If your shelf is in need of a new miniature PC, ECS has your back. The company has introduced an update to the LIVA mini PC kit, with the upcoming model featuring double the storage capacity at 64GB. Hailing it as the “world’s smallest Windows based mini PC kit”, the maker toes the line between DIYers and everyday users who … Continue reading
We do know that Microsoft is not content to rest on their laurels, otherwise the company would not be where it is today. Having said that, their Windows Phone smartphones continue to see a portfolio expansion even in the months ahead, with some of the upcoming devices being given codenames – and one of them would be the Nokia Tesla. The Nokia Tesla is said to be the future Nokia Lumia 730/830, where it is tipped to arrive on AT&T when it finally rolls out to the masses.
What you see on the right is an alleged smartphone which was spotted online that had the most recent Windows Phone 8.1 GDR1 update running on it, where it is also said to be the Tesla. Well, apparently that is not quite the case, since upon closer inspection, it is that of a Nokia Lumia 1520 and not the alleged Lumia Tesla. Ah well, our eyes are full well capable of playing tricks on us at times, and hence to err is human, and forgive divine.
Well, from what we have heard about the Nokia Tesla from Microsoft’s Stephen Elop, it is touted to be an affordable high end phone. Now this is definitely music to my ears.
Alleged Nokia Tesla Is Actually The Lumia 1520
, original content from Ubergizmo. Read our Copyrights and terms of use.
For those who are not in the know, PlayOn will deliver the wonders of streaming TV right to the big screen itself, as well as on computers. In fact, PlayOn will feature apps for just about any kind of platform that a customer would want, where users are able to make use of the service in order to check out their favorite TV shows regardless of where they are, although select channels will require some sort of subscription. Windows Phone has finally caught up with other platforms, Chromecast included, having seeing the PlayOn app debut on it.
PlayOn announced “the availability of the PlayOn app for Windows Phone users and the rollout of the new, easier-to-navigate mobile interface. By downloading the new PlayOn app to a Windows Phone, customers can stream online content from PlayOn’s 100+ online channels to their smartphone.”
While PlayOn is not free, one will say that the prices are extremely reasonable, where customers will be able to select from an annual or lifetime subscription. There will also be additional costs where select channels are involved, so choose wisely. For those who are interested, you will be able to download PlayOn for Windows Phone over here. For those who have given it a go already, how do you find it so far?
PlayOn Delivers Streaming TV To Windows Phone
, original content from Ubergizmo. Read our Copyrights and terms of use.
The next time someone passes you a USB flash drive to plug into your computer, you might be a wee bit more wary. After all, researchers have successfully reprogrammed USB flash drives in order to have them infect computers on the quiet. According to the researchers involved, they claimed to have reprogrammed some USB flash drives’ firmware with malicious code, and this code will run via the gadget’s micro-controller in order to install malware on a computer as well as redirect network traffic without the victim being any wiser for it.
Karsten Nohl and Jakob Lell, who hail from German security firm SR Labs, did spend a fair number of months analyzing such software and micro-controllers that have been embedded within a select group of USB devices, and touted that they were able to hid in the flash ROM of these devices undetectable malware.
The software has been dubbed BadUSB, and it is installable within select USB flash drives as well as in other devices that feature a supported or compatible micro-controller. Not only that, it is virtually impossible to remove from the device, at least for the layperson since it would require the necessary tools and technical know how to reprogram such firmware. SR Labs claims that “no effective defenses from USB attacks are known.” Now that’s a chilling thought!
USB Drives Possibly Reprogrammed To Infect Computers
, original content from Ubergizmo. Read our Copyrights and terms of use.
Israel: Unity Not Uniformity
Posted in: Today's ChiliMy friend Candice, a Talmud Professor, recently posted her hope that the fighting ends soon in Israel and Gaza, with a note of concern for her sister in Jerusalem who plans to get married later this month. Her colleague at UCLA, Awad, a Palestinian American, responded that his sister, too, was planning an August wedding, hers in Ramallah. It turns out that both celebrations are planned for the same day, so these two friends shared blessings that they might both dance at their sisters’ weddings and meet for coffee afterward. “It turns out,” Candice told me, “we really all want the same thing.”
