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Nebraska Department of Banking and Finance; Images from Nebraska banknotes issued in the 1800s.
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Current News
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Regulators Urge Investors to Carefully Check Credentials of Senior Specialists
The Nebraska Department of Banking and Finance (NDBF) Bureau of Securities urges seniors to carefully check the credentials of individuals promoting themselves as "senior specialists."
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Ameriquest to pay $325 million and reform its lending practices to resolve States' investigation
The Nebraska Department of Banking and Finance (NDBF) and the Nebraska Attorney Generals Office announced today that Ameriquest Mortgage Company, the nations largest sub-prime lender, has agreed to pay $295 million in restitution to consumers nationwide and make sweeping reforms of practices that States alleged amounted to predatory lending. Ameriquest also will pay a total of $30 million to the 49 States and the District of Columbia that participated in the settlement to cover the costs of the three year investigation, as well as for consumer education and enforcement.
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Clarification on January 10 NDBF News Release
NDBF issued an alert earlier this week based upon a call from a concerned consumer who presented information indicating potential victimization of former Commonwealth Savings Company depositors.

The Department has since received a copy of a letter sent to a depositor. Upon investigation, this letter appears to be from a legitimate company that offers, for a fee, to retrieve money held at the Unclaimed Property Division of the Nebraska State Treasurers Office. The Department ordinarily would not put out an alert without seeing a document and investigating but it believed it had a duty to rapidly alert potential victims.

The Department reminds Nebraskans that no fee is necessary to receive funds held as unclaimed property by the State Treasurer and recommends contacting the Nebraska State Treasurer at (402) 471-8497 or
visit the Nebraska State Treasury's Unclaimed Property search engine to investigate for free.

Commonwealth Funds Scam Attempted in Nebraska
NDBF issues an alert today for former Commonwealth Savings Company depositors against paying fees for supposed cash refunds. NDBF received a consumer call concerning correspondence from an entity in California claiming to represent the receiver of the insolvent Nebraska industrial loan and investment company, Commonwealth Savings Company.

The letter apparently requests an upfront fee of 20 percent of the amount of funds supposedly being held. Such letters are fraudulent. The receivership was concluded several years ago, and any unclaimed funds would have been turned over to the State Treasurer.

NDBF recommends that Nebraskans not respond to these letters, and requests that anyone who has been contacted by mail or phone concerning Commonwealth to call the Department toll free at (877)471-3445.
Visit the Nebraska State Treasury's Unclaimed Property search engine to investigate for free.

Omaha-based Performance Lending Group Denied License and Ordered to Cease Doing Business with Nebraskans
NDBF issued three orders against Performance Lending Group, LLC, of 11414 W. Center Road, Ste. 233, Omaha, Richard S. Heckendorn, its president, and all other officers, directors, employees and agents. The first order denied its mortgage banker license application, the second ordered Performance Lending to cease and desist doing unlicensed business with Nebraskans, and the final order requires its representatives attend a hearing to show cause why they should not be fined.
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NDBF Fines Iowa Mortgage Corporation
NDBF issued an order on Nov. 3 imposing a fine against Probity National Mortgage Corporation, based in West Des Moines, Iowa, and Michael E. Peterson, its president and CEO. Neither Peterson nor any other representative of Probity appeared at a hearing, held Sept. 22, to show cause why they shouldnt be fined for disregarding a NDBF order to cease conducting mortgage banking activity in Nebraska, and to show cause why they should not be fined for offering loans from unlicensed branches and their websites.
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NDBF Issues Orders Against Fast Money
NDBF issued orders against JHK, Inc., otherwise known as Fast Money, located at 1101 Arapahoe St., Ste 104A, Lincoln, to cease the practice of allowing customers to pay only an illegal "fee," and not the full amount of the check held, which enables Fast Money to extend the period of time for a transaction beyond the legal limit. NDBF also issued an order to show cause why Fast Moneys license should not be revoked or suspended, and/or have a fine assessed for violating State of Nebraska Delayed Deposit Service (DDS) laws. DDS transactions are commonly referred to as payday loans.
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Mortgage Banker Denied License and Ordered to Stop Offering Loans in Nebraska
NDBF issued a Cease and Desist Order and an Order of Denial for a mortgage banker license against AA Lending Corporation, a Lincoln-based mortgage banker applicant, and Bryan Oswald, its president, director and sole officer. AA Lending Corporation is also known as Across America Lending.
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NDBF Issues Four Orders Concerning Ameriquest Mortgage Company and Three Affiliates
NDBF issued orders granting conditional licenses to California-based Ameriquest Mortgage Corporation, and its affiliates, AMC Mortgage Services, Inc., Quest Asset Management, Inc. and Argent Funding Corporation.
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Skimming and Phishing Hits Alert Nebraskans
Due to citizen scrutiny and prompt response to authorities, the Nebraska Department of Banking and Finance (NDBF) was recently notified of unauthorized Automated Teller Machine (ATM) withdrawals posted to Nebraskans accounts.
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Governor to Recognize Thayer County Banks Development Initiative
Hebron Community Development Corporation (HCDC) will celebrate a significant moment in community history, a landmark redevelopment project, with Governor Dave Heineman, in Hebron.
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State Agency Issues Two Orders against Iowa Mortgage Corporation
NDBF issued orders for Probity National Mortgage Corporation, based in West Des Moines, Iowa, to cease offering mortgages to Nebraskans, and to show cause why they should not be fined for offering loans from improperly licensed branches and their websites.The corporation also failed to maintain the surety bond, required by law for the protection of consumers, and the Department cancelled its license. Probity has done business in Nebraska under a variety of trade names.
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NDBF Warns of Unauthorized Internet Mortgage Loan Solicitations
The Nebraska Department of Banking and Finance's Financial Institutions Division recently became aware of an unauthorized mortgage banker offering loans to Nebraskans via the Internet.
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Omaha Mortgage Banker Denied Registration and License
The Nebraska Department of Banking and Finance (NDBF) issued an order of denial for MortgageSmartz, an Omaha-based mortgage banker.
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Lincoln Mortgage Banker and Manager Denied Registration and License
NDBF issued an order of denial for Lifetime Mortgage Company, a Lincoln-based mortgage banker.
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NDBF Issues Cease and Desist Order & Consumer Alert
John Munn, Director of the Nebraska Department of Banking and Finance announces that the Department, has investigated a group promoting a global Ponzi, or Pyramid, scheme attempting to make inroads to the State of Nebraska, and issued a cease and desist order June 6 as a result of that investigation. People in Profit System, Inc. (PIPS), promoted as a web-based private investment club, was first identified by the Nebraska Department of Banking and Finance (NDBF) as having a presence in the State during January 2005.
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Nebraska Department of Banking and Finance Signs Agreement to Improve Bank Secrecy Act Enforcement
John Munn, Director of the Nebraska Department of Banking and Finance, signed an agreement outlining a standard procedure for sharing information with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury on June 1, 2005. The agreement will streamline enforcement of the Bank Secrecy Act (BSA).
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