Mortgage lenders
settle with 43 states
The Arkansas Securities Department joined regulators from 42 states to reach settlements with 441 mortgage loan originators nationwide to battle fraud. The mortgage loan originators did not complete continuing education as required under state and federal law.
"Public trust in the mortgage industry is essential and this settlement shows our commitment to holding licensees accountable and protecting Arkansas consumers," Arkansas Commissioner Eric Munson said.
The loan originators agreed to surrender their licenses for three months, pay a $1,000 fine for each state where they're licensed and take continuing education beyond basic requirements.
"In Arkansas, consumers can be assured that their mortgages are being handled by loan originators who follow the law and are up to date in their education requirements," Munson said in a news release.
Federal law mandates education for mortgage originators to enhance consumer protection and reduce fraud. The law calls on the states to implement and enforce these standards.
-- Andrew Moreau
Director at Walmart
on Blockchain board
Walmart Inc. board member Tom Horton is joining the board of Blockchain.com, a platform for cryptocurrency transactions.
Horton, Walmart's lead independent director, will hold the same position on Blockchain's board, Blockchain co-founder and Chief Executive Officer Peter Smith said in a news release Monday. Horton also fills the same role on the board of General Electric.
A retired chairman and chief executive of American Airlines, Horton is a partner with investment fund management firm Global Infrastructure Partners, according to Walmart's website.
Smith said Horton will serve as an "incredible" asset to the company.
Blockchain moved its U.S. headquarters last year from New York City to Miami.
Walmart filed two trademark applications on Dec. 30 pertaining to cryptocurrency and non-fungible tokens. These have fueled speculation that it plans to develop and use digital assets and products.
The retailer posted a job opening in August for a senior director to lead development of digital currency and cryptocurrency products.
-- Serenah McKay
State index finishes
day with 37.32 gain
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 781.25, up 37.32.
"U.S. stocks bounced back from a steep sell-off late in Monday's session, closing higher as investors focused on concerns about higher inflation, interest rates and geopolitical tensions," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.