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☆ House Democrats elect Rep. Hakeem Jeffries as leader, the first Black person to lead congressional caucus
▼ + stars: | 2022-11-30 | by ( Scott Wong | Ali Vitali | ) www.cnbc.com time to read: +3 min

House Democratic Caucus Chair Hakeem Jeffries (D-NY) departs a leadership election meeting with the Democratic caucus in the Longworth House Office Building on Capitol Hill November 30, 2022 in Washington, DC. WASHINGTON — House Democrats elected their new leadership team Wednesday, ushering in a younger generation of leaders after Speaker Nancy Pelosi and Majority Leader Steny Hoyer decided to step aside after Democrats narrowly lost the majority this month. Jeffries' top deputy will be Rep. Katherine Clark, D-Mass., 59, a progressive who served under Jeffries as vice chair of the Democratic Caucus and rose to assistant speaker this Congress. Rounding out the trio of new leaders is Rep. Pete Aguilar, D-Calif., 43, a Congressional Hispanic Caucus member and former mayor who was elected Democratic Caucus chairman — the role Jeffries has held for the past four years. Of the current "Big Three" Democrats, only Clyburn, the current majority whip, has opted to stay in leadership in the new Congress.

SoFi pitches itself as a digital financial services company with 3.9 million members as of Q1 2022. Heightened financial and risk controls mean that SoFi's crypto activities "pose significant risks to both individual investors and safety and soundness," the lawmakers said. Investor education material from SoFi warns that a cryptocurrency offered on SoFi's crypto platform, Dogecoin, has "no special use case or features." The letters to regulators and SoFi come as crypto markets weather their worst crisis yet. Lawmakers have demanded an explanation from SoFi on its risk management, credit, financial and compliance systems by Dec. 8.

WASHINGTON — Which party controls Congress next year could have big implications for Twitter — and its new “Chief Twit,” Elon Musk. A Jordan spokesman had no comment about Musk and Twitter, but Republicans expect the company will be more cooperative with any future GOP investigations with Musk at the helm. But upon taking control of Twitter, Musk said he would first form a “content moderation council,” and Yoel Roth, head of Safety and Integrity at Twitter, insisted that the company’s policies on hate speech have not changed. “If Elon Musk has said now that he’s going to start a content moderation board, that was one good sign, but I continue to be concerned about that,” Klobuchar said. Other Democrats are raising national security concerns about how Musk financed the $44 billion Twitter deal.

☆ Sen. Warren says big banks fail to prevent 'rampant' fraud on payment platform Zelle, urges CFPB to tighten regulations
▼ + stars: | 2022-10-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Truist reported 9,455 fraud and scam claims on Zelle in 2020 and 22,045 in 2021, according to the senator. Its customers are on track to make 160,977 scam and fraud claims on Zelle in 2022. The value of the scam and fraud claims received by PNC, Truist, U.S. Bank and Bank of America exceeded $90 million in 2020. The data that Wells Fargo released revealed that customers reported fraud and scams on Zelle at a nearly 2.5 times higher rate in 2022 than in 2019. "And that is more than twice as high for Wells customers compared to customers of other banks," Warren wrote.

The Democratic-led Senate confirmed four new circuit court judges in the last two weeks, most recently U.S. District Judge Florence Pan to the powerful U.S. Court of Appeals for the D.C. By contrast, Trump had installed 69 judges at this point in his tenure. The most recent two-term presidents, Barack Obama and George W. Bush, each secured 325 Senate-confirmed judges for district courts, circuit courts and the Supreme Court over eight years. McConnell's allies say a GOP-run Senate would force Biden to pick judges who are acceptable to conservatives in order to get floor votes. Republicans ended the tradition for circuit judges in the Trump era and some liberals want to end it for district judges so that GOP senators in red states cannot block Biden’s nominees for vacancies.

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