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Diversified Financials Consumer Finance

  • WASHINGTON, March 27- The U.S. Supreme Court on Monday declined to hear a bid by retailers to revive a $7.25 billion antitrust settlement they reached with Visa Inc and Mastercard Inc over claims the card networks improperly fixed credit and debit card fees.

  • DETROIT, March 27- As U.S. auto sales have peaked, competition to finance car loans is set to intensify and drive increased credit risk for auto lenders, Moody's Investors Service said in a report released on Monday. "The combination of plateauing auto sales, growing negative equity from consumers and lenders' willingness to offer flexible loan terms is a...

  • NEW YORK, March 24- Delicate interest-rate hikes are necessary given the United States may be on the cusp of a jump in inflation, one of the Federal Reserve's most influential officials said on Friday before a local gathering that questioned the wisdom of even gradually trimming economic support for poorer Americans. Addressing residents, professors,...

  • EXCLUSIVE-HSBC EXEC SAYS ISSUED OVER 100,000 CREDIT CARDS IN CHINA SINCE DECEMBER LAUNCH.

  • WASHINGTON, March 23- The Consumer Financial Protection Bureau said on Thursday it fined Experian and its subsidiaries $3 million for falsely telling customers its credit scores were used by lenders in making decisions. "In its advertising, Experian falsely represented that the credit scores it marketed and provided to consumers were the same scores...

  • Any day now, the Senate is expected to approve a resolution- already passed by the House- that throws a roadblock in front of states preparing to offer government-sponsored, low-cost retirement saving plans to people who do not have them at work. President Donald Trump has pledged to sign the resolution- but the Senate could do something important for the future...

  • WASHINGTON, March 22- The Republican chairman of a powerful House of Representatives committee said on Wednesday that he remains confident Congress will act to overhaul financial regulations "this year." Jeb Hensarling, head of the House Financial Services Committee, told Reuters that he has assurances from the White House and congressional leaders that...

  • WASHINGTON, March 22- The Republican chairman of a powerful House of Representatives committee said on Wednesday that he remains confident Congress will act to overhaul financial regulations "this year." Jeb Hensarling, head of the House Financial Services Committee, told Reuters that he has assurances from the White House and congressional leaders that...

  • Even if Congress does look to rewrite the 2010 Dodd-Frank law, it is unlikely to muster enough votes in the Senate for the strong across-the-board overhaul industry leaders had hoped for, roughly a half dozen lobbyists told Reuters in recent interviews. But they see short-term hopes for less stringent oversight by agencies like the Federal Reserve or the...

  • A woman passes a Wells Fargo sign.

    The bank reports a 55 percent drop in new credit card applications and 43 percent drop in new checking account openings, year over year.

  • NEW YORK, March 20- Wells Fargo& Co saw a drop in the number of consumers opening checking and credit card accounts in February, the bank said on Monday, marking a sixth month of declines since a sales scandal rocked the bank last year. Consumers opened 3 percent fewer checking accounts from January, and 43 percent, or 0.3 million, fewer compared with February 2016,...

  • NEW YORK, March 20- Wells Fargo& Co saw a drop in consumers opening checking and credit card accounts in February, the bank said on Monday, marking the sixth straight month of decline since a sales scandal rocked the bank last year. "It will take time for us to work through the changes we are making in our business, but we remain focused on strengthening our...

  • The agency can represent itself in court cases except for those before the Supreme Court, putting President Donald Trump in a rare predicament: he cannot direct the Justice Department to withdraw the appeal. Instead, the Justice Department could only file a brief supporting the CFPB's opponent, mortgage company PHH Corp. "A single-headed independent agency...

  • WASHINGTON, March 17- The top Democrat on a key U.S. House of Representatives committee has demanded a chance to interview executives of Wells Fargo& Co, which has been embroiled in a scandal over fake accounts, because she said Republicans already had that opportunity in December. In a letter to the bank on Friday, House Financial Services ranking member Maxine...

  • The White House budget blueprint proposes ending the Advanced Research Projects Agency-Energy, or ARPA-e, program, which gives $300 million a year in grants for research in technologies aimed at reducing fossil-fuel consumption and improving energy efficiency. The White House would also eliminate a U.S. Energy Department clean vehicle loan program that...

  • The White House budget blueprint proposes ending the Advanced Research Projects Agency-Energy program, which gives $300 million a year in grants for research in a wide variety of technologies aimed at reducing fossil fuel consumption and improving energy efficiency. The White House would also eliminate a U.S. Energy Department clean vehicle loan program...

  • WASHINGTON, March 15- The U.S. Consumer Financial Protection Bureau said on Wednesday that it had ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for failing to report accurate mortgage transaction data from 2012 through 2014.. The agency said the penalty for Nationstar, a unit of Nationstar Mortgage Holdings Inc, was the largest to date...

  • BRUSSELS, March 15- The European Commission will propose rules by the end of 2017 to cut retail fees imposed on cross-border payments made inside the EU with currencies other than the euro, according to a draft document of planned regulatory changes to consumer financial services. EU regulations already ensure equal pricing on transaction charges for...

  • Dan Schulman

    A new Gmail feature challenges Venmo's dominance in mobile.

  • SAO PAULO, March 14- Interest rates for rolling over credit card debt in Brazil may fall by up to 50 percent under new rules, an industry group head said on Tuesday, as banks respond to pressure from policymakers to ease the burden on domestic borrowers. President Michel Temer unveiled a plan in December to slash interest rates on credit card debt to alleviate...