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Consumer Finance and Credit

Banks, retailers spar over Dodd-Frank fees

  Six years ago, when President Obama signed the Dodd-Frank Act into law, America’s retailers got a big reduction in the debit-card fees they pay banks. Now, with Donald J. Trump set to take office, they’re preparing for a lobbying ...

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Wells Fargo cutting sales goal in wake of hefty fine

NEW YORK — Wells Fargo is cutting its aggressive product sales goals for retail bankers, the bank announced Tuesday after state and federal regulators fined it $185 million last week for allegedly opening millions of unauthorized accounts to meet those ...

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Keeping hackers at bay during the holiday season

Post-Thanksgiving sales in online shopping continue to climb. This most recent Black Friday set a record for one-day online sales at $2.74 billion, and early reports indicated online sales for Cyber Monday came in at $2.98 billion, after reaching a ...

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Enhanced Retirement Solutions expands

Enhanced Retirement Solutions LLC, a Rochester-based retirement plan services consultant, is expanding into the third-party administration services arena to provide plan design, document, compliance, reporting, administrative support, and other assistance to plan sponsors. “Retirement plan administration is a complex, ongoing ...

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Obama bypasses Senate, installs new consumer chief

SHAKER HEIGHTS, Ohio — A defiant President Barack Obama, tired of GOP stalling his nominee to lead a new consumer protection agency, bucked that opposition and put him in charge without Senate approval. “I refuse to take ‘no’ for an ...

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Foundation Financial adds new services

Foundation Financial Group now has a tax services division, offering personal and corporate income tax preparation and tax resolution services. As part of the launch, Foundation Financial Group entered into a partnership with the Susan G. Komen for the Cure, ...

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AG settles $3.5M debt of 995 soldiers

ALBANY — New York Attorney General Eric Schneiderman says his office has reached agreement with a finance company to clear $3.5 million of debt for 995 soldiers who shopped at a retailer outside the Army's Fort Drum that sold computers and other electronics at inflated prices and credit terms.

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Survey: Credit card lenders ease requirements

A survey on credit underwriting practices revealed that for the first time since 2008, many of the nation’s largest lenders have eased their underwriting standards. The report, released late last month by the U.S. Office of the Comptroller of the Currency ...

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U.S. House bill would allow bankruptcy judges to adjust mortgages

A bill that would allow certain home mortgages to be modified by bankruptcy judges has been introduced in the House. The Home Foreclosure Reduction Act of 2011, H.R. 1587, would, among other things, allow bankruptcy judges to adjust the amount of an underwater mortgage ...

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