Latest news with #Biden-Era
Time of India
14-07-2025
- Business
- Time of India
15 million Americans just got bad news - Judge reverses rule that would've wiped medical debt from credit reports
A ruling of a federal judge in Texas has dealt a setback to almost 15 million Americans hoping for relief from medical debt on their credit reports, as per a Denver7 report. Judge Overturns Biden-Era Rule on Medical Debt Reporting The judge overturned the Biden administration rule on Friday that had permitted medical debt to be wiped from credit reports, as reported by The Hill. Federal Court Says Agency Lacked Authority for Rule US District Judge Sean Jordan, who is a 2019 appointee of US president Donald Trump during his first term in office, said the rule by the previous administration is beyond the authority of the Consumer Financial Protection Bureau (CFPB) to remove medical debt from reports, according to the report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's The Estimated Cost of a 1-day Walk-in Shower Upgrade Homebuddy Learn More The CFPB, an independent agency, had finalised the rule in January, just before the former US president Joe Biden was set to leave the White House, as reported by The Hill. ALSO READ: Fire in the sky! Israeli F-15 nearly touches down in Tehran after mid-air emergency Live Events Jordan highlighted in his decision that the Fair Credit Reporting Act , which was amended in 2003, does not allow the CFPB to remove medical debt from reports, as reported by The Hill. However, according to the judge, the bureau can 'permit' or encourage creditors to use other categories of information, as per the report. The head of the Consumer Data Industry Association, Dan Smith, supported the court's decision, saying, 'This is the right outcome for protecting the integrity of the system,' as quoted in a Reuters report. Millions Affected by Reversal of CFPB Credit Reform The Biden administration had calculated that this move would remove about $50 billion of medical debt from the credit reports of nearly 15 million Americans, according to the report. The independent agency had also estimated that the new credit reporting rules would lead to an additional 22,000 mortgages every year and increase Americans' credit scores by an average of 20 points, as reported by Denver7. ALSO READ: Musk shocks xAI team with mandatory surveillance app, asks employees to download tracking app on all devices Broader Trump-Era Efforts to Limit Federal Agencies This comes after Trump tried to conduct mass layoffs in the consumer protection agency as his Department of Government Efficiency team was trying to remove 'waste, fraud and abuse' within the federal government, according to The Hill report. However, a federal judge did not allow the Trump administration from effectively dismantle the CFPB in March, as per the report. New Spending Bill Adds Pressure with Medicaid Cuts While Jordan's decision followed a week after the US president signed a massive spending and tax bill that includes sweeping cuts to Medicaid, and the new work requirements included in the law could strip millions of their coverage, as reported by The Hill. FAQs What happened with medical debt and credit reports? A Texas judge overturned a rule that would have removed medical debt from credit reports, affecting millions of Americans, as per the report. Who made the rule? The Consumer Financial Protection Bureau (CFPB) introduced the rule in January, near the end of Biden's presidency, as per the report.
Mint
11-07-2025
- Business
- Mint
SEC Dismisses Binance Case, Ending Key Biden-Era Lawsuit
In a move that really got the crypto space talking, the US Securities and Exchange Commission (SEC) has officially dropped its big lawsuit against Binance. This decision is a huge deal. It brings a close to one of the most significant and closely followed legal fights started during the Biden administration's tough crackdown on digital assets under former SEC Chair Gary Gensler. But this isn't just a legal win for the world's biggest crypto exchange. It's a powerful sign that the regulatory mood in Washington is shifting. For an industry that's spent years trying to navigate a cloudy and uncertain landscape, this dismissal could be the start of a whole new, more positive relationship between crypto innovators and US regulators. As Binance stated in a recent X post, 'Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track.' SEC Dismisses Binance Case, Ending Key Biden-Era Lawsuit But why is this case such a big deal? To find out, let's see what this lawsuit was all about. Back in June 2023, the SEC filed a massive lawsuit against Binance and Changpeng Zhao (better known as CZ), the company's founder. The agency threw 13 charges at the defendants. It also accused the exchange of all sorts of securities law violations. The main gist of the lawsuit was the claim that Binance was illegally operating as an unregistered exchange, broker, and clearing agency in the US. The SEC also said the company was mishandling customer money and wasn't straight with investors about its trading controls. It was a key part of the agency's larger "regulation by enforcement" strategy, which put several major crypto companies in its crosshairs. Now, fast forward to late May 2025, and the whole thing has ground to a halt. In a joint motion filed in a Washington, D.C. federal court, both the SEC and Binance agreed it was time to officially end the nearly two-year legal showdown. And here's a crucial little detail: they asked for the lawsuit to be dropped "with prejudice." For those who don't speak legalese, that basically means the SEC can't just turn around and