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☆ JPMorgan Bought College Financial-Aid Platform for $175 Million—and Now Says Most of Its Users Were Fake
▼ + stars: | 2023-01-12 | by ( Melissa Korn | David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase & Co. is suing the leaders of Frank, a financial-aid business it bought for $175 million in 2021, alleging they duped the bank by making up millions of fake student accounts to show it had a growing business. The bank filed a lawsuit late last month in a Delaware federal court against Frank executives Charlie Javice and Olivier Amar , alleging widespread fraud at a company that is marketed as helping families navigate the complex college financial-aid process. Frank offered a tool to simplify federal financial-aid forms, as well as listings of scholarships and low-cost college courses.

☆ Analysis: Democrats' downgrade of Iowa's role is a blow to Corn Belt, biofuels
▼ + stars: | 2023-01-05 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

Iowa's political importance created a cottage industry out of educating and supporting candidates on issues that corn farmers and ethanol manufacturers care about. "Forward looking, to get Democratic candidates exposed to farm issues and get these issues in front of them is going to be extremely challenging. “It’s a blow to the industry, in terms of educating and informing the Democratic candidates,” Link said. Link noted that many of the Democratic candidates vying for the nomination were often already serving as elected leaders in Washington or would later become vice presidents or cabinet secretaries. The Iowa caucuses helped developed empathy for rural issues that could later be tapped for legislative success.

☆ Meet a 37-year-old with $108,100 in student debt who lives in a school bus because rent is unaffordable: 'Student-loan debt is by far my biggest regret'
▼ + stars: | 2022-12-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Nick Crocker, 37, is living in a school bus he built out with his fiancée in Portland, Oregon. Crocker said his student debt is his "biggest regret" and wishes he had gone to trade school. With the majority of Crocker's debt being private loans, Biden's relief won't make a significant dent for him and about 3 million other borrowers with private loans. He says he wishes he'd known the high, life-long costs of higher education when he was in high school. "So we're living in a 120-square-foot school bus, and while it's been a great way for us to save the money, it's cramped.

He voted against the Puerto Rico Status Act on the floor last week, calling for "letting a full and robust legislative process take place." One of the bill’s main negotiators, Rep. Nydia Velázquez, D-N.Y., the first Puerto Rican woman elected to Congress, is confident about more congressional hearings on Puerto Rico's territorial status in the new year. That’s intentional, said Resident Commissioner Jenniffer González-Colón, a Republican nonvoting member of Congress representing Puerto Rico who favors statehood and helped negotiate the Puerto Rico Status Act. What’s next for Puerto Rico’s territorial status? Excluding Puerto Rico’s territorial status also gives Wicker and others pause.

☆ India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources
▼ + stars: | 2022-12-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +1 min

NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's (1810.HK) fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday. Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment. Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion. read moreThe investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May. A court is yet to pronounce a decision on the case following Xiaomi's challenge.

The House voted Thursday in favor of the Puerto Rico Status Act, which seeks to resolve the U.S. territory's status and its relationship to the United States through a binding plebiscite. The Puerto Rico Status Act also lays out terms for a November 2023 binding plebiscite including all three nonterritorial status options. Lawmakers from both sides debated the merits of the Puerto Rico Status Act on the House floor Thursday. While Democrats insisted the legislation is a significant step toward Puerto Rico's decolonization, Republicans worried over the economic implications of changing Puerto Rico's status. Venator- Santiago, who has been tracking Puerto Rico legislation in Congress for years, said this is the first time since 2010 that the House votes in favor of legislation dealing with changes to Puerto Rico’s territorial status.

☆ U.S. Bank Regulator’s Climate Push About Mitigating Risk, Not Steering Policy, Official Says
▼ + stars: | 2022-12-06 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

A U.S. bank regulator’s push to have institutions consider their climate risks isn’t a bid to force them to fund a low-carbon future, an official said. The Office of the Comptroller of the Currency doesn’t want to steer banks to embrace particular climate views, Yue (Nina) Chen, the OCC’s recently appointed chief climate risk officer, said Tuesday. “OCC’s focus is on risk management,” she said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. “Banks need to dedicate resources to identify, measure, manage and monitor climate-related financial risks,” she said.

