house prices are so high because there are too many people and not enough houses. While this is true, house prices have also been pushed up by the hundreds of billions of pounds of new money that banks created in the years before the financial crisis.   1. Banks created hundreds of billions of pounds and put it into property In the ten years up  to the start of the financial crisis, house prices tripled. Many people think this is because there were not enough houses around, but that is only part of the picture.  A major cause of the rise was that banks have the ability to create money every...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Why should we put up with one more day of these things? Surely it's time for a show of public rage. Are we going to be treated l
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Attached to THE ARGUMENT OF AGENCY PAPER 2011 BFCSA:  Bankers permitted to become a LAW UNTO THEMSELVES - more 2011 revelations on Mortgage Fraud Engineered By Bankers Ostensible Authority:  1.       There existed strong Ostensible Authority links directly between Introducers and Lenders.   The links are as follows: a.       Introducer’s were provided with database access to track their approvals. b.       Introducer’s were provided with stationary bearing the Lender Logo’s. c.       Introducers were provided with Lender material to enhance sales. d.       Emails between Loan Processing Officers and Introducer ensured direct communication between the Lender and its own agent: the Introducer. e.       Lenders employed BDM’s to teach Introducers the system and how to maximise loan approvals....driven by a very high commission structure provided by the Lenders. f.        Emails between BDMs and Introducers paint a clear picture of loan acceptance practices. g.       ABN ‘for a day” became standard industry practice and accepted by the Lenders h.       The Lenders...
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The Argument of Agency: by Denise L Brailey  BFCSA (Inc) 2011   Since the release of this paper, the cases won include O'Donnell (NSW 2009), Schmidt (VIC 2010) and Burns (WA 2015) and since then there have been "spin off cases,"  also defeating the same bank induced argument intentionally and mischievously created and presented to the Courts by Legal Teams of the Banking Sector.  The Master Servant relationship applies to the advantage of the customer and not the  interests of the Banks.  The Broker Channel has been created by Lenders to intentionally escape responsibilities in lending.   The Judges held the brokers are selling agents of the Banks and as such, sellers cannot serve two Masters.  Banks are therefore liable in law for any error or omission or fraudulent actions by the Sellers. THE ARGUMENT OF AGENCY -  released by BFCSA (Inc) Firstly, on suggestion of the BFCSA (Inc) Committee, I wish to provide our own interpretation on the...
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Money Laundering in Chief: Scandal at the Commonwealth Bank of Australia ·         August 14, 2017 ·         Written by: Binoy Kampmark https://theaimn.com/money-laundering-chief-scandal-commonwealth-bank-australia/ The Australian banker is a smug species, arguably more than his international peers. Caught off guard by the financial disasters of the late 1980s and early 1990s, the Australian banking system has become an expression of a classic oligopoly, manipulating prices and squeezing customers. Such an Australian banker is perky as well, self-assured that any inappropriate, let alone illegal behaviour, might be passed off as an effort to do better, to buck trends, to be audacious. Over the last few weeks, AUSTRAC has had little time for that audacity. The financial intelligence agency and regulator had picked up on suspicious transactions made through the Commonwealth Bank of Australia’s “intelligence deposit machines” numbering over 53,000 and exceeding the legal $10,000 limit. The machines in question were part of a CBA modernisation...
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AGENTS OF THE BANKS known as BROKERS became the ultimate whistleblowers on Crime of the Century: Australian Bankers Scandal. Banks set out to STEAL HOMES then allow the Banking Institutions to collapse under weight of DEBT owed to the Wholesalers.   Mark Bouris is right: Brokers never approved the loan. Banks approved loans by using secret and hidden computer generated fudged income projections on EVERY file. Fraud is in the approval process and 20 Judges agree!! In any case, the Broker is agent of the Bank. So if it was the brokers writing loan forms, then a loan like this would NEVER have been written by a branch??? Just who is yanking my chain? Bank staff (managers and officers) wrote up the mortgages on the same forms and the same way using the same BANK FUDGING COMPULSORY SERVICE CALCULATOR and in greater numbers aka 55% of all mortgages are written...
