×

Diversified Financials Consumer Finance

  • RIVERWOODS, Ill. _ Discover Financial Services on Tuesday reported first-quarter profit of $551 million. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share. Six analysts surveyed by Zacks expected $1.81 billion.

  • WASHINGTON, April 25- Two U.S. Senate Democrats are asking a U.S. audit watchdog to review whether KPMG failed to disclose or prevent fraud when it audited Wells Fargo's books during the time period that the bank's sales force was opening two million unauthorized accounts. In an April 25 letter to Public Company Accounting Oversight Board Chairman James Doty,...

  • WASHINGTON, April 25- Two U.S. Senate Democrats are asking a U.S. audit watchdog to review whether KPMG failed to disclose or prevent fraud when it audited Wells Fargo's books during the time period that the bank's sales force was opening two million unauthorized accounts. In an April 25 letter to Public Company Accounting Oversight Board Chairman James Doty,...

  • WASHINGTON— Emboldened by a business-friendly president, Republicans in Congress are moving to unwind the stricter regulations that took effect after the 2008 financial crisis and Great Recession. While passage by the GOP- controlled House could come in a few months, the Senate— where Republicans have only 52 of 100 seats— poses an obstacle.

  • "Wells Fargo stockholders today have sent the entire board a clear message of dissatisfaction," Sanger said. The three who got 99 percent were CEO Tim Sloan— who got his job in October after former CEO John Stumpf departed— and two independent directors who started earlier this year. Wells' nearly three-hour long shareholder meeting was interrupted several times...

  • WASHINGTON— U.S. consumers filed nearly 300,000 complaints last year about their dealings with banks, credit card issuers and other financial services companies. Barry Loudermilk, R- Ga., said at a congressional hearing this month. "Once the damage is done to a company, it's hard to get your reputation back," responded Bill Himpler, executive vice president of the...

  • WASHINGTON— U.S. consumers filed nearly 300,000 complaints last year about their dealings with banks, credit card issuers and other financial services companies. Barry Loudermilk, R- Ga., said at a congressional hearing this month. "Once the damage is done to a company, it's hard to get your reputation back," responded Bill Himpler, executive vice president of the...

  • SEATTLE— A federal judge on Friday handed down the longest sentence ever imposed in the U.S. for a cybercrime case to the son of a member of the Russian Parliament convicted of hacking into more than 500 U.S. businesses and stealing millions of credit card numbers, which he then sold on special websites. Roman Seleznev was sentenced to 27 years in prison and ordered...

  • A bank owned sign is seen in front of a foreclosed home.

    In a sweeping lawsuit, Cincinnati took aim at one of the nation's largest sellers of foreclosed homes, Harbour Portfolio Advisors.

  • WASHINGTON, April 20- For the second time since 2013, the U.S. Consumer Financial Protection Bureau on Thursday sued Ocwen Financial Corp over accusations of widespread misconduct in how it serviced borrowers' loans, from foreclosure abuses to a basic failure to send accurate monthly statements. News of the CFPB accusations plus related legal actions...

  • Federal and state regulators say Ocwen Financial— one of the nation's largest mortgage lenders that is not a bank— made numerous errors in the mortgages it serviced. Ocwen disputes the allegations by the Consumer Financial Protection Board and calls them "politically motivated." Regulators cited items including that the company:.

  • WASHINGTON, April 20- For the second time since 2013, the U.S. Consumer Financial Protection Bureau on Thursday sued Ocwen Financial Corp over accusations of widespread misconduct in how it serviced borrowers' loans, from foreclosure abuses to a basic failure to send accurate monthly statements. North Carolina was among at least 20 states that also took...

  • WASHINGTON, April 20- The U.S. Consumer Financial Protection Bureau on Thursday sued Ocwen Financial Corp and its subsidiaries, alleging the mortgage loan servicer's "years of widespread errors, shortcuts, and runarounds cost some borrowers money and others their homes." Regulators from Wisconsin and more than 20 other state regulators have also issued...

  • NEW YORK— State and federal authorities have sued mortgage servicer Ocwen Financial Corp., saying the company botched the handling of millions of mortgage accounts. The Consumer Financial Protection Bureau said Thursday that the accounts Ocwen serviced were riddled with errors throughout the repayment process. In extremely heavy trading, Ocwen shares...

  • WASHINGTON, April 19- The head of the U.S. House of Representatives' banking panel has unveiled the Republicans' most ambitious plan so far to loosen financial regulations, a 600- page bill to replace the Dodd-Frank financial reform law. Representative Jeb Hensarling, who chairs the House Financial Services Committee, also set an April 26 hearing to discuss...

  • NEW YORK— Credit card company American Express said Wednesday that its first quarter profit fell 13 percent from a year earlier, as the company continues to deal with the aftermath of losing its partnership with warehouse chain Costco. The drop in profits from a year earlier mostly has to do with the fact that American Express still had the Costco co-branded...

  • NEW YORK— The nation's big bank regulator is faulting itself for failing to address the problems at Wells Fargo before it was too late. Bank examiners saw sales problems at Wells Fargo as early as 2010 and met with executives but declined to investigate further, the inspector general at the Office of the Comptroller of the Currency said Wednesday.

  • NEW YORK— The math behind your credit score is getting an overhaul, with changes big enough that they might alter the behavior of both cautious spenders as well as riskier borrowers. The new method is being implemented later this year by VantageScore, a company created by the credit bureaus Experian, TransUnion and Equifax. It's not as well-known as Fair Isaac...

  • WASHINGTON, April 18- The U.S. Supreme Court on Tuesday appeared skeptical of widening the scope of who can be subject to a federal law targeting debt collectors' abusive practices by including those who buy debt, sometimes for pennies on the dollar. A lower court had dismissed the case brought by four Maryland residents who had defaulted on car loans.

  • WASHINGTON, April 18- The U.S. Supreme Court on Tuesday appeared skeptical of widening the scope of who can be subject to a federal law targeting debt collectors' abusive practices by including those who buy debt, sometimes for pennies on the dollar. "Just look at the language," liberal Justice Elena Kagan told the plaintiff's lawyer, Kevin Russell.