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☆ Pension plans are pretty rare. Here's who still has them and how they work
▼ + stars: | 2023-09-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.

Persons: “ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York

☆ How big banks won the banking crisis
▼ + stars: | 2023-09-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Before the Bell: Now that the dust is hopefully settling on this year’s regional banking crisis, are there clear winners and losers in the banking sector? David Kotok: There’s no question the [global systemically important banks, G-SIB] won and the middle-sized banks — let’s call that banks with between $50 billion and $250 billion in assets — were the losers. So if you stand back from the immediate 2023 banking crisis, and you say, how many banks were there 20 years ago in the United States, how many banks are there today? The UK economy is bigger than we thoughtThe UK economy recovered from the Covid-19 pandemic much faster than previously thought, reports my colleague Hanna Ziady. For many office workers around the United States, it also means more return-to-office mandates.

Persons: JPMorgan Chase, Bell, David Kotok, he’s, SIB, Jamie Dimon, J.P, Morgan, hasn’t, Hanna Ziady, John Springford, Andy Jassy, CNN’s Jeanne Sahadi, unaddressed, Merck Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, UBS, JPMorgan, Republic Bank, Cumberland Advisors, —, Credit Suisse, First, Federal Reserve, Office, National Statistics, ONS, Centre, European Reform, Labor, Amazon, Business Locations: New York, Silicon, First Republic, United States, Jekyll, America, Hanna Ziady ., Germany, Canada, Japan, Italy, France, Britain

☆ The state of return-to-office policies: a post-Labor Day reset?
▼ + stars: | 2023-09-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —Some big-name employers are signaling they will get tough on enforcing their return-to-office mandates after Labor Day. It’s hard to say whether such moves by well-known companies signal a broader trend of employers getting serious about enforcing RTO policies. Meanwhile, one study suggests the hours employees spend at work on the days they do go in may be changing. The state of enforcementFor all the various data and research that seeks to capture the reality and impact of hybrid work policies, it’s hard to find nationally representative, statistically significant samplings of HR executives detailing their organization’s return-to-office policies or enforcement strategies. For example, the HR team at Gartner, which helps clients design and implement workplace policies, did a live poll survey of 225 of its HR clients during a webinar on May 31.

Persons: Andy Jassy, unaddressed, haven’t, webinar, “ Organizations: New, New York CNN, Labor, Amazon, Meta, Business, Merck, Kastle, Kastle Systems, Survey, Instituto Tecnologico Autonomo, Stanford University, The University of Chicago, Gartner, ” Locations: New York, Kastle, Instituto Tecnologico Autonomo de Mexico

☆ Little used tax-free benefit can help employees pay their student loans
▼ + stars: | 2023-08-29 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

That $5,250 is the federal cap on the amount of tax-free money that employers may offer to help defray employees’ qualified costs for their own education, including tuition and fees. In response to the Society of Human Resource Management’s 2023 employer benefits survey, only 8% of organizations said they offer student loan benefits to employees, a percentage that hasn’t changed for five years. But lawmakers who advocated for tax-advantaged employer benefits to help with student loan payments are concerned there hasn’t been enough public awareness of it. That may be of particular interest now that the yearslong pause in payments on federal student loans is expiring. But for anyone who also has to pay off private student loans, the amount they shell out every month is likely much higher.

Persons: it’s, “, hasn’t, Danny Werfel, —, Katie Lobosco Organizations: New, New York CNN, Society of Human, IRS, Federal Locations: New York

☆ The workplace can be rough for menopausal women. Employers are starting to step up
▼ + stars: | 2023-08-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

“The very topic of menopause has been taboo, particularly in the workplace, potentially further exacerbating the psychological burden of menopause symptoms,” the Mayo researchers noted. A 57-year old woman who has worked for years in the construction industry said she first experienced severe menopausal symptoms in her previous job. Menopausal symptoms might not be as troublesome at work if women could access more reliable information and care from their regular doctors. The plan lets any employee take up to 10 days off to address self-care issues of any kind, which the company notes can include dealing with menopausal symptoms. It was an attempt to find a way to help employees deal with their symptoms in ways they needed, Falcione told CNN.