refile the same lawsuit against Binance later. It puts a real, definitive end to this particular chapter of regulatory heat. In its response to the news, Binance called the dismissal "a win for crypto, the United States, and the world." With that statement, it framed this as more than just a company win. It's a potential turning point for the whole digital asset industry, signaling that the US might be warming up to innovation again. This has a global ripple effect, too. It could encourage regulators from Europe to Asia, who were kind of waiting to see what the US would do, to move ahead with their own clear rules. From Binance's point of view, this dismissal is also a big nod to all the hard work it has put into compliance. The exchange has been really open about its efforts to build a top-notch program, and it has the numbers to prove it. Right now, Binance holds 21 regulatory licenses and approvals around the globe, including in several G7 countries with super-strict anti-money laundering laws—that's more than any other global exchange. Its compliance team has over 650 people, including a high-level financial crimes unit that works with law enforcement agencies worldwide. Just in 2024, the company handled nearly 65,000 requests from law enforcement and helped out thousands of registered officials in the global fight against crypto-related crime. For Binance, the SEC's choice to drop the case is a recognition of all that consistent, behind-the-scenes effort. Dropping the case against Binance does more than just end one lawsuit; it feels like the start of a whole new chapter for crypto regulation in the US. It signals a sharp turn away from the enforcement-first strategy of the last administration and toward a new approach that seems to favor creating clear rules of the road for the industry. This is all happening as bigger changes are underway in Washington. The new Trump administration has put more crypto-friendly faces in leadership roles at the SEC, including the newly confirmed Chair, Paul Atkins. The agency has even put together a special Crypto Task Force earlier this year, headed by Commissioner Hester Peirce, to rethink the SEC's policies and come up with a regulatory framework that actually works. In fact, the agency pointed to this very task force as a reason for pausing the case back in February. And this isn't happening in a vacuum. We've seen the SEC move to drop or settle its cases against other big exchanges like Kraken and Coinbase recently. Even the long, drawn-out fight with Ripple Labs looks like it's heading toward a resolution. You can clearly see a pattern of de-escalation here. For the people building in crypto, for investors, and for everyday users, this shift is huge. It suggests we're moving away from a world of regulatory guesswork and toward a more structured environment where new ideas can actually flourish safely. The future for crypto in the US is suddenly looking a whole lot brighter and more predictable. Note To Reader: Readers are advised that Crypto products and NFTs are unregulated and involve significant risks. There may be no regulatory recourse for losses arising from such transactions. Hindustan Times/HTDS shall not, in any manner, be responsible or liable for the content of the article, advertisement, including the views, opinions, announcements, declarations, or affirmations expressed therein and is absolved from any legal action or enforceable claims. This content is for informational and awareness purposes only and does not constitute financial advice. Want to get your story featured as a bove?click here!
Int'l Business Times
19-06-2025
- Business
- Int'l Business Times
Trump-Backed US Steel Deal with Nippon Finalized, Sparks Job Boom
The long-awaited partnership between US Steel and Japan's Nippon Steel is now official, with both companies confirming the deal on Wednesday. The agreement, backed by President Donald Trump, is being called a turning point for the American steel industry and is expected to create over 100,000 jobs across the country. As part of the agreement, US Steel will retain its name and continue to operate from its headquarters in Pittsburgh. All steel products will continue to be "mined, melted, and made" in the United States, both companies confirmed, BBC said. The announcement also outlines over $11 billion in planned investments by 2028, with a new steel plant expected to be built sometime after that year. "This is a momentous day for our country, our communities, and the American steel industry," said US Steel CEO Dave Burritt. "Thanks to President Trump's bold leadership, American workers secured the best possible deal." US Steel Sale Finalized After Trump Reverses Biden-Era Block The deal faced earlier pushback from President Joe Biden in 2023, who cited national security concerns. But President Trump ordered a fresh review and ultimately cleared the sale last week after securing commitments from Nippon to invest heavily in US Steel's American facilities rather than taking full ownership. To address security concerns, a special National Security Agreement was created. It requires that US Steel remains a US-incorporated company, led by a US citizen CEO, with a majority-US board. According to CBS News , Nippon will also issue a "golden share" to the US government, giving the president authority over key decisions like shutting down factories or moving jobs overseas. Nippon Steel's Vice Chairman Takashi Mori will take on the role of chairman of US Steel's board, but the rest of the company's leadership team will stay American. The company has bases in several countries but is now taking a much larger role in US operations. Despite the promising outlook, not everyone is fully supportive. The United Steelworkers union pushed back against the companies, accusing them of "downplaying concerns" and promising to keep a close eye on Nippon's future actions. "We will continue watching, holding Nippon to its commitments," said USW president David McCall. Originally published on
