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☆ Marc Andreessen talks DOGE and Elon Musk: 'It's time to carve this government back in size and scope'
▼ + stars: | 2024-11-27 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

AdvertisementMarc Andreessen discussed Elon Musk and the Department of Government Efficiency on Joe Rogan's podcast. Cut, baby, cut, Marc Andreessen says of Elon Musk's DOGE cost-reduction effort. "It is time to carve this government back in size and scope," the Silicon Valley investor said during a recent appearance on Joe Rogan's podcast. The VC specifically referenced a text exchange that Musk sent then-CEO Parag Agrawal shortly after being appointed to Twitter's board. "Imagine that statement being applied to the government," Andreessen said, referencing Musk's "What did you get done this week?"

Persons: Marc Andreessen, Elon Musk, Joe Rogan's, Elon, Andreessen, Andreessen Horowitz, Ben Horowitz, Sen, Elizabeth Warren, Rogan, Musk, Parag Agrawal, Agrawal, Jack Dorsey, … — Organizations: Department of, SEC, FTC, Elon Musk's, Musk's Department, Government, Securities Exchange Commission, Federal Trade Commission, Federal Aviation Administration, Consumer Financial Protection Bureau, Republican Party, Twitter, Big Tech Locations: Silicon

☆ Musk, Ramaswamy to discuss DOGE with GOP leaders on Capitol Hill Dec. 5
▼ + stars: | 2024-11-27 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Elon Musk and Vivek Ramaswamy will visit Capitol Hill to discuss government reform with Republican congressional leaders Dec. 5, House Speaker Mike Johnson, R-La., announced Wednesday. Johnson said the entrepreneurs will "discuss major reform ideas to achieve regulatory rescissions, administrative reductions, and cost savings" with GOP lawmakers. President-elect Donald Trump has named Musk and Ramaswamy co-chairs of a new outside advisory commission they have dubbed the Department of Government Efficiency (DOGE). Next week's planned meeting is the latest indication that Republican leaders in Congress are taking Musk and Ramaswamy seriously. Yet even the best efforts of Republican leaders in Congress may not be enough to enact many of these ideas.

Persons: Donald Trump, Elon Musk, Vivek Ramaswamy, Mike Johnson, Johnson, Ramaswamy, Musk, Spokespeople Organizations: SpaceX, Capitol, Republican, GOP, Department of Government Efficiency, White, Office of Management, Congress, Corporation for Public Broadcasting, Consumer Financial Protection Bureau, Tesla Locations: Brownsville , Texas, U.S

☆ CFPB expands oversight of digital payments services: Here's what you need to know
▼ + stars: | 2024-11-22 | 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 EmailCFPB expands oversight of digital payments services: Here's what you need to knowRohit Chopra, Director of the Consumer Financial Protection Bureau, joins CNBC's 'Squawk Box' to discuss expanding digital pay oversight, the push to cap credit card interest rates, and more.

Persons: Rohit Chopra Organizations: Consumer Financial Protection Bureau

☆ CFPB expands oversight of digital payments services including Apple Pay, Cash App, PayPal and Zelle
▼ + stars: | 2024-11-21 | by ( Hugh Son | ) www.nbcnews.com time to read: +3 min

The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps. That would include payments services from Apple, Google and Amazon, as well as fintech firms including PayPal and Block and peer-to-peer services Venmo and Zelle. While the CFPB already had some authority over digital payment companies because of its oversight of electronic fund transfers, the new rule allows it to treat tech companies more like banks. “Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” said CFPB Director Rohit Chopra. The CFPB said the rule will take effect 30 days after its publication in the Federal Register.

Persons: ”, Rohit Chopra, CFPB, Trump Organizations: Consumer Financial, Tech, Apple, Google, PayPal, “, Federal

The suits were brought by the Fair Housing Center of Central Indiana, an advocacy group serving residents of 24 counties in the state. Federal prosecutors have also alleged that tenant screening checks can be discriminatory. Fair Housing Center of Central Indiana“I sent them my expungement records, but I kept getting denied,” Williams recalled in a phone interview. TransUnion settled the suit without admitting or denying the allegations and paid $15 million, the largest amount recovered in a tenant screening matter, the FTC said. “We want safe communities where people can contribute, can build their lives, and that’s what fair housing laws are here to do.”

