Diversified Financials Consumer Finance

  • 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...

  • NEW YORK, Sept 23- Trump International Hotels Management LLC agreed to pay $50,000 to settle with New York State over data breaches that exposed 70,000 credit card numbers and other personal information, New York Attorney General Eric Schneiderman announced on Friday. According to Schneiderman, bank analyses of hundreds of fraudulent credit card...

  • NEW YORK, Sept 23- IBM said on Friday it completed a pilot project with Chinese credit card company China UnionPay that will facilitate the sharing of loyalty bonus points among banks using block chain technology. Shen Xiaowei, director of IBM Research-China and chief technology officer of IBM Great China Group said the company also is partnering with the...

  • ALBANY, N.Y.— The Trump Hotel Collection company has agreed to pay $50,000 and shore up data security after breaches exposed more than 70,000 credit card numbers and other personal data, the state's attorney general said on Friday in announcing a settlement. In May 2015, multiple banks analyzed hundreds of fraudulent credit card transactions and determined...

  • SCHNEIDERMAN ANNOUNCES SETTLEMENT WITH TRUMP HOTEL COLLECTION AFTER DATA BREACHES EXPOSE OVER 70 K CREDIT CARD NUMBERS.

  • NEW YORK, Sept 23- A federal judge has ordered the U.S. Commodity Futures Trading Commission to justify why a settlement with Deutsche Bank AG in a case over the bank's handling of swap reporting is fair and in the public interest. District Judge William Pauley in Manhattan said in an order on Thursday that while regulatory agencies like the CFTC should be...

  • LONDON, Sept 23- Britain's HSBC is seeking to release billions of dollars of capital tied up in the United States without upsetting the country's politicians and regulators, senior sources at the bank said. HSBC, which has been in the sights of U.S. regulators over breaching anti-money laundering rules, has more than $20 billion of capital in the United States...

  • Young Investors

    The Little Snowball Co-founder Aloysius Lee tells CNBC how he started as a young investor and why youngsters need to learn investing and financial concepts.

  • WASHINGTON, Sept 21- The House of Representatives Financial Services committee plans to hold a hearing into Wells Fargo& Co next week after a scandal at the bank involving 2 million fake accounts that thousands of employees set up in customers' names. The hearing, which a committee spokeswoman said would be held on Sept. 29, follows one by the Senate banking panel on...

  • NEW YORK, Sept 21- Wells Fargo& Co Chief Executive John Stumpf prides himself on being a banker who understands the little guy's financial problems. He smiles, and he's sweet and he's in no way responsible, "said Robert Monks, chairman of ValueEdge Advisors, which advises investors on corporate governance issues. Earlier this month, the lender agreed to pay $190...

  • NEW YORK— Many frequent fliers are buzzing about the latest travel rewards credit card— one that comes with a hefty $450 annual fee but offers a juicy 100,000 point bonus at sign-up. Rewards cards lure us in with dreams of a free trip to some warm tropical beach. You're going to spend money— why not get a vacation out of it.

  • Sept 20- Wells Fargo& Co customers aiming to sue the bank over bogus accounts opened in their names may be in for an unpleasant surprise: the fine print requires them to take their claims to an arbitrator instead of a court. U.S. senators highlighted the issue on Tuesday as they grilled Wells Fargo Chief Executive Officer John Stumpf during a hearing.

  • WASHINGTON— THE ISSUE: The financial crisis that struck in 2008 touched off the worst recession since the 1930 s Great Depression, wiping out $11 trillion in U.S. household wealth and leaving about 8 million Americans jobless. Reckless trading and aggressive practices on Wall Street in the prior boom years were pinned with much of the blame.

  • In prepared testimony obtained by The Associated Press, Chief Executive John Stumpf says he is "deeply sorry" the bank failed to meet its responsibility to customers and didn't act sooner to stem what he called "this unacceptable activity." He testifies Tuesday before the Senate Banking Committee. Wells Fargo has long been known for its aggressive sales goals,...

  • WASHINGTON, Sept 20- Democratic presidential candidate Hillary Clinton took on the Wells Fargo& Co bogus-accounts case in a letter to the bank's customers to be released on Tuesday, when Wells Chief Executive Officer John Stumpf will testify before a Senate committee. Clinton, who faced accusations during her party's primary elections of representing Wall...

  • Sept 19- Wells Fargo& Co's chief executive, John Stumpf, will tell U.S. senators on Tuesday that he is "deeply sorry" for selling customers unauthorized bank accounts and credit cards and that he would take "full responsibility" for the unethical activity, the New York Times reported on Monday. Stumpf will strike a contrite tone in a testimony over the fake accounts at...

  • NEW YORK— Wells Fargo CEO John Stumpf plans to apologize to Congress and the American public on Tuesday after allegations that bank employees opened millions of unauthorized accounts to meet aggressive sales targets. The Associated Press obtained a copy of the prepared remarks, in which Stumpf says he is "deeply sorry" the bank failed to fulfill its...

  • NEW YORK— When Wells Fargo CEO John Stumpf testifies before a Senate committee hearing Tuesday, it won't be just his bank under fire for turning friendly branches into high-pressure sales centers. It'll be the entire industry. Wells Fargo is in the spotlight now after its employees allegedly opened up to 2 million bank and credit card accounts, transferred...

  • WASHINGTON, Sept 16- The U.S. House Financial Services Committee has opened a probe into Wells Fargo's sales practices and plans to call the company's chief executive before lawmakers at a hearing later in September, the committee chairman said on Friday. As part of last week's settlement, Wells Fargo agreed to pay $185 million in penalties and $5 million to...

  • WASHINGTON, Sept 16- Five Democratic U.S. The Consumer Financial Protection Bureau and other regulators announced last week that they had reached a $185 million settlement with the bank over the scam. The five- Massachusetts' Elizabeth Warren, Ohio's Sherrod Brown, Rhode Island's Jack Reed, New Jersey's Robert Menendez, and Oregon's Jeff Merkley- said Wells...