Category: Personal Finance

Lloyds Takes Further $426 Million Provision for U.K. PPI Claims

Lloyds Banking Group Plc will take a 350 million-pound provision for improperly sold loan insurance in the first quarter after the U.K. regulator extended a deadline for complaints. The charge is in response to the Financial Conduct Authority’s policy statement on payment protection insurance issued on March 2, and won’t impact the bank’s earnings guidance, the London-based company said in a statement on Friday.

LendingTree: Cramer’s Top Takeaways

For his “Executive Decision” segment, Cramer sat down with Doug Lebda, founder, chairman and CEO of LendingTree , a stock that’s up 17% for the year after the company reported blowout earnings two weeks ago. Lebda first responded to questions about his company’s very successful stock buyback program by saying that it was a smart decision at a smart time and he remains committed to his shareholders.

TCPA Petition Could Cause Multiple Industries to Break Laws, Trade Groups Find

ETA: Meghan M. Cieslak mcieslak@electran.org Washington, D.C. – The American Financial Services Association, the Consumer Bankers Association, the Credit Union National Association, the Financial Services Roundtable, National Association of Federally-Insured Credit Unions, and the Electronic Transactions Association today sent a joint letter to the Federal Communications Commission regarding the Petition for Rulemaking and Declaratory Ruling regarding prior express consent under the Telephone Consumer Protection Act . In the letter, the trade groups request a denial of the petition and lay out seven reasons why it would prove harmful in today’s economy.

11 Big Tax Mistakes to Avoid

Mistakes are part of life, but try not to make them part of your tax return. One misstep could hold up your tax return – maybe even your refund – for weeks or months, and you might even end up on the hook for interest and penalties.

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American Bankers Association CEO Robert Nichols weighs in on his meeting with President Trump over financial reform efforts that affect community banks. President Trump met with community bankers from across the country to find out the potential regulatory reforms and other steps the federal government could take to help boost lending to U.S. small businesses as well as consumers.

Treasury calls on Congress to raise debt limit, begins steps to delay default

Treasury Secretary Steven Mnuchin on Thursday began taking “extraordinary measures” to delay the U.S. government from defaulting on its obligations, as he called on House Speaker Paul Ryan to lift the debt ceiling “at its first opportunity.” Mnuchin, in a letter to Ryan , said Treasury was now suspending the sale of certain state and local securities, a practice the federal government normally performs to assist with tax policies.

Trump Says Community Banks Help ‘Create Jobs’

U.S. President Donald Trump met with small community bankers on Thursday to learn more about their difficulties in complying with the tougher Dodd-Frank financial regulations enacted after the 2007-2009 financial crisis. The listening session was aimed at helping the Trump administration craft a legislative plan to ease the regulatory burdens on small banks to try to unlock more small business lending and fuel economic growth, a senior White House official told Reuters.

REITs Will Be All Right With Rising Rates

Real estate investment trusts have been a favorite instrument for many investors during recent years. Not only do they provide a way to play the real estate market without buying and selling physical properties, but they pay out hefty and healthy dividends .

China Said to Plan Stricter Bank Capital Rules to Curb Risks

China’s central bank plans to apply a stricter method for assessing banks’ capital as part of efforts to contain financial-sector risks, people with knowledge of the matter said. Under the proposed change to the so-called Macro Prudential Assessment framework, the People’s Bank of China will remove an intermediary category in its evaluation of banks’ capital adequacy, the people said, asking not to be identified because the matter is private.

China Said to Plan Stricter Bank Capital Rules to Contain Risks

China’s central bank plans to apply a stricter method for assessing banks’ capital as part of efforts to contain financial-sector risks, people with knowledge of the matter said. Under the proposed change to the so-called Macro Prudential Assessment framework, the People’s Bank of China will remove an intermediary category in its evaluation of banks’ capital adequacy, the people said, asking not to be identified because the matter is private.

Mortgage Rates Wednesday, March 8: 14-Week High;…

Thirty-year and 15-year fixed rates, as well as 5/1 ARM rates, all moved higher today, according to a NerdWallet survey of current mortgage rates published by national lenders Wednesday morning. The Federal Reserve will announce its decision on raising short-term interest rates in one week.

6 Stocks Trending Up With Big Volume

Professional traders running mutual funds and hedge funds don’t just look at a stock’s price moves, they track big changes in volume activity . Often, when above-average volume moves into a stock, it precedes a large spike in volatility.

How to Keep Your Phone Number While Switching Carriers

If you are a small business owner, your telephone number may well be part of your community identity, especially if you have already invested in advertising and business cards. As long as your business remains in the same geographic area, the Federal Communications Commission guarantees your right to keep your telephone number even if you switch carriers.

4 Trump plans piecemeal budget release, obscurring broader fiscal picture

The Trump administration’s first budget proposal this month will not include any specific changes to the tax code or big programs like Medicare and Social Security, an administration official said, A focusing instead on boosting A defense spending and cutting other programs that are annually authorized by Congress. This budget proposal is expected to be released around March 16. Other budget proposals will come at a later date, the Office of Management and Budget spokesperson official said.

