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Diversified Financials Consumer Finance

  • It was the sixth consecutive quarter that charge-offs posted a year-over-year increase, said the FDIC. The FDIC insures bank deposits when a lender fails and the agency's Quarterly Banking Profile gives a snapshot of the industry's health. The amount of tardy loans, called' noncurrent', fell for the 27th time in the last 28 quarters which left the banking sector...

  • The two court challenges have already emboldened some financial firms to push back against the CFPB and the SEC when they have accused them of wrongdoing and the outcome of the cases could provide ammunition to critics of both agencies. An outcome in either case could take months, and both could eventually land in the U.S. Supreme Court, especially the SEC's case...

  • The White House does not detail how those savings, which are equivalent to the annual economic output of the Democratic Republic of Congo, would be realized. While it is not expected to be passed by Congress, the fiscal 2018 budget unveiled by the White House on Tuesday hews closely to Trump's view that slashing financial regulations would boost the economy.

  • In recent years, the fund has been used to overhaul the SEC's information technology, including upgrades to the filing system for public companies and initiatives to help police fraud and track equities trading patterns. Congress does decide the SEC's $1.6 billion budget, but it is deficit neutral because the fees it collects from Wall Street firms are...

  • In recent years, the fund has been used to overhaul the SEC's information technology, including upgrades to the filing system for public companies and initiatives to help police fraud and track equities trading patterns. Congress does decide the SEC's $1.6 billion budget, but it is deficit neutral because the fees it collects from Wall Street firms are...

  • May 22- The following are stories and tables about President Donald Trump's proposed budget for the fiscal year 2018 starting Oct. 1, unveiled by the White House on Monday and due to be delivered to Congress on Tuesday. The plan- if agreed to by Congress- would cut $3.6 trillion in government spending over 10 years, balancing the budget by the end of the decade.

  • WASHINGTON, May 19- President Donald Trump's administration will soon offer an exclusive contract that will give one company the right to service billions of dollars of outstanding federal student loans now handled by four companies, officials said on Friday. The U.S. Education Department, led by Trump pick Betsy DeVos, said the streamlining will save money...

  • SAN FRANCISCO/ WASHINGTON, May 18- More than a dozen Democratic attorneys general on Thursday sought to intervene to defend a key part of the Obamacare healthcare law- subsidy payments to insurance companies- which is under threat in a court case. The 16 attorneys general, led by California Attorney General Xavier Becerra and New York Attorney General Eric...

  • SAN FRANCISCO/ WASHINGTON, May 18- More than a dozen Democratic attorneys general on Thursday sought to intervene to defend a key part of the Obamacare healthcare law-- subsidy payments to insurance companies-- which is under threat in a court case. The 16 attorneys general, led by California Attorney General Xavier Becerra and New York Attorney General Eric...

  • WASHINGTON, May 18- The U.S. watchdog agency that investigated and fined Wells Fargo& Co for creating phantom accounts, and which regularly penalizes large banks and lenders on behalf of consumers, has holes in its systems for protecting confidential information, the office charged with inspecting its operations said on Thursday. The relatively new Consumer...

  • WASHINGTON, May 16- Democrats are striking back at the U.S. Congress and White House over their push to cut regulations, as Republicans ratchet up attacks on rules they say hurt business and give bureaucrats too much power. New Jersey Senator Cory Booker, a Democrat, on Tuesday introduced legislation to kill the Congressional Review Act, a law Republicans used...

  • WASHINGTON, May 16- Democrats are striking back at the regulation-cutting blitz in the U.S. Congress and White House, as Republicans ratchet up attacks on rules they say hurt business and give bureaucrats too much power. New Jersey Senator Cory Booker, a Democrat, on Tuesday will introduce legislation to kill the Congressional Review Act, a law Republicans used...

  • The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "...

  • Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "actual unauthorized accounts. District Judge Vince Chhabria in San Francisco is scheduled to consider preliminary approval at a May 18 hearing. John Stumpf and Carrie Tolstedt, who were respectively the San...

  • NEW YORK, May 12- Beef companies, credit card firms and liquefied natural gas exporters emerged as potential corporate winners on Friday in the wake of trade agreements reached between the United States and China. In one of the actions laid out under the agreement, by July 16, China agreed to issue guidelines that would allow U.S.-owned card payment services "to...

  • *In talks to sell C $2 billion of assets- sources. May 11- Home Capital Group, Canada's biggest non-bank lender, said on Thursday that uncertainty around its future funding capabilities had cast doubt about whether it would be able to continue as a going concern. The withdrawals accelerated after April 19, when Canada's biggest securities regulator, the Ontario...

  • WASHINGTON, May 11- A major challenge to the U.S. watchdog for consumer finances fizzled on Thursday, as Congress missed a deadline to repeal the agency's new rule on prepaid cards. The timing made the rule eligible for Congress to repeal it under the Congressional Review Act, but lawmakers only had until Thursday to kill the regulation by passing a disapproval...

  • May 11- Home Capital Group, Canada's biggest non-bank lender, is in talks to divest about C $2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. The company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and a small...

  • TORONTO, May 11- Home Capital Group, Canada's biggest non-bank lender, is in talks to divest about C $2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation. The company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and...

  • TORONTO, May 11- Home Capital Group, Canada's biggest non-bank lender, is looking to divest about C $2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, according to people familiar with the situation.