☆ Pennsylvania man arrested after TSA found a loaded gun in his bag at Newark Airport
▼ + stars: | 2022-11-25 | by ( Morgan Sung | Morgan Sung Is A Trends Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

Police said they arrested a man on Thursday after TSA officers stopped him with a loaded gun in his carry-on bag at Newark Liberty International Airport. TSA officers detected the 9mm handgun loaded with 13 bullets, including one in the chamber, in the traveler's bag on Thanksgiving. The man, a Pennsylvania resident, is the third person this month to be arrested at the airport after TSA found guns in their bags, authorities said. The firearm is the 14th gun to be detected by airport security this year, according to the TSA. TSA"Getting caught with and arrested for carrying a loaded gun at our airport means this individual had a pretty bad Thanksgiving," Carter said.

☆ Indian court sends Pernod Ricard exec, Aurobindo director to agency custody
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

The court's decision came hours after P. Sarath Chandra Reddy of Aurobindo Pharma and Pernod Ricard's Benoy Babu were arrested by the Enforcement Directorate (ED), the country's federal financial crime-fighting agency. The ED last month raided several liquor companies, suppliers and distributors in a money-laundering investigation, according to media reports. Babu is a general manager at Pernod Ricard and handles the French company's international brands business in India, according to his LinkedIn profile. Spokespersons for Pernod Ricard and Aurobindo did not immediately respond to Reuters' requests for comment. Shares in Aurobindo, which makes a range of medicines from antibacterials to antidepressants, fell by 11.75% by close of day.

☆ Live Results: Democratic state Sen. Wiley Nickel defeats Bo Hines, a Trump-endorsed Republican, in North Carolina's 13th Congressional District election
▼ + stars: | 2022-11-09 | by ( Hanna Kang | Jake Epstein | Nov | ) www.businessinsider.com time to read: +6 min

Democrat Wiley Nickel defeated Republican Bo Hines in North Carolina's 13th Congressional District. Raleigh MayorDemocrat Wiley Nickel, who is a member of the North Carolina State Senate, has defeated the Trump-endorsed Republican Bo Hines in North Carolina's 13th Congressional District. 2022 General EmbedsNorth Carolina's 13th Congressional District candidatesHines, 27, a political newcomer with virtually no experience, raised eyebrows even within the GOP when former President Donald Trump offered him his endorsement. If elected, he will replace Rep. Ted Budd — a staunch Trump ally and Republican nominee in North Carolina's US Senate race to replace retiring Republican Sen. Richard Burr. Voting history for North Carolina's 13th Congressional DistrictNorth Carolina's 13th Congressional District encompasses Johnston County and parts of Wake, Wayne, and Harnett counties.

☆ Bigger Affordable Care Act Subsidies Likely to Boost Enrollment
▼ + stars: | 2022-11-01 | by ( Stephanie Armour | ) www.wsj.com time to read: 1 min

The enrollment season in the 33 states that rely on the federal marketplace HealthCare.gov will run from Nov. 1 through Jan. 15. WASHINGTON—The open enrollment period beginning Tuesday under the Affordable Care Act is likely to see a brisk pace of sign-ups, public-health officials say, with consumers getting more federal financial help to buffer them from higher premiums next year. The enrollment season in the 33 states that rely on the federal marketplace HealthCare.gov will run from Nov. 1 through Jan. 15, while sign-up periods vary in states that run their own exchanges. Consumers must enroll by midnight on Dec. 15 for coverage that starts Jan. 1 on the federal exchange, where people can go to obtain coverage and learn about their eligibility for subsidies.

☆ U.S. banks processed roughly $1.2 billion in ransomware payments in 2021, according to federal report
▼ + stars: | 2022-11-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. banks and financial institutions processed roughly $1.2 billion in likely ransomware payments in 2021, a new record and almost triple the amount in 2020, according to a federal financial crimes watchdog. The report reflects a sweeping government effort to identify and report ransomware attacks following the hacking of U.S.-based Colonial Pipeline's IT network in May 2021. FinCEN said there were 1,489 ransomware incidents costing nearly $1.2 billion last year, a substantial rise from $416 million in damages recorded in 2020, according to the report. The agency said four of the overall top five ransomware attacks reported during this period are tied to Russia. In March, Biden signed a measure requiring some businesses to report certain cyber incidents and ransomware payments to the Cybersecurity, Infrastructure and Security Agency.

The court confronts this divisive issue four months after its major rulings curtailing abortion rights and widening gun rights. The court's 6-3 conservative majority is expected to be sympathetic toward the challenges to Harvard and UNC. The cases give the court an opportunity to overturn its prior rulings allowing race-conscious admissions policies. Blum's group said UNC discriminates against white and Asian American applicants and Harvard discriminates against Asian American applicants. UNC said there is a difference between a racist policy like segregation that separates people based on race and race-conscious policies that bring students together.

