Business & Finance Archives - The Truth Seekers Journal

DeKalb Reimagined: CEO Lorraine Cochran-Johnson Charts New Path Forward

DeKalb CEO Lorraine Cochran-Johnson outlines bold plans to improve public safety, infrastructure, economic inclusion, and homelessness in her 2025 State of the County Address.

By Milton Kirby | Atlanta, GA | May 9, 2025

In her first State of the County address, DeKalb County CEO Lorraine Cochran-Johnson delivered a powerful message of transformation, transparency, and urgency.

Speaking from the red carpet backdrop of Assembly Studios, Cochran-Johnson — the county’s first Black woman to serve as CEO — laid out a bold four-pillar plan centered on public safety, infrastructure, housing, and economic development.

“DeKalb County is not just reimagined,” she said. “It’s awakened.”

A Fast Start and a Bold Vision

Since taking office in January, Cochran-Johnson has moved swiftly. Within her first 100 days, she replaced the police chief, installed an interim leader, and committed more than $10 million to raise officer salaries, making DeKalb’s department one of the best paid in the region.

She also proposed a $2 million real-time crime center and announced a pilot program to use drones for emergency response.

“When it comes to public safety and water, water is a matter of public health – you can’t move slowly,” she said. “Give me grace and time, but know that urgency is necessary.”

Cochran-Johnson emphasized that public safety is more than policing — it’s the foundation for economic development. She called on DeKalb’s 12 city mayors to join her in fighting crime, building infrastructure, and ensuring opportunity.

DeKalb County CEO & Board of Commissioners

Infrastructure Investment: “The Decision of My Life”

“After analyzing the data and evaluating the risks, it was one of the best decisions of my life,” she said. The CEO also addressed the county’s aging water and sewer system, which is under federal oversight. She backed a tough but necessary decision: a 10% annual increase in water rates over the next decade to support a $4.27 billion overhaul.

Atlanta Regional Commission, under the direction of Executive Director, Anna Roach, reinforced the urgency, noting metro Atlanta has one of the nation’s smallest water supplies for a major urban area.

Cochran-Johnson added that infrastructure is not just about pipes — it’s about quality of life, public health, and future growth.

Small Businesses and Economic Equity

Cochran-Johnson pledged to ensure that local, small, and minority-owned businesses are equipped to compete for government contracts. Her administration will focus on strategic economic development that attracts top-tier companies and creates jobs, particularly in underserved communities.

“We must build a more connected and transparent government,” she said. “We are being responsible stewards of taxpayer dollars and innovative in our approach.”

To foster better communication and cooperation, she appointed an intergovernmental liaison to help align priorities across the county’s 12 cities.

Tackling Homelessness and Building Community

In the months ahead, Cochran-Johnson will unveil a comprehensive framework to reduce homelessness. She hinted at wraparound services and stronger partnerships with nonprofits and health agencies.

She also shared personal stories to highlight the commitment of county employees, including a Roads and Drainage crew that cleared snow for an ambulance so a pregnant woman could safely deliver her baby.

“That’s the spirit of DeKalb,” she said.

Fiscal Discipline and Innovation

Despite financial uncertainty due in part to potential federal funding cuts, Cochran-Johnson presented a balanced budget to the Board of Commissioners just 15 days after taking office. A temporary hiring and spending freeze is in effect as departments review cost-saving and revenue-generating ideas.

While acknowledging the challenges, she was resolute:

“Aggressive and bold moves are necessary,” she said. “Government may be a slow-moving vehicle, but there are times when you simply cannot move slowly.”

A County Reimagined

Throughout the address, Cochran-Johnson emphasized collaboration, accountability, and bold leadership. She expressed gratitude for past CEOs and vowed to lead with vision and courage.

“I’ve learned from those who came before me. But now is the time for bold action,” the CEO said. “The mission is possible — and DeKalb’s future starts now.”

Photo Gallery – 2025 CEO Lorraine Cochran-Johnson State of the County Address

Please consider supporting open, independent journalism – no contribution is too small!

How to Avoid Credit Card Late Fees After a Court Threw Out a Proposed Cap

By Cora Lewis | Associated Press | April 28, 2025

A Texas judge earlier this month threw out a federal rule that would have capped credit card late fees at $8.

The Consumer Finance Protection Bureau finalized the rule last year as part of the Biden administration’s efforts to do away with what it called junk fees. It was paused by the courts before it could take effect.

At the time, the CFPB estimated that American families would have saved more than $10 billion in late fees annually had the fees been capped at $8, significantly less than the $32 average.

Banks and industry groups argued that the rule didn’t allow card issuers to charge fees high enough to deter late payments and discourage repeat violations.

The Texas judge’s ruling earlier this month came a day after a collection of major industry groups and the CFPB under President Donald Trump announced that they had reached an agreement to throw out the rule.

Here’s what to know about credit card late fees:

What is the average credit card late fee?

The average late fee for major issuers has steadily ticked up since the 2010s, going from $23 at the end of 2010 to $32 in 2022, according to the CFPB. WalletHub, which tracks financial data, found the average late fee in 2025 to be $30.50, with the maximum $41.

A September 2023 Consumer Reports study estimated that 1 in 5 American adults, or about 52 million people, paid a credit card late fee in the previous year. People with lower incomes pay proportionately bigger fees, according to the CFPB, with the highest burden falling on communities of color and those living paycheck to paycheck.

