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Diversified Financials Consumer Finance

  • WASHINGTON, Jan 18- Government agencies were warning U.S. employees on Thursday of a possible federal shutdown at midnight on Friday, as the Republican-controlled Congress and the White House scrambled to pass legislation to keep the lights on in Washington. President Donald Trump, answering reporters' questions at the Pentagon, said on Thursday the U.S....

  • NEW YORK— Credit card company American Express posted a $1.2 billion loss in its latest quarter after booking large one-time charges related to the new tax law. American Express Co. said Thursday it lost $1.41 a share in the three months that ended Dec. 31, compared with a profit of $825 million, or 88 cents per share, in the same period a year earlier.

  • Jan 18- American Express Co posted its first quarterly loss in 26 years, due a $2.6 billion charge related to the U.S. tax law overhaul and the credit card issuer also said it would suspend its share buyback program for the first half of 2018.. The net loss attributable to common shareholders was $1.20 billion, or $1.41 per share, in the fourth quarter ended Dec. 31,...

  • Jan 18- American Express Co posted its first quarterly loss in 26 years, due a $2.4 billion charge related to the U.S. tax law overhaul and the credit card issuer also said it would suspend its share buyback program for the first half of 2018.. The net loss attributable to common shareholders was $1.20 billion, or $1.41 per share, in the fourth quarter ended Dec. 31,...

  • In a letter to the Federal Reserve, which directly funds the Consumer Financial Protection Bureau, Mick Mulvaney said the bureau does not need any new funds to operate during its second quarter. He said he intends to spend that down by roughly $145 million. The $145 million budget estimate is roughly equal to what Richard Cordray, who was appointed by Obama as the...

  • WASHINGTON, Jan 18- The acting head of the U.S. Consumer Financial Protection Bureau is requesting no new operating funds, opting instead to finance a slimmed-down budget by shrinking a reserve fund established by his predecessor at the agency that has been fiercely criticized by the financial industry. Mick Mulvaney, interim chief of the agency named by...

  • WASHINGTON, Jan 17- The U.S. Consumer Financial Protection Bureau on Wednesday launched a public review of its operations, indicating broad changes could be coming to the agency after U.S. The regulator, which came under the control of Trump's budget director Mick Mulvaney in November, said it would be seeking comment on its "enforcement, supervision, rulemaking,...

  • NEW YORK— The Trump-appointed acting director of the Consumer Financial Protection Bureau said Wednesday that he is launching a review of all the federal consumer watchdog agency's policies and priorities. It's the second major step taken this week by Mick Mulvaney, who took over as acting director in late November, to reshape the bureau.

  • Jan 17- Wells Fargo& Co said on Wednesday Chief Risk Officer Mike Loughlin will retire, and a successor will be appointed in the next few months. In September 2016, Wells Fargo reached a $190 million settlement with regulators for its employees creating phony bank and credit card accounts in customers' names without their permission. The San Francisco- based...

  • WASHINGTON, Jan 16- The U.S. Consumer Financial Protection Bureau said on Tuesday that it intends to reconsider a recent rule that would significantly curb payday lending. The rule, finalized in October under a President Barack Obama appointee and set to begin taking effect this year, would require lenders to determine if borrowers can repay debts and cap the...

  • NEW YORK— The Consumer Financial Protection Bureau has decided to reconsider a key set of rules enacted last year that would have protected consumers against harmful payday lenders. The bureau, which came under control of the Trump administration late last year, said in a statement Tuesday that it plans to take a second look at the payday lending rules.

  • Only when financial leaders step up to serve customers will we see trust restored in financial services.

    In light of recent scandals, it's time for financial services firms to actively work to win or regain consumer trust.

  • Jan 16- Provident Financial expects to report a loss of about 120 million pounds in its consumer credit division for 2017 as it struggles to win back customers following problems at its door-to-door lending business. Shares in Provident, which provided loans through the Wall Street crash of 1929 and both world wars, were down 3.8 percent to 887 pence by 0900 GMT,...

  • WASHINGTON, Jan 12- The deputy director of the U.S. Consumer Financial Protection Bureau has appealed a court ruling that prevented her from taking control of the regulator instead of a Trump administration official. Leandra English filed paperwork on Friday to appeal that ruling, wanting to revisit the case with the U.S. Court of Appeals for the District of...

  • WELLS FARGO EXPECTS TO GROW MORTGAGE LOANS AND CREDIT CARDS IN 2018, HOME EQUITY WILL CONTINUE TO DECLINE- CEO.

  • BOSTON, Jan 10- The U.S. Justice Department has filed papers arguing Massachusetts' attorney general cannot pursue claims under state law that one of the nation's largest student loan servicers undermined a federal debt forgiveness program. Loan servicer Pennsylvania Higher Education Assistance Agency seized on the department's filing to argue during a...

  • WASHINGTON— Few people look forward to a trip to the doctor or dentist, especially if they're not sure how they will pay for it. Nearly a third of Americans report trouble paying their medical bills and many have taken on credit card debt to pay the expenses, according to a recent survey by the Kaiser Family Foundation. Patients think they are just setting up an...

  • WASHINGTON— U.S. consumer borrowing jumped 8.8 percent in November, the most in more than two years, a sign of growing confidence in the economy. The Federal Reserve said Monday that Americans added nearly $28 billion in credit card, student, auto and other debt in November. And a category of debt made up mostly of credit cards jumped $11.2 billion, the most in a year, to...

  • Financial planners tend to have firm ideas about the most important goals: You should save for retirement, pay off debt and build an emergency fund. Buying a pair of $200 sneakers or an ultra-high definition TV is probably not on that list. People who have a planned savings habit are four times more likely to be financially healthy than those who don't, according to...

  • WASHINGTON, Jan 5- A top staffer for one of the most vocal U.S. congressional critics of the Consumer Financial Protection Bureau was named on Friday as the watchdog's chief of staff as it undergoes a major transformation under the Trump administration. Kirsten Sutton Mork, former staff director for the House Financial Services Committee, will assume the role "...