NCO GROUP LOSES $26.5 MILLION IN Q3 ON IMPAIRMENTS AND RESTRUCTURING
NCO Group, one of the largest accounts receivable management firms in the world, said late Thursday that it lost money in the third quarter of 2008 on a large impairment charge on purchased debt portfolios and restructuring charges related to the acquisition of Outsourcing Solutions, Inc. (OSI) and other businesses.
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CITIGROUP TO LAY OFF ANOTHER 10,000 - REPORT
NEW YORK - Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday.
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FDIC'S BAIR PUSHES AGGRESSIVE MORTGAGE PLAN
NEW YORK - In a surprise move, FDIC Chairwoman Sheila Bair Friday unveiled details of her plan to have the government help delinquent homeowners.
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FIRST DATA REPORTS THIRD QUARTER 2008 REVENUE GROWTH OF 4%
DENVER - First Data Corp. today reported its financial results for the third quarter of 2008. Consolidated revenues were up 4% to $2.2 billion. The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were up 7% to $694 million.
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BRISK BUSINESS FOR 'REPO MEN,' NOT SO FOR DEBT COLLECTORS
Indianapolis - The broken economy has business booming for repossession companies, but surprisingly, debt collection agencies are hitting hard times.
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SETTING THE RECORD STRAIGHT
Today's story in the Washington Post leaves out critical steps taken by Treasury to ensure that there is strong oversight in place as the Emergency Economic Stabilization Act is implemented.
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AGENCIES SEEK COMMENT ON PROPOSED INTERAGENCY APPRAISAL AND EVALUATION GUIDELINES
The federal bank, thrift and credit union regulatory agencies today jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that reaffirm supervisory expectations for sound real estate appraisal and evaluation practices.
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GRASSLEY QUESTIONS CHANGING DIRECTION OF FINANCIAL STABILIZATION SPENDING
WASHINGTON - Sen. Chuck Grassley, ranking member of the Committee on Finance, today questioned why the Treasury Department and Federal Reserve repeatedly have changed direction in the use of taxpayer funds authorized in the Emergency Economic Stabilization Act of 2008.
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JON CAMPBELL, REGIONAL BANKING PRESIDENT, TESTIFIES BEFORE THE U.S. SENATE BANKING COMMITTEE
Mr. Chairman and Members of the Committee, I am Jon Campbell, Executive Vice President of Wells Fargo's Regional Banking. Thank you for allowing me to comment on Wells Fargo's participation in the Capital Purchase Program (CPP).
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RETAILERS TARGET, NORDSTROM HIT CRUNCH WITH BRANDED CARDS
Slumping sales are only the beginning of some retailers' woes. Retailers such as Target (TGT) and Nordstrom (JWN) are also facing surging credit card delinquencies.
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85,000 HOMES LOST TO FORECLOSURE IN OCTOBER
NEW YORK - As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday.
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SENATE COMMITTEE GRILLS BANKERS OVER $700 BILLION BAILOUT. DODD: 'WE WANT TO SEE MORE PROGRESS.'
NEW YORK - The head of the Senate Banking Committee Thursday said banks receiving money as part of the $700 billion federal bailout must step up their lending to consumers and businesses.
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INTERAGENCY STATEMENT ON MEETING THE NEEDS OF CREDITWORTHY BORROWERS
The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market conditions.
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FTC CHARGES INTERNET PAYDAY LENDERS WITH FAILING TO DISCLOSE KEY LOAN TERMS AND USING ABUSIVE AND DECEPTIVE COLLECTION TACTICS
The Federal Trade Commission and the State of Nevada have charged 10 related Internet payday lenders and their principals, based mainly in the United Kingdom, with violating federal and state law by not disclosing key loan terms to U.S. consumers and using abusive and deceptive collection tactics.
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REGULATORS NIX CREDIT CARD DEBT FORGIVENESS PLAN
WASHINGTON - Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.
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TRANSCARD AND FISHBACK FINANCIAL CORPORATION JOIN FORCES
TransCard - a leading provider of prepaid debit card solutions branded with Discover(R) Network, MasterCard(R) and STAR associations -and Fishback Financial Corporation have joined forces to offer prepaid solutions.
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WELLS FARGO ANNOUNCES NEW SMALL BUSINESS WEBCAST
WHAT: "Retirement and Transition Strategies For Your Business" Panel discussion with leading financial industry insiders on retirement and transition strategies for business owners. Insights, key tips on building retirement assets, creating a succession plan, preparing a business for sale, and defining long-term personal and financial goals.
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DISCOVER FINANCIAL SERVICES RECEIVES HONORS FOR TECHNOLOGY THAT DEPLOYS BUSINESS MODELS FASTER
RIVERWOODS, Ill. - Discover Financial Services has received Computerworld's inaugural Enterprise Intelligence Award that honors best practices in the use of information technology solutions built on Teradata platforms.
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FCAC AND MASTERCARD UNVEIL MODEL CREDIT CARD APPLICATION FORM
OTTAWA, ONTARIO - In an effort to improve credit card disclosure for consumers, the Financial Consumer Agency of Canada (FCAC) and MasterCard Canada today made public a new model credit card application form designed to help Canadian consumers better understand what they are applying for and the terminology used in the form.
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INTERAGENCY STATEMENT ON MEETING THE NEEDS OF CREDITWORTHY BORROWERS
The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market conditions.
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REMARKS BY SECRETARY HENRY M. PAULSON, JR. ON FINANCIAL RESCUE PACKAGE AND ECONOMIC UPDATE
The actions taken by Treasury, the Federal Reserve and the FDIC in October have clearly helped stabilize our financial system. Before we acted, we were at a tipping point.
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PAULSON SAYS TREASURY WILL BROADEN REACH TO INCLUDE NON-BANK FINANCIAL FIRMS AND SEEK OUT PRIVATE CAPITAL TO MATCH U.S. FUNDS.
NEW YORK(CNNMoney.com) -- Treasury Secretary Henry Paulson said Wednesday the government would broaden the reach of the $700 billion bailout plan to support non-bank financial institutions that provide consumer credit, such as credit cards and auto loans.
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