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☆ India Wins Cricket World Cup, Stamping Its Domination of the Sport
▼ + stars: | 2024-06-30 | by ( Mujib Mashal | ) www.nytimes.com time to read: 1 min

India won the men’s Cricket World Cup on Saturday, defeating South Africa to end a dry spell in tournament victories that had lasted over a decade, even as the nation was dominating the sport globally in other measures like talent, cash and influence. The tournament was played across several Caribbean islands, with a few of the matches hosted in the United States, including at a pop-up stadium in New York. When the final, in Barbados, ended with India declared the champion, it was close to midnight back home, where joyful crowds poured into the streets across several cities. “Maybe in a couple hours it will sink in, but it is a great feeling,” said Rohit Sharma, India’s captain, who took a tour of the stadium with his daughter propped on his shoulders to thank the crowd. “To cross the line — it feels great for everyone.”

Persons: ”, Rohit Sharma, India’s Organizations: Cricket, India Locations: South Africa, United States, New York, Barbados

☆ India wins men’s T20 World Cup, defeating South Africa in dramatic final
▼ + stars: | 2024-06-29 | by ( Issy Ronald | ) edition.cnn.com time to read: +4 min

CNN —India produced a brilliant performance to defeat South Africa by just seven runs in a dramatic men’s T20 World Cup final, ending a long 13-year wait for the cricket-obsessed nation since its last World Cup win. Victory sparked jubilant and emotional celebrations for India after a year of heartbreak for many of its players who lost to Australia in the finals of both the ODI Cricket World Cup and World Test Championship. India was under pressure early in its innings as some sharp South African bowling reduced it to 39-3 after five overs. South Africa continued to build steadily and almost found itself in a match-winning position when Heinrich Klaasen produced an astonishing performance in the 15th over, hitting Axar for 24 runs and racing towards a half century in just 23 balls, the fastest ever in a men’s T20 World Cup final, according to Opta. That gave India the platform it needed and it held on to take the victory by the narrowest of margins.

Persons: Suryakumar Yadav, Victory, Axar Patel, Virat Kohli, Rabada, India's Suryakumar Yadav, Randy Brooks, Axar, Quinton de Kock, Shivam Dube, Kohli, Jasprit Bumrah, Reeza Hendricks, Robert Cianflone, De, Tristan Stubbs, Stubbs, Heinrich Klaasen, Pandya, Rishabh Pant, Rohit Sharma, stymieing, Marco Jansen, David Miller, Alex Davidson Organizations: CNN, Cricket, India, Getty, Axar, ICC, South Locations: India, South Africa, Bridgetown, Barbados, Australia, AFP, De Kock, De Kock . South Africa

Amazon will double the value of credits it offers some startups to use its cloud infrastructure, CNBC has learned, as the company faces heightened competition from Microsoft in artificial intelligence services. Seed-stage startups will still be eligible for $100,000 in credits, AWS said. But Microsoft Azure and Google Cloud are growing more quickly, and are benefiting from rapidly advancing AI models. During Selipsky's time at the helm, Microsoft and Google increased their share of the cloud infrastructure market. Participants will be able to access up to $1 million in cloud credits, according to the website.

Persons: Matt Garman, Garman, Garman's, OpenAI, Anthropic, Adam Selipsky, Grant, Amazon's, Rohit Prasad, David Luan Organizations: Amazon Web, CNBC, Microsoft, AWS, Google, Gemini Locations: Las Vegas, Silicon, Silicon Valley

☆ Amazon beefs up AI development, hiring execs from startup Adept and licensing its technology
▼ + stars: | 2024-06-28 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

The front desk of the Amazon office is pictured in New York, May 1, 2019. Amazon is ramping up its development of artificial intelligence technology, hiring top talent from AI agent startup Adept and licensing the company's technology. Luan will oversee Amazon's "AGI Autonomy" division, and report to Prasad, he wrote in the memo, which CNBC obtained. Amazon's cloud unit has launched a range of AI services, including its own models, which are generally viewed as lagging behind the top competitors. Last month, Amazon announced Adam Selipsky, the head of Amazon Web Services, would be stepping down and succeeded by Matt Garman, the head of sales at marketing at AWS.

