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  • NEW YORK, Nov 20- The top federal prosecutor in Manhattan said on Thursday his office was taking a close look at payday lending as part of a broad crackdown on wrongdoing involving the handling of consumer debts. On Wednesday, a Manhattan federal judge sentenced the owner of New York debt settlement company Mission Settlement Agency, Michael Levitis, to nine...

  • NEW YORK, Nov 19- The owner of a New York debt settlement company was sentenced on Wednesday to nine years in prison for his guilty plea in a fraud scheme that authorities say victimized 1,200 people through false promises of relief from credit card companies and banks. Michael Levitis and his company, Mission Settlement Agency, committed crimes that resulted in...

  • TORONTO, Nov 17- JPMorgan Chase& Co said on Monday it notified Sears Canada Inc that it plans to terminate their credit card agreement, in another setback for the retailer. In the event of a sale, JPMorgan would pay Sears Canada up to C $174 million under certain circumstances. Sears Canada and JPMorgan said the bank will service the credit card business until at...

  • SHANGHAI, Nov 13- Chinese bank card operator UnionPay, which may soon have to defend its near monopoly against Visa and MasterCard, faces a much bigger threat from online payment providers such as Alipay, and is upgrading its systems to meet the danger. China said last month it would open its credit card market to foreign players following a World Trade...

  • Nov 10- U.S. officials plan to unveil this week a comprehensive slate of consumer protections for prepaid debit cards, including fee disclosure and limits on overdrafts, the Wall Street Journal reported, citing people familiar with the matter. The U.S. Consumer Financial Protection Bureau's proposed rules, expected on Thursday, will have standards for how...

  • 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...