Persons: Don Mullen, Goldman Sachs, ”, Amy Nelson, we’ve, Brady Ripperger, Ericka Fotsch, Blackstone, Tricon, Marckus Williams, Williams, ” Williams, TransUnion, Nelson, “ Organizations: Blackstone Group, New, Pretium Partners, Goldman, Fair Housing, of Central, ” Staff, of Central Indiana, Tricon, Blackstone, National Consumer Law Center, Progress, of, NBC News, Housing, of Central Indiana “, Federal Trade Commission, Consumer Financial, FTC, Indiana Locations: Indianapolis, California, New York City, of Central Indiana, Indiana, Eastern, of Missouri, Kinloch

☆ CFPB expands oversight of digital payments services including Apple Pay, Cash App and PayPal
▼ + stars: | 2024-11-21 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps. That would include popular services from Apple and Google , as well as payment firms like PayPal and Block . "Digital payments have gone from novelty to necessity and our oversight must reflect this reality," said CFPB Director Rohit Chopra. A year ago, the CFPB said it wanted to extend its oversight to tech and fintech companies that offer financial services but that have sidestepped more scrutiny by partnering with banks. The CFPB said the rule will take effect 30 days after its publication in the Federal Register.

Persons: Rohit Chopra, CFPB Organizations: Banking, Housing, Urban Affairs Committee, Consumer Financial, Tech, Apple, Google, PayPal, Federal Register

☆ The fate of MSNBC could be in Trump’s hands
▼ + stars: | 2024-11-21 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

It’s true that analysts expect the Trump administration to generally be less hostile to mergers. Yet it’s also true that some Republicans – including some tapped to join the Trump administration – have been described as “Khanservatives” because they’ve called for tougher, not weaker, antitrust scrutiny. Earlier this year, Gaetz told NOTUS that the FCC chair’s work “inspired me” and he expressed hope she stays in power for a Trump administration. As Gaetz fights to survive a tough nomination process to be attorney general, Comcast dropped a bombshell in the media industry by spinning off MSNBC, CNBC, USA, Oxygen and other networks. “It’s hard not to look at the spinoff of CNBC and MSNBC as potentially a response to the new administration,” said Petro.

Persons: Donald Trump’s, Trump, Donald Trump, ” Craig Moffett, MoffettNathanson, Brendan Carr, Trump’s, Kamala Harris, Carr, Skydance’s, ”, Moffett, Jeffrey Sonnenfeld, Sonnenfeld, Gaetz, Vance, Lina Khan, it’s, they’ve, JD Vance, Khan, Biden, Matt Gaetz, NOTUS, “, Brian Roberts, Will Trump, Frank Louthan, Raymond James, It’s, Louthan, Lee Petro, Dickinson, it’s “, Petro Organizations: New, New York CNN, Department, T’s, CNN, Timer Warner, Trump, Comcast, MSNBC, CNBC, NBC, DOJ, Federal Communications Commission, FCC, Paramount, Fox News, CBS, Yale, Leadership, Time Warner, Biden, Federal Trade, ”, Washington DC Locations: New York, Florida, USA

☆ Could Trump reinstate the student debt that Biden forgave? Here's what experts say
▼ + stars: | 2024-11-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Under Trump, the U.S. Department of Education is likely to abandon its efforts to deliver wide-scale student loan relief , experts say. It has done so mostly by improving existing student loan relief programs that had long been plagued by problems, including the Public Service Loan Forgiveness initiative and income-driven repayment plans. In June, U.S. District Judge Daniel Crabtree in Wichita, Kansas, described student loan forgiveness as having an "irreversible impact," in his decision to block one of the Biden administration's relief measures. For example, in February, some borrowers saw their debts reinstated under the Public Service Loan Forgiveness program. In a new report, the Consumer Financial Protection Bureau cites, among the errors reported by student loan borrowers, "balance reinstatements," in which a loan servicer tacks a loan balance back on to one's account.

