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Diversified Financials Consumer Finance

  • Sept 5- California is one step away from allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, after the state legislature gave final approval on Tuesday to a bill inspired by last year's Wells Fargo scandal. Mandatory arbitration clauses, which have become standard...

  • Sept 5- California is one step away from allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, after the state legislature gave final approval on Tuesday to a bill inspired by last year's Wells Fargo scandal. Mandatory arbitration clauses, which have become standard...

  • CINCINNATI, Sept 4- Democrat Richard Cordray delivered a campaign-style stump speech at a sprawling Labor Day celebration on Monday, but the U.S. Consumer Financial Protection Bureau chief stopped short of saying whether he intends to run for governor of Ohio. An Ohio native, he has been widely expected to jump into the race for governor and clearly appeared to...

  • CINCINNATI/ WASHINGTON Sept 4- The head of the U.S. consumer watchdog will discuss his agency's work at one of the country's largest Labor Day gatherings on Monday and simultaneously stoke major doubts about its future. Democrat Richard Cordray, appointed head of the Consumer Financial Protection Bureau by former President Barack Obama, is widely expected to...

  • CINCINNATI/ WASHINGTON Sept 4- The head of the U.S. consumer watchdog will discuss his agency's work at one of the country's largest Labor Day gatherings on Monday and simultaneously stoke major doubts about its future. Democrat Richard Cordray, appointed head of the Consumer Financial Protection Bureau by former President Barack Obama, is widely expected to...

  • NEW YORK, Aug 29- American Express Co is unveiling a new option that could tempt young, budget-conscious consumers into taking on credit card debt. On Wednesday, the No. 1 U.S. card issuer by spending will roll out a feature that will allow customers to borrow for big purchases like furniture, medical expenses, airplane tickets or weddings, while separating those...

  • NEW YORK, Aug 29- A homeowner has filed a lawsuit accusing Wells Fargo& Co of improperly charging thousands of customers nationwide to lock in interest rates when their mortgage applications were delayed. Wells Fargo Spokesman Tom Goyda said the bank is reviewing past practices on rate lock extensions and will take steps for customers as appropriate.

  • NEW YORK, Aug 29- A homeowner has filed a proposed class action lawsuit accusing Wells Fargo& Co of improperly charging thousands of customers nationwide to lock in interest rates when their mortgage applications were delayed. Filed on Monday in San Francisco federal court, the lawsuit said Wells Fargo managers pressured employees to blame homeowners for the...

  • OTTAWA, Aug 25- The sharp reversal in Toronto's home prices has thrown Canada's biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago. "The big issue is with financing," said John Pasalis, president of the Realosophy real estate brokerage in Toronto.

  • OTTAWA, Aug 25- The sharp reversal in Toronto's home prices has thrown Canada's biggest property market into chaos, with scores of buyers suddenly short of money and desperate to get out of deals that looked good just a few months ago. "The big issue is with financing," said John Pasalis, president of the Realosophy real estate brokerage in Toronto.

  • Aug 24- Wells Fargo& Co on Thursday named Beverly Anderson head of its cards and retail services unit. Anderson has been serving since March as interim leader of the unit, which offers consumer financial services, retail services, collections and servicing. She led Wells Fargo's consumer credit card business prior to that.

  • BOSTON, Aug 23- Massachusetts' attorney general on Wednesday sued one of the largest federal student loan servicers in the United States, accusing it of undermining a program that forgives borrowers' debts if they work in public service for 10 years. Massachusetts Attorney General Maura Healey filed the lawsuit against Pennsylvania Higher Education...

  • WASHINGTON, Aug 23- American Express will end up paying $96 million to credit card customers in Puerto Rico and other U.S. territories for charging higher interest rates and engaging in other discriminatory practices, federal regulators said on Wednesday. The U.S. Consumer Financial Protection Bureau announced that more than 200,000 consumers at two of the...

  • 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- 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...