Persons: Rohit Prasad, David Luan, Luan, Prasad, Geekwire, Anthropic, Adam Selipsky, Matt Garman Organizations: CNBC, Amazon, Microsoft, Google, Alexa, Amazon Web Services, AWS Locations: New York

☆ Amazon is working on an AI assistant that competes with ChatGPT, codenamed 'Metis'
▼ + stars: | 2024-06-24 | by ( Eugene Kim | ) www.businessinsider.com time to read: +6 min

Read previewAmazon is working on an AI chatbot that competes directly with the OpenAI's ChatGPT, Business Insider has learned. The secret internal project is codenamed "Metis," likely in reference to the Greek goddess of wisdom. Metis is powered by an internal Amazon AI model called Olympus, another name inspired by Greek mythology. There are a lot of AI assistantsWith Metis, Amazon is joining an already crowded AI assistant market. Last month, Amazon even instructed some employees to help scrape GitHub's open-source data to speed up its AI model training process.

Persons: —, It's, OpenAI, Andy Jassy, Jassy, Amazon's, Rohit Prasad, Vishal Sharma, it's Organizations: Service, BI, Business, Metis, Microsoft, Google, Amazon, Project Metis, Alexa Locations: Amazon's

☆ Amazon is secretly working on a ChatGPT killer
▼ + stars: | 2024-06-24 | by ( Eugene Kim | ) www.businessinsider.com time to read: +6 min

Read previewAmazon is working on an AI chatbot to compete directly with OpenAI's ChatGPT, Business Insider has learned. The secret internal project is code-named "Metis," likely in reference to the Greek goddess of wisdom. Metis is powered by an internal Amazon AI model called Olympus, another name inspired by Greek mythology. There are a lot of AI assistantsWith Metis, Amazon is joining an already crowded AI-assistant market. Vishal Sharma, the vice president of artificial general intelligence, has direct oversight of Project Metis, one of the people said.

Persons: —, OpenAI's, It's, OpenAI, Andy Jassy, Jassy, Amazon's, Rohit Prasad, Vishal Sharma, it's Organizations: Service, BI, Business, Metis, Microsoft, Google, Amazon, Project Metis, Alexa Locations: Metis, Amazon's

☆ Opinion: Destined to be a lame duck
▼ + stars: | 2024-06-23 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. When Biden and Trump meet in a debate on CNN Thursday, expect part of the audience to be wondering exactly who and what will come next. Biden, who’s battling low approval ratings, is sticking with Vice President Kamala Harris, whose polls are also bleak. There were 28, and we’ve had 11 so far this year, Bridget Johnson noted in the first of a CNN Opinion series about America’s preparedness. “It’s a measure of his hold on American society that he’s still revered a half-century later,” wrote Frederic J. Frommer.

Persons: Franklin D, Roosevelt, “, ”, Alexander Wiley of, Adolph Sabath, Sabath, can’t, Joe Biden, Donald Trump —, Biden, who’s, Kamala Harris, Ronald Reagan’s, George H.W, George H.W . Bush, Trump, Julian Zelizer, Zelizer, it’s, Facebook “ Trump, ’ Trump, Hunter Biden, ” Terry Szuplat, Barack Obama, I’ve, that’s, Obama, Dan, ’, don’t, … Don’t, Melinda French Gates, Douglas Heye, Bob Good, Trump Dean Obeidallah, Clay Jones, we’ve, Bridget Johnson, Johnson, “ we’re, Richard Serino, Irma, Maria, Hurricane Maria, Mark Wolfe, ” Drew Sheneman, Anna Bershteyn, Michael Diamond, Roe, Wade, Karen Finney, Jennifer Tucker, Chuck Schumer's, Chuck Schumer, Schumer, he’s, John Kasich, Bill DeBlasio, Donald Trump, Sarah Palin, Biden’s, Jill Filipovic, Walt Handelsman, Luther Terry, Vivek H, Murthy, ” Kara Alaimo, Dolly Parton, Allison Hope, Dolly Parton “, Parton, ” Hope, Ericka Andersen, ’ Andersen, Andersen, Dolly, Nathan B, Baskind, Weeks, Samantha Baskind, Uncle Nate, Nathan Baskind, David, ” Samantha Baskinshe, ” Don’t, Phil Hands, Nadine Pienede, Frida Ghitis, Adam Plowright, Sara Stewart, Andrew McCarthy, Rohit Chopra, Willie Mays Bill Bramhall, Willie Mays, Frederic J, Frommer, ” Frommer, Mays, —, ” Mays, Vic Wertz, It’s Organizations: CNN, Republicans couldn’t, Democratic, GOP, Alexander Wiley of Wisconsin . Rep, Illinois Democrat, New York Times, Trump, Biden, Twitter, Facebook, UFC, Democrats, Braver, Trump Dean, US, FEMA, Hurricane, Ricans, Ledger, Agency, “, Independence, ”, Times, Federalist, Army, Journal, Tribune, New York Daily, Cleveland Indians, New York Giants Locations: Illinois, George H.W ., New York, American, ” “ Ohio, John Kasich , New York City, Donald Trump , Alaska, Switzerland, France, Normandy, Wisconsin, Juneteenth, Haiti, Putin’s, Korea, “

