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Diversified Financials Consumer Finance

  • 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...

  • John R. Shrewsberry

    Wells Fargo CFO John Shrewsberry says thousands of staffers fired after opening unauthorized customer accounts represented under-performing employees.

  • The move comes days after the Consumer Financial Protection Bureau and two other regulators fined the bank $185 million over abusive sales practices. Customers should know that Wells Fargo retail bankers are always focused on their best interests, Chief Executive John Stumpf said in a statement on Tuesday. On Monday, five lawmakers wrote a letter to U.S....

  • How tech can disrupt consumer credit

    Sebastian Siemiatkowski, CEO of Klarna, explains his company's attempt to revolutionize credit card purchases for online consumers.

  • Richard Cordray, director of the Consumer Financial Protection Bureau, said during an interview on CNBC that he does not see problems similar to those discovered at Wells Fargo occuring "on any kind of systematic basis at any other bank." The enforcement action caught the attention of U.S. presidential candidate Hillary Clinton, who on Friday applauded...

  • The remark on Monday by Consumer Financial Protection Bureau Chief Richard Cordray came during a television interview with CNBC.

  • Sept 12- Sales practices at Wells Fargo& Co that led to $190 million in regulatory fines and penalties last week have negative credit implications for the bank, rating agency Moody's Investors Service said on Monday. Last Thursday, regulators including the U.S. Office of the Comptroller of the Currency, the U.S. Consumer Financial Protection Bureau, and the Los...

  • 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.