How can consumers avoid the fees?

Enrolling in auto-pay for your credit cards can help you avoid making late payments, and there are some credit cards that don’t charge late fees at all (though it’s important to note that these cards may have other fee or penalty structures, or higher interest rates.)

Citi Simplicity and the Apple card do not currently charge late fees, and Discover offers a card that will automatically waive the first late fee.

It’s also possible to appeal credit card late fees charged by your credit card company by calling them directly. The companies will often reverse the fees, especially if it’s your first late payment.

You may also want to consider making payments on your credit card balances during the month. That means you’ll have paid more of the balance by the time the amount comes due, and keeping your balance low relative to your credit limit can improve your credit score.

If you’re having trouble making ends meet, you can ask your credit issuers about hardship programs. These are typically available to people affected by job loss, illness or medical conditions, natural disasters, or other emergencies.

What was the CFPB credit card late fee cap rule about?

Concerned that credit card companies were building a business model based on high penalties, Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), which banned the companies from charging excessive late fees and established clearer disclosures and consumer protections.

In 2010, the Federal Reserve Board of Governors voted to issue a regulation implementing the CARD Act, which said that banks could only charge fees to recover costs associated with late payment.

However, the rule included an “immunity provision” that let some banks charge $25 for the first late payment and $35 for subsequent late payments, adjusted for inflation each year. Those amounts subsequently grew to $30 and $41.

After a review of market data, the CFPB finalized a rule that would have capped late fees at $8 and ended automatic inflation adjustments. Based on records analyzed by the CFPB, a late fee of $8 would be sufficient for card issuers, on average, to cover collection costs incurred as a result of late payments.

How have banking groups responded to the court decision?

Industry groups, including the Consumer Bankers Association, American Bankers Association, the U.S. Chamber of Commerce, and others, said they welcomed the court’s decision eliminating the cap.

The groups said that the rule would have led to higher interest rates and reduced credit access for card holders. The groups also said the rule would have “reduced important incentives for consumers to manage their finances.”

The CFPB has estimated that banks bring in roughly $14 billion in credit card late fees a year.

How have consumer advocates responded?

Horacio Méndez, president and CEO of Woodstock Institute, an organization for advancing economic equity, called the ruling a “devastating blow.”

“By tossing out the CFPB’s common-sense rule to cap these predatory late fees — some as high as $41 — a federal judge is putting corporations over the lives of everyday consumers,” he said. “The CFPB’s rule was borne out of clear evidence: the credit card industry was using inflated late fees as a profit engine, forcing families with the least financial cushion to pay.”

Méndez said that while consumers have come to expect fees for services, those fees needn’t be punitive to be effective.

Please consider supporting open, independent journalism – no contribution is too small!

Sharpton Meets with Target CEO Over DEI Rollback

Rev. Al Sharpton met with Target CEO Brian Cornell to address the company’s DEI rollback, amid ongoing boycott efforts and activist concerns over corporate accountability.

By Milton Kirby | Atlanta, GA | April 21, 2025

On Thursday, April 17, 2025, Rev. Al Sharpton met with Target CEO Brian Cornell at the National Action Network (NAN) headquarters in Harlem to discuss the company’s recent rollback of its diversity, equity, and inclusion (DEI) initiatives. NAN’s National Board Chair, Dr. W. Franklyn Richardson, and Senior Adviser Carra Wallace attended the meeting

Following the meeting, Sharpton described the discussion as “very constructive and candid,” as reported by the National Action Network and The Guardian. He stated, “I am going to inform our allies, including Rev. Dr. Jamal Bryant, of our discussion and my feelings, and we will go from there.”

Rev. Dr. Jamal Bryant, senior pastor at New Birth Missionary Baptist Church, Lithonia, GA, who initiated a 40-day boycott of Target during Lent through his campaign TargetFast.org, confirmed his attendance at the meeting. Sharpton emphasized their alignment, stating, “We must make it clear, on the record, that he and I are aligned, especially as those seeking to dismantle DEI will sow divisions to advance their cause.”

However, some local activists expressed concerns about the meeting. Nekima Levy Armstrong, a Minneapolis-based civil rights attorney and one of the initial organizers of the Target boycott, questioned Sharpton’s involvement. She told the Minnesota Star Tribune, “Sharpton had absolutely zero involvement in the Target boycott,” suggesting that Target’s outreach to Sharpton might be an attempt to “control the narrative.”

In January, Target announced significant changes to its DEI policies, including ending its three-year DEI goals, withdrawing from external DEI surveys, and concluding its Racial Equity Action and Change (REACH) program by 2025. The company also plans to shift from “supplier diversity” to a broader “supplier engagement” approach.

Sharpton has been vocal about corporate accountability regarding DEI commitments. In a statement, he remarked, “If an election determines your commitment to fairness, then fine—you have a right to withdraw from us. But we have a right to withdraw from you.”

As of now, Target has not indicated any changes to its DEI policies following the meeting. The National Action Network has not released additional details. Activists and consumers continue to monitor the situation, emphasizing the importance of sustained corporate commitment to diversity, equity, and inclusion.

Please consider supporting open, independent journalism – no contribution is too small!

Black Golfers, the Masters, and the Economic Power of Augusta National

The 2025 Masters highlighted golf’s evolving legacy—spotlighting Black pioneers, Augusta’s exclusivity, and a $140M economic impact—while diversity efforts continue to reshape the sport.

