Paul Hartwick News
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JPMorgan Chase & Co., the biggest U.S. bank by assets, said it will face enforcement action from federal regulators over its collection practices and add-on products commonly appended to credit cards.
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The new U.S. consumer finance watchdog is gearing up to monitor how millions of Americans use credit cards, take out mortgages and overdraw their checking accounts. Their bankers aren’t happy about it.
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Michael P. Duffy, who helped make JPMorgan Chase & Co. one of the largest U.S. processors of credit-card and electronic payments as head of its Dallas-based Chase Paymentech unit, has died. He was 54.
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Some consumer credit-card complaints haven’t reached banks that issued the cards because of technical problems in the new system created by the Consumer Financial Protection Bureau, industry groups and regulators said.
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JPMorgan Chase & Co., Bank of America Corp. and American Express Co. are among credit-card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation.
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U.S. caps on debit-card transaction fees set to take effect in October are spurring the biggest banks to push consumers into credit products that will generate more than triple the revenue.
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JPMorgan Chase & Co. agreed to acquire online coupon site Bloomspot Inc. for $35 million as it seeks to offer credit card holders more discounts to local shops, according to a memo obtained by Bloomberg News.
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The European Union may consider expanding options available to companies to block hostile takeovers as part of a review of legislation on corporate acquisitions.
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The new U.S. consumer agency, which has yet to begin formal operations or write a rule, is already being squeezed between banks and advocacy groups over how to set up a complaint hotline.
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Jeff Rose, a 33-year-old financial planner, is trying to improve his credit score even though it’s 780, which is 69 points above the median score.
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