Latest news with #Biden-Era
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.
Yahoo
25-02-2025
- Politics
- Yahoo
Noem ends Biden-era use of controversial app to allow migrants to board flights, except to self-deport
EXCLUSIVE: Homeland Security Secretary Kristi Noem is ending the use of the controversial CBP One app to allow migrants to board domestic flights – unless it is being used for their self-deportation. "Secretary Noem is reversing the horrendous Biden-Era policy that allowed aliens in our country illegally to jet around our country and do so without identification," a DHS spokesperson told Fox News Digital. "Under President Trump, TSA and DHS will no longer tolerate this. Aliens in our country illegally can no longer fly unless it is out of our country to self-deport," they said. 'He Is Delivering': Trump's First Month Flips Script On Radical Biden-harris Border Policies The Biden administration had expanded the use of the CBP One app to allow migrants to enter the U.S. at ports of entry or via a separate parole process. That process involved them uploading information including a photograph. The Biden administration also allowed for the app to be used by the Transportation Security Administration (TSA) to verify a migrant without sufficient ID by comparing a photograph of a migrant in DHS records, and also use biometric matching. Those verified would also receive additional physical screening. Trump Freezes Applications For Biden-era Migrant Programs Amid Fraud, National Security Concerns Read On The Fox News App While migrants being allowed to board flights without ID predates the Biden administration, the use of the CBP One app has since become a method for identity matching of migrants without acceptable forms of ID. The new policy change ends the use of CBP One at screening checkpoints and TSA's National Transportation Vetting Center, and also bars air travel for migrants who were paroled or released into the U.S. pending their immigration processing, who do not present a TSA-accepted form of ID, and who are not self-deporting. It marks the latest crackdown on illegal immigration and also those who have been paroled into the U.S. using the CBP One app. President Donald Trump ordered an end to the use of the CBP One app to parole migrants into the U.S. on his first day in office. His administration has also paused applications for parole programs, and allowed ICE to cancel parole statuses of migrants. Click Here For More Immigration Coverage Last week, Noem also reversed a Biden-era extension of Temporary Protected Status for Haitians. That in turn comes after the cancelation of a separate TPS extension for Venezuelan nationals. Noem also signed a memo that deputizes up to 600 State Department officials to act as immigration article source: Noem ends Biden-era use of controversial app to allow migrants to board flights, except to self-deport
Fox News
24-02-2025
- Politics
- Fox News
Noem ends Biden-era use of controversial app to allow migrants to board flights, except to self-deport
EXCLUSIVE: Homeland Security Secretary Kristi Noem is ending the use of the controversial CBP One app to allow migrants to board domestic flights – unless it is being used for their self-deportation. "Secretary Noem is reversing the horrendous Biden-Era policy that allowed aliens in our country illegally to jet around our country and do so without identification," a DHS spokesperson told Fox News Digital. "Under President Trump, TSA and DHS will no longer tolerate this. Aliens in our country illegally can no longer fly unless it is out of our country to self-deport," they said. The Biden administration had expanded the use of the CBP One app to allow migrants to enter the U.S. at ports of entry or via a separate parole process. That process involved them uploading information including a photograph. The Biden administration also allowed for the app to be used by the Transportation Security Administration (TSA) to verify a migrant without sufficient ID by comparing a photograph of a migrant in DHS records, and also use biometric matching. Those verified would also receive additional physical screening. While migrants being allowed to board flights without ID predates the Biden administration, the use of the CBP One app has since become a method for identity matching of migrants without acceptable forms of ID. The new policy change ends the use of CBP One at screening checkpoints and TSA's National Transportation Vetting Center, and also bars air travel for migrants who were paroled or released into the U.S. pending their immigration processing, who do not present a TSA-accepted form of ID, and who are not self-deporting. It marks the latest crackdown on illegal immigration and also those who have been paroled into the U.S. using the CBP One app. President Donald Trump ordered an end to the use of the CBP One app to parole migrants into the U.S. on his first day in office. His administration has also paused applications for parole programs, and allowed ICE to cancel parole statuses of migrants. Last week, Noem also reversed a Biden-era extension of Temporary Protected Status for Haitians. That in turn comes after the cancelation of a separate TPS extension for Venezuelan nationals. Noem also signed a memo that deputizes up to 600 State Department officials to act as immigration officers.