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Why APRA's Wayne Byres says the regulator is a doctor, not a cop Financial Review - Jul 8 2016 James Eyres In a world that is still dealing with the aftershocks of the global financial crisis, public wariness of big business has intensified and regulators have grown in authority and influence. Business says regulation adds to the cost of business, stifles innovation and discourages risk-taking. But innovation and risk-taking with weak supervision took the global economy to the precipice too. The demands on regulators to stay on their toes, crank up their scrutiny, and do their duty to protect, have never been more intense. Four of Australia's business cops – the Australian Prudential Regulation Authority (below), the Australian Tax Office, the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission – talk about what it's like working in the age of the regulator.   Curbing complacency The man...
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APRA’S CRISIS MANAGEMENT POWERS 18 August 2017 | Exposure Draft On 20 October 2015, the Government committed to provide regulators with clear powers in the event a prudentially regulated financial entity or financial market infrastructure fails as part of its response to the Financial System Inquiry. This consultation seeks stakeholder views on the exposure draft of Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 (the draft Bill), which strengthens APRA’s crisis management toolkit in relation to banks and insurers. Draft explanatory materials are provided to assist readers in understanding the draft Bill. The draft Bill includes amendments to the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Australian Prudential Regulation Authority Act 1998, Payment Systems and Netting Act 1998 and Financial Sector (Business Transfer and Group Restructure) Act 1999. These amendments enhance APRA’s crisis management powers by providing: clear powers that enable APRA to set requirements on resolution...
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CBA board's breathtaking tactics bring on a class action.  Adele Ferguson It is being pitched as the biggest shareholder class action in the country. Commonwealth Bank on one side, and Maurice Blackburn bankrolled by IMF Bentham on the other side.  The allegation is that Commonwealth Bank sat on material information that kept its shareholders in the dark about a massive money laundering and counter terrorism finance scandal. or the bank and the board, it means more bad publicity and more headaches as they battle separate investigations by the Australian Securities and Investments Commission (ASIC) as well as the legal action that sparked it all by the financial intelligence agency Austrac. For Maurice Blackburn and IMF, it is a high-profile bank case that goes to the heart of what executives and the board knew, and when. RELATED ARTICLES ATM scandal: Austrac says CBA the only offending bank Exiting Narev's pay shrinks by $6.8m in wake...
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Shares in Provident Financial crashed 66 per cent yesterday as crisis looms   Drop believed to be biggest one-day fall for a blue-chip FTSE 100 firm ever Peter Cook, the CEO, resigned in disgrace as £1.7billion was wiped off its value Now 800,000 customers of it doorstep collection business are at risk   By James Burton Banking Correspondent For The Daily Mail PUBLISHED: 09:59 +10:00, 23 August 2017 Hundreds of thousands of struggling families have been left in limbo by a mounting crisis at doorstep lender Provident Financial. Shares in the business crashed by 66 per cent yesterday after bosses admitted that a software bug has made it impossible to collect debts from customers. It is believed to be the biggest ever one-day stock price fall for a firm in the blue chip FTSE 100 index, wiping £1.7billion off its value. The company’s chief executive, Peter Crook, resigned in disgrace. The firm...
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THE FOUR CORNERS COVER UP re BANK FRAUD   On our www.facebook.com/BFCSA    If you agree: 'LIKE' OUR PAGE and SHARE We have highest household debt levels in the world. Ex banker Prime Minister Turnbull tells us to be prudent!!!!! He has his say but does not show his face. His banker mates have been engineering the largest PONZI financing scam Australia has ever seen and sent an army of sellers (inc 55% internal staff) to sell mortgages that the persons agreeing and signing contracts had no idea their "mortgages" were in fact INTEREST ONLY. Four Corners failed to mention the CONTROL FRAUD run by Bankers and targeting older Australians who enjoy home ownership and no debt. No mention of the bank engineered financial strategies for signing up anyone with HOUSE and a PULSE. No mention of the grand plan to ASSET-STRIP and steal the family home..No mention of the tragic RMBS...
