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☆ Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increases
▼ + stars: | 2024-03-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Provisions of the TCJA — a landmark tax law proposed by the Trump administration and passed by Congress in 2017 — that are set to expire in 2025 include the child tax credit. An additional "other dependent credit" offers a tax credit of $500 to people with less than $400,000 in income who have qualified dependents who are ineligible for the child tax credit. Biden's budget will restore the expanded child tax credit, the White House has said. "Would you agree that if the TCJA child tax credit provisions are not extended, this would also result in a tax hike for Americans making under $400,000?" The budget would impose a minimum 25% tax rate on the unrealized income of the very wealthiest households and raise the IRA's corporate alternative minimum tax for billion-dollar companies from 15% to 21%, while increasing the larger corporate tax rate to 28%.

Persons: Janet Yellen, Joe Biden's, Biden, Sen, Steve Daines, Yellen, Daines, Trump, Mike Crapo, pare Organizations: Treasury, Capitol, WASHINGTON —, Congress, White, Child Tax, Rescue, National Conference of State Legislatures, . Census, House Republicans, Lawmakers, Department of Homeland Security Locations: Washington , U.S, Idaho

☆ House passes bill to bar data brokers from selling sensitive personal information to U.S. adversaries
▼ + stars: | 2024-03-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Representative Cathy McMorris Rodgers (R-WA), chair of the House Energy and Commerce Committee speaks during the hearing with TikTok CEO Shou Zi Chew before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill on March 23, 2023 in Washington, DC. Rodgers and Pallone, the respective chair and ranking member of the Energy and Commerce Committee, introduced the bill to prohibit data brokers from selling sensitive data to certain countries in March. The strong showing "should help build momentum to get this important bipartisan legislation, as well as more comprehensive privacy legislation, signed into law this Congress," the lawmakers said. The bill bans organizations that profit from selling personal data, known as data brokers, from making data accessible to a foreign adversary country or entities controlled by adversaries. The legislation follows earlier efforts by the Biden administration to hold data brokers who sell highly sensitive information more accountable by bolstering the Fair Credit Reporting Act.

Persons: Cathy McMorris Rodgers, Shou Zi Chew, Frank Pallone, Rodgers, Pallone, Biden Organizations: House Energy, Commerce, WASHINGTON, Wednesday, Energy, Federal Trade Commission Locations: Rayburn, Washington , DC, United States, China, Iran, North Korea, Cuba, Russia, Venezuela, American, TikTok, U.S

☆ Labor unions, domestic manufacturing groups launch coalition to reform de minimis import loophole
▼ + stars: | 2024-03-06 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

-WASHINGTON — Labor unions, domestic manufacturers, business associations and other interest organizations on Wednesday announced a bipartisan coalition to target an import loophole allowing billions of un-taxed goods into the U.S."The coalition we have assembled is a testament to the mounting pressure to close the de minimis loophole," Rep. Earl Blumenauer, D-Ore., said. The ranking member of the House Ways and Means Subcommittee on Trade is working in conjunction with the new Coalition to Close the De Minimis Loophole. CBP said it processed over 1 billion de minimis shipments in FY '23, according to a report last modified on March 1. The company has been valued at over $66 billion according to a November report, while PDD reported third-quarter revenue of $9.44 billion that month. "Our industry has lost astonishingly 10 plants in five months as a result of the de minimis loophole," Glas told reporters.

Persons: Rep, Earl Blumenauer, minimis, Blumenauer, Mike Gallagher, Gallagher, Neal Dunn, Sherrod Brown, Marco Rubio, Dunn, Dan Bishop, Rosa DeLauro, Conn, Shein, PDD, Kim Glas, Glas Organizations: Port, WASHINGTON — Labor, Wednesday, Trade, Coalition, Chinese Communist Party, U.S . Customs, CBP, CNBC, House CCP Committee, PDD Holdings, National Council of Textile Organizations, AFL, Alliance for American Manufacturing, Coalition for, Prosperous Locations: China, Port of Los Angeles, Long Beach , California, U.S, United States, Sens, Ohio, Singapore, Prosperous America

☆ Super Tuesday live updates: Trump looks to finish off Haley as Biden shifts to general election
▼ + stars: | 2024-03-05 | by ( Kevin Breuninger Dan Mangan Brian Schwartz Rebecca Picciotto Chelsey Cox | Kevin Breuninger | Dan Mangan | ) www.cnbc.com time to read: +1 min

