Latest Consumer banking News

New Hampshire to get more than $3M in auto loan settlement

May. 22, 2020 1:53 PM EDT

CONCORD, N.H. (AP) — New Hampshire will receive more than $3 million in a multi-state settlement with auto loan financing company Santander over allegations that it knowingly targeted consumers who were likely to default on its loans. The settlement stems from an investigation by 34 attorneys general of...

FILE - This Feb. 18, 2020, photo shows a real estate sign in front of a home for sale in San Francisco.  An estimated 4.1 million Americans have their mortgage in forbearance, according to data released Monday, May 18,  by the Mortgage Bankers Association.(AP Photo/Jeff Chiu, File)

Is mortgage forbearance an option? Here's what to know

May. 20, 2020 12:11 PM EDT

Suddenly out of work or making due with reduced paychecks, an estimated 4.1 million Americans have sought forbearance on their mortgage, according to data released Monday by the Mortgage Bankers Association. That's a staggering number, and experts anticipate more homeowners will seek this protection as the...

West Virginia reaps $6.4M in auto loan company settlement

May. 20, 2020 6:45 AM EDT

CHARLESTON, W.Va. (AP) — West Virginia is getting more than $6.4 million under a multi-state settlement with Santander Consumer USA over claims that it violated consumer protection laws with predatory auto loans, officials said Tuesday. The settlement with attorneys general in 33 states and the District...

In this Saturday, May, 2, 2020, photo, a man uses banknotes to pay for his purchases at the mall in Basra, Iraq. The coronavirus pandemic has reawakened debate about the continued viability of what has been the physical lifeblood of global economies: paper money and coins.  (AP Photo/Nabil al-Jurani)

Cash, long a refuge in uncertain times, now under suspicion

May. 20, 2020 2:07 AM EDT

BEIRUT (AP) — In troubled times, people have been known to hoard currency at home — a financial security blanket against deep uncertainty. But in this crisis, things are different. This time cash itself, passed from hand to hand across neighborhoods, cities and societies just like the coronavirus,...

Officials: Car lender reaches $550M multi-state settlement

May. 19, 2020 6:01 PM EDT

SACRAMENTO, Calif. (AP) — Thirty-four attorneys general announced a $550 million settlement Tuesday with auto loan financing company Santander over allegations it knowingly targeted consumers who were likely to default on its loans. Consumers who defaulted on their loans from the company as of last year...

FILE - This undated file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. When stock markets are rattled by news events, it’s unsettling for any investor — but especially so for those who are retired (or nearly there). The first thing anyone with an investment portfolio should do is make sure it’s properly balanced, taking both income needs and risk tolerance into account. (NerdWallet via AP, File)

Liz Weston: Should seniors consider a reverse mortgage now?

May. 18, 2020 6:57 AM EDT

Reverse mortgages allow older homeowners to turn part of their home equity into tax-free cash, using a loan that doesn’t have to be paid back until they die, sell or move out. That sounds good to a lot of seniors navigating financial fallout during the coronavirus pandemic. Stay-at-home orders may have...

FILE - In this April 27, 2020 file photo, a plastic sheet is laid between two workers needing to face each other to perform their task, as a safety measure for coronavirus contamination, at the Fiat Chrysler Automobiles plants of Atessa, in Central Italy. Fiat Chrysler Automobiles has confirmed a request for an Italian state-backed loan to help the sector relaunch from the coronavirus shutdown, a move that set off debate in Italy over whether such money should be made available to companies with legal headquarters overseas. (Cecilia Fabiano/LaPresse via AP)

Fiat Chrysler makes $6.8 billion Italy-backed loan request

May. 17, 2020 10:08 AM EDT

SOAVE, Italy (AP) — Fiat Chrysler Automobiles has confirmed a request for an Italian state-backed loan to help the automotive sector relaunch from the coronavirus shutdown, a move that set off debate in Italy over whether such money should be made available to companies with legal headquarters overseas. ...

Black, POC business owners struggle to get emergency loan

May. 16, 2020 12:02 AM EDT

MONTGOMERY, Ala. (AP) — Catastrophic is how David Sadler describes the impact of COVID-19 on his six-vehicle chauffeur service. And he doesn’t see things letting up. At least, not until early next year — maybe. From the moment that President Trump started issuing international travel...

Becky Richards keeps an eye out for customers at a recently-reopened Starbucks, Wednesday, May 13, 2020, in Freeport, Maine. Business has been slow at the coffee shop as most of it's neighboring retail stores remain closed during the coronavirus pandemic. (AP Photo/Robert F. Bukaty)

Vast cutbacks in jobs and spending before any summer rebound

May. 13, 2020 2:56 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to national and global response, the work place and the spread of the virus. ________________________ TRAVEL & LEISURE: Boeing said this week that it's gone another...

FILE - This Aug. 11, 2019, file photo shows an American Express card in New Orleans. People who freelance or side hustle for work could have access to a useful tool they may not have considered within their reach: a business credit card. You don’t need employees or an LLC to qualify for these cards, which typically offer bigger sign-up bonuses and different rewards than personal credit cards.  (AP Photo/Jenny Kane, File)

Millennial Money: How a business credit card fits gig work

May. 12, 2020 7:38 AM EDT

Entrepreneurial types who freelance and side hustle their way through the week likely have access to a tool that could help them thrive: a business credit card. If you drive a rideshare part time, regularly resell on eBay or book paid photography jobs on the side, you may qualify for a business credit card. You...