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THIS DAY IN HISTORY
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June 3, 1996:
GM Ordered To Pay Up.
On this day in 1996, General Motors is ordered to pay $150 million in punitive damages because of faulty door latches. This case was seen as an example of tort law gone berserk until GM internal documents emerged stating the door latches were "substandard" and prone to failure. Also, GM was not willing to pay the $916 million price for the recall and repair of these faulty door latches.
FINANCIAL HUMBLENESS CHANGED THEIR LIVES!
We do a deep dive into how our clients served were helped with their financial goals. Read More.
VIEW OUR PRIOR NEWSLETTERS
XNE Financial Blog
Do you enjoy reading the financial news in our monthly newsletters? Would you like to receive weekly financial news, tips and more? If yes, check out our new XNE blog to get the latest on economic trends and money updates that matter to you!
COME FOLLOW, LIKE AND CONNECT WITH US
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COMING SOON...
XNE @ Home
It is our pleasure to reintroduce XNE Financial Advising's most rewarding referral program - XNE at Home. Through XNE at Home Referrals program, XNE brings the wisdom, advice and instruction on how to turn your financial house around directly to you, your family and your closets friends, all in the comfort of your home.
The Road to Financial Freedom
Traveling Workshops
XNE Financial presents The Road to Financial Freedom (TRFF). TRFF is a traveling workshop owned, prepared and executed by XNE Financial advisors. We provide one, two and three day workshops to entities looking to educate and train stakeholders on the importance of creating and maintaining a financially fit life. This is a great opportunity to invest in the people who are at the foundation of the success of your organization.
We Wan to Hear From You!
Client Satisfaction Survey
XNE will be launching it's first client satisfaction survey to give our clients an opportunity to let us know how we can better serve you!
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| Mortgage Lender Finally Have Their Day In Federal Court
Settlement Provides $9 Million in Compensation to African-American and Hispanic Borrowers
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Did You Know?
Nearly 78,000 Service Members to Begin Receiving $60 Million Under Department of Justice Settlement with Navient for Overcharging on Student Loans
The Department of Justice announced today that this June, 77,795 service members will begin receiving $60 million in compensation for having been charged excess interest on their student loans by Navient Corp., the student loan servicer formerly part of Sallie Mae. The payments are required by a settlement that the department reached with Navient last year to resolve the federal government's first ever lawsuit filed against owners and servicers of student loans for violating the rights of service members eligible for benefits and protections under the Service members Civil Relief Act (SCRA). The United States' complaint in that lawsuit alleged that three defendants (collectively Navient) engaged in a nationwide pattern or practice, dating as far back as 2005, of violating the SCRA by failing to provide members of the military the 6 percent interest rate cap to which they were entitled for loans that were incurred before the military service began. The three defendants are Navient Solutions Inc. (formerly known as Sallie Mae, Inc.), Navient DE Corporation (formerly known as SLM DE Corporation), and Sallie Mae Bank. Read More.
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| Justice Department & CFPB Reach Mortgage Lending Discrimination Settlement
The Justice Department and Consumer Financial Protection Bureau (Bureau) filed a consent order [on May 28, 2015] to resolve allegations that Provident Funding Associates (Provident) engaged in a pattern or practice of discrimination that increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident's nationwide network of mortgage brokers.
The settlement, which is subject to court approval, was filed in conjunction with the agencies' complaint in the U.S. District Court for the Northern District of California. The complaint alleges that Provident violated the Fair Housing Act and Equal Credit Opportunity Act (ECOA) by charging thousands of African-American and Hispanic borrowers higher fees on mortgage loans not based on borrower risk, but because of their race or national origin. Provident cooperated fully with the agencies' investigation into its lending practices and agreed to settle this matter without contested litigation.
"The Civil Rights Division is committed to ensuring that all types of lending institutions, including wholesale mortgage lenders, comply with the fair lending laws," said Principal Deputy Assistant Attorney General Vanita Gupta of the Civil Rights Division. "We look forward to further collaboration with the Consumer Financial Protection Bureau in protecting consumers from illegal and discriminatory lending practices."
"The settlement demonstrates this U.S. Attorney's office will devote the resources necessary to root out and address unfair lending practices that affect citizens of this district," said U.S. Attorney Melinda Haag of the Northern District of California. "The law is clear: access to mortgage loans may not be made more difficult because of an applicant's race or national origin. We are glad that Provident has agreed to put an end to this practice without engaging in protracted litigation."
"Consumers should never be charged higher fees because of their race or national origin," said Consumer Financial Protection Bureau Director Richard Cordray. "We will continue to root out illegal and discriminatory lending practices in the marketplace. I look forward to working closely with our partners at the Department of Justice to ensure consumers are treated fairly."
The lawsuit originated from a 2011 referral by the Federal Trade Commission (FTC) to the Justice Department's Civil Rights Division. In 2012, the Bureau joined the Justice Department's investigation. Read More.
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YEAR-AROUND TAX PREPARATION
2014 TAX SEASON has started and many tax preparation companies are setting up shop after being closed for the majority of 2014 but not us...we've been here year-round ready to serve at an email or call's notice! See below our fees by clicking on the Tax Flyer for individuals and businesses which remains lower than the National Average of $246, H&R Block $178 and LibertyTax of $198 by clicking on the Tax Flyer. Our Tax Preparation Flyer If you have any personal tax questions feel free to contact us or visit our updated tax preparation page Tax Preparation Overview to get started today! We're an IRS Registered Tax Return Preparer and Annual Filing Season Program Participant so contact us today! |
ABOUT US
XNE FINANCIAL ADVISING, LLC is a private corporation that focuses on core financial management of individuals and small businesses. An independent, fee-base firm incorporated in the state of Virginia that provides services to individuals and businesses on financial and business management matters with concentration of clients inside the tri-state area of the District of Columbia, (DC, MD, and VA) with a growing concentration in other states.
Since 2011, XNE Financial Advising has assisted more than 330 individuals and small businesses with financial and tax analysis. The company continues to add and enhance services that supports clients in various occupations. In October 2014, the company reached a new tax preparation record by processing more than THREE quarters of a MILLION dollars in Federal and State refunds for clients.
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