As a result, Tuesday's outcomes in the presidential primaries are less about predicting who will be the eventual nominee, and more about gauging general election momentum eight months out from November. President Joe Biden and former President Donald Trump hold commanding leads in the polls of their parties' voters. Perhaps even more exciting than the presidential primaries are several competitive down-ballot races with major implications for national politics. Primaries in California's Senate race and North Carolina's gubernatorial contest are two that merit special attention. In California, the battle to fill the late Democratic Sen. Dianne Feinstein's seat is already the most expensive Senate race in the state's history.

Persons: Joe Biden, Donald Trump, Trump, Nikki Haley, Democratic Sen, Dianne Feinstein's, Adam Schiff, Roy Cooper Organizations: Biden, Republican, South Carolina Gov, California's Senate, North, Democratic, Gov, Democrats Locations: California's, California, North Carolina

☆ Treasury watchdog on a 'full court press' to spread awareness of new business registry rules
▼ + stars: | 2024-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Brian Nelson, US Treasury under secretary for terrorism and financial crimes, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, Feb. 14, 2024. The hearing is titled "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." WASHINGTON — Over 700,000 companies have submitted data to Treasury's new beneficial ownership information registry, a senior Treasury official said on Wednesday. Nelson said the agency has been "on a full court press" to spread awareness about the registry. Nelson said Treasury has been utilizing multi-lingual guidance, informational webinars, YouTube, and is collaborating with Secretaries of State and Chambers of Commerce to inform business owners.

Persons: Brian Nelson, Nelson Organizations: US, Financial, Terrorism, Financial Intelligence, Treasury, year's, Treasury Department, Hudson Institute, Network, New, YouTube, of State, Chambers of Commerce, Force Locations: Washington , DC, WASHINGTON, United Kingdom, United States

☆ Commerce Secretary Raimondo: U.S. set to become a major hub of leading-edge logic chip manufacturing
▼ + stars: | 2024-02-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

"Our investments in leading-edge logic chip manufacturing will put this country on track to produce roughly 20% of the world's leading-edge logic chips by the end of the decade," Raimondo said during a speech at the Center for Strategic and International Studies. "It takes tens of thousands of leading-edge semiconductor chips to train a single large language model." The Taiwan Semiconductor Manufacturing Company, which manufactures chips for companies such as Apple and Nvidia , is currently the world's largest, most advanced contract chip maker. Chinese chipmaker Semiconductor Manufacturing International Corporation appears to have defied U.S. sanctions in recent months by manufacturing advanced chips and is preparing to produce five nanometer chips for technology corporation Huawei. "At the outset, we said we would invest about $28 billion of the program's $39 billion in incentives for leading-edge chip manufacturing," Raimondo added.

Persons: Gina Raimondo, WASHINGTON —, Biden, " Raimondo, Raimondo, SMIC Organizations: Science, Technology, Washington , D.C, WASHINGTON, Center for Strategic, International Studies, U.S . Department of Commerce, McKinsey & Company, McKinsey, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, chipmaker Semiconductor Manufacturing International Corporation, Huawei, U.S, Commerce, CNBC PRO Locations: Rayburn, Washington ,, U.S, China

☆ FCC finalizes rules for 'all-in' cable and satellite pricing; commission to vote in March
▼ + stars: | 2024-02-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The Federal Communications Commission's final rules are largely similar to those the agency initially proposed last year. The commission plans to vote to adopt the new requirement during its upcoming March 14 open meeting. The commission voted in December to adopt a proposal to ban cable and satellite companies from charging early termination fees. The agency is also gearing up to enforce a new labeling format for broadband internet service providers, starting in April. "These fees really add up: according to one report, they increase customer bills by nearly 25% of the price of base service," said Biden.

