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Diversified Financials Consumer Finance

  • *UK consumer borrowing boosted by easier credit- BoE. *Outlook darker for UK households as prices rise, wages weak. LONDON, April 4- A surge in consumer lending means British banks are at risk of incurring losses, the Bank of England said on Tuesday, warning that some might be letting credit standards slide as they compete to offer debt to households.

  • SYDNEY, March 31- Latitude Finance Australia, a non-bank lender, sold Australia's first securitisation of credit card debt with a A $1 billion issue, opening the way for banks seeking new funding sources. "All we have in Australia, really, is mortgage-backed securities, so to diversify out of housing is very good," said Raymond Lee, a portfolio manager for Kapstream...

  • SYDNEY, March 31- Latitude Finance Australia, a non-bank lender, sold Australia's first securitisation of credit card debt with a A $1 billion issue, opening the way for banks seeking new funding sources. "All we have in Australia, really, is mortgage-backed securities, so to diversify out of housing is very good," said Raymond Lee, a portfolio manager for Kapstream...

  • Senator Pat Toomey of Pennsylvania said slow action by the administration could entrench regulations pursued by former U.S. president Barack Obama. Toomey and other Republican members of the Senate committee sent a letter on Tuesday to Mnuchin, urging the Financial Stability Oversight Council to review its designation policies. Toomey also said...

  • TORONTO, March 30- Scrutiny of Canada's financial oversight sparked by reports of improper sales practices at the nation's top banks shows its watchdogs lack the muscle and the bite to tackle consumer abuses as aggressively as their U.S. and European peers. Canada's banking system avoided failures in the 2007-09 financial crisis and the World Economic Forum...

  • *Unit, World's Foremost Bank, provides branded credit cards. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval. Cabela's in October last year agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion, uniting two of the country's largest hunting and...

  • *Unit, World's Foremost Bank, provides branded credit cards. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval. Cabela's in October last year agreed to be bought by rival Bass Pro Shops in a deal valued at $5.5 billion, uniting two of the country's largest hunting and...

  • March 29- Synovus Financial Corp will buy the financial unit of outdoor goods retailer Cabela's Inc, a source familiar with the matter told Reuters. Synovus will keep the deposits held by the unit and resell its credit-card portfolio to Capital One Financial Corp, the source said. The unit, called World's Foremost Bank, was supposed to be bought by Capital One last...

  • WASHINGTON, March 29- The U.S. Supreme Court on Wednesday threw out a ruling that upheld a New York law barring retailers from charging more to buy with credit, sending the case back to a lower court to decide as a free speech issue not as pricing regulation. The justices returned the matter to the New York- based 2nd U.S. Circuit Court of Appeals, which upheld the law in...

  • WASHINGTON, March 29- The U.S. Supreme Court on Wednesday said a New York law barring retailers from charging more to buy with credit instead of cash is a speech regulation and sent the case back to a lower court for further review. The court, in a 8-0 decision, threw out a lower court's ruling upholding the New York law as a price regulation. Merchants contend laws like...

  • *To pay $110 mln to settle lawsuit over retail sales practices. March 28- Wells Fargo& Co said it agreed to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank's chief executive his job. The lawsuit dates from May 2015, sixteen months before Wells Fargo...

  • March 28- Wells Fargo& Co said it agreed in principle to pay $110 million to settle a lawsuit by customers challenging its opening of accounts without their permission, a practice that led to a scandal that cost the bank's chief executive his job. That settlement with the U.S. Consumer Financial Protection Bureau and Los Angeles City Attorney Mike Feuer prompted...

  • WASHINGTON, March 27- The U.S. Supreme Court on Monday declined to hear a bid by retailers to revive a $7.25 billion antitrust settlement they reached with Visa Inc and Mastercard Inc over claims the card networks improperly fixed credit and debit card fees. The brief Supreme Court order noted that Chief Justice John Roberts and Justice Samuel Alito did not...

  • WASHINGTON, March 27- The U.S. Supreme Court on Monday declined to hear a bid by retailers to revive a $7.25 billion antitrust settlement they reached with Visa Inc and Mastercard Inc over claims the card networks improperly fixed credit and debit card fees.

  • DETROIT, March 27- As U.S. auto sales have peaked, competition to finance car loans is set to intensify and drive increased credit risk for auto lenders, Moody's Investors Service said in a report released on Monday. "The combination of plateauing auto sales, growing negative equity from consumers and lenders' willingness to offer flexible loan terms is a...

  • A woman passes a Wells Fargo sign.

    The bank reports a 55 percent drop in new credit card applications and 43 percent drop in new checking account openings, year over year.

  • Dan Schulman

    A new Gmail feature challenges Venmo's dominance in mobile.

  • President Donald Trump holds a National Economic Council listening session with the CEOs of small and community banks, in the Roosevelt Room at the White House on March 9, 2017 in Washington, D.C.

    President Donald Trump promised in a meeting with community bankers to strip away some Dodd-Frank financial regulations.

  • Singapore's United Overseas Bank (UOB) reported on Friday its earnings for the fourth quarter slipped 6.2 percent on-year to S$739 million.

  • Temasek may be betting China’s consumers will eschew retail therapy in favor of hitting the road, cutting its Alibaba stake and buying Ctrip shares.