☆ At some point we'll have to address the exploding entitlement spending, says PwC's Rohit Kumar
▼ + stars: | 2024-06-20 | 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 EmailAt some point we'll have to address the exploding entitlement spending, says PwC's Rohit KumarKitty Richards, former Treasury official, and Rohit Kumar, former policy director for Sen. Mitch McConnell, joins 'Squawk Box' to discuss the CBO's $1.9 trillion federal budget deficit estimate for 2024, how tax proposals by President Biden and former President Donald Trump will impact the deficit, and more.

Persons: PwC's Rohit Kumar Kitty Richards, Rohit Kumar, Sen, Mitch McConnell, Biden, Donald Trump Organizations: Treasury

☆ Against the odds, the USA cricket team is capturing hearts and minds with historic run through Men’s T20 Cricket World Cup
▼ + stars: | 2024-06-16 | by ( Ben Morse | Patrick Snell | ) edition.cnn.com time to read: +7 min

Saurabh Netravalkar (left) bowled the decisive Super Over to help the USA to its famous victory over Pakistan at the Men's T20 Cricket World Cup. A momentous dayBorn and raised in Mumbai, India, USA bowler Saurabh Netravalkar began playing cricket from an early age. Such was the promise he showed that he was selected for India’s team for the Under-19 World Cup in 2010, finishing the tournament as the country’s leading wicket taker. Not only is the US one of the co-hosts for the T20 World Cup for the first time, but it is making its debut appearance on this stage. The USA's success at the T20 World Cup has captured the hearts and minds of supporters at its home games.

Persons: Saurabh Netravalkar, Matt Roberts, Netravalkar, “, ”, Andrew Caballero, Reynolds, Aaron Jones, ” Jones, CNN’s Patrick Snell, Jones, Virat Kohli, Rohit Sharma, Adam Hunger, Ali Khan, Nosthush Kenjige, ” Kenjige, Stuart, ‘, ’, –, US –, We’ve Organizations: CNN, USA men’s, India, Pakistan, ICC, Ireland, India national, Cornell University, Cricket Council’s, USA, BBC, Veteran USA, USA Cricket, Stuart Law, Major League Cricket, US, Canada Locations: Pakistan, Mumbai, India, USA, New York, San Francisco, AFP, Queens , New York, Barbados, Caribbean, Dayton , Ohio, South Africa, New Zealand

☆ Amazon has a secret workaround to scrape Microsoft's GitHub for AI model training data, leaked memo shows
▼ + stars: | 2024-06-13 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Microsoft is likely to be unhappy when it discovers that its arch rival Amazon is leaning hard on GitHub for AI training data. "Our LLMs are trained on data from a variety of sources, including licensed and proprietary data, open-source datasets, and publicly available data where appropriate. It also said Amazon employees should create a "classic personal token," not a "fine-grained personal token," when signing up. Tech companies, hungry for even more training data, are also granting themselves new permissions to use a lot more of consumers' information. Though Amazon's legal team has approved the GitHub data scraping workaround, the move could put Amazon in a tricky position.

