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Diversified Financials Consumer Finance

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  • Santander Consumer beats Street 2Q forecasts Thursday, 30 Jul 2015 | 6:33 AM ET

    DALLAS _ Santander Consumer USA Holdings Inc. on Thursday reported second-quarter net income of $285.5 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. Three analysts surveyed by Zacks expected $1.6 billion.

  • DETROIT— When a car dealer offers to loan you the money to buy a car at zero interest, it gets your attention. Experian Automotive, which tracks auto loans, says 7 percent of new car loans had an interest rate of 1 percent or lower in the first quarter of this year. Edmunds recommends taking the cash to reduce your total loan amount for the base all-wheel-drive model...

  • July 28- Paymap Inc, a unit of Western Union Co, agreed to pay $38.4 million to settle U.S. regulatory charges that it deceived consumers into signing up for a program advertised as a way to help them pay off their mortgages faster and save on interest payments. The U.S. Consumer Financial Protection Bureau on Tuesday said Paymap, a payment processor, will pay a $5...

  • NEW YORK, July 27- A professional racecar driver is in talks to settle a U.S. regulator's lawsuit accusing him of participating in a deceptive payday lending scheme, as federal prosecutors decide whether to bring criminal charges, according to court filings. Lawyers for Scott Tucker, who competes on U.S. and European circuits, said in a filing on Friday in Las Vegas...

  • LOS ANGELES, July 27- If you want your college student to learn money management skills, get him or her a checkbook instead of a credit card. Those who had checking accounts, by contrast, were "markedly more prepared" to handle their finances than those who were unbanked before college, according to the study conducted by education technology company EverFi and...

  • Appeals court revives challenge to consumer agency Friday, 24 Jul 2015 | 11:20 AM ET

    WASHINGTON— A federal appeals court on Friday revived a legal challenge to the Consumer Financial Protection Bureau, the federal office created to protect consumers in financial dealings with banks, lenders and credit card companies. Wall Street interests and Republicans in Congress fiercely opposed the agency. Eleven states had joined the lawsuit filed...

  • WASHINGTON, July 24- A federal appeals court handed a Texas bank a small victory on Friday, ruling that it has legal standing to challenge the constitutionality of the U.S. Consumer Financial Protection Bureau and the appointment of the bureau's director. In a unanimous decision, the U.S. Court of Appeals for the District of Columbia Circuit found the State...

  • July 22- Credit card issuer American Express Co reported a 5 percent fall in quarterly profit as a stronger dollar reduced revenue from markets outside the United States. The company's net income attributable to common shareholders declined to $1.44 billion, or $1.42 per share, in the second quarter ended June 30, from $1.52 billion, or $1.43 per share, a year...

  • American Express profit hurt by strong U.S. dollar Wednesday, 22 Jul 2015 | 4:14 PM ET

    July 22- Credit card issuer American Express Co reported a 5 percent fall in quarterly profit as a stronger dollar reduced revenue from markets outside the United States. The company's net income attributable to common shareholders declined to $1.44 billion, or $1.42 per share, in the second quarter ended June 30, from $1.52 billion, or $1.43 per share, a year...

  • UPDATE 2-Citi to shut Banamex USA, pay $140 mln fine Wednesday, 22 Jul 2015 | 3:56 PM ET

    July 22- Citigroup Inc said it would shut its Banamex USA operations and pay $140 million to regulators who alleged the bank did not correct weaknesses they had found in 2012 in its anti-money laundering programs. California- based Banamex USA is an affiliate of Banco Nacional de Mexico, which Citigroup bought in August 2001. The payment, the largest by a bank to...

  • July 22- Citigroup said it would shut banking operations at Banamex USA and that the unit was fined $140 million by U.S. regulators over weaknesses in its anti-money laundering programs. Banamex USA, a unit of the Citi's Mexican bank, has about 300 employees in three branches in California and Texas. Citi said Banamex USA planned to close its Houston and San...

  • Senate GOP adds Dodd-Frank rewrite to $21B funding bill Wednesday, 22 Jul 2015 | 12:24 PM ET

    The measure approved Wednesday by a Senate panel would ease requirements on smaller banks and give lenders greater freedom from mortgage lending rules. The measure cleared the Banking Committee on a party-line vote two months ago and appears unlikely to pass the Senate soon. At the same time, the legislation would require the report to be submitted to...

  • WASHINGTON, July 22- The banking arm of Discover Financial Services agreed to pay $18.5 million in consumer refunds and penalties on Wednesday to settle allegations of illegal practices tied to its student loan servicing business, a U.S. regulator said. The Consumer Financial Protection Bureau said that Discover Bank overstated the minimum amounts due on...

  • WASHINGTON, July 22- The U.S. Consumer Financial Protection Bureau on Wednesday directed Discover Financial Services' banking unit to pay $18.5 million in consumer refunds and penalties over accusations of illegal practices tied to student loan servicing. Discover overstated the minimum amounts due on billing statements and took unfair actions in debt...

  • *Citi to pay $700 mln in relief to borrowers. July 21- Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the...

  • July 21- Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. The $770 million total payout is about 1 percent of Citi's estimated revenue for 2015, according to Thomson Reuters StarMine. "Citi is fully reserved to pay costs associated...

  • July 21- Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. Citigroup is not the only big U.S. bank whose credit card practices are under scrutiny. Citigroup shares were up 0.6 percent at $59.19 in late morning trading on the New York Stock...

  • NEW YORK— Nine million credit card customers will receive refund checks from Citigroup after U.S. regulators forced the bank to repay $700 million and fined it $70 million for illegal and deceptive practices. Some of the illegal activity by Citi goes back to as early as 2000, the CFPB said, and ended in 2013, and covers a range of products sold by Citi and...

  • Invoking Iraq War, Obama brushes off Iran deal critics Tuesday, 21 Jul 2015 | 6:05 AM ET

    PITTSBURGH, Penn.— Denouncing "chest-beating" critics, President Barack Obama told a veterans group Tuesday that those who oppose the diplomatic agreement to rein in Iran's nuclear program are some of the same people who were quick to want to go to war in Iraq and thought military action there would take only a matter of months. The White House is mounting a massive...

  • The U.S. Consumer Financial Protection Bureau and Department of Justice said American Honda Finance Corp also would change its pricing and compensation system to reduce the potential for discrimination. American Honda Finance Corporation said in a statement that it opposed discrimination. According to the complaint, Honda charged thousands of...