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Diversified Financials Consumer Finance

  • IMF director Lagarde expects IMF will play a role in regulating the fintech industry

    IMF Managing Director Christine Lagarde talks regulating digital currencies with CNBC's Elizabeth Schulze at the IMF Annual Meetings in Washington D.C.

  • NEW YORK, Oct 12- JPMorgan Chase& Co and Citigroup Inc on Thursday said they had set aside more money for credit card lending losses in the third quarter, stoking concerns about consumer indebtedness and overshadowing profits that topped analyst estimates. Wall Street has ramped up credit card lending amid a slump in bond trading, once a growth engine for many...

  • Equifax trading information and the company logo are displayed on a screen where the stock is traded on the floor of the New York Stock Exchange in New York.

    Equifax's website was under the control of attackers trying to trick visitors into installing fraudulent Adobe Flash updates.

  • Oct 12- Citigroup Inc's quarterly earnings beat Wall Street expectations on Thursday as cost-cutting, a unit sale and a gain in investment bank fees compensated for weak bond trading and a jump in provisions for consumer bad debts. Chief Executive Michael Corbat has pledged to grow profits from consumer lending to stock trading, and return tens of billions of...

  • WASHINGTON, Oct 10- The AFL-CIO, a federation of labor unions, on Tuesday called on the U.S. Securities and Exchange Commission to investigate a few large trades in the stock of student loan servicer Navient Corp that occurred just before a government announcement favorable to the company was made public. In the letter sent to the SEC on Tuesday, a copy of which was...

  • WASHINGTON, Oct 10- The AFL-CIO, a federation of labor unions, on Tuesday called on the U.S. Securities and Exchange Commission to investigate a few large trades in the stock of student loan servicer Navient Corp that occurred just before a government announcement favorable to the company was made public. In the letter sent to the SEC on Tuesday, a copy of which was...

  • Your first credit card served one important purpose: It helped you build credit. Now, after years of making on-time payments, you've grown tired of your card's puny limit and lackluster benefits— and your mailbox is overflowing with better offers. When Erin Lowry applied for her second credit card in 2013, six years after getting her first card in college, she knew...

  • General Electric Co., down 96 cents to $23.43. Medtronic PLC, down $2.88 to $76.93. Tesla Inc., down $13.94 to $342.94.

  • WASHINGTON, Oct 5- Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders' ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country's consumer financial watchdog. The Consumer Financial Protection Bureau released a regulation on...

  • WASHINGTON, Oct 5- Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders' ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country's consumer financial watchdog. The Consumer Financial Protection Bureau released a regulation on...

  • WASHINGTON, Oct 5- The U.S. consumer financial watchdog on Thursday released its final rule restricting payday lenders' ability to profit from high-interest loans, but the Republican-led U.S. The Consumer Financial Protection Bureau rule would make lenders more responsible for checking borrowers' ability to repay the cash advances with their future...

  • WASHINGTON, Oct 5- The U.S. consumer financial watchdog on Thursday released its final rule restricting payday lenders' ability to profit from high-interest loans, but the Republican-led U.S. Congress is expected to try to kill the regulation aimed at keeping borrowers from falling into "debt traps." The Consumer Financial Protection Bureau rule would give...

  • WASHINGTON, Oct 4- The U.S. regulator for mortgage servicers on Wednesday loosened the timing requirements for communicating with struggling borrowers under new rules that take effect later this month to help prevent wrongful home foreclosures. The Consumer Financial Protection Bureau said last year it would begin requiring servicers, the conduits for...

  • WASHINGTON, Oct 4- U.S. House Democrats introduced legislation on Wednesday to direct banking regulators to review operations at the country's largest banks and consider shutting them down if they exhibit repeated wrongdoing to consumers. The bill, likely to meet stiff opposition from the Republican majority in Congress, represents the most direct threat...

  • Richard Smith, former chairman and CEO of Equifax, Inc., arrives to testify before the U.S. Senate Banking Committee on Capitol Hill in Washington, U.S., October 4, 2017.

    A lawsuit challenging arbitration rules asks for a compliance delay as congressional action to overturn it stalls.

  • Oct 3- U.S. senators slammed Wells Fargo& Co Chief Executive Tim Sloan on Tuesday for his handling of a massive sales practices scandal at the third-largest American bank and challenged him to allow aggrieved customers to sue. Sloan, when pressed by Senate Banking Committee lawmakers, said the San Francisco- based bank would not prevent customers from suing.

  • Oct 3- U.S. senators slammed Wells Fargo& Co Chief Executive Tim Sloan on Tuesday for his handling of a massive sales practices scandal at the third-largest American bank and challenged him to allow aggrieved customers to sue. Sloan, when pressed by Senate Banking Committee lawmakers, said the San Francisco- based bank would not prevent customers from suing.

  • Oct 3- U.S. senators grilled Wells Fargo& Co Chief Executive Tim Sloan on Tuesday about what he had done to change the bank's culture after a sales practices scandal erupted last year, with one senior Democratic lawmaker calling for his ouster. Senate Banking Committee members flagged problems involving auto insurance and mortgage fees that came to light...

  • Richard Smith, former chairman and CEO of Equifax Inc., testifies before House Energy and Commerce hearing on "Oversight of the Equifax Data Breach: Answers for Consumers" on Capitol Hill in Washington, U.S., October 3, 2017.

    Research shows 158 million people would pay a fee to shield their personal data from criminals.

  • LONDON, Oct 3- Reliance on the Libor interest rate benchmark in setting mortgages, credit card loans and other contracts across the world poses a risk to the financial system, the Bank of England said on Tuesday. In minutes published on Tuesday of its Sept. 20 Financial Policy Committee meeting, officials gave their bluntest warning yet about concerns over the...