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PayPal latest company targeted for CFPB penalties

By TED CARTER Paypal Inc. is facing a $10 million fine and restitutions of $15 million for signing up users for a Paypal credit card without their knowledge, the U.S. Consumer Financial Protection Bureau says. The global Internet payments and money transfer company is the latest entity in the last couple of weeks to draw the wrath of the CFPB, a ...

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Initial public offerings scheduled to debut next week

NEW YORK — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings. Week of May 18: Baozun Inc. – Shanghai, China, 11 million American depositary shares, each representing 3 class A ordinary shares, priced $12 to $14, managed by Morgan Stanley, Credit Suisse, and BofA Merrill Lynch. ...

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Report: State economy still edging in right direction

  By JACK WEATHERLY  The short view is Mississippi’s economy is edging in the right direction. The longer view is that it is better than it was a year earlier. Those are two findings in a monthly report from the University Research Center, a branch of the Mississippi Institutions of Higher Learning. The Mississippi Leading Index ticked upward by 0.1 ...

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UPDATED: Verizon, Sprint pay big in ‘cramming’ settlements

Inserting unauthorized third party charges into customer bills has cost wireless carriers Verizon and Sprint a combined $120 million in reimbursements to customers and federal and state fines of $38 million. Mississippi received $358,269 for its participation in the Sprint and Verizon settlements. The national mobile cramming settlements with Verizon and Sprint and last fall with AT&T and T-Mobile have ...

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HOPE Federal Credit Union opening for business in Greenville

HOPE Federal Credit Union, an arm of non-profit Hope Enterprise Corp., will cut the ribbon at 10:30 a.m. Tuesday on its full service location in Greenville. HOPE Federal has had a limited operation in Greenville for 20 years. The location at 546 Martin Luther King Jr. Blvd. will expand those offerings, giving members access to checking accounts, loans and mortgages ...

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New federal rules set for appraisal management companies

By TED CARTER Mississippi legislation that two years ago set new rules for appraisal management companies should largely free appraisal companies in the state from taking on newly enacted compliance standards. Six federal financial regulatory agencies have implemented minimum requirements for state registration and supervision of appraisal management companies (AMCs), an entity that provides appraisal management services to lenders or underwriters ...

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Regions only one of several lenders in trouble over overdraft fees

By TED CARTER  Regions Bank is paying tens of millions in reimbursements and a fine of $7.5 million after its executives ignored a warning two years ago that its overdraft practices could be illegal. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act brought new scrutiny to bank overdraft practices across the country. Until the federal law ordered banks ...

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Jackson County to vote on tourism tax

PASCAGOULA — Jackson County supervisors have decided to go ahead with a special election June 23 for a 2 percent tourism tax on hotel and motel rooms, rather than wait for the November general election. The Sun Herald reports voters will be asked to decide whether to institute the tax to support tourism. Renee Areng, executive director of the Mississippi ...

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