Weekly Industry News – Financial Services | Insurance & Reinsurance

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Walgreens Launches Financial Service Products Posted on NacsOnline by Editor

Walgreens announced earlier this week Balance Financial, a suite of integrated financial services that it will begin rolling out in phases over the coming months, all built around its new Balance Financial Prepaid MasterCard. Balance Financial is currently available to customers in Detroit, Milwaukee and Nashville at 250 Walgreens stores. The drugstore chain is planning a nationwide rollout before the end of the year with additional financial services, including Western Union Money Transfer and expedited bill payment services, coming in 2014…. [ Read More ]

Wells Fargo Settles Mortgage Buyback Litigation with Freddie Mac for $869 Million Posted on jdsupra.com by Jeremy Sahn & Robert Siegel

Under Threat of Having to Repurchase Thousands of Home Loans Sold to Freddie Mac Prior to January 1, 2009, Wells Fargo Agrees to Resolve all Remaining Claims in a Single $780-Million Cash Payment As of June 30 of this year, Wells Fargo & Co., this nation’s largest mortgage lender, had received demands to repurchase $1.4 Billion out of the $343 billion of residential-mortgage loans Wells Fargo sold to Freddie Mac and Fannie Mae between 2005 and 2008. Freddie Mac claimed that Wells Fargo breached certain representations and warranties made to Freddie Mac relating to thousands of loans purchased from Wells Fargo…. [ Read More ]

New York Appellate Court Affirms No Coverage Under Computer Fraud Coverage Posted on jdsupra by Traub Lieberman Straus & Shrewsberry LLP

In its recent decision in Universal American Corp. v. National Union Fire Ins. Co. of Pittsburg, PA, 2013 N.Y. App. Div. LEXIS 6278 (N.Y. 1st Dep’t Oct. 1, 2013), the New York Appellate Division, First Department, had occasion to consider the scope of coverage afforded under a computer systems fraud endorsement to a financial institution bond. National Union’s insured, Universal, is a health insurance company that offers a number of products, including Medicare Advantage Private Fee-For-Service (MA-PFFS) plans, which are government-regulated alternatives to Medicare…. [ Read More ]

Whistleblower: 92-year-old’s insurance policy yanked after 40 years of savings Posted on Startribune.com by Alejandra Matos

CUNA Mutual Group has canceled thousands of “life savings insurance” policies at credit unions nationwide. For 40 years, Helen Moosmann has saved $2,000 at US Federal Credit Union to help pay for her casket and other funeral expenses. Her late husband, Ralph, told her to “never, ever” touch that money because of a special life insurance policy that would pay double that amount when she died…. [ Read More ]  

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