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☆ CFPB warns about storing funds in payment apps like PayPal, Venmo
▼ + stars: | 2023-06-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Some consumers are using services like PayPal, Venmo, Cash App and Apple Pay for direct deposit of paychecks, or simply storing lots of cash in them. Payment apps, however, are not federally insured on the institution level. PayPal Holdings (PYPL), which owns both PayPal and Venmo, did not reply to a request for comment Friday. “Tens of millions of American consumers and small businesses rely on payment apps to better spend, manage, and send their money. The agency also noted the payment apps make money by investing funds their customers store on the apps, similar to how banks invest their customers deposits.

Persons: Rohit Chopra, ” Organizations: New, New York CNN, PayPal, Financial, Bureau, Valley Bank, Signature Bank, Bank, PayPal Holdings, Financial Technology Association Locations: New York

☆ McCarthy's moment: Debt ceiling vote secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

"Keep underestimating us and we'll keep proving to the American public that we'll never give up," McCarthy told reporters after the vote. But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, we'll, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Julia Nikhinson, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Gram Slattery, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, U.S, Capitol, REUTERS, House, Caucus, White, Thomson Locations: Washington, Washington . U.S, U.S, Washington , U.S

☆ McCarthy's moment: Debt ceiling win secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. The White House, for its part, contends that the talks between Biden and McCarthy were not a negotiation on the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, House, Caucus, White, Thomson Locations: Washington

☆ Money stored in payment apps like Venmo may be more vulnerable than bank deposits, CFPB says
▼ + stars: | 2023-06-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Money held in non-bank, peer-to-peer payment apps is not guaranteed for federal deposit insurance protection, which makes the funds more vulnerable, the Consumer Financial Protection Bureau warned on Thursday. More than three-quarters of U.S. adults have used a payment app, according to the Pew Research Center. Some invest the money in interest-earning loans and bonds instead of depositing into a traditional bank or credit union. But the insurance is only provided under certain conditions and does not protect users' money if the parent app collapses. Until then, app users must be proactive in moving money into an insured financial facility until a method is adopted, the agency said.

Persons: Millennials, Rohit Chopra, CFPB, Chopra, Elon Musk, Zelle Organizations: WASHINGTON, Consumer Financial, Pew Research Center, Twitter, PayPal Locations: U.S, Venmo

☆ FTC's Lina Khan presses ahead with sprawling antitrust plans in the face of GOP opposition
▼ + stars: | 2023-05-31 | by ( Chelsey Cox | ) www.cnbc.com time to read: +10 min

As she made history in leading the agency, Khan's sprawling oversight plans and focus on fair competition in markets drew pushback from GOP leaders who denounced them as "politicized." The backlash to Khan's antitrust platform has come from across the Republican caucuses in Congress — even as many GOP lawmakers have backed antitrust policies or slammed Big Tech companies. watch nowKhan has defended her positions, telling CNBC on May 10 that the FTC enforces antitrust laws passed by Congress. Jordan and other GOP House members have criticized the plan as a "power grab." But an FTC spokesperson said Khan's agency has jurisdiction over all fees except banking and airlines.

Persons: Lina M, Khan, Graeme Jennings, Lina Khan, Pete Buttigieg's, Rohit Chopra, Christine Wilson, Noah Joshua Phillips, Joe Biden's, Matt Stoller, Stoller, Lina, Republican Sens, Chuck Grassley, Mike Lee, Ken Buck, Jim Jordan, Grassley, David Cicilline, Sen, Amy Klobuchar, Elon Musk, Musk, Jordan, Jon Schweppe, Jordan tweeting, they're, Mo Cayer, Khan . Jordan, noncompetes, Trump, Wilson, Leslie Overton, Harkrider, Biden Organizations: Commerce, Science, Capitol, AFP, Getty Images, Biden, Federal Trade, Southwest Airlines, Republicans, Consumer Financial Protection, FTC, Yale University Law School, Washington , D.C, New Yorker, Columbia Law School, American Economic Liberties, Big Tech, Republican, GOP, CNBC, Congress, Rhode Island's, Committee, Twitter, GOP House, Elon, The New York Times, Times, University of New, Democratic, Junk Locations: Washington , DC, London, Washington ,, New, Iowa, Utah, Colorado, Ohio, House, Minnesota, University of New Haven, Connecticut, Khan ., Axinn

☆ U.S. debt ceiling deal is a 'classic compromise,' says PwC National Tax Office
▼ + stars: | 2023-05-29 | 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 EmailU.S. debt ceiling deal is a 'classic compromise,' says PwC National Tax OfficeRohit Kumar of the PwC National Tax Office says both sides have "things they can declare victory over."