Persons: —, Rohit Prasad NurPhoto, Rohit Prasad, Amazon, Amazon's, Andy Jassy, Prasad, Matthew Butterick, Joseph Saveri, Joseph Saveri's, Butterick, Copilot Organizations: Service, Business, General Intelligence Group, Amazon, Microsoft, Google, Meta, GitHub, News Corp, Tech, Alexa Locations: GitHub

☆ Biden administration moves to ban medical debt from credit reports
▼ + stars: | 2024-06-11 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.

Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S

☆ T20 Cricket World Cup: Pakistan succumbs to heartbreaking defeat against archrival India
▼ + stars: | 2024-06-09 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —Pakistan’s heartbreaking Men’s T20 Cricket World Cup continued as it succumbed to a dramatic six-run defeat against archrival India on Sunday following its shock loss to the USA earlier in the week. 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. India narrowly defeated Pakistan. But the game turned on its head with six overs left when Jasprit Bumrah bowled Rizwan and took the momentum away from Pakistan. It set up a grandstand finish with Pakistan needing 18 runs off six balls in the last over and it ultimately fell just short.

Persons: CNN —, Stefan Jeremiah, Rohit Sharma, Virat Kohli, Rohit heaved, Kohli, Rohit, Haris Rauf, Shaheen Afridi, India’s, Robert Cianflone, Rishabh Pant, Mohammad Rizwan, Jasprit Bumrah, Rizwan Organizations: CNN, archrival India, Pakistan, Nassau County International, Nassau Locations: India, Pakistan, New York

☆ India beat Pakistan by six runs in thrilling T20 Cricket World Cup match in New York
▼ + stars: | 2024-06-09 | by ( Charlie Scott | ) www.nytimes.com time to read: +4 min

India beat Pakistan in dramatic fashion in their T20 Cricket World Cup match in New York, despite setting their biggest rivals a target of just 120 runs at the Nassau County International Cricket Stadium. It was their lowest-ever run total in a men’s T20 Cricket World Cup match, which is the shorter format of the sport where each team has one innings of up to 20 overs (an over is six balls). Jasprit Bumrah led India’s fightback, taking three wickets for only 14 runs as Rohit Sharma’s team battled their way to victory. Pakistan needed 18 runs to win off the final over of the game but could only score 11 as they fell six runs short. This is the first time the USA have competed in the T20 World Cup.

Persons: Haris Rauf, Naseem Shah, Jasprit Bumrah, India’s fightback, Rohit Sharma’s, Alex Davidson, Bumrah, Sharma, ”, “ Organizations: Cricket, Nassau County International Cricket, International Cricket, ICC, Getty, “, Ireland, India, USA, Canada, Pakistan Locations: India, Pakistan, New York, Long, United States, Grand Prairie , Texas, York, USA, Canada

☆ Modi Will Feel the Heat in a Third Term. And Not Just Politically.
▼ + stars: | 2024-06-04 | by ( Somini Sengupta | ) www.nytimes.com time to read: +1 min

India, the world’s most populous country, is also among the most vulnerable to climate hazards. That’s not only because of the heat and floods that global warming has exacerbated, but also because so many of the country’s 1.4 billion people are vulnerable to begin with. Narendra Modi, the Hindu nationalist prime minister who claimed victory Tuesday for a third five-year term, will face major challenges fueled by climate change. The six-week process of voting took place amid a scorching heat wave in several parts of the country. He pointed out that workers from every political party suffer in the heat, and so do voters, who often have to line up under the sun.

Persons: Narendra Modi, Rohit Magotra Organizations: Reuters, Integrated Research, Development Locations: India, Bihar, Uttar Pradesh

☆ Consumer Bureau to Create ‘Corporate Offender’ Registry
▼ + stars: | 2024-06-03 | by ( Stacy Cowley | More About Stacy Cowley | ) www.nytimes.com time to read: +1 min

The Consumer Financial Protection Bureau on Monday finalized a plan to create a public registry of nonbank businesses that have been penalized for violating consumer protection laws, a roster some have called a “rap sheet” for companies. The goal, the consumer bureau said, is to make it easier for consumers, watchdogs and government prosecutors to identify patterns and recurrences. “Too many American families and businesses have been harmed by repeat offenders in a rinse-and-repeat cycle of illegal activity,” Rohit Chopra, the bureau’s director, said at a news conference. “When companies believe that violating the law is more profitable than following it, this totally undermines public trust and harms businesses who are playing by the rules.”The bureau estimates that at least 1,500 and as many as 7,750 companies will be subject to inclusion in the registry. The database will compile orders from state, federal and local governments and courts against companies that have faced sanctions for lawbreaking.

