Sections SEARCH Skip to content Skip to site index Business Subscribe Log In Log In Today’s Paper Business | Consumer Protection Bureau Cripples New Rules for Payday Loans Supported by ByStacy Cowley Feb. 6, 2019 Payday lenders won a major victory on Wednesday after the Consumer Financial Protection Bureau moved to gut tougher restrictions that were to take effect later this year. The industry has spent years trying to fend off the new rules, which were conceived during the Obama administration. The regulations were intended to prevent spiraling debt obligations by limiting the number of consecutive loans that could be made and requiring lenders to verify that borrowers could pay back their loans on time while still covering basic living expenses. In her first major policy move, the bureau’s new director, Kathleen Kraninger, proposed eliminating nearly all of the regulation’s substantive … [Read more...] about Consumer Protection Bureau Cripples New Rules for Payday Loans
By Corinne Abrams WSJ Fri., Feb. 1, 2019 MUMBAI—Thousands of products were pulled from Amazon.com Inc.’s India website Friday—the first direct impact from the country’s new e-commerce rules, a day after warning the restrictions would hurt its business there. India’s new restrictions, which went into effect Friday, were designed to help local retailers better compete against foreign-owned giants like Amazon and Walmart Inc., as the e-commerce market is poised to boom in the country. Amazon warned Thursday that India’s restrictions could crimp revenue this quarter and that it was still evaluating the regulations. “We do believe that India remains a good long-term opportunity,” Amazon’s financial chief Brian Olsavsky said. In India, rules had barred foreign companies from holding their own online inventory and selling it direct to customers. Amazon previously worked around those regulations by selling products … [Read more...] about Products Yanked from Amazon in India as New Rules Take Effect
A set of proposed rules for how the Minnesota House of Representatives should run has produced starkly different interpretations, depending partly on which party is talking about them. According to the DFLers who now make up the majority in the House, the newish method of managing the flow of budget-related bills is more efficient: a way for legislation to spend less time on the House floor and more time in committees, where the heavy lifting of legislating is really done. But for House Republicans — both the 55-member Republican Caucus and the four-member “New Republican” caucus — those same rules constitute an anti-transparency move that puts democracy at risk. The newbie GOP even borrowed the motto of the Washington Post — “Democracy Dies in Darkness” — when discussing the rules, and one person testifying against them even drew a comparison to the casus belli of the Revolutionary War. So is the move anti-democratic or a way of making … [Read more...] about How new rules for the Minnesota House signal the downfall of democracy. Or not.
Susan Tompor and Janna Herron Detroit Free Press Published 6:00 AM EST Jan 25, 2019 Sitting down to do your taxes in the next few weeks — or talking with your tax preparer — will involve tackling the most sweeping changes in the federal income tax rules in more than 30 years. Tax filers need to keep in mind that more than 600 changes took place under the Tax Cuts and Jobs Act, which was passed by Congress in late 2017. All those changes even drove some industry experts to raise concerns early on about possible delays to the typical late January start of the tax season — and that was long before the federal government shutdown hit on Dec. 22. Even so, the Internal Revenue Service promises to kick off tax season as of Jan. 28, the earliest date you can file your returns. Will things end up being simpler? Maybe, if you’re able to tap into a substantially expanded standard deduction and you no longer must string together all sorts of receipts … [Read more...] about When to file your taxes and what new rules to expect
Melissa Lambarena, NerdWallet Published 1:40 pm CST, Thursday, January 17, 2019 This article was first published on NerdWallet.com. So you jumped on a free trial of a company’s product — and then promptly forgot about it? If so, you probably know what happens next. The free trial quietly ends, with no alert or reminder, and you become a “recurring” customer who’s hit with the full standard price. Perhaps you then contact the company to ask for your money back. You may not get it. Frustrating, right? Well, if you’re a Mastercard debit or credit card customer, those days may soon be ending, at least for some of these transactions. Under a new network rule, Mastercard will require merchants to get your approval to proceed with charges after a free trial ends. There are two important caveats, however: This rule will apply only to physical goods, such as cosmetics and medications, not to things … [Read more...] about Mastercard’s New Rule Will Make Some ‘Free’ Trials More Transparent