☆ Citizens Bank fined $9 million for mismanaging fraud complaints
▼ + stars: | 2023-05-23 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The agency resolved its 2020 lawsuit against Rhode Island-based Citizens Bank for violating the Truth in Lending Act, which protects consumers against unfair credit billing and credit card practices. The CFPB said in its suit that the bank automatically denied fraud claims and billing error notices in certain circumstances. "As outstanding credit card debt approaches $1 trillion, the CFPB will be closely watching the conduct of the credit card industry." Citizens Bank noted that the issue involved a small subset of its credit card customers. Citizens Bank is among the 15 largest consumer banks in the U.S. with branches and ATMs in 14 states and Washington, D.C.

☆ Fintech Zamp, which helps companies navigate sales tax compliance, used this 12-page deck to raise a $4 million seed round
▼ + stars: | 2023-05-22 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Zamp is a startup that helps online sellers with sales tax compliance. Sales tax compliance laws are complex and constantly changing. Zamp is aimed at helping online sellers of all sizes manage their sales tax compliance. Additionally, sales tax compliance is handled on the state, county, city, and district levels, rather than the federal level. Zamp handles every aspect of sales tax compliance for the customer, from reporting and filing to handling notices from the state.

☆ Goldman Sachs says the US has an extra 8 days before it runs out of money to pay its bills. That could buy it more time to negotiate the debt ceiling.
▼ + stars: | 2023-05-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The US could default on its debt on June 8 or June 9, Goldman Sach's chief political economist told Bloomberg. The X-date is when the US can no longer pay its bills if the debt ceiling isn't raised. Treasury Secretary Janet Yellen has previously said the "X-date," or the date when the US can no longer pay its bills and risks a default, is June 1. But the actual deadline could be a week later than June 1, Alec Phillips, Goldman Sachs' chief political economist, told Bloomberg TV on Friday. While that may buy the US more time to negotiate a deal over raising the debt ceiling, it's still better to do it sooner or later, Phillips added.

☆ The homeowner basics of financing solar power for residential real estate
▼ + stars: | 2023-05-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +11 min

There are a host of complicated issues in the solar market, including some contentious politics. Last year, the growth of residential solar in the U.S. boomed. It won't repeat that in 2023, but will remain a large part of the solar market. Ohio, for example, has a state program that offers a reduced rate on a solar loan with certain lenders. GoodLeap (26% of the residential solar market) was No.

☆ Uber's AI potential is making it stand out among its peers. Here's what that could mean for its stock.
▼ + stars: | 2023-05-19 | by ( Michelle Fox | ) www.cnbc.com time to read: +11 min

All told, there is a nearly $6 trillion in revenue opportunity from AI across the internet industry, a March report from Morgan Stanley found. "UBER/LYFT/DASH already use ML [machine learning] in their matching algorithms (matching rides/eaters with drivers/couriers)," Morgan Stanley wrote in its report. AI tailwind for Uber Uber has both its ride-sharing service and UberEats food delivery business. According to Morgan Stanley, AI and machine learning will be a tailwind to network efficiency. "The extent to which AI drives substantial improvements in top-line growth could lead to teens upside [for the stock]," Morgan Stanley said.

☆ Here's the 12-page pitch deck a startup helping online sellers navigate the complicated world of sales tax compliance used to raise a $4 million seed round
▼ + stars: | 2023-05-17 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

☆ Amazon's Alexa head says company is 'at the forefront of A.I.' as chatbots explode
▼ + stars: | 2023-05-17 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

That's pressured companies like Amazon to showcase their own capabilities in generative AI. Amazon's biggest entry into the market thus far has been through an AI service for cloud customers. However, Rohit Prasad, Amazon's senior vice president and head scientist for Alexa, said it's wrong to think the e-retailer has missed out in generative AI, which allows people to convert text-based queries into creative and thorough answers. "Alexa has been and is at the forefront of AI for a long time," Prasad told CNBC in an interview. Large language models power generative AI, and Alexa is already powered by Amazon's LLM.

☆ A US debt default could spike borrowing costs like credit cards and mortgages, and 'every family should be concerned' says a consumer watchdog
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A US debt default could spike borrowing costs and should concern everyone, a consumer watchdog says. Democrats and Republicans have remained locked in an impasse over raising the $31.4 trillion debt ceiling. Every family should be concerned," Chopra told CNN. The debt ceiling impasse has even elicited some Hail Mary pass solutions. "The closer you get to it, you will have panic," Dimon told Bloomberg.

