Consumer Finance


  • WASHINGTON, Aug 11- Virtual currencies such as bitcoin are the "Wild West" of financial products because of risks including huge swings in exchange rates, the U.S. Consumer Financial Protection Bureau said on Monday. Gox, a Tokyo- based exchange that filed for bankruptcy after losing an estimated $650 million worth of customer bitcoins.

  • U.S. consumer finance watchdog warns over bitcoin Monday, 11 Aug 2014 | 11:44 AM ET

    WASHINGTON, Aug 11- The U.S. Consumer Financial Protection Bureau on Monday warned over the risks of virtual currencies such as bitcoin, including unclear costs, volatile exchange rates and the threat of hacking and scams.

  • Confusion still surrounds overdraft policies Saturday, 9 Aug 2014 | 7:00 AM ET
    A Visa debit card is shown at the center of other debit and credit cards in Washington.

    A majority of the bank customers who paid a debit card overdraft penalty fee in the last year, did not recall signing up for this service

  • The company, formerly known as Fair Isaac Corp, said on Thursday that overdue medical payments that have already been settled will be ignored while calculating credit risk.

  • The company, formerly known as Fair Isaac Corp, said on Thursday that overdue medical payments that have already been settled will be ignored while calculating credit risk.

  • Aug 7- Santander Consumer USA Holdings Inc said it has recently received a civil subpoena from the U.S. Department of Justice related to its nonprime auto loans. FIRREA, the Financial Institutions Reform, Recovery and Enforcement Act, allows the Justice Department to sue over fraud affecting a federally insured financial institution.

  • NEW YORK, Aug 6- Wells Fargo& Co has relaxed its standards for loans for some high-priced homes as the largest U.S. mortgage lender tries to combat an industry-wide drop in mortgage volumes.

  • Aug 4- For-profit college operator ITT Educational Services Inc said Chief Executive Kevin Modany has stepped down as chairman of its board and will resign from his post, effective Feb. 4. ITT said the potential buyer, College Portfolio Buyer LLC, dropped out after ITT refused to extend a due diligence period.

  • WASHINGTON, Aug 4- The U.S. government is investigating General Motors Co's auto financing arm over subprime auto loans it made and securitized since 2007, the company disclosed on Monday. General Motors Financial Co Inc said it was served with a subpoena from the Department of Justice directing it to turn over documents related to underwriting criteria.

  • ITT shares plunge after property sale collapses Monday, 4 Aug 2014 | 12:05 PM ET

    Aug 4- ITT Educational Services Inc's shares fell more than 30 percent to their lowest in 14 years after the for-profit college operator said a deal to sell some of the properties fell through.

  • GM unit gets subpoena over subprime auto loans Monday, 4 Aug 2014 | 11:28 AM ET

    Aug 4- General Motors Co's auto financing arm said it received a subpoena from the U.S. Department of Justice to produce documents related to subprime auto loans since 2007..

  • 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.

  • The holiday gift gap: Dads fare worse than moms Tuesday, 10 Jun 2014 | 11:00 AM ET

    Americans will spend about $7.4 billion less on gifts and goodies for dads this Father's Day than they spent on moms for Mother's Day.

  • Credit alert! Unpaid medical bills hurt scores Wednesday, 21 May 2014 | 2:07 PM ET

    New research from the Consumer Financial Protection Bureau concludes that medical bills are unfairly lowering credit scores.

  • Consumer credit soars on auto, student loans Wednesday, 7 May 2014 | 3:55 PM ET
    Alain Filiz

    Consumer credit rose by the largest amount since February 2013, boosted by growing demand for student and auto loans.

  • Why we're not satisfied with social media sites Tuesday, 1 Apr 2014 | 8:00 AM ET

    Most of us have a positive experience when we use the Web. Credit unions, shipping companies, banks and hotels scored highest.

  • California DMV probing possible credit card breach Saturday, 22 Mar 2014 | 7:37 PM ET
    A security guard patrols the empty parking lot of the State of California Department of Motor Vehicles (DMV) in Pasadena, California.

    The California Department of Motor Vehicles has opened an investigation into a possible security breach of its credit card processing services, a spokesman for the agency said.

  • Tech M&A deals have been 'preposterous': Pro  Thursday, 20 Mar 2014 | 7:24 PM ET

    Keith Fitz-Gerald, Chief Investment Strategist, Money Map Press, says he is shifting his attention away from mergers and acquisitions in the technology field to the financial sector.

  • MasterCard, Visa form new payment security group Friday, 7 Mar 2014 | 11:37 AM ET

    Credit card companies MasterCard and Visa said they had formed a new cross-industry group to enhance payment system security across networks.

  • For-profit college charged with predatory lending Thursday, 27 Feb 2014 | 2:03 PM ET
    Daniel Webster College in Nashua, N.H.

    The federal government accused ITT Educational Services, one of the largest for-profit post-secondary education chains, of making predatory loans.