Central banks end crisis lending measures

BANKING

Central banks end crisis lending measures

The Bank of England said that it and other major central banks are ending emergency lending arrangements put in place with the U.S. Federal Reserve in the wake of the global credit crisis, citing improvements in financial markets.

The decision marks the first unified retraction by central banks around the world of extraordinary support measures to boost lending after credit markets seized up in late 2007, causing the global economic downturn.

The Bank of England was joined by the European Central Bank, the Bank of Japan and the Swiss National Bank in announcing that the temporary reciprocal currency arrangements with the Fed would expire on Feb. 1.

-- Associated Press

RETAIL

N.Y. probing use of Web discount clubs

New York Attorney General Andrew M. Cuomo warned Internet retailers that they should stop funneling unsuspecting customers into "deceptive" Web discount clubs that have been accused of slamming people with hidden fees.

Cuomo said his office has sent investigative subpoenas to 22 prominent merchants, including Barnes & Noble, Priceline and Pizza Hut, that allowed the marketing companies Affinion, Vertrue and Webloyalty to piggyback on their Web sites.

Those firms have been the subject of thousands of complaints in recent years from irate customers who say they were unwittingly enrolled in clubs while making purchases over the Internet.

"We want it stopped," Cuomo said. "We believe it is a classic consumer fraud."