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

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

☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
▼ + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.

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

But some areas of potential compromise emerged after a White House meeting on Tuesday. Deep disagreements remained over competing pressures for spending cuts versus tax increases. Meanwhile, the White House reiterated its backing for legislation speeding government permitting of energy projects by setting maximum timelines. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut future spending. The last time the nation got this close to default was in 2011 - also with a Democratic president and Senate with a Republican-led House.

Time is tight to avoid a historic, economically destabilizing default, which the Treasury Department has warned could come as soon as June 1, but some areas of potential compromise emerged after a Tuesday White House meeting. Deep disagreements remained over competing pressures for spending cuts versus tax increases. Meanwhile, the White House reiterated its backing for legislation speeding government permitting of energy projects by setting maximum timelines. A White House fact sheet distributed on Wednesday said the administration "supports the important reforms" contained in a bill by Democratic Senator Joe Manchin. House and Senate Republicans, meanwhile, have said they will not authorize any additional borrowing without an agreement to cut spending.

☆ This is not like the 2011 debt ceiling crisis, warns fmr. sr. advisor to House Dem leader Jeffries
▼ + stars: | 2023-05-10 | 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 EmailThis is not like the 2011 debt ceiling crisis, warns fmr. sr. advisor to House Dem leader JeffriesMichael Hardaway, former senior advisor to House Democratic Leader Hakeem Jeffries, and Rohit Kumar, PwC's national tax office leaders and former deputy chief of staff to Sen. Mitch McConnell, join 'Squawk Box' to discuss the latest in debt ceiling negotiations, and what comes next after President Biden and House Speaker Kevin McCarthy failed to reach consensus during Tuesday's meeting.

Reuters spoke to political tacticians and advisers inside and outside the White House and Congress about tell-tale signals that could come from the meeting. The meeting is set to include Biden, McCarthy, Senate Democratic Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell and House Democratic minority leader Hakeem Jeffries. As invitees to the White House, they're not expected to bring any other lawmakers. MCCARTHY, BIDEN'S TONE BEFORE AND AFTERHeading into Tuesday's meeting, Biden and McCarthy have cast one another as stubborn, misguided and, at times, dangerous. White House officials say they want this to be a productive meeting, not just Washington theater.

☆ Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren
▼ + stars: | 2023-05-09 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren wants to know if credit card companies stand with the banks. Currently, credit card companies are permitted to fine consumers up to $41 for each missed credit card payment — no questions asked. The other nine credit card companies Warren sent the letter to did not immediately reply to a request for comment. She wanted to know why reducing credit card late fees would be any different. Warren also asked each credit card company to answer how much money they collect in credit card fees each year — and the proportion from low-income earners — and the actual cost of collecting those fees.

☆ India replace Australia as test No. 1 ahead of WTC final
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 2 (Reuters) - India ended Australia's 15-month reign as the number one test team in cricket on Tuesday ahead of the World Test Championship (WTC) final in June between the two sides. The annual update of the official rankings dropped the results from the 2019-20 season and reflects all series completed since May 2020. India are also the top-ranked T20 team ahead of world champions England. India and Australia face each other in the WTC final at the Oval on June 7. Reporting by Amlan Chakraborty in New Delhi; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon's retail, advertising, and AWS segments will rise in profitability, says Roth MKM's Kulkarni
▼ + stars: | 2023-04-28 | 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's retail, advertising, and AWS segments will rise in profitability, says Roth MKM's KulkarniRohit Kulkarni, Roth MKM managing director, and CNBC's Steve Kovach join 'Power Lunch' to discuss Amazon's recent quarterly report, the stock's performance, and more Big Tech earnings.

☆ Facebook-parent Meta soars as AI powers return to growth
▼ + stars: | 2023-04-27 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

The company is set to add nearly $60 billion to its market valuation, if premarket gains hold. The rally also lifted other tech companies from Snap Inc (SNAP.N) and Pinterest Inc (PINS.N) to Amazon.com Inc (AMZN.O) by as much as 3.3%. "If you want to be treated and valued like a growth stock, you need growth! And this is precisely what Meta delivered returning to growth... just as questions around a potential recession get louder," Bernstein analyst Mark Shmulik said in a note. "Year of efficiency (now) paves the way to AI offense," Roth MKM's Rohit Kulkarni said.

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