Price war among brokerages offers opportunity for investors

This Thursday, June 16, 2016, file photo shows a sign outside of a Fidelity Investments office in the Century City section of Los Angeles. On Tuesday, Feb. 28, 2017, Fidelity became the latest company to cut its fees in an ongoing industry battle that’s helped mom-and-pop investors keep more of their own dollars.

Chancellor’s challenge

A funny thing about confidence is that some people have it but shouldn’t, while others should but don’t. It’s true more than ever when it comes to the confidence to spend money.

Deutsche Bank Board to Meet on $8.5 Billion Capital Raise

Deutsche Bank AG’s supervisory board will meet Sunday to discuss a plan to raise more than 8 billion euros as Chief Executive Officer John Cryan tackles concerns about capital levels, a person familiar with the matter said. story that said the lender is planning an equity offering and the sale of part of its asset management unit after failing to find a buyer for its Postbank consumer business, which had been a key pillar of Cryan’s strategy.

World’s Biggest Pension Fund Posts Record $92 Billion Gain

The world’s biggest pension fund posted the biggest quarterly gain in its history as Japanese stocks surged and a plunge in the yen boosted overseas investments after Donald Trump’s election victory. The Government Pension Investment Fund returned 8 percent, or 10.5 trillion yen , in the three months ended Dec. 31, increasing assets to 144.8 trillion yen, it said in Tokyo on Friday.

Trump, Pence Keep Focus on Economy Despite Sessions Controversy

President Trump and Vice President Pence are staying focused on the administration’s top priority: the U.S. economy. This, as new reports emerge that Attorney General Jeff Sessions met with the Russian ambassador , despite stating that he did not have conversations with Moscow during his confirmation hearing.

Australia Mortgage Lending Standards in Regulator Crosshairs

Australia’s securities regulator said Thursday it is looking at mortgage lending standards across the banking sector after taking civil court proceedings against Westpac Banking Corp. The Westpac case “sends a message to the broader sector” that the Australian Securities & Investments Commission is prepared to “take anyone on,” Chairman Greg Medcraft told a parliamentary committee. ASIC yesterday announced proceedings against Westpac, the country’s second-biggest bank, over alleged failures to properly assess whether borrowers could afford their mortgages.

Trump Doubles Down on Controversial Pledge to Leave Social Security, Medicare Untouched

President Trump delivered his first speech Tuesday night to a joint session of Congress, discussing his budget blueprint for the coming fiscal year which includes a $54 billion increase in defense spending, a large cut in funding for the Environmental Protection Agency– and “no changes” to Social Security and Medicare. As of January, 66 million Americans were receiving Social Security, Supplemental Security Income payments, or both, according to the program’s website.

Could the $1.3T of College Debt Spark the Next Financial Crisis?

As President Trump addresses Congress over tax reform and defense spending in a joint session Tuesday night, one agenda that might not be covered could very well spark the next financial crisis: student loan debt default. According to the New York Federal Reserve, U.S. student loan debt has soared to $1.3 trillion becoming the second highest consumer debt category, more than both credit cards and auto loans.

Are you saving enough for retirement?

Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events But equally troubling is the fact that many people don’t have a target amount in mind. They are blindly throwing money into a retirement account.

Canada Banks Push Back Against Taking on More Mortgage Risk

Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible — calling it one of the biggest shakeups to hit housing finance in 50 years. “This submission has questioned whether a deductible is the most effective way to rebalance risks within the housing finance system,” the Canadian Bankers Association said in a report on Tuesday.

Trump wants to cut $54 billion in spending from domestic…

Trump wants to cut $54 billion in spending from domestic agencies – that’s enough to wipe several of them out On Monday, administration officials told various news outlets that President Trump’s forthcoming budget proposal will include a $54 billion increase in defense spending. To pay for it, the Trump administration plans to cut the budgets of domestic agencies including the Environmental Protection Agency, the State Department, and various foreign aid programs.

Trump wants to cut $54 billion in spending from domestic…

Trump wants to cut $54 billion in spending from domestic agencies – that’s enough to wipe several of them out On Monday, administration officials told various news outlets that President Trump’s forthcoming budget proposal will include a $54 billion increase in defense spending. To pay for it, the Trump administration plans to cut the budgets of domestic agencies including the Environmental Protection Agency, the State Department, and various foreign aid programs.

A great majority of our nation’s small business owners are old, white men

Two weeks ago the Kauffman Foundation, a well-regarded non-profit group that specializes in entrepreneurism, released its annual State of Entrepreneurship report – and at least in one respect, the news is encouraging. The report found that, despite still being below the peak that preceded the Great Recession, private enterprise is rebounding and entrepreneurs are driving a resurgence of business activity in America.

Walmarta s plan to get you in and out of stores faster

The big-box chain is creating express lanes in its pharmacy and money services areas, in which customers will be able to use new functions in the Walmart app as part of the transaction process. By allowing shoppers to do some things in the app instead of at the counter, and by letting them bypass the main queue, the theory is that customers should get in and out of the store more quickly.