As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of consumer-finance protections. The new rules, including caps on credit card late fees, would add to some achievements notched on behalf of American consumers, including tighter rules on banking fees and buy-now-pay-later deals. But some of the changes face legal challenges, as Republicans push back against policies that have angered the financial industry. The outcome of these battles is just one area where consumers have a lot at stake in the coming year. Here is what I'll be keeping close tabs on once Donald Trump takes office:
What will happen to the CFPB?: The US Consumer Finance Protection Bureau was created under President Obama in 2010 in the wake of the 2008 financial crisis. Its addition of guard-rails for retail banking, medical billing and consumer finance are often opposed by the financial industry. During Trump's first term, the Supreme Court upheld the president's authority to fire the agency's head. So he may dismiss current director Rohit Chopra and install someone unlikely to sustain initiatives like capping credit-card late fees, closing a loophole that allows high overdraft fees and fighting improper medical billing. The agency may even be dismantled.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The Treasures of Nimrud Pieced Together Again
Archaeologists Have Been Reassembling Bas-Reliefs, Sculptures and Decorated Slabs
How Bhansali elevates the first encounter
An excerpt from a new book on the Hindi director considers the importance of first sightings in Sanjay Leela Bhansali's cinema
From arrack to wine, a bar crawl across Sri Lanka
Cocktail bars in the island nation are drawing on local traditions and flavours to give a heady twist to familiar spirits
Only human-centred AI can charm humans to adopt it
The AI industry could learn from carmakers how to focus on the consumer and modify perceptions
How Emerging Economies Could Prosper in a Protectionist World
As manufacturing export success gets harder, they should focus on service exports. These are unlikely to face big trade barriers
The Asian Dream Is Waking Up To Realities Of Middle-Class Life
Asians are realizing that staying middle-class is not guaranteed
Fix India's bond market to lift economic growth
As India's economy slows, we should revive public-private partnerships to attract private investment. But, for debt funding, we'll need to reform and invigorate our market for bonds
Lessons from the 75-year-old National Sample Survey
Its impressive history tells us much about innovation, autonomy and state-level data collection
We should let clarity prevail over nonsense: Here's a handy guide
We must use simple language, empathize with people, not take ourselves too seriously and be kind
Clear Goals and Discipline: How Small Investors Can Build Lasting Wealth
There is no one-size-fits-all, the answer will depend on your needs, personal preferences