Look at this story as a conflict Rorschach test. Many will read it and say: this is precisely the problem. We do not all want the same thing. We want quiet, they want our destruction. We build schools, they build terror tunnels (alternatively: we want freedom, they ignore our suffering until rockets start to fall). We protect civilians, they target them. This is not a battle between two rights, it is an epic battle between life and death, good and evil.
But some will read it and say: this is the heart of the matter. At the end of the day, human beings-Jews and Muslims, Israelis and Palestinians-yearn for the chance to live and love in freedom and with dignity. Recognizing our shared humanity is the only way we’ll ever have a chance at peace.
This latest round of warfare has revealed unprecedented polarization. Decent and reasonable people are stunned to discover how hard it is to find common ground with other decent and reasonable people; everyone seems to feel that the rest of the world has gone mad. This matters now more than ever because many have argued that there is no military solution to this conflict, that when the fighting finally ends the only thing that will have been made clear is the necessity of a diplomatic solution. This means that grueling conversations about a shared future, including talk of borders, water rights and refugees, will have to emerge from a context of exacerbated contention and distrust, rooted in radically conflicting narratives. The morning after the fighting ceases, Israelis and Palestinians, Jews and Muslims, will have to contend with the devastating aftershocks of grief, pain and fear, which have made it so hard for us to even see one another.
That’s why all the talk about sympathy and empathy and self-reflection, even during war time, is not only spiritually essential, but also strategically critical.
I cannot speak with authority for the Palestinian community, but here’s how things look in much of the Jewish community: over the past month in Israel and abroad, many have been holding our collective breath, obsessively checking in with family and friends, anxiously waiting to be reassured they and their children are safe. We worry about the toll the sirens will take on the Israeli children who take shelter from Hamas rockets multiple times each day, rockets intended to kill, maim and wreak havoc. Another generation of children raised with fear embedded in their hearts. Last week we learned of families in the South whose children for months heard strange voices in their home at night but could never tell where they were coming from. Now they know: there was a terror tunnel being built just beneath their home.
And we see the dreaded notifications about young Israeli soldiers killed trying to upset Hamas’ military stockpile. Greenberg, a father of three, salt of the earth. Bar Rahav, who played water polo. Bar-Or, with his pregnant wife and one-year-old daughter. Shamash, married only five months ago, who went to Haiti to help rebuild after the earthquake of 2010. Steinberg, the Lone Soldier from Woodland Hills. The always optimistic Biton. Because it’s a small nation and serving in the IDF is obligatory, every family in Israel is touched.
Add to that the perilous resurfacing of anti-Semitism sweeping Europe.
This is a lot to hold, it’s true. Which is precisely why some are pained by the suggestion that the Jewish heart must nevertheless make space to hold Palestinian suffering as well. We do not want to see the twisted images of the four Bakr boys on the beach, all between nine and eleven years old: sweet boys, from a family of fisherman. We do not want to hear about the twenty-five members of the Abu Jama’e family or the shelling of a UN school in Gaza. The death toll keeps climbing: thousands of families shattered, lives and homes and dreams uprooted. It’s not easy to talk or think about it, especially when we’re worried for our own kids.
But seeing the humanity in the other is not an act of disloyalty or an abdication of Jewish values. It is the deepest manifestation of Jewish values. A false dichotomy has been set up between particularism and universalism. Do you care about your tribe or do you care about the world? But I am a Jew AND a human being. It is precisely because my people knows terror and recognizes the world’s silent complicity that my heart is awake to human suffering. So many Jews expressed shock and disgust at the murder of Palestinian teen Muhammed Abu Khdeir last month. But know this: the road from callousness to brutality is short and direct. If we abide the growing apathy toward Palestinians, Israeli society will find itself overcome not by individual incidents, but by waves of racist violence.
