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☆ Senators spar over whether CFPB has the power to root out junk fees
▼ + stars: | 2023-07-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. Democrats argued the power to target junk fees fits within the CFPB's core duties. "And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.

Persons: Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock Organizations: WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat Locations: Wells Fargo, Georgia

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. Several hundred of the proposed 2,500 jobs managed by Ford will be staffed by CATL employees from China until the licensing agreement expires in 2038, according to the letter. "Indeed, although the executives of the proposed project will be US-based Ford employees, it appears that the project will rely on CATL employees from the PRC to maintain operations in the long term," the lawmakers wrote.

Persons: Jim Farley, Biden, Tesla Organizations: Ford Motor Company, Technology, Ford Motor, Chinese Communist Party, CCP, Ford, Detroit automaker Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT – U.S, Michigan

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

☆ House Republicans target proxy advisors in latest hearing picking apart ESG investing
▼ + stars: | 2023-07-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A Republican-led House Financial Services subcommittee held a second hearing Thursday scrutinizing the Biden administration's environmental, social and governance disclosure proposals for public U.S. companies. The hearing zeroed in on the influence of proxy advisors on shareholder voting decisions on questions related to ESG investing. Republicans pushed back against what they called the prioritization of ESG shareholder resolutions, while Democrats say shareholders deserve to be informed of all possible risks to their investments. The hearing was the second of six scheduled this month on ESG investing by House Republicans. The GOP's push against policies designed to promote ESG investing has garnered the support of some of the largest business advocacy groups, such as the Business Roundtable and the National Association of Manufacturers.

Persons: WASHINGTON —, Ann Wagner, Glass Lewis, Wagner, Gary Gensler, Trump, Chris Netram, — rescinding, Netram Organizations: Republican, Financial Services, Biden, Capital Markets, House Republicans, GOP, SEC, Securities, Exchange, Business, National Association of Manufacturers, NAM Locations: Bonn, Germany

☆ Lawmakers tussle over GOP efforts to thwart ESG investing
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky

☆ FDA to review Schumer's concerns about YouTube stars' Prime Energy drink
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, August 29, 2020. WASHINGTON — The Food and Drug Administration will address concerns raised by Senate Majority Leader Chuck Schumer about a caffeinated energy drink popular among teens. An agency spokesperson said it "is reviewing the concerns" outlined in Schumer's letter to FDA Commissioner Dr. Robert Califf about the dangers of Prime Energy, a beverage founded by YouTube stars Logan Paul and KSI. Prime Energy is not intended for anyone under the age of 18, according to a company representative. Prime Energy boasts 200 mg of caffeine.

Persons: Chuck Schumer, Robert Califf, Logan Paul, KSI, Schumer, Paul, Annika Kim Constantino Organizations: Food and Drug Administration, FDA, WASHINGTON, Drug Administration, Energy, YouTube, Prime Energy, American Academy of Child, Psychiatry Locations: White Oak , Maryland

The PGA Tour on Tuesday defended its controversial deal with the Saudi-backed LIV Golf league before senators, as scrutiny of the agreement intensifies. Representatives from LIV Tour and Saudi Arabia's Public Investment Fund wasn't present at the hearing because CEO Greg Norman is out of the country, according to a spokesperson. PGA Tour operating chief Ron Price and policy board independent director Jimmy Dunne testified before the Senate Homeland Security Committee's subcomittee on investigations. Dunne and Price said they believed the PGA Tour would benefit the most from the proposed deal. The PGA Tour would manage competitions, and has said it is leading the negotiations to reach a finalized deal.

Persons: LIV, Greg Norman, Ron Price, Jimmy Dunne, Dunne, Price, Yasir Al, Rumayyan, Sen, Richard Blumenthal, Conn, It's, Blumenthal, Norman, Ron Johnson, Johnson, CNBC's Organizations: LIV Golf, LIV Tour, Saudi Arabia's Public Investment Fund, PGA Tour, Senate Homeland Security, Comcast, Paramount Global, Disney, Warner Bros, Capitol, PIF Locations: Saudi, American, Yemen

☆ Schumer urges FDA to probe Prime energy drink backed by YouTube stars Logan Paul and KSI
▼ + stars: | 2023-07-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Logan Paul and KSI pose with Prime hydration bottles prior to a regular season game between the Arizona Diamondbacks and Los Angeles Dodgers on March 31, 2023, at Dodger Stadium in Los Angeles, CA. The brand offers a bottled hydration drink and a canned energy beverage, which is said is not intended for children. Several countries, including Australia, South Africa, the United Kingdom, Canada and New Zealand have already banned Prime Energy drinks or its caffeine-free version, Prime Hydration, in some schools. The company's lack of sufficient warnings about its caffeine content also invites scrutiny, he wrote. "This content and the claims made should be investigated, along with the ingredients and the caffeine content in the Prime energy drink."

