Tuesday, October 26News That Matters

Tag: Consumer Financial Protection Bureau

Consumer Bureau Chief Confirmed in Close Senate Vote

Business
The Senate confirmed Rohit Chopra on Thursday to run the Consumer Financial Protection Bureau in a 50-to-48 party-line vote that overcame objections from Republicans who said he would wield the bureau’s sweeping powers to pursue an anti-business agenda.Mr. Chopra, 39, served most recently as a commissioner on the Federal Trade Commission, which he often criticized for what he viewed as a reluctance to crack down on violators. Facebook and Google were particular targets of his ire; citing “the endless scandals involving large technology firms,” he called for much larger financial penalties and stiffer constraints.As President Biden’s choice for director, Mr. Chopra will be returning to an agency he helped build. Congress created the Consumer Financial Protection Bureau a decade ago with a s...
Biden plans to nominate a privacy expert to Federal Trade Commission.

Biden plans to nominate a privacy expert to Federal Trade Commission.

Technology
President Biden plans to nominate Alvaro Bedoya, an online privacy expert, for a seat on the Federal Trade Commission, putting a critic of the technology industry in a key position to regulate the sector, according to two people familiar with the plans.Mr. Bedoya is a lawyer who has studied the way new technologies can violate privacy. He was an author of a 2016 report that called for Congress to more closely regulate the use of facial recognition software by law enforcement. And he was previously the top lawyer on the privacy subcommittee of the Senate Judiciary Committee.If he is confirmed, Mr. Bedoya will join an agency that is primed to take aggressive action against the technology industry and other corporate giants. The agency’s chair, Lina Khan, is a legal scholar who has argued for...
$10 Billion in Student Loan Debt Erased Under Biden, but Calls Grow for More

$10 Billion in Student Loan Debt Erased Under Biden, but Calls Grow for More

Business
Finally, on Tuesday, an email arrived saying she had receive a 100 percent discharge.“I cried,” said Ms. King, who hopes she can now afford computer classes at her local community college.The department appeared to have notified thousands of people about their loan relief on Tuesday, Mr. Gokey said. But confusion remains: Multiple people received notifications with inaccurate information. One borrower who attended ITT, for example, got a letter saying his loans for studying at the Marinello School of Beauty would be eliminated.The push for widespread debt cancellation has overshadowed calls to mend these and other glaring administrative problems that urgently need to be addressed, advocates say — ideally before January, when borrowers will start getting bills again.“The next few weeks and ...
Your Finances Took a Hit From the Pandemic. Here’s What You Do Now.

Your Finances Took a Hit From the Pandemic. Here’s What You Do Now.

Business
As for that tax return, it never hurts to organize all the tax data you can during the last few months of the calendar year. It’s a record of your recent past and a window into your long-term future (say, via any notation about retirement savings). The process may also serve as a reminder that there is often at least one more thing you could do in the present to help yourself while handing less money over to various governmental bodies.Prepare yourself now and you can file as early as possible in 2022 and quickly get any refund you have coming. One note of caution: Donna Trainor, a financial planner and accountant in Atlanta who has done extensive pro bono work with people in danger of losing their homes, worries that recipients of the new, monthly tax credit payments don’t realize that it...
A Novel Way to Finance School May Penalize Students from HBCU’s, Study Finds

A Novel Way to Finance School May Penalize Students from HBCU’s, Study Finds

Business
The typical student who borrows to attend college leaves with more than $30,000 in debt. Many struggle to keep up with their payments, and America’s ballooning tab for student loans — now $1.7 trillion, more than any other type of household debt except for mortgages — has become a political flash point.So a financing approach known as an income-share agreement, which promises to eliminate unaffordable student debt by tying repayment to income, has obvious appeal. But a new study has found that income share agreements can also mask race-based inequalities.The analysis, released on Thursday by the Student Borrower Protection Center, an advocacy group, found that borrowers at schools that focus on minority students can end up paying more than their peers at largely white campuses.Income-share...