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☆ U.S. regulators warn they already have the power to go after A.I. bias — and they're ready to use it
▼ + stars: | 2023-04-25 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

The warning comes as Congress is grappling with how it should take action to protect Americans from potential risks stemming from AI. CFPB also plans to propose rules to ensure AI valuation models for residential real estate have safeguards against discrimination. "There is not an exemption in our nation's civil rights laws for new technologies and artificial intelligence that engages in unlawful discrimination," Chopra told reporters during a virtual press conference Tuesday. The FTC is also prepared to take action against companies that unlawfully seek to block new entrants to AI markets, Khan said. "The Civil Rights Division is committed to using federal civil rights laws to hold companies accountable when they use artificial intelligence in ways that prove discriminatory," Clarke said.

"It really seems like companies have become addicted to junk fees." Junk fees are making companies billions of dollars richer and the practice spans industries, including banking, telecom, entertainment and hospitality. CNBC sorted some of the biggest junk fee offenders into three separate buckets. "Junk hotel fees and these ancillary fees are bringing in about $3 billion a year for the hotel industry," Wolfe told CNBC, citing a Consumer Reports estimate. Watch the video above to learn more about where junk fees hide, how agencies are proposing changes, where policy falls short and whether increased regulatory oversight may be enough to squash junk fees once and for all.

☆ U.S. policing AI at companies to make sure it doesn't violate civil rights
▼ + stars: | 2023-04-25 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

April 25 (Reuters) - U.S. officials on Tuesday warned financial firms and others that use of artificial intelligence (AI) can heighten the risk of bias and civil rights violations, and signaled they are policing marketplaces for such discrimination. Increased reliance on automated systems in sectors including lending, employment and housing threatens to exacerbate discrimination based on race, disabilities and other factors, the heads of the Consumer Financial Protection Bureau, Justice Department's civil rights unit, Federal Trade Commission and others said. "Claims of innovation must not be cover for lawbreaking," Lina Khan, chair of the Federal Trade Commission, told reporters. The Consumer Financial Protection Bureau is trying to reach tech sector whistleblowers to determine where new technologies run afoul of civil rights laws, said Consumer Financial Protection Bureau Director Rohit Chopra. If companies do not even understand the reasons for the decisions their AI is making, they cannot legally use it, Chopra said.

McCarthy told reporters in the U.S. Capitol. Biden said Congress must raise the debt ceiling without conditions, as it did three times under Republican President Donald Trump. It could be difficult for Congress to raise the debt ceiling before then if House Republicans are unable to unite behind a proposal, analysts say. Treasury Secretary Janet Yellen warned on Tuesday that a failure to raise the debt ceiling would trigger a "financial catastrophe" that would sharply raise the cost of borrowing money. Manhattan Institute senior fellow Brian Riedl gives House Republicans a 50-50 chance of passing the legislation this week.

☆ Punjab's Arshdeep back in his element after fixing no-ball tendency
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

The problem persisted in the subsequent home series against New Zealand but Arshdeep was back in his element against Mumbai. It helped me with the no-ball problem," he said after claiming 4-29 in the high-scoring heart-stopping match. But Cameron Green (67) and Rohit Sharma (44) led a robust reply from Mumbai and then Suryakumar Yadav smashed 57 off 26 balls. Arshdeep was even more impressive, conceding just two runs and breaking the middle stumps of Tilak Varma and Nehal Wadhera in successive deliveries. "I guess Danny you should come next to me and feel the heart beat - it's not even close to 120," a beaming Arshdeep said.

☆ Leaked memo reveals Disney's new finance structure as more layoffs loom, with a reported 15% of entertainment staffers to be cut
▼ + stars: | 2023-04-22 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +8 min

Disney's chief financial officer, Christine McCarthy, named a new finance team pulling together staff from both Disney Entertainment and ESPN. McCarthy shared the details with staff this week, naming Bryan Castellani as the new chief financial officer of Disney Entertainment and ESPN. Under Castellani, Lukas Wickart will continue to oversee finance for direct-to-consumer streaming business Disney+, ESPN+, Hulu, and Star. Karen Sack will oversee finance for our entertainment television businesses, including TV studios and ABC News finance, marketing, and networks planning. Jeff Grenn will oversee segment consolidation for Disney Entertainment, and finance in support of Aaron LaBerge's technology organization across Disney Entertainment and ESPN.