Persons: Logan Paul, Brandon Sloter, Chuck Schumer, KSI, Schumer, Robert Califf, Red Bull, Califf Organizations: Arizona Diamondbacks, Los Angeles Dodgers, Dodger, Getty Images, WASHINGTON, Food and Drug Administration, YouTube, Futbol Club Barcelona, Energy, CNBC, Prime Energy Locations: Los Angeles , CA, Washington, Australia, South Africa, United Kingdom, Canada, New Zealand

Bed Bath & Beyond logo is seen on the shop in Williston, Vermont on June 19, 2023. WASHINGTON — Home goods retailer Bed Bath & Beyond is facing scrutiny from Democratic lawmakers for allegedly evading severance pay for thousands of employees laid off after its recent bankruptcy. The lawmakers claim Bed Bath & Beyond denied some workers severance pay after it filed for bankruptcy in April and began closing stores and laying off workers. Bed Bath & Beyond did not immediately return request for comment on the lawmakers' letter. Warren, a member of the Senate Banking Committee, and Booker asked Bed Bath & Beyond to commit to providing severance to its workers and for detailed information on its severance policy, stock buybacks and dividends and other related issues.

Persons: Sue Gove, Elizabeth Warren of, Cory Booker of, Warren, Booker Organizations: WASHINGTON —, Bed, Democratic, New, Banking Committee Locations: Williston , Vermont, Sens, Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, New Jersey, buybacks

☆ Retailers Shein and Temu violate U.S. tariff law and evade human rights reviews on imports, House report says
▼ + stars: | 2023-06-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A House committee exploring economic competition between the U.S. and China on Thursday released a damning report connecting retail giants Shein and Temu to a disproportionate number of import violations. Lawmakers argue the tariff violations give Temu and Shein unfair advantages over U.S. retailers. Both companies have faced allegations of human rights abuses: Shein for alleged forced labor in its supplier factories in the Uyghur region and Temu for allegedly failing to develop compliance with the Uyghur Forced Labor Prevention Act, the committee reported. Temu and Shein did not immediately respond to a request for comment on the report. Temu has previously said it is "not the importer of record with respect to goods shipped to the United States," and Shein has denied allegations of forced labor.

Persons: WASHINGTON, Shein, Mike Gallagher, Temu Organizations: U.S, Chinese Communist Party, Nike, Adidas, Uyghur, Labor, U.S . Customs, Wisconsin Republican, House CCP Committee Locations: China, U.S, Wisconsin, United States

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

☆ Senate Banking Committee to consider bipartisan bill to claw back executives' pay when banks fail
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

WASHINGTON — Members of the Senate Banking Committee on Wednesday will consider a bill that would aim to hold banking executives accountable in the wake of the collapse of several big banks. The Recovering Executive Compensation from Unaccountable Practices Act, known as the RECOUP Act, would give regulators power to claw back compensation for executives of failed banks, institute penalties for misconduct and direct banks to beef up corporate governance, according to the committee. Sherrod Brown, D-Ohio, chairman of the committee, and ranking member Tim Scott, R-S.C., announced an agreement on the legislation last week. Brown is up for reelection next year, and Scott is running for the 2024 Republican presidential nomination.

Persons: Sherrod Brown, Tim Scott, Brown, Scott Organizations: WASHINGTON Locations: Ohio

Several Republican 2024 presidential hopefuls criticized Donald Trump Sunday as the former president faces 37 federal counts for allegedly hoarding documents after he left the White House. "He's a petulant child when someone disagrees with him," Christie told CNN's "State of the Union" Sunday. Presidential hopeful and former Vice President Mike Pence said it is "premature" to say whether or not he would pardon Trump were he to be convicted. "All we know is what the president has been accused of in the indictment," Pence told NBC's "Meet the Press" Sunday. But Trump had a supporter on Sunday in Republican presidential candidate Vivek Ramaswamy who has said the former president should be pardoned if convicted.