We are now in the beginning of the month of Av, the time in the Jewish calendar dedicated to holding the memory of the destruction of the Temple, when nearly one million Jews were killed or died of starvation and most of the rest sent into exile. Our Rabbis grappled for centuries with how a loving God could have allowed innocents to suffer so profoundly. The answer they came to: we weren’t so innocent. They draw a direct line from sinat hinam, senseless hatred among Jews, to catastrophe. Rabbi Asher Lopatin teaches in the name of the Rabbi Naftali Zvi Yehuda Berlin (the Netziv): the problem is not having strong ideas, but dismissing other people’s ideas as heresy. This is so dangerous, he argues, that it led to the destruction of the Temple.
So the nine days before Tisha b’Av became days not only of national mourning but also of reflection. The mourning aligns perfectly with our people’s collective emotional state these days as the number of fallen soldiers continues to rise, each one a national tragedy. But what about the self-reflection? There are some who insist on reminding us that we must remove the protective armor from the heart, look beyond our victimization and vulnerability, consider how we got here, what could have done differently and how we might find a way out. They reflect, knowing that for even intimating a need for compassion Israeli artists have been mocked, writers marginalized and academics castigated. Even former heads of the Shin Bet have been scorned. But their introspection is born not out of self-hatred, but out of love for their country and its people. I listen carefully to those animated by core Jewish values and the founding vision of the State, those willing to be mocked and derided, those who risk being blocked out of bunkers when the sirens sound (yes, this actually happened at a recent peace rally in Tel Aviv). It may feel like a nuisance to be reminded of the humanity of your enemy’s neighbor’s child. But it is precisely those unwilling to let us forget, I am certain, who will save us from the abyss.
As for me, I will not wave someone else’s banner or shout slogans that don’t honor all the sides of my heart. I will continue to strive to recognize the painful complexity of this situation. I will take solace in the fact that for Jews, unity does not mean uniformity. I love Israel. I care deeply about the lives of my brothers, sisters and friends there, some of whom are now serving in Gaza. I want Hamas’ horror-show terror schemes to be thwarted. I also grieve the deaths of Israel’s neighbors and their children. I yearn to hear acknowledgment that Hamas’ vulgar fanaticism was able to root in part because the 47 year occupation seeded despair amongst Palestinians. I understand that the rapidly shifting realities of the Middle East make peace more challenging now than ever, but I want Israeli and Palestinian leaders to invest as much time, ingenuity, and resources in a diplomatic resolution to the conflict as they invest in the military option. I pray that all of us, left and right, Israeli and Palestinian, despite our grief, pain and fear, will be able to stretch our hearts to see one another.
I pray that shouts of joy and gladness will be heard on the streets of Jerusalem and Ramallah at the weddings of Candice and Awad’s sisters. And I pray that these two friends can sit together afterward and dream great dreams about the future. Because, at the end of the day, they both really w
There Are Children to Love
Posted in: Today's ChiliThe black-and-white beans danced around the screen. The heartbeats thundered through the speakers. My wife and I could not believe our eyes. We knew exactly what they were: twins.
My mind raced: We are already the proud parents of twin toddlers and a single baby. We are not planning to have more kids. We are actively working against the possibility of another pregnancy. We do not feel like the timing was right. We do not have the resources in place. We are adapting well to the three kids we have. Regardless of the thoughts on planning or preparation, we met a new reality on the screen.
Though they are strangers, I quickly fell in love with those beans on the screen. There was a deep, undeniable understanding that those two children belonged to me, and I to them. I have had my doubts that I could love any more children as much as I love the three children we already have… until I saw the screen.
Sometimes we are not ready or prepared, and yet love finds us anyway. The scenes of children crossing our borders and arriving to this country have touched me no less than the scene I experienced on the sonogram. Now we are a nation sitting next to a metaphorical sonogram machine and staring at the screen. The concerns that I had are no different from the concerns that many in this country have. We were not planning on more children immigrating. We were actively working against the possibility of any more children crossing the border. We don’t feel like the timing is right. We feel as if we do not have the resources in place for more children. We were adapting well to the immigrants who were already here. Regardless of the thoughts on planning or preparation, there is a new reality that has met us on the screen. Though they are strangers, it is hard not to fall in love with the faces of all of our human future. These children are our children, and we belong to each other.