Yahoo
16-04-2025
- Business
- Yahoo
Judge Strikes Down Biden-Era Rule Capping Credit Card Late Fees At $8
A Texas federal judge has ruled against a Biden-era regulation that would have capped credit card late fees at $8, terminating a major initiative by the Consumer Financial Protection Bureau (CFPB) to restrict what it labelled "junk fees." The decision is being regarded as a legal and political win for financial industry groups that resisted the regulation. What Happened: U.S. District Judge Mark Pittman dismissed the CFPB rule, finalized in March 2024, after both the agency and six major business associations agreed it was unlawful. The rule was meant to save consumers an average of $220 a year by limiting late fees. Pittman ruled that it conflicted with the 2009 Credit Card Accountability and Disclosure Act, which allows fees that are "reasonable and proportional." The lawsuit was filed by the American Bankers Association, U.S. Chamber of Commerce, and many Texas business groups. Those opposing the rule argued it would backfire. "It would have resulted in more late payments, lower credit scores, higher interest rates and reduced credit access," the plaintiffs said in a joint statement. They added that the outcome was a victory for financial responsibility and "common sense." The CFPB's attempt to reformulate the credit card fee structure now faces a major hindrance. With rising scrutiny of the agency's authority and legal footing, the future of federal consumer protection efforts hangs in limbo, particularly as calls to limit or even shut down the CFPB gain attention. Read Next: A 52-Year-Old Man Who Owes Money On 27 Credit Cards Gets An Ultimatum From Dave Ramsey: 'Chop Them All Up. Every One Of Them' Image via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Judge Strikes Down Biden-Era Rule Capping Credit Card Late Fees At $8 originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
10-04-2025
- Business
- Yahoo
White House Clarifies That Duties on China Have Hit 145%
All's fair in love and trade wars—at least when you're U.S. President Donald Trump. Trump has made his message more than clear: do not retaliate against the United States' trade policy. But Beijing hasn't retreated, vowing to 'fight to the end' in the red-hot trade war between the nations. The president clarified Thursday that, effective immediately, goods inbound from China would be subject to a 145-percent tariff, augmenting Wednesday's measure imposing a 125-percent duty rate on China. More from Sourcing Journal EPA May Unravel Biden-Era Restrictions on 'Forever Chemicals' Update: Trump Drives Another Nail Into De Minimis Tariffs Giving Shoppers the Yips, ReturnPro Found The White House explained that the 125-percent tariff came as an addition to the 20-percent tariff Trump previously decreed on Chinese goods, due to the country's purported role in allowing the flow of fentanyl into the United States. Some products, though, could face duties higher than 145 percent. That's because materials like steel and aluminum—alongside several other product categories—will face up to an additional 25-percent levy, on top of the 145-percent duty. Trump's ad valorem and flat-duty rates on low-value packages sent via international post also skyrocketed. According to the New York Times, shipments already in transit—whether via sea or air—are exempt from the new tariffs, so though the change takes immediate effect, importers will likely only begin to see the fallout in the coming days and weeks. The elucidation from the White House came just one day after Trump announced that he had decided to usher in a 90-day pause on the so-called 'retaliatory tariffs' he doled out during last week's 'Liberation Day' press conference. Trump kept the 10-percent baseline tariffs for all impacted countries intact, but framed the pause on additional tariffs as a reward for those who had chosen not to retaliate against his initial tariffs. That move saw the European Union pausing its measure to strike back against the U.S. with 25-percent tariffs. But Beijing's mind had already been made up; on Wednesday morning, prior to the 90-day delay being announced, China said it would instate an 84-percent tariff on goods inbound from the United States—and Trump struck back. On his Truth Social account, Trump heralded Wednesday as 'A GREAT TIME TO BUY!!!' prior to announcing the 90-day pause. And after the news of the pause hit investors, the stock market ballooned, hitting highs after several days of trepidation over tariffs. But on Thursday, investors showed signs of cold feet, and seemed to decide that it wasn't such a great time to buy, after all. After Trump clarified the 145-percent duty on Chinese goods, the S&P, Nasdaq and Dow Jones Industrial Average immediately careened downward, losing half the gains of Wednesday's rally. On Thursday, Trump defended the tariffs, noting that they will, in time, be 'a beautiful thing' and saying that the U.S. is 'in very good shape.' Still, he admitted, there are likely to be 'transition problems.' 'A big day yesterday. There will always be transition difficulty—but in history, it was the biggest day in history, the markets. So we're very, very happy with the way the country is running. We're trying to get the world to treat us fairly,' Trump said this afternoon.
