PENINSULA DAILY NEWS for Thursday, July 19, 2012 PAGE
B4 $ Briefly . . . State jobless figures stay flat at 8.3%
REALTORS
HOLD
DOVE HOUSE
DONATION DRIVE
Jefferson County Realtors recently held a donation drive, delivering eight boxes of goods to Dove House, which aids survivors of domestic violence in East Jefferson County. From left: Realtors Association President Richard Spindor and affiliate Kim Hayden; and Dove House team members Debbie Linner, Mary Schoenfekder, Annette Isakesen, Dee Dee Spann, Ray Ferschke, Lauren Anderson and Patricia Bolen.
Regulator fines Capital One for credit card deceptions Watchdog: Bank misled consumers THE NEW YORK TIMES
NEW YORK — Capital One — which is known for its catchy television ads with Alec Baldwin — received a regulatory rebuke for misleading customers. The nation’s consumer watchdog on Wednesday delivered its first enforcement action against the financial industry, fining Capital One for pressuring and misleading more than 2 million credit card customers. Capital One, one of the nation’s biggest banks and credit card lenders, agreed to pay $210 million to resolve a pair of regulatory cases, the latest legal setback for the financial industry. The Consumer Financial Protection Bureau, Wall Street’s newest regulator, accused Capital One of “deceptive marketing tactics.” The credit card company — which is known for its catchy television ads, asking “what’s in your wallet” — received a regulatory rebuke for misleading card customers into buying unnecessary products like payment protection and credit monitoring, according to the consumer agency. As part of the deal with the consumer bureau, Capital One must reimburse about $140 million to customers. In a separate legal action, the
THE ASSOCIATED PRESS
Known for catchy ads starring Alec Baldwin, Capital One now must reimburse about $140 million to credit card customers. Office of the Comptroller of the Currency, which regulates national banks, also sanctioned Capital One for bogus billing practices that spanned nearly a decade. “We are putting companies on notice that these deceptive practices are against the law and will not be tolerated,” said Richard Cordray, the the consumer bureau’s director. Before Cordray became director of the bureau, he ran its enforcement division.
Outside call centers blamed On Wednesday, Capital One said the wrongdoing occurred at outside call centers that “did not always adhere to company sales scripts.” But the bank’s president of credit
cards, Ryan M. Schneider, also acknowledged that the company was “accountable for the actions that vendors take on our behalf.” “We apologize to those customers who were impacted and we are committed to making it right,” he said. The case could be the first of many actions against lenders that ramping up payment-protection insurance programs that typically charge up to 80 cents for every $100 of debt that is insured. The Capital One action was the consumer bureau’s first attempt to exercise its enforcement muscle. Its case also comes on the second anniversary of the bureau’s creation, demonstrating the rapid growth of the nascent agency.
THE ASSOCIATED PRESS
WASHINGTON — Home construction is making a long-awaited recovery that could help energize the U.S. economy. From areas like Phoenix that are finally arising from the housing bust to cities
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OLYMPIA — Washington saw continued job growth last month, but state officials said Wednesday the unemployment rate remained unchanged at 8.3 percent. Numbers for Clallam and Jefferson counties will be available Tuesday. The state Employment Security Department estimated a net gain statewide of 10,200 jobs from May to June, with the biggest growth in professional and business services, manufacturing and leisure and hospitality. Four industries saw a loss of jobs in June, including education and health services, government, financial activities and construction. About 293,200 people Fed’s efforts helped lift the were unemployed and U.S. economy out of the looking for work in Wash- doldrums. But he acknowledged ington state in June. that growth remains weak and that the Fed Leaving Traylors can only do so much. PORT ANGELES — “The recovery has been Nancy Haggith will work slower than we like, but her last shift Friday after clearly we have made spending nearly 26 years progress,” Bernanke told as a waitress at Traylors the House Financial SerRestaurant. vices Committee as he Hagdelivered his twice-a-year gith is report to Congress on the leaving state of the economy. to spend more EBay earnings time NEW YORK — EBay’s with her second-quarter net income daughter, Haggith more than doubled, two thanks to higher revenue grandfrom its PayPal online daughters and mother. payments business and Traylors is located at 3256 E. U.S. Highway 101. its e-commerce websites. EBay Inc. earned $692 million, or 53 cents Digestion talk set per share, in the AprilPORT ANGELES — June period. That’s up Certified nutritional ther- from $283 million in 2011. apy practitioner Danielle Lawrence will speak on Nonferrous metals “Ten Steps to Better NEW YORK — Spot nonferDigestion” as part of Good rous metal prices Wednesday. to Go Grocery’s Customer Aluminum - $0.9856 per lb., Appreciation Day on FriLondAluminum -$0.8565 per lb., London Metal Exch. day at 1 p.m. Copper - $3.4793 Cathode full She will discuss some plate, LME. of the reasons why people Copper - $3.4730 N.Y. Merc spot Wed. suffer from digestive Lead - $1889.00 metric ton, issues as well as provide London Metal Exch. several suggestions anyZinc - $0.8552 per lb., London one can do to improve Metal Exch. Gold - $1575.25 Handy & Hardigestive health. man (only daily quote). Good to Go, at 1105 S. Gold - $1570.40 troy oz., NY Eunice St., is on the corner Merc spot Wed. of Lauridsen Boulevard Silver - $27.105 Handy & Harman (only daily quote). and Eunice Street.
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WASHINGTON — Federal Reserve Chairman Ben Bernanke told lawPeninsula Daily News makers Wednesday the and The Associated Press
like Chicago and Minneapolis, where strong economies have lifted demand, residential construction is healthier than it’s been at any time since sales and prices collapsed five years ago. Builders are responding
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U.S. home-building on upswing
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Real-time stock quotations at
to interest from buyers attracted by cut-rate prices, record-low mortgage rates and rising rents. Last month, single-family home building rose for a fourth straight month to a two-year high.
Permits at 2-year high And permits to build single-family homes, which make up about 70 percent of new-home market, reached their highest point since March 2010. The news helped lift stock. The Dow Jones industrial average rose 69 points in the first 90 minutes of trading, overcoming an early deficit of 50 points. And homebuilders’ stocks gained. KB Home and Hovnanian Enterprises both rose nearly 1 percent. Home construction still has a long way to go to fully regain its health. June’s seasonally adjusted annual rate of 760,000 is the highest since October 2008. Yet that is only about half the pace of approximately 1.5 million homes a year that economists consider normal.