Persons: WASHINGTON —, Jessica Rosenworcel, Biden, Joe Biden Organizations: Federal Communications Commission, Wednesday, Federal Communications, FCC Locations: Washington ,, WASHINGTON

☆ FCC to vote in March on rules for 'all-in' cable and satellite pricing
▼ + stars: | 2024-02-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

The Federal Communications Commission's final rules are expected to be largely similar to those the agency initially proposed last year. The commission plans to vote on a final version of the rules during its upcoming March 14 open meeting. "Not only will this reduce cost confusion and make it easier for consumers to compare services, but this proposal will also increase competition among cable and broadcast satellite providers through improved price transparency," said Rosenworcel. The commission voted in December to adopt a proposal to ban cable and satellite companies from charging early termination fees. The agency is also gearing up to enforce a new labeling format for broadband internet service providers, starting in April.

Persons: WASHINGTON —, Jessica Rosenworcel Organizations: Federal Communications Commission, Wednesday, Federal Communications Locations: Washington ,, WASHINGTON

☆ Budget office projects Biden green energy plan will cost much more than initial estimate
▼ + stars: | 2024-02-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The U.S. budget deficit will grow by an estimated $1 trillion over the next 10 years, the nonpartisan Congressional Budget Office projected in a new report Wednesday. "I came to office determined to ... face the existential threat of climate and still grow, to fundamentally change our economy, and to transition this country to a clean energy future," Biden said last October. Taken together, CBO estimates that the impact of new emissions standards, clean energy tax credits and falling gas tax revenue as people buy less gas, will add $25 billion to the budget deficit this year. "Those costs reflect new emissions standards, market developments, and actions taken by the administration to implement the tax provisions." The CBO also noted that there are still many unknowns about how green energy will impact the economy and the federal budget longer term.

Persons: WASHINGTON, Joe Biden's, Biden, Philip Swagel, EPA's Organizations: CBO, Environmental Protection Agency Locations: The, U.S

☆ FTC fines Kubota $2 million in largest ever 'Made in the USA' penalty
▼ + stars: | 2024-01-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Federal Trade Commission on Friday announced that it fined Kubota, one of the world's largest tractor manufacturing companies, $2 million for mislabeling some of its replacement parts as "Made in the USA." "Today's settlement includes the largest civil penalty assessed for violating the Made in USA Labeling Rule," said Samuel Levine, director of the FTC's Bureau of Consumer Protection. "The FTC will continue cracking down on deceptive Made in USA claims that cheat consumers and honest businesses." Kubota said in a statement that it "cooperated fully with the FTC" and is voluntarily addressing its concerns. "All parts in this matter sold to customers since 2021 were produced by approved Kubota suppliers, and Kubota continues to stand behind these parts as 'Kubota Genuine Parts,'" the company said.

Persons: WASHINGTON, Kubota, Samuel Levine, Ran Reske Organizations: Federal Trade Commission, Consumer, FTC, Kubota North America Corporation, U.S, Established, Dallas Morning News Locations: USA, FTC's, Dallas, U.S, Japan, Southern California

☆ Watch live: Treasury chief Yellen touts GDP numbers as a boon to the middle class
▼ + stars: | 2024-01-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Treasury Secretary Janet Yellen praised the positive economic growth numbers on Thursday as a benefit for the middle class. "Instead of contracting, the economy has continued to grow, driven by American workers and President Biden's economic strategy." Economic growth for all of 2023 also beat the Wall Street outlook at the start of the year. Consumer spending, measured by core prices for personal consumption expenditures, also rose 2% in Q4 while the headline rate was 1.7%. The rate of inflation reached record highs in 2022.

Persons: Janet Yellen, Joe, Biden, Yellen, Biden's Organizations: Economic, of Chicago, Commerce Department, Federal Reserve Locations: WASHINGTON

☆ New Hampshire primary live updates: Nikki Haley battles Donald Trump to the finish as voters hit the polls
▼ + stars: | 2024-01-23 | by ( Kevin Breuninger Dan Mangan Rebecca Picciotto Chelsey Cox | Kevin Breuninger | Dan Mangan | ) www.cnbc.com time to read: +1 min

Voters in New Hampshire are casting the first primary votes of the 2024 presidential election in more than 300 voting locations across the Granite State. New Hampshire Secretary of State David Scalan said he expects turnout will exceed 400,000 voters, with the lion's share of those ballots being cast in the Republican primary. If those trends hold, the first Republican primary of the cycle could end up being the party's last competitive nominating contest this year. And with around 40% of voters neither a registered Republican nor a Democrat, the state is still far from a done deal for Trump. The party's incumbent, President Joe Biden, is not on the ballot, and the results will not affect delegate allocations later this year.

