Diversified Financials Consumer Finance

  • WASHINGTON/ NEW YORK, Sept 29- U.S. lawmakers called on Thursday for Wells Fargo& Co chief John Stumpf to resign and a top House Democrat demanded the bank be broken up because it is too big to manage. Wells Fargo staff opened checking, savings and credit card accounts without customer say-so for years to satisfy managers' demand for new business, according to a $190...

  • WASHINGTON, Sept 29- The U.S. Supreme Court on Thursday agreed to hear a challenge to a New York state law barring retailers from imposing surcharges on customers who buy with a credit card rather than cash, a measure merchants contend violates their right to free speech. The court will hear an appeal by a group of merchants to a September 2015 ruling by the New York-...

  • Sept 29- Wells Fargo& Co is facing a U.S. Department of Justice sanction for improperly repossessing cars owned by members of the military, Bloomberg reported. Federal prosecutors and the Office of the Comptroller of the Currency plan to punish Wells Fargo for alleged violations of the Servicemembers Civil Relief Act, Bloomberg reported, citing two people with...

  • John Stumpf faced more bipartisan outrage from the House Financial Services Committee, following a grilling he received last week from a Senate panel. U.S. and California regulators have fined San Francisco- based Wells Fargo $185 million, saying bank employees trying to meet sales targets, opened up to 2 million fake deposit and credit card accounts without...

  • WASHINGTON— The Supreme Court will hear a dispute over state laws that prohibit merchants from imposing fees on customers who use credit cards. The federal appeals court in New York upheld the state's law. The Atlanta- based court of appeals struck down Florida's version of the same law.

  • WASHINGTON, Sept 29- The U.S. Supreme Court on Thursday agreed to hear a challenge to a New York state law barring retailers from imposing surcharges on customers who make purchases with a credit card rather than cash. The court will hear an appeal filed by a group of merchants to a September 2015 ruling by the New York- based 2nd U.S. Circuit Court of Appeals that...

  • WASHINGTON, Sept 29- The U.S. Supreme Court on Thursday agreed to hear a challenge to a New York state law barring retailers from imposing surcharges on customers who make purchases with a credit card rather than cash. The court will hear an appeal filed by a group of merchants to a September 2015 ruling by the New York- based 2nd U.S. Circuit Court of Appeals that...

  • Wells Fargo, which has been fined $185 million by regulators who said bank employees opened millions of unauthorized accounts to meet sales goals, has promised to contact all customers and invite them to review their accounts. "You must be proactive," said Pamela Banks, the senior policy counsel at the nonprofit advocate Consumers Union. Wells Fargo has been...

  • Bank consultants say tens of millions of dollars are spent each year on initiatives to build a culture of integrity, partly at the urging of regulators such as the Federal Reserve Bank of New York and the U.S. Office of the Comptroller of the Currency. Wells Fargo's debacle- involving the creation of as many as 2 million accounts without customers' permission- is...

  • WASHINGTON— Wells Fargo says CEO John Stumpf and the executive who ran the bank's retail banking division will forfeit tens of millions of dollars in pay as the bank tries to stem a scandal over its sales practices. The independent directors at the nation's second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former...

  • WASHINGTON— Wells Fargo says CEO John Stumpf and the executive who ran the bank's retail banking division will forfeit tens of millions of dollars in pay as the bank tries to stem a scandal over its sales practices. The independent directors at the nation's second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former...

  • WASHINGTON— The U.S. Labor Department is investigating possible abuses of employees by Wells Fargo in connection with the bank's alleged efforts to open millions of unauthorized accounts to meet sales goals. In a letter Monday, Labor Secretary Tom Perez said the department takes the senators' concerns seriously and has started a "top-to-bottom" review of...

  • Fintech O2O

    Fintech helps to make banking transactions and asset management more efficient and accessible, says Nexchange Chief Strategy Officer Andrew Economos.

  • NEW YORK— American Express did not violate antitrust laws by barring merchants from asking customers to use one credit card over another and steering consumers to another form of payment, a federal appeals court said Monday. To do so, it said, likely would increase the market shares of Visa and MasterCard at the expense of American Express, whose card members tend...

  • NEW YORK, Sept 26- A federal appeals court on Monday cleared the way for American Express Co to enforce rules prohibiting merchants that accept its cards from steering customers toward lower-cost cards offered by competing issuers. The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge erred in concluding that American Express' agreements...

  • NEW YORK, Sept 26- A federal appeals court on Monday cleared the way for American Express Co to enforce rules prohibiting merchants that accept its cards from steering customers toward lower-cost cards offered by competitors. The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge erred in concluding that Amex's agreements with merchants...

  • MADRID, Sept 26- Crowds jeered at former International Monetary Fund chief Rodrigo Rato when he arrived at a Madrid court on Monday to face trial for his alleged misuse of company credit cards on extravagant personal expenses. Rato and 64 other executives and former board members from lender Bankia and its founding savings bank Caja Madrid are accused of...

  • MADRID— Protesters shouted insults at Rodrigo Rato, the former head of the International Monetary Fund, as he and 64 others entered court for a trial over the alleged misuse of corporate credit cards at a Spanish bank. Prosecutors are seeking a 4 ½ year jail term for Rato, 67, who headed Bankia group between 2010 and 2012.. Rato was IMF chief from 2004 to 2007 and a...

  • The move is aimed at helping to boost Iran's sanctions-damaged economy. The credit limits and fee percentages will be fixed by Iran's Central Bank, although individual banks will be responsible for determining if a customer qualifies to receive a card. The move comes following last summer's landmark nuclear deal that brought the lifting of international...

  • Sept 25- Iran introduced credit cards for the first time on Sunday, the Iranian Students' News Agency reported. Iran is looking to bolster its oil production and economy after world powers in January lifted sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions. Valiollah Seif, the head of the central bank...