The Consumer Financial Protection Bureau's team that examines banks is understaffed, inexperienced and takes months to tell banks how they scored on routine audits, Consumer Bankers Association CEO Richard Hunt said Tuesday. For some bank examiners, it is their first job out of college, he said.
Hunt said that CFPB Director Richard Cordray is aware of the problems with the examination program and hopes to do better in the agency's second year.
USDA offers loans to farmers who grow for locals
MEMPHIS, Tenn. (AP) â¿¿ With interest in locally grown food soaring, the federal government said Tuesday that it created a small loan program to help community farmers who might not be able to borrow money from banks.
Call it seed money.
The low-interest "microloans" of up to $35,000 are designed to aid startup costs, bolster existing family-run farms and help minority growers and military veterans who want to farm. Over the last three years, there has been a 60 percent increase in local growers who sell directly to consumers or farmers markets, Agriculture Secretary Tom Vilsack said.
South Africa mine threatens closure, loss of 14,000 jobs
JOHANNESBURG (AP) â¿¿ The world's largest platinum producer said Tuesday that it will close some operations, sell one mine in South Africa and cut 14,000 jobs, just months after mining strikes turned violent, killing dozens of people.
Anglo American Platinum said a nearly yearlong review found that four mine shafts needed to be closed and one mine sold because of unprofitable operations. The government's minister of mines and the National Union of Mineworkers, NUM, expressed surprise and shock at the announcement.
Alibaba founder Jack Ma stepping down as CEO
BEIJING (AP) â¿¿ One of the world's most successful Internet entrepreneurs, Jack Ma, founder of e-commerce giant Alibaba Group, announced Tuesday that he is stepping down as CEO.