Diversified Financials Consumer Finance

  • Sept 25- Iran introduced credit cards for the first time on Sunday, the Iranian Students' News Agency reported. Iran is looking to bolster its oil production and economy after world powers in January lifted sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions. Valiollah Seif, the head of the central bank...

  • NEW YORK, Sept 23- Trump International Hotels Management LLC agreed to pay $50,000 to settle with New York State over data breaches that exposed 70,000 credit card numbers and other personal information, New York Attorney General Eric Schneiderman announced on Friday. According to Schneiderman, bank analyses of hundreds of fraudulent credit card...

  • NEW YORK, Sept 23- IBM said on Friday it completed a pilot project with Chinese credit card company China UnionPay that will facilitate the sharing of loyalty bonus points among banks using block chain technology. Shen Xiaowei, director of IBM Research-China and chief technology officer of IBM Great China Group said the company also is partnering with the...

  • SCHNEIDERMAN ANNOUNCES SETTLEMENT WITH TRUMP HOTEL COLLECTION AFTER DATA BREACHES EXPOSE OVER 70 K CREDIT CARD NUMBERS.

  • NEW YORK, Sept 23- A federal judge has ordered the U.S. Commodity Futures Trading Commission to justify why a settlement with Deutsche Bank AG in a case over the bank's handling of swap reporting is fair and in the public interest. District Judge William Pauley in Manhattan said in an order on Thursday that while regulatory agencies like the CFTC should be...

  • LONDON, Sept 23- Britain's HSBC is seeking to release billions of dollars of capital tied up in the United States without upsetting the country's politicians and regulators, senior sources at the bank said. HSBC, which has been in the sights of U.S. regulators over breaching anti-money laundering rules, has more than $20 billion of capital in the United States...

  • Young Investors

    The Little Snowball Co-founder Aloysius Lee tells CNBC how he started as a young investor and why youngsters need to learn investing and financial concepts.

  • WASHINGTON, Sept 21- The House of Representatives Financial Services committee plans to hold a hearing into Wells Fargo& Co next week after a scandal at the bank involving 2 million fake accounts that thousands of employees set up in customers' names. The hearing, which a committee spokeswoman said would be held on Sept. 29, follows one by the Senate banking panel on...

  • NEW YORK, Sept 21- Wells Fargo& Co Chief Executive John Stumpf prides himself on being a banker who understands the little guy's financial problems. He smiles, and he's sweet and he's in no way responsible, "said Robert Monks, chairman of ValueEdge Advisors, which advises investors on corporate governance issues. Earlier this month, the lender agreed to pay $190...

  • Sept 20- Wells Fargo& Co customers aiming to sue the bank over bogus accounts opened in their names may be in for an unpleasant surprise: the fine print requires them to take their claims to an arbitrator instead of a court. U.S. senators highlighted the issue on Tuesday as they grilled Wells Fargo Chief Executive Officer John Stumpf during a hearing.

  • WASHINGTON, Sept 20- Democratic presidential candidate Hillary Clinton took on the Wells Fargo& Co bogus-accounts case in a letter to the bank's customers to be released on Tuesday, when Wells Chief Executive Officer John Stumpf will testify before a Senate committee. Clinton, who faced accusations during her party's primary elections of representing Wall...

  • Sept 19- Wells Fargo& Co's chief executive, John Stumpf, will tell U.S. senators on Tuesday that he is "deeply sorry" for selling customers unauthorized bank accounts and credit cards and that he would take "full responsibility" for the unethical activity, the New York Times reported on Monday. Stumpf will strike a contrite tone in a testimony over the fake accounts at...

  • WASHINGTON, Sept 16- The U.S. House Financial Services Committee has opened a probe into Wells Fargo's sales practices and plans to call the company's chief executive before lawmakers at a hearing later in September, the committee chairman said on Friday. As part of last week's settlement, Wells Fargo agreed to pay $185 million in penalties and $5 million to...

  • WASHINGTON, Sept 16- Five Democratic U.S. The Consumer Financial Protection Bureau and other regulators announced last week that they had reached a $185 million settlement with the bank over the scam. The five- Massachusetts' Elizabeth Warren, Ohio's Sherrod Brown, Rhode Island's Jack Reed, New Jersey's Robert Menendez, and Oregon's Jeff Merkley- said Wells...

  • WASHINGTON, Sept 15- The U.S. watchdog for consumer finance scored a major victory last week when it was part of the government group that forced Wells Fargo& Co into a $190 million settlement of fraud charges, but the Consumer Financial Protection Bureau still faces an ugly fight to justify its own existence. The CFPB could lose its first battle as early as Friday,...

  • Attorney's Offices in Manhattan and San Francisco are investigating Wells Fargo, the person said, following a settlement announced on Sept. 8 over claims that some customers were pushed into fee-generating accounts they never requested. A spokeswoman for U.S. Attorney's Office in Manhattan also declined to comment. "We don't comment on the existence or...

  • WASHINGTON, Sept 13- A U.S. House of Representatives panel on Tuesday approved a proposal to revamp the Dodd-Frank Wall Street reform law, after a hearing where lawmakers verbally tussled over rules enacted in the aftermath of the 2007-09 financial crisis. The 2010 Dodd-Frank law, passed in the wake of the financial crisis, has drawn the ire of most banks and...

  • WASHINGTON, Sept 13- Wells Fargo's practices of putting customers into fake accounts, which last week led the U.S. government to fine it $190 million, took center stage in Congress on Tuesday with staff members for Republicans on the Senate Banking Committee set to meet with representatives of the bank. Torrie Matous, spokeswoman for the committee's chairman,...

  • WASHINGTON, Sept 13- Wells Fargo's practices of putting customers into fake accounts, which last week led the U.S. government to fine the bank $190 million, took center stage in Congress on Tuesday with staff members for the Senate Banking Committee set to meet with representatives of the bank. Torrie Matous, a spokeswoman for the committee's chairman, Richard...

  • NEW YORK, Sept 13- U.S. "It's bad behavior they were correct to take action against," Lew said at the CNBC Institutional Investor Delivering Alpha Conference in New York. Last week, the U.S. Consumer Financial Protection Bureau and two other regulators fined Wells Fargo $185 million for creating more than two million fake accounts for products such as credit and...