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"I Like This Idea": Kevin O'Leary Calls for "Economic Union" Between US & Canada To Secure FutureJonah Goldberg Among elites across the ideological spectrum, there's one point of unifying agreement: Americans are bitterly divided. What if that's wrong? What if elites are the ones who are bitterly divided while most Americans are fairly unified? History rarely lines up perfectly with the calendar (the "sixties" didn't really start until the decade was almost over). But politically, the 21st century neatly began in 2000, when the election ended in a tie and the color coding of electoral maps became enshrined as a kind of permanent tribal color war of "red vs. blue." Elite understanding of politics has been stuck in this framework ever since. Politicians and voters have leaned into this alleged political reality, making it seem all the more real in the process. I loathe the phrase "perception is reality," but in politics it has the reifying power of self-fulfilling prophecy. Like rival noble families in medieval Europe, elites have been vying for power and dominance on the arrogant assumption that their subjects share their concern for who rules rather than what the rulers can deliver. In 2018, the group More in Common published a massive report on the "hidden tribes" of American politics. The wealthiest and whitest groups were "devoted conservatives" (6%) and "progressive activists" (8%). These tribes dominate the media, the parties and higher education, and they dictate the competing narratives of red vs. blue, particularly on cable news and social media. Meanwhile, the overwhelming majority of Americans resided in, or were adjacent to, the "exhausted majority." These people, however, "have no narrative," as David Brooks wrote at the time. "They have no coherent philosophic worldview to organize their thinking and compel action." Lacking a narrative might seem like a very postmodern problem, but in a postmodern elite culture, postmodern problems are real problems. Listen now and subscribe: Apple Podcasts | Spotify | Stitcher | RSS Feed | SoundStack | All Of Our Podcasts It's worth noting that red vs. blue America didn't emerge ex nihilo. The 1990s were a time when the economy and government seemed to be working, at home and abroad. As a result, elites leaned into the narcissism of small differences to gain political and cultural advantage. They remain obsessed with competing, often apocalyptic, narratives. That leaves out most Americans. The gladiatorial combatants of cable news, editorial pages and academia, and their superfan spectators, can afford these fights. Members of the exhausted majority are more interested in mere competence. I think that's the hidden unity elites are missing. This is why we keep throwing incumbent parties out of power: They get elected promising competence but get derailed -- or seduced -- by fan service to, or trolling of, the elites who dominate the national conversation. There's a difference between competence and expertise. One of the most profound political changes in recent years has been the separation of notions of credentialed expertise from real-world competence. This isn't a new theme in American life, but the pandemic and the lurch toward identity politics amplified distrust of experts in unprecedented ways. This is a particular problem for the left because it is far more invested in credentialism than the right. Indeed, some progressives are suddenly realizing they invested too much in the authority of experts and too little in the ability of experts to provide what people want from government, such as affordable housing, decent education and low crime. The New York Times' Ezra Klein says he's tired of defending the authority of government institutions. Rather, "I want them to work." One of the reasons progressives find Trump so offensive is his absolute inability to speak the language of expertise -- which is full of coded elite shibboleths. But Trump veritably shouts the language of competence. I don't mean he is actually competent at governing. But he is effectively blunt about calling leaders, experts and elites -- of both parties -- stupid, ineffective, weak and incompetent. He lost in 2020 because voters didn't believe he was actually good at governing. He won in 2024 because the exhausted majority concluded the Biden administration was bad at it. Nostalgia for the low-inflation pre-pandemic economy was enough to convince voters that Trumpian drama is the tolerable price to pay for a good economy. About 3 out of 4 Americans who experienced "severe hardship" because of inflation voted for Trump. The genius of Trump's most effective ad -- "Kamala is for they/them, President Trump is for you" -- was that it was simultaneously culture-war red meat and an argument that Harris was more concerned about boutique elite concerns than everyday ones. If Trump can actually deliver competent government, he could make the Republican Party the majority party for a generation. For myriad reasons, that's an if so big it's visible from space. But the opportunity is there -- and has been there all along.Mahomes, Stroud and Hurts top NFL mid-season sales leaders

