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The Consumer Financial Protection Bureau (CFPB) on Wednesday warned that credit card companies devaluing or canceling reward points, cash back or miles rewards programs may be breaking the law.
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HSBC was the third-largest issuer of private label credit cards in the United States, including cards for more than 70 active merchant relationships, including Best Buy, GM, Yamaha, Kawasaki, Neiman Marcus, Polaris and Saks Fifth Avenue. Most of its card portfolio was sold to Capital One in 2011.
The same year, U.S. regulators identified “deficiencies” in HSBC’s anti-money-laundering practices, and a Senate report admonished HSBC for letting an Angolan central bank representative attempt $50 million in questionable transfers. HSBC may have even set up offshore accounts for the Angolan rep in the Bahamas.
The bank also operated a small number of in-store branches between 2012 and 2021. [10] [9] Credit Cards. M&S Bank entered the credit card market in 2003 [4] and offers various Mastercard-branded cards. Cards feature an 'M&S Points' loyalty scheme which rewards spending with Marks & Spencer vouchers and offers. [11]
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation: price fixing and other allegedly anti-competitive trade practices in the credit card industry: 2012 Pigford v. Glickman: racial discrimination in its allocation of farm loans and assistance: 1999/2010 Price v. Philip Morris, Inc
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This came as a surprise after HSBC sold its branch network in Upstate New York in 2012 to First Niagara, KeyBank, Community Bank, N.A. and Five Star Bank. In January 2019, HSBC announced it would open two new branches in Western New York, as part of the bank’s initiative to open 50 branches in new and existing markets in the United States.