Persons: Mike Pence, Donald Trump, Trump, —, Bill Barr, John Kelly, Chris Christie, Christie, CNN's, Pence, NBC's, Joe Biden, Asa Hutchinson, Hutchinson, I'm, Vivek Ramaswamy, Ramaswamy, Martin Luther King Jr Organizations: Republican, Donald Trump Sunday, White, Former New Jersey Gov, Union, Sunday, Press, Republican National, Arkansas Republican, Federal Bureau of, Fox, Civil Locations: Ankeny , Iowa, United States, Arkansas

☆ FTC Chair Lina Khan refused to sit out agency's case against Meta despite ethics concerns, report says
▼ + stars: | 2023-06-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Federal Trade Commission Chair Lina Khan refused to recuse herself from the agency's case against Meta Platforms against the advisement of top agency officials, according to internal FTC documents published by Bloomberg News. Pankey added that Khan's decision to adjudicate the case "is not per se a federal ethics violation." The FTC defended Khan's involvement in the case, and the agency's Democratic majority approved her decision over the objections of former Republican commissioner Christine Wilson, Bloomberg reported. Khan's perceived opposition to Meta acquisitions spurred the company's request to disqualify her participation in the case. FTC Bureau of Competition Deputy Director John Newman accused Meta of "trying to buy its way to the top" through an "illegal acquisition."

Persons: Lina Khan, Khan, Pankey, Christine Wilson, Wilson, Khan's, John Newman, Meta Organizations: Energy, Securities and Exchange Commission, WASHINGTON, WASHINGTON — Federal Trade, Meta, Bloomberg News, Facebook, FTC, CNBC, Democratic, Bloomberg, Competition Locations: Rayburn, WASHINGTON —

☆ Senate Democrats pressure PayPal, Venmo, Cash App over fraud protections
▼ + stars: | 2023-06-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Senate Democrats on Thursday urged PayPal and Cash App to better protect users of their peer-to-peer payment applications from fraud. The letters were sent to PayPal president and CEO Dan Shulman and Cash App CEO Brian Grassadonia. PayPal, Venmo and Cash App did not immediately respond to a request for comment from CNBC. Cash App transactions also brought in over $203 billion in inflows among 51 million monthly users as of December 2022, according to a Block annual report. The letter is part of an ongoing inquiry into P2P platform consumer safety spearheaded by Warren over the past several years.

Persons: Sen, Sherrod Brown of, Massachusetts Sen, Elizabeth Warren, Rhode Island Sen, Jack Reed, Jack Reed and New Jersey Sen, Bob Menendez, Dan Shulman, Cash, Brian Grassadonia, PayPal's, Warren, Menendez, Reed Organizations: PayPal, Massachusetts, Block, CNBC, Pew Research Center Locations: WASHINGTON, Sherrod Brown of Ohio, Rhode Island, Jack Reed and New Jersey

☆ GOP lawmakers urge DOJ to probe Chinese IP theft from U.S. small businesses
▼ + stars: | 2023-06-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Two top Republican congressmen on Thursday urged the Justice Department to investigate intellectual property theft from American small businesses by Chinese actors. "Ensuring the safety of American small businesses from IP-related crimes is crucial, and we urge the U.S. Department of Justice to utilize all tools and capabilities at its disposal," the lawmakers wrote. Gallagher is chairman of the House Select Committee on the Chinese Communist Party, while Williams chairs the House Committee on Small Business. Evidence of Chinese IP theft from U.S. businesses dates back several years. In 2019, 1 in 5 North American companies on the CNBC Global CFO Council reported IP theft from Chinese companies within the last year.

Persons: Mike Gallagher, Elise Stefanik, Steve Scalise, Wisconsin, Roger Williams of, General Merrick Garland, Gallagher, Williams, China — Organizations: Chinese Communist Party, Republican National Committee, Washington , D.C, WASHINGTON —, Justice Department, U.S . Department of Justice, Small, National Bureau, Asian, Commission, American Intellectual, U.S . Trade Representative, U.S, CNBC Global, CCP, DOJ's, Force, Intellectual, Fox Business, China, GOP Locations: Washington ,, WASHINGTON, Roger Williams of Texas

☆ Senate Democrats press for Justice Department inquiry into PGA Tour-LIV Golf merger
▼ + stars: | 2023-06-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Two top Senate Democrats with a track record of scrutinizing business and antitrust activity have called for a Justice Department investigation into the merger agreement between the PGA Tour and Saudi-funded LIV Golf. The letter follows Connecticut Democratic Sen. Richard Blumenthal's inquiries to PGA Tour Commissioner Jay Monahan and LIV Golf CEO Greg Norman for details on the merger. The PGA Tour also insists the deal isn't a merger and that Saudi Arabia's Public Investment Fund will be a minority investor. The deal between the PGA Tour and LIV Golf would put an end to pending antitrust litigation between the two golf organizations. Family members of 9/11 victims have protested the Saudi golf league due to the terrorists' ties to the country.