What's On Tap in Chicago Bulls news ? Welcome to the 51st edition of "Tasting Flight," a daily newsletter to keep fans updated on all the latest news in Bulls Nation. Zach LaVine Speaks Candidly in Detroit Zach LaVine delivered a candid conversation about rumors surrounding his contract being untradeable and his relationship with Billy Donovan in a new interview with Vincent Goodwill of Yahoo Sports . Bulls guard Zach LaVine heard about his contract being untradeable, his relationship with Billy Donovan, and his health this summer “I heard everything. I read everything. Sometimes you gotta take that accountability and put a chip on your shoulder.” https://t.co/8EBDjAlNkc Dynasty Bulls Lessons Applied to Current Philadelphia 76ers Fallout On his "Hoop Genius" podcast, Bulls legend and three-time NBA champion B.J. Armstrong analyzed the reported locker-room fallout between Philadelphia 76ers stars Joel Embiid and Tyrese Maxey. Armstrong shared in-depth and insightful memories from the first three-peat era Bulls locker room to analyze the issues reportedly plaguing the 76ers. Much more on the Embiid-Maxey dynamic in the newest show...watch NOW! https://t.co/2BEaUolMXU NBA to Introduce New All-Star Game Format in 2025 With motivations to make the NBA All-Star game a more compelling production, the league is replacing the traditional East vs. West two-team format with a four-team tournament. How the four-team tournament-style 2025 NBA All-Star Game is expected to work, sources tell ESPN: - Two semifinal games up to 40 points, winners advance - Finals game up to 25 points Quick-burst competition, pickup ball-esque. https://t.co/VOyPvioj78 Billy Donovan Speaks on Bulls Defense After Loss to Bucks The Bulls dropped to 6-10 after Wednesday's 122-106 loss to the Milwaukee Bucks. Head coach Billy Donovan acknowledged the Bulls' mistakes throughout the game and emphasized the team's need to be more disciplined on the defensive end. Billy Donovan said game plan discipline needs to improve. Said too many defensive breakdowns simply by not following game plan. This article first appeared on On Tap Sports Net and was syndicated with permission.No club wins an Draft on the night, but when you own a third of the top 24 it was always going to be tough for the Tigers to lose it. Richmond capitalised on its historic hand by swinging for upside and landing North Melbourne's future first-rounder - which has finished as a top two pick for the past four consecutive seasons. West Coast and Port Adelaide capitalised on sliders, Brisbane and Gold Coast matched bids on top 10 talents and we saw 71 selections for the first time since 2018, proving the lauded depth of 2024's draft pool. This is how ESPN has graded every club's haul from both nights of the 2024 AFL Draft. Adelaide Sid Draper (4), Tyler Welsh (59) No midfielder better fits Adelaide's on-ball brigade than boyhood Crow Sid Draper. His speed, agility, clean hands and damage on the outside of the contest will complement the likes of Jordan Dawson and Jake Soligo perfectly. Draper was so keen on the Crows he called Matthew Nicks days out from the draft, imploring the coach to read out his name with pick 4. Adelaide only planned to use two selections and listed father-son Tyler Welsh at pick 59. The key forward offers strength in abundance and has kicked goals at every level this year. A Levi Ashcroft (5), Sam Marshall (25), Ty Gallop (42) What a result for the Lions gaining access to Levi Ashcroft at pick 5. A bid at pick 1 would have made finding points for both he and Sam Marshall near impossible, but they were afforded room to trade into 2025's draft with an eye on Academy midfielder Daniel Annable. Ashcroft's drive and intensity about his football is stunning -- he refused to touch the premiership cup on Grand Final day. Sam Marshall is an elite runner who could also play early senior football for the Lions as a wingman or halfback. Brisbane would have liked a later bid on Academy forward Ty Gallop, but were keen to add him to the list given his athletic traits at 194cm. A Jagga Smith (3), Harry O'Farrell (40), Ben Camporeale (43), Lucas Camporeale (54) Jagga Smith was the man for the Blues all along. It was a coup for the finalists to trade up to pick 3, and seeing the midfielder they rated no. 1 in the draft at their selection must have felt like Christmas morning for Nick Austin and his team. Smith also landed at no. 1 on ESPN's draft board - he's a ball magnet that will thrive alongside Patrick Cripps and Sam Walsh. The Blues held their nerve on the pick in Ben Camporeale's bidding range, and were rewarded with athletic key defender Harry O'Farrell whose father is the much-beloved Carlton lawyer Patrick Cripps can thank for his first Brownlow Medal. The Camporeale twins are one of the great stories stemming from the second night. Ben is a tough and physical inside midfielder built for the clinches. Lucas has class and courage, able to run up and down a wing all day. Both will take time to develop in the VFL but have traits to be unlocked in a professional environment. A+ Joel Cochran (47), Charlie West (50), Will Hayes (56) The Pies entered the draft late and immediately bid on Sydney's academy graduate Joel Cochran which was not matched. The key defender took out the combine 2km time trial - he's an elite runner and can play on a variety of forwards. South Australia's Charlie West will take time to develop but presents upside as a bustling key forward that loves to take pack marks. Finally, the Pies grabbed specialist wingman Will Hayes who can run all day and makes smart decisions. He's one that could impact in 2025, but Collingwood would have loved to gain access to more ready-made talent. C Isaac Kako (13), Kayle Gerreyn (37), Angus Clarke (39), Rhys Unwin (61), Zak Johnson (70) Isaac Kako is the crown jewel for Matt Rosa's team in 2024, the best small forward for a goal-hungry side that has lacked depth in the area for a long time. Kako has the talent and