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Diversified Financials Consumer Finance

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  • NEW YORK, May 20- When Saideh Browne had an emergency appendectomy in the summer of 2012, she had no idea it would raise the cost of a car loan three years later. The 44- year-old personal trainer from New York recently visited a dealership to buy a new Honda Accord and discovered her credit score had been dinged by two lingering medical bills for $770 that had gone to...

  • LONDON, May 15- Blue chip banks could provide a bigger stimulus to Europe's flagging economy if they pared back low-return mortgage lending to pump more firepower into small business and consumer credit, the chairman of HSBC told Reuters. Douglas Flint, boss of Europe's largest bank, said policymakers and banks needed to reconsider the "natural long-term...

  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.

  • *Nationwide Biweekly Administration, owner are sued. The U.S. Consumer Financial Protection Bureau accused Nationwide Biweekly Administration Inc and its president, Daniel Lipsky, of falsely promising savings from their "Interest Minimizer" program. According to a complaint filed in San Francisco federal court, the defendants from August 2011 to September...

  • Senator Elizabeth Warren hit back at President Barack Obama in their tussle over "fast track" authorization to negotiate a Pacific Rim trade treaty, a power she says could be used in the future to weaken Wall Street reforms. The president, who wants expedited negotiating power to streamline the passage of trade deals through Congress, said last week that...

  • Senator Elizabeth Warren hit back at President Barack Obama in their tussle over "fast track" power to negotiate a Pacific Rim trade treaty, a power she says could be used in the future to weaken Wall Street reforms. "If the president is so confident it's a good deal, he should declassify the text and let people see it before asking Congress to tie its hands on fixing it,"...

  • WASHINGTON, May 9- President Barack Obama dismissed a liberal senator's warning that "fast-track" trade authorization being considered by Congress could weaken U.S. financial regulations he helped put in place after the 2007-2008 crisis that triggered the Great Recession. Senator Elizabeth Warren, long a champion of stricter rules for Wall Street, said in a...

  • WASHINGTON, May 5- One in 10 American adults have no credit history, and 8 percent are considered "unscorable" by major credit reporting agencies, a survey released on Tuesday showed. Blacks, Hispanics and low-income community residents are most likely to be among the 26 million U.S. adults absent from the credit reporting system and the 19 million with...

  • Hard Rock Hotel reports possible credit card breach Monday, 4 May 2015 | 7:26 AM ET
    Hard Rock Hotel, Chicago, Il.

    Hard Rock Hotel& Casino Las Vegas said an attack may have allowed hackers to steal credit card information used at its retail and service locations.

  • May 1- Hard Rock Hotel& Casino Las Vegas said on Friday a malware attack may have allowed hackers to steal credit card information used at its retail and service locations. The attack, discovered on April 3, was limited to credit or debit card transactions between Sept. 3, 2014 and April 2, 2015, at the company's restaurant, bar and retail locations, including the...

  • NEW YORK, April 30- Merchants unhappy with the fees American Express Co charges them may steer customers toward less expensive cards without fearing retaliation from the credit card company, a federal judge ruled on Thursday. Judge Nicholas Garaufis in Brooklyn federal court said American Express may not stop restaurants and stores, for instance, from...

  • April 30- Western Union Co said it expects pricing for its money transfer services to be at the company's "historical low single digit range" as it grapples with rising competition. Rival MoneyGram International Inc slashed prices last year after Wal-Mart Stores Inc launched its money transfer service. Western Union is facing competitive pressure in U.S....

  • WASHINGTON, April 30- U.S. financial regulators on Thursday issued a rule subjecting real estate appraisal companies to tighter oversight after lax lending standards in the mortgage market contributed to the 2007-09 financial crisis. The regulation allows states to register and supervise these so-called appraisal management companies, which value...

  • April 29- MasterCard Inc, the world's No. 2 debit and credit card company, reported a better-than-expected quarterly profit as costs fell and shoppers spent more on its cards. MasterCard's shares rose about 3.6 percent to a record-high of $93.59 in early trading on Wednesday. "was able to overcome a drag from currency and grow volumes and earnings based on cost...

  • UPDATE 1-MasterCard profit rises on lower tax expense Wednesday, 29 Apr 2015 | 8:32 AM ET

    April 29- MasterCard Inc, the world's No. 2 debit and credit card company, reported a 17 percent rise in quarterly profit as people spent more using its cards and the company paid lower taxes. MasterCard shares were up about 2 percent at $91.94 in premarket trading. The company's net income rose to $1.02 billion, or 89 cents per share, from $870 million, or 73 cents per...

  • MasterCard profit rises 17 pct Wednesday, 29 Apr 2015 | 8:07 AM ET

    April 29- MasterCard Inc, the world's No. 2 debit and credit card company, reported a 17 percent rise in quarterly profit as more people used its cards worldwide. The company's net income rose to $1.02 billion, or 89 cents per share, in the first quarter ended March 31 from $870 million, or 73 cents per share, a year earlier. Net revenue rose 2.7 percent to $2.23 billion.

  • BEIJING, April 22- China will allow foreign firms to apply for licenses to establish bank card clearing businesses starting from June 1, the State Council said in a statement on its website on Wednesday. China said in October last year that it would open its credit card market to foreign players following a World Trade Organization ruling in 2012 that it...

  • Discover Financial's quarterly profit falls 7 pct Tuesday, 21 Apr 2015 | 4:27 PM ET

    April 21- Credit card issuer Discover Financial Services Inc reported a 7.3 percent fall in quarterly profit as it set aside more money to cover bad loans. The company increased provision for loan losses by about 43 percent to $390 million in the first quarter ended March 31. Net income attributable to common shareholders fell to $573 million, or $1.28 per share,...

  • WASHINGTON, April 21- President Barack Obama will veto a bill requiring the U.S. consumer watchdog to establish special advisory groups if the final version of the legislation cuts the level of funding available to the agency, the White House said on Tuesday. But after a Republican-backed provision was added that would lower the consumer bureau's budget cap...

  • President Barack Obama would veto the Bureau of Consumer Financial Protection Advisory Boards Act if the final legislation by Congress cuts the level of funding that the director of the consumer bureau could request. The House of Representatives passed a special amendment to the bill, which is intended to create advisory groups for community banks, credit...