By Milton Kirby | Atlanta, GA | April 18, 2025

As the 89th Masters Tournament concluded Sunday, April 13, 2025, the storylines that emerged weren’t just about the iconic green jacket or record-breaking putts. Behind the meticulously groomed fairways of Augusta National Golf Club lies a deeper story—one that speaks to the history of exclusivity, the slow march toward diversity, and the staggering economic footprint of one of America’s most prestigious sporting events.

Black Golfers in America: Progress and Persistence

Golf in the United States is still largely dominated by white players, but Black athletes have made important strides—though the road remains steep. As of 2024, about 3% of the 28.1 million on-course golfers in the U.S. were Black, totaling roughly 843,000 players. This marks a decline from 1.1 million Black golfers in 2015, highlighting ongoing struggles with access, affordability, and representation.

Despite these challenges, a number of Black golfers have not only made it to the PGA Tour but also achieved remarkable success:

Charlie Sifford became the first African American to earn a PGA Tour card in 1961, later winning two events and earning a place in the World Golf Hall of Fame.
Pete Brown was the first Black golfer to win a PGA Tour event in 1964.
Lee Elder made history in 1975 as the first Black player to compete in the Masters Tournament.
Calvin Peete, known for his accuracy, won 12 PGA Tour events, including the 1985 Players Championship.
Jim Thorpe secured three PGA Tour wins and 13 on the Champions Tour.

Modern Black golfers continue to carry the torch:

Tiger Woods, with 82 PGA Tour wins and 15 majors, remains one of the most dominant and influential golfers of all time.
Harold Varner III made history as the first Black golfer to advance to the PGA Tour via the Web.com Tour.
Joseph Bramlett became the first Black player to graduate from PGA Tour Q-School since Tiger.
Cameron Champ, a rising star, is known for his long drives and advocacy for racial equity in the sport.
Cheyenne Woods, Tiger’s niece, has competed on the LPGA Tour and earned international victories.

Organizations like the Advocates Professional Golf Association (APGA) Tour are also working to provide competitive platforms for aspiring Black professionals, seeking to increase diversity at golf’s highest levels.

Tiger Woods is presented with his Green Jacket by the Tournament chairman Hootie Johnson after Woods’ 3rd victory in the US Masters Golf Tournament at the Augusta National Golf Club in Georgia on 14th April 2002. (Photo by Leonard Kamsler/Popperfoto via Getty Images)© GETTY

Inside Augusta National: Membership and Milestones

Perhaps no course is more symbolic of golf’s complex relationship with race than Augusta National Golf Club, home of the Masters since its debut in 1934. Known for its tightly guarded membership and tradition-heavy culture, the club did not admit its first Black member—Ron Townsend, a television executive—until 1990. This move came amid national pressure after a similar exclusion scandal at Alabama’s Shoal Creek Club drew widespread backlash.

Since then, Augusta has added other Black members, including Condoleezza Rice, who also broke barriers as one of the club’s first two female members in 2012, and former NFL great Lynn Swann. The exact number of Black members today remains confidential, in line with Augusta’s longstanding policy of secrecy. Still, reports suggest several African Americans now hold roles in membership and business operations.

Augusta’s exclusivity persists: membership is by invitation only, with estimated initiation fees between $100,000 and $300,000, and annual dues under $30,000. The club typically hosts around 300 members, often referred to as “green jackets.”

Masters Champions: Legends of the Tournament

In its 89-year history, only a few players have won the Masters multiple times—a rare achievement that cements their place in golf legend.

Jack Nicklaus leads with 6 victories (1963, 1965, 1966, 1972, 1975, 1986).
Tiger Woods, the most dominant Black golfer in history, has won 5 times (1997, 2001, 2002, 2005, 2019).
Arnold Palmer claimed 4 wins (1958, 1960, 1962, 1964).

Tiger Woods’ historic 1997 win not only redefined the sport but also symbolized a new chapter in its racial history. His enduring legacy continues to inspire young golfers of color across the globe.

The 2025 Masters added yet another chapter to the tournament’s historic legacy when Rory McIlroy won after a dramatic sudden-death playoff against Justin Rose. With the victory, McIlroy became the sixth player—and the first European—to complete the modern career Grand Slam, doing so on his 11th attempt. His long-awaited triumph underscored the global prestige of the Masters and highlighted how the event continues to shape the narratives of golf’s greatest champions.

By Milton Kirby East Lake Golf Course Atlanta, GA – Location of Ryder Cup 1963

The Masters and Georgia’s Economy: A Championship Boost

The Masters isn’t just a sporting event—it’s an economic juggernaut. Held each April, the tournament injects between $120 million and $140 million into Augusta’s local economy. From luxury rentals to booming restaurant business, the city transforms into a hub of global commerce during Masters Week.

Across Georgia, golf drives even larger gains. In 2022, the industry generated a $5.3 billion statewide economic impact, supporting over 55,000 jobs and contributing $2.7 billion in wages.

Hospitality rates spike dramatically during the tournament:

Hotel rates surge up to 800%, averaging $500 per night.
Local hotels generate about $26 million in revenue.
Short-term rentals average $5,300 per week, with some homeowners earning up to $28,000, often enough to pay a year’s mortgage.

Transportation sees a bump too. Augusta Regional Airport handles over 2,100 private flights during Masters Week—more than five times its normal daily volume.

