Saks and Bon-Ton both decided to use HSBC (Household International) to finance their in-store credit cards. HSBC Watch speculated almost two years ago that Saks was a troubled merchant. “Often when a merchant aligns themselves with a predatory lender they need every dime of profit, no matter how they get it. Saks CEO Brad Martin made it into our quotable quotes with his glowing comments about Household International just before Household was sued in 48 states for predatory mortgage lending. We will watch Bon-Ton too” said HSBC Watch. Here is the press release from today:
Archive for » October, 2005 «
Sat, Oct. 29, 2005 - - Wachovia Corp., the No. 4 U.S. bank, told its embassy and government ministry customers Friday that it’s sending their business to HSBC Bank USA. The division of London’s HSBC Holdings Plc is helping to transfer the accounts, HSBC Bank USA said. Financial terms of the agreement weren’t disclosed. Wachovia spokeswoman Amy Jones confirmed the Charlotte-based bank is exiting the business. Diplomats and other embassy workers make up the bulk of the business, which has made it a focus of the Patriot Act of 2001. The act requires banks to step up their reporting of suspicious transactions, and it expanded on earlier rules to boost banks’ responsibility for monitoring customers for signs of terrorist activities.
Category: 05 All Articles, 05 Compliance, 05 Regulators
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10/25/2005 — Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced that Kevin P. Stevenson has been promoted to the newly created position of Chief Administrative Officer.
Category: 05 All Articles, 05 Who's Who, Sarbanes-Oxley
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Oct. 26, 2005–Fair Isaac Corporation, the leading provider of analytics and decision technology, today announced that London-based HSBC Holdings plc (HSBC), one of the world’s largest banking and financial organizations, has implemented Fair Isaac’s Fraud Predictor with Merchant Profiles. The next-generation fraud detection solution will provide HSBC with advanced capabilities for cutting fraud losses and protecting credit and debit cardholders from fraudulent transactions. “It’s about time” said HSBC Watch Consumer Advocates.
Britain’s HSBC Holdings, one of the world’s largest banks, plans to expand its consumer-finance business into more emerging markets, the Wall Street Journal reported today, citing an interview with HSBC’s No. 2 executive.
Category: 05 All Articles, 05 How It Works
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