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☆ Automakers won’t go back to normal
▼ + stars: | 2023-01-04 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 4 (Reuters Breakingviews) - For U.S. automakers, 2023 is all about trying to stay in their lane. That left 2021 at around 15 million sales; full-year 2022 sales are likely to come in at 13.7 million, according to Cox Automotive. But while supplies may return to normal, the industry might not follow suit. Automakers’ production may not return either, though. Some automakers may want a controlled exit from the pandemic – but getting everyone to play along is another matter.

Chase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Interest rates are variable and subject to change Minimum Deposit Amount $0 Fees $25 View Full Details Learn MoreChase Premier Plus Checking℠ 3.5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5 out of 5 Stars Annual Percentage Yield (APY) 0.01% effective as of 7/1/2022. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

☆ Consumers kept the economy hot in 2022. Now they’re losing steam
▼ + stars: | 2022-12-28 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Consumers armed with plenty of pandemic-induced pent-up demand and bountiful financial buffers kept the economy churning throughout much of 2022. “But I think there are reasonable worries that may not last.”Consumer spending remained resilient throughout much of 2022. But the household savings rate now sits at 2.4%, the lowest level since 2005 and the second-lowest rate going back more than 60 years. As of September 30, credit card delinquencies remained near historic lows with a 2.07% rate, according to Federal Reserve data. Persistently high inflation has consumers leaning more on credit cards and other forms of financing.

☆ Auto-Loan Interest Rates Are Skyrocketing. No One Told Credit Unions.
▼ + stars: | 2022-12-27 | by ( Ben Eisen | ) www.wsj.com time to read: 1 min

Some car buyers are turning to credit unions to find attractive loan rates. There is still one place to get a good deal on an auto loan: Credit unions. They have been offering some of the lowest rates around, undercutting banks and other lenders by a wide margin.

☆ How Ana Botín can defeat the Santander sceptics
▼ + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.

☆ Wells Fargo faces another setback with $1.7 billion penalty
▼ + stars: | 2022-12-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, Wells Fargo heads to the penalty box, again. Wells Fargo faces the music. The regulators have once again come knocking at Wells Fargo, and it ain't pretty. Wells Fargo was ordered to pay $2 billion back to customers and pay a $1.7 billion civil penalty by the Consumer Financial Protection Bureau (CFPB) for illegal activity involving auto loans, mortgages, and deposit accounts that impacted over 16 million accounts. "Wells Fargo is a corporate recidivist," CFPB Director Rohit Chopra told reporters on a call Tuesday, according to The Wall Street Journal, adding that the settlement "should not be read as a sign that Wells Fargo has moved past its longstanding problems."

Fears about the Federal Reserve's plan to keep raising U.S. interest rates have weighed heavily on equities since its policy meeting last week. Among the S&P 500's 11 major sectors, the energy index (.SPNY) gained most, finishing up 1.52% as crude oil prices rose. Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 399 new lows. On U.S. exchanges 10.52 billion shares changed hands, compared with the 11.15 billion average for the last 20 trading days.

In fixed income U.S. Treasury prices fell following the BOJ's shock move, with the benchmark 10-year Treasury yield was rising to a three-week high of 3.69%. Among the S&P 500's 11 major sectors, energy index (.SPNY) was leading gains, up 1.8%, as crude oil prices rose. The materials (.SPLRCM) and financials (.SPSY) sectors were the next biggest gainers with banks benefiting from a rise in Treasury yields. Advancing issues outnumbered declining ones on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.38-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 44 new highs and 331 new lows.

Major U.S. equity averages marked their fourth straight session of losses on Monday as investors shied away from riskier bets, worried that the Federal Reserve's interest rate hikes could push the U.S. economy into recession. Financial stocks (.SPSY) climbed 0.9%, with banks benefiting from a rise in Treasury yields. The Fed struck a hawkish tone last week at its policy meeting by saying that it expects interest rates to remain higher for longer, sparking a selloff across stock markets. Treasuries fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.68%. The S&P index recorded one new 52-week high and 12 new lows, while the Nasdaq recorded 31 new highs and 228 new lows.