Persons: State David Scalan, Donald Trump, Nikki Haley, Ron DeSantis, Trump's, Haley, Joe Biden Organizations: NBC, New, State, Republican, GOP, South Carolina Gov, Florida Gov, Suffolk University, Boston Globe, Democrat, Trump, Democratic National Committee Locations: New Hampshire, Granite State, Suffolk, Boston, South Carolina

☆ Biden administration unveils proposed changes to big banks' overdraft fees
▼ + stars: | 2024-01-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Samuel Corum/Bloomberg via Getty ImagesWASHINGTON — The Consumer Financial Protection Bureau on Wednesday unveiled long-awaited changes to how the nation's biggest banks structure overdraft protection plans. Since 2000, American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data. During that time, the annual revenue big banks derived from overdraft fees soared, helped along by the boom in consumer debit cards tied directly to checking accounts. Taken together, these banks typically account for more than 80% of the overdraft fees charged in any given year. Banking trade groups deeply opposed to any changes in the overdraft rules have already begun to mobilize opposition, which is only expected to grow.

Persons: Washington . Samuel Corum, Joe Biden, Parks, Lael Brainard, Andrew Caballero, Reynolds, CFPB, Biden Organizations: Consumer Financial, Bloomberg, Getty Images WASHINGTON, National Economic, White, AFP, Getty, Banking, Consumer Bankers Association Locations: Washington ., Washington ,

☆ Nikki Haley refuses more presidential debates unless Trump participates
▼ + stars: | 2024-01-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Former U.S. President Donald Trump meets with Nikki Haley, then-U.S. WASHINGTON — Nikki Haley said she would not participate in any further primary debates unless front-runner Donald Trump is on stage. The former president won a landslide victory Monday in the Iowa Caucus, the first contest of the 2024 presidential nomination. "I won't snub New Hampshire voters like both Nikki Haley and Donald Trump, and plan to honor my commitments. Polls have Haley running just behind Trump in the state, some polls by as little as 7 points.

Persons: Donald Trump, Nikki Haley, WASHINGTON — Nikki Haley, Haley, Ron DeSantis, DeSantis Organizations: U.S, United Nations, White, Washington , D.C, Iowa Caucus, Florida Gov, Boeing, New, Trump, CNBC PRO Locations: Washington ,, Iowa, South Carolina, Hampshire, Granite State, New Hampshire

☆ Nikki Haley campaign site lacks policy platform, simple way to evaluate positions
▼ + stars: | 2024-01-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

No surprise then, that Haley's presidential campaign website features a "Record of Results" tab with more than a dozen subtopics. The competitionTypically, a presidential campaign makes it as easy as possible for the public to learn what the candidate would do if elected. But a curious voter who visited Haley's campaign website would need to navigate through press clips and TV appearances to find one. CNBC reached out to Haley's campaign to ask why they do not have a comprehensive policy agenda on the campaign site. The link revealed something unexpected: The document did not appear under any of the sections into which Haley's campaign site was divided, like "News," or "About Nikki" or "Action Center."

Persons: Ron DeSantis, Nikki Haley, Mike Segar, Reuters WASHINGTON, Haley, Donald Trump, Vivek Ramaswamy, Asa Hutchison, Nikki, Peter Zay Organizations: Former U.S, United, CNN, Drake University, Reuters, Republican, Trump, United Nations, Israel, Florida Gov, U.S . Marine, Former Arkansas Gov, CNBC, Republican Party, Bluffton SC, Anadolu, Getty Locations: Florida, Former, Des Moines , Iowa, U.S, Carolina, www.nikkihaley.com, Bluffton, United States

☆ Haley, DeSantis clash over Disney and government's role in business
▼ + stars: | 2024-01-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Ron DeSantis and former U.S. Ambassador to the United Nations Nikki Haley participate in the Republican presidential debate hosted by CNN at Drake University in Des Moines, Iowa, on Jan. 10, 2024. Ron DeSantis and Nikki Haley butted heads Wednesday night over the role of government in regulating private business practices during the final Republican primary debate before the Jan. 15 Iowa caucuses. "Now, Nikki Haley sided with Disney. The exchange between Haley and DeSantis about Disney served to highlight a fundamental difference between the two candidates.

