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☆ Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses
▼ + stars: | 2022-12-20 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020. Wells Fargo has agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday. The bank was ordered to pay a $1.7 billion civil penalty and "more than $2 billion in redress to consumers," the CFPB said in a statement. In October, the bank set aside $2 billion for legal, regulatory and customer remediation matters, igniting speculation that a settlement was nearing. But others remain: Wells Fargo is still operating under a series of consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth.

☆ 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.

☆ Wells Fargo is paying yet another huge penalty to settle more allegations it harmed its own customers
▼ + stars: | 2022-12-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Here are some of the other scandals Wells Fargo has been embroiled in. In what has become a common practice in these types of resolutions, Wells Fargo neither admitted nor denied the CFPB's allegations. "Put simply, Wells Fargo is a corporate recidivist that puts one third of American households at risk of harm," Chopra said in prepared remarks on Tuesday. At a Senate hearing in 2017 over the scandal, Elizabeth Warren, Democrat from Massachusetts, called for then Wells Fargo CEO Timothy Sloan to be fired. In 2020, Wells Fargo said it would pay $3 billion to resolve enforcement actions over the episode.

☆ U.S. poised to become net exporter of crude oil in 2023
▼ + stars: | 2022-12-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. But the United States consumes 20 million barrels of crude a day, the most in the world, and its output has never exceeded 13 million bpd. Last month, U.S. government data showed net U.S. crude oil imports fell to 1.1 million barrels per day (bpd), the lowest since record keeping began in 2001. To become a net exporter of crude, the United States needs either to boost production or curtail consumption. The U.S. exported an average of 3.1 million bpd of fuels through September this year, EIA data showed, down from the 3.2 million bpd in the same period in 2019.

☆ A student-loan company's 'abysmal servicing' for public servants requires a federal investigation, a Democratic lawmaker says
▼ + stars: | 2022-12-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Bob Menendez urged the CFPB to investigate student-loan company MOHELA. MOHELA manages accounts for public servants, and it has been criticized for bad customer service. Borrowers have reported hours-long wait times and delays processing PSLF paperwork. On Thursday, New Jersey Sen. Bob Menendez criticized student-loan company MOHELA during a Senate Banking committee hearing on the Consumer Financial Protection Bureau (CFPB) and called for the agency to investigate its practices. "I cannot overstate the negative economic impacts caused by MOHELA's abysmal servicing for public service employees."

☆ Tech stock expectations are coming down but not fast enough, says MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech stock expectations are coming down but not fast enough, says MKM Partners' Rohit KulkarniMKM Partners' Rohit Kulkarni and Loup Ventures' Gene Munster join 'Closing Bell' to discuss the general tech outlook, key players in the technology space and near- and long-term forecasts for tech.

☆ Fed rate hike pushes small business loan interest over 10% for first time in nearly a generation
▼ + stars: | 2022-12-14 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

Many business owners have never seen double-digits," said Rohit Arora, co-founder and CEO of small business lending platform Biz2Credit. Almost a quarter of small business owners said they are paying a higher rate on their most recent loan, and the highest since 2008. The latest CNBC Fed Survey shows the market forecasting a peak Fed rate around 5% in March 2023 and the rate being held there for nine months. "Talking to small business owners looking for financing, it's starting to slow things down," Hurn said. Small business loan approval percentages at big banks dropped in November to the second lowest total in 2022 (14.6%), according to the latest Biz2Credit Small Business Lending Index released this week; and also dropped at small banks (21.1%).

But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations. In a statement to Reuters, Snapdeal said it has decided to withdraw the IPO prospectus "considering the prevailing market conditions", without elaborating. It adding that Snapdeal may reconsider an IPO in future depending on its need for capital and market conditions. The change of Snapdeal's plans comes as tech stocks in India that listed in recent years face investors' wrath. In August, TPG and Prosus-funded Indian online pharmcy PharmEasy withdrew papers for its $760 million IPO, while Warburg Pincus-backed seller of wireless earphones, boAT Lifestyle, also withdrew its papers in October.

☆ Elon Musk says Twitter's team was 'too intense' with suspending false accounts and is 'moving to chill mode'
▼ + stars: | 2022-12-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Musk said Twitter's team had been "too intense" with suspending fake accounts. Musk said the team in charge of suspensions was "moving to chill mode." After one Twitter user complained about Twitter suspending a number of genuine accounts that posted "memes and positivity," Musk responded: "Team was a bit too intense with spam/bot suspensions. Twitter's new trust and safety head Ella Irwin said that Musk's top priority was platform safety in an interview with Reuters. Several left-wing activists had their accounts suspended unfairly over the past few weeks because Twitter's trust and safety team has been "decimated," one activist impacted told Insider.

