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Diversified Financials Consumer Finance

  • Aug 18- After paying customers millions of dollars for opening phony accounts they did not want, Wells Fargo& Co has said it is now grappling with the possibility it harmed customers by closing real accounts they needed, leaving them without access to funds. Wells, the third-largest U.S. bank, disclosed in a regulatory filing on Aug. 4 that the Consumer Financial...

  • Aug 18- After paying customers millions of dollars for opening phony accounts they did not want, Wells Fargo& Co has said it is now grappling with the possibility it harmed customers by closing real accounts they needed, leaving them without access to funds. Wells, the third-largest U.S. bank, disclosed in a regulatory filing on Aug. 4 that the Consumer Financial...

  • NEW YORK— Federal regulators have proposed a $183.3 million settlement with a student loan company that authorities allege engaged in predatory lending practices. The Consumer Financial Protection Bureau filed a lawsuit and settlement against Aequitas Capital Management, a private equity fund that purchased or funded $230 million in loans to students...

  • After Emilie Burke, 24, graduated from Princeton University in 2015 and moved to Baltimore, her expenses began piling up. I still had to pay my cellphone bill, "says Burke, who now lives in Fayetteville, North Carolina. When that ended, Burke started a job, but by January, her credit card balances added up to nearly $7,600.

  • **NEW YORK- The Federal Reserve Bank of New York issues Q2 2017 Household Debt and Credit Report, an updated snapshot of household trends in borrowing and indebtedness, including mortgages, student loans, credit cards and auto loans- 1500 GMT. LUBBOCK, Texas- Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated question-and-answer...

  • **NEW YORK- The Federal Reserve Bank of New York issues Q2 2017 Household Debt and Credit Report, an updated snapshot of household trends in borrowing and indebtedness, including mortgages, student loans, credit cards and auto loans- 1500 GMT. LUBBOCK, Texas- Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated question-and-answer...

  • NEW YORK, Aug 14- Warren Buffett's Berkshire Hathaway Inc on Monday said it added a stake in Synchrony Financial, boosting its bet on the credit card industry, and shed its investment in the company's former parent, General Electric Co.. Berkshire said it owned 17.5 million shares of Synchrony, a private label credit card issuer split off from GE in 2014, worth...

  • "Because long-term car loans tend to involve lower monthly or bi-weekly payments, extended terms can encourage consumers to buy more car than they may be able to afford," said Kathryn Dunn, a spokeswoman for the Financial Consumer Agency of Canada. More than half of Canadians who borrow to buy new vehicles look to make payments every two weeks, with the arrival of...

  • "Because long-term car loans tend to involve lower monthly or bi-weekly payments, extended terms can encourage consumers to buy more car than they may be able to afford," said Kathryn Dunn, a spokeswoman for the Financial Consumer Agency of Canada. More than half of Canadians who borrow to buy new vehicles look to make payments every two weeks, with the arrival of...

  • Fuel theft using fraudulent credit cards has become widespread with the development of skimmers that steal account information at gas station pumps. The Florida Department of Agriculture and Consumer Services estimates that on average, each skimmer results in 100 counterfeit cards, each of which are used to make $1,000 in fraudulent purchases.

  • Using a credit card doesn't require much effort or experience. Swipe, insert or click and you can charge what you want within the credit limit. If you have a limit of $5,000, for example, and a balance of $1,000, utilization is 20 percent.

  • Aug 8- Mortgage company PHH Corp will pay nearly $74.5 million to resolve claims it generated defective loans that the federal government then insured and Fannie Mae and Freddie Mac bought, The U.S. Justice Department said on Tuesday. The deal with Mount Laurel, New Jersey- based PHH follows settlements between the Justice Department and financial companies...

  • NEW YORK— The digital currency Bitcoin is the payment of choice for HBO's cyberattackers. The hackers demand what they say is their "6- month salary" in bitcoin, suggesting it's at least $6 million. Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

  • NEW YORK, Aug 7- A Wells Fargo Bank joint venture that provides credit card processing services to merchants across the country has been hit with a lawsuit accusing it of using misleading sales tactics and overbilling for its services. Wells Fargo Merchant Services, a joint venture between Wells Fargo Bank and payment processor First Data Corp, helps process...

  • District Judge Robert Mariani refused to accept Navient's argument that the Consumer Financial Protection Bureau's lawsuit must be thrown out because the regulator itself was unconstitutional, and had not enacted rules declaring specific practices unfair, deceptive or abusive. Patricia Nash Christel, a spokeswoman, said the Wilmington, Delaware- based...

  • Aug 7- A Pennsylvania federal judge has rejected Navient Corp's bid to dismiss a U.S. regulator's lawsuit accusing the nation's largest student loan servicer of misleading millions of borrowers and driving up their loan repayment costs. District Judge Robert Mariani said the U.S. Consumer Financial Protection Bureau had authority to sue without first...

  • NEW YORK, Aug 4- Wells Fargo& Co is examining whether it caused unnecessary financial harm to customers through mortgage fees, frozen deposit accounts and "add-on" products like identity theft protection, the bank said in a U.S. securities filing on Friday. "We were surprised that this wasn't disclosed when the original sales practices were disclosed," said Piper...

  • WASHINGTON, Aug 4- Borrowers unwittingly charged for auto insurance when they took out car loans from Wells Fargo& Co asked a U.S. court on Friday to force the bank to help them repair their credit scores. As part of the class action in the U.S. District Court for the Southern District of New York, some of the 800,000 people who were charged unknowingly for unnecessary...

  • WASHINGTON, Aug 4- Republicans in the U.S. House of Representatives are pushing to hold Consumer Financial Protection Bureau Director Richard Cordray in contempt of Congress for refusing to respond sufficiently to congressional subpoenas. A report released on Friday by Republican staff of the House Financial Services Committee argued there was "ample...

  • NEW YORK, Aug 4- Wells Fargo& Co is examining whether it caused unnecessary financial harm to customers through mortgage fees, frozen deposit accounts and "add-on" products like identity theft protection, the bank said in a U.S. securities filing on Friday. "We were surprised that this wasn't disclosed when the original sales practices were disclosed," said Piper...