Diversified Financials Consumer Finance

  • NEW YORK, Oct 13- Goldman Sachs Group Inc has launched a new online lending business that targets borrowers saddled with credit card debt, the bank said on Thursday. The business, called Marcus by Goldman Sachs after 1869 founder Marcus Goldman, represents its first major foray into consumer lending as it tries to earn more from the $124 billion in deposits it has...

  • NEW YORK, Oct 13- The Tim Sloan era has begun at Wells Fargo but the old problems remain. Wall Street will be his first port of call when he presents third-quarter results on Friday. "I remain concerned that incoming CEO Tim Sloan is also culpable in the recent scandal, serving in a central role in the chain of command that ought to have stopped this misconduct from...

  • NEW YORK, Oct 13- Goldman Sachs Group Inc has launched a new online lending business that targets borrowers saddled with credit-card debt, the bank said on Thursday. The business, called Marcus, represents Goldman's first major foray into consumer lending as it tries to earn more from the $124 billion in deposits it has on its balance sheet. The bank hired former...

  • NEW YORK, Oct 13- Tim Sloan will not have much time to prepare his pitch for Wall Street. Much of his success will depend on how he navigates the demands of Wall Street for growing returns with the political and public clamor for change. Wall Street is trying to get a handle on what a long list of probes and lawsuits regarding the bank's opening of unauthorized...

  • "They have to retrain their entire sales culture going back years," said Paul Miller, an analyst at FBR Capital markets. Wells Fargo spokesman Oscar Suris declined to comment for this story. On Monday, bank CEO John Stumpf and President Tim Sloan led a conference call with 500 executives to lay out responses to the scandal, including the addition of 2,000 risk...

  • WASHINGTON/ NEW YORK, Oct 11- A federal appeals court ruled on Tuesday that the structure of the U.S. agency charged with guarding consumers' finances is unconstitutional, fueling an election-year political fight over one of the signature government responses to the 2007-09 financial crisis. The U.S. Court of Appeals for the District of Columbia Circuit threw...

  • NEW YORK Oct 11- Judge Brett Kavanaugh, author of the District of Columbia U.S. Circuit Court of Appeals' majority opinion Wednesday in PHH Corporation v. Over about 50 additional pages, Judge Kavanaugh elaborates his theme that the CFPB's single-director structure violates the constitution's separation-of-powers doctrine because it rests nearly...

  • WASHINGTON/ NEW YORK, Oct 11- A federal appeals court ruled on Tuesday that the structure of the U.S. agency charged with guarding consumers' finances is unconstitutional, fueling an election-year political fight over one of the signature government responses to the 2007-09 financial crisis. The U.S. Court of Appeals for the District of Columbia Circuit threw...

  • WASHINGTON, Oct 11- U.S. consumer protection regulators ordered the Navy Federal Credit Union on Tuesday to pay $28.5 million in restitution and fines to settle civil charges alleging it made "false threats" about debt collection to its members. The Navy Federal Credit Union, which settled the charges without admitting or denying wrongdoing, is the largest...

  • WASHINGTON, Oct 11- U.S. consumer protection regulators ordered the Navy Federal Credit Union on Tuesday to pay $28.5 million in restitution and fines to settle civil charges alleging it made "false threats" about debt collection to its members. The Consumer Financial Protection Bureau also said the credit union, which serves many active-duty and retired...

  • WASHINGTON/ NEW YORK, Oct 11- A federal appeals court on Tuesday declared the U.S. Consumer Financial Protection Bureau's structure unconstitutional because too much power is vested with its sole director, but said it can continue operating under the president's supervision. The U.S. Court of Appeals for the District of Columbia Circuit threw out the bureau's...

  • Australia's big four banks have been in the headlines for all the wrong reasons in the past year.

  • *Chicago joins states of Illinois, California in punishing Wells. CHICAGO, Oct 5- The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo& Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank. Wells Fargo staff opened checking, savings and credit card...

  • *Chicago joins states of Illinois, California in punishing Wells. CHICAGO, Oct 5- The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo& Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank. Wells Fargo staff opened checking, savings and credit card...

  • Wells Fargo is scheduled to report third-quarter results on Oct. 14. On Sept. 8, the San Francisco- based bank reached a $190 million settlement with the U.S. Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and a Los Angeles prosecutor over accusations that it opened up to 2 million accounts in customers' names without their...

  • NEW YORK, Oct 4- The scandal over improper sales practices at Wells Fargo& Co extended to thousands of small-business owners, according to a U.S. lawmaker, raising questions about the scope the bank's issues with unauthorized accounts. David Vitter, a Louisiana Republican, demanded that Wells Fargo Chief Executive John Stumpf provide a "full accounting" of...

  • MADRID, Oct 4- Former International Monetary Fund chief Rodrigo Rato rejected at a trial on Tuesday claims he had misused a corporate credit card during his time at lender Bankia, saying the expenses he accrued were legal and part of his salary. The so-called "black cards" case sparked widespread anger when the scandal first broke in 2014, at a time Spain was...

  • WHITE PLAINS, N.Y., Oct 3- U.S. presidential candidate Hillary Clinton on Monday will unveil a plan to make it easier for consumers to take legal action against "bad corporate actors," citing Wells Fargo& Co and Mylan Pharmaceuticals, according to a campaign official. Clinton will call on the U.S. Congress to give agencies such as the Federal Trade Commission, the...

  • WASHINGTON/ NEW YORK, Sept 29- U.S. lawmakers called on Thursday for Wells Fargo& Co chief John Stumpf to resign and a top House Democrat demanded the bank be broken up because it is too big to manage. Wells Fargo staff opened checking, savings and credit card accounts without customer say-so for years to satisfy managers' demand for new business, according to a $190...

  • WASHINGTON, Sept 29- The U.S. Supreme Court on Thursday agreed to hear a challenge to a New York state law barring retailers from imposing surcharges on customers who buy with a credit card rather than cash, a measure merchants contend violates their right to free speech. The court will hear an appeal by a group of merchants to a September 2015 ruling by the New York-...