Our headlines screamed: “HSBC posts Boscov payment one day late” and “HSBC loses customer for Boscovs due to late payment processing” and “Boscovs and HSBC Forgets To Mail December Bill.” Now Boscov’s has filed for bankruptcy. The formula is simple: When a merchant signs a contract with HSBC for credit card […]
The U.S. Supreme Court on Monday rejected an appeal from Microsoft Corp. and a unit of Best Buy Co., ending a bid by the two companies to stop a class-action lawsuit over a joint marketing campaign for MSN Internet Access service.
The companies had appealed a lower court ruling that allowed them to be sued under […]
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 […]
We enter Barry Rodrigues in the ‘quotable quotes’ section of Household - HSBC Watch for his gloss on HSBC’s subsidiary HSBC Finance Corporation. Leaving out some key points Rodrigues said:
“We are delighted to enter into this agreement with a world-class organization like HSBC,” said Barry Rodrigues, executive vice president of American Express’ Global Network […]
In an attempt to reduce complaints, abuses, and non-compliance issues authorities and regulators are certain to have an impact on future profits at HSBC Finance Corporation, which is the new name of former troubled predatory lender Household International.
New OCC regulations go into effect on April 8, 2005, which address predatory mortgages and compliance issues. […]
On March 3, 2005, Saks Inc. disclosed an internal investigation of alleged improper collections of vendor markdown allowances, leading to an informal inquiry by the Securities and Exchange Commission. Saks is one of over 60 merchants for whom HSBC Finance Corporation has a private label credit card agreement. HSBC Finance Corporation is the […]
Is HSBC North America in worse financial shape than previously suspected? An analysis of customer complaints for the first two months of 2005 focuses on HSBC Finance Corporation, which really is the previously troubled predatory lender Household International. Delays in processing payments well outside the guidelines prescribed in FDIC Regulation Z suggest possible […]
William F. Aldinger, former CEO of troubled predatory lender Household International and now Chairman of HSBC North America, is also on the board of directors of AT&T. Aldinger has a law degree and also sits on the board of Mastercard International. Here is the latest report (February 24, 2005) from Federal Regulators:
WASHINGTON — […]
“Nearly $2 billion in tax credits earmarked for low-income workers instead went to businesses that offer high-interest loans against pending tax refunds (Rapid Refunds, RAC’s and RAL’s), according to a new study by the Brookings Institution and the Progressive Policy Institute…. Fees on those loans amount to annual percentage rates of 67% to 774%, according […]
Legal experts remind consumers that US law allows judges to triple the damage awards in RICO (racketeering, influence and corruption) cases. Currently Household International, a predatory subsidiary of HSBC, is charged under RICO in two cases. One is Beneficial Finance and H&R Block, and the other is a Tennessee case. Some analysts […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act.
