Biden Admin Seeks to Reduce Bank Overdraft Fees With New Proposal
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Biden Admin Seeks to Reduce Bank Overdraft Fees With New Proposal
Biden Admin Seeks , to Reduce Bank Overdraft Fees , With New Proposal.
CNBC reports that the Consumer Financial Protection
Bureau (CFPB) has unveiled long-awaited updates to how
major banks structure their overdraft protection plans.
.
CNBC reports that the Consumer Financial Protection
Bureau (CFPB) has unveiled long-awaited updates to how
major banks structure their overdraft protection plans.
.
According to the CFPB, the new rule closes a loophole
that has exempted overdraft loans from consumer
protections required by 1968's Truth and Lending Act.
According to the CFPB, the new rule closes a loophole
that has exempted overdraft loans from consumer
protections required by 1968's Truth and Lending Act.
CFPB data shows that U.S. consumers
have paid an estimated $280 billion
in bank overdraft fees since 2000.
Over that same period of time, major banks'
annual revenue from overdraft fees has soared.
For too long, some banks have
charged exorbitant overdraft fees—
sometimes $30 or more—that often
hit the most vulnerable Americans
the hardest, all while banks
pad their bottom lines, Joe Biden, President of the United States, via CNBC.
Banks call it a service —
I call it exploitation, Joe Biden, President of the United States, via CNBC.
The CFPB said that the new regulations only
affect banks with over $10 billion in assets,
impacting about 175 institutions across the country.
The new rules, including several potential benchmark rates
ranging from $3 to $14 per transaction, are reportedly expected
to be completed this year and go into effect by October 2025.
CNBC reports that the new rules would provide major banks two
options, including offering overdraft coverage as a courtesy
service, as opposed to a revenue-generating line of credit.
Under the second option, banks could offer
overdraft loans for profit as long as they treat
the funds as credit line loans, which would
subject them to Truth in Lending Act regulations
Cardi B won’t be casting her ballot for Joe Biden or Donald Trump this November … 'cause she’s calling them both failures as Commanders In Chief. Cardi.. TMZ.com
Biden Asserts Executive Privilege , Over Audio of Interview With Robert Hur.
In February, Hur's yearlong investigation
into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.
In February, Hur's yearlong investigation
into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.
House Republicans were provided a
transcript of Biden's interview with Hur, but they wanted the audio, which the DOJ denied.
As a result, House Republicans were
moving to hold Attorney General
Merrick Garland in contempt of Congress.
On May 16, the Department of Justice told House Republicans that the president asserted executive privilege over audio from his interview with the special counsel.
The move protects Garland from criminal exposure as GOP lawmakers seek to hold him accountable.
Assistant Attorney General Carlos Uriarte
explained the DOJ's actions in a letter.
The Attorney General must draw a line
that safeguards the Department from
improper political influence and protects
our principles, our law enforcement work,
and the people who carry out that work
independently, without fear or favor, Assistant Attorney General Carlos Uriarte, via letter .
The Committees seek to hold the
Attorney General in contempt
not for failing in his duties,
but for upholding them, Assistant Attorney General Carlos Uriarte, via letter .
With the information you now have,
the Committees ought not to proceed
with contempt and should instead avoid
unnecessary and unwarranted conflict, Assistant Attorney General Carlos Uriarte, via letter .
White House Counsel Ed Siskel also wrote a letter supporting the assertion of executive privilege. .
The absence of a legitimate need
for the audio recordings lays bare
your likely goal—to chop them up,
distort them, and use them for
partisan political purposes, White House Counsel Ed Siskel, via letter
Credit: Wibbitz Top Stories Duration: 01:31Published
President Biden's getting better at saving himself from nasty tumbles ... 'cause he was thiiis close to going down Wednesday in the middle of a memorial for.. TMZ.com
Trump Accepts Offer , to Debate Biden.
On May 15, President Biden revealed that he agreed to an offer from CNN to debate Donald Trump and then challenged his predecessor to do the same.
I’ve received and accepted an invitation
from @CNN for a debate on June 27th.
Over to you, Donald. As you said:
anywhere, any time, any place, President Joe Biden, via X.
Donald Trump lost two debates to
me in 2020. Since then he hasn’t shown
up for a debate. Now he’s acting like
he wants to debate me again, President Joe Biden, via video message.
Well, make my day, pal, I’ll even do it
twice. So let’s pick the dates, Donald –
I hear you’re free on Wednesdays, President Joe Biden, via video message.
Trump took to Truth Social to respond.
I am Ready and Willing to Debate
Crooked Joe at the two proposed
times in June and September, Donald Trump, via Truth Social.
Both candidates have expressed a preference to debate sooner than the fall dates initially proposed by the Commission on Presidential Debates.
Both candidates have expressed a preference to debate sooner than the fall dates initially proposed by the Commission on Presidential Debates.