Persons: I've, Trump, Mark Kantrowitz, who've, Joe Biden, Betsy Mayotte, Daniel Crabtree, Biden, aren't, Kantrowitz, they've, tacks Organizations: Trump, U.S . Department of Education, Education Department, Public, The, Student Loan Advisors, District, Finance, Black, College Investor, Consumer Financial, Bureau Locations: U.S, Wichita , Kansas

☆ Student loan servicers are pulling incorrect payments from borrowers' bank accounts
▼ + stars: | 2024-11-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Lenders often encourage federal student loan borrowers to enroll in automatic payments. "Unfortunately, autopay errors were one of the most widespread, basic and consequential servicer errors we saw this year," CFPB Student Loan Ombudsman Julia Barnard told CNBC. In some cases, borrowers had money pulled from their bank accounts despite never consenting to autopay, Barnard said. Other autopay users saw incorrect amounts taken or were charged multiple times in the same month. In March, one borrower told the CFPB that their student loan servicer took $6,897 from their account when they only owed $1,048.

Persons: Julia Barnard, Barnard, aren't, wouldn't, servicer Organizations: Consumer Financial, Bureau, CNBC, autopay, Finance, Black

☆ Banks are reporting a tenfold surge in digital scams, cybersecurity firm BioCatch says
▼ + stars: | 2024-11-13 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

U.S. and Canadian banks reported a tenfold surge in digital scams this year as criminals flock to techniques that rely on duping customers into sending them money, according to cybersecurity firm BioCatch. Banks are under pressure to kick criminals off their platforms and compensate more victims as regulators and lawmakers focus on the harm done by digital scams. Customers of the three banks reported a combined $166 million in Zelle transactions were fraudulent in 2023. BioCatch declined to provide a specific number for reported scams, citing client confidentiality. In another sign of the cat-and-mouse dynamic of cybercrime, BioCatch clients reported 59% fewer fraudulent account openings.

Persons: Tom Peacock, Fraudsters, Peacock, Banks, Wells Fargo, Zelle, BioCatch Organizations: Global, CNBC, American Express, Barclays, HSBC, JPMorgan Chase, Bank of America, Consumer Financial, Services Locations: Tel Aviv, Israel, Wells, U.S

☆ Elon Musk wants to radically reshape who controls America’s money supply
▼ + stars: | 2024-11-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

“The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard,” Lee added. Challenging the Fed’s independence“The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. That’s empowered Fed officials to make interest rate decisions that aren’t necessarily popular but could help the nation’s economy in the long run. But on the campaign trail, Trump floated requiring Fed officials to consult with him on interest rate decisions. That could lead to pressure on Fed officials to keep rates lower to satisfy Trump’s wishes, which in turn could reignite inflation.

Persons: Donald Trump’s, it’ll, Elon Musk, Republican Sen, Mike Lee, ” Lee, Jerome Powell, Trump, ”, Vance, Karoline Leavitt, Ron Paul, Thomas Massie of, Lee, ” Leavitt, it’s, That’s, Powell, “, briskly, hasn’t Organizations: New, New York CNN, Federal Reserve, Trump, Republican, Fed, Federal, CNN, Treasury Department, National Association of Black Journalists, Republicans, Consumer Financial, Product Safety, Fed’s, of Governors, Consumer, Safety Locations: New York, Thomas Massie of Kentucky

Blanche is the second of two Trump attorneys believed to be targeted by foreign hackers. Chinese hackers have also targeted other top figures in Trump’s orbit, including Trump himself and the vice president-elect, Sen. JD Vance. The sophisticated hacking effort has unnerved national security officials because of the deep access that the Chinese hackers have gotten to prominent Americans’ call and phone records. The Consumer Financial Protection Bureau, for example, has directed its employees to only use Microsoft Teams and Cisco WebEx to conduct work-related business involving non-public information, a CFPB spokesperson told CNN on Thursday. There is no evidence that the CFPB has been specifically targeted by the hackers, the spokesperson said.

Persons: Donald Trump’s, Todd Blanche, Blanche, Lindsey Halligan, Trump, Sen, JD Vance, Jared Kushner, Eric Trump, Harris, Walz, Biden, ”, Cisco WebEx Organizations: CNN, FBI, Democrats, Trump, AT, Verizon, Consumer Financial Protection, Microsoft, Cisco, Street Journal

☆ Bank stocks advance in overnight trading as traders bet on less regulation in a Trump presidency
▼ + stars: | 2024-11-06 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Shares of major banks climbed in overnight trading as investors expected Donald Trump's victory in the presidential election. Citigroup jumped about 5% in special late trading on the Robinhood brokerage for well-known stocks. Former President Donald Trump is currently leading by NBC News' count, though several key states have yet to be called. Bank stocks are expected to benefit under GOP control given the party's posture toward deregulation. "Donald Trump is the candidate where you ignore what he says and focus on what you expect him to do," Seiberg wrote in a note to clients recently.