Persons: “, ”, Mercer, it’s, White, “ I’ll, I’m, didn’t, Stephanie Faubion, you’re, ” Faubion, Faubion, Aaron Falcione, Falcione, Corina Leu, Leu Organizations: New, New York CNN, CNN, Mayo Clinic, Mayo, Mayo Clinic’s Center, Women’s Health, Merck, Mercer Locations: New York, United States, ”, Mayo

☆ Retirement savings: Average 401(k) account balances have risen, Fidelity finds
▼ + stars: | 2023-08-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Overall the average 401(k) balance rose to $112,400, up 4% from the first quarter. And compared to a decade ago, the average balance is 39% higher. In tracking savings growth over the past year, Fidelity found that the average 401(k) account for Baby Boomers rose 6.3%. That’s well above the second quarter average — $220,900 — for everyone in that age group. In the second quarter, Fidelity found that total contribution rates — the employee’s savings plus their employer matches — averaged 13.9% of one’s gross income.

Persons: Gen Xers, ”, Kevin Barry Organizations: New, New York CNN, Fidelity Investments, Fidelity, Boomers Locations: New York

New York CNN —Anyone in the United States who had a Facebook account in the past 16 years has roughly one week left to file for payment in a data privacy settlement case. That includes roughly 70 million US-based users’ private Facebook data that was accessed by the political consulting firm Cambridge Analytica, which had been working for the Trump presidential campaign in 2016. That hearing is scheduled for September 7 at 1 pm PT, according to the Facebook user privacy settlement website. Facebook users were allowed to “opt out” of being in the settlement class and preserve their right to sue. By joining the “settlement class,” and claiming a payment, you will no longer be able to sue Facebook or join others’ lawsuits against Facebook for matters covered by the settlement.

Persons: everyone’s, — Organizations: New, New York CNN, Meta, Facebook, Cambridge Analytica, Trump Locations: New York, United States

☆ Everyone Thought He Had Made the Famous Gown. It Was His Wife.
▼ + stars: | 2023-08-16 | by ( Vanessa Friedman | More About Vanessa Friedman | ) www.nytimes.com time to read: +1 min

That will be followed in November by “Iris van Herpen. All of which should add up to a potent reminder of the breadth and contributions of women designers — not to mention a spur for the future. They decided to team up, but the Covid-19 pandemic intervened, postponing the show to this year. The result showcases the work of about 70 designers held in the Costume Institute’s collection, which stretches from the turn of the 20th century to today and includes names both famous (Jeanne Lanvin, Claire McCardell) and little known (Augusta Bernard, Madeleine & Madeleine). And it is a reminder that once upon a time, the industry looked very different.

Persons: Gaby Aghion, ”, “ Iris van Herpen, —, Mellissa Huber, Karen Van Godtsenhoven, Huber, Van Godtsenhoven, Andrew Bolton, Jeanne Lanvin, Claire McCardell, Augusta Bernard, Madeleine Organizations: Jewish Museum, Institute Locations: New York, Paris

☆ Herbert J. Siegel, Investor in Major Media Deals, Dies at 95
▼ + stars: | 2023-08-10 | by ( Sam Roberts | More About Sam Roberts | ) www.nytimes.com time to read: +1 min

Herbert J. Siegel, a maverick investor who became a billionaire entertainment-industry mogul most notable for finally enabling the merger of Warner Communications and Time Inc. in 1989 and for selling 10 television stations to Rupert Murdoch’s News Corporation in 2000, died on Saturday at his home in Manhattan. Mr. Siegel, the gregarious son of an immigrant garment manufacturer, combined his boyhood passions — deal-making and an infatuation with the film industry — to reap massive profits. The humorist Art Buchwald once said that Mr. Siegel deserved an Academy Award for having earned the most money in Hollywood without ever making a movie. Mr. Siegel got started young; he was still in college when, flush with a trust fund from his father, he sought to purchase a 20 percent stake in the Philadelphia Eagles of the National Football League for $60,000. His bid was unsuccessful, so instead he bought an interest in a company that packaged television programs and that was partly owned by his father-in-law, an organizer of the Columbia Broadcasting System.