temperament to play AFL football right away with a full pre-season. At pick 37, Kayle Gerreyn was top of ESPN's available prospects, and Port was sweating on his availability at pick 38. The gifted ruck-forward can pinpoint passes off both feet, is nimble in congestion and plays with a physical edge. He's likely to play his best football as a marking forward that can cameo in the ruck. Two selections later, Essendon added SA halfback Angus Clarke, who grew up in the same town as Mason Redman and plays a similarly damaging game from defence. He loves to fly for his intercept marks and kickstart transition. They added Rhys Unwin whose speed in the forward half is of value, and classy halfback Zak Johnson who can also run on-ball. The Dons will add NGA small Jayden Nguyen to their category-B rookie list on Friday after he got through without a bid. A- Murphy Reid (17), Charlie Nicholls (34), Jaren Carr (63) The Dockers were surprised that Murphy Reid was still on the board at 17. The Dragons midfielder took out Vic Metro's carnival MVP after an impressive block of football where he proved to be a damaging accumulator. Charlie Nicholls is a project tall out of South Australia that could end up at either end of the ground, but has done most of his work as a hard-leading forward. Finally, Fremantle committed to father-son Jaren Carr who made his WAFL debut this year and can play in a variety of roles at 191cm. B- Jay Polkinghorne (44), Jacob Molier (52), Lennox Hofmann (66), Keighton Matofai-Forbes (69) The Cats entered the draft late on night two and took two South Australian prospects with their first two picks. Jay Polkinghorne presents as an X-factor forward at 191cm, able to clunk marks and kick accurately for goal. Jacob Molier was the first pure ruckman taken in the draft; his excellent state combine was capped off with an elite 20m sprint time at 201cm. Geelong were shocked to see St Kilda pass on their Lennox Hofmann bid, who had interest much higher up the order. The defender plays lockdown roles but also loves to get forward and use his supreme pace to break the game open. Finally, Keighton Matofai-Forbes got his chance late in the piece. The powerful forward relishes one-on-ones and has an incredible fluidity to his game at 188cm. C+ Leo Lombard (9), Cooper Bell (49) Leo Lombard is another academy coup for the Suns, and would have been taken higher if he was in the open draft. The midfielder comes into the AFL as one of its most explosive athletes ever based on combine results, and it translates to the field where his power, physicality and speed shine. GWS opted not to match a bid on academy key defender Cooper Bell who adds depth to Gold Coast's defensive stocks. B Ollie Hannaford (18), Harrison Oliver (19), Cody Angove (24), Jack Ough (36), Logan Smith (71) GWS swung the biggest surprise on night one again, grabbing West Australian speedster Cody Angove at pick 24. A bolter from nowhere, the Claremont product has smarts and creativity forward of the ball, and has a valuable speed-endurance blend that Adrian Caruso's team craves. Before that, they took massive riser Ollie Hannaford, completing the swing from no national combine invite to top 20 pick. The forward's speed and competitiveness are highlights of his exciting game. They also grabbed tough and balanced running defender Harrison Oliver, who had suitors in the late first round. The Giants finished off their haul with 194cm smooth-moving midfielder Jack Ough, and athletic academy ruckman Logan Smith, who didn't attract a bid. The Giants will add NGA prospect Josaia Delana to their rookie list. C+ Noah Mraz (35), Cody Anderson (64) It was a quiet draft for the Hawks after a busy trade period of bringing in two key defenders, and they grabbed another one to boot. Noah Mraz was a forgotten man after a navicular fracture wiped out his season, but his capabilities as a key defender to intercept and lock down shouldn't be underestimated. Hawthorn also snared NGA prospect Cody Anderson, dubbed 'The Beast From The East' for his attack on the man and the ball out of the Eastern Ranges. He's an exciting player with a great defensive game through the midfield and up forward. C+ Harvey Langford (6), Xavier Lindsay (11), Aiden Johnson (68) The Demons traded up with the Dons and were stoked to land two of the best midfielders in the pool. Harvey Langford was a joint Larke Medallist this year after an outstanding campaign as a 190cm on-baller than finds a lot of ball and gains territory with his massive left boot. Xavier Lindsay adds polish and craft on the outside, a beautiful user and hard runner with leadership aspirations. The Dees rounded out their selections with mature-age VFL premiership Bee Aidan Johnson who adds depth to their key forward stocks at 193cm. Indigenous small forward Ricky Mentha will land at the Dees via the category-B rookie list. A- Finn O'Sullivan (2), Matt Whitlock (27), Luke Urquhart (57), River Stevens (67) North took big swings on the first night. They grabbed their no. 1 prospect in the draft in Finn O'Sullivan, whose elite body of work across his junior career warranted the pick. He's another midfielder but has versatility with his aerial ability and capacity to hit the scoreboard. They then pulled a stunner, trading their future first-rounder for pick 27 to grab project key defender Matt Whitlock, who they rated inside the top 10. North's first round pick has landed inside the top 2 for the past five seasons. On night two they grabbed WA hard-nosed midfielder Luke Urquhart whose athletic profile, intensity and clearance work saw him