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Diversified Financials Consumer Finance

  • NEW YORK— If you can't afford to pay your student loan bill, don't blow it off. There are steps that you can take that may save you from financial ruin. "There are more options than you may realize," says Rohit Chopra, a senior fellow at the Consumer Federation of America, particularly for those with federal student loans.

  • WASHINGTON, April 11- President Donald Trump told a group of chief executives on Tuesday that his administration was revamping the Wall Street reform law known as Dodd-Frank and might eliminate the rules and replace them with "something else." The White House is not unilaterally able to upend Dodd-Franks rules, almost all of which are implemented by...

  • First time home buyers

    Buying your first house or apartment? Here is a list of the top 11 spots where you stand the best chance of success — and serenity.

  • April 10- U.S. consumers are taking out debt at a far faster rate than their incomes or the economy are growing, and just as we may be hitting a peak in employment. U.S. consumers have run up over $1 trillion on credit cards, hitting a level not seen since January 2009 and up 6.2 percent from a year ago. Student and auto loans are also at $1- trillion- plus levels and also...

  • Research from Harvard Business School shows that even Americans who are taught personal finance in school don't seem to save more or manage credit better than anyone else. That's why many experts concerned about Americans' money habits— including regulators such as the Consumer Financial Protection Bureau and financial think tanks such as the Center for...

  • NEW YORK— The problems at Wells Fargo and its overly aggressive sales culture date back at least 15 years, and management had little interest in dealing with the issue until it spiraled out of control resulting in millions of accounts being opened fraudulently, according to an investigation by the company's board of directors. The bank's board also clawed back...

  • WASHINGTON, April 6- White House economic adviser Gary Cohn said he backed bringing back the Glass-Steagall Act, a Depression-era law that would revamp Wall Street banks by splitting their consumer-lending businesses from their investment arms. Reinstating the law, which was repealed in 1999, has not attracted significant attention in Congress, but...

  • The start-up offers alternatives to payday loans to "nonprime" consumers with credit scores of less than 700 in the U.S. and U.K.

  • WASHINGTON, April 6- White House economic adviser Gary Cohn said he backed bringing back the Glass-Steagall Act, a Depression-era law that would revamp Wall Street banks by splitting their consumer-lending businesses from their investment arms. Reinstating the law, which was repealed in 1999, has not attracted significant attention in Congress, but...

  • April 5- The U.S. Consumer Financial Protection Bureau's director defended himself in Congress on Wednesday against a barrage of Republican criticism over everything from the agency's handling of the Wells Fargo accounts scandal to the way he has personally managed his job. Appearing before the House Financial Services Committee, Richard Cordray, got coy...

  • The CFPB's Richard Cordray

    Consumer Financial Protection Bureau Director Richard Cordray testifies before the House Financial Services Committee.

  • April 5- Wells Fargo& Co has restructured its credit card processing business after an internal probe found some employees had falsely reported customer sales numbers, the Wall Street Journal reported on Wednesday. Wells Fargo was not immediately available for comment. Wells Fargo is also battling lawsuits from former employees, customers and shareholders...

  • *UK consumer borrowing boosted by easier credit- BoE. *Outlook darker for UK households as prices rise, wages weak. LONDON, April 4- A surge in consumer lending means British banks are at risk of incurring losses, the Bank of England said on Tuesday, warning that some might be letting credit standards slide as they compete to offer debt to households.

  • SYDNEY, March 31- Latitude Finance Australia, a non-bank lender, sold Australia's first securitisation of credit card debt with a A $1 billion issue, opening the way for banks seeking new funding sources. "All we have in Australia, really, is mortgage-backed securities, so to diversify out of housing is very good," said Raymond Lee, a portfolio manager for Kapstream...

  • SYDNEY, March 31- Latitude Finance Australia, a non-bank lender, sold Australia's first securitisation of credit card debt with a A $1 billion issue, opening the way for banks seeking new funding sources. "All we have in Australia, really, is mortgage-backed securities, so to diversify out of housing is very good," said Raymond Lee, a portfolio manager for Kapstream...

  • Senator Pat Toomey of Pennsylvania said slow action by the administration could entrench regulations pursued by former U.S. president Barack Obama. Toomey and other Republican members of the Senate committee sent a letter on Tuesday to Mnuchin, urging the Financial Stability Oversight Council to review its designation policies. Toomey also said...

  • TORONTO, March 30- Scrutiny of Canada's financial oversight sparked by reports of improper sales practices at the nation's top banks shows its watchdogs lack the muscle and the bite to tackle consumer abuses as aggressively as their U.S. and European peers. Canada's banking system avoided failures in the 2007-09 financial crisis and the World Economic Forum...

  • *Unit, World's Foremost Bank, provides branded credit cards. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval. Cabela's in October last year agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion, uniting two of the country's largest hunting and...

  • *Unit, World's Foremost Bank, provides branded credit cards. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval. Cabela's in October last year agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion, uniting two of the country's largest hunting and...

  • March 29- Synovus Financial Corp will buy the financial unit of outdoor goods retailer Cabela's Inc, a source familiar with the matter told Reuters. Synovus will keep the deposits held by the unit and resell its credit-card portfolio to Capital One Financial Corp, the source said. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last...