And then there’s merchandise. Augusta National’s iconic shop generates an estimated $50 million in sales annually during the event, with items like Masters-themed gnomes becoming collector’s favorites.

The Legacy and the Future

Despite Augusta National’s secretive culture and its late adoption of inclusive practices, the club and the Masters remain fixtures in American sport and business. But the story of Black golfers—past, present, and future—is still being written.

The legacy of exclusion still casts a long shadow. Yet with champions like Tiger Woods, pioneers like Charlie Sifford and Lee Elder, and grassroots efforts like the APGA Tour pushing for change, the fairways are slowly becoming more welcoming.

Golf, like America, is a work in progress—full of tradition, potential, and the constant challenge to do better.

Please consider supporting open, independent journalism – no contribution is too small!

Romona Jackson Jones, Highlights Zero Debt and Unveils Bold Vision for Douglas County’s Future

Douglas County celebrated zero debt, $97M in grants, and Amazon’s $11B investment at a sold-out State of the County event in Douglasville.

By Milton Kirby | Douglasville, GA| April 17, 2025

More than 300 people filled the Douglasville Conference Center on Wednesday, April 16, for the 2025 State of Douglas County Address. The event was sold out and brought together business leaders, residents, and elected officials. It was hosted by the Council for Quality Growth and the Douglas County Chamber. Amazon was the presenting sponsor.

Douglas County Chairwoman Dr. Romona Jackson Jones gave the annual speech. Her theme was “Why Not Douglas.” She spoke proudly about the county’s location near the airport and its role as the western gateway to metro Atlanta. She said these qualities help attract both small companies and big corporations.

Dr. Jackson Jones also discussed new plans to update the county’s image. This includes changes to its social media, website, and logo. A new strategic plan is coming soon. It will replace Douglas Forward 2025 and include goals and performance measures shaped by community input.

One major highlight: the county has no debt. The Chairwoman said Douglas County is using $97 million in grants and has raised over $55 million through a special purpose local option sales tax (SPLOST). These funds support public safety, parks, transportation, and other county services.

She also shared updates on $200 million worth of current infrastructure projects. These include new bus routes, connections to MARTA, and replacing 11 buses. “Transit improvements take time,” she said, “but they are worth it as the county grows.”

Economic development was another key focus. The Chairwoman said new homes are going up along Highway 92, thanks to better transit. The county is also growing its film industry. It earned a “Camera Ready” status and opened a Film and Entertainment Office.

In tech news, Douglas County has become a hub for data centers. Companies like T5, Stack, and Switch have invested in the area. The biggest news: Amazon Web Services will invest $11 billion in the county and create 550 jobs focused on artificial intelligence. It is the largest corporate investment in Georgia’s history.

Michael Paris, President of the Council for Quality Growth, said partnerships like these help guide the county’s future. “Working together ensures that we all have a voice in how we grow and thrive,” he said.

Sara Ray, President of the Douglas County Chamber, added, “Together, we inspire leadership and boost our economy.”

Other speakers included Yvette Jones, Chief Communications Officer for Douglas County, and Trevor Quander of Georgia Power. Amazon’s Terreta Rodgers also spoke, along with Danny Johnson from the Atlanta Regional Commission.

This was the sixth of eight “State of the County” events planned across metro Atlanta this year. Each one brings together local leaders, governments, and businesses to shape the future of their communities.

Please consider supporting open, independent journalism – no contribution is too small!

DEI Rollback Costs Target Billions and Loyalty

Target faces growing financial and reputational fallout, losing $12.4B in revenue, stock dropping $27, and facing lawsuits after reversing diversity, equity, and inclusion policies.

By Stacy M. Brown | Washington, DC | March 31, 2025

Target continues to face mounting financial and reputational fallout after reversing course on diversity, equity, and inclusion (DEI) initiatives. The retail giant has lost more than $12.4 billion in revenue, seen its stock plunge by $27.27 per share, and is grappling with multiple lawsuits linked to its shifting DEI policies. Separate but powerful actions from Black-led organizations and faith leaders have intensified pressure on the company. Rev. Jamal Bryant launched a national Target Fast, calling for continued community mobilization. Meanwhile, the National Newspaper Publishers Association (NNPA) and the NAACP initiated public education and selective buying campaigns. While distinct in approach, the collective efforts have amplified scrutiny and economic consequences for Target. “Black consumers helped build Target into a retail giant, and now they are making their voices heard,” said Benjamin F. Chavis Jr., president and CEO of the NNPA. “If corporations believe they can roll back diversity commitments without consequence, they are mistaken.”

Early data from analytics firms Placer.ai and Numerator confirms a decline in consumer support. Numerator found that Black and Hispanic households are reducing their visits to Target at the highest rates. Placer.ai reported that on the national blackout day last month, Target saw an 11 percent decline in store traffic compared to average Friday visits. Since the company’s January 24 DEI reversal, Placer.ai data shows Target’s overall foot traffic has fallen every week. In contrast, Costco has gained ground. The warehouse chain rejected a shareholder proposal to weaken its diversity programs and stayed firm in its DEI stance. Analysts say Costco’s consistency and longstanding commitment to high wages and strong employee benefits may attract consumers frustrated with Target’s retreat. Costco’s shares have outperformed those of Walmart and Target over the same period. Walmart has also seen a dip in foot traffic, though not as sharp as Target.