When we realized that we were expecting twins, my wife and I could have allowed our plans and preparations to cause us to get upset and angry. We could have blamed each other. We could have blamed the failed birth preventions. We decided not to waste time on such trivial matters; there are children to love. Our nation can be angry that our plans and preparations have been met with unexpected increases in immigration, or we can open our hearts at the realization that there are children to love.
There are often more questions than answers. There certainly are for us. God meets us in those places of questions and dangerously guides us past our borders to a place of love. There are children waiting there who need our help. Will we open our hearts and follow the love we felt when we first saw them on the screen?
Today I join religious leaders and immigration activists to give my body up for arrest in an act of civil disobedience at the White House. I commit myself to this act because I know that the God who loves all children regardless of their nation of origin will be standing with me. Will you stand with us wherever you are?
Amen.
Cross-Posted from DeSmogBlog
Today, legislative and lobbyist members of the American Legislative Exchange Council (ALEC) voted on model legislation promoting both exports of gas obtained via hydraulic fracturing (“fracking”) and vehicles powered by compressed natural gas (CNG).
Dubbed a “corporate bill mill” by its critics, ALEC is heavily engaged in a state-level effort to attack renewable energy and grease the skids for exports of U.S. oil and gas. Today’s bills up for a vote — as conveyed in an ALEC mailer sent out on June 25 by ALEC’s Energy, Environment and Agriculture Task Force — are titled “Resolution In Support of Expanded Liquefied Natural Gas Exports” and “Weights and Measures and Standards for Dispensing CNG and LNG Motor Fuels.”
An exclusive investigation conducted by DeSmogBlog reveals that Cheniere — the first U.S. company to receive a final liquefied natural gas (LNG) export permit by the U.S. Federal Energy Regulatory Commission (FERC) — has acted as the lead corporate backer of the LNG exports model resolution.
Further, Clean Energy Fuels Corporation, owned by energy baron T. Boone Pickens, of Pickens Plan fame, and trade associations it is a member of, served as the main pusher of the CNG model resolution.
ALEC has served as a key vehicle through which the fracking industry has curried favor and pushed for policies favorable to their bottom lines in statehouses nationwide. Now ALEC and its corporate backers have upped the ante, pushing policies that will lock in downstream demand for fracked gas for years to come.
With Cheniere becoming an ALEC dues-paying member in May 2013 and with America’s Natural Gas Alliance (ANGA) — the fracking industry’s tour de force — crowned an ALEC member in August 2013, it looks like many more fracking-friendly model bills could arise out of ALEC in the months and years ahead.
According to a document obtained by the Center for Media and Democracy, top ALEC 2014 Annual Meeting sponsors in Dallas include ANGA, ExxonMobil, Chevron, Devon Energy, and TransCanada, among others.
Photo Credit: Nick Surgey | PR Watch
LNG exports will serve as the focus for part one of this series, while CNG vehicles will serve as the focus for part two.
“LNG Day”
The genesis of the Cheniere-backed model bill is tied to a March 26 “LNG Day” reception put together in Baton Rouge, La. on March 26 by the influential lobbying firm, The Picard Group.
“LNG Day gives Legislators the opportunity to learn more about the benefits of natural gas,” exclaimed a press release featuring a photo of the event taken by Dawn Cole of The Picard Group. “Attendance was great and the day was successful.”
That release was disseminated by the Louisiana Mid-Continent Oil and Gas Association, of which Cheniere is a member. Among The Picard Group’s clients: Cheniere, which it is registered to lobby for in Louisiana.
Emails obtained by DeSmogBlog under Louisiana Public Records Act reveal that Laura MacDiarmid, who works as a government and environmental affairs analyst for Cheniere, was copied on email outreach by The Picard Group to Louisiana state representatives inviting them to participate in LNG Day.
Image Credit: Louisiana Public Records Act
Further, “Our Energy Moment” — the gas industry-funded propaganda campaign promoting LNG exports — put out a release of its own promoting “LNG Day.”
