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☆ India beats Pakistan at Cricket World Cup in a sporting rivalry like no other
▼ + stars: | 2023-10-14 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —Fans packed inside the enormous Narendra Modi Stadium in Ahmedabad, India to watch India take on Pakistan in the ICC Men’s Cricket World Cup on Saturday. And in front of a sea of blue India shirts, punctuated by flashes of green, orange and white as people waved India flags, the home team secured a thumping seven-wicket victory over Pakistan. Often described as one of the greatest sporting grudge matches in the world, an India-Pakistan cricket match is always bound up in the geopolitical faultlines that separate the two nations. The two teams had not played each other for seven years on Indian soil, and Pakistan had never defeated India at a men’s World Cup. Led by a rampaging Rohit Sharma, who starred with 86 off 63 balls, India responded with ease, reaching Pakistan’s total with 117 balls to spare.

Persons: Narendra Modi, Babar Azam, Mohammad Rizwan, Babar, Mohammed Siraj, Rohit Sharma, Alex Davidson, ” Rohit Organizations: CNN, ICC Men’s Cricket, India, ICC, Getty, Sky Sports, Bangladesh, Australia Locations: Ahmedabad, India, Pakistan

☆ Bank of America Fined $150 Million Over ‘Junk Fees’ and Fake Accounts
▼ + stars: | 2023-07-11 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

“These practices are illegal and undermine customer trust,” Rohit Chopra, the director of the consumer bureau, said in a statement. will be putting an end to these practices across the banking system.”Regulators said that Bank of America imposed improper overdraft fees by double-charging customers over the same transaction. The first charge would be a $35 “insufficient funds” penalty levied against a customer who tried to pay for something by check or automated transaction without having the funds necessary to do so. A Bank of America spokesman said the bank had “voluntarily” reduced overdraft fees from $35 to $10 in early 2022 and had eliminated its $35 “insufficient funds” penalty. In addition to the action on overdraft fees taken together by the two regulators, the consumer bureau said it had discovered two other areas where it said the bank was mistreating customers.

Persons: ” Rohit Chopra, “ Organizations: Regulators, Bank of America, of America

☆ Biden wants to roll back Trump’s expansion of short-term health insurance plans
▼ + stars: | 2023-07-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —The Biden administration wants to crack down on short-term health insurance plans, which it says can leave patients saddled with hefty medical bills. The proposal would largely reverse former President Donald Trump’s expansion of short-term plans in 2018, which extended the duration of the policies to just under a year and allowed them to be renewed for a total of up to 36 months. Short-term plans do not have to adhere to Obamacare’s consumer protections. The Trump administration heralded them as a cheaper alternative to Affordable Care Act policies since the limits on benefits allow short-term plans to carry lower premiums. Also, the Biden administration announced new guidance to strengthen rules protecting patients from surprise medical billing.

Persons: CNN —, Biden, Donald Trump’s, Trump, Neera Tanden, Joe Biden, ” Rohit Chopra Organizations: CNN, Affordable, Biden, House, of Health, Human Services, Treasury Department, Consumer Financial, Bureau, “

☆ Premarket stocks: What happens if the debt ceiling and banking crisis collide?
▼ + stars: | 2023-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday. It may become more difficult to access credit, further exacerbating the challenges individuals and companies are already facing because of the banking crisis. Before the Bell: What do the ongoing debt ceiling negotiations mean to small and medium businesses? Do you think bank executives and members of the business community can put pressure on Congress and the White House to come to a deal? The White House has estimated more than 8 million jobs would get wiped out if there is a protracted default.

☆ ‘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.

In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ Premarket stocks: Japan just delivered a lump of coal to investors across the globe
▼ + stars: | 2022-12-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended to keep wages and prices high. The Japanese Central Bank loosened the yield on its 10-year government bonds from 0.25% to 0.5%. The central bank said that inflation expectations have risen. Japan’s is the last major central bank to keep rates negative and this signals that it could be shifting its stance.

☆ Wells Fargo ordered to pay $3.7 billion for ‘illegal activity’ including unjust foreclosures and vehicle repossessions
▼ + stars: | 2022-12-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Federal regulators fined Wells Fargo $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. Chopra described Wells Fargo as a “repeat offender” and said Tuesday’s fine is just an “initial step” towards holding the bank accountable. That suggests Wells Fargo may not be out of the penalty box with regulators anytime soon. Those failures caused Wells Fargo to wrongfully repossess some borrowers’ vehicles, to improperly charge fees and interest and to fail to refund certain fees, regulators say. Regulators said Wells Fargo has also been ordered to pay almost $200 million in refunds to those harmed by the bank’s mortgage servicing accounts.

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