☆ Reeling in costs even more from current levels will drive Meta's stock higher, says MKM's Kulkarni
▼ + stars: | 2022-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReeling in costs even more from current levels will drive Meta's stock higher, says MKM's KulkarniRohit Kulkarni, MKM Partners, joins 'Squawk on the Street' to discuss his thoughts on Mark Zuckerberg's comments, why Meta's stock is a buy right now and more.

NEW DELHI/BENGALURU, Nov 21 (Reuters) - India launched a crack down on Monday against fake reviews and unverified ratings in a bid to make online interaction and e-commerce more authentic and less misleading for users. Some companies have been criticised by consumers and various industry experts for downplaying negative reviews, or accepting fake ratings, making the vetting process difficult for buyers. The Department of Consumer Affairs set up a committee in June to develop a framework on checking fake and deceptive reviews in e-commerce, the Ministry of Consumer Affairs, Food & Public Distribution said. Online companies say they have internal checks in place to combat fake reviews, but currently failure to do so is not a compliance breach. If the guidelines become mandatory, companies could face action for unfair trade practice, for suppressing negative reviews or for enabling planting of fake reviews, Taparia said.

☆ Crypto is becoming a new vector for fraudsters, says Consumer Financial Protection Bureau's Rohit Chopra
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto is becoming a new vector for fraudsters, says Consumer Financial Protection Bureau's Rohit ChopraRohit Chopra, director of the Consumer Financial Protection Bureau, joins 'TechCheck' to discuss crypto regulation, the increase in crypto scams and the fate of stable coins.

☆ England storm into World Cup final with 10-wicket rout of India
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +3 min

ADELAIDE, Nov 10 (Reuters) - Alex Hales and captain Jos Buttler shone in a record unbroken opening partnership as a ruthless England humiliated India by 10 wickets at Adelaide Oval on Thursday to storm into the Twenty20 World Cup final. England, who won the 50-over World Cup on home soil in 2019, can now become the first team to hold both global trophies in white-ball cricket when they meet Pakistan in Sunday's final at the Melbourne Cricket Ground. Their 170-run stand was the biggest opening partnership in T20 World Cup history and England's biggest for any wicket at the tournament. It set up a mouthwatering duel against Pakistan, 30 years on from the teams' 50-over World Cup final in 1992 at the MCG which the south Asians won. England had to make changes for the semi-final, with pace spearhead Mark Wood and number three batsman Dawid Malan out injured.

☆ T20 World Cup: England thrash India by 10 wickets to book place in final against Pakistan
▼ + stars: | 2022-11-10 | by ( Ali Stafford | ) www.cnbc.com time to read: +4 min

Jos Buttler and Alex Hales of England share a laugh as they celebrate victory during the ICC Men's T20 World Cup Semi Final match between India and England at Adelaide Oval on November 10, 2022 in Adelaide, Australia. An incredible unbroken opening stand between Jos Buttler and Alex Hales saw England book their place in the T20 World Cup final with a stunning 10-wicket victory over India in Adelaide. Knockout stages are about keeping calm and handling pressure and the way we started with the ball was not ideal. It shows we were a little nervy but you have to give credit to England." Watch the T20 World Cup final between England and Pakistan, at the Melbourne Cricket Ground, live on Sky Sports Cricket and Main Event on Sunday.

☆ Meta rallies on report of layoffs
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeta rallies on report of layoffsMKM Partners' Rohit Kulkarni joins 'Closing Bell' to discuss stories of Meta layoffs and why the stock has rallied in light of those reports.

☆ India and climate change: Can Modi deliver what the world needs?
▼ + stars: | 2022-11-07 | by ( Tara Subramaniam | ) edition.cnn.com time to read: +10 min

By 2030, Modi wants half of India’s energy to come from renewables. The state is fast becoming a hotbed of solar energy, yet is also home to at least seven coal-fired power plants. “Even during Covid it hasn’t stopped.”At COP26, Modi outlined a series of targets for India’s efforts to combat climate change. It’s also a question of funding – investing in renewable energy and other climate change mitigation efforts is expensive. And your other burning questions answered 03:37 - Source: CNNIf India doesn’t receive the financial support it needs, maintaining its pace on developing renewable energy will be difficult.