☆ U.S. CFPB orders Wells Fargo to pay $3.7 bln for mismanagement
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: 1 min

Dec 20 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Tuesday ordered Wells Fargo & Co (WFC.N) to pay $3.7 billion, citing widespread mismanagement of auto loans, mortgages and deposit accounts. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. CFPB orders Wells Fargo to pay $3.7 bln in penalties for mismanagement
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: 1 min

Dec 20 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Tuesday ordered Wells Fargo & Co (WFC.N) to pay a penalty of $3.7 billion, citing widespread mismanagement of auto loans, mortgages and deposit accounts. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Wells Fargo to Pay Record CFPB Fine to Settle Allegations It Harmed Customers
▼ + stars: | 2022-12-20 | by ( Ben Eisen | ) www.wsj.com time to read: 1 min

Wells Fargo has been working for years to resolve a series of regulatory matters stemming from a fake accounts scandal. Wells Fargo & Co. reached a $3.7 billion deal with regulators to resolve allegations that it harmed more than 16 million people with deposit accounts, auto loans and mortgages. The settlement with the Consumer Financial Protection Bureau includes a $1.7 billion penalty, the agency’s largest-ever fine, and more than $2 billion in consumer restitution, the regulator said Tuesday.

Dec 20 (Reuters) - Wells Fargo & Co (WFC.N) agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of car loans, mortgages and bank accounts, the regulator said Tuesday. "Wells Fargo is a corporate recidivist that puts one-third of American households at risk of harm,” CFPB Director Rohit Chopra told journalists in a briefing. Shares of Wells Fargo were down less than 1% in late morning trading. Wells Fargo has faced multiple enforcement actions taken by the CFPB and other banking regulators for violations across the bank's business lines. Scharf became CEO in 2019, the fourth person to lead Wells Fargo since the scandal emerged.

☆ Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses
▼ + stars: | 2022-12-20 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020. Wells Fargo has agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday. The bank was ordered to pay a $1.7 billion civil penalty and "more than $2 billion in redress to consumers," the CFPB said in a statement. In October, the bank set aside $2 billion for legal, regulatory and customer remediation matters, igniting speculation that a settlement was nearing. But others remain: Wells Fargo is still operating under a series of consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth.

☆ Wells Fargo ordered to pay $3.7 billion for ‘illegal activity’ including unjust foreclosures and vehicle repossessions
▼ + stars: | 2022-12-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Federal regulators fined Wells Fargo $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. Chopra described Wells Fargo as a “repeat offender” and said Tuesday’s fine is just an “initial step” towards holding the bank accountable. That suggests Wells Fargo may not be out of the penalty box with regulators anytime soon. Those failures caused Wells Fargo to wrongfully repossess some borrowers’ vehicles, to improperly charge fees and interest and to fail to refund certain fees, regulators say. Regulators said Wells Fargo has also been ordered to pay almost $200 million in refunds to those harmed by the bank’s mortgage servicing accounts.

☆ Wells Fargo ordered to pay $3.7 billion for past scandals. Here's why we see it as a positive
▼ + stars: | 2022-12-20 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

Wells Fargo will pay a $1.7 billion civil penalty and more than $2 billion to the "over 16 million affected consumer accounts," the CFPB said. Wells Fargo has already paid out some of that $2 billion, the bank told Jim Cramer. Wells Fargo has long made clear it was being investigated by the CFPB, so Tuesday's announcement wasn't a complete shock. Shares of Wells Fargo dropped roughly 2% to just under $41 each. However, Wells Fargo had already reserved, or set aside, more than half of that.

☆ Wells Fargo agrees to pay $3.7 billion to Consumer Financial Protection Bureau over customer abuses
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo agrees to pay $3.7 billion to Consumer Financial Protection Bureau over customer abuses'Mad Money' host Jim Cramer joins 'Squawk Box' to react to the news that Wells Fargo has agreed to pay $3.7 billion for customer abuses tied to mortgages, auto loans, and overdraft fees.

☆ Car repossessions are on the rise in warning sign for the economy
▼ + stars: | 2022-12-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +8 min

WASHINGTON — A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of the strain soaring car prices and prolonged inflation are having on household budgets. The percentage of auto loans that were 30 days delinquent was at 2.2% in the third quarter compared with 2.35% delinquent over the same period in 2019, according to data from Experian. By contrast, just over 4% of auto loans went into default in 2009. Another risk to car buyers’ finances is the growing length of auto loans, many of which now exceed seven years. It can also mean higher interest costs over the life of the loan on top of already inflated vehicle prices.

☆ Here’s what the Federal Reserve’s half-point rate hike means for you
▼ + stars: | 2022-12-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

watch nowWhat the federal funds rate means for youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Consumers with an adjustable-rate mortgage or home equity lines of credit may also want to switch to a fixed rate. However, the average interest rate for a 30-year fixed-rate mortgage is around 6.33% this week — up more than 3 full percentage points from 3.11% a year ago. Federal student loan rates are also fixed, so most borrowers won't be impacted immediately by a rate hike. Thanks, in part, to lower overhead expenses, the average online savings account rate is closer to 4%, much higher than the average rate from a traditional, brick-and-mortar bank.

