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☆ Supreme Court saves consumer protection agency after a challenge from conservatives and the payday lending industry
▼ + stars: | 2024-05-16 | by ( John Fritze | Joan Biskupic | ) edition.cnn.com time to read: +3 min

Congress created the bureau in 2010 to protect consumers from financial scams. The payday lending groups sued over a 2017 bureau rule that prohibited attempts to withdraw payments from accounts after two consecutive tries failed due to insufficient funds. Because of that, the conservative appeals court tossed the payday lending rule. The Biden administration appealed to the Supreme Court in 2022. CNN Supreme Court analyst Steve Vladeck said the ruling is another instance of the high court not endorsing controversial opinions from the 5th Circuit.

Persons: Clarence Thomas, Biden, Massachusetts Democratic Sen, Elizabeth Warren, ” Thomas, Steve Vladeck, “, would’ve, ”, Vladeck, Samuel Alito, ” Alito, Neil Gorsuch, Stuart, Trump Organizations: CNN, Massachusetts Democratic, Federal Reserve, Circuit, University of Texas School of Law Locations: New Orleans

☆ Amazon’s Ring to shutter video-sharing program popular with police
▼ + stars: | 2024-01-24 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Authorities seeking Ring surveillance videos must now submit a formal legal request to the company, rather than soliciting footage directly from users through the app, Ring said in a blog post Wednesday. Hundreds of law enforcement agencies have struck up partnerships with Ring, according to a tracker maintained by the consumer advocacy group Fight for the Future. But, he warned, it would not necessarily stop police from continuing to persuade Ring users to voluntarily give up their rights. Police are able to contact Ring users off the app. And Ring users can still decide if they want to voluntarily send video, sounds or images from their Ring devices to law enforcement.

Persons: ”, Evan Greer, Matthew Guariglia, Guariglia, didn’t, Ring, Massachusetts Democratic Sen, Ed Markey, “, enforcement’s Organizations: CNN, “, Electronic Frontier Foundation, Police, Fraternal, of Police, EFF, Massachusetts Democratic Locations: Massachusetts

☆ US lawmakers question tax prep companies on sharing of taxpayer data with Big Tech platforms
▼ + stars: | 2023-10-26 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

“Americans should be able to file their taxes without fear that their sensitive data will be shared with Big Tech companies,” said the letters, copies of which were obtained by CNN. The letters — led by Massachusetts Democratic Sen. Elizabeth Warren — focus on the use of tracking technology developed by tech platforms and embedded within the tax prep companies’ websites that quietly transferred users’ personal information to Meta and Google, allegedly without their consent. Of the five tax prep companies, Intuit was not a major focus of the initial congressional probe because it did not use tracking pixels to the same extent as the others, the investigation found. They also asked the same question of each of the four other tax prep companies, as well as requesting a commitment to abide by the FTC’s warning not to use customer data in ways consumers did not expressly approve. The lawmakers requested that the tax prep firms respond by Nov. 8.

Persons: ”, Massachusetts Democratic Sen, Elizabeth Warren —, Warren, Meta, — Sens, Ron Wyden, Richard Blumenthal, Tammy Duckworth, Vermont Independent Bernie Sanders, Sheldon Whitehouse, Katie Porter Organizations: CNN, Federal Trade Commission, Big Tech, Massachusetts Democratic, Meta, Google, FTC, Intuit, Ramsey Solutions, Oregon Democrat, Connecticut Democrat, Vermont Independent, Rhode, Rhode Island Democrat, House Democratic Locations: Oregon, Connecticut, Vermont, Rhode Island, California

☆ Vivek Ramaswamy doubles down on comparing US Rep. Ayanna Pressley to 'modern grand wizard' of the KKK
▼ + stars: | 2023-08-27 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

GOP presidential candidate Vivek Ramaswamy refused to back down from a rather surprising opinion. Ramaswamy compared Democratic Rep. Ayanna Pressley and author Ibram X. Kendi to KKK grand wizards. "But can you have an intellectually honest conversation when you accuse her of being a grand wizard of the KKK?" "These are the words of the modern grand wizards of the modern KKK," Ramaswamy said at the Iowa campaign stop, NBC reported. AdvertisementAdvertisementThe controversial businessman and presidential candidate has decried "woke" culture, making it a center point of his campaign.

