Editorial: Cap interest rates to protect NM borrowers

January 27th, 2015 by Admin

Lawmakers moved to restrict payday loans in 2007, but predatory lenders merely switched to different loan products.

The combination of loose lending rules and high poverty rates in New Mexico have had a devastating effect on those who can least afford it. In 2013, 52,800 New Mexicans took out unsecured loans. The average interest rate was 486 percent, with the average borrower taking out a $547 loan and paying $968 in return. More than 75 percent of the companies reaping those profits are based out of state. Our lack of consumer protections have made New Mexico a magnet for predatory lenders. There are 684 such businesses in the state, according to the Department of Regulation and Licensing,...

Google (GOOGL) Collaborates with Lending Club (LC) To Finance Partners

January 26th, 2015 by Admin

According to an announcement on Thursday, Google Inc (NASDAQ:GOOGL) and Lending Club (NYSE:LC) have partnered to serve the financing needs of eligible Google partners.

This program will utilize Lending Clubs ability of providing loans in an automated and cost-effective manner. Additionally, Google will purchase the loans, while Lending Club would service the loans, which means Google will be investing its capital to promote growth of its partners.

With this pilot program, Google partners will have the opportunity to borrow up to a maximum of $600,000. These partners can use the loan for financing growth initiatives and development programs, such as hiring of new staff, and business...

TTM’s 2nd Lien Notes Get Caa1 Rating from Moody’s

January 26th, 2015 by Admin

Moodys Investors Service assigned a Caa1 (LGD5) rating to TTM Technologies Inc.s second lien notes.

The notes, in conjunction with previously rated first lien senior secured debt, will be used to fund the roughly $900 million acquisition of Viasystems Inc. and refinance TTMs existing debt. All other ratings, including the B2 Corporate Family Rating (CFR), are unchanged. The outlook is stable.

At the completion of the acquisition, Moodys will withdraw all existing Viasystems ratings.

Ratings rationale

The B2 CFR reflects TTMs elevated financial leverage and the near-term challenges the company will face in integrating the Viasystems operations, which suffered a series...

Consumer finance update: CFPB issues update to the TILA-RESPA Integrated …

January 26th, 2015 by Admin

On January20,2015, the US Consumer Financial Protection Bureau (CFPB) issued a final rule (Final Rule) to amend the TILA-RESPA Integrated Mortgage Disclosure Rule (TILA-RESPA Rule) it issued in November 2013. The CFPB#39;s Final Rule finalizes a proposal it issued in October2014. It makes two substantive modifications to the TILA-RESPA Rule: (1) it extends the timing requirement for when a revised Loan Estimate is required to be provided when the consumer locks an interest rate from the same business day of the rate lock to within three business days after the rate lock; and (2) provides a place on the Loan Estimate for language to be included related to providing revised disclosures for construction...

Analysts Set Santander Consumer USA Holdings PT at $23.02 (NYSE:SC)

January 26th, 2015 by Admin

Shares of Santander Consumer USA Holdings (NYSE:SC) have been given a consensus rating of Hold by the seventeen ratings firms that are covering the stock, Analyst Ratings Net reports. Two equities research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $23.02.

Santander Consumer USA Holdings (NYSE:SC) opened at 18.55 on Wednesday. Santander Consumer USA Holdings has a 52 week low of $16.52 and a 52 week high of $26.37. The stock has a 50-day moving average of $19.16 and a 200-day...

Consumer Moneyfacts award winners 2015 announced

January 26th, 2015 by Admin

Consumer Moneyfacts award winners 2015 announced


The winners of the Consumer Moneyfacts Awards were announced last night at a glittering ceremony at the London Marriott Hotel Grosvenor Square. Hosted by comedian Alex Horne, the awards showcased the best of the consumer finance industry, highlighting the providers who excel in customer service and offer products that cant be beaten.

Industry professionals from leading financial services and utility providers gathered at the event, all eager to hear who would be crowned as the best all-rounder in each category. The winners were chosen through a combination of consumer feedback...

Borrowing boosted by car-buying spree

January 26th, 2015 by Admin

Consumer borrowing hit a near seven-year high in November, mainly as a result of new car sales, Bank of England figures show.

The Banks figures show £1.3bn was borrowed in unsecured loans in November 2014 – the highest since February 2008.

Excluding credit cards, consumers borrowed a net £1bn pounds in the month, and spent most of it on cars.

Net spending on credit cards dipped slightly, from £400m in October, to £300m in November.

The number of cars sold in the UK last year was 2.47 million, the highest for 10 years.

Industry figures have suggested that 75% were bought with the help of a loan.

The Bank of England figures reflect net borrowing....

First United Bank settles in discrimination lawsuit

January 25th, 2015 by Admin

Amarillo, TX – A Texas bank accused of discriminating against Hispanics is agreeing to pay hundreds of victims in a $140,000 settlement.

The Department of Justice announced that First United Bank of Dimmitt will not only pay compensation but also resolve and monitor all discriminatory practices within the bank.

Beginning in August of 2012, the First United Bank underwent examination by the Federal Deposit Insurance Corporation. As a result, the FDIC believes the bank charged higher interest rates on certain unsecured loans to hispanic borrowers. This matter was then taken the Department of Justice.

The bank denies the allegation, however it said after a lengthy and costly...

Dublin Ranks No. 10 ‘Best City to Rent, Not Buy’ In Bay Area

January 25th, 2015 by Admin

From NerdWallet:

new report by consumer finance site
NerdWallet shares the best cities to rent, not buy in the San Francisco Bay Area.

Dublin ranks #10, with a price-to-rent ratio of 20.15 — meaning it is 20.15 times cheaper to rent than buy here. 35.9% of residents in Dublin rent rather than own their residences.

A few notable takeaways:

  • Price-to-rent ratios make a difference. The places with the highest price-to-rent ratios shot up to the top even though we averaged the three factors equally.
  • Cities with technology companies ranked well. Each one of the top five cities is home to facilities or headquarters of major technology companies....

Mashreqbank Interested In Citigroup’s Egyptian Consumer Banking Unit : Reports

January 25th, 2015 by Admin

Citigroup said in October that it planned to exit its consumer businesses in 11 markets, as part of the strategic actions to accelerate transformation of Global Consumer Banking. It then said that it intended to exit retail banking in the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea.

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