American Express Co. fell$. 77 or. 9 percent, to $84.53. Capital One Financial Corp. fell$. 59 or. 8 percent, to $72.23. Discover Financial Services fell$. 27 or. 5 percent, to $52.94.» Read More
WASHINGTON, Oct 22- U.S. regulators on Tuesday said they do not expect lenders to run afoul of fair-lending laws if they opt to issue only the most basic mortgages after tough new rules take effect in 2014.. The Consumer Financial Protection Bureau plans to begin enforcing a rule in January that requires mortgage lenders to verify borrowers can repay their loans.
MOSCOW, Oct 21- Russian entrepreneur Oleg Tinkov's consumer credit provider TCS is aiming to raise around $1.1 billion in its London flotation- higher than the $870 million previously expected, a financial market source said on Monday.
WASHINGTON, Oct 20- A week after U.S. Senate leaders brokered a bipartisan spending deal to reopen the U.S. government and stave off a potentially disastrous default on American debt, Reuters will host several key players in the budget dispute as part of its annual Washington Summit.
Oct 17- Capital One Financial Corp posted a quarterly profit that beat Wall Street estimates after setting aside less money to cover credit card defaults, sending its shares up 2 percent after the bell.
Oct 16- American Express Co posted a better-than-expected 9 percent rise in quarterly profit as customers increased spending on its credit cards and fewer users defaulted on payments.
Oct 16- Bank of America Corp posted a higher-than-expected quarterly profit on Wednesday as growth in its consumer and wealth management arms underscored the bank's progress in stitching together businesses it picked up in the financial crisis.
WASHINGTON, Oct 16- Private student loan borrowers report payment processing errors that hurt their credit and raised costs, and lawmakers may need to step in if the problems hurt the economy, a U.S. consumer watchdog said on Wednesday.
*General Electric's Swiss unit sets share sale price range. ZURICH, Oct 16- General Electric's flotation of its GE Money Bank is expected to value the Swiss consumer finance business at up to 1.53 billion Swiss francs, in a further step in the U.S. firm's retreat from the finance sector.
ISTANBUL, Oct 9- Turkey introduced measures on Wednesday to try to control rampant consumer loan growth and lift its domestic savings rate from historic lows, another front in its battle to reduce a gaping current account deficit.
JUBA, Oct 7- Kenya Commercial Bank, the biggest bank in South Sudan, plans to grow by launching the first credit card service in the young African country and adding more branches, executives told Reuters. KCB has won a licence from VISA Inc to launch credit cards in South Sudan, a war-torn country where few people have a bank account, the executives said.
WASHINGTON, Oct 3- The U.S. consumer watchdog said on Thursday it fined payment processor Meracord for helping to collect illegal debt-settlement fees, part of a broader crackdown on companies that offer to help borrowers get rid of debt.
District Judge Jed Rakoff in Manhattan ruled in favor of several retailers who challenged the law on various grounds, including that it violated their free speech rights by prohibiting them from alerting customers to the extra costs of paying with credit cards.
NEW YORK, Oct 3- A federal judge on Thursday blocked enforcement of a New York state law that subjects retailers to criminal penalties if they impose surcharges on customers who choose to pay by credit card rather than cash.
*TCS to raise $150- $200 mln to grow its retail business. MOSCOW, Oct 3- Russian entrepreneur Oleg Tinkov has launched a London stock market listing for his credit card business TCS to raise up to $750 million, seeking to convince investors that households will continue to pile on debt despite an economic slowdown.
*GE Capital to retain minority stake in GE Money Bank. ZURICH, Oct 3- General Electric will float a majority stake in its Swiss consumer finance unit GE Money Bank in the fourth quarter as part of a retreat from the sector to focus more on industrial interests.
WASHINGTON, Oct 1- Large sections of the U.S. government closed down on Tuesday after Congress was unable to reach an agreement on funding for the new fiscal year because of a standoff over healthcare reforms. MAIL DELIVERY: Deliveries will continue as usual because the U.S. Postal Service receives no tax dollars for day-to-day operations.
Sept 30- If Congress cannot agree on a funding bill for the U.S. government by a midnight deadline, there will be far-reaching consequences for everything from National Park admissions to economic data.
"The SEC will be able to stay open in the event of a funding lapse," spokesman John Nester said, explaining that the SEC has funds that are not available to most other U.S. agencies. Even if the SEC did run out of funds and was forced to scale back operations, securities regulators would still keep an eye on exchange activity, potential insider-trading and money funds.
WASHINGTON, Sept 30- If a budget stalemate in the U.S. Congress leads to an extended federal government shutdown, investors can expect potential interruptions to financial product approvals and new rules, though market oversight would not grind to a halt. The exact timing of when the SEC would cease some functions is unclear.
WASHINGTON, Sept 27- A U.S. government shutdown is possible on Oct. 1, the first day of fiscal 2014, because Congress has so far failed to find a way to pay for it. A closure would have far-reaching consequences at federal agencies dealing with everything from sending out Social Security checks to collecting admission fees at national parks.