Should You Sell When Your Fund Manager Quits?

So, the star manager of your mutual fund leaves. Should you bail, too? It’s a question on many investors’ minds now after famed bond manager Bill Gross announced Friday he was leaving the company he founded, Pacific Investment Management Co., to start another fund at rival Janus. The Wall Street Journal reported today that investors so far have pulled $10 billion out of Pimco —  and $90 billion more may follow. “You have to be careful not to have a knee-jerk …

Will Interest Rates Rise Next Year? And Should You Care?

When interest rates rise, the value of bonds declines. Many experts are sure that rates will increase next year, but should you worry about that? Why are experts convinced that rates will rise next year? For one, the Federal Reserve announced last week that it will start raising the federal funds rate next year from the near-zero rate of today. The Fed is also tapering quantitative easing, meaning that it’s buying back its own longer-term bonds at a much slower pace …

U.S. Bank Ordered to Refund $48 Million to Customers

U.S. Bank is the latest institution to come under fire from the Consumer Financial Protection Bureau for charging consumers for credit-monitoring services that they never received. The CFPB announced today that it ordered the Minnesota-based bank to refund about $48 million to more than 420,000 customers. The bank also must pay penalties totaling $9 million to the CFPB and the Office of the Comptroller of the Currency. According to regulators, for several years some consumers paid for credit monitoring that …

Credit Card Issuers Show Some Love to Older Consumers

Is your credit card interest rate too high? You may get a lower rate just by asking, especially if you’re an older consumer. That’s a finding from a survey of nearly 1,000 consumers, released today by CreditCards.com. The  website, which tracks card offers, discovered that about two-thirds of people who asked for a lower rate got it. And the odds of a card issuer showing leniency on late payments also improved with your age. For instance, one-third of people ages 18 to 29 received a …

Free Financial Advice? What’s Not to Like?

Need financial advice on estate planning, retirement savings or something else? You can get it for free. From Sept. 27 through Nov. 8, hundreds of financial planners will be available to meet one-on-one with people in 25 cities in an annual event called Financial Planning Days. The initiative, in its fifth year, is sponsored by the Certified Financial Planner Board of Standards, the Financial Planning Association, the Foundation for Financial Planning and the U.S. Conference of Mayors. >> 8 Hidden College Expenses Financial …

Regulator Seeks Greater Oversight of Auto Financing

The Consumer Financial Protection Bureau wants to extend its oversight to large nonbank auto-finance companies to make sure they are not discriminating against consumers. The CFPB announced today its proposed rule to expand its supervision to these companies, which would include the finance arms of auto manufacturers. “Nonbank auto-finance companies extend hundreds of billions of dollars in credit to American consumers, yet they have never been supervised at the federal level,” CFPB Director Richard Cordray said in a statement. “Today’s proposal …