Persons: Rohit Chopra Organizations: Consumer Financial

☆ ‘Buy Now, Pay Later’ Borrowers Get More Safeguards With New Rule
▼ + stars: | 2024-05-31 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Borrowers of the popular “buy now, pay later” installment loans should find it easier to dispute charges and get refunds under a new rule announced by the federal government last week. The Consumer Financial Protection Bureau, which has been scrutinizing the alternative loans for more than two years, ruled that “buy now, pay later” lenders were credit card providers and had to offer borrowers some of the same safeguards that conventional credit cards provided. The bureau issued its findings as an “interpretive” rule, meaning it stated its own interpretation of existing law. Shoppers can get a quick approval for the loan at checkout, often with a minimal credit check, and pay zero interest. Some lenders charge late fees for missed payments, while others simply cut off borrowers from new loans until they pay.

Persons: ” Rohit Chopra, they’re Organizations: Consumer Financial Protection Bureau

☆ A major student-loan company has 'illegally' tried to collect payments from borrowers whose balances were already wiped out through bankruptcy, a federal watchdog alleges in a new lawsuit
▼ + stars: | 2024-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA federal consumer watchdog just hit a major student-loan company with a new lawsuit. According to the press release, the CFPB accused PHEAA of illegally collecting payments from student-loan borrowers whose loans had already been discharged in bankruptcy and sending "false information" to credit reporting agencies. The lawsuit, filed in the US District Court for the Middle District of Pennsylvania, said that under the US bankruptcy code, some private student loans are not subject to the stringent standards that most student loans are when it comes to receiving relief through bankruptcy. Per the CFPB, American Education Services collected or tried to collect 7,934 private student loans after a bankruptcy proceeding between 2017 and 2021, and 177 of them were non-qualified education loans. AdvertisementThe CFPB has previously issued guidance over potential illegal collections of borrowers' payments after bankruptcy proceedings.

Persons: —, PHEAA, Rohit Chopra Organizations: Service, Consumer Financial, Bureau, Pennsylvania Higher Education Assistance Agency, American Education Services, Financial, Business, Court, Middle, Middle District of Locations: Middle District, Middle District of Pennsylvania

☆ Taxing vs. spending problem: What's next for tax policy reform
▼ + stars: | 2024-05-30 | 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 EmailTaxing vs. spending problem: What's next for tax policy reformRohit Kumar, PWC Washington National Tax Services principal and co-leader, and Kimberly Clausing, UCLA School of Law economist and professor, join 'Squawk Box' to discuss the state of tax policy reform, what could be next for tax policy under a future Biden or Trump administration, and more.

Persons: Rohit Kumar, PWC, Kimberly Clausing, Trump Organizations: PWC Washington National Tax Services, UCLA School of Law, Biden Locations: PWC Washington

☆ CFPB says buy now, pay later firms must comply with U.S. credit card laws
▼ + stars: | 2024-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Rohit Chopra, director of the CFPB, testifies during a House Financial Services Committee hearing on June 14, 2023. The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry must abide by the same federal protections as users of credit cards. The agency unveiled what it called an "interpretive rule" that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. "Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under long-standing laws and regulations already on the books," CFPB Director Rohit Chopra said in a release. The CFPB, which last week was handed a crucial victory by the Supreme Court, has pushed hard against the U.S. financial industry, issuing rules that slashed credit card late fees and overdraft penalties.

Persons: Rohit Chopra, —, PayPal — Organizations: Financial, Consumer Financial, PayPal, Supreme, U.S

☆ Supreme Court upholds CFPB funding: Here's what you need to know
▼ + stars: | 2024-05-17 | 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 EmailSupreme Court upholds CFPB funding: Here's what you need to knowSupreme Court upheld Consumer Financial Protection Bureau's funding mechanism on Thursday. CFPB Director Rohit Chopra joins ‘Squawk Box’ to discuss this ruling and more.