Persons: Donald Trump's, Goldman Sachs, Donald Trump, Cowen, Jaret Seiberg, Seiberg Organizations: Citigroup, Bank of America, White House, NBC News, NBC, Trump, North Carolina . Bank, GOP, Consumer Financial, financials Locations: Wells, North Carolina

A new federal rule will prohibit schools from charging transaction fees to low-income students when their families electronically deposit funds into their lunch accounts. The report estimated that school meal payment processors collect more than $100 million in transaction fees a year. “The policy announced today will ensure fairness for all students receiving meals at a reduced price, even when paying online,” USDA said in a statement Friday. "USDA should keep working hard on this issue so that families aren’t squeezed for every nickel and dime." Agriculture Secretary Tom Vilsack, who has advocated for free school meals for all children, called the ban on transaction fees for some families a “major” step.

Persons: ”, Marisa Kirk, Epstein, Sen, Elizabeth Warren of, Bernie Sanders, ” Warren, Harris, Tom Vilsack, “ Organizations: Agriculture Department, Consumer Financial Protection Bureau, Consumer Financial, Democratic, USDA, Biden, NBC News Locations: Elizabeth Warren of Massachusetts

☆ Banks and the federal government point fingers as Americans lose billions to online scams
▼ + stars: | 2024-11-03 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

The American Bankers Association is urging federal action on online financial fraud. Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams. For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. He also said that the government should create "financial crimes intelligence centers."

Persons: Banks, ABA's, —, It's, Rob Nichols, Nichols, Forbes, JP Organizations: American Bankers Association, Service, Federal Trade Commission, Consumer Financial Protection Bureau, JP Morgan, Bank of America, FTC Locations: Wells Fargo, Texas

☆ Here's how an 86-year-old grandmother got her nearly $32,000 private student loan debt forgiven
▼ + stars: | 2024-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

"We've waived the remaining balance on your private student loan in the amount of $31,730.76," the Aug. 29 letter said, in part. Rebecca Finch Courtesy: Rebecca FinchBut the road to that relief was long, confusing and intensely stressful, said Rebecca's daughter, Sabrina Finch. Originally, Sabrina was the primary borrower of the Navient private student loan, and her mother, Rebecca, was the co-signer. In May, Navient excused Sabrina from her private student loan. But there's no question it's incredibly difficult for co-signers to be forgiven from a private student loan, consumer advocates say.

Persons: Rebecca Finch couldn't, We've, Navient, Rebecca, Finch, Rebecca Finch, Sabrina Finch, Sabrina, Sabrina —, Hartwick, EDCAP's Rodriguez Organizations: CNBC, Social Security, Consumer Financial Locations: Navient

☆ New rule may make it easier to switch banks and transfer your financial data
▼ + stars: | 2024-10-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

A new regulatory rule finalized this month by the Consumer Financial Protection Bureau aims to reduce that hassle and make it easier, more secure and always free for customers to switch accounts or to simply transfer or share their financial data from their banks, credit card issuers and other financial service providers upon request. “The problem the CFPB (rule) is addressing is the paperwork required of consumers to change accounts. Financial providers must make this information available without charging fees.”The rule will also restrict how third parties may use and retain the data consumers request be shared. Banks push backThe banking industry wasted no time in expressing its displeasure with the new rule — known as the personal financial data rights rule. “Dodd-Frank only requires banks to provide financial data to consumers.

