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Diversified Financials Consumer Finance

  • WASHINGTON, July 20- Republicans in the U.S. Congress are moving quickly to try to eliminate a new regulation that bars financial firms from forcing consumers into arbitration to settle disputes that otherwise may turn into class-action lawsuits. Top lawmakers in both the House and Senate introduced bills on Thursday to repeal the rule, finalized this week by...

  • NEW YORK, July 20- Citigroup Inc trimmed its outlook on Friday for the profitability of its North American branded credit cards business to a 2.15 percent return on assets from 2.25 percent. Chief Financial Officer John Gerspach, speaking in a quarterly conference call with fixed income investors, said the revision is a result of changing interest rates and a...

  • WASHINGTON— Republicans are targeting a rule that would let consumers band together to sue their banks or credit card companies rather than use an arbitrator to resolve a dispute. The Consumer Financial Protection Bureau finalized the rule last week. While they've succeeded in overturning more than a dozen regulations finalized in the final months of...

  • WASHINGTON, July 20- Republicans in the U.S. Congress are moving quickly to try to eliminate a new regulation that bars financial firms from forcing consumers into arbitration to settle disputes. Top lawmakers in both the House and Senate introduced bills on Thursday to repeal the rule, finalized this week by the Consumer Financial Protection Bureau.

  • New York- based AmEx has increased spending on rewards to prevent its generally affluent clientele from switching to JPMorgan Chase& Co and Citigroup Inc, which have rolled out lucrative rewards in an effort to boost their own credit card businesses. AmEx said it spent $1.93 billion on card member rewards in the second quarter ended June 30, up 9 percent from a...

  • NEW YORK— Credit card company American Express said its second-quarter profit fell 33 percent, largely due to the fact that it had a significant one-time gain last year tied to the winding down of its business relationship with Costco. American Express' results for the quarter were distorted by the fact that in the second quarter of 2016, the company ended its...

  • WASHINGTON, July 19- The U.S. Congress could act within weeks to kill a new rule that bars financial companies from blocking consumers who wish to file class-action lawsuits, according to a key Republican senator. Senator Tom Cotton, a member of the Senate Banking Committee writing legislation to tackle the rule, said Wednesday he was optimistic that Congress...

  • LONDON, July 19- Britain will stop companies ranging from takeaway food apps to airlines from charging an extra fee to consumers who want to use credit cards and other payment services, the finance ministry said on Wednesday. "Rip-off charges have no place in a modern Britain and that's why card-charging in Britain is about to come to an end," Stephen Barclay,...

  • MADRID— Spain's Civil Guard said Wednesday that a former chairman of one of the country's largest banks has been found dead with a gunshot to the chest in a private hunting estate in southern Spain. The former head of the now defunct Caja Madrid savings bank was awaiting the result of an appeal to a six-year prison sentence for misusing corporate credit cards...

  • WASHINGTON, July 18- A U.S. rule years in the making that was intended to restore consumers' ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics gear up for battle. On Wednesday, the Consumer Financial Protection Bureau's rule abolishing "mandatory arbitration"...

  • WASHINGTON, July 18- A U.S. rule years in the making that was intended to restore consumers' ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics gear up for battle. On Wednesday, the Consumer Financial Protection Bureau's rule abolishing "mandatory arbitration"...

  • Goldman Sachs, long known for its super-rich clients and well-connected executives, is starting to act a lot more like a neighborhood bank. The most Wall Street of Wall Street firms really wants people to start thinking about it the next time they need to open a bank account or borrow money. "We want to grow a robust consumer banking business," said Stephen Scherr,...

  • WASHINGTON, July 17- A feud over a proposal to bar financial firms from requiring customers to arbitrate disputes escalated on Monday when a banking regulator appointed by President Donald Trump called on an appointee of his predecessor to halt the rulewriting project. Comptroller of the Currency Keith Noreika requested the Consumer Financial Protection...

  • NEW YORK, July 17- When consumers have trouble making ends meet, bills from retailers that have gone bankrupt or closed tend to go toward the bottom of the pile. "We've begun to see some evidence of progress, but it's slower than what we had originally targeted," said Chief Financial Officer John Gerspach. Credit cards is the only major consumer business in the United...

  • NEW YORK— Citigroup's second-quarter profits fell 3 percent from a year earlier as the bank had to set aside more money to cover souring loans, especially in its credit card business. Like its rival JPMorgan Chase, Citigroup saw a sizeable increase in interest income. Citi had net interest revenue of $15.20 billion, up 6 percent from a year earlier.

  • NEW YORK— After JPMorgan Chase posted a record $7 billion quarterly profit, the last thing a contentious Jamie Dimon wanted to talk about Friday was his company's earnings. Dimon said growth would be higher if Washington gridlock would ease. And while Trump's business advisory council cannot make policy decisions, it does have input on what the White House's...

  • WASHINGTON, July 13- The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau Director Richard Cordray threatening to challenge in court any attempt to kill his agency's new arbitration rule. The Republican president's picks to head the...

  • When people go car shopping, they usually focus on the vehicle they want— not the loan that will pay for it. But good financing is the bedrock of a solid car deal, and missteps could cost you thousands. "Once you shake hands with the car salesman, you are not done," says Oren Weintraub, president of Authority Auto in Tarzana, California.

  • NEW YORK, July 12- Wells Fargo& Co is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls. Wells, which was the No. 2 U.S. provider of auto loans less than a year ago, has already cut quarterly originations by nearly 30 percent over the nine months leading into...

  • The rule immediately ran into fierce opposition by Wall Street and Republicans who control both Congress and the White House. Republican lawmakers plan to eliminate the rule, using a law that allows Congress to undo new regulations with simple majority votes in both chambers and a signature from the president. Isaac Boltansky, a policy analyst for the...