Biz Buzz
Oversight of Empire Bank ends
Islandia-based Empire National Bank has emerged from an oversight agreement with the federal Office of the Comptroller of the Currency, its primary regulator, the bank said. Douglas Manditch, the bank's chairman and chief executive, said the OCC decision will help the bank improve its earnings and its growth potential. "In its order terminating the supervisory agreement, the OCC noted that the ongoing safe and sound operation of the bank did not require" further supervision, the bank said in a Tuesday news release. The regulatory agreement had been signed Oct. 21, 2010. Newsday reported in December 2010 that the OCC had stepped in to regulate Empire National's operations after the bank grew too quickly, and it "found unsafe and unsound banking practices relating to earnings and liquidity." -- JOSEPH MALLIA
2 plead guilty in mortgage scam
Two Brookhaven Township men admitted in federal court in Manhattan Wednesday they took part in a $9-million mortgage scam, prosecutors said. Frederick Warren, 38, of Miller Place, and Dorian Brown, 38, of Mount Sinai each pleaded guilty to one count of conspiracy to commit bank fraud and wire fraud and one count of wire fraud, according to Manhattan U.S. Attorney Preet Bharara. Brown's attorney declined to comment, and Warren's attorney did not return a call for comment. The men worked as loan officers who processed fraudulent mortgage applications for dozens of homes on Long Island and elsewhere in the New York City area, prosecutors said.
-- MAURA MCDERMOTT
NATION
Jeep Wrangler probe expands
U.S. safety regulators have expanded an investigation into 23 complaints of fires in Jeep Wrangler SUVs. The National Highway Traffic Safety Administration hasn't figured out what caused the fires, but it's asking carmaker Chrysler for information on Wranglers from the 2007 through 2012 model years. When it began March 28, the probe centered on vehicles from the 2010 model year. The classic Wrangler is among Chrysler's more popular models; Chrysler sold more than 532,000 Wranglers from 2007 through March. It's unknown how many are affected by the investigation.
Natural gas drops to $1.98
The price of natural gas has dropped below $2 for the first time in more than a decade. A mild winter and production boom have left the United States with more natural gas than Americans can consume. Storage facilities are quickly filling up. The glut has pushed down the futures price of gas 59 percent since it peaked at $4.85 last summer. Wednesday, the futures price passed a milestone. Gas dipped below $2 to end the day at $1.984 per 1,000 cubic feet. The last time it went below $2 was Jan. 28, 2002, when it hit $1.91. Cheaper gas has already lowered heating bills this winter, and air- conditioning costs are expected to fall this summer because many utilities generate electricity with natural gas.
Fed survey more upbeat on jobs
A Federal Reserve survey of business conditions across the United States suggests last month's pullback in hiring may be temporary. The survey released Wednesday showed that each of the Fed's 12 bank districts grew steadily from mid-February through April 2. And hiring was stable or increased throughout most of the country, according to the survey. The Labor Department last week said that job creation slowed in March to half the pace from the previous three months. But the Fed survey, which is anecdotal, didn't reflect the weakening. "I didn't see any companies say that they're scaling back sharply on hiring because demand is slowing," said John Canally, an economist at LPL Financial.
-- AP
Yankees pushed to brink, game 3 wrap ... Queens County Farm ... Get the latest news and more great videos at NewsdayTV
Yankees pushed to brink, game 3 wrap ... Queens County Farm ... Get the latest news and more great videos at NewsdayTV