☆ What to do about the highest interest rate in 15 years
▼ + stars: | 2022-12-14 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +11 min

In its last policymaking meeting of the year, the Federal Reserve on Wednesday raised its benchmark interest rate for the seventh time in a row, to a range of 4.25% to 4.5%. Otherwise, any remaining balance will be subject to a new interest rate that could be higher than you had before if rates continue to rise. That said, “don’t jump into a large purchase that isn’t right for you just because interest rates might go up. If that’s not possible, consider paying off that balance by taking out a HELOC with another lender at a lower promotional rate, McBride suggested. The floating rate is tied to a short-term benchmark rate, such as the fed funds rate, so it will go up whenever the Fed hikes rates.

☆ The Federal Reserve is about to hike interest rates one last time this year. Here's how it may affect you
▼ + stars: | 2022-12-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowThe Federal Reserve is expected on Wednesday to raise interest rates for the seventh time this year to combat stubborn inflation. Why a smaller rate hike may be 'pretty good news'What the Fed's rate hike means for youAnother increase in the prime rate will send financing costs even higher for many other forms of consumer debt. On the flip side, higher interest rates also mean savers will earn more money on their deposits. Here's a breakdown of how increases in the benchmark interest rate have impacted everything from mortgages and credit cards to car loans, student debt and savings:1. As the federal funds rate rises, the prime rate does, as well, and these rates follow suit.

☆ Best Balance-Transfer Credit Cards
▼ + stars: | 2022-12-07 | by ( ) www.wsj.com time to read: +16 min

We looked through cards from both large national banks and smaller credit unions to find the best 0% balance transfer offers that can help you pay down credit card debt. In addition to being the best balance transfer card, the Unlimited Cash Rewards card remains useful after you have paid off your credit card balance. While balance transfer credit cards can be a great tool for paying down debt, transferring your balance to a new credit card is not usually free. How We PickedTo pick Buy Side from WSJ’s Best Balance Transfer Credit Card, we looked for no-annual-fee credit cards offering balance transfers for new customers with 0% APR promotions. We preferred credit cards with longer balance transfer promotional periods and lower balance transfer initiation fees.

☆ Many Americans with good credit are leveraging debt-consolidation loans to save money
▼ + stars: | 2022-12-07 | by ( Sponsor Post | Created Lightstream With Insider Studios | ) www.businessinsider.com time to read: +5 min

The Federal Reserve continues to raise interest rates to highest-in-over-a-decade levels, in an effort to ward off the wallet-emptying effects of inflation. If you have good credit history and a high credit score, put them to good use and consider taking out an unsecured debt-consolidation loan. Lower interest, lower stressDebt-consolidation loans have long been a smart option for credit-worthy consumers. Weighing your optionsCompared to costs of variable-rate credit cards, you can often eliminate thousands of dollars in future interest with a debt-consolidation loan. Click here for more information and to see if a debt-consolidation loan is right for you.

☆ People with perfect credit scores have 3 key traits in common, Experian reports
▼ + stars: | 2022-12-02 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +4 min

The few people who do manage to achieve perfect credit scores tend to share three key traits, according to Experian's latest analysis. People with perfect scores are typically older"You're not likely to see many 25-year-olds with a perfect credit score," Matt Schulz, chief credit analyst for LendingTree, tells CNBC Make It. People with 850 credit scores tend to carry about $2,588 in credit card debt, compared to the national average of $5,221. A near-perfect credit score is good enoughAlthough having a perfect 850 credit score may earn you bragging rights, it doesn't come with many additional benefits. "The reality is that you're not going to get anything with an 850 credit score than you wouldn't be able to get with an 830 credit score, or really even a 780 or 790 credit score," says Schulz.

☆ Sell Ally Financial as shares could fall nearly 30% from here, Morgan Stanley says in downgrade
▼ + stars: | 2022-12-01 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time for investors to bail on Ally Financial , according to Morgan Stanley. The analyst expects Ally will deal with additional pressure from declining net interest margin. Net interest margin (NIM) is the interest a bank is earning on loans compared to the interest it is paying on consumer deposits. "In addition, we see downside to consensus estimates from declining NIM [net interest margin] as deposit funding costs rise faster than auto yields and as losses migrate to the high end of management's range. Graseck similarly downgraded shares of Capital One Financial to underweight from equal weight because of her cautious outlook on consumer credit.

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