Household HSBC Watch

The U.S. division of HSBC Holdings PLC won federal approval to open a new bank branch, the Treasury Department’s Office of the Comptroller of the Currency said. The OCC said in a weekly bulletin of regulatory activity, released Wednesday, that HSBC National Bank USA’s request was approved July 10. The new branch will be in Fairfax, Va.

Fairfax Virginia is just outside the Capitol Beltway not far from Washington DC. HSBC has a collections operation in Chesapeake. HSBC has other consumer lending outlets in the state. HSBC is trying to expand in the United States, calling itself the world’s local bank. In fact it is Hong Kong Shanghai Bank and HSBC owns predatory lender Household International, now called HSBC Finance. According to watchdog group Household - HSBC Watch HSBC Finance has caused massive losses for HSBC.