Securities regulators in Arizona, New Mexico, Illinois, California, the District of Columbia and Missouri have previously cited Windburn for violations of their respective state laws. The U.S. Securities Exchange Commission also has a civil action pending against Windburn for fraud and unregistered sale of securities involving his operation of two offshore companies Property valuation controls Banner Fund International and Swiss Trade and Commerce.
The project will involve eight lenders from around the country (including current Loan Prospector users and new users), a housing finance agency and a non-profit agency. As many as 6,000 loans are expected to be involved in the project.
Armed with video projectors and personal computers, the burgeoning online banking industry goes to Capitol Hill today to give Congress a taste of electronic checking, mortgages by modem and other futuristic banking practices.
Bank executives from around the country will demonstrate current online banking technology to the U.S. House Subcommittee on Capital Markets this afternoon. The executives are appearing under the auspices of the Online Banking Association, a six-month-old trade group based in Corte Madera, Calif.. The group was asked by subcommittee chairman Richard Baker, R-Louisiana, to prepare the presentations as the committee studies new regulations for new banking technology, said James Shelton, the association’s executive director.
New developments in high-speed, broad-band access to the Internet are driving financial institutions fast and furiously into electronic banking, Shelton said. While home-based banking has been around for more than a decade, it has been available only through private computer networks, Shelton said. As more consumers sign on to the Internet, however, most financial institutions predict an increase in electronic-banking demands.
Thursday’s presenters will be Brent Robinson, senior vice president of VISA Interactive; Gary Oakland, chief executive officer of the Boeing Employees Credit Union, which offers extensive online services; Bruce Lucked, director of alternative delivery from Bank One, and Dick Roe, president of Roe Communications.