Household HSBC Watch

NEW YORK — 3/15/2006 - New York state has filed a $250 million fraud suit against HSBC’s partner in predatory income tax loans, H&R Block.

The suit against the nation’s largest tax-preparing service charges the company fraudulently steered customers into a losing retirement account plan.
The lawsuit, filed by Attorney General Eilot Spitzer in Manhattan’s state Supreme […]

AARP, one of the nation’s strongest lobbying groups, filed their official support of New York Attorney General Eliot Spitzer’s effort to make banks come clean about lending practices. HSBC is included in Spitzer’s effort. Known as “The People’s Lawyer”, Spitzer is dedicated to aggressively prosecuting and defending the interests of all. The Office […]

Bobby Mehta, Chief Executive Officer, HSBC - North America Holdings said “Our consumer lending businesses, which are regulated by states including New York, are not affected by the lawsuits….” (see full statement). Mehta’s statement relative to suits by the Office of the Comptroller of the Currency (OCC) and the Clearing House against […]

August 8, 2005 - New York Attorney General Eliot Spitzer sought dismissal of a case brought by a banking regulator, saying it attempts to strip states of their power to probe mortgage-lending practices at national banks. The U.S. Office of the Comptroller of the Currency, which regulates national banks, sued Spitzer’s office for seeking […]

The Office of the Comptroller of the Currency, the federal banking regulator, filed a lawsuit claiming that New York Attorney General Eliot Spitzer is exceeding his authority with his probe into the banks’ lending practices and interfering with its supervisory powers. Consumer advocates at Household - HSBC Watch claim Spitzer’s probe has […]

02 Aug 2005 Banks denied order against Spitzer — New York attorney-general Eliot Spitzer has won the first round in a lawsuit filed against him by a coalition of banks after a federal judge refused to order a restraining order against the attorney-general.
US Federal District Court Judge Sydney Stein refused the banking groups’ requests to […]

HSBC entered the New York market in 1980 after acquiring first, Marine Midland Bank and later Republic National Bank. In 2003, HSBC acquired Household International, shortly after the lender settled for $486 million charges of predatory lending by attorneys general in 46 U.S. states. Developments are monitored by Household - HSBC Watch.

HSBC’s New Jersey […]

07.07.2005, 10:47 PM - HONG KONG - Share prices are expected to open lower as the market is likely to be dragged down by HSBC, which fell on the London exchange following a spate of bombings in the city yesterday, dealers said. A sharp fall by HSBC may pull down the benchmark index […]

Mon Jun 20, 2005 06:48 PM ET
NEW YORK (Reuters) - A federal judge refused on Monday to grant a temporary restraining order that would have stopped New York Attorney General Eliot Spitzer from investigating large U.S. banks for their lending practices to minorities.
The order was sought by The Clearing House Association of 11 banks and […]

By Colbert I. King, Saturday, June 25, 2005; Page A23
“A home will not become a home if you have to fight your way past predatory lenders and a two-tiered banking system to get one. That may be the plight of many African American bank customers in New York who want to achieve the American dream […]