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Diversified Financials Consumer Finance

  • College financial aid offers have been sent out, and the traditional May 1 deadline for high school seniors to pick their schools is fast approaching. That means all across this great land of ours, grandparents are getting hit up by would-be college students desperate to use their elders' good credit. —Older people with student loans are more likely than those...

  • JERUSALEM, April 22- Israel's banking regulator plans to relax rules for credit card companies as part of a broader reform aimed at boosting competition in the banking sector and lowering the cost of credit. In a draft of amendments to its directives, the Bank of Israel said on Sunday new credit card companies will be allowed a lower liquidity requirement-- a Tier I...

  • April 20- Wells Fargo& Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. The penalty was a record from the U.S. Consumer Financial Protection Bureau and comes more than eighteen months after Wells Fargo...

  • NEW YORK— Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant for widespread customer abuses. In a settlement announced Friday, Wells will pay $500 million to the Office of the Comptroller of the Currency, its main national...

  • April 19- Wells Fargo& Co is close to settling a record fine of $1 billion imposed by two U.S. regulators for its risk management business, a source familiar with the matter told Reuters on Thursday. Last week, the U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency proposed Wells Fargo to pay the penalty to resolve probes into...

  • NEW YORK— Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources. The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank's main national...

  • Conventional wisdom about credit cards is often black and white, from whether you should use cards at all to which types deserve a slot in your wallet. But personal finance is just that— personal, experts say. "Financial advice is best when it is not one-size-fits-all," said Bruce McClary, spokesman for the National Foundation for Credit Counseling.

  • A man uses a Wells Fargo automated teller machine inside a bank branch in New York.

    With top-yielding savings accounts as high as 2 percent, rethinking where you stash your cash could pay off big time.

  • NEW YORK— Roughly seven out of every 10 adults worldwide now have some form of bank account, the World Bank said Thursday, largely due to the proliferation of cell phone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa. But women still lag behind their male counterparts in bank account ownership, the World...

  • April 18- Credit card issuer American Express Co easily topped Wall Street targets for quarterly profit as record investments in card rewards and a strengthening U.S. economy contributed to higher customer spending. New York- based AmEx spent a record $2.35 billion in customer rewards during the first three months of the year, seeking to woo more...

  • April 18- Credit card issuer American Express Co topped Wall Street targets for quarterly profit and forecast annual earnings at the high end of its expected range as a strengthening U.S. economy contributed to higher customer spending. AmEx now expects yearly earnings at the high end of its $6.90 to $7.30 per share forecast. AmEx said net income attributable...

  • April 18- Credit card issuer American Express Co's quarterly profit topped Wall Street forecasts as a strengthening U.S. economy contributed to higher customer spending. AmEx said net income attributable to common shareholders rose to $1.63 billion or $1.86 per share in the first quarter ended March 31, from $1.25 billion or $1.35 per share a year earlier.

  • April 18- Credit card issuer American Express Co's quarterly profit rose about 31 percent as a strengthening U.S. economy contributed to higher customer spending. AmEx said on Wednesday net income attributable to common shareholders rose to $1.63 billion or $1.86 per share in the first quarter ended March 31, from $1.25 billion or $1.35 per share a year...

  • WASHINGTON, April 18- The U.S. Senate voted 51-47 on Wednesday in favor of a resolution undoing the Consumer Financial Protection Bureau's 2013 guidance restricting how car dealers extend auto loans to consumers, in the latest move to weaken the agency. The Senate's action on the resolution, which was introduced by Republican Senators Jerry Moran and Pat...

  • WASHINGTON, April 18- The U.S. Senate voted 51-47 on Wednesday in favor undoing the Consumer Financial Protection Bureau's 2013 guidance restricting how car dealers extend auto loans to consumers, in the latest move to weaken the agency. The vote to overturn the consumer watchdog's indirect auto-lending rule, was debated on the Senate floor on Tuesday for 10...

  • WASHINGTON— The Latest on legislation that would overturn guidance on discrimination in auto loans:. The GOP-led Senate has voted to block guidance a consumer protection agency issued five years ago to help ensure minority car buyers don't pay higher interest rates on car loans. Joe Manchin of West Virginia was the only lawmaker to cross party lines, voting yes.

  • WASHINGTON, April 18- The U.S. Senate voted 51-47 on Wednesday in favor undoing the Consumer Financial Protection Bureau's March 2013 guidance restricting how car dealers extend auto loans to consumers. The vote to overturn the consumer watchdog's indirect auto-lending rule, was debated on the Senate floor on Tuesday for 10 hours. It must be debated and voted...

  • Net income attributable to the bank rose to $1.68 billion, or 96 cents per share, in the first quarter ended March 31, from $1.47 billion, or 82 cents per share, a year earlier. "We delivered solid growth in net interest income and high return fee businesses such as corporate payments, credit card, and wealth management and investment services," Chief Executive Officer...

  • Congress expressly prohibited such regulation when establishing the consumer protection agency through passage of the Dodd-Frank Act in 2010.. The Congressional Review Act gave Congress the ability to overturn recently issued federal rules with a simple majority of both chambers of Congress and approval of the president. Before President Donald Trump...

  • WASHINGTON, April 17- The U.S. Senate voted 50-47 on Tuesday in favor of debating whether to undo the consumer watchdog's March 2013 guidance restricting how car dealers extend auto loans to consumers.