dominate the championships. They then finished up with small forward River Stevens, the son of former captain Anthony. North needs to catapult up the ladder to justify the decision to trade their 2025 first round selection. D Joe Berry (15), Jack Whitlock (33), Christian Moraes (38) Port Adelaide pulled the first live trade of the draft, moving up a spot to grab half forward Joe Berry. The Bushrangers goalkicker models his game on Robbie Gray and boasts similarities in his silky ball use and penchant for standing up in big games. They were considering Jack Whitlock at 15, and were stunned to see him slide all the way to pick 33 where they snatched him up. He will take time to develop his 200cm frame but presents as a long-term Charlie Dixon replacement leading out of full forward. Finally, Christian Moraes was another slider they were keen to grab. The Ranges midfielder has played across all three areas of the ground and does not stop running. It means he finds plenty of ball and can kick goals. Benny Barrett will slot onto their rookie list as an NGA small forward. The Power needed to capitalise on this draft after trading Dan Houston, and they grabbed three high quality prospects with two likely to play AFL football next year. A Sam Lalor (1), Josh Smillie (7), Taj Hotton (12), Jonty Faull (14), Luke Trainor (21), Harry Armstrong (23), Thomas Sims (28), Jasper Alger (58) It was difficult for Richmond to not capitalise on their incredible draft hand, but they were also able to maximise their 2025 hand with North's future first-rounder. It gives them a genuine chance at securing the top two picks in 12 months' time. Many of their selections were drafted with upside in mind. Sam Lalor has the highest upside of all prospects and was taken at pick 1. The powerful midfielder will start his career as a dangerous forward. Josh Smillie then fell at pick 7 - the 195cm battering ram through the middle will eventually form a physical one-two punch with Lalor. Taj Hotton was a slight surprise, but was again a punt on tantalising upside after dominating the first month of the season. We won't see him in action until the back half of 2025 as the mercurial forward-half accumulator recovers from a torn ACL. Three key forwards were taken in a sign of the long-term view. Jonty Faull is a consistent and hard-working key forward that could impact early, Harry Armstrong is the best set shot in the pool and brings a strong athletic profile, and Tom Sims is a wildcard selection with the first pick of night two. At 199cm with a long reach he has physical traits that give him a shot at becoming a great AFL forward. Luke Trainor's slide was halted by the Tigers and he will learn plenty from Nick Vlastuin. The Dragons interceptor is an elite reader of the play and also possesses tidy foot skills. Finally, the Tigers traded back into the draft to snatch up Jasper Alger, with the small forward sliding into the 50s. He adds ground level pressure in the forward 50. We will wait and see if Richmond nailed this draft, but Blair Hartley's team has put the club in a position to achieve long-term success once more. A+ Tobie Travaglia (8), Alix Tauru (10), James Barrat (32), Hugh Boxshall (45), Alex Dodson (53), Patrick Said (60) The Saints were busy on both nights, and shaped the draft by taking the blonde defenders in the top 10. Tobie Travaglia is the ultimate competitor off halfback. He's a great interceptor and goes on long runs down the ground with an elite work rate. He harbours ambitions of moving into the midfield as a Will Day type player. Alix Tauru rose into top 10 contention with incredible aerial exploits. He's an elite mark and brings a physical edge to his game. His confidence and strong hands could make him one of the game's best interceptors. St Kilda took a third defender in James Barrat, who could be the Josh Battle replacement as a tough lockdown defender. His physicality and positional flexibility will be highly valued by Ross Lyon. Hugh Boxshall is an elite runner and a strong inside midfielder out of Claremont, Alex Dodson tumbled down the order despite being ranked by ESPN as the draft's best ruckman, and Patrick Said adds ground level pressure to the forward 50. They surprisingly ended the night without their NGA prospects, not matching Geelong's bid on Lennox Hofmann and seeing Adrian Cole fall through the draft. They're yet to make a decision on Cole and father-son prospect Elwood Peckett. The Saints needed midfield depth but opted for best available at their top selections. There may be some short-term pain for long-term gain. B Jesse Dattoli (22), Ned Bowman (26), Riley Bice (41), Riak Andrew (55) The Swans loomed as favourites to land key position talent in the first round, but instead opted for more scoreboard impact from medium forwards. Jesse Dattoli could be anything at the next level, able to take contested marks, run through the midfield, and kick bags of goals. Ned Bowman is a human highlight reel and has special aerial ability inside forward 50. He had suitors in the 30s, so Sydney had to pounce if they wanted him. Riley Bice adds ready-made polish off halfback. He won a flag with Werribee in the VFL and as a 24-year-old is ready to go. With their final pick, the Swans scored Riak Andrew after Melbourne chose not to match the bid. His lockdown capabilities improved greatly this year and it's that rate of development that sold Sydney. Interestingly, they chose not to match Collingwood's bid on academy defender Joel Cochran, instead opting to bid on Andrew. C- Bo Allen (16), Jobe Shanahan (30), Tom Gross (46), Luca Greggo (48), Hamish Davis (65) West Coast rivals Richmond for the biggest winners of the 2024 AFL Draft. It was tough to envisage after trading back from pick 3 to 12 in the Liam Baker deal, but WA's best prospect Bo Allan slid through to the selection after they traded back with Port Adelaide and the Eagles scooped him up. Allan is a ready-made, physical midfielder who leads from the front. He will start his career at halfback but it won't be long before he joins Harley Reid in the engine room. Another minor miracle occurred with highly-rated key forward Jobe Shanahan falling all the way to pick 30 despite receiving a draft invitation on night one. Shanahan's ceiling is immense as a 194cm goalkicking power forward, but some clubs also see his future down back where he reads the play and his athleticism is on show. They snared tough inside midfielder Tom Gross at 46, with his point of difference being an underrated aerial ability. Luca Greggo offers serious speed on the edge of contests, while massive slider Hamish Davis was scooped up at 65 out of Claremont. The 190cm forward kicked four goals in a WAFL final this year, won 40 disposals in a midfield masterclass at Colts level and also took out best on ground honours in the Colts Grand Final. He could play football early for the Eagles, but needs to re-work his kicking action to become more reliable distributing the ball. West Coast can list Malakai Champion as a category-B rookie after he slid through the national draft. A+ Cooper Hynes (20), Lachie Jaques (29), Josh Dolan (31), Sam Davidson (51), Luke Kennedy (62) The Dogs were sweating on Murphy Reid's availability but were happy to grab Cooper Hynes who adds the power, speed, and aggression this list lacks in the forward half. Hynes has played a lot through the midfield but should start his career as an impact medium forward. Lachie Jaques was added out of the Falcons as a dashing halfback with the ability to play on talls and smalls, while Josh Dolan's smarts and leadership in the forward half will be valuable. Sam Davidson presents as the ready-made forward at 190cm after winning the Fothergill-Round-Mitchell medal with Richmond. After starting his pre-season with VFL side Coburg, Luke Kennedy will also be heading to the Kennel. The consistent Sandy midfielder brings poise and class. B+NEWS : The Consumer Financial Protection Bureau has taken numerous year-end actions that will benefit consumers in the coming year. WHAT THIS MEANS TO YOU : More money in your pocket, more protection from fraud and scams. Consumers may not realize that when they get a break in their favor, the Consumer Financial Protection Bureau is behind it. The CFPB was created in 2011, in the wake of the Great Recession, by the Dodd-Frank Wall Street Reform and Consumer Protection Act. It’s an independent federal agency that exists to make sure consumers are treated fairly, enforcing consumer financial laws and reviewing business practices to make sure they’re on the level and not ripping people off. It has a toll-free hotline and website for consumer complaints and two years ago set up an easy petition process to make it easier for organizations and consumers to petition the government for change (your right under the First Amendment). The CFPB has ended 2024 with a bang, taking action on several issues that will put money in consumer pockets, as well as finding new ways to keep consumers from getting ripped off or scammed. Enjoy it while you can – the Trump administration and Republican lawmakers in Washington, D.C., have promised they will curtail the agency’s powers. One of the new administration’s main focuses is to remove regulations and rules for big business, which means consumer wallets will take a beating. That’s a column for next month, though. Today, as 2024 comes to an end, let’s celebrate some of the gifts that the CFPB has given American’s working folks. The CFPB earlier this month announced that it is closing the loophole that allows large banks to charge excessive overdraft fees for account holders, which the agency considers junk fees. Overdraft fees, or NSF (non-sufficient funds) fees, cost American consumers billions a year, and have the most negative impact on low-income and marginalized consumers, who can least afford to lose their bank account or pay the cascading effect of fee upon fee. My first-ever It’s Your Money column, in December 2021 addressed overdraft fees and noted that some banks during the pandemic had quietly lowered or eliminated them. The new rules apply to the biggest banks – those with $10 billion in assets or more. When the agency first started looking at closing the overdraft loophole, it found that Wells Fargo and JPMorgan Chase accounted for more than $1 billion overdraft revenue reported by banks, one third of what was reported overall. The CFPB has gone after large banks, and continues to, to get them to return illegal overdraft fees to consumers. The agency reported in its December news release that it brought a $95 million enforcement action against Navy Federal Credit Union for illegal surprise overdraft fees. It also took action against Wells Fargo, Regions Bank, and Atlantic Union for illegal overdraft fees – $205 million, $141 million, and $5 million in unlawful fees respectively, the agency said. Banks claim that overdraft fees are the product of a practice that helps customers – the bank allows a payment that would normally be returned to go through. The fee, often $35 or more, is just the cost of doing business. When the bank covers your overdraft, technically its making a loan to you. So, overdraft