According to Biden campaign chair
Jen O'Malley Dillion, those dates are
"out of step with changes in the structure of our elections and the interests of voters.".
Trump went on to say that he'd like
to debate Biden more than twice.
I would strongly recommend more
than two debates and, for excitement
purposes, a very large venue, although
Biden is supposedly afraid of crowds - , Donald Trump, via Truth Social.
That’s only because he doesn’t get
them. Just tell me when, I’ll be
there. 'Let’s get ready to Rumble!!!', Donald Trump, via Truth Social.
That’s only because he doesn’t get
them. Just tell me when, I’ll be
there. 'Let’s get ready to Rumble!!!', Donald Trump, via Truth Social.
The first debate between the two
presidential candidates will be June 27.
The first debate between the two
presidential candidates will be June 27
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports. .
The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion. .
However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports. .
Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing
and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of
developing our live programming and
I would look at this as an expansion of
the types of content we offer, the way
we expanded to film and unscripted and
animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural
moments like the Jake Paul and Mike Tyson
fight are just that kind of television, and we
want to be part of winning over those
moments with our members as well, so that
for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18,
Netflix's stock was up 27%
Credit: Wibbitz Top Stories Duration: 01:30Published
Google Fires Employees , for Protesting Israel Contract.
28 Google workers have been fired for protesting
a $1.2 billion contract that the company has with
the Israeli government and military to provide
cloud and AI services, NBC News reports. .
The firings follow an April 16 sit-in at
Google's offices in California, New York and Seattle in which nine workers were arrested.
The group that coordinated the demonstration
is known as No Tech for Apartheid. .
Google issued a statement about the recent firings.
A small number of employee
protesters entered and disrupted
a few of our locations. , Google spokesperson, via statement.
Physically impeding other employees’
work and preventing them from
accessing our facilities is a clear
violation of our policies, and
completely unacceptable behavior. , Google spokesperson, via statement.
We have so far concluded
individual investigations that
resulted in the termination of
employment for 28 employees,
and will continue to investigate
and take action as needed, Google spokesperson, via statement.
No Tech for Apartheid claims that the
workers were fired "indiscriminately.".
This excuse to avoid confronting
us and our concerns directly,
and attempt to justify its illegal,
retaliatory firings, is a lie, No Tech for Apartheid, via statement.
Meanwhile, many of Google's workers have
reportedly quit after experiencing "mental health consequences of working at a company that is using their labor to enable a genocide," No Tech for Apartheid said.
On a personal level, I am opposed
to Google taking any military
contracts — no matter which
government they’re with or what
exactly the contract is about. , Cheyne Anderson, a Google Cloud software engineer based
in Washington who was arrested during a sit-in, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Amazon Cuts Hundreds , of Cloud Computing Jobs.
An Amazon Web Services (AWS)
spokesperson issued a statement about
the job cuts on April 3, CNBC reports. .
We’ve identified a few targeted areas of
the organization we need to streamline
in order to continue focusing our efforts
on the key strategic areas that we
believe will deliver maximum impact, AWS spokesperson, via statement.
We didn’t make these decisions
lightly, and we’re committed
to supporting the employees
throughout their transition to new
roles in and outside of Amazon, AWS spokesperson, via statement.
Cuts are being made to the store technology division “as a result of a broader strategic shift in the use of some applications in Amazon’s owned as well as in third-party stores,” the spokesperson said.
The layoffs come after Amazon announced that it was ending its Just Walk Out technology in Fresh stores.
The cashierless technology is overseen
by teams within the AWS unit. .
Beginning in 2022, Amazon started
its largest layoffs in history by letting
go of 27,000 roles company-wide. .
So far in 2024, the retail behemoth has cut jobs at Audible, Buy with Prime, Prime Video, MGM Studios and Twitch, CNBC reports. .
This latest round of cuts will
allow U.S. employees to collect pay
and benefits for a minimum of 60 days.
They will also be offered a severance package.
Credit: Wibbitz Top Stories Duration: 01:30Published
UPS to Become US Postal Service’s , Main Air Cargo Provider.
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
In fiscal year 2023, USPS paid FedEx $1.73 billion
for its services, down from the $2.4 billion
FedEx received in fiscal year 2020.
The decrease in payments was partially due
to the postal service using more economical
trucks in place of planes, CNBC reports. .
The parties were unable to reach
agreement on mutually beneficial
terms to extend the contract, FedEx, via securities filing.
Since FedEx will lose nearly $2 billion in annual
business from letting go of the contract, .
hundreds of pilots will likely
lose their jobs, CNBC reports .
Following the announcement, UPS shares
increased 1.4% while FedEx stock dropped 1.6%.
FedEx's current contract is
set to expire on Sept. 29
Credit: Wibbitz Top Stories Duration: 01:30Published
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