Persons: it’s, ”, Adam Rust, Rohit Chopra, ” Rust, “, That’s, ” Chopra, Banks, Rob Nichols, —, ” Jaret, “ Dodd, Frank, ” Seiberg, Chopra, they’ve Organizations: CNN, Consumer Federation of America, Consumer Financial, Federal Reserve Bank of Philadelphia, American Bankers Association, Bank Policy Institute, Kentucky Bankers Association and, Cowen Washington Research Group Locations: Kentucky Bankers Association and Kentucky, Las Vegas

“Taiwan's membership at the IMF would help boost financial resilience,” the Taipei Economic and Cultural Representative Office in Washington said during this week's IMF and World Bank annual meetings. Taiwan also is seeking to participate in the U.N. World Health Organization's annual World Health Assembly and join Interpol. But China, which sees Taiwan as a breakaway province and threatens to annex it by force, has blocked such efforts and insists it represent Taiwan in international forums. The island is now designated as “Taiwan Province of China” in IMF literature. The U.S. House has approved a bill that would direct the United States to advocate for Taiwan’s IMF membership.

Persons: “, Donald Trump, Bo Li, Patrick McHenry, ” McHenry, Young Kim, Fatima Hussein Organizations: WASHINGTON, —, International Monetary Fund, IMF, Cultural, World Bank, U.S, Health Assembly, Interpol, U.S . State Department, People’s Bank of China, Taiwan Academy of Banking, Finance, U.S . House, Democrats, North Carolina Republican, Financial Services, United Nations, Associated Press Locations: — Taiwan, Poland, Taipei, Washington, Taiwan, U.S, China, Taiwan Province, United States, Japan, Taiwan Strait, Beijing, Kosovo, Europe

☆ Elder financial harm prevention: How to protect a loved one in cognitive decline
▼ + stars: | 2024-10-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +10 min

[As in] ‘You’re not paying your bills!” said Steven Rubin, a certified elder law attorney and partner at Drazen Rubin. Why having a customized power of attorney is beneficialIt’s easy enough to download a standard power of attorney form from the internet. But that doesn’t mean the elderly person, if cognitively able, can’t also maintain control over their finances. Other ways to help a loved one avoid financial pitfallsHaving powers of attorney is the most comprehensive way for you to address potential problems with your loved one’s financial behaviors or spot if they’re being scammed. If scammers have been calling frequently, you might consider changing your loved one’s phone number, if you have powers of attorney, Rubin said.

Persons: ”, Judith Flynn, “, doesn’t, Jonathan Canick, ” Canick, ‘ You’re, Steven Rubin, Drazen Rubin, Rubin, you’ve, Flynn, that’s, cognitively, can’t, “ It’s, ” Flynn, It’s, parent’s “, won’t Organizations: CNN, Research, Falco & Associates, National Academy of Elder, Consumer Financial, Bureau, Facebook, National Institute, Aging

☆ Apple and Goldman Sachs ordered to pay $89 million after Apple Card failures
▼ + stars: | 2024-10-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The US Consumer Financial Protection Bureau ordered Goldman Sachs and Apple to pay $89 million, and Goldman was temporarily banned from issuing new credit cards, because of the companies’ mishandling of their Apple Card partnership. Apple neglected to send tens of thousands of Apple Card disputes to Goldman Sachs, the CFPB said. The Apple Card issued by Goldman Sachs and running on the Mastercard network rolled out in August 2019. In April 2023, Apple announced it would be offering its Apple Card holders a 4.15% high-yield savings account with Goldman Sachs. They may park both the 3% cash back they receive from using the Apple Card on select purchases plus other savings they may wish to deposit.

Persons: Goldman Sachs, Goldman, Apple, ” Goldman Sachs, ”, Marcus Organizations: New, New York CNN, Consumer Financial Protection, Apple, Apple Card, SEC, General Motors, Barclays, Mastercard Locations: New York

☆ Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures
▼ + stars: | 2024-10-23 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +3 min

Apple CEO Tim Cook introduces the Apple Card during a launch event at the Apple headquarters in Cupertino, California, on March 25, 2019. The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions. Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. "Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service.

Persons: Tim Cook, Goldman Sachs, Apple, Rohit Chopra, Nick Carcaterra, —, Hugh Son, Steve Kovach Organizations: Apple, Consumer Financial Protection, Apple Card, Big Tech, CNBC Locations: Cupertino , California

☆ Bank stocks are trouncing the market in October on Trump optimism
▼ + stars: | 2024-10-21 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Bank stocks have outperformed in recent weeks as investors see an improved regulatory environment if former President Donald Trump returns to the White House, according to Bank of America. The Invesco KBW Bank ETF (KBWB) , which tracks the KBW Bank Index, has climbed more than 6% since the start of October. By comparison, the S & P 500 has added less than 2% during the same period. "A Republican win would likely be viewed most positive for bank stocks in terms of returning to balance the regulatory environment." Either a Trump win with a split government or a Republican sweep would be seen as bullish for this group of stocks, Poonawala said.