protection is a very high-interest loan. Most consumers cover the overdraft in three days or less, but still pay that “high interest.” The whole overdraft fee thing started decades ago when people paid their bills using paper checks, which they mailed. Sometimes the checks would take weeks or more to clear the consumer’s bank account, and by then the money may no longer be there to cover it. Those fees didn’t account for much profit for banks back in the 1960s, when the Truth in Lending Law was drafted, so banks successfully lobbied for a loophole that exempted the fees from the rules other financial fees came under. So, unlike loans, the lenders weren’t required to disclose the fee to customers. Now, 50-plus years later, NSF fees are big money for banks. Most banks don’t give an account-holder the choice of overdraft protection (I’m old enough to remember when many did, and charged a fee for it). Once people started using debit cards, financial institutions “began raising fees and using the exemption to churn high volumes of overdraft loans on debit card transactions,” the CFPB said. Enrollment became automatic – it just happened without the customers realizing it. When the CFPB proposed the rule in 2023, it estimated 23 million households pay overdraft fees annually. Since the agency announced its initiative to curb junk fees, it said, many banks have started to reduce or eliminate them. Consumers have saved $6 billion annually because of that, the agency said. “However, even with these changes, consumers still paid more than $5.8 billion in 2023 in reported overdraft and NSF fees.” The new rule, which is scheduled to go into effect Oct. 1 (giving banks 10 months to figure out a plan or the new administration a chance to scuttle it) allows lenders to choose an option: Cap overdraft fees $5, which is the estimated amount most banks can cover costs associated with administering a courtesy overdraft program. Cap the fee at an amount that covers costs and losses “for banks that wish to offer overdraft as a convenient service rather than as a profit center,” the CFPB said. Disclose the terms of their overdraft loan just like other loans. If the lender wants to have a profit-making overdraft service, it must comply with standard requirements governing other loans, like credit cards. Customers must have a choice on whether to open the overdraft credit line, and the bank must provide account-opening disclosures that would allow comparison shopping, send periodic statements, and give the account-holder a choice of whether to pay automatically or manually. The CFPB is part of the White House Competition Council, a group of independent federal agencies and cabinet departments established by President Joe Biden’s 2021 Executive Order on Promoting Competition in the American Economy. The council includes the Federal Trade Commission and U.S. Department of Transportation, which also have taken action on junk fees. The overdraft fee action is part of the CFPB’s effort, as a member of that council, to tackle junk fees in general. Earlier this month, the CFPB returned $1.8 billion to 4.3 million Americans who were ripped off by “credit repair” businesses that charged illegal advance fees or used deceptive bait-and-switch advertising. Companies that engaged in these illegal practices included Lexington Law and CreditRepair.com. The refund constituted the largest-ever distribution from the CFPB’s victims relief fund, which is funded by civil penalties paid by companies that violate consumer protection laws, the agency said. A court ruled in August 2023 that the credit repair conglomerate violated the Telemarketing Sales Rule’s advance fee prohibition, which requires credit repair companies that engage in telemarketing to not collect fees until they provide documentation showing they have achieved the promised results, at least six months after the results were achieved. Following the court’s ruling on the suit, which was filed by the CFPB, the companies filed for Chapter 11 bankruptcy protection, shutting down 80% of their business operations, including their telemarketing call centers, the CFPB said. By the way, here’s tip if you’re looking for help repairing your credit or getting out from under credit debt: Find a nonprofit consumer credit agency. You can find one on the National Federation for Credit Counseling website. One big clue that an agency is a nonprofit is that it will have .org at the end of it’s url, not .com. If you opt for a for-profit debt settlement company, similar to the ones the CFPB came down on, keep an eye on fees, tax implications and the hit that your credit score will take. It’s a good idea to research for-profit debt settlement online before taking that leap. Digital non-bank payment apps like Venmo, Zelle, and GooglePay, have become incredibly popular. It may surprise you to learn that there is very little regulation, and that means a big opening to set you up to be scammed, among other things. The CFPB estimates that the most widely used apps process more than 13 billion consumer payments a year – this includes Apple, Google, Amazon, PayPal, Block, Venmo, and Zelle, among others. In late November, the agency finalized a rule to supervise the largest nonbank companies that offer digital funds transfer and payment wallet apps. The rule means that companies that handle more than 50 million transactions a year must follow the same federal law that applies to large banks, credit unions, and other financial institutions. The rule gives the CFPB authority to enforce financial law with these companies, particularly