Persons: Ron DeSantis, Nikki Haley, Nikki Haley butted, DeSantis, Haley, Ron, Bob Chapek, Chapek, Disney Organizations: Florida Gov, U.S, United, CNN, Drake University, WASHINGTON —, WASHINGTON — Florida Gov, Walt Disney Co, Disney, CNBC PRO Locations: Florida, Des Moines , Iowa, WASHINGTON, WASHINGTON — Florida, Iowa, South Carolina, The Florida

☆ U.S. companies in no hurry to disclose ownership under new Treasury rule
▼ + stars: | 2024-01-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen gives a statement to the press during her visit in Mexico City, Mexico December 6, 2023. FinCEN also estimates 5 million additional reporting companies annually, over the next 10 years. The reporting rule is part of the 2021 Corporate Transparency Act that went into effect on Jan. 1. The new rules will make the registry available to law enforcement to expedite investigations into illicit activities — such as drug trafficking and tax evasion. "Information on beneficial ownership will support our law enforcement colleagues in making arrests, prosecuting offenders, and seizing ill-gotten assets."

Persons: Janet Yellen, Yellen, FinCEN, —, BOI, Binance Organizations: Treasury, WASHINGTON —, Monday, CNBC Locations: Mexico City, Mexico, United States, Vienna , Virginia

☆ Billions are on the line for lenders as White House finalizes credit card late fee cap
▼ + stars: | 2023-12-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., on Aug. 29, 2020. WASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released. Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers. Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported. "In contrast to the CFPB's unfounded statements, late fees are not impermissible, so-called 'junk fees' that fail to serve any purpose," the Chamber wrote, referencing the Biden administration's overall initiative to shrink excessive surcharges.

Persons: Andy Barr, Biden Organizations: Consumer Financial, Washington , D.C, WASHINGTON, Consumer, Global, Rep, Office, American Economic Liberties, U.S . Chamber, Commerce, Federal Reserve Locations: Washington ,, Ky

☆ U.S. Bank fined $36 million for freezing unemployment debit cards during Covid-19 pandemic
▼ + stars: | 2023-12-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.

Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota

☆ Supply chains, trade top agenda for Yellen Mexico trip
▼ + stars: | 2023-12-04 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

US Treasury Secretary Janet Yellen hosts Leaders from Americas Partnership for Economic Prosperity (APEP) countries at the Treasury Department in Washington, DC, on November 3, 2023. WASHINGTON — Treasury Secretary Janet Yellen will travel to Mexico City this week to strengthen economic ties with America's top trading partner, the Treasury Department said Monday. Yellen will meet with Mexican counterparts, including President Andres Manuel Lopez Obrador, from Dec. 5-7 on creating supply chains spanning the bordering nations to spur job growth and bolster economic security, according to a release. Imports and exports between the U.S. and Mexico reached nearly $600 billion so far in 2023, per the International Trade Administration, and exceeded $850 billion in 2022, according to Treasury. Direct investments between the nations include manufacturing, wholesale trade, real estate and finance and insurance, according to the U.S. Trade Representative.

Persons: Janet Yellen, Yellen, Andres Manuel Lopez Obrador, Joe Biden, Xi Jinping Organizations: Americas Partnership, Economic Prosperity, Treasury Department, WASHINGTON —, Mexican, U.S, International Trade Administration, Treasury, U.S . Trade, Jalisco Nueva Generacion, U.S . Locations: Washington ,, Mexico City, Mexico, United States, Jalisco, U.S

☆ Sen. Marco Rubio: TikTok should be demonetized unless China hands over algorithm
▼ + stars: | 2023-11-29 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Senator Marco Rubio, a Republican from Florida and ranking member of the Senate Intelligence Committee, during a hearing in Washington, D.C., on March 8, 2023. WASHINGTON — Social media giant TikTok should be demonetized in the U.S. unless the Chinese government hands over its algorithm, Sen. Marco Rubio, R-Fla., said Wednesday. "It is time to ban Beijing-controlled TikTok for good," Rubio said in a December 2022 statement on his bill. More than 150 million Americans use TikTok and nearly five million businesses advertise on the platform, according to the company. "What companies in the world is that algorithm going to be beneficial to in the long term?"