Persons: Donald Trump, Ebrahim Poonawala, Trump, Poonawala, Kamala Harris, Harris, October's Organizations: White, Bank of America, KBW Bank, Republican, Department of Justice, Consumer Financial Protection Bureau, Citigroup, TD Bank, New York Community, Trump . Bank, Trump, Justice Department Locations: Wells Fargo

☆ How Kamala Harris took on the ‘big banks’ after the foreclosure crisis
▼ + stars: | 2024-10-21 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —Vice President Kamala Harris often touts how she took on the “big banks” as attorney general of California to deliver mortgage relief to homeowners hit by the 2008 foreclosure crisis. The oft-repeated story references how Harris helped negotiate a multistate mortgage settlement with five of the nation’s biggest banks that delivered financial relief to homeowners and set standards for lenders. Harris also secured a separate agreement with three of the banks, guaranteeing a certain amount of relief for California homeowners. Mortgage relief for homeownersAs a result of the national settlement, mortgage relief was delivered to homeowners in several different forms, such as principal reductions, interest rates cuts, other kinds of loan modifications or short sales. There were also some direct payments sent to people who wrongfully lost their homes to foreclosure, according to the National Mortgage Settlement website.

Persons: Kamala Harris, Harris, It’s, “, ”, Joe Biden’s, Beau Biden, Jamie Dimon, Ira Rheingold, Katie Porter, Irvine –, ” Rheingold, Lisa Sitkin, Sitkin, servicer Organizations: Washington CNN —, Democratic National Convention, ”, JPMorgan Chase, National Association of Consumer Advocates, Mortgage, National Mortgage, University of California, Irvine, National Housing Law, Consumer Financial, Bureau Locations: California, Delaware

☆ Business Insider Subscriptions: Enjoy Premium News Stories
▼ + stars: | 2024-10-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +17 min

It isn't an accident that people who want to cancel a subscription often have to navigate a web of bureaucracy and confusion. "Actual affirmative consent from a consumer," Witte said, would establish trust between the consumer and the company, boosting loyalty. Along with litigation from the CFPB, state attorneys general have pursued legal action against big companies over hard-to-cancel subscriptions. Last year, Letitia James, New York's attorney general, sued SiriusXM over claims that the radio company trapped customers in subscriptions and maintained a complicated and burdensome cancellation process. AdvertisementIndustries have mastered techniques to maximize their profits by crafting their business models in confusing ways that can lure customers into a subscription without realizing it.

Persons: Doug Mattison, Mattison, —, he'd, I've, Florencia Marotta, Wurgler, Erin Witte, Witte, you've, TransUnion, Cuban, hadn't, it's, Rachel VonSiebenhoven, VonSiebenhoven, I'm, we've, Letitia James, SiriusXM Organizations: Federal Trade Commission, New York University, Consumer Federation of America, Consumer Financial, Bureau, Association of National, FTC, Cuban, Companies, Industries Locations: Ohio, Colorado, New

☆ Biden administration forgives $4.5 billion in student debt for over 60,000 public service workers
▼ + stars: | 2024-10-17 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The Biden administration announced on Thursday that it was forgiving another $4.5 billion in student debt for over 60,000 borrowers. The latest round of relief is a result of the U.S. Department of Education's fixes to the popular, but once troubled, Public Service Loan Forgiveness program. "Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country," Biden said in a statement. Before Biden took office, only 7,000 people had ever received the debt relief under PSLF, the U.S. Department of Education said. By contrast, Trump has called for the elimination of the Public Service Loan Forgiveness initiative and expressed opposition to the Biden administration's other efforts to cancel education debt.

Persons: Joe Biden, Biden, George W, Bush, it's, Mark Kantowitz, Kamala Harris, Donald Trump, Harris, Trump Organizations: Biden, U.S . Department, Public, Consumer Financial, Bureau, U.S . Department of Education

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