Consumer Finance


  • NEW YORK, July 29- Ally Financial Inc reported a bigger-than-expected quarterly profit on Tuesday as auto lending jumped 11 percent to the second-highest level in the company's history. The former financing arm of General Motors Co said it had earned $323 million, or 54 cents per share, in the second quarter.

  • NEW YORK, July 24- Trying to take your financial temperature? It's not just a matter of how much money you have in the bank. Contrary to big financial numbers that make most people stick their heads in the sand, many obsess about their credit scores, says Greg McBride, chief financial analyst for Bankrate.com.

  • WASHINGTON, July 23- U.S. regulators and 15 states announced a wave of lawsuits on Wednesday against law firms and mortgage assistance companies they said have scammed borrowers since at least 2011 by falsely promising home loan modifications and other foreclosure relief.

  • July 18- The success of General Electric Co's impending initial public offering for its private-label credit card unit could ride on investors' willingness to bet that a lukewarm consumer-led U.S. economic recovery heats up.

  • July 18- General Electric Co's credit card unit, Synchrony Financial, said it expects to raise up to $3.25 billion in a public offering of shares, in what is expected to be the biggest U.S. The offering of 125 million shares is expected to be priced at between $23 and $26 per share, the company said in a filing with the U.S. Securities and Exchange Commission on Friday.

  • The company said it expects to price the offering of 125 million shares at between $23 and $26 per share, the company said in a filing with the U.S. Securities and Exchange Commission on Friday.

  • Capital One profit rises 8 pct on card growth Thursday, 17 Jul 2014 | 4:18 PM ET

    July 17- Capital One Financial Corp, one of the largest U.S. credit card issuers, reported an 8 percent rise in quarterly profit as card loans grew and credit quality remained stable.

  • U.S. House passes spending bill with Dodd-Frank changes Wednesday, 16 Jul 2014 | 6:06 PM ET

    The Democrat-controlled Senate is not expected to approve the bill as it is now. Earlier this week, the White House said that President Barack Obama "strongly opposes House passage" of the appropriations bill and would veto it if the legislation reached his desk.

  • WASHINGTON, July 16- The U.S. consumer finance watchdog on Wednesday proposed publishing on its website individuals' stories about bad experiences with credit cards, student loans and other financial services, prompting quick pushback from banks.

  • WASHINGTON, July 10- The U.S. consumer watchdog on Thursday said payday lender ACE Cash Express must pay $10 million to settle accusations that it had used unfair debt collection practices, such as threatening to sue borrowers, to pressure them into taking out new loans.

  • DIARY - Top economic Events to July 22 Tuesday, 8 Jul 2014 | 8:01 PM ET

    BEIJING- Sixth round of the U.S.- China Strategic and Economic Dialog will be held in Beijing, China. Treasury Secretary Jacob Lew and Secretary of State John Kerry will join their respective Chinese co-chairs, Vice Premier Wang Yang and State Councilor Yang Jiechi, for the Dialog.

  • U.S. consumer credit rises by $19.6 billion in May Tuesday, 8 Jul 2014 | 3:00 PM ET

    WASHINGTON, July 8- U.S. consumer credit rose in May, a sign that easy monetary policy was providing substantial support for the economy. Total consumer credit increased by $19.6 billion to $3.19 trillion, the Federal Reserve said on Tuesday. Analysts polled by Reuters expected an increase of $20 billion in the month.

  • DIARY - Top Economic Events to July 18 Monday, 7 Jul 2014 | 8:02 PM ET

    CHARLOTTE, United States- Federal Reserve Bank of Richmond President Jeffrey Lacker speaks on "Economic Outlook, July 2014" before a luncheon hosted by the Rotary Club of Charlotte in Charlotte- 1700 GMT.

  • DIARY - Top Economic Events to July 17 Friday, 4 Jul 2014 | 8:01 PM ET

    WELLINGTON- Reserve Bank of New Zealand Deputy Governor Geoff Bascand delivers a speech on "The evolution of New Zealand's currency." AIX-EN-PROVENCE, France- ECB Executive Board member Benoit Coeure speaks at a conference in Aix-en-Provence on European investments- 0815 GMT.

  • NEW YORK, July 3- American Express Co is set to face off against the U.S. government and 17 states in a trial that begins on Monday over claims that it stifles competition from credit card providers that charge lower processing fees.

  • BRUSSELS, July 3- Europe should update its laws to reflect the rise of digital currencies, the head of a bitcoin start-up said, after a successful U.S. auction of bitcoins was seen as a sign of their broadening appeal.

  • Ramp up role in Bitcoin, U.S. consumer agency told Friday, 27 Jun 2014 | 4:03 PM ET

    WASHINGTON, June 27- The U.S. Consumer Financial Protection Bureau should play a bigger role in shielding people against risks from virtual currencies such as Bitcoin, a government watchdog said on Friday. "Recent events suggest that consumer protection is an emerging risk," the report by the Government Accountability Office said.

  • TOKYO, June 27- Four years after Japan tightened rules on the consumer finance industry- and wiped out thousands of non-bank moneylenders- some lawmakers in the ruling Liberal Democratic Party want to shift back to deregulation, arguing this would help small businesses access the cash they need and fuel economic growth.

  • London bank scandals aid ‘fintech’ dominance Wednesday, 25 Jun 2014 | 8:17 AM ET
    Canary Wharf, London

    London’s reputation as a leading financial hub has been hit, but some argue that financial technology could be its saving grace.

  • *To buy GE Money Bank for 700 million euros. MADRID, June 23- Spain's Santander is buying GE Money Bank, GE Capital's consumer finance business in Sweden, Norway and Denmark, for 700 million euros in its latest move to diversify away from its struggling domestic market.