Persons: CFPB, Rohit Chopra Organizations: Consumer

☆ Many Indian stocks are in a 'bubble,' investor says, revealing the stock he just sold
▼ + stars: | 2024-05-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

India's mid-cap stocks are in a "bubble" despite the country's promising economic prospects, according to contrarian fund manager Jonathan Pines. Pines added that he's unable to justify current stock prices, even when accounting for "aggressive assumptions" about future growth in India's mid-cap stocks. The mid-cap 'bubble' Pines revealed that his fund recently held two Indian stocks, one of which was SJVN . SJVN, a mid-cap stock in the hydropower energy sector, has experienced a "vertical price" movement, which Pines attributed to a potential bubble in the Indian mid-cap market. The only 'reasonable' Indian stock On the other hand, GAIL India , a natural gas distribution company, remains the sole Indian stock in Pines' portfolio.

Persons: Jonathan Pines, it's, Pines, Rohit Natarajan, SJVN, Sudhanshu Bansal, GAIL India, GAIL Organizations: Federated, Antique, JM Financial, Federated Hermes Asia Locations: Pines, Japan, India, India's, U.S

☆ Massachusetts takes Uber and Lyft to trial over status of gig workers
▼ + stars: | 2024-05-13 | by ( ) edition.cnn.com time to read: +2 min

Uber and Lyft are set to face trial on Monday in a US lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. Uber (UBER) and Lyft (LYFT) argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The lawsuit going to trial was filed in 2020 by Campbell’s predecessor, Maura Healey, now the state’s Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying $266.4 million into workers’ compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor.

Persons: Andrea Joy Campbell, Uber, Peter Krupp, Rohit Singla, Maura Healey, Lyft Organizations: Democratic, Studies, Massachusetts, Campbell’s Locations: Massachusetts, Boston, Suffolk

☆ The rule capping credit card late fees at $8 is on hold — here’s what it means for you
▼ + stars: | 2024-05-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment. The CFPB estimates that the rule would've saved American families $10 billion a year in fees paid by those who fall behind on their bills. It would've capped late fees that are typically $32 per incident to $8 each and limited the industry's ability to hike the fees. "Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers," a CFPB spokesman told CNBC on Friday. The CBA said it will continue to press its case in the courts on why the CFPB rule should be "thrown out entirely."

Persons: Rohit Chopra, Mark Pittman, would've Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, Bureau, Northern, Northern District of Texas, U.S . Chamber of Commerce, U.S, CNBC, Consumer Bankers Association, District, CBA Locations: Washington ,, U.S, Northern District

☆ CFPB rule to save Americans $10 billion a year in late fees faces possible last-minute freeze
▼ + stars: | 2024-05-09 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation. Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in federal court to prevent the new rule from taking effect. That could hold up the regulation, which would slash what most banks can charge in late fees to $8 per incident, just days before it was to take effect on Tuesday. The credit card regulation is part of President Joe Biden's broader election-year war against what he deems junk fees. Big card issuers have steadily raised the cost of late fees since 2010, profiting off users with low credit scores who rack up $138 in fees annually per card on average, according to CFPB Director Rohit Chopra.

Persons: Tobin Marcus, Joe Biden's, Rohit Chopra Organizations: Financial, Bureau, U.S . Chamber of Commerce, D.C, Northern District of, Wolfe Research Locations: Texas, Washington, Northern District, Northern District of Texas

☆ US regulators are looking at potential ‘bait and switch’ schemes with airline-affiliated credit card reward points
▼ + stars: | 2024-05-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you use a points-and-rewards credit card offered by an airline in partnership with a big bank, how much are the points you’ve accrued worth in dollars? The terms and conditions of such card programs can be confusing and in some instances they can be changed at any time. “For many families looking to finance a trip or a vacation, those [credit card] benefits are really valuable. “[But] our review of all the fine print suggests that credit card companies and airlines have the power to quickly and dramatically devalue those points by making it more challenging to redeem them. Such a drop in revenue, banks argue, could jeopardize the availability of rewards programs.

Persons: you’re, It’s, ”, Rohit Chopra, Chopra, Transportation Peter Buttigieg, Rob Nichols, ” Nichols, Nichols, Jaret, Seiberg, Biden, Trump Organizations: New, New York CNN, Department of Transportation, Consumer Financial Protection Bureau, Transportation, American Bankers Association, Cowen Washington Research Group Locations: New York, CFPB, U.S

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