Big banks to stop offering payday-like loans

CNNMoney: Several big banks are exiting the small-dollar, short-term loan business after federal regulators warned that they would look into whether these high-interest, payday-like loans violate consumer protection laws. Wells Fargo, U.S. Bank, Fifth Third and Regions announced last week that they would discontinue their so-called deposit advance products. Likened to payday loans, they often carry triple-digit interest rates when calculated on an annualized basis.

Cards from Target breach being sold in custom sets, police say

The New York Times: Account information stolen during the Target security breach is now being divided up and sold off regionally, a South Texas police chief said on Monday following the arrest of two Mexican citizens who the authorities say arrived at the border with 96 fraudulent credit cards. Chief Victor Rodriguez of McAllen said the suspects had cards containing the account information of South Texas residents.

Verizon beats estimates as wireless users increase spending

Bloomberg: Verizon Communications Inc., the second-largest U.S. phone company, reported fourth-quarter profits that beat analysts’ estimates as customers’ wireless bills increased and competition intensified. Earnings were 66 cents a share, leaving out one-time expenses, the New York-based company said today in a statement. Analysts had estimated about 65 cents on average, according to data compiled by Bloomberg. The results ease concerns that Verizon, the largest U.S. wireless carrier, was feeling an impact from the pricing moves of smaller T-Mobile US Inc.