Oil prices jumped over 6% on Monday, with U.S. crude futures topping $80 per barrel. The U.S. pumped nearly 12.5 million bpd in January, according to the latest government data. U.S. cash crude prices strengthened on Monday, with Mars Sour gaining 50 cents to trade at a $1.40 discount to U.S. crude futures . U.S. seaborne crude exports last month hit 4.74 million bpd, the highest monthly total since at least January 2020, Vortexa data showed. "This development should bode well for already strong U.S. crude exports with increased medium- and heavy-sour Canadian crude exports from the U.S. in order to supply a global market which is already short on sour crude," said Rohit Rathod, senior oil market analyst at Vortexa.

Apple launched its own buy now, pay later service this week. The system is integrated into the company's existing Apple Pay setup, meaning merchants won't have to opt-in to provide Apple Pay Later to customers, according to the company. "Many people are looking for flexible payment options, which is why we're excited to provide our users with Apple Pay Later." The study also found that those who are younger and with lower income are more likely to use buy now pay later services. "A common misconception of Buy Now, Pay Later borrowers is that they lack access to other forms of credit.

☆ Analysis: Rate rises pile pain on SME firms in U.S. and Europe
▼ + stars: | 2023-03-30 | by ( Chiara Elisei | ) www.reuters.com time to read: +6 min

Summary SME vulnerability to rate hikes gone under radarUS, European credit conditions tighteningUK SMEs especially vulnerable -analystsLONDON, March 30 (Reuters) - U.S. and European small and medium-sized (SME) firms may be next to feel the pain of rapid interest rate rises, with analysts and investors warily watching for the impact of tighter credit conditions exacerbated by recent banking turmoil. In the U.S. the average rate that small businesses pay on bank loans rose from around 5% to 7.6% in 2022, and is likely to hit about 9.5% by mid-year, Jefferies analysts estimate. British SMEs, hurt by weak growth, double digit inflation and rising Bank of England rates, are seen as particularly vulnerable. "The Government needs to demonstrate that it is on the side of small businesses who are feeling stressed and under huge margin pressure," McTague added. HARD TIMESMeanwhile the rate of small business loan approval at big U.S. banks meanwhile fell in February for nine straight months and business loan approvals at small banks has also fallen, said online financing platform for small businesses Biz2Credit.

Las Vegas, March 29 (Reuters) - Consumer and mid-sized banks are planning to monitor their internal processes more closely and hold more frequent discussions with regulators as the industry tries to move forward from weeks of turmoil, industry executives say. She spoke as senior executives from regional and mid-sized U.S. banks gathered alongside regulators for the association's annual conference this week. Consumer Financial Protection Bureau Director Rohit Chopra said regulators were focused on maintaining stability of the financial system. In recent weeks, President Joe Biden, Treasury Secretary Janet Yellen and industry executives have made public statements aimed at reassuring depositors. "The banking system is pretty sound," and large and regional banks are well-capitalized, Citigroup Inc (C.N) CEO Jane Fraser said last week.

March 28 (Reuters) - The recent failures of mid-size U.S. lenders show the need for more robust risk management at banks and fintechs, along with improved regulation, the head of the top consumer financial watchdog agency said on Tuesday. Consumer Financial Protection Bureau Director Rohit Chopra told a gathering of retail bankers in Las Vegas that regulators were looking at liquidity, interest-rate risk management, capital frameworks, resolution planning and stress testing. "It will be good for the industry to have some honest conversations with itself about what is the way for the regulatory framework to not create this type of risk," Chopra said. As head of the CFPB, Chopra also sits on the board of the Federal Deposit Insurance Corporation, which took over failed Silicon Valley Bank earlier this month. He also serves on the Financial Stability Oversight Council, created in the wake of the 2008 crash.

☆ U.S. watchdog orders Virginia debt collector to pay $24 mln for illegal practices
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - A Virginia company has agreed to pay $24 million over allegedly illegal debt collection practices, the top U.S. agency for consumer financial protection said on Thursday, calling this a repeat offense. In 2015 the CFPB ordered Portfolio Recovery Associates to cease collecting on debts without reasonable basis, selling debt, or threatening to sue or suing when they had no intent to prove their claims. The company agreed to pay $27 million to resolve these allegations. The latest $24 million payment agreement includes a fine, as well as repayment to consumers harmed, pending court approval. Portfolio Recovery Associates did not immediately respond to a request for comment.