Persons: Herbert J, Siegel, Jeanne, —, Art Buchwald Organizations: Warner Communications, Time Inc, Rupert Murdoch’s News Corporation, Hollywood, Philadelphia Eagles, National Football League, Columbia Broadcasting System Locations: Rupert, Manhattan

☆ Gilder Center Flies, Wriggles and Surprises
▼ + stars: | 2023-08-10 | by ( Laurel Graeber | ) www.nytimes.com time to read: +1 min

The American Museum of Natural History has always been known for creatures — just not more than a million live ones. That may change, however, as a result of its Richard Gilder Center for Science, Education and Innovation. Since this new wing opened in May, almost 1.5 million people have visited the museum, and most are thought to have explored the four floors of the Gilder Center that are open to the public. But even repeat visitors like me are still discovering its many attractions, including crawling and flying animals, mostly of the small but mighty variety. But the center, which was designed by the architect Jeanne Gang and her firm, Studio Gang, has more than wiggly wildlife.

Persons: Richard Gilder, Jeanne Gang, Michael Kimmelman Organizations: American Museum of, Richard Gilder Center for Science, Innovation, Gilder Center, Studio, The New York Times Locations: Manhattan

☆ William Friedkin, ‘Exorcist’ director, dead at 87
▼ + stars: | 2023-08-07 | by ( Dan Heching | ) edition.cnn.com time to read: +3 min

CNN —William Friedkin, director of iconic 1970s films including “The French Connection” and “The Exorcist,” has died, his wife Sherry Lansing, the former CEO of Paramount Pictures, told The Hollywood Reporter on Monday. Friedkin won the Oscar for best director for “French Connection” in 1972, going on to be nominated for the same trophy again two years later for occult horror “Exorcist,” the genre-defying hit that racked up ten nominations and two statuettes. Curiously, Friedkin once told Cinephilia Beyond that his original intention wasn’t even to make a horror film with “The Exorcist.”“I recognize that audiences for generations have considered it a horror film,” he observed. “I won’t deny that, but when I set out to make it, the writer and I never had any concept of it as a horror film. He is survived by his wife, along with two sons, Jackson and Cedric Friedkin.

Persons: William Friedkin, ”, Sherry Lansing, Friedkin, Oscar, Friedkin’s, —, Al Pacino, Willem Dafoe, Ashley Judd, Michael Shannon, Harry Connick Jr, Tommy Lee Jones, Samuel L, Jackson, Jade, David Caruso, Linda Fiorentino, Amort, Kiefer Sutherland, Jason Clarke, Jake Lacy, William Peter Blatty –, Ellen Burstyn, Cinephilia, Exorcist’s, Stanley Kubrick, Arthur Penn, Mike Nichols, ’ ” Friedkin, Jeanne Moreau, Lesley, Anne Down, Kelly Lange, Lansing, Cedric Friedkin Organizations: CNN, Paramount Pictures, Hollywood, NPR Locations: L.A, ”, French, British

☆ William Friedkin, acclaimed 'Exorcist' director, dead at 87
▼ + stars: | 2023-08-07 | by ( Will Dunham | ) www.reuters.com time to read: +5 min

[1/3] Director William Friedkin attends a walking tour around Georgetown that focused on some of the film locations from the original Exorcist in Washington D.C., U.S. April 17, 2018. "The French Connection" won five Academy Awards, including best picture, best director for Friedkin and best actor for Gene Hackman, who Friedkin initially did not want in the memorable role of New York narcotics detective Popeye Doyle. "The Exorcist" was nominated for 10 Academy Awards, including best picture and best director for Friedkin. In "The French Connection," cops played by Hackman and Roy Scheider in the decaying New York City of the early 1970s track a French heroin smuggler. William David Friedkin was born on Aug. 29, 1935, and grew up in Chicago, the son of poor Ukrainian immigrants.