According to Harvard, around 40% of U.S. colleges and universities consider race in some fashion in admissions. The Supreme Court has been upheld such policies, most recently in a 2016 ruling involving a white woman who sued after the University of Texas rejected her. Ruling in favor of the plaintiffs could require the court to overturn its 2016 ruling and earlier decisions. 'DIVERSITY AND INCLUSION'The lawsuits accused UNC of discriminating against white and Asian American applicants and Harvard of discriminating against Asian American applicants. Circuit Court of Appeals found that Harvard's use of race was "meaningful" and not "impermissibly extensive" because it prevented diversity from plummeting.

The Supreme Court is scheduled to hear arguments in the two cases on Monday, with rulings due by the end of June. Blum's goal is for the Supreme Court to overturn its own precedents allowing race as a factor in admissions. Blum raised more than $8 million from 2015 to 2020 for Students for Fair Admissions, most going to covering legal fees. No Students for Fair Admissions members served as plaintiffs or testified in court in the Harvard and UNC cases as the group lost in lower courts. The Supreme Court in January agreed to hear appeals backed by Blum in both cases.

☆ Bo Hines, a Trump-endorsed Republican, faces off against Democratic state Sen. Wiley Nickel in North Carolina's 13th Congressional District election
▼ + stars: | 2022-10-21 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Republican Bo Hines is running against Democrat Wiley Nickel in North Carolina's 13th Congressional District. The 13th District is split between the urban Triangle and rural Sandhills. North Carolina's 13th Congressional District candidatesHines, 27, a political newcomer with virtually no experience, raised eyebrows even within the GOP when former President Donald Trump offered him his endorsement. If elected, he will replace Rep. Ted Budd — a staunch Trump ally and Republican nominee in North Carolina's US Senate race to replace retiring Republican Sen. Richard Burr. Voting history for North Carolina's 13th Congressional DistrictNorth Carolina's 13th Congressional District encompasses Johnston County and parts of Wake, Wayne, and Harnett counties.

☆ Elizabeth Warren blasts a federal court's 'lawless and reckless decision' striking down the funding mechanism for a top student-loan industry watchdog
▼ + stars: | 2022-10-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren, who helped create the agency, called the ruling a "reckless decision." "This is a lawless and reckless decision," Warren wrote on Twitter. "This reckless decision could stop the CFPB from enforcing rules that prevent debt collectors from harassing you," she added. Rules to stop financial firms charging you outrageous junk fees." "Other federal financial regulators and the entire Federal Reserve System are funded that way, and programs such as Medicare and Social Security are funded outside of the annual appropriations process," the spokesperson said.

☆ Biden's Education Department is notifying 8 million student-loan borrowers that they do not need to apply for debt cancellation and their relief will be automatically processed
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department is notifying around 8 million borrowers automatically eligible for relief. Those borrowers will not need to apply, but those who want to opt out must do so by November 14. Those eligible for automatic relief can also choose to submit a form if they want it processed sooner. The Washington Post first reported on Tuesday that the Education Department has started notifying those borrowers that they are eligible to have their loans wiped out automatically. Failure to do so means the relief will be processed for the borrowers after that deadline.

☆ Russia has added Meta to a list of 'extremist' and 'terrorist' organizations, a report says
▼ + stars: | 2022-10-11 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Russia has added Meta to its list of extremist and terrorist organizations, per Interfax. It means Meta services, such as Instagram and WhatsApp, are expected to be cut off in the country. Russia asked in March for Meta to be labeled as an "extremist organization." Vesna, the Russian anti-war movement, was also put on the list of organizations involved in terrorism and extremism on Tuesday, per Interfax. A court in Moscow then rejected Meta's appeal after it was found guilty of "extremist activity" in Russia, Reuters reported, citing Tass.

☆ A powerful group of lobbyists and donors pushed Mitch McConnell to take a 'hard red line' that delayed a stimulus bill for months
▼ + stars: | 2020-12-16 | by ( Kimberly Leonard | Dave Levinthal | ) www.businessinsider.com time to read: +19 min

A powerful group of business organizations has pushed for the liability shields and donated generously to McConnell and other Republicans. Photo by Alex Wong/Getty ImagesThe Chamber of Commerce's big giveThe Chamber of Commerce has been among the most vocal proponents of liability protections. Overall, however, Walmart's workers and PAC gave about evenly to Democrats as to Republicans this election. Its PAC gave $9,000 to McConnell's campaign and gave $3,000 to Cornyn. During the past three decades, McConnell has received robust support from some of the industries lobbying hard for liability protections.

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