☆ Some big internet companies are increasingly being viewed as defensive names: Investment bank
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSome big internet companies are increasingly being viewed as defensive names: Investment bankRohit Kulkarni of Roth Capital Partners says big tech companies like Amazon "overhired" in 2021 and 2022.

☆ Starc scythes down India as Australia win second ODI to level series
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +3 min

March 19 (Reuters) - Australian pacer Mitchell Starc ripped through India's lineup with five wickets to lay the platform for a crushing 10-wicket win in the second one-day international in Visakhapatnam on Sunday that levelled their three-match series at 1-1. "Starc in particular with the new ball, swinging it back down the line and putting them under early pressure. We didn't play to our potential and didn't apply ourselves with the bat," Rohit said after India's heaviest defeat in terms of balls remaining. He's been doing it for years for Australia with the new ball. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Some student-loan companies are 'ignoring' court orders and continuing to collect borrowers' debt after they received relief through bankruptcy, a federal consumer watchdog finds
▼ + stars: | 2023-03-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CFPB found some student-loan companies have continued to collect on debt that was discharged in bankruptcy. It comes after the Education and Justice Departments reformed bankruptcy guidance for borrowers last year. The student loan servicing industry should ensure that their collection practices are compliant with the law." The companies' unlawful misconduct only adds to the difficult process borrowers must face when attempting to get rid of their student debt through bankruptcy. The entire student loan industry should take notice—the days of cheating borrowers out of their legal right to bankruptcy are over."

March 15 (Reuters) - The U.S. consumer finance watchdog launched an inquiry on Wednesday to examine companies that track and collect personal data, requesting public feedback about the business models and practices data brokers use. In one of his first moves as CFPB director in 2021, Rohit Chopra ordered Amazon.com Inc, Apple Inc and Facebook Inc to hand over information about how they gather and use consumer payment data. “Modern data surveillance practices have allowed companies to hover over our digital lives and monetize our most sensitive data,” said CFPB Director Rohit Chopra in a statement. “Our inquiry will inform whether rules under the Fair Credit Reporting Act reflect these market realities.”The CFPB is asking the public to submit information about the types of data brokers collect and the sources they rely upon, as well as people's direct experiences with data brokers, including when they attempt to remove or correct their data. Reporting by Hannah Lang in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ House Republicans target the CFPB as the agency takes aim at 'junk fees'
▼ + stars: | 2023-03-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — Lawmakers discussed ways to reform, or altogether defund, the nation's foremost consumer protection agency on Thursday, as the regulator takes aim at illegal "junk fees" levied on consumers. GOP lawmakers in the hearing criticized the Biden administration's push to eradicate "junk fees," largely regulated by the CFPB. On Wednesday, the agency released a list of illegal junk fees encompassing deposit accounts; auto and mortgage loan servicing; and payday and title lending. Subcommittee member Rep. Blaine Luetkemeyer, R-Mo., said Chopra has used junk fees as an excuse to expand his authority. The CFPB's working definition of junk fees is "any fee they don't like," argued Devin Watkins, an attorney at the conservative-leaning Competitive Enterprise Institute.

☆ White House urges states to join government-wide crackdown on 'junk fees'
▼ + stars: | 2023-03-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew KellyWASHINGTON, March 8 (Reuters) - Top White House officials and the head of the Consumer Financial Protection Bureau (CFPB) on Wednesday will urge states to expand their efforts to crack down on surprise fees consumers are forced to pay on everything from rental housing to cable bills. The push is part of President Joe Biden's government-wide effort to reduce or eliminate so-called "junk fees" that jack up costs for consumers. loadingIt will also release a new guide that maps out actions states can take. "These junk fees, which are often not disclosed upfront and only revealed after a consumer has decided to buy something, obscure true prices and dilute the forces of market competition that are the bedrock of the U.S economy," the guide said.

