When David Gibbons was employed by the OCC he said: “Banks should be sure their credit risk control processes are adequately staffed and appropriately empowered to point out where risk is rising in these portfolios, and to tell managers what they need to hear.”
Archive for » July, 2005 «
Category: 05 All Articles, 05 Compliance, 05 Regulators
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April 22, 2005: Best Buy owns Geek Squad, a 24-hour technical support firm. For consumer complaints about Best Buy and the Best Buy predatory credit card see our forums.
Category: 05 All Articles, 05 BestBuy
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08-18-04 — NEWARK - A Kinnelon, New Jersey man alleged to have reaped millions of dollars through securities fraud and insider trading in connection with the sale of Sam Goody Stores to Best Buy Company, Inc. in 2001 was indicted today. AUSA John M. Vazquez and Special AUSA Craig Carpenito, 973-645-2903, 2891, respectively. For more about Best Buy see our consumer complaints. Financing for the Best Buy credit card is by HSBC’s predatory lending unit which is the former Household International.
Category: 05 All Articles, 05 BestBuy
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It was reported to us today, via our helpline, that Sherman Acquisition is a collections agent for Best Buy. Therefore, since Best Buy accounts are actually HSBC Accounts, one must conclude that Sherman has a business relationship with HSBC. This division of HSBC is the former Household International. Our helpline caller stated, however, that after paying Sherman as agreed they began receiving calls from 716-650-6240 and 866-529-1899. The new collection agency demanded twice as much as the balance from Sherman Acquisition. In tracing the number this is what we found:
Category: 05 All Articles, 05 Collections, 05 United Recovery
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The OFT said its provisional view was that charges of 20 pounds to 25 pounds for late payment or exceeding a credit limit were excessive. The OFT said Britain’s credit card companies had stated that default provisions were fair. The regulator has given the companies, which include Barclays and Royal Bank of Scotland, three months to respond and said it had the power to enforce consumer interests through the courts. “The levels of the default charges imposed by the credit card companies need to be reduced in order to be fair,” the OFT said in the statement. At the request of a parliamentary committee, the OFT has stiffened rules on credit card advertising and is probing store credit cards for lack of competition. For more on excessive late charges and abuse of late charges see the HSBC Watch Forums.
Category: 05 All Articles, 05 Regulators, 05 Worldwide
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