Consumer Confidential: Why Is a Group of Lawmakers Working to Undermine Tighter Rules for the Payday Loan Industry?
In a bizarre display of bipartisan cooperation, a handful of Democratic lawmakers have joined Republicans in trying to cripple the Consumer Financial Protection Bureau. The question is: Why? Most notably, Florida Rep. Debbie Wasserman Schultz, who also serves as chairwoman of the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and Choice Act, which would undermine the watchdog agency’s...
Restaurants Booming Despite Turmoil in Markets
Washington — One part of the U.S. economy is enjoying a surprising boom, and it should prove useful in combating the recent slowdown: Americans are spending more eating out than ever before. The restaurant industry, long a reliable indicator of the underlying economy, has become an economic standout at a time of financial market turmoil and global uncertainty. Sales at food service and drinking places jumped nearly 8 percent last year...
Silicon Valley Stumbles on Health Care
Zenefits was reportedly one of the fastest-growing companies in Silicon Valley, a region famous for giving birth to companies that undergo tremendous growth spurts. The startup, which distributes free administrative software to businesses and works as a health insurance broker, was dealt a serious blow last fall when a BuzzFeed News investigation revealed that the company had not been obtaining licenses necessary to sell insurance in...
Bumper Crop Leads to Lower Almond Prices
Almonds, the beloved snack that recently overtook peanuts as the most consumed nut in America, might have gotten a little too popular for their own good. After years of steady price increases, thanks in large part to sky-rocketing demand, the protein-packed nut has suddenly become much cheaper. Almond prices, which reached record highs early last year, have fallen by roughly 25 percent since late 2014. “They dropped a lot faster and...
Fiat Chrysler Shifting Production Plan
Detroit — Fiat Chrysler Automobiles said last week it will shift its production emphasis toward building more Jeep SUVs, Ram pickups and hybrid or electric vehicles to meet what it sees as permanent changes in the trends driving the North American automotive industry. The automaker now is aiming to sell more than 2 million Jeeps globally by 2018, an increase from its prior target of 1.9 million. FCA said it will add diesel and hybrid...