☆ $52.6 billion is needed to protect the NYC area from coastal storms, according to a new plan proposed by the Army Corps of Engineers
▼ + stars: | 2023-03-04 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +2 min

That's how much the U.S. Army Corps of Engineers thinks it will take to protect the New York City area from coastal storms. Plan 3B offers the "best bang for the buck," said Bryce Wisemiller, a project manager for the U.S. Army Corps of Engineers' New York District. He said this is the most cost-effective plan to protect the region from storms that are likely to happen only once in 100 years. Residents can explore the 3B plan, as well as suggested plans 2, 3A, 4 and 5, at the Army Corps' interactive website. Watch the video here to learn more about the plan to protect the New York City area from coastal storms.

Feb 27 (Reuters) - The U.S. consumer financial watchdog agency on Monday said it had permanently barred California mortgage broker RMK Financial Corp. from the mortgage lending industry, accusing it of repeat violations against military personnel and their families. "Our action reflects our commitment to weed out repeat offenders, and we are shutting down this outfit for good," he said. According to the CFPB, Majestic Home Loan "tricked" military families by falsely claiming government affiliation while also deceiving borrowers about interest rates. The agency on Thursday announced a $10 million fine against the Georgia title lender TitleMax for allegedly making unlawful loans to military personnel and charging illegally high interest rates. The Supreme Court on Monday agreed to hear an appeal against an October ruling from the 5th U.S.

☆ U.S. consumer watchdog fines TitleMax $10 mln for 'illegal' lending
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - The U.S. consumer watchdog on Thursday fined TitleMax $10 million, saying the Georgia-based title lender illegally made thousands of auto loans to military borrowers over a five-year period, often charging interest rates well above legal limits. The Consumer Financial Protection Bureau said the business, which comprises an array of entities operating under TMX Finance LLC, was a repeat offender. From 2016 to 2021 TitleMax made nearly 2,700 prohibited auto loans to borrowers covered by the Military Lending Act and charged illegal fees on about 15,000 loans, the CFPB said. In its statement, TitleMax said the CFPB's factual and legal allegations were unproven and untrue. It also denied being a repeat offender, saying it had complied with all prior Bureau directions.

☆ Jadeja leads Australia's rout, India take 2-0 series lead
▼ + stars: | 2023-02-19 | by ( Amlan Chakraborty | ) www.reuters.com time to read: +3 min

Jadeja claimed a career-best 7-42 as he and Ravichandran Ashwin (3-59) routed Australia for a paltry 113 in their second innings at the Arun Jaitley Stadium. Skipper Rohit Sharma made 31 and Cheteshwar Pujara, who made 31 not out, scored the winning run in his 100th test. Earlier, resuming on a promising 61-1, Australia added 52 runs before Jadeja and Ashwin engineered a spectacular collapse. Once Jadeja sent back Marnus Labuschagne (35), the wheels came off Australia's innings with nine of the 11 batsmen posting single digit scores. Reporting by Amlan Chakraborty in New Delhi; editing by Michael Perry and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Wireless laser communications startup Transcelestial raises $10 mln
▼ + stars: | 2023-02-16 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +2 min

OAKLAND, Calif. Feb 16 (Reuters) - Singapore-based startup Transcelestial, which makes wireless laser communications equipment, said on Thursday it raised $10 million in a funding round led by Airbus Ventures. The funding will be used to boost internet infrastructure in Southeast Asia and India, Rohit Jha, CEO and co-founder of Transcelestial, said. Transcelestial's technology is basically fibre optics going wireless, Jha added. And you don't need these fibre cables anymore," said Jha. In addition to helping build out internet infrastructure more cheaply, wireless laser communications are more secure than using fibre optics, which can be tapped to steal data, Jha said, adding that if hackers try to intercept the laser beam, the devices just shut off.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ House, Senate to renew fight pitting child tax credit vs. corporate cash
▼ + stars: | 2023-02-15 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The fate of that corporate tax policy, supported by many Democrats, had been linked to the Democratic Party's desire for a deal on the child tax credit . But House and Senate members are getting ready to reintroduce legislation on the R&D tax credit. Indexing the child tax credit to inflation would also be a matter of tax policy that both parties might agree on as a way to enshrine future increases in law. But there's still the divide on the corporate tax priorities and child tax credit, and at a basic level, getting a bipartisan tax bill through the House and Senate and to the White House is always challenging. Many companies were surprised that the R&D tax credit did not get extended in the late year legislative package because it had so much bipartisan support.

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