Diversified Financials Consumer Finance

  • The Consumer Financial Protection Bureau will receive $100 million of the total penalties- the largest fine ever levied by the federal agency. Los Angeles officials and the Office of the Comptroller of the Currency were also party to the settlement. In a complaint filed in May 2015, California prosecutors alleged that Wells Fargo pushed customers into costly...

  • OTTAWA, Sept 8- More Canadian credit unions are offering lower-cost alternatives to high-interest payday lenders, a product they say is needed to meet increased demand for emergency loans and prevent borrowers from becoming trapped by debt. "We are trying to target the market of the payday loan providers, bring people through the door and hopefully get them...

  • WASHINGTON, Sept 8- Wells Fargo will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts that they never requested, officials said on Thursday. "Wells Fargo reached these agreements consistent with our commitment to customers and in the interest of putting this matter behind us," the bank said...

  • WASHINGTON, Sept 8- Wells Fargo on Thursday reached a settlement with the Los Angeles prosecutor and federal regulators who accused the lender of pushing customers into multiple, fee-generating accounts that they never requested. Wells Fargo, the largest U.S. bank by market cap, will pay $185 million in fines and penalties plus restitution to customers,...

  • The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico. The company's revenue in the second quarter rose more than 15 percent to $2.65 billion from a year earlier and the volume of payments it processes jumped 28 percent to $86.21 billion. The partnership with MasterCard was first reported by...

  • BEIJING, Sept 4- Chinese households, traditional savers with an aversion to debt, are rapidly warming to the idea of borrowing to buy a car, as automakers push financing deals to boost sales and margins in an increasingly competitive market. That is welcome news to China's government, which wants consumers to borrow and spend more to shift its slowing economy away...

  • BEIJING, Sept 4- Chinese households, traditional savers with an aversion to debt, are rapidly warming to the idea of borrowing to buy a car, as automakers push financing deals to boost sales and margins in an increasingly competitive market. That is welcome news to China's government, which wants consumers to borrow and spend more to shift its slowing economy away...

  • BEIJING, Sept 4- Chinese households, traditional savers with an aversion to debt, are rapidly warming to the idea of borrowing to buy a car, as automakers push financing deals to boost sales and margins in an increasingly competitive market. That is welcome news to China's government, which wants consumers to borrow and spend more to shift its slowing economy away...

  • NEW YORK, Aug 31- With massive travel reward point bonuses on the table this fall, consumers who sign up for a new credit card could be flying free for spring break. That leaves 15,338 miles on the table, or about $177. Reuters spoke with Nerdwallet's credit card expert Sean McQuay about the ins and outs of applying for new credit cards and how to maximize the benefits.

  • The exterior of OneUnited Bank in Boston

    Participants in a nationwide movement to deploy African-American spending power in a more targeted way are depositing cash in black-owned banks.

  • The Federal Bureau of Investigation seized computers and other material on Friday from Manuel Alfaro, who left his job as executive director of assessment design and development at the College Board in February 2015. The FBI is investigating alleged computer intrusion and theft against an unidentified "victim corporation" involving "confidential or...

  • LONDON, Aug 24- The number of mortgages approved by British banks fell to its lowest in a year in the month following Britain's vote to leave the European Union, but robust credit growth added to signs that the decision has had little impact on consumers so far. British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19...

  • LONDON, Aug 24- The number of mortgages approved by British banks in July fell to its lowest in a year, but robust credit growth added to signs the Brexit vote has had little impact on consumers so far, industry data showed on Wednesday. British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19 percent lower than in July...

  • Aug 22- A Wells Fargo& Co unit will pay $4.1 million to settle allegations that it engaged in illegal private student loan servicing practices that unfairly penalized certain borrowers, the Consumer Finance Protection Bureau said on Monday. The $4.1 million sum includes a $3.6 million penalty to the bureau and a $410,000 fund for borrowers.

  • WASHINGTON, Aug 16- A U.S. agency's plans to ban forced arbitration clauses from financial contracts faces a tough road, with early reaction pointing to a years-long battle that could take a Supreme Court test to settle. "If you see a final rule that is substantially similar or identical to the proposed rule there is a very high likelihood that there will be an...

  • LONDON, Aug 16- Banks in Britain are on the verge of a price war to try to revive lending subdued by the Brexit vote and to combat pressures on profitability from ultra-low interest rates, which are likely to stay that way for longer. HSBC, Lloyds Banking Group, Barclays, Royal Bank of Scotland and smaller rivals have all rolled out new lending pushes since Britain...

  • Aug 9- U.S. household debt hit $12.29 trillion in the second quarter, up $434 billion from a year earlier as auto loans and credit card debt increased, a Federal Reserve Bank of New York survey showed on Tuesday. Auto debt was $1.10 trillion, up $97 billion from a year earlier, while the aggregate credit card limit increased for the 14th straight quarter, reflecting...

  • The banking industry has piled on about $18 billion of card loans and other types of revolving credit within just three months, the FT reports.

  • WASHINGTON, July 28- The U.S. watchdog for consumer finances unveiled on Thursday a proposal to toughen regulation of the multibillion-dollar debt collection industry, with a focus on keeping agencies from pushing people to pay debts they do not owe, informing borrowers of their rights and cutting down on calls to debtors. Both the industry and consumer...

  • WASHINGTON, July 28- The U.S. watchdog for consumer finances unveiled on Thursday a major proposal to toughen regulation of the multibillion-dollar debt collection industry, with a focus on keeping agencies from pushing people to pay debts they do not owe, informing borrowers of their rights and cutting down on calls to debtors. "Today we are considering...