Persons: William Friedkin, Carlos Barria, ", Friedkin, Sonny, Cher, Gene Hackman, Popeye Doyle, Linda Blair, Tom Huddleston, they're, William Petersen, Willem Dafoe, Ashley Judd, Joe, Matthew McConaughey, Billy, Hackman, Roy Scheider, William Peter Blatty's, Blair, Oscar, levitates, Mercedes McCambridge, Al Pacino, Gay, William David Friedkin, Sherry Lansing, Jeanne Moreau, Lesley, Anne Down, Kelly Lange, Will Dunham, Danielle Broadway, Bill Trott, Rosalba O'Brien Organizations: Washington D.C, REUTERS, Creative Artists Agency, Chicago TV, Thomson Locations: Georgetown, Washington, York, L.A, New York City, Chicago, Hollywood, Los Angeles

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ Billionaire investor Leon Black is accused of raping teen in Jeffrey Epstein’s NY townhouse
▼ + stars: | 2023-07-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. A spokesman for Black, Whit Clay, echoed Estrich’s denial, saying the law firm “has an agenda” and that its credibility has been impugned by the dismissal of the previous suit. An internal Apollo investigation that documented his $158 million payment to Epstein found no wrongdoing. The latest suit is the third to publicly accuse Black of rape.

Persons: New York CNN —, Leon Black, Jeffrey, Jane Doe, ”, Black, Susan Estrich, ” Estrich, Whit Clay, “, Jeanne M, Christensen, ” Black, Epstein, Cheri Pierson, ” Epstein, Jeffrey Epstein, Ghislaine Maxwell, Sen, Ron Wyden, ” Black’s, Doe, — CNN’s Elisabeth Buchwald, Ramishah Maruf Organizations: New, New York CNN, Apollo Global Management, New York Times, Street, CNN, Finance Locations: New York, Manhattan, New York City

☆ Interest rates just went up again: What the latest Fed move means for you
▼ + stars: | 2023-07-26 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

And the Fed’s preferred inflation measure — the core Personal Consumption Expenditures Index — inched down to 4.6% in its latest reading. Credit cards remain very expensiveWhen Fed rates go up, so do credit card rates. So it’s not surprising that card rates in the past year have been trending at around 20-year highs. As of July 19, the average credit card interest rate is 20.44%, down slightly from the 20.58% recorded the week before, according to Bankrate.com. Second-quarter data from the Fed shows the average rate for them is 22.16%.

Persons: ”, Greg McBride, Michele Raneri, you’ll, it’s, Matt Schulz, Cardholders, Freddie Mac, they’d, McBride, Anna Bahney Organizations: New, New York CNN, Federal Reserve, Consumer, JPMorgan Chase, Bank of America, Fed, LendingTree Locations: New York

☆ Global tax loss: Countries could lose trillions in revenue to tax havens in next decade
▼ + stars: | 2023-07-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.

Persons: TJN, ”, Alex Cobham, Cobham, “ Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States

☆ Lawsuit accuses billionaire Leon Black of raping autistic teenager at Jeffrey Epstein's townhouse
▼ + stars: | 2023-07-25 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, May 1, 2018. A federal lawsuit filed Tuesday accused Leon Black, the billionaire co-founder of Apollo Global Management, of raping a then-16-year-old girl with autism in 2002 at the Manhattan townhouse of disgraced financier Jeffrey Epstein. "Wigdor's prior case against Mr. Black was recently thrown out by the Court and this one will be too. "This sham proceeding will be promptly dismissed and will provide further ammunition for Mr. Black's pending sanctions motion against the Wigdor firm," the lawyer said. The bid for sanctions also references Guzel Ganieva, who was represented by Wigdor in a 2021 lawsuit accusing Black of sexual assault and defamation was dismissed in May.