While grassroots boycotts are not always financially damaging in the long term, Target’s situation may prove different. “Boycotts put a ‘negative spotlight’ on the company that can have reputational consequences,” Brayden King, professor at Northwestern University’s Kellogg School of Management, told Forbes. He noted that consumer trust, closely tied to corporate reputation, plays a critical role in shopping habits. In addition to its woes, Target issued a string of recalls in 2025 involving products sold on shelves due to undeclared allergens and injury hazards. Affected items included Gerber Soothe N Chew Teething Sticks, Dorel Safety 1st Comfort Ride and Magic Squad child car seats, Nuby stroller fans, Baby Joy highchairs, Chomps beef and turkey sticks, and Pearl Milling Company pancake mix. Rev. Bryant said Target Fast has now mobilized more than 150,000 participants and persuaded over 100 Black vendors to withdraw their products from Target. He urged continued focus and unity in holding the company accountable. “It is critical that Black people can’t afford to get A.D.D; we can’t taper off and lose synergy. It’s important that people stay the course and keep amplifying our voices because it is being heard from Wall Street to Main Street,” Bryant said. He added, “No, I’m now committed and grateful.”

According to the Birmingham Times, the New Birth Baptist Church pastor recently reported that the campaign he helped launch against Target has received robust national support.

From the Times:

The fast-selective-buying campaign, which began during the Lent Season from March 5 to April 17, targets what Bryant describes as the company’s neglect of the Black community. According to Bryant, the boycott has mobilized over 150,000 participants and persuaded over 100 Black vendors to withdraw their products from Target. The movement has led to a $12 drop per share in Target’s stock and a $2 billion decrease in its overall value.

“We just hit 150 thousand people who have signed up to be part of it, with over 100 black vendors that pulled out of Target, so the momentum is going steadily,” Bryant explained.

The NAACP and the National Newspaper Publishers Association (NNPA), representing the Black Press of America, have simultaneously announced the planning and implementation of a national public education and selective buying campaign in response to Target and other corporations that have dismantled their respective Diversity, Equity, and Inclusion (DEI) commitments, programs and staffing.

“Now is the time for the Black Press of America once again to speak and publish truth to power emphatically,” NNPA Chairman Emeritus Danny Bakewell Sr. explained.

“We are the trusted voice of Black America, and we will not be silent or nonresponsive to the rapid rise of renewed Jim Crow racist policies in corporate America,” said NNPA Chairman Bobby R. Henry Sr. “The Black Press of America continues to remain on the frontline keeping our families and communities informed and engaged on all the issues that impact our quality of life.”

Senate Votes to Overturn Overdraft Fee Cap, Undermining Key Consumer Protections

Senate repeals CFPB rule capping overdraft fees, blocking future reforms. Move favors big banks, harms low-income families, and undermines consumer protections championed by Senator Warnock.

By Milton Kirby | Atlanta, GA | March 27, 2025

In a blow to consumer advocates and working families, the U.S. Senate voted 52-48 on Thursday to repeal a landmark Consumer Financial Protection Bureau (CFPB) rule that capped overdraft fees at major banks. The rule, finalized in December 2024, aimed to rein in predatory banking practices that disproportionately affect low-income and minority communities.

The resolution now heads to the House of Representatives, where a companion bill already passed the Financial Services Committee on a 30-19 vote. Passed under the Congressional Review Act (CRA), the measure not only invalidates the CFPB regulation—it also bars future administrations from implementing any “substantially similar” protections. If the House passes the resolution, it will permanently strip away guardrails meant to shield consumers from exorbitant overdraft fees.

A Hard-Fought Reform Reversed

At the heart of the controversy is the CFPB’s now-overturned rule, which targeted financial institutions with more than $10 billion in assets. Under the regulation, large banks had three choices when it came to charging overdraft fees: impose a modest $5 fee, charge only enough to cover actual costs or losses, or treat overdraft as a loan—subject to standard lending laws and consumer disclosures.

The CFPB estimated the rule would have saved Americans up to $5 billion annually, or approximately $225 per household that incurs overdraft fees. Currently, banks charge an average of $35 per overdraft transaction.

But financial industry lobbyists—backed by Republicans and some moderate Democrats—mobilized quickly to kill the rule, arguing it would limit consumer access to overdraft services. In the hours after the rule was finalized, banks filed lawsuits, and by February, Republican leaders in Congress had introduced CRA resolutions to overturn it.

Senate Banking Committee Chair Tim Scott (R-SC), who led the effort, framed the rollback as a victory for “consumer choice,” claiming that the rule was part of President Biden’s “politically motivated ‘junk fee’ agenda” meant to distract from inflation. Yet critics argue the real beneficiaries are the banks—many of which have posted record profits from overdraft fees.

Warnock’s Fight for Fairness

Today’s vote is a bitter setback for Senator Reverend Raphael Warnock (D-GA), who has championed consumer protections since taking office. In March 2023, Warnock, alongside Senator Cory Booker (D-NJ), launched a campaign demanding accountability from the ten U.S. banks that generated the most revenue from overdraft and insufficient fund fees in 2021. The senators sent formal inquiries to institutions including JPMorgan Chase, Bank of America, Wells Fargo, Truist Bank, and PNC Bank, pressing them on how they justified such steep fees.