in these major areas: Privacy and Surveillance . Federal law allows consumers to opt out of certain data collection and sharing practices, and also prohibits misrepresentations about data protection practices. These large companies, which collect vast quantities of data about an individual’s transactions, should provide that option. Errors and Fraud. Consumers have the right, under federal law, to dispute transactions that are incorrect or fraudulent, and financial institutions must investigated such complaints. The agency said that’s particularly concerned “about how digital payment apps can be used to defraud older adults and active duty servicemembers.” It said that the payment apps should manage these issues on their own instead of designing their systems, which many do, to shift disputes to banks, credit unions, and credit card companies. Debanking. Consumers rely on payment apps and “can face serious harms when they lose access to their app without notice or when their ability to make or receive payments is disrupted.” Consumers have reported concerns to the CFPB about disruptions to their lives because of account closures or freezes. The agency’s supervision unit has also created a supervision technology program that assesses, among other things, technology and technology controls and its impact on compliance with federal consumer financial law. You’ve heard that your data is out there. That it’s sold. That bad people may use it for bad purposes. But like many people you may think, “Meh. Me? It just doesn’t seem like something to worry about.” Well, lucky for those who feel that way, the CFPB is still looking out for you. The agency proposed a rule in early December to rein in data brokers that sell sensitive personal and financial information that can be used to target and defraud consumers. The proposed rule would limit the sale of identifiers like Social Security numbers and phone numbers, and would make sure that financial data, like income, is only shared for legitimate purposes (facilitating a mortgage approval, for instance), and not sold to scammers targeting people who are in financial distress. The rule would clarify that when data brokers sell sensitive consumer information they are acting as a consumer reporting agency under the Fair Credit Reporting Act, “which requires them to comply with accuracy requirements, provide consumers access to their information, and maintain safeguards against misuse,” the agency said. The FCRA was enacted in 1970 “to, among other things, strictly limit the use of personal data by a growing data surveillance industry,” the CFPB pointed out in its news release about the proposed rule. It would ensure that the FCRA’s privacy protections protect consumers from technology that wasn’t even dreamed up when that law was enacted. The CFPB developed the proposed rule after “extensive market monitoring that revealed widespread evasion of consumer protections” by data brokers. The brokers claim they aren’t subject to FCRA requirements “even while selling the very types of sensitive personal and financial information Congress intended the law to protect,” the agency said. Data brokers “collect and sell detailed information about Americans’ personal lives and financial circumstances to anyone willing to pay,” the agency said in a news release. The proposal would address “critical threats” data-selling agencies pose, including: National security and surveillance risks . “Countries of concern,” like China and Russia, can buy detailed personal information about military service members, veterans, government employees, and other Americans for pennies per person, the CFPB said. “This enables the creation of detailed dossiers for potential espionage, surveillance, or blackmail operations, allowing relatively small investments to be leveraged into mass surveillance operations.” Criminal exploitation. Identity thieves and scammers buy financial profiles to target vulnerable consumers, particularly seniors and people who are in financial distress. The information is used to run fraud schemes and steal retirement savings, “often targeting Americans who can least afford the losses.” Violence, stalking, and personal safety threats to law enforcement personnel and domestic violence survivors: Dangerous people who target judges, law enforcement officers, government employees, domestic abuse survivors, or individuals in an unpopular profession can use contact information to stalk, threaten and harm. Perpetrators can buy current contact information in order to do that. To address these risks, under the rule: Any company that sells data about income or financial tier, credit history, credit score, or debt payments would be considered a consumer reporting agency required to comply with the FCRA, regardless of how the information is used. When consumer reporting agencies collect information like names, addresses, or ages for credit reports, any sale of that information would be covered by the FCRA’s protections. Companies relying on consumers’ consent to obtain or share a consumer’s credit report would need separate, explicit authorization to do so from the consumer, rather than burying permissions in fine print. “These changes would significantly limit the ability of data brokers to sell sensitive contact information that could be used to target, harass, or dox individuals seeking privacy protection, including domestic violence survivors,” the agency said. The proposed rule would preserve pathways created by the FCRA for government agencies to access consumer report information for legitimate