That release featured a quote from Jason French, listed only as a “spokesperson for the Our Energy Moment coalition” in the release. In reality, French serves as director of government and public affairs for Cheniere.
French wrote an article published in the July/August 2013 edition of “Inside ALEC” titled, “LNG Exports – A Story of American Innovation and Economic Opportunity” and also gave a presentation on LNG exports at ALEC’s 2013 Annual Meeting held in Chicago, Ill.
Via email, French confirmed with DeSmogBlog that he will also be giving a presentation at this year’s ALEC meeting in Dallas on LNG exports immediately before the model resolution promoting them receives a vote by ALEC member legislators and corporate lobbyists.
LNG Day, though, was more than a gas industry-manufactured media event. Out of it arose House Concurrent Resolution 29, co-sponsored by Speaker of The House, Rep. Chuck Kleckley and Sen. John A. Alario, Jr. (an ALEC member).
Alario, Jr. has taken significant campaign money from LNG exporters, such as ExxonMobil, Energy Transfer Partners and Sempra.
After HCR 29 passed the House under suspended rules, it also passed unanimously in a 36-0 vote in the Senate on March 25. The next evening after the lights went off on the day-time LNG Day festivities, lobbyists and legislators convened for a corporate-sponsored reception at the Jimmie Davis House.
Image Credit: Louisiana Public Records Act
Among the sponsors — a copy of the invitation obtained via Louisiana Public Records Act shows — were those set to benefit most from a policy of plentiful LNG exports: the frackers and the LNG exporters, such as Chesapeake Energy, ANGA, Our Energy Moment, Cheniere, Trunkline LNG, Magnolia LNG and Sempra LNG and others.
Guessing at Numbers and Figures
The language found within HCR 29 mirrors that found within the ALEC model resolution.
Both cite “pioneering exploration and extraction methods that have opened vast natural gas resources to development.” Both also contend that LNG exports “will support fifty thousand jobs in the exploration and production sectors for every two billion cubic feet per day of exports,” literally word-for-word in boilerplate fashion.
French’s article appearing in ALEC’s “Inside ALEC” in the July/August 2013 edition makes the same exact jobs claim.
“Every 2 billion cubic feet per day (bcf/d) of exported gas will support 50,000 jobs in the exploration and production sectors,” he wrote.
In citing the jobs numbers in his article, French points to a study written by the Perryman Group titled, “The Anticipated Impact of Cheniere’s Proposed Corpus Christi Liquefaction Facility on Business Activity in Corpus Christi, Texas, and the US.”
Cheniere is listed as one Perryman’s clients on the consulting group’s website and a review by DeSmogBlog shows the report has been widely cited by Cheniere, including in official legal filings.
Perryman came under fire by a Cornell University study rebuttal after the consultancy launched a June 2010 study on behalf of TransCanada — also listed as a Perryman client — claiming the Keystone XL tar sands pipeline would create an astronomical 250,348 permanent jobs.
Louisiana’s “Stink Tank”
Given the State Policy Network (SPN) “stink tanks” are a creation of ALEC — as first revealed here on DeSmogBlog in December 2013 — it is only logical that an SPN offshoot played a role in ushering in HCR 29 and what would become the ALEC model resolution on LNG exports.
Enter: the Pelican Institute for Public Policy, the well-connected Louisiana-based SPN offshoot group. In January 2014, Pelican published a report titled, “Risk, Reward & Revolution: Why globalizing the natural gas revolution is smart environmental and economic policy for Louisiana.”
Paralleling the Perryman study commissioned by Cheniere and cited in the model resolution and French’s article published in “Inside ALEC,” the Pelican Institute report cites figures from a November 2013 ICF International report on the economic impacts of LNG exports commissioned by the American Petroleum Institute (API).
Another Perryman parallel: ICF was one of the consulting groups chosen by TransCanada for the State Department’s Environmental Impact Statement on the northern leg of the Keystone XL tar sands line.
“Not a Sponsor of the Resolution”
Contacted via email, French told DeSmogBlog that part of the reason Cheniere has become active in ALEC is because the company is a “leader in engaging and educating the public,” for which ALEC provides a platform.
