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Diversified Financials Consumer Finance

  • LONDON, Feb 24- British banks approved the highest number of mortgages in a year last month and credit card lending partly revived after a lull in December, industry figures showed on Friday, contrasting with earlier signs of a loss of economic momentum. The British Bankers' Association said its members gave the green light to 44,657 mortgages in January, up from...

  • MADRID— Spain's National Court has sentenced Rodrigo Rato, a former head of the International Monetary Fund, to 4 ½ years in prison for misusing a Spanish bank's corporate credit card. The court convicted Rato of unlawful misappropriation of funds during his 2010-12 leadership of Bankia, a bank that later had to be bailed out. Rato was IMF chief from 2004 to 2007...

  • SACRAMENTO, Calif.— A mortgage services company signed a $225 million settlement with California regulators on Friday to settle allegations it overcharged active-duty military members, was late in providing key information for some civilian borrowers seeking to modify their loans and violated other laws. Florida- based Ocwen Loan Servicing agreed to pay...

  • NEW YORK— Customers are still turning their backs on Wells Fargo after a scandal over sales practices, with the bank saying Friday the number of new checking accounts people opened was down 31 percent in January from a year earlier. Wells Fargo has been releasing monthly reports on these figures since the outcry over its sales practices as a sort of "report card" on...

  • Singapore's United Overseas Bank (UOB) reported on Friday its earnings for the fourth quarter slipped 6.2 percent on-year to S$739 million.

  • NEW YORK, Feb 16- More Americans fell behind on their car loan payments in the fourth quarter, bringing auto delinquencies to their highest since the height of the financial crisis, Federal Reserve Bank of New York data released on Thursday showed. Car loans delinquent by 30 days or more grew to $23.27 billion, the most since $23.46 billion in the third quarter of...

  • WASHINGTON, Feb 16- A U.S. appeals court said on Thursday it will reconsider an October ruling that the Consumer Financial Protection Bureau's structure is unconstitutional, virtually guaranteeing the battle over an agency borne of the financial crisis will reach the Supreme Court. A full panel of 10 judges on the U.S. Court of Appeals for the District of...

  • WASHINGTON— A federal appeals court said Thursday it will reconsider an earlier ruling that would have made it easier for President Donald Trump to fire the head of the government's consumer finance watchdog agency. The decision offers at least temporary job security for Richard Cordray, the director of the Consumer Financial Protection Bureau who has been...

  • Feb 16- The U.S. Consumer Financial Protection Bureau said on Thursday it was exploring the use of alternative data sources such as mobile phone and rent payment bills to help extend affordable loans to consumers lacking credit history. The agency estimates that 26 million Americans have no credit history with a nationwide consumer reporting authority and...

  • Temasek may be betting China’s consumers will eschew retail therapy in favor of hitting the road, cutting its Alibaba stake and buying Ctrip shares.

  • On Tuesday, two Texas Republicans, Senator Ted Cruz and Representative John Ratcliffe, introduced a one-page bill to kill the Consumer Financial Protection Bureau entirely. Their move comes a few days after Representative Jed Hensarling, the chairman of the House Financial Services Committee, outlined a plan to limit the independent agency's power and to...

  • WASHINGTON, Feb 9- The Republican chairman of a key House of Representatives committee has laid out his plan to roll back Wall Street rules and consumer protections conceived after the 2008 financial crisis, a step that will largely define the financial deregulation debate in the Trump era. But it would require 60 votes in the Senate, where Republicans hold 52...

  • WASHINGTON, Feb 9- The Republican leader of the House Financial Services Committee plans to scale back banking reforms, curb the consumer finance agency and ease regulations on financial institutions and companies looking to raise capital, according to a proposal seen by Reuters on Thursday. In a four-page memo on the legislation he intends to introduce,...

  • WASHINGTON, Feb 9- A leading Republican lawmaker on Thursday proposed cutting funds for the Consumer Financial Protection Bureau as a way to eliminate the U.S. agency that writes banking rules. Jeb Hensarling, the Republican chairman of the House Financial Services Committee, said the CFPB could be "functionally terminated" if Congress simply drained the...

  • WASHINGTON, Feb 7- The chairman of the U.S. Financial Services Committee told CNBC on Tuesday that revamping the 2010 Dodd-Frank Wall Street reform law remained a "this-year priority" for President Donald Trump, Vice President Mike Pence and House Speaker Paul Ryan. While the bill is expected to easily pass the Republican-led House, it will face resistance in the...

  • Feb 6- Evidence that Dodd-Frank Act regulation is making lending conditions tighter is thin on the ground, at least for the vast majority of the U.S. economy. President Donald Trump on Friday kicked off what he said would be a major restructuring of the post-crisis legislation governing everything from banks to capital markets to consumer financial...

  • At a White House forum on Friday with U.S. business leaders, including JPMorgan Chase's CEO Jamie Dimon, Trump said his administration expects "to be cutting a lot out of Dodd-Frank." That will involve a lot more than issuing an order, said former Democratic congressman Barney Frank, co-author of the 2010 Dodd-Frank Wall Street reform law that raised capital...

  • At a White House forum on Friday with U.S. business leaders, including JPMorgan Chase's CEO Jamie Dimon, Trump said his administration expects "to be cutting a lot out of Dodd-Frank." That will involve a lot more than issuing an order, said former Democratic congressman Barney Frank, co-author of the 2010 Dodd-Frank Wall Street reform law that raised capital...

  • Trump pledged during his campaign to replace the Dodd-Frank law introduced under the Obama administration which raised capital requirements for banks, restricted their trading by means of the "Volcker Rule," and also created the Consumer Financial Protection Bureau. The U.S. Chamber of Commerce and other trade groups are seeking to have the fiduciary rule...

  • The executive order Trump will sign on the 2010 Dodd-Frank law on Wall Street reform will be largely symbolic towards rolling back the regulations that Trump sees as hurting the economy, because only Congress can rewrite the legislation. Even though the directives to agencies to examine possible changes to the landmark law may not have teeth, Wall Street...