HSBC must pay as customer suffered severe damages

There will be more news reports like this one from India if US binding arbitration is removed. What was a simple request to HSBC’s credit card division became a customer service nightmare. The customer was listed as an “International financial offender” due to HSBC errors. This article is from India, where HSBC has been ordered …

HSBC rocks the news world with mistakes, moves, gaffs, and fines

HSBC Headquarters is moving. The Buffalo News reported that HSBC North America Holdings will move its legal headquarters from Illinois back to New York City in January, as the British banking giant refocuses its U. S. strategy on basic banking and credit cards, not consumer finance. There must be some advantage for HSBC. The umbrella …

HSBC credit card division is profitable says McDonagh

HSBC North America Chief Executive Brendan McDonagh said favorable business trends seen in the third quarter have continued in the fourth quarter. What McDonagh really means is that the HSBC credit card business is more profitable now that HSBC raised your rates and cut available credit. “We have a profitable business, we are increasing the …

Consumer Financial Protection Agency passes, more HSBC pressure

By a vote of 39-29, mostly along party lines, the House Financial Services Committee approved a measure establishing a Consumer Financial Protection Agency to monitor mortgages, credit cards and other consumer financial products. Today we published twelve complaints about HSBC, many of which pertained to credit cards. Today’s passage of a Consumer Financial Protection Agency …