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Diversified Financials Consumer Finance

  • Two GOP senators, Tom Cotton of Arkansas and Mike Crapo of Idaho, said Tuesday they intend to seek the repeal of the regulation through the Congressional Review Act, a law that allows Congress to review new federal regulations issued by government agencies and overturn them with a simple majority. But earlier this year, Congress overturned 14 Obama-era rules on...

  • WASHINGTON, July 10- U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country's consumer finance agency on Monday. The rule was proposed last year under former President Barack Obama, a Democrat who appointed the current director of the CFPB, Richard Cordray.

  • The Federal Reserve reported Monday that total consumer borrowing rose by $18.4 billion in May, the strongest gain since a $25.1 billion increase in November. In addition, April's gain of $8.2 billion, the weakest increase in nearly six years, was revised up to a more respectable increase of $12.9 billion. The $18.4 billion rise in credit pushed borrowing...

  • NEW YORK— Consumers could band together to sue their banks or credit card companies under a federal rule issued Monday that's likely to face resistance from Congressional Republicans and the White House. Even Wells Fargo banned customers from filing class-action lawsuits against it during the height of its sales practices problems, until pressure from...

  • WASHINGTON, July 10- The U.S. Consumer Financial Protection Bureau on Monday released a rule that would bar credit card companies, banks and other firms from requiring that customers agree to settle any disputes away from the courts and in arbitration as a condition of opening an account. The rule would also require companies to give the CFPB records of initial...

  • CFPB bans arbitration clauses to allow group class action lawsuits against companies

    CNBC's Ylan Mui reports on the Consumer Financial Protection Bureau ruling that bans mandatory arbitration clauses that prevented consumers from filing joint class action lawsuits.

  • July 9- A California judge has granted a preliminary approval for Wells Fargo& Co's agreement to pay $142 million, and perhaps more, to customers whose credit scores were harmed by its employees creating fake accounts in their names, the bank said on Sunday. Lawyers representing the claimants said 3.5 million accounts were created, according to a May 12 story by...

  • July 9- Wells Fargo& Co president and chief executive Tim Sloan said the company is pleased a California judge has given preliminary approval to a $142 million settlement between Wells Fargo and a group of plaintiffs over its creation of false accounts. However, the ensuing scandal led to the resignation of CEO John Stumpf in October. After accusations of...

  • WASHINGTON, July 6- A U.S. financial regulator on Thursday criticized the Consumer Financial Protection Bureau for how it polices credit unions, in a sign of growing tensions between regulators appointed by President Donald Trump and holdovers from the Obama administration. The Trump Administration has called for reforms to the CFPB, but has been silent on...

  • TORONTO, July 6- Canada plans to ban some "bundled" residential mortgages to clamp down on risky lending, a regulator said on Thursday, six months after a Reuters investigation revealed that regulated mortgage providers were teaming up with unregulated rivals to circumvent rules limiting how much they can lend against a property. Regulators are looking to rein...

  • TORONTO, July 6- Canada plans to ban some "bundled" residential mortgages to clamp down on risky lending, a regulator said on Thursday, six months after a Reuters investigation revealed that regulated mortgage providers were teaming up with unregulated rivals to circumvent rules limiting how much they can lend against a property. Regulators are looking to rein...

  • TORONTO, July 6- Canada plans to ban some "bundled" residential mortgages to clamp down on risky lending, a regulator said on Thursday, six months after a Reuters investigation revealed that regulated mortgage providers were teaming up with unregulated rivals to circumvent rules limiting how much they can lend against a property. Regulators are looking to rein...

  • *Worldpay shareholders to get a total of 385 pence/ share. July 5- U.S. credit card processor Vantiv agreed to buy Britain's Worldpay for 7.7 billion pounds on Wednesday in a move expected to trigger further deals. Under the terms revealed on Wednesday, Vantiv will pay 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend per Worldpay share,...

  • SAO PAULO, July 3- Financial technology firms in Brazil are targeting lending to small- and mid-sized companies to fill a gap in the credit market left by large lenders deterred by rising delinquencies and narrow margins. Fintech firms in Brazil have been growing fast in sectors such as consumer lending and credit cards, seeking to undercut some of the highest...

  • WASHINGTON, June 27- California took another step on Tuesday toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year's Wells Fargo scandal passed a key Assembly committee. The bill has already passed the state Senate.

  • WASHINGTON, June 15- The head of the U.S. Consumer Financial Protection Bureau accused congressional critics of relying on "misstatements" to criticize his agency, which was set up under former President Barack Obama to pursue bad behavior by financial institutions. The five-page letter took issue with multiple conclusions reached in a report released...

  • By Matt Scuffham and John Tilak. The company plays an important role in Canada's mortgage market, lending to borrowers who cannot get loans from the country's biggest banks, such as self-employed workers and new immigrants. Canada's biggest non-bank lender must still overcome hurdles, though, including finding a permanent chief executive, rebuilding...

  • In a Wednesday securities filing, Bradesco said Brazil's Federal Regional Court of the 1st Region acquitted Trabuco of charges he participated in a plan to avoid the fine imposed by Brazil's Tax Revenue Service. The accusations against Trabuco, one of Brazil's most influential power brokers, came as a series of corruption scandals at state firms rattled...

  • In a Wednesday securities filing, Bradesco said Brazil's Federal Regional Court of the 1st Region acquitted Trabuco of charges he participated in a plan to avoid the fine imposed by Brazil's Tax Revenue Service. The accusations against Trabuco, one of Brazil's most influential power brokers, came as a series of corruption scandals at state firms rattled...

  • Washington, June 13- Wall Street banks on Tuesday cheered U.S. The Trump administration has said the bulk of its plan for overhauling bank regulation can be done via executive order and through regulators, rather than requiring legislation from Congress. Trump has gradually been nominating heads of financial agencies, but only Treasury Secretary Steven...