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Diversified Financials Consumer Finance

  • HONG KONG/ BEIJING, Nov 7- China is pressing foreign payment card companies to form local joint ventures for onshore operations, said three people familiar with the matter, a move that would counter a pledge on market access Beijing made to U.S. The push to get foreign card issuers to enter into equity tie-ups with Chinese companies, instead of running fully-owned...

  • Nov 3- Wells Fargo& Co is facing litigation over previously disclosed sales problems related to its auto lending and mortgage businesses, the bank disclosed in a regulatory filing on Friday. Wells Fargo disclosed the litigation in its third-quarter financial filing with the U.S. Securities and Exchange Commission. Wells Fargo's problems came to light...

  • Wells Fargo disclosed the litigation in its third-quarter financial filing with the U.S. Securities and Exchange Commission. Wells Fargo's problems came to light several years ago, but did not get widespread attention until Sept. 9, 2016, when it reached a settlement with three regulators over creating as many as 2.1 million fake accounts as branch employees...

  • Nov 3- Wells Fargo& Co disclosed in a regulatory filing on Friday that it is facing litigation over previously disclosed sales problems related to its auto and mortgage businesses. The lawsuits include two class action cases alleging violations of federal and state consumer fraud laws, as well as claims brought by former employees who said they were fired for...

  • WASHINGTON, Nov 1- President Donald Trump signed a Congressional resolution on Wednesday that lets banks block customers from filing class action lawsuits, partly delivering on his election campaign promise to lighten U.S. financial regulation. The White House confirmed Trump signed the resolution, which kills a Consumer Financial Protection Bureau rule...

  • WASHINGTON, Nov 1- President Donald Trump signed a Congressional resolution on Wednesday that lets banks block customers from filing class action lawsuits, partly delivering on his election campaign promise to lighten U.S. financial regulation. The White House confirmed Trump signed the resolution, which kills a Consumer Financial Protection Bureau rule...

  • WASHINGTON, Oct 26- The largest U.S. veterans service organization on Thursday urged President Donald Trump to veto recent legislation allowing financial companies to block customers from banding together to sue, saying it would hurt members of the armed forces. The American Legion, which rarely speaks out on bank policy or politics, said in a statement it...

  • *Senate voted to repeal "forced arbitration" rule on Tuesday. *Some Republicans pushing Congress to review payday rules too. The Senate on Tuesday killed a rule banning banks, credit card issuers and other financial companies from using "forced arbitration" clauses in account contracts, the most significant roll-back of Obama-era financial policy since...

  • NEW YORK, Oct 25- Not every financial firm will be able to reap the benefit of Wall Street's victory in dismantling the threat of class-action law suits. The U.S. Senate killed a rule late on Tuesday that allowed consumers to band together to sue banks and credit card companies even when the small print of their contracts forced them into closed-door arbitration...

  • NEW YORK, Oct 25- Not every financial firm will be able to reap the benefit of Wall Streets victory in dismantling the threat of class-action law suits. The U.S. Senate killed a rule late on Tuesday that allowed consumers to band together to sue banks and credit card companies even when the small print of their contracts forced them into closed-door arbitration...

  • WASHINGTON, Oct 24- Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using "forced arbitration" clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT to cast the...

  • WASHINGTON, Oct 24- Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using "forced arbitration" clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT to cast the...

  • WASHINGTON, Oct 24- Republicans and Wall Street scored a hard-fought victory on Tuesday when the U.S. Senate killed a new ban on financial companies requiring customers to surrender their right to sue in order to open accounts. Republican Vice President Mike Pence appeared on the floor at 10:11 p.m. EDT to cast the tie-breaking vote as Senate president,...

  • U.S. SENATE KILLS RULE THAT WOULD HAVE ENDED "MANDATORY ARBITRATION CLAUSES" IN BANK, CREDIT-CARD ACCOUNT CONTRACTS.

  • WASHINGTON, Oct 23- Senator Elizabeth Warren wants the U.S. Securities and Exchange Commission to investigate whether someone profited on inside information regarding the student loan servicer Navient Corp and its dealings with the federal government. In a letter sent to the SEC on Monday, Warren requested an insider trading probe of three large trades made...

  • WASHINGTON, Oct 23- A U.S. financial regulator's rule banning banks and credit card companies' ability to prevent customers from banding together to sue them relies on insufficient research and is misguided, according to new analysis from the U.S. Treasury Department. The Consumer Financial Protection Bureau's rule abolishing "mandatory arbitration...

  • The privately-held firm has quietly become one of the biggest non-bank consumer lending companies in China. It finances more than tenth of all iPhone sales in China, the U.S. tech giant's second-biggest market. The Czech company has 225,000 sales points in retailers across China, and said the number could rise to up to 500,000 in the coming years.

  • Oct 18- Credit card issuer American Express Co said on Wednesday long-time Chief Executive Kenneth Chenault will step down and will be replaced by Stephen Squeri. Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier. Total revenue, net of...

  • Oct 18- Credit card issuer American Express Co reported about 19 percent jump in quarterly profit as higher billings and loan growth helped offset a jump in costs. Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier. Total revenue, net of...

  • The average rate stands at 24.99 percent, compared with 16.15 percent for general-use cards.