Persons: Elizabeth Warren, Ron Wyden, LIV, Elizabeth Warren of, General Merrick Garland, Jonathan Kanter, Connecticut Democratic Sen, Richard Blumenthal's, Jay Monahan, Greg Norman, Monahan, LIV Golf, DOJ didn't, Yasir Al, Rumayyan, LIV Golf's, Osama Bin Laden, Prince Mohammed bin Salman, Jamal Khashoggi, Warren, Wyden, –, Jessica Golden Organizations: U.S, Capitol, WASHINGTON —, Democrats, Justice Department, PGA Tour, Saudi, LIV Golf, Oregon, Connecticut Democratic, Saudi Arabia's Public Investment Fund, DOJ, CNBC, PGA, Public Investment Fund, Washington Post, Senate Banking Committee, Finance Locations: Sens, Washington , DC, Elizabeth Warren of Massachusetts, U.S, Saudi, Saudi Arabia

☆ Senator opens investigation into PGA Tour merger with Saudi-backed LIV Golf
▼ + stars: | 2023-06-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. WASHINGTON — A top Democratic lawmaker launched a probe on Monday into the planned merger of the PGA Tour and Saudi-backed LIV Golf. The agreement will require the approval of the PGA Tour policy board, according to a memo to players from Monahan. LIV Golf declined to comment on Blumenthal's letters. PGA Tour did not immediately respond to request for comment.

Persons: LIV Golf, Sen, Richard Blumenthal, Conn, Jay Monahan, LIV, Greg Norman, Blumenthal, Jamal Khashoggi, Monahan, CNBC's Organizations: WASHINGTON —, Democratic, PGA Tour, Saudi, Washington Post, Investigations, Private Investment Fund Locations: Cromwell , Connecticut, WASHINGTON, Saudi, American

☆ House lawmakers introduce bipartisan bill requiring total disclosure of ticketing fees
▼ + stars: | 2023-06-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Lawmakers introduced a new bill on Thursday targeting ticketing fee disclosures in an effort to increase transparency in the entertainment industry. The "Transparency in Charges for Key Events Ticketing Act,'' or TICKET Act, is modeled after current advertising guidelines for airline tickets, which require disclosing the full ticket price before purchase. With every ticketing debacle, from Beyoncé to Taylor Swift, and so many more, their frustration grows," Schakowsky said in a statement. The House bill mirrors the Senate measure in mandating ticket vendors to display the total price of a ticket, including all required fees, in any advertisement or piece of marketing. Bilirakis said the bill will bring "much-needed transparency to the whole ticketing industry."

Persons: Jan Schakowsky, Gus Bilirakis, Taylor Swift, Schakowsky, Sens, Ted Cruz, Maria Cantwell, Biden, Cantwell, Bilirakis, Taylor Organizations: WASHINGTON — Lawmakers, Senate, New York, Office, Ticketmaster Locations: Beyoncé, Texas

☆ 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

☆ Sen. Tim Scott pushes bill that would require disclosure of apps' country of origin
▼ + stars: | 2023-05-30 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Sen. Tim Scott, R-S.C., is pushing for more transparency from social media applications amid privacy concerns about China-based apps like TikTok. App stores would be charged to warn users of the risks of downloading foreign applications and provide a filtering method by country of origin. Four out of 5 of the top most popular apps in March are of Chinese origin, according to The Wall Street Journal. "Requiring app stores to display an app's country of origin is a commonsense solution that can help them do just that." "The Know Your App Act would bring much-needed transparency to app stores, empowering Americans to safeguard their families from exploitation," he added.

☆ House Democrats reintroduce bill targeting stock buybacks
▼ + stars: | 2023-05-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules. "Stock buybacks allow corporations to purchase shares of their own stock price at the expense of workers, consumers and the U.S. economy," Garcia said. U.S. corporate stock buybacks grew from a total of $950 billion in 2021 to over $1.25 trillion last year, SEC Chairman Gary Gensler said earlier this month. Last month, the board of Google parent Alphabet announced it had approved $70 billion in stock buybacks this year, matching its 2022 rate. "And banning the stock buybacks is a good place to start."

☆ 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.

☆ Sen. Elizabeth Warren presses regulators for answers on First Republic takeover
▼ + stars: | 2023-05-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Sen. Elizabeth Warren, D-Mass., greets Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, during the Senate Banking, Housing, and Urban Affairs Committee hearing in Dirksen Building on Tuesday, March 28, 2023. WASHINGTON — Sen. Elizabeth Warren is asking federal financial regulators for answers over what she called a "deeply troubling" deal that saw JPMorgan Chase take over First Republic Bank. "Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund." Instead, the insurance fund was allowed to take a multibillion-dollar loss after billions of dollars worth of the bank's uninsured deposits were rescued during the deal, Warren said. "The FDIC appeared to prioritize First Republic's uninsured deposits at the bank before the Insurance Fund," she said.

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