The Internet
Consumer Financial Protection Bureau Issues Report Showing Many Americans Are Surprised by Overdraft Fees
"Many consumers do not expect overdraft fees: Among consumers in households charged an overdraft fee in the past year, 43% were surprised by their most recent account overdraft, 35% thought it was possible, and only 22% expected it. Consumers who overdraft infrequently are more likely to be surprised by a fee: 15% of consumers from households charged 1 to 3 overdraft fees expected their most recent transaction to overdraft; among households charged more than 10 overdraft fees, 56% expected their most recent overdraft. Most households incurring overdraft fees had available credit on a credit card: Among households charged 1-3 overdraft fees in the past year, 68% had credit available on a credit card, while 62% of households charged 3-10 overdraft fees had credit available on a credit card. In households charged more than 10 fees in the past year, 51% still had credit available on a credit card." more »
Loss of Local Newspapers Accelerating, Northwestern University Study Finds
"Medill researchers for the first time used predictive modeling to estimate the number of counties at risk of becoming news deserts. Those models show that another 228 counties are at high risk of losing local news. In creating that “Watch List,” Medill researchers and data scientists applied the characteristics of current news deserts to counties with only one news source. Medill’s annual “State of Local News Project” report also counts about 550 digital-only local news outlets, 700 ethnic media organizations and 225 public broadcasting stations producing original local news. Most of the digital-only startups are based in metro areas, exacerbating the divide in America between news-haves and have-nots." more »
November 1, 2023 Chair Jerome Powell’s Press Conference on Employment and Inflation
CHAIR POWELL."Inflation has moderated since the middle of last year, and readings over the summer were quite favorable. But a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal. The process of getting inflation sustainably down to 2 percent has a long way to go. Despite elevated inflation, longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets. The Fed’s monetary policy actions are guided by our mandate to promote maximum employment and stable prices for the American people. My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation." more »
National Archives Foundation: Archives Experience, A Republic, If You Can Keep It
In September, the National Archives will present free public programs at the National Archives Museum in Washington, DC, at its Presidential Libraries nationwide and online. Programs this month include book talks with award-winning authors and live concerts as well as Civics for All of US offerings. Welcome to the Archives Experience debut series: A Republic, If You Can Keep It. In celebration of Constitution Day, we’re chronicling the creation of this document — but these aren’t the stories we’ve all heard before. Instead, we’ll look at how the National Archives holdings show just how close we came to an entirely different form of government and how “We the People” triumphed in the end.
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