Persons: Vivek Ramaswamy, Ramaswamy, Ayanna Pressley, Ibram, Kendi, Pressley, Dana Bash, Ayanna, week's Organizations: Democratic, Service, Massachusetts Democratic, NBC, Politico Locations: Wall, Silicon, Ibram, Iowa, Congress

☆ Google and Meta got customer data from tax prep firms, and lawmakers want a probe
▼ + stars: | 2023-07-12 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

A group of lawmakers led by Massachusetts Democratic Sen. Elizabeth Warren are calling on the Biden administration to investigate how tax prep software companies may have illegally shared customer data with tech platforms Google and Meta . Some statements the tax prep companies provided to the publications at the time seemed to indicate the data sharing was done accidentally. Our system is designed to filter out potentially sensitive data it is able to detect." Among their findings released Wednesday, the lawmakers said that millions of taxpayers' information had been shared with Big Tech firms through the tax prep software and that both the tax prep companies and tech firms were "reckless" in how they handled sensitive information. Although Meta and Google both said they have filters to catch sensitive data that's inadvertently collected, they seemed to be "ineffective," the lawmakers wrote.

Persons: Sen, Elizabeth Warren, Massachusetts Democratic Sen, Biden, General Merrick Garland, Lina Khan, Daniel Werfel, J, Russell George, TaxAct, Block, Ron Wyden, Richard Blumenthal, Conn, Tammy Duckworth, Bernie Sanders, Sheldon Whitehouse, Katie Porter, Warren, Meta Organizations: Capitol, Massachusetts Democratic, Google, Federal Trade, Tax, Facebook, Meta, CNBC, Big Tech, YouTube, Apple Locations: Washington ,, Sens, D

☆ US senators question Twitter's FTC compliance under Elon Musk
▼ + stars: | 2023-06-05 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

The lawmakers asked Musk and Yaccarino to respond to a series of questions about Twitter’s FTC obligations and whether the layoffs and resignations have hindered its ability to comply. Elon Musk under TwitterSince purchasing Twitter, Musk has said he’s laid off more than 6,000 employees, or roughly 80% of the company’s pre-acquisition headcount. Twitter is already under investigation by the FTC for possible breaches of its consent orders. But as both the FTC and now the senators have indicated, Twitter’s behavior under Musk is also covered by the consent agreements. House Republicans have alleged that the FTC probe is intended to “harass” Musk and represents an example of the “weaponization” of the US government.

Persons: Elon Musk, Musk, Linda Yaccarino, Ella Irwin, Twitter’s, “ Mr, ”, Massachusetts Democratic Sen, Elizabeth Warren, Elizabeth Warren ; Oregon Democratic Sen, Ron Wyden, Ed Markey, Hawaii Democratic Sen, Mazie, Twitter didn’t, Twitter, he’s, Peiter “ Mudge ” Zatko, Zatko Organizations: Washington CNN —, Twitter, Federal Trade Commission, CNN, Massachusetts Democratic, Elizabeth Warren ; Oregon Democratic, Hawaii Democratic, FTC, Washington Post, House Republicans Locations: Elizabeth Warren ; Oregon

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
▼ + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.

☆ Meta opens up its Horizon Worlds VR app to teens for the first time, prompting outcries from US lawmakers
▼ + stars: | 2023-04-19 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Washington CNN —Meta is forging ahead with plans to let teenagers onto its virtual reality app, Horizon Worlds, despite objections from lawmakers and civil society groups that the technology could have possible unintended consequences for mental health. On Tuesday, the social media giant said children as young as 13 in Canada and the United States will gain access to Horizon Worlds for the first time in the coming weeks. Zuckerberg has pushed to spend billions developing VR hardware and software, even as Meta has scaled back significantly in other parts of its business. “Meta is despicably attempting to lure young teens to Horizon Worlds in an attempt to boost its failing platform,” said Connecticut Democratic Sen. Richard Blumenthal, who last month, along with Massachusetts Democratic Sen. Ed Markey, urged Zuckerberg to reconsider letting teens use the app. Lawmakers have previously raised alarms about the impact of some of Meta’s other products, including Instagram, on younger users.

☆ Fed official: People ‘hate’ inflation. That trumps bank stress and job loss
▼ + stars: | 2023-03-24 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? But the economic reports heading into this week’s Fed meeting suggest the economy remains too hot. The Fed ultimately reached a unanimous decision to raise interest rates for the ninth meeting in a row. “The one thing that I hear loud and clear from everybody is that they hate inflation. They find inflation to be unfair,” Barkin said, referring to talking to residents in his Fed district.

☆ Lloyd Blankfein on safety of money: 'Sort of yes'
▼ + stars: | 2023-03-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS” Sunday. Instead, the central bank along with the Federal Deposit Insurance Corporation and the Treasury Department, have the power to guarantee deposits bank by bank if they find a systemic emergency. “Do we want to make it the duty of depositors to do that kind of forensic accounting analysis on banks?” Blankfein said. If it’s certified, we get on them.”The difference between 2008 and now is the difference in assets, Blankfein said. If the current model of banking stays in place, most Americans will think their money is only safe in too-big-to-fail banks, Blankfein said.

