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Stock Market & Financial Investment News

News Breaks
June 30, 2014
12:15 EDTV, USBU.S. Bancorp reaches settlement with U.S. Department of Justice
U.S. Bancorp (USB) announced that it has reached a settlement with the U.S. Department of Justice in order to resolve an investigation relating to the endorsement of mortgage loans under the Federal Housing Administrationís insurance program. The company cooperated fully with the DOJ investigation and chose to settle this matter for $200M without an admission of liability to avoid the path of costly and protracted litigation as well as distractions to the business. U.S. Bancorp has a legacy of being a respected mortgage lender, including a decades-long, strong working relationship with HUD and its FHA loan programs. In addition, during Q2 and prior to the settlement agreement with the DOJ, the company sold 3M shares of the Class B common stock of Visa (V) resulting in a net pretax gain of $214M. After the sale, the company continues to own approximately 9.6M Visa Class B shares. The combination of the settlement and the sale of Visa Class B shares is expected to be neutral to earnings-per-share in Q2.
News For USB;V From The Last 14 Days
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February 27, 2015
12:01 EDTVVisa to acquire TrialPay, terms not disclosed
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February 26, 2015
15:02 EDTUSBFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
10:50 EDTUSBNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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06:46 EDTVDeutsche sees American Express as undervalued, upgrades to Buy
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February 24, 2015
06:39 EDTVVisa Europe announces 'tokenisation service'
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February 20, 2015
06:49 EDTVVisa shifting to local payment systems in Russia, WSJ says
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February 19, 2015
12:45 EDTVOn The Fly: Midday Wrap
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12:09 EDTVAmerican Express confirms intent to appeal federal court ruling
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11:00 EDTVAmerican Express plans to appeal antitrust ruling, CNBC reports
American Express stated to CNBC that the company is "disappointed" with a court decision in an antitrust matter and plans to file an appeal. "The court's ruling will not provide any benefit to consumers and will, in fact, harm competition by further entrenching the two dominant networks. We continue to believe that the Department of Justice's arguments are flawed and believe we should prevail on appeal," American Express stated. Reference Link
08:04 EDTVVisa to extend Visa Checkout service, totaling 16 markets by late 2015
Visa announced that Visa Checkout will become available in a total of 16 markets in 2015. Currently, consumers from 10 countries can sign up for Visa Checkout. By the end of 2015 Visa Checkout will be available in the following 16 markets: U.S., Australia, and Canada, Argentina, Brazil, Chile, China, Colombia, Hong Kong, Peru, Malaysia, Mexico, New Zealand, Singapore, South Africa and United Arab Emirates. Consumers in newly-enabled markets will first be able to use Visa Checkout to buy from merchants in the U.S., Australia and Canada that accept Visa Checkout and ship internationally. As the rollout continues, select markets will begin to incorporate issuer, merchant, acquirer, and channel partnerships to support local commerce with Visa Checkout. Visa will also launch localized Visa Checkout websites for many of these markets.
06:47 EDTUSBReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
07:21 EDTUSBJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
17:29 EDTVBerkshire Hathaway gives quarterly update on stakes, exits Exxon Mobil
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07:22 EDTVMitsubishi UFJ to hold a tour
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February 13, 2015
06:01 EDTVVisa to remove 16-digit account number in online, mobile payments
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