Diversified Financials Consumer Finance

  • 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...

  • LONDON, June 29- British consumer borrowing expanded at the fastest annual rate since 2005 in May, but analysts said this could be a high watermark before the shock of last week's vote to leave the European Union spreads through the economy. Consumer lending expanded 9.9 percent compared with a year ago, the biggest annual increase since November 2005 and up from...

  • HAVANA, June 27- MasterCards from Florida- based Stonegate Bank are the first U.S.-issued credit cards that can be used to withdraw cash at automatic teller machines in Cuba, the first vice president of the country's central bank said on Monday. Irma Margarita Martinez, speaking to media on the sidelines of a financial services conference, said Cuba was open to...

  • June 24- A Filipino man has been criminally charged in New Jersey with running a large and sophisticated scheme to hack into the bank and credit card accounts of well-known or celebrity customers, U.S. prosecutors said. In June 2015, The Philippine Star newspaper said former FBI director Robert Mueller was among the victims, without saying where it got the...

  • The credit cycle in Russia has turned: CEO

    Oliver Hughes, CEO of Tinkoff Bank, discusses banking in Russia and how his company has managed to turn a profit as consumer credit has contracted.

  • June 16- A unit of HSBC Holdings Plc said on Thursday it will pay $1.575 billion to end a 14- year-old shareholder class action lawsuit stemming from the Household International consumer finance business that the British bank bought in 2003.. The accord averts a second trial in the litigation, which had been expected to begin last week in the U.S. District Court...

  • June 16- A unit of HSBC Holdings Plc on Thursday said it will pay $1.575 billion to end a long-running securities fraud class action stemming from the acquisition of the Household International consumer finance business more than a decade ago.

  • NEW YORK, June 14- Andrew Caspersen, the Wall Street executive accused of scheming to defraud investors out of as much as $95 million, is expected to appear in federal court on Tuesday as prosecutors file papers that often indicate a plea may follow later. The defendant is a son of late Wall Street financier Finn M.W. Caspersen, the former chairman of consumer...

  • Customers wait in line for an ATM outside of a Wells Fargo & Co. bank branch in Los Angeles, California.

    The largest banks are reportedly increasing the amount of overdraft fees they collect from their customers.

  • JERUSALEM, June 13- Israel agreed to made it easier for challengers to the country's dominant banks on Monday and required its top two lenders to sell their credit card businesses to further boost competition. Finance Minister Moshe Kahlon was elected last year with a promise to shake up the banking sector, dominated by Hapoalim, Leumi and Discount, which...

  • SAO PAULO, June 10- The group representing securities brokerages in Brazil wants the central bank to ease limits on the type of financial services they can offer, as they struggle to find fresh revenues amid a tumble in capital markets activity, a senior executive said. Those transactions include the payment and settlement of credit card bills and of monthly tax...

  • NEW YORK, June 7- The chair of the U.S. House Financial Services Committee has proposed getting rid of much of the regulation put in place after the financial crisis, unveiling a plan on Tuesday that ignited fierce debate in the presidential election but is expected to flame out in Washington. In a sweeping speech at the Economic Club of New York, Republican...

  • NEW YORK, June 7- The chair of the U.S. House Financial Services Committee has proposed getting rid of much of the regulation put in place after the financial crisis, unveiling a plan on Tuesday that ignited fierce debate in the presidential election but is expected to flame out in Washington. In a sweeping speech at the Economic Club of New York, Republican...

  • NEW YORK, June 7- The chair of the U.S. House Financial Services Committee on Tuesday proposed wiping out much of the U.S. regulation put in place after the financial crisis with a plan expected to ignite debate in the presidential election but flame out in Washington. In a sweeping speech at the Economic Club of New York, Republican Representative Jeb Hensarling,...

  • Vouch app screen image

    Another fintech start-up has run in to trouble. Online lender Vouch Financial is shutting down, reports said.

  • PRAGUE, June 3- Komercni Banka is looking to increase market share in consumer finance and small-business lending in a search for yield in a low interest rate environment while keeping deposit growth in check, its chief financial officer said. Near-zero interest rates are helping the Czech Republic's economy to expand, but this also means banks have to...

  • June 2- The National Retail Federation asked the Federal Trade Commission to investigate an organization founded by credit card companies to set data security standards, saying the group's practices raise antitrust concerns. The Payment Card Industry Security Standards Council "fails to meet any of the principles adopted by the federal government for...

  • WASHINGTON/ NEW YORK, June 2- The U.S. government's move on Thursday to restrict payday lenders' ability to profit from high-interest loans marks its first crackdown on an industry accused of preying on desperate consumers but also viewed as a last-ditch source of money. The Consumer Financial Protection Bureau unveiled a proposal that would require lenders...

  • Payday loans

    Regulators are proposing a significant clampdown on payday lenders and other providers of high-interest loans.