Bloomberg has this story on Zales' parent Signet Jewelers, which some analysts say "is pushing the limits of credit and accounting so far that it’s starting to look less like a jewelry business and more like a finance company."
Author Archives: Allison Zieve
The Wall Street Journal reports: The Consumer Financial Protection Bureau, preparing to roll out rulesaimed at reining in high-interest payday loans, is jawboning banks and credit unions to provide better alternatives for borrowers in need of small, short-term loans. Richard Cordray, director of the watchdog agency, said it is discussing ways to make it easier for […]
The Washington Post reports: Congress is considering a freeze on the airline industry’s shrinking coach seats, an unprecedented move that could lead to a more comfortable and humane flying experience. A proposed amendment to the Federal Aviation Administration (FAA) Reauthorization Bill would direct the federal government to set minimum seat-size standards for the first time, […]
BBC News reports: HSBC has reached a $470m [] settlement with the US government and states related to dubious mortgage lending and foreclosure practices that contributed to the financial crisis. The agreement includes a $100m fine and $370m in consumer relief to borrowers. Investigations began in 2010 after HSBC was found to be signing off […]
Senator Patrick Leahy (VT) and Senator Al Franken (MN) introduced a bill Thursday that would strictly limit the companies' ability to impose arbitration clauses on consumers and workers. The Restoring Statutory Rights Act would prevent civil rights cases, employment disputes and other crucial lawsuits from being forced into arbitration. A New York Times article on […]
The Washington Post reports today that the food industry is pressuring Congress to block vermont' GMO-labeling law before it goes into effect in July. "The food industry wants Congress to pre-empt Vermont’s law and bar mandatory labeling of genetically modified foods before it goes into effect. They argue that GMOs, or genetically modified organisms, are […]
The Washington Post reports on two new airbag recalls: Automakers to recall 5M vehicles for another air bag problem Another problem has developed with automotive air bags, this one resulting in recalls of up to 5 million vehicles worldwide. Continental Automotive Systems says in documents filed with the U.S. government that moisture can get inside […]
The Consumer Financial Protection Bureau announced today: [CFPB] is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used to screen potential customers. Today the CFPB sent a letter to the 25 largest retail banks encouraging them to make […]
According to the Federal Deposit Insurance Corporation, Morgan Stanley has agreed to pay $62.95 million to resolve claims over the sale of toxic mortgage-backed securities to three banks that later failed. The FDIC is acting as the receiver for the failed banks. The settlement brings the total amount of FDIC settlements with Morgan Stanley over […]
The Consumer Financial Protection Bureau has released its latest monthly consumer complaint snapshot, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair. The report shows that consumer complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service. It […]