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California governor Gavin Newsom has signed into law a new bill that outlaws hidden junk fees. The Consumer Financial Protection Bureau estimates that Americans spend at least $29 billion a year on junk fees. AdvertisementAdvertisementThe nonprofit watchdog Consumer Reports estimated in 2019 — based on a survey of more than 2,000 US adults — that 85% of Americans have been charged hidden junk fees. President Joe Biden has made combating junk fees a key priority for his administration since 2022. Biden said in July that "folks are tired of being played for suckers" as he announced measures cracking down on junk fees in the rental housing market.
Persons: Gavin Newsom, , Sen, Bill Dodds, Nancy Skinner, Vicki Morwitz, Morwitz, Joe Biden, Biden Organizations: Consumer Financial, Service, NBC, SB, Consumer, Bureau, CBS, Columbia Business School Locations: California
The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.
Persons: you’re, , California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, , ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, , Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco
The social media company run by Chief Executive Shou Zi Chew will appear in front of a U.S. House of Representatives committee in March. But Chew, a Harvard University alumnus, will have to travel far beyond Washington to make America comfortable. But late last year, Chinese parent company ByteDance found that some employees had improperly accessed it to snoop on journalists. That’s likely to take up considerable airtime when Chew faces the House Committee on Energy and Commerce. But the short-video app also faces the prospect of death by 50 cuts, as individual states weigh their own approaches.
TikTok’s trust-me tour will need at least 50 stops
  + stars: | 2023-01-30 | by ( ) www.reuters.com   time to read: +2 min
The social media company run by Chief Executive Shou Zi Chew will appear in front of a U.S. House of Representatives committee in March. But Chew, a Harvard University alumnus, will have to travel far beyond Washington to make America comfortable. But late last year, Chinese parent company ByteDance found that some employees had improperly accessed it to snoop on journalists. That’s likely to take up considerable airtime when Chew faces the House Committee on Energy and Commerce. But the short-video app also faces the prospect of death by 50 cuts, as individual states weigh their own approaches.
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