Michael Taiano News
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Retailers including Wal-Mart Stores Inc., Target Corp. and Best Buy Co. formed a company that would allow customers to pay with their mobile phones as they work to gain control over the growing method of processing purchases.
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CIT Group Inc. , the business lender run by John Thain , said regulators lifted cease-and-desist orders against its Utah bank unit that prevented the company from boosting deposits or paying dividends. CIT shares rose the most in more than 11 months.
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Capital One Financial Corp. Chief Executive Officer Richard D. Fairbank, who’s making the largest U.S. banking acquisition since 2008, has built the Virginia- based credit-card lender into one of the nation’s biggest consumer-financial companies.
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Capital One Financial Corp., the most profitable U.S. credit-card issuer last year, reported a higher-than-expected profit after a year-earlier loss, as improving consumer repayments cut costs from overdue loans.
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American Express Co., the biggest credit-card issuer by purchases, posted a third-quarter profit that beat analysts’ estimates as customer spending climbed and fewer borrowers defaulted.
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General Electric Co. and Capital One Financial Corp. submitted bids for ING Groep NV’s U.S. online bank last week in a sale that may raise about $9 billion, said people with direct knowledge of the matter.
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SLM Corp. , the largest U.S. student lender, fell the most in almost six months after the company said loan originations declined and uncollectible debts increased for the second quarter.
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Discover Financial Services, the credit-card issuer and payments network that outperformed three bigger rivals in the past year, posted a record second-quarter profit as consumers spent more and defaulted less.
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Capital One Financial Corp.’s purchase of ING Direct USA should be stopped as it would create another bank whose collapse may imperil the financial system, according to the National Community Reinvestment Coalition.
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Discover Financial Services Chief Executive Officer David Nelms said he remains “guarded” about how much confidence consumers have in the strength of the U.S. economy as they cope with high fuel prices.
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