law enforcement, counterterrorism, and counterintelligence purposes, it said. The proposed rule is part of a broader government-wide initiative to protect Americans’ sensitive personal data, complementing recent Executive Orders and actions by other federal agencies, CFPB said. In October, the Department of Justice proposed a rule to prevent access to Americans’ sensitive personal data by Russia, Iran, China, and other countries of concern. The rule hasn’t gone into effect yet – it goes through a public comment period, which ends in March, then is reviewed by several panels and agencies, before it becomes final, likely a year or so from now. It would likely be enacted in 2026. That means it’s still up to you to protect your data as best as you can. The CFPB earlier this month launched rulemaking to address the harmful effects of inaccurate credit reporting that negatively affects survivors of domestic, elder and other financial abuse. “People trapped by domestic abuse must often sign documents under the threat of violence, ruining their financial lives and making it even more difficult to escape,” CFPB Director Rohit Chopra said in a news release. “Expanding identity theft protections could help survivors rebuild their financial lives and would ensure that our credit reporting system is not used as a tool for domestic and elder abuse.” I wrote in April 2022 about financial abuse as a major, but unrecognized, factor in domestic abuse. The CFPB is on board, too. “Abusers often use coerced debt as a tool of control, forcing their partner or other family members to take out credit cards or loans through threats, physical violence, or manipulation,” the release said. “They may secretly open accounts in survivors’ names, force them to sign financial documents, or run up charges on existing accounts.” This type of financial abuse “creates substantial, long-lasting harm for survivors,” the agency said. Nearly three-quarters of domestic violence survivors report staying in abusive relationships longer in part because of coerced debt. “The impact falls particularly hard on women of color, who face higher rates of financial abuse resulting in nearly double the average debt burden,” the CFPB said. Once the debt is removed from survivors’ credit reports, credit scores for one-third improve by 20 points or more, enough to qualify for better rates on loans, the agency said. The agency seeks public comment on: The prevalence and extent of harm to people with coerced debt, including through the credit reporting system. Evidence regarding the relevance of coerced debt to a survivor’s credit risk. Barriers to accessing existing protection under federal or state law for survivors of economic abuse. Challenges resulting from coerced debt facing specific populations including survivors of intimate partner violence and gender-based violence, older Americans, and children in foster care. Potential documentation or self-attestation requirements for showing that a person’s debt was coerced. The rulemaking was in response to a petition submitted by the National Consumer Law Center and the Center for Survivor Agency and Justice. The agency established a petition process in 2022 “to help Americans exercise the constitutional rights to petition the government,” it said. “The new protocols ensure that there is an easy and transparent way to request action.” The deadline for submitting comments on the advance notice is March 7. It’s not the first time the agency has tackled abuse and its relation to credit. In 2022, the CFPB finalized a rule that prohibits credit bureaus from providing reports that contain negative information about human trafficking survivors when the information resulted from the trafficking. The CFPB is also working on identifying potential violations of these rules, it said. We’ll keep you updated on what goes on with these new rules and proposed ones. Banks and other financial institutions have fought hard against the agency’s junk fee rules and the Trump administration has promised “significant changes” to curtail the CFPB’s power. The Washington Post reported in November that Trump’s transition team is looking for candidates to lead the agency – likely pro-business and banking ones – and would also scale back its oversight. The agency is funded by the Federal Reserve, unlike most federal agencies, which are funded by Congress. It was done this way in order to keep its rule-making and enforcement independent of the political process. The law governing the CFPB sets a cap for its budget, which is adjusted for cost of living. The U.S. Supreme Court in May voted 7-2 that the funding method is constitutional after two trade associations representing payday (high-interest) lenders challenged it. In June, after the Supreme Court ruling, a group of Republican senators introduced the Consumer Financial Protection Bureau Accountability Act, which would shift funding the agency to Congress. That bill didn’t pass, but is likely to come up again now that the Senate will and House will both have a Republican majority. The Trump administration and congressional Republicans campaigned on promises to reduce regulations on business. They are under increasing pressure from banks and other money-driven businesses and institutions to roll back rules that keep them from making higher profits, and have indicated they support that, too. You can reach Maureen Milliken at mmilliken@manchesterinklink.com We don’t spam! You're on the list! Check your inbox or spam folder to confirm your subscription.

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