Later that year, Senator Warnock chaired a Senate Banking Subcommittee hearing on the harmful impacts of overdraft fees. In his opening remarks, he laid bare the inequities baked into the system:

“One-third of unbanked households cite high fees as the reason they remain without a bank account. These types of fees affect people of color at a disproportionate rate. Banks with branches in predominantly Black neighborhoods charge more for overdraft services. And the customers hit hardest are often low-income, have poor credit, and are disproportionately Black and Hispanic.”

Warnock’s advocacy helped pave the way for the CFPB’s December 2024 rule, which sought to close an outdated regulatory loophole that had long exempted overdraft loans from lending laws. The rule was hailed by consumer advocates as one of the most meaningful financial protections in over a decade.

A Rare Break in the Ranks

While the Senate vote fell largely along party lines, one Republican Senator Josh Hawley of Missouri broke ranks and voted to uphold the rule. “I do not want to give big banks the ability to charge people outrageous sums of money,” he said on the Senate floor, noting that the regulation would save the average working-class household about $265 a year.

His lone vote of dissent highlights the stark contrast between political rhetoric around working families and legislative action that directly impacts their wallets.

What’s Next?

With the House poised to vote on the resolution, the future of overdraft fee protections hangs in the balance. If the CRA is passed by both chambers and signed into law, it will permanently block the CFPB from revisiting the issue, leaving consumers vulnerable to high, often unexpected, fees at a time when many families are still struggling to recover from the economic shocks of inflation and housing costs.

For Senator Warnock, the fight is far from over.

“Today’s vote puts corporate profits above working people,” Warnock said in a statement. “I will continue to advocate for financial fairness and dignity, especially for those who are too often left behind by our banking system.”

20 Million Predatory Loans Drained Over $2.4 Billion From Consumers

In 2022, predatory payday lenders drained $2.4B in fees from low-income, largely Black and Latino borrowers through high-interest, deceptive loans, Center for Responsible Lending report finds.

By Charlene Crowell | Washington, DC | March 28, 2025

New research from the Center for Responsible Lending (CRL) finds that in just one year – 2022 – cash-strapped borrowers took out over 20 million predatory loans totaling nearly $8.6 billion. The triple-digit annual percentage rates (APRs) and high costs attached to these loans – whether payday, single-payment or installment loans – drained more than $2.4 billion in fees from low-income borrowers.

CRL’s Down the Drain, report provides an update on the effects of payday lending, including online and app-based lending, that remains dominant in low-wealth, largely Black and Latino neighborhoods. Many of these lenders use misleading advertising to lure working people into a cycle of repeat borrowing and growing fees that can leave them struggling for months to repay a debt that reduces each subsequent paycheck.

Photo By Milton Kirby TitleMax Store Front

“Payday loans are designed to trap people in debt and this report shows the scale of the harm,” said report co-author Yasmin Farahi, CRL’s deputy director of state policy and senior policy counsel. “Predatory lending is a public policy choice. Congress and policymakers in states without common sense interest rate limits should enact these usury laws and the executive branch has a duty to enforce them – that is how to keep payday loan sharks at bay.”

Predatory high-cost lenders that offer loans with triple-digit APRs and high, often hidden fees, are trying to evade responsible interest rate limits that currently are in place in 20 states and the District of Columbia.

But these consumer-oriented reforms still leave 30 states where triple-digit interests rates remain legal, including Texas (662%), California (460%), Mississippi (572%), Alabama (456%), and Wisconsin (537%).

These abusive lenders often target working households and communities of color. A 2020 poll by CRL found that Black consumers were twice as likely as white consumers to live within a mile of either a payday lender or a pawnshop. The targeting of these communities can worsen longstanding racial economic disparities.

“Although payday loan fee volume declined early in the pandemic, the Down the Drain report shows a $200 million rebound from 2021 to 2022, reflecting increased strain on consumers’ finances,” said report co-author Lucia Constantine, senior researcher at CRL. “Especially considering changes in the market toward online and longer-term loans, storefront payday lenders in 2022 continued to drain a massive amount of wealth from people and communities with very little wealth.”

Among the report’s notable findings:

• Between 2021 and 2022, payday loan fee volume increased in California by 20%, Texas by 22%, and Florida by 17%. All are bigger percent increaes than the national fee volume experienced;

• States where payday lenders took in highest fee volumes are: Texas at over $1.3 billion, Florida at over $252 million, California over $224 million, Mississippi at over $149 milion, and Michigan at over $78 million. Mississippi’s payday fee total, the fourth highest, is out of proportion to its population size, which is the 35th largest; and

• In the only two states that collect and report statistics on online lending, the share of online payday lending increased from 2019 to 2022: Alaska from 55% to 57% and in California from 25% to 49%.

“As national payday lenders have continued to close storefronts across the country, the market share of online payday lending has increased. By 2019, online lending accounted 41% of single-payment payday loan volume nationally,” states the report.

“Beyond the impacts of the pandemic, the alternative financial services market has shifted online and expanded to include underregulated products like installment loans, earned wage advance, and buy now pay later”, the report continues. “Rent-a-bank’ schemes, in which a non-bank company uses an out-of-state bank offer loans that evade state usury caps, have also made payday lending more readily available even in states with legal protections.”

What Every Small Business Needs to Know About the Corporate Transparency Act

Small businesses must file beneficial ownership reports under the Corporate Transparency Act to combat financial crimes—though enforcement is paused as of March 2025.