Persons: Leon Black, Jeffrey Epstein, Epstein, Ghislaine Maxwell, Wigdor, Black, Jane Doe, Jeanne Christensen, Jane Doe's, " Christensen, Susan Estrich, Estrich, Black's, Cheri Pierson, Pierson, Guzel Ganieva, Ganieva Organizations: Apollo Global Management, Milken, Global Conference, Black, New York Times, U.S . Virgin, Senate Finance, New York Supreme, Wigdor Locations: Beverly Hills , California, Manhattan, U.S, New York, Epstein's Manhattan

NEW YORK, July 25 (Reuters) - The billionaire investor Leon Black was sued on Tuesday by an autistic woman who says he raped her in the disgraced financier Jeffrey Epstein's mansion in Manhattan in 2002, when she was 16. Black co-founded private equity firm Apollo Global Management (APO.N), which he left in 2021. Black has denied other sexual abuse accusations, including in a dismissed lawsuit by former Russian model Guzel Ganieva, and a lawsuit by Cheri Pierson who also claimed he raped her in Epstein's home two decades ago. The billionaire has also reached a $62.5 million settlement with the U.S. Virgin Islands, where Epstein had a home, to avoid a possible lawsuit. The case is Doe v Black, U.S. District Court, Southern District of New York, No.

Persons: Leon Black, Jeffrey Epstein's, Jane Doe, Black, Epstein, Ghislaine Maxwell, Susan Estrich, Estrich, Doe, massages, Jeanne Christensen, Cheri Pierson, Jonathan Stempel, Kanishka Singh, Daniel Wallis Organizations: YORK, Apollo Global Management, Forbes, U.S ., Court, Southern District of, Washington , D.C, Thomson Locations: Manhattan, New York City, Russian, U.S . Virgin Islands, U.S, Southern District, Southern District of New York, New York, Washington ,

☆ FedNow: A new instant payment system may be coming to a bank near you
▼ + stars: | 2023-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network. If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow. And some initially may only offer to receive FedNow payments for their customers, but not send them. And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.

Persons: ”, Jerome Powell, “, it’s, Wells Organizations: New, New York CNN, Federal Reserve, Service, FedNow Service, …, Fiscal Service, JPMorgan Chase, Community Bank Locations: New York, Treasury’s, Wells Fargo

☆ Powerball is fun, but here are 3 better ways to increase your wealth
▼ + stars: | 2023-07-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —There are zero things wrong with fantasizing about winning tonight’s billion-dollar Powerball jackpot drawing. And dropping $5 to $10 to buy lottery tickets or scratch-offs on occasion can be considered entertainment spending. Yet Americans spent nearly $108 billion on lottery tickets last year, according to the North American Association of State and Provincial Lotteries. If that’s the case for you, why not spend most of your lottery money on experiences you know you like doing now. Think of it this way: Let’s say you spend $35 a week on lottery tickets ($1,820 a year).

Persons: ”, Tiffany Aliche, ” Aliche, — CNN’s Chris Isidore Organizations: New, New York CNN, North American Association of State, Provincial, TheBudgetnista.com, Richer Academy Locations: New York

☆ Share your story: Menopause at work
▼ + stars: | 2023-07-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: 1 min

New York CNN —Once taboo to discuss anywhere — much less at work — menopause is increasingly entering the public consciousness as something to be acknowledged and supported. But what kind of specific support, if any, should employers provide? If you’re a working woman who is perimenopausal or already in menopause, we would love to hear how you’ve managed symptoms while on the job and whether you feel adequately supported by the general health and wellness benefits your employer already has in place or if you wish there were additional ones on offer that are more targeted to your needs at this time. If you’re willing to share your experiences on the record for possible inclusion in a future story, please fill out the form below. We will not include anything in an upcoming article, though, without first reaching out to you and interviewing you.

