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  • U.S. rules would expand white collar crime informers Monday, 10 Nov 2014 | 11:11 AM ET

    WASHINGTON, Nov 10- U.S. regulators are working on rules that would require investment advisers, credit card firms and check cashers, among others, to serve as informers on white collar crime, a senior U.S. official said on Monday. "If we are to be as effective as possible in countering illicit finance, we must begin applying appropriate record-keeping, reporting and...

  • WASHINGTON, Nov 5- Staffers at the National Association of Manufacturers traded high-fives inside the group's election war room Tuesday night, as pro-business lobbying groups enthusiastically greeted Republicans' victory in retaking control of the Senate. Resurgent Republicans, who solidified their House of Representative majority as well as seizing...

  • TORONTO, Nov 4- Visa Inc and Mastercard Inc have voluntarily agreed to cut the fees they charge to Canadian retailers for credit transactions, the government said on Tuesday, adding it now sees no need to regulate fees set by credit card networks. It said Visa and MasterCard have committed to start implementing the reductions no later than April.

  • Visa to cut credit card interchange fees in Canada Tuesday, 4 Nov 2014 | 8:20 AM ET

    Nov 4- Visa Inc, the world's largest debit and credit card company, said it will cut average interchange fees in Canada to 1.50 percent on consumer credit cards. Visa and smaller rival MasterCard Inc currently charge 2-3 percent on credit and debit card transactions in the United States. If clients are disadvantaged due to the decision, it will terminate or amend...

  • NEW YORK, Nov. 4- When Jud Linville joined Citigroup in 2010 to head its main credit card business, he discovered a card called "Simplicity" that was anything but. The array of cards was dizzying, and marketing so many possibilities was expensive for Citigroup. He is showing signs of stabilizing the business: annual spending on Citi- branded cards in the United States...

  • TORONTO, Nov 3- Canadian startup Bionym, maker of a wearable security device dubbed Nymi, is teaming up with credit card giant MasterCard Inc and Royal Bank of Canada to test whether the beat of your heart is true enough to verify payments. The trial will allow Royal Bank, Canada's largest bank, Mastercard and customers using the technology to test...

  • LOS ANGELES, Nov 3- U.S. students are still largely on their own to protect themselves when they are struggling to repay their debt, despite the government's condemnation of some education loan servicers' unfair, deceptive and illegal practices. In a report last week, the Consumer Financial Protection Bureau found one or more student loan servicers had charged...

  • NASHUA, New Hampshire, Nov 2- Long viewed as an ally by Wall Street, likely 2016 presidential contender Hillary Clinton has increasingly been taking banks and big business to task while on the campaign trail for Democrats across the country. It comes days before Tuesday's midterm elections and as Clinton ramps up her political activity ahead of a probable White...

  • UK courts Islamic finance market Sunday, 2 Nov 2014 | 3:48 AM ET
    Booths at the Global Islamic Finance Forum in Kuala Lumpur, Malaysia, on Wednesday, Sept. 3, 2014.

    The U.K. is taking steps to widen its Islamic finance market, boosting its industry credentials as competition intensifies among global financial centers.

  • HONG KONG, Nov 1- Chinese regulators will allow foreign firms access to the yuan-denominated credit card clearing business from August next year, Hong Kong's South China Morning Post newspaper reported on Saturday. The paper quoted a source from China's largest credit card supplier, Goldpac Group, saying People's Bank of China (PBOC officials had informed...

  • Oct 30- Western Union Co, the world's largest money-transfer company, reported a better-than-expected quarterly profit as lower prices drew more customers, particularly to its digital money transfer business. Western Union has cut prices and invested heavily in its online and mobile businesses to better compete with fast-growing rivals such as MoneyGram...

  • Oct 30- Western Union Co, the world's largest money-transfer company, reported a better-than-expected quarterly profit as the company benefited from its digital money transfer services. Western Union has cut prices and invested heavily in its online and mobile businesses to better compete with fast-growing rivals such as MoneyGram International Inc,...

  • MasterCard profit jumps 15.5 pct as card usage rises Thursday, 30 Oct 2014 | 8:09 AM ET

    Oct 30- MasterCard Inc, the world's second-largest debit and credit card company, posted a 15.5 percent rise in quarterly profit as more customers used its cards to make purchases. The company's net income rose to $1.02 billion, or 87 cents per share, in the third quarter ended Sept. 30 from $879 million, or 73 cents per share, a year earlier. Net revenue rose 12.8...

  • The U.S. company, which is expected to get more than $1 billion from the planned sale, and Hyundai are working with separate investment banks on the deal, the person said. GE's spokesman in South Korea, Bill Joh, declined to comment on the matter, while representatives at Hyundai could not be immediately reached for comment. In response to a local South Korean media...

  • WASHINGTON, Oct 28- Companies that service U.S. student loans and mortgages tricked customers into paying higher fees or engaged in other acts that violate U.S. consumer laws, the U.S. Consumer Financial Protection Bureau said in a report released on Tuesday. Some servicers also misrepresented information on borrowers' online statements or failed to provide...

  • COLUMN-Excuse-free guide to student loan repayment Monday, 27 Oct 2014 | 11:08 AM ET

    LOS ANGELES, Oct 27- The six-month grace period for many student loans is about to expire for new college graduates. If the past is any guide, many people will miss their first payment and some will end up defaulting on their loans- even though there's usually no good reason for that to happen. The typical borrower with student loan debt has four loans, according to a...

  • WASHINGTON, Oct 22- U.S. securities regulators adopted a rule on Wednesday designed to avert another financial crisis, but two officials dissented, saying it did not do enough to discourage banks from lending to borrowers with shaky credit and then passing the mortgage risk to investors. The Securities and Exchange Commission approved the so-called "risk...

  • WASHINGTON, Oct 21- U.S. regulators on Tuesday issued a rule requiring banks that sell loans to investors to keep part of the risk on their own books, a measure aimed at preventing the sloppy loans that sparked the 2007-09 credit crisis. "Lenders have wanted and needed to know what the new rules of the road are and this rule defines them," said Mel Watt, the head of the...

  • WASHINGTON, Oct 21- U.S. regulators on Tuesday issued a rule requiring banks that sell loans to investors to keep part of the risk on their own books, a measure aimed at preventing the sloppy loans that sparked the 2007-09 credit crisis. "Lenders have wanted and needed to know what the new rules of the road are and this rule defines them," said Mel Watt, the head of the...

  • WASHINGTON, Oct 21- The U.S. Federal Deposit Insurance Corp unveiled a final rule on Tuesday that requires banks to retain at least 5 percent of the risk on their books when they bundle loans, securitize them and sell them to investors. The rule, expected to be adopted by the FDIC later on Tuesday, aims to prevent a repeat of the 2007-2009 financial crisis, when banks'...