Feds move to crack down on ‘excessive’ credit-card late fees
President Joe Biden is spotlighting new moves by the Consumer Financial Protection Bureau to cut excessive credit-card late fees that cost American families about $12 billion each year. The CFPB unveiled proposals that will potentially save Americans up to $9 billion a year by targeting late fees that are currently protected by an “expansive” immunity […]
U.S Banks BAC, WFC and JPM Launch Earnings Season
U.S. EARNINGS ANALYSIS AND TALKING POINTS Banks bolster net reserves showing concerns around the 2023 macro-economic outlook. NII improves for BAC, WFC and JPM but weaker IB limits upside. Recommended by Warren Venketas Get Your Free Equities Forecast U.S. banks in general have kicked off 2023 in the green with JPMorgan (JPM), Bank of America […]
Credit Acceptance shares tumble 12% after regulators sue, claim illegal subprime auto lending practices
Shares of subprime auto giant Credit Acceptance Corp CACC, -11.61% tumbled about 12% on Wednesday after New York Attorney General Letitia James and a key U.S. consumer watchdog sued the lender, saying it has been illegally tricking low-income borrowers into high-cost car loans that lead to a debt spiral. The lawsuit aims to force Credit […]