Diversified Financials Consumer Finance

More

  • WASHINGTON, July 27- The federal bureau charged with protecting U.S. consumers' finances was poised to lay out plans on Thursday for toughening regulation of debt collection, as complaints have mounted about the multibillion-dollar industry. The Consumer Financial Protection Bureau's proposal would come on top of an existing federal law, the Fair Debt...

  • CAIRO, July 27- Egypt's largest listed bank, Commercial International Bank, became the latest lender on Wednesday to reduce the amount of foreign currency customers can spend and withdraw abroad using debit and credit cards. Last month, Egypt's central bank wrote to bank chiefs asking that they "ensure that debit cards, including pre-paid cards, issued in local...

  • NEW YORK— American Express said Wednesday that its second-quarter profit jumped 37 percent, helped by the sale of its Costco credit card portfolio and increased spending on its namesake cards. AmEx sold the Costco portfolio to Citigroup, providing one-time after-tax gain of $677 million for the April-June quarter. The sale of the Costco credit card portfolio...

  • July 20- Credit card issuer American Express Co reported a 37 percent rise in quarterly profit, driven by higher spending by its customers and lower expenses due to a sale of its loan portfolio. Net income attributable to common shareholders rose to $2.02 billion, or $2.10 per share, for the second quarter ended June 30 from $1.47 billion, or $1.42 per share, a year...

  • WASHINGTON, July 20- Two Democratic Senators mentioned as possible vice presidential picks, Sherrod Brown and Elizabeth Warren, on Wednesday said a U.S. proposal to crack down on payday loans does not go far enough. Last month the Consumer Financial Protection Bureau unveiled a proposal to restrict payday lending. Brown, of Ohio, and Warren, of Massachusetts- who...

  • NEW YORK— The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren. In the party's 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. "It's a spectacular about-face by the Republican Party," said...

  • WASHINGTON, July 14- The U.S. Consumer Financial Protection Bureau said on Thursday that Santander Bank would pay $10 million to settle charges that it engaged in illegal overdraft practices. "Santander Bank is committed to always treating our customers fairly and ensuring our vendors do too. The CFPB, created in the 2010 Dodd-Frank Wall Street reform law as a...

  • NEW YORK, July 12- A Georgia debt collection company's owner was convicted on Tuesday of having engaged in a scheme to shake down more than 6,000 financially strapped consumers nationwide by warning they could face arrest or prison if they failed to pay up. John Williams, who owned Williams, Scott& Associates LLC, was found guilty by a federal jury in Manhattan of...

  • NEW YORK, July 5- Efforts to crack down on what U.S. officials view as unscrupulous debt collection practices are taking center stage at a trial of a Georgia man who prosecutors say oversaw a scheme that victimized more than 6,000 people nationwide. A prosecutor told jurors in Manhattan federal court at the opening of a trial on Tuesday that John Williams, 50,...

  • WASHINGTON, June 29- BancorpSouth Inc has agreed to pay $10.6 million to settle civil charges that it discriminated against African-American prospective home buyers in the Memphis area as well as in parts of neighboring Mississippi and Arkansas, the U.S. government said on Wednesday. The U.S. Justice Department and Consumer Financial Protection Bureau said...

  • LONDON, June 29- British consumer borrowing expanded at the fastest annual rate since 2005 in May, but analysts said this could be a high watermark before the shock of last week's vote to leave the European Union spreads through the economy. Consumer lending expanded 9.9 percent compared with a year ago, the biggest annual increase since November 2005 and up from...

  • HAVANA, June 27- MasterCards from Florida- based Stonegate Bank are the first U.S.-issued credit cards that can be used to withdraw cash at automatic teller machines in Cuba, the first vice president of the country's central bank said on Monday. Irma Margarita Martinez, speaking to media on the sidelines of a financial services conference, said Cuba was open to...

  • June 24- A Filipino man has been criminally charged in New Jersey with running a large and sophisticated scheme to hack into the bank and credit card accounts of well-known or celebrity customers, U.S. prosecutors said. In June 2015, The Philippine Star newspaper said former FBI director Robert Mueller was among the victims, without saying where it got the...

  • The credit cycle in Russia has turned: CEO

    Oliver Hughes, CEO of Tinkoff Bank, discusses banking in Russia and how his company has managed to turn a profit as consumer credit has contracted.

  • June 16- A unit of HSBC Holdings Plc said on Thursday it will pay $1.575 billion to end a 14- year-old shareholder class action lawsuit stemming from the Household International consumer finance business that the British bank bought in 2003.. The accord averts a second trial in the litigation, which had been expected to begin last week in the U.S. District Court...

  • June 16- A unit of HSBC Holdings Plc on Thursday said it will pay $1.575 billion to end a long-running securities fraud class action stemming from the acquisition of the Household International consumer finance business more than a decade ago.

  • NEW YORK, June 14- Andrew Caspersen, the Wall Street executive accused of scheming to defraud investors out of as much as $95 million, is expected to appear in federal court on Tuesday as prosecutors file papers that often indicate a plea may follow later. The defendant is a son of late Wall Street financier Finn M.W. Caspersen, the former chairman of consumer...

  • Customers wait in line for an ATM outside of a Wells Fargo & Co. bank branch in Los Angeles, California.

    The largest banks are reportedly increasing the amount of overdraft fees they collect from their customers.

  • JERUSALEM, June 13- Israel agreed to made it easier for challengers to the country's dominant banks on Monday and required its top two lenders to sell their credit card businesses to further boost competition. Finance Minister Moshe Kahlon was elected last year with a promise to shake up the banking sector, dominated by Hapoalim, Leumi and Discount, which...

  • SAO PAULO, June 10- The group representing securities brokerages in Brazil wants the central bank to ease limits on the type of financial services they can offer, as they struggle to find fresh revenues amid a tumble in capital markets activity, a senior executive said. Those transactions include the payment and settlement of credit card bills and of monthly tax...