☆ Economists, activists warn lawmakers of looming debt default if Congress cannot agree to raise the debt ceiling
▼ + stars: | 2023-03-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Mark Zandi, chief economist at Moody's, said an impending default would "be a catastrophic blow to the already fragile economy." "Given the dramatic reduction in government spending in this scenario and the already fragile economy, the economy suffers a recession in 2024. "Bond investors, unsure of how this legal uncertainty would be resolved would demand a much higher interest rate in compensation. In his opening remarks, Holtz-Eakin also said that skirting default would have "serious and adverse economic effects." "House Republicans don't seem concerned about the upcoming debt limit deadline," Warren said in her opening remarks.

☆ Elon Musk pledged transparency at Twitter. But he’s walling off researchers
▼ + stars: | 2023-02-09 | by ( Brian Fung | ) edition.cnn.com time to read: +10 min

But Twitter’s changes erecting a paywall for API access may jeopardize all that, Tromble and other researchers said. Undermining the fight against botsMusk has framed Twitter’s API restrictions as part of his wider effort to stamp out spammy, automated accounts. Ironically, however, Musk’s looming changes to the Twitter API might make it harder to study bot behavior on Twitter. API access has provided a critical resource for that work. “The researchers who were signed up to the program have heard nothing from the company in months, since Musk’s acquisition.”Adding to Twitter’s scrutiny by regulatorsBeyond the immediate impact to researchers, Twitter’s transparency issues could land the company in hot water with policymakers.

There's still not an exact picture of how much Bankman-Fried spent on politics this cycle. But based on what's already public, Bankman-Fried was one of the more prolific campaign donors this cycle, and his spending had a significant effect on midterm races. And his donations to the Protect Our Future super PAC helped shape some key Democratic primaries. The group spent $1.4 million to boost her in her Democratic primary, and then she cruised to victory in the less competitive November general election. Other top racesThe group spent at least $500,000 in support of Democratic candidates in nine other races (parenthesis indicate whether they won the general election, even if the spending happened in the primary):

☆ Top Senate Democrat warns the Fed against causing mass job losses
▼ + stars: | 2022-10-26 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

“For working Americans who already feel the crush of inflation, job losses will make it much worse. The comments from the Ohio Democrat, who publicly supported Powell’s renomination as Fed chair, underscore the intense pressure facing the Fed ahead of next week’s decision on interest rates. Bank of America estimates the US economy will start losing 175,000 jobs a month early next year due to the Fed’s rapid interest rate hikes. California Rep. Ro Khanna slammed the central bank for “failed policy” that led to high inflation and expressed concern the Fed will now overcompensate. Massachusetts Democratic Sen. Elizabeth Warren has described the Fed’s rate hikes as “extreme” and set the stage for blaming the central bank for a downturn.

☆ Supreme Court Justice Samuel Alito told Ted Kennedy the legal basis ensuring abortion rights was 'settled' law in 2005, new book reveals
▼ + stars: | 2022-10-24 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

"I am a believer in precedents," the conservative Alito told Kennedy, the liberal Massachusetts Democratic senator wrote in his diary in November 2005, The New York Times reported. Farrell's new book, "Ted Kennedy: A Life," which features details of the diary entries, is being published Tuesday. Associate Justice Samuel Alito poses during a group photo of the Justices at the Supreme Court in Washington, April 23, 2021. "Judge Alito assured Mr. Kennedy that he should not put much stock in the memo," the Times reported. 'I was a younger person,' Judge Alito said.

☆ Treasury investigates whether Florida used Covid aid to fly migrants to Martha's Vineyard
▼ + stars: | 2022-10-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Migrants gather after being flown in from Texas on a flight funded by Florida Governor Ron DeSantis at Edgartown, Massachusetts, September 15, 2022. Treasury's Office of Inspector General is investigating whether Florida improperly used pandemic relief funds to fly Venezuelan migrants to the haughty resort island of Martha's Vineyard. They said the Florida Republican's $12 million relocation program is funded in part by interest earned off of the aid. Treasury's Deputy Inspector General, Richard Delmar, told the state Democratic members his office has already asked Florida for information about the state's use of that money. "I applaud the swift response from the Treasury's Office of the Inspector General," he said.

☆ The Fed's fight against inflation could cost the US 1.2 million jobs
▼ + stars: | 2022-09-23 | by ( Alicia Wallace | Cnn Business | ) edition.cnn.com time to read: +7 min

Assuming no change in the labor force, that would mean around 1.2 million more people will be unemployed. "And it's really, at this point, like telling the tide not to come in -- to expect the labor market to soften." As the unemployment rate rises, workers lose bargaining power for higher wages and households pull back on spending. Powell has said that prolonged and entrenched high inflation would be even worse than moderate increases in the unemployment rate. "If we want to set ourselves up, light the way to another period of a very strong labor market, we have got to get inflation behind us.

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