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BUSINESS
May 19, 1990 | From Associated Press
Four big banks are complaining to federal regulators that American Telephone & Telegraph Co. is illegally marketing a combined general credit card and phone calling card. The banks, in filings with the Federal Communications Commission, the Federal Deposit Insurance Corp. and the Federal Reserve, said the phone giant is trying to act like a bank without being subject to banking laws. They added that AT&T is improperly offering discounted long-distance calling as an inducement to gain customers.
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BUSINESS
May 19, 1990 | From Associated Press
Four big banks are complaining to federal regulators that American Telephone & Telegraph Co. is illegally marketing a combined general credit card and phone calling card. The banks, in filings with the Federal Communications Commission, the Federal Deposit Insurance Corp. and the Federal Reserve, said the phone giant is trying to act like a bank without being subject to banking laws. They added that AT&T is improperly offering discounted long-distance calling as an inducement to gain customers.
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BUSINESS
June 11, 2008 | From Times Wire Services
A U.S. bank regulator asked CompuCredit Corp., an Atlanta marketer of credit cards to sub-prime borrowers, and two banks to repay at least $200 million in fees and charges resulting from "deceptive" practices. CompuCredit; First Bank of Delaware of Wilmington, Del.; and First Bank & Trust of Brookings, S.D., also are being asked to pay civil penalties of more than $6.6 million. They are accused of marketing sub-prime credit cards in violation of federal law, the Federal Deposit Insurance Corp.
BUSINESS
January 16, 2003 | From Times Staff and Wire Reports
Bank of America Corp. and smaller banks posted higher fourth-quarter profits Wednesday, helped by growth in consumer businesses. Low interest rates encouraged people to take out and refinance mortgages and borrow on credit cards, even as the economy remained weak. Charlotte, N.C.-based Bank of America, the country's No. 3 banking company and California's largest retail bank, also benefited from a $488-million tax settlement.
BUSINESS
March 8, 1990 | From Reuters
American Telephone & Telegraph Co. is expected to offer MasterCard and Visa credit cards this month in a bid to boost revenues from consumers, industry analysts said Wednesday. The long-distance telephone giant has been studying such a move for some time. Analysts said AT&T will probably offer the cards to most of the 40 million holders of its phone credit cards. Spokesman Walter Murphy declined to specify AT&T's plans for charge cards.
BUSINESS
May 22, 1990 | From American Banker
Although four major banks filed regulatory complaints last week against the AT&T Universal Card, legal experts say there is little that the banks could do to keep American Telephone & Telegraph Co. out of their business. By asking regulators to examine whether the AT&T offering violates banking and communications laws, the banks reignited the controversy over non-banks' entering the consumer financial-services business.
BUSINESS
March 27, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
AT&T entered the hotly competitive credit card market Monday with its "Universal Card," a combination calling card and credit card that will give customers a host of free services, including buyer protection, rental car insurance and warranty extensions on products purchased with the card. The New York-based long distance company said customers who get the card this year and continue to use it at least once annually will not be charged annual fees--ever.
BUSINESS
October 7, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
For evidence of Wall Street's touchiness about the state of corporate earnings, look no further than the banking industry. Negative earnings announcements from a string of banking companies last week slammed stocks in the sector, pushing an index of financial stocks down almost 10% for the week and adding steam to the market's downward momentum. The latest blows came Friday, when New Orleans' Hibernia Corp. and Chicago's Northern Trust Corp.
BUSINESS
January 11, 2012 | By Jim Puzzanghera, Los Angeles Times
A 1996 law sought to protect struggling consumers from businesses promising to improve their credit rating, and specifically gave customers the right to sue any firm in violation. But the U.S. Supreme Court ruled Tuesday that credit repair companies could block such lawsuits and instead force disgruntled customers into binding arbitration if they had agreed to such a provision in the fine print of their agreements. The 8-1 decision is another in a string of high court rulings in recent years that have backed an arbitration clause over a customer's right to file a lawsuit.
BUSINESS
January 23, 1990 | BRUCE HOROVITZ
When officials from Sanwa Bank telephoned their new advertising agency a few years ago, the garbled phone messages they left behind often left agency executives in stitches. "We kept getting messages telling us to call San Juan Bank," said John Fuller, who worked for the bank's former agency. "Then, there were messages for Sanyo Bank," said Fuller, who now handles ads for the bank from his new ad firm, Sacks/Fuller Advertising. Those botched messages were pure inspiration.
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