Finance

HP to pay $108 million over bribery charges

Computer giant Hewlett-Packard will pay more than $108 million to settle federal charges that its foreign subsidiaries used millions of dollars for bribes, slush funds and secret deals in order to secure government contracts.

The schemes involved fraud, expensive gifts and cash bribes in Mexico, Poland and Russia, according to charges from the Justice Department and Securities and Exchange Commission released on Wednesday.

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Senate Dems target credit report mistakes

Senate Democrats hope to crack down on credit reporting agencies that leave consumers on the hook for costly reporting errors.

The senators introduced the Stop Errors in Credit Use and Reporting Act on Wednesday to protect consumers from inaccurate credit reports and make it easier for them to correct and dispute any mistakes.

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House panel quickly approves CFTC tweaks

The House Agriculture Committee easily advanced legislation Tuesday that would reauthorize the Commodity Futures Trading Commission while tweaking its mandate.

The bill would give the CFTC Congress’s blessing to continue operating for...

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Lawmakers criticize agencies over payday lending regs

Financial regulators came under fire from both House Republicans and Democrats on Tuesday for tightening lending standards for low-income borrowers, particularly with regard to payday loans.

The Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC) have set their sights on stopping predatory lenders from taking advantage of these low-income borrowers, some of whom are so desperate for cash they will agree to pay the high fees and interest rates of payday loans that can send them spiraling into debt. 

But in trying to protect these low-income borrowers, the agencies have gone too far, cutting off their access to the short-term loans that help them pay their most immediate bills, such as rent or medical expenses, the lawmakers said during a House Financial Services Committee hearing. 

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