☆ India inch closer to semis after nervy win vs. Bangladesh
▼ + stars: | 2022-11-02 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

India moved to top of Group 2 with six points, one ahead of South Africa who have played one game fewer. Litton gave Bangladesh a rollicking start scoring 56 of his team’s 60 runs in the first six powerplay overs. He raced to a 21-ball fifty before rain halted play with Bangladesh on 66 for no loss after seven overs. “It’s been the story when we play India. “It was a great game, the crowd enjoyed and both teams enjoyed.

It isn’t clear yet who will succeed Mr. Segal as CFO. Twitter and Mr. Musk on Friday didn’t respond to requests for comment. Mr. Segal on Friday tweeted that “the work isn’t complete,” referring to Twitter’s ambition to build “the world’s townsquare.” Mr. Segal didn’t respond to a request for additional comment. Mr. Musk has said buying Twitter would accelerate his creation of an app that combines the capabilities of several apps in one. The future executives that Mr. Musk installs will have to share his vision for Twitter, Mr. Ives said, and prepare to support growth initiatives that will take years to build.

☆ Watch CNBC's full interview with Cowen's John Blackledge and MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Cowen's John Blackledge and MKM Partners' Rohit KulkarniCowen's John Blackledge and MKM Partners' Rohit Kulkarni joins 'Squawk on the Street' to discuss Amazon as a cyclical air pocket, the company's strength across advertising, commerce, and cloud as well as the macro economic strains impacting Amazon's business.

☆ Amazon shares hitting 'cyclical air-pocket' in Europe, says MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon shares hitting 'cyclical air-pocket' in Europe, says MKM Partners' Rohit KulkarniCowen's John Blackledge and MKM partner's Rohit Kulkarni join 'Squawk on the Street' to discuss Amazon as a cyclical air pocket, the company's strength across advertising, commerce, and cloud as well as the macro economic strains impacting Amazon's business.

☆ Sen. Warren says big banks fail to prevent 'rampant' fraud on payment platform Zelle, urges CFPB to tighten regulations
▼ + stars: | 2022-10-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Truist reported 9,455 fraud and scam claims on Zelle in 2020 and 22,045 in 2021, according to the senator. Its customers are on track to make 160,977 scam and fraud claims on Zelle in 2022. The value of the scam and fraud claims received by PNC, Truist, U.S. Bank and Bank of America exceeded $90 million in 2020. The data that Wells Fargo released revealed that customers reported fraud and scams on Zelle at a nearly 2.5 times higher rate in 2022 than in 2019. "And that is more than twice as high for Wells customers compared to customers of other banks," Warren wrote.

"These are junk fees," President Joe Biden told reporters at the Eisenhower Executive Office Building. The White House said the move could eliminate billions in banking fees. The agency said that both fees likely violate the Consumer Financial Protection Act's prohibition on unfair fees that are unavoidable to consumers. In a fact sheet, the White House noted that bank overdraft and non-sufficient funds fees accounted for an estimated $15.5 billion in revenue for banks in 2019. He cited processing fees for concert tickets and resort fees at hotels as two items his administration is examining.

☆ Biden Touts U.S. Steps to Curb Fees Tied to Banking, Concerts and Travel
▼ + stars: | 2022-10-26 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

President Biden, flanked by Consumer Financial Protection Bureau Director Rohit Chopra and Federal Trade Commission head Lina Khan, says his administration will crack down on unfair and deceptive fees. WASHINGTON— President Biden on Wednesday highlighted steps his administration is taking to rein in fees and restrict hidden costs imposed on consumers across the economy, from travel to banking, in remarks that come about two weeks ahead of the midterm elections. Mr. Biden, speaking from the White House complex, said the measures are aimed at giving consumers more financial breathing room, by reducing fees tied to concert tickets, hotel resorts, airfare and cable companies.

☆ Federal consumer watchdog is upping efforts to crack down on 'junk fees' at banks
▼ + stars: | 2022-10-26 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. The nation's consumer watchdog is upping its efforts to clamp down on so-called junk fees that some banks charge consumers. The move is the latest in the CFPB's ongoing initiative to scrutinize junk fees, which generally are fees that are unexpected or excessive. During a press briefing Wednesday morning, President Joe Biden said the administration's actions on junk fees — including those from banks as well as hotels, airlines and other entities — would "immediately start saving Americans collectively billions of dollars in unfair fees" and hold corporations accountable. "My administration is also making it clear surprise overdraft fees are illegal," he said.

☆ Meta stock is cheap, but we don't know how cheap it will get, says MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeta stock is cheap, but we don't know how cheap it will get, says MKM Partners' Rohit KulkarniMKM Partners' Rohit Kulkarni joins 'Squawk Box' to discuss his expectations for Meta's third-quarter earnings, which are scheduled to be released after the closing bell on Wednesday.

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