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Diversified Financials Consumer Finance

  • Prosecutors at the Federal Trade Commission, 11 states and the District of Columbia have filed 36 lawsuits and other legal actions against companies they say falsely promise debt relief, charging more than $95 million in illegal fees in recent years. But they say the Education Department and its contracted loan servicing companies fail to steer borrowers...

  • The privately-held firm has quietly become one of the biggest non-bank consumer lending companies in China. It finances more than tenth of all iPhone sales in China, the U.S. tech giant's second-biggest market. The Czech company has 225,000 sales points in retailers across China, and said the number could rise to up to 500,000 in the coming years.

  • NEW YORK— The selfie is everywhere— Facebook, Instagram, Twitter— and soon your bank could be asking for one in order to approve your purchase or credit card application. Payment processing giant Visa Inc. is launching a platform to allow banks to integrate various types of biometrics— your fingerprint, face, voice, etc.— into approving credit card applications and...

  • Seniors tend to have savings, steady income from Social Security, money in retirement accounts and other assets, like a home that they own. "It's why bank robbers go to the bank," said Amy Nofziger, director of regional operations with the AARP Foundation. One study out of New York State shows that for every case of financial exploitation that gets reported to law...

  • Oct 18- Credit card issuer American Express Co said on Wednesday long-time Chief Executive Kenneth Chenault will step down and will be replaced by Stephen Squeri. Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier. Total revenue, net of...

  • Oct 18- Credit card issuer American Express Co reported about 19 percent jump in quarterly profit as higher billings and loan growth helped offset a jump in costs. Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier. Total revenue, net of...

  • The average rate stands at 24.99 percent, compared with 16.15 percent for general-use cards.

  • WASHINGTON, Oct 18- The U.S. Consumer Financial Protection Bureau is turning its attention to companies that collect consumer financial information to provide services and products. The regulator laid out a series of principles on Wednesday to establish its expectations for accessing consumer's financial data in the course of doing business.

  • Oct 18- As Goldman Sachs Group Inc has unveiled more details about its strategy and financial targets to satisfy investor demands, Wall Street's attention has turned to a business so small and new that there may not be much to disclose. On Tuesday, analysts questioned Chief Financial Officer Marty Chavez about Goldman's nascent consumer lending operation,...

  • The privately-held firm has quietly become one of the biggest non-bank consumer lending companies in China. It finances more than tenth of all iPhone sales in China, the U.S. tech giant's second-biggest market. The Czech company has 225,000 sales points in retailers across China, and said the number could rise to up to 500,000 in the coming years.

  • TORONTO, Oct 17- Canada's banking regulator on Tuesday finalized tougher new rules on mortgage lending aimed at safeguarding lenders and borrowers, but warned the measures could push some borrowers into the arms of unregulated private lenders. Canadian authorities have taken action to cool housing markets in Toronto and Vancouver, where prices have soared...

  • WASHINGTON, Oct 16- The U.S. Consumer Financial Protection Bureau's enforcement chief, Anthony Alexis, plans to leave the agency, the Wall Street Journal reported on Monday, a move that could slow the regulator's policing of financial companies. Alexis has led the bureau's enforcement operations during most of its six years of existence, the Journal said,...

  • *Oil rises as fighting escalates in Iraq's oil-rich Kirkuk. Oct 16- A recovery for U.S. banking stocks allied to a 1.5 percent gain for Apple prodded Wall Street's main indexes higher in early afternoon trading on Monday. The financial index was on track to post its first gain in four days after concerns about weak trading and credit card losses outweighed...

  • WASHINGTON, Oct 16- The U.S. Supreme Court on Monday agreed to decide whether American Express Co is violating federal antitrust law by forbidding merchants that accept its credit cards from encouraging customers to use rival cards that charge lower fees. The justices will hear an appeal by 11 states led by Ohio that had sued American Express of a 2016 lower...

  • Oct 16- Credit card delinquency rose for the third straight month in September, data from JPMorgan Chase& Co and card issuer Discover Financial Services suggested on Monday. The data add to signs that U.S. consumers are struggling amid rising household debt, after bank results last week pointed to an increase in provisions for future losses.

  • WASHINGTON, Oct 16- The U.S. Supreme Court on Monday agreed to decide whether American Express Co is violating federal antitrust law by forbidding merchants that accept its credit cards from encouraging customers to use rival cards that charge lower fees. The justices will hear an appeal by 11 states led by Ohio that had sued American Express of a lower court...

  • IMF's Lagarde on how fintech can help developing countries

    IMF Managing Director Christine Lagarde discusses how fintech can help with wealth inequality with CNBC's Elizabeth Schulze at the IMF Annual Meetings.

  • IMF's Lagarde says not to categorize digital currencies

    IMF Chief Christine Lagarde says it's important to look at the broader implications of technologies like digital currencies at the the IMF Annual Meetings.

  • International Monetary Fund Managing Director Christine Lagarde holds a news conference at the IMF headquarters January 17, 2013 in Washington, DC

    "I think that we are about to see massive disruptions," IMF Managing Director Christine Lagarde told CNBC about developments in financial technologies.

  • IMF's Lagarde won't rule out the IMF potentially developing its own cryptocurrency

    IMF Managing Director Christine Lagarde won't rule out the IMF potentially developing its own cryptocurrency in the future.