All the latest updates about the Beneficial Ownership Information reporting requirement.

By: Miranda Fraraccio , Contributor

Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, many U.S. small business owners are required to file corporate transparency reports with beneficial ownership information.

The CTA was enacted in 2021 to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation, businesses that meet certain criteria must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This report provides details identifying individuals who are associated with the reporting company.

The CTA was established to prevent individuals with malicious intent from hiding or benefitting from the ownership of their U.S. entities to facilitate illegal operations which, according to Congress, is a widely-used tactic that affects national security and economic integrity.

Who is considered a beneficial owner of a company?

According to the CTA, an individual qualifies as a beneficial owner if they directly or indirectly have a significant ownership stake in a company. This person either has a major influence on the reporting company’s decisions or operations, owns at least 25% of the company’s shares, or has a similar level of control over the company’s equity.

What information must be reported about a company’s beneficial owners?

All reporting companies must provide their legal name and trademarks, as well as their current U.S. address, which could be either the address of its main business site or, for foreign-based companies, their U.S. operational location. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered.

Businesses registered or established post-January 1, 2024, must provide information regarding the business, its beneficial owners, and its company applicants — including owners’ and applicants’ names, addresses, birthdays, and identification numbers (such as a license or passport number), and the jurisdiction of the documents. Businesses established before that date can omit information regarding company applicants, and must only submit information on the business and beneficial owners.

While the CTA does not require businesses to submit annual reports, the initial filing period may not be the only time you’ll be required to submit information.

“In addition to the required initial filing, there are requirements to update the original filing when things change,” explained Roger Harris, President of Padgett Business Services. “Some of the things that require an updated filing are not things a business owner has ever thought were important to track, and the timeline to report these changes can be as short as 30 days.”

Harris noted that business owners may be surprised by some requirements for updated filings. For instance, if a beneficial owner changes their address, legally changes their name due to marriage or divorce, or obtains a new driver’s license, it may necessitate an update to a company’s BOI report. Operational changes or a new delegation of authority could also qualify.

“If you make changes in the operation and delegation of duties within your business that could be considered to give a new person substantial control of your business, you could be required to update your filings, even if the person performing those duties did not own any of the business,” said Harris.

While the CTA does not require businesses to submit annual reports, the initial filing period may not be the only time you’ll be required to submit information.

Are businesses required to file with FinCEN as well as their financial institutions?

Many financial institutions require small businesses to submit beneficial ownership information, which protects the institution from being used for illegal activity. However, these are two distinct reporting requirements, and sharing beneficial ownership information with a financial institution does not fulfill a small business’s federal requirements.

Keep in mind, however, that FinCEN can share beneficial ownership information with other entities — including government agencies, law enforcement agencies, and some financial institutions.

What is the beneficial ownership information reporting process?

Two types of reporting companies will be required to submit BOI reports: domestic reporting companies, including LLCs, corporations, and other entities formed through filing with a secretary of state or a comparable office in the U.S.; and foreign reporting companies that are registered to conduct business in the United States through filing with a secretary of state or an equivalent office.

Businesses will not incur a fee for submitting their reports, and electronic forms are available on FinCEN’s website.

Where can business owners get help with their beneficial ownership information reports?

Though companies may opt to file their own BOI reports without legal assistance, Harris advised business owners against this.

“It may not be difficult to complete the forms, but with everything a small business owner must do to operate a successful business, I fear this is something that could be missed or not done [promptly],” Harris explained.

Instead, he recommends consulting a knowledgeable advisor, such as an attorney or an accountant, when filing the initial and/or updated reports to ensure they’re completed on time and to FinCEN’s standards.

“There are some issues in the law that could require an interpretation of certain facts to determine who is a beneficial owner that must be included in the filings,” Harris said. “If you find yourself in this situation, … consult with an attorney to help you decide how your set of facts fits within this law.”

For those with a straightforward path, Harris believes an accountant or tax preparer may be sufficient. However, he cautioned that not all accounting and tax professionals will offer this service due to potential insurance policy limitations.

“Some in the accounting and tax profession are not going to offer this service to their clients because the errors and omission policies these firms have will not cover these services,” Harris explained. “We are already seeing companies pop up that claim to be specialists in this area. If a business wants to go in this direction, they should make sure they choose a legitimate firm with the proper expertise and reasonable fees that will stand behind their work.”

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.

EU beer and winemakers fear business will dry up under Trump’s tariffs

US President Trump’s tariffs threat sparks fear in Europe’s drinks industry, with wine and spirits producers warning of devastating impact on jobs and exports, potentially crippling key markets.

Alcohol producers are reeling after the US president threatened retaliation against EU whiskey tariffs, leaving a key export market ‘dead in the water’

By David Chazan, Tom Kington, Isambard Wilkinson, Bruno Warfield | Friday, March 14, 2025

From picturesque vineyards that produce Côte de Beaune fit for Manhattan supper soirées to Belgian breweries whose beers delight blue-collar Americans, one question is on the minds of Europe’s drinks industry: how do we survive Trump’s tariffs?

Fear is rising that the president’s trade war will have a devastating impact and many have expressed fury at Brussels over what they perceive as a failure to accommodate Trump’s demands or, worse, a hostility towards the president that has exacerbated the situation.

