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  • *Australia's banks selling down assets to raise capital. SYDNEY, June 29- Germany's BMW AG, Australia's Macquarie Group and a host of U.S. private equity firms are expected to bid for Australia and New Zealand Banking Group's more than $6 billion car and equipment loan book, a source said on Monday. The automaker and Australia's top investment bank have requested...

  • ATHENS, June 29- Greece imposed capital controls and ordered banks to close temporarily after the European Central Bank froze a vital financial lifeline following the breakdown of bailout talks between Athens and foreign creditors. All credit institutions in Greece, including branches of foreign banks, are affected. -Payments via debit or credit cards to...

  • WASHINGTON— The Consumer Financial Protection Bureau released thousands of complaints Thursday from disgruntled customers of banks, credit card companies and other providers of financial services. The targets of the complaints vary widely, and include small debt collection companies as well as Wall Street giants. Among the complaints: U.S. Bank...

  • UPDATE 1-Credit bureau TransUnion's shares rise in debut Thursday, 25 Jun 2015 | 11:09 AM ET

    June 25- Shares of credit bureau TransUnion rose as much as 10 percent in their debut, valuing the company at about $4.5 billion. TransUnion provides a number of information services for businesses and consumers such as consumer credit reports, risk scores and analytical services. TransUnion raised $664.8 million after the 29.5- million-share offering was...

  • That message easily could get lost in the controversy following a recent New York Times opinion piece, "Why I Defaulted on My Student Loans," in which writer Lee Siegel not only defended his decision to ignore his education debt, but urged others to join him as a way of changing the economics of paying for college. We now have some indication that debt strikes may work:...

  • June 16- Credit card issuer Discover Financial Services said it would close its mortgage origination business and cut about 460 related jobs to focus on its direct banking products. Discover Financial, which acquired the mortgage origination business in 2012, said it would continue to originate home equity loans through Discover Bank.

  • SHANGHAI, June 11- China's stock market closed mixed on Thursday, as continuous weakness in banking shares offset gains in consumer plays after Beijing unveiled new measures to promote consumption. Late on Wednesday, China's state council, or cabinet, vowed to liberalise the consumer credit market, and support cross-border e-commerce. Separately, China's...

  • U.S. consumer watchdog widens oversight on auto financing Wednesday, 10 Jun 2015 | 3:53 PM ET

    WASHINGTON, June 10- The top U.S. consumer protection regulator is expanding its oversight to include large non-bank auto financing companies. A new rule issued on Wednesday by the Consumer Financial Protection Bureau means that companies such as Ford and Toyota which operate lending arms that make, acquire or refinance 10,000 or more loans or leases per year...

  • The Consumer Financial Protection Bureau has been flagging its concerns about overdraft practices since 2012 and said in July that it would address the issue with new regulations. The data shows that lenders including Atlanta- based SunTrust Banks Inc and Birmingham-based Regions Financial Corp could be hit if, as analysts expect, the CFPB caps fees and...

  • LOS ANGELES, June 5- Even as regulators are firing shots at reverse mortgages for what they consider deceptive advertising, financial planners are taking a new look at these loans as a way to avoid selling stocks. The Consumer Financial Protection Bureau slammed industry advertising earlier this week, saying it misled people about the risks and costs of such...

  • The average term for a first-quarter new-vehicle loan was 67 months and for used vehicles, 62 months, Experian said. Experian found that in the first quarter, 29.5 percent of new-vehicle loans in the U.S. market were for term of 73 months to 84 months. "While longer term loans are growing, they do not necessarily represent an ominous sign for the market," said Melinda...

  • Citigroup CEO defends credit card deal with Costco Thursday, 28 May 2015 | 11:15 AM ET

    NEW YORK, May 28- Citigroup Inc CEO Mike Corbat said the deal the bank made with Costco Wholesale Corp to replace American Express Co as the issuer of credit cards for the retailer will be profitable for his shareholders. Responding to speculation in the card industry that Citigroup gave too much to Costco in negotiations earlier, Corbat said the deal is "without a...

  • TORONTO, May 26- Toronto Dominion Bank said on Tuesday it will acquire Nordstrom's U.S. consumer credit card portfolio as the Canadian bank looks to use its strong balance sheet to expand its lending business in the United States. But under the terms, Nordstrom will receive a large slice of net revenue generated by the credit card accounts. Nordstrom's U.S. credit...

  • GREECE MAY IMPOSE SMALL LEVY ON BANK ATM WITHDRAWALS TO ENCOURAGE USE OF CREDIT CARDS- FINANCE MINISTER VAROUFAKIS.

  • May 22- A proposed $19 million settlement between MasterCard Inc and Target Corp over the retailer's 2013 data breach fell through after not enough banks accepted the deal, the credit card company said on Thursday. The lead lawyers for the banks had argued that the settlement with MasterCard, which was not a party to the lawsuit, was an attempt to undercut their...

  • CHICAGO, May 21- A U.S. appeals court on Thursday reversed a $2.46 billion judgment against HSBC Holdings Plc in a long-running securities fraud class action stemming from a consumer finance business it bought more than a decade ago. The 7th U.S. Circuit Court of Appeals in Chicago said HSBC and three former Household International Inc executives were entitled...

  • Is Indonesia inflating a credit bubble? Wednesday, 20 May 2015 | 7:17 PM ET
    An employee of BNI bank, an Indonesian state-owned bank, prepares rupiah banknotes for their ATMs and branch offices.

    Stories that begin with central banks easing bank lending requirements don't often end happily, but Indonesia may dodge creating a credit bubble.

  • NEW YORK, May 20- When Saideh Browne had an emergency appendectomy in the summer of 2012, she had no idea it would raise the cost of a car loan three years later. The 44- year-old personal trainer from New York recently visited a dealership to buy a new Honda Accord and discovered her credit score had been dinged by two lingering medical bills for $770 that had gone to...

  • LONDON, May 15- Blue chip banks could provide a bigger stimulus to Europe's flagging economy if they pared back low-return mortgage lending to pump more firepower into small business and consumer credit, the chairman of HSBC told Reuters. Douglas Flint, boss of Europe's largest bank, said policymakers and banks needed to reconsider the "natural long-term...

  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.