Persons: you’ve Organizations: New, New York CNN Locations: New York

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. Bank of America noted in an email to CNN that those fees were eliminated last year. In 2014, it was ordered by the CFPB to pay $727 million in redress to consumers for illegal credit card practices.

Persons: Wells, ”, Rohit Chopra, Bank of America “, “ Organizations: New, New York CNN, Bank of, Consumer Financial Protection Bureau, Bank of America, Currency, “ Bank of, OCC, CNN, of America Locations: New York, United States

☆ Why credit card late fees may drop to $8
▼ + stars: | 2023-07-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

How things might changeIf no substantive changes are made to the proposal, here is how late fees would change, relative to current rules. Today, they may charge you automatically up to $41 ($30 for your first late payment but $41 for subsequent ones). But since the CFPB hasn’t seen today’s late fees exceed $41, it is unlikely you would see late fees as high as those examples suggest, Shearer noted. Among them, they assert that the CFPB’s estimates don’t account for the costs associated with uncollected late fees or the forgiveness of late fees by financial institutions. As a result, the cost of credit will increase, credit availability will drop, and rewards and other credit card features will decline and some may disappear,” the letter stated.

Persons: Brian Shearer, Rohit Chopra, Shearer, ”, “, ” CFPB’s Shearer Organizations: New, New York CNN, Consumer Financial, American Bankers Association, Consumer Bankers Association, National Association of, ABA Locations: New York

☆ Amazon Union Dissidents, in Challenge to Leader, Move to Force Vote
▼ + stars: | 2023-07-10 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

On Friday, the reform caucus sent the union’s leadership a letter laying out its proposal to hold prompt elections, saying it would go to court Monday if the leadership didn’t embrace the proposal. The group said in its letter that enacting the proposal could “mean the difference between an A.L.U. which is strong, effective, and a beacon of democracy in the labor movement” and “an A.L.U. which, in the end, became exactly what Amazon warned workers it would become: a business that takes away the workers’ voices.”Mr. Smalls said in his text that the union leadership had worked closely with its law firm to ensure that its actions were legal, as well as with the U.S. Labor Department. Jeanne Mirer, a lawyer for the union, wrote to a lawyer for the reform caucus that the lawsuit was frivolous and based on falsehoods.

Persons: Connor Spence, Brett Daniels, Brima, ” Mr, Smalls, Jeanne Mirer, Spence, ” Organizations: Amazon, U.S . Labor Department Locations: Staten

☆ Jamie MoCrazy: She nearly died in a skiing accident - now, she wants to help others who have suffered traumatic brain injuries
▼ + stars: | 2023-07-09 | by ( Aimee Lewis | ) edition.cnn.com time to read: +11 min

She went into a natural coma, was intubated on the mountain and a battle began to save her life. It was the beginning what the former skier calls the second version of herself, “Jamie 2.0.” Recovery was slow, often painful. MoCrazy had been intubated for such a lengthy period that it took two months for her to re-learn to swallow. Her mom forced her to learn algebra again, the argument being that her brain had to relearn its critical thinking skills. “And the fact that I am a White, privileged, accomplished athlete with finances made a huge difference in my recovery.

Persons: Jamie MoCrazy, ”, Mauzy, –, Jeanee, MoCrazy, Jeanne, Grace, “ Jamie, ” Jeanne, “, ” MoCrazy, Jamie McCrazy, Reggie, Simon d'Artois “, “ I’m, Amy, Darryl Dyck, I’m Organizations: CNN, CNN Sport, GillianHunterPhotography.com, Westminster College, MoCrazy, Vancouver General Hospital, Canadian Press, Capitol Locations: Vancouver, Canada, Crane, North America, Connecticut, Salt, Salt Lake City, New Zealand

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