Inside these posts: consumer finance

Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.


Consumer spending rose in August; inflation muted

Consumer spending rose slightly more than expected in August, but inflation remained subdued, leaving the door open for the Federal Reserve to launch a fresh round of monetary policy easing. Get the full story »

Battle brews over who will head Wall Street reform

The Consumer Finance Protection Bureau has no director, but infrastructure for the powerful agency that will regulate mortgages, credit cards and other consumer products already is being developed, says one of the Washington insiders under consideration to head the bureau.

“Treasury isn’t sitting and waiting for the confirmation process,” Michael Barr, assistant U.S. treasury secretary, said during a wide-ranging conversation Tuesday morning with the Chicago Tribune’s editorial board. Get the full story »

HSBC hit with two class-action lawsuits

Two HSBC units were hit with two federal class-action lawsuits last week claiming they’ve sold confusing credit-card “payment protection” plans to senior citizens, the unemployed and disabled residents in New Jersey and Pennsylvania who might not be eligible for the coverage plans.

The lawsuits against HSBC Bank USA and HSBC Card Services Inc., which is based in Illinois, were filed July 2 in U.S. district courts in Pennsylvania and New Jersey, and seek class-action status. The suits claim that HSBC, whose U.S. consumer finance unit is headquartered in Mettawa, marketed such “payment protection” products called “Personal Account Protection,” “Personal Account Protection Elite” and “Account Secure Plus” to credit-card customers.

HSBC declined to comment. Get the full story »