Money
CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products
The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB. more »
Why the ‘Skills Gap’ Doesn’t Explain Slow Hiring
"I think [the] 'skills gap' has run its course. It's overhyped and overrated," said Janice Urbanik of Partners for a Competitive Workforce, the umbrella organization for workforce efforts in the Cincinnati area. "I don't think it's the only factor, and to some extent it's not even the primary factor." President-elect Donald Trump made restoring lost manufacturing jobs a centerpiece of his campaign. He says he will bring back jobs by cutting taxes, rolling back regulations and renegotiating trade deals. His position on education and training for displaced workers is unknown.
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What Are the Implications of Repealing the Affordable Care Act for Medicare Spending and Beneficiaries?
This brief explores the implications for Medicare and beneficiaries of repealing Medicare provisions in the ACA. The Congressional Budget Office (CBO) has estimated that full repeal of the ACA would increase Medicare spending by $802 billion from 2016 to 2025. Full repeal would increase spending primarily by restoring higher payments to health care providers and Medicare Advantage plans. The increase in Medicare spending would likely lead to higher Medicare premiums, deductibles, and cost sharing for beneficiaries, and accelerate the insolvency of the Medicare Part A trust fund. Policymakers will confront decisions about the Medicare provisions in the ACA in their efforts to repeal and replace the law. more »
"Operating Under A Cloud of Uncertainty": Janet Yellen's FOMC Press Conference About Raising the Target Range for Federal Funds Rate to 1/2 to 3/4 %
Janet Yellen Following FOMC Meeting: "On financial regulation we lived through a devastating financial crisis that took a huge toll on our economy. Most members of Congress and the public came away from that experience feeling it was important to take a set of steps that would result in a safer and stronger financial system. I feel that we have done that. That has been our mission since the financial crisis; that's what *Dodd Frank was designed to do." more »