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Love the heading....BANKING Mortgage Fraud is a CONTROL FRAUD    By Houses and Holes in Australian Politics at 12:25 am on August 21, 2017 | 43 comments https://www.macrobusiness.com.au/2017/08/canberra-is-now-one-giant-control-fraud/   Via Paul Kelly: When a parliament is discredited the presiding government usually pays a fatal price. The current parliament is discredited and dysfunctional on fiscal, legal and symbolic grounds, our democracy continues to be damaged and the decline in trust in our institutions is intensifying. Just as the Tony Abbott-led opposition in 2010-13 was pivotal in ruining the Gillard government’s legitimacy, so the Bill Shorten-led opposition — though facing a different situation — is advanced in its quest to delegitimise the Turnbull government. But that only happens because of the government’s own ineptitude. …The killer scenario is the reference of Deputy Prime Minister to the High Court leading to a minority Turnbull government. That should not happen. Indeed, it is hard to...
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Malcolm Turnbull's comments about Barnaby Joyce are unwise http://www.smh.com.au/comment/malcolm-turnbulls-comments-about-barnaby-joyce-are-unwise-20170815-gxwf3i.html George Williams is Dean of Law at the University of NSW. Prime Minister Malcolm Turnbull may come to regret his bold statement that Barnaby Joyce is "qualified to sit in the house and the High Court will so hold". For an accomplished lawyer normally so careful about such matters, Turnbull was insensitive to the role of the High Court as the independent and final arbiter of these matters. The separation of powers in Australia depends upon leaders not prejudging the courts. Doing so is disrespectful to the judicial arm of government, and can get politicians into hot water under the laws of contempt. In this case, any suggestion that Turnbull may have crossed that line is removed by the fact that he said the words in Parliament. Ancient laws prevent anything said in Parliament from being called into question in a court....
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AustralianSuper says tougher regulation of banks ‘warranted’ The Australian 12:00am August 21, 2017 Richard Gluyas   The nation’s most powerful superannuation fund has distanced itself from company directors, arguing in favour of tighter prudential regulation for banks due to the industry’s privileged role in the economy and its “repeated” ­failure to protect the interests of customers. AustralianSuper, with 2.1 million members and $120 billion in assets under management, said it supported the proposed banking executive accountability regime, or BEAR, announced in the May budget because “inappropriate behaviour and poor culture” represented an investment risk. “The central and privileged role banks play in the Australian economy, coupled with the repeated failure by some banks to protect the interests of consumers in the last decade, demonstrates that for this particular sector heightened prudential regulation is warranted,” the super fund said. “As such, the improved behaviour and accountability encouraged by BEAR is positive from...
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Lift interest rates now to avoid problems later: Costello The Australian 12:00am August 21, 2017 Adam Creighton   Peter Costello, chairman of the nation’s $130 billion Future Fund, has urged the Reserve Bank to lift interest rates now to avoid households’ taking on more debt, which he says is contributing to “massive imbalances” in the economy. The nation’s longest-serving treasurer also expressed concern that the Turnbull government was balancing the budget mainly by lifting taxes. “The worry is we do it on the revenue side rather than spending side,” he said, suggesting lifting taxes would lead only to calls for more spending. “We have to normalise interest rates, and the longer you leave it the more unbalanced your economy is going to get,” Mr Costello said, suggesting Australians weren’t “worrying about debt ­because they can get it at such low rates”. The value of owner-occupier and investor mortgages have soared about...
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Mortgages and debt: How lending culture is leaving Australians vulnerable ABC News21 August 2017 Michael Brissenden, Justin Stevens, Jeanavive McGregor   A decade of housing price rises, low interest rates and relatively easy credit has left Australians carrying the second-highest level of household debt in the world. And despite efforts to tighten lending and to address problems in the lending culture, the ABC's Four Corners program has learnt bank staff and mortgage brokers are still required to meet tough lending targets and some staff are threatened with dismissal if they do not meet the banks' requirement to sign up more mortgages. The problems in the lending culture were acknowledged by the banks themselves earlier this year in a review conducted by the former public service chief, Stephen Sedgwick. Incentive payments and lending targets are still a primary motivator for bank staff. Internal performance expectations for Westpac bank lenders, obtained by Four...
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