With the president declaring that he would hit European alcohol exports with tariffs of up to 200 per cent, we meet the manufacturers who are on the front line of an existential fight they neither wanted nor expected.

Battle will take a lot of bottle

Thiébault Huber had a simple message for a teetotal president who has taken aim at wine and champagne. “Trump ought to relax and have a glass of burgundy to calm himself down,” said the head of the winemakers’ confederation in the region that produces what many people regard to be the world’s greatest wines.

However, he had little sympathy for Brussels bureaucrats, who he accused of starting the transatlantic war of words. Trump’s threat came after the European Commission said it would impose a 50 per cent surcharge on US whiskey imports in response to tariffs on steel and aluminium. “The European Commission shouldn’t have retaliated like this,” Huber said.

“We met a huge number of MEPs before they took the decision to increase the charge on imported bourbon. We told them not to do it, that the reaction from the US would be terrible, but despite all our warnings, here we are, threatened by tariffs that will annihilate the wine and spirits trade.”

Nicolas Ozanam of the Federation of French Wine and Spirits Exporters agreed. “We’ve been telling the European Commission for months that targeting American bourbon and whiskey serves no purpose,” he said. “No one wins from trade wars, they’re idiotic. Business will dry up completely.”

Burgundy exports nearly a quarter of its wines to the US but Huber said vintners were working on increasing their sales to other parts of the world. “Demand is rising in a lot of African countries, as it is in eastern European countries too. Asia is still an attractive market and Scandinavia is very active,” he said.

However, Christine Sévillano, head of the Federation of Independent Champagne Producers, warned that finding new markets was time-consuming and expensive. “It can take years to develop a market in a particular country. If we have to redirect our investment into other countries, it will be very costly,” she said.

France’s wine and spirits industry is one of its biggest employers. Hundreds of thousands of jobs could be jeopardised by disruption to trade with the US, which is the sector’s biggest export market, worth €3.8 billion a year.

Time to fortify the spirits

Until recent developments with the Diet Coke-drinking president, the sherry producers of southern Spain had been primarily focused on the drought that had left them fearing for crops.

The prospect of tariffs had a chilling effect on companies such as Barbadillo, for whom the US market represents a great hope for the future of its best wines. “It would be disastrous for business,” said Tim Holt, the international area director of the company, which is based in Sanlucar de Barrameda. He said the tariffs would leave one of his principal export markets “dead in the water”.

Fear has gripped wine businesses across Spain, particularly in the rioja and cava-producing regions of the north. Over the border in Portugal too, port and madeira are reeling from the possible impact.

“[It] would clearly and effectively remove Spanish wines and European wines in general from the entire US market,” said José Luis Benítez, director-general of the Spanish Wine Federation (FEV). Wine exports from Spain to the US reached a total value of 390 million euros last year. For cava producers, such as Cordoniu and Freixenet, the US accounts for 10 per cent of total sales.

The US market is important for Barbadillo sherry as an outlet for its premium wines. “I have just come back from a visit and there is a great appetite for premium sherry across the generations,” Holt said. “The US has huge potential for sherry and tariffs would destroy that.”

Feud over beer gets bitter

Benjamin Franklin, the founding father of the United States, knew a good pint when he saw one, once memorably noting: “Beer is proof that God loves us and wants us to be happy.”

The Americans who drink some 80 million litres of Belgian beer every year would agree. Their thirst is not limited to relatively upmarket offerings, with large quantities of cheap, mass-produced Dutch lager, such as Heineken, consumed.

Alain De Laet of Belgium’s Brouwerij Huyghe makes the famous Delirium Tremens beer, which has an intimidating alcohol content of 8.5 per cent, and carries the symbol of pink elephant. “We are immediately sending our entire stock of Delirium, two months’ production, to the US,” he told Het Laatste Nieuws. “About twenty containers, good for about 300,000 litres of Delirium in bottles, barrels and cans, will leave next week.

“Almost a quarter of our turnover comes from America. If Trump continues, our Delirium will no longer be saleable there.”

Dolf van den Brink, chief executive of Heineken, one of the biggest brewers in the world, criticised the uncertainty triggered by Trump’s announcement. “A trade war is in no one’s interest,” he said, stressing that companies can “stand up to the American trade whims together”.

He added: “We are the beer men and women. We are always a bit optimistic.”

Not so lovely bubbly

In recent years the Italians who grow grapes for prosecco have expanded to cover a planting area between Venice and the Alps. Many farmers have abandoned arable crops to switch to grapes as the sparkling wine appeared set to conquer the world. The boom times, however, may be over.

Trump’s tariffs may halt the sparkling wine’s triumphant conquest of the US. After prosecco’s invasion of the UK, North America has been the next target for north Italian producers, who have seen US sales soar by 51 per cent in the last four years.

“It would be absolutely unsustainable, it would ruin all the efforts we have made in the US to create a market and culture for our wines,” the prosecco producer Elvira Maria Bortolomiol told La Repubblica.

The 124 million bottles of prosecco sold in the US in 2024, for which American drinkers paid $1.86 billion, accounted for 19 percent of the entire Italian production of 660 million bottles last year.

Federica Boffa, who produces high-priced barolos, was defiant, claiming that American lovers of the wine would rebel against the US government. “This could be a boomerang — the Americans love our wines and I don’t believe they will keep quiet and swap Italian or French wines for a Napa Valley chardonnay or cabernet,” she told La Stampa.