Diversified Financials Consumer Finance

  • SEATTLE— The son of a Russian lawmaker made millions by hacking into U.S. businesses to steal credit card information and selling that data to other criminals, a federal prosecutor told the jury during his closing argument on Wednesday. Attorney Norman Barbosa said of Roman Seleznev at the close of the eight-day trial. The victim businesses that form the basis...

  • LONDON, Aug 24- The number of mortgages approved by British banks fell to its lowest in a year in the month following Britain's vote to leave the European Union, but robust credit growth added to signs that the decision has had little impact on consumers so far. British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19...

  • LONDON, Aug 24- The number of mortgages approved by British banks in July fell to its lowest in a year, but robust credit growth added to signs the Brexit vote has had little impact on consumers so far, industry data showed on Wednesday. British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19 percent lower than in July...

  • Aug 22- A Wells Fargo& Co unit will pay $4.1 million to settle allegations that it engaged in illegal private student loan servicing practices that unfairly penalized certain borrowers, the Consumer Finance Protection Bureau said on Monday. The $4.1 million sum includes a $3.6 million penalty to the bureau and a $410,000 fund for borrowers.

  • It's a strategy that crosses the mind of many borrowers when they take on a home loan: Make an extra mortgage payment or two every year and save tens of thousands of dollars in interest. On a $250,000, 30- year mortgage with a fixed rate of 4 percent, making an extra payment every year would save the homeowner roughly $27,724 over the life of the loan.

  • WASHINGTON, Aug 16- A U.S. agency's plans to ban forced arbitration clauses from financial contracts faces a tough road, with early reaction pointing to a years-long battle that could take a Supreme Court test to settle. "If you see a final rule that is substantially similar or identical to the proposed rule there is a very high likelihood that there will be an...

  • LONDON, Aug 16- Banks in Britain are on the verge of a price war to try to revive lending subdued by the Brexit vote and to combat pressures on profitability from ultra-low interest rates, which are likely to stay that way for longer. HSBC, Lloyds Banking Group, Barclays, Royal Bank of Scotland and smaller rivals have all rolled out new lending pushes since Britain...

  • NEW YORK— An undisclosed number of people who used credit cards at 20 Hyatt, Sheraton, Marriott, Westin and other hotels in 10 states and the District of Columbia may have had their cards compromised as a result of hack of the hotels' payment system. Among the hotel chains, Hilton Worldwide, Trump Hotel Collection and Starwood Hotels& Resorts have all confirmed POS...

  • Aug 9- U.S. household debt hit $12.29 trillion in the second quarter, up $434 billion from a year earlier as auto loans and credit card debt increased, a Federal Reserve Bank of New York survey showed on Tuesday. Auto debt was $1.10 trillion, up $97 billion from a year earlier, while the aggregate credit card limit increased for the 14th straight quarter, reflecting...

  • The banking industry has piled on about $18 billion of card loans and other types of revolving credit within just three months, the FT reports.

  • WASHINGTON, July 28- The U.S. watchdog for consumer finances unveiled on Thursday a proposal to toughen regulation of the multibillion-dollar debt collection industry, with a focus on keeping agencies from pushing people to pay debts they do not owe, informing borrowers of their rights and cutting down on calls to debtors. Both the industry and consumer...

  • WASHINGTON, July 28- The U.S. watchdog for consumer finances unveiled on Thursday a major proposal to toughen regulation of the multibillion-dollar debt collection industry, with a focus on keeping agencies from pushing people to pay debts they do not owe, informing borrowers of their rights and cutting down on calls to debtors. "Today we are considering...

  • 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...

  • 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...

  • 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...