Persons: Marco Rubio, Sen, " Rubio, Rubio, TikTok, It's, Mike Gallagher, Raja Krishnamoorthi, Angus King Organizations: Republican, Senate Intelligence, Washington , D.C, WASHINGTON — Social, Summit, BuzzFeed, Financial Times, Chinese Communist Party, Senate, Sen, CNBC PRO Locations: Florida, Washington ,, U.S, Beijing, ByteDance, Taiwan, New York, China, Russia, Maine

☆ Bank of America fined $12 million for mortgage disclosure violations by federal watchdog
▼ + stars: | 2023-11-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016. WASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false mortgage lending data to the federal government. "Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades," CFPB director Rohit Chopra said in a statement. According to a CFPB consent order, Bank of America violated part of the 1975 Home Mortgage Disclosure Act (HMDA) that requires lenders to accurately report demographic data about mortgage applications to financial regulators. The firm also employed over 4,500 loan officers, and averaged over 300,000 mortgage loan applications per year between January 2016 and the present day, the CFPB said.

Persons: Rohit Chopra, —, Biden, Bill Halldin, Halldin Organizations: Bank of America Corp, WASHINGTON, Consumer Financial, Bank of America, of America, Justice Department Locations: Charlotte , North Carolina

☆ Biden proposes ban on cable cord cutting fees
▼ + stars: | 2023-11-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Federal Communications Commission on Tuesday announced a rule proposal to ban early termination fees for cable and satellite service contracts. The proposed rule would require cable operators and direct broadcast satellite (DBS) providers to eliminate early cancellation fees. According to that order, cable television is one sector where fees can stifle competition, due to costs associated with canceling services or switching service providers. "Companies shouldn't lock you into services you don't want with large fees," President Joe Biden said via X on Tuesday. The agency has also proposed 'all-in-pricing' for cable and satellite services, so that customers will see the total service costs, fees included, up front.

Persons: Joe Biden, WASHINGTON —, Jessica Rosenworcel, Joe Biden's, Rosenworcel Organizations: White, WASHINGTON, Federal Communications Commission, DBS, FCC Locations: Washington ,, U.S

☆ Toyota financing arm fined $60 million by consumer watchdog for car loan scam
▼ + stars: | 2023-11-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — The U.S. financing arm for Toyota was fined $60 million Monday by a federal consumer regulator for preventing car buyers from canceling add-ons to their loans. "Toyota's lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports," said Consumer Financial Protection Bureau Director Rohit Chopra. Toyota Motor Credit Corp., or TMCC, violated the Consumer Financial Protection Act by preventing customers from canceling loan add-ons that cost on average between $700 and $2,500 per loan, according to a consent order. TMCC is ordered to pay $48 million in consumer redress and a $12 million civil money penalty to the CFPB's victims relief fund. "Given the growing burdens of auto loan payments on Americans, we will continue to pursue large auto lenders that cheat their customers," Chopra said.

Persons: WASHINGTON, Rohit Chopra, Chopra, Vincent Bray Organizations: Toyota, Financial, Toyota Motor Credit Corp, Consumer Financial, Bureau, Toyota Financial Services, CNBC Locations: The U.S

☆ House passes bill to avoid government shutdown, Senate to vote next
▼ + stars: | 2023-11-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

U.S. House Speaker Mike Johnson (R-LA) speaks during a press conference on Capitol Hill in Washington, U.S., November 14, 2023. WASHINGTON — The House approved a bill Tuesday that would avert a government shutdown, sending the measure next to the Senate, where it is expected to pass. Once it is approved by the Senate, the bill goes to President Joe Biden, who has signaled he is open to signing it. Senate Majority Leader Chuck Schumer, D-N.Y., said if the bill passed the House, he and Republican Minority Leader Mitch McConnell, R-Ky., would move it swiftly through the Senate. "Senate Leader [Mitch] McConnell and I will figure out the best way to get this done quickly," said Schumer.

Persons: Mike Johnson, WASHINGTON —, Joe Biden, Johnson, Johnson's, Kevin McCarthy, McCarthy, Hakeem Jeffries, Chuck Schumer, Mitch McConnell, Mitch, McConnell, Schumer Organizations: Capitol, WASHINGTON, Senate, Republican, Republicans, Democrats, Democratic, and Drug Administration, Jan, Caucus Locations: Washington , U.S, D, Ky

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