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Consumer Finance

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  • April 14- Target Corp is nearing a settlement with MasterCard Inc to reimburse financial institutions about $20 million for costs incurred from the retailer's massive data breach in 2013, the Wall Street Journal reported. MasterCard will distribute the reimbursed funds to the financial institutions that issue credit cards and debit cards under its brand,...

  • WASHINGTON, April 14- The U.S. consumer bureau and the Navajo Nation filed charges on Tuesday against companies and executives they say used H&R Block franchises to operate an illegal tax-refund scheme. The CFPB said Jeffrey Scott Thomas and his company, J. Thomas Development of NM Inc, no longer own the four H&R Block franchises and that H&R Block did not...

  • The Consumer Financial Protection Bureau has proposed a number of guidelines for the industry, including limiting the number of loans per customer to six per year. U.S. payday lenders extend more than $38 billion in loans annually, according to the Community Financial Services Association of America, an industry body. "The proposed rules are so far-reaching...

  • Pawn to cushion payday lenders from regulatory blow Wednesday, 8 Apr 2015 | 9:20 AM ET

    The Consumer Financial Protection Bureau has proposed a number of guidelines for the industry, including limiting the number of loans per customer to six per year. "The proposed rules are so far-reaching that they will basically put the entire small-business portion of this industry out of business," said Phil Frohlich, a portfolio manager at hedge fund...

  • SHANGHAI, April 8- China's yuan weakened against the dollar on Wednesday as the central bank fixed a weaker midpoint, while traders said demand for dollars was lifted by individuals paying credit card charges after travelling on a long weekend holiday. The People's Bank of China set the midpoint rate at 6.1345 per dollar prior to market open on Wednesday, 0.07...

  • April 6- Focus Financial Partners LLC added to its network the Fiduciary Group, a $600 million registered investment adviser based in Savannah, Georgia. The Fiduciary Group primarily provides wealth management, investment management and financial planning services to high net worth individuals and families, trusts and estates, closely held businesses, and...

  • Soaring Asia household debt not fully captured Thursday, 2 Apr 2015 | 12:30 AM ET

    Household debt across Asia is raising red flags, but the official data may not capture the full picture for families around the region.

  • Credit cards that save you money overseas Wednesday, 1 Apr 2015 | 7:00 AM ET
    Tourists at Eiffel Tower Paris

    Credit cards can save you money when you travel, or cost you big time. Here's how to get the most bang for your buck on that European vacation.

  • TOKYO, March 31- Citigroup Inc has agreed to sell its credit card unit in Japan to Sumitomo Mitsui Trust Bank, the companies said on Tuesday, as the U.S. bank slims down globally to bolster its profitability. The transaction is expected to close by the end of the year, Citigroup and Sumitomo Mitsui Trust Holdings Inc said in separate statements.

  • MOSCOW, March 27- Visa still needs one or two months to transfer processing of transactions made on its credit cards in Russia to a local payment system, but Mastercard will make an obligatory April 1 deadline, the head of the payment system said. The new rules were introduced after Visa and Mastercard stopped providing services for some Russian banks that were...

  • WASHINGTON/ BIRMINGHAM, March 26- A U.S. consumer financial watchdog on Thursday outlined plans to crack down on payday lending practices that leave borrowers with debt they cannot repay, and President Barack Obama touted the move as a contrast with Republican polices. Obama told an audience at a community college in Birmingham, Alabama, that the U.S. Consumer...

  • WASHINGTON, March 26- The U.S. consumer financial watchdog on Thursday outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans. The framework unveiled by the U.S. Consumer Financial Protection Bureau was a key step toward new rules for various types of loans that regulators say trap borrowers in...

  • WASHINGTON, March 26- The U.S. consumer financial watchdog on Thursday outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans. The framework unveiled by the U.S. Consumer Financial Protection Bureau was a key step toward new rules for various types of loans that regulators say trap borrowers in...

  • Is the 401(k) experiment a failure? Monday, 23 Mar 2015 | 7:00 AM ET
    Senior couple working in cafe

    With the median account balance under $19,000, 401(k) plans are failing as a safety net. Here's what happened.

  • COLUMN-U.S. student borrowers need relief in bankruptcy Wednesday, 18 Mar 2015 | 8:00 AM ET

    LOS ANGELES, March 18- Two changes to the U.S. consumer bankruptcy process could help some of the most trapped student loan borrowers free themselves from a modern-day debtors' prison. President Barack Obama last week directed three U.S. government agencies- the Department of the Treasury and Education as well as the Consumer Financial Protection Bureau- to...

  • House Republicans take aim at Dodd-Frank in budget plan Tuesday, 17 Mar 2015 | 11:20 AM ET

    WASHINGTON, March 17- Republican lawmakers took aim at the Dodd-Frank Wall Street reform law Tuesday, unveiling a plan that would gut regulators' authority to manage the collapse of big banks and give Congress direct control of the U.S. consumer finance bureau's budget. The proposal, led by House Budget Committee Chairman Tom Price, pledges to make "great strides...

  • SYDNEY, March 15- A consortium of private equity firm KKR& Co LP, alternative investment manager Varde Partners and Deutsche Bank has agreed to buy GE Capital's Australian and New Zealand consumer lending arm for A $8.2 billion. "GE Capital is one of the most respected providers of consumer finance in Australasia," said Ed Bostock, director of KKR Australia.

  • ATLANTA, March 10- President Barack Obama told students at Georgia Tech on Tuesday he wants to make the process of repaying student loans easier to understand and manage. The White House said 40 million Americans have student loans. The White House said it will require clearer disclosures from companies to make sure borrowers understand who is servicing their...

  • WASHINGTON, March 9- The new U.S. consumer protection regulator could do more to foster diversity and inclusion in the workplace, such as taking steps to require training and better track equal employment opportunity complaints, according to a watchdog report. The findings by the Consumer Financial Protection Bureau's inspector general come a little less...

  • WASHINGTON, March 9- The new U.S. consumer protection regulator could do more to foster diversity and inclusion in the workplace, such as taking steps to require training and better track equal employment opportunity complaints, according to a watchdog report. The findings by the Consumer Financial Protection Bureau's inspector general come a little less...