The Pentagon on Monday implemented new rules to protect U.S. service members and their families from high-cost, short-term loans, saying stress from such loans can hurt military readiness. The regulation, prompted by a law passed by Congress last year, limits the fees and interest that creditors can charge on payday, vehicle title, and tax […]
HSBC’s high interest tax loan partner H&R Block Inc. lost $156.5 million during its second quarter, nearly twice its loss from a year ago, primarily because of weaker results in its mortgage business.
The Kansas City-based company said it continues to weigh a sale or spinoff of its Option One Mortgage business, which makes home loans […]
H&R Block Inc. on Tuesday announced that it will change its refund-anticipation loan program to make sure customers fully understand it and realize their debts could affect their loan. The changes to the program, in which H&R Block lends customers the money they expect to receive from a tax refund, comes two […]
HSBC - North America announced enhancements to the refund anticipation loan product for the coming tax filing season.
These enhancements will provide clients convenient access to information about debts that could affect their tax refund loan. The enhancement will also provide an improved disclosure process to ensure clients can make the most informed decisions about […]
Most sued and former executive of HSBC and CEO of predatory lender Household International William F. Aldinger III once boasted that his company ‘invented tax refund loans’ - and they are proud of it. Household, and later HSBC, partnered with H&R Block. H&R Block CEO Mark Ernst appeared eager to turn the […]
Chicago (Aug. 31, 2006) - Tax prep giant H&R Block Inc. announced that a federal judge has approved a $39-million settlement of a class-action lawsuit brought by customers over the company’s refund anticipation loans. A U.S. district court judge approved the settlement, the group’s third effort to reach a agreement in the suit, […]
North Carolina State Treasurer Richard Moore appeared on the CNBC show “Squawk Box” on Thursday morning. Moore used his television appearance to send a message to H&R Block about its high-interest, short-term loans, his office said. Moore is working with the Community Reinvestment Association of North Carolina to end the loans H&R Block offers […]
Beneficial National Bank is regulated by the OCC and owned by HSBC Bank Plc. Here is your April 2006 update. The attorneys will make millions and HSBC gets another stain on its reputation, but it’s doubtful that customers will even notice the opportunity to participate in this settlement.
CHICAGO — Plaintiff class representative Lynne […]
Who would pay an annualized rate of 178 percent on a 10-day loan they are essentially making to themselves?
Apparently over 12 million taxpayers would, according to the National Consumer Law Center. That is how many taxpayers took out a refund anticipation loan, or RALs, in 2004. Though these loans are more often referred to as […]
Customers of H and R Block’s rapid refund program said their banks would not cash their refund anticipation checks. - see more -
Checks were issued by Block’s bank, HSBC, an international bank formed out of the former Household International and other organizations. In 1998, Block and HSBC, then known as Household Bank, were sued […]
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