“Cheniere is a leader in the US LNG Export industry – an industry that is relatively new and unfamiliar to much of the country,” said French. “We participate in forums such as ALEC, National Conference of State Legislatures, State Government Affairs Council, the Marcellus Shale Coalition and others as a way to engage with and inform policy makers about the significant economic benefits of our projects and the LNG export industry as whole.”
While French did not deny Cheniere’s authorship of the bill, he said by technicality, the company was not the sponsor of it either.
“We are not a sponsor of the resolution at ALEC, but are a proud supporter of it. As many organizations do, and as part of our outreach efforts, we provided information that helped shape the resolution.”
He says Cheniere has pushed for the resolution’s passage since joining ALEC.
“We are pleased that it will be on the upcoming agenda, and hope that our previous outreach efforts to the ALEC membership will be helpful in its passage.”
Cheniere’s Latest “Market Signal”
Far from a stand-alone case study, Cheniere has used connections to powerful political officals on both sides of the political aisle to win policy gains.
Most recently, it nominated Heather Zichal — President Barack Obama’s former “energy czar” who stepped down in November 2013 — to sit on the Board. And its federal-level lobbying efforts are bolstered by a lobbying team headed by former Bush Administration Secretary of Energy, Spencer Abraham.
Put another way, ALEC provides a new cheap lobbying entry point of access to literally hundreds of mostly Republican Party officials for Cheniere.
So while merely pushing a symbolic resolution that can be introduced and passed in statehouses across the “United States of ALEC,” what Cheniere’s investors get out it is an all-important “market signal” to continue investing in climate change causing and ecologically destructive fracking infrastructure.
Or as former ALEC Executive Director Sam Brunelli wrote in a July 1991 letter to an executive at the Tobacco Institute describing ALEC’s importance, “Winning is the operative word…[W]inning the public policy debate will continue to have a tremendous positive effect on the ‘bottom line’ of your company.”
Three separate events in Washington Thursday served as reminders that America’s big banks continue to pose risks to college students, consumers, and taxpayers.
Sen. Elizabeth Warren (D-Mass.), the Center for American Progress and the U.S. Public Interest Research Group were among lawmakers and organizations warning that college students and their families are being harmed by financial institutions that either refuse to reduce student debts, push borrowers into default, or prey on low-income students through campus-sponsored banking products that hit them with high fees when they try to access their federal student loans.
Meanwhile, the federal Consumer Financial Protection Bureau said it would explore whether new rules were needed to limit the tens of billions of dollars in overdraft fees large banks reap at the expense of households. The agency found that consumers, on average, pay higher fees than the amount by which they’ve overdrawn their accounts.
And an 18-month examination by the Government Accountability Office found that investors likely perceived the nation’s largest banks as “too big to fail” in the years immediately before and after the latest financial crisis, resulting in lower funding costs than their smaller peers simply because investors thought that taxpayers would prop up a failing big bank. Though the watchdog’s report carried “a heavy dose of caution and nuance,” its main author, Lawrance Evans, told the Senate Banking Committee, the same probably would happen in another financial crisis as investors would assume that federal authorities would use taxpayer funds to prevent a big bank from failing. Washington trade associations representing big banks and the Treasury Department cheered part of the report that noted big banks may have had to pay investors more to fund their operations last year than small banks — evidence, they said, that “too big to fail” is over.
Six years after the height of the financial crisis that triggered the most punishing economic downturn since the Great Depression, Thursday’s reports and warnings collectively suggested that the measures President Barack Obama signed into law four years ago intending to prevent another financial crisis didn’t go far enough.
“These banks are not just too big to fail,” Sen. Sherrod Brown (D-Ohio) said during an interview with Bloomberg TV. “They’re too complex to regulate. They’re too big or too complicated to manage. Look at the problems these largest banks have had.”
Since 2008, big U.S. and foreign banks have spent close to $100 billion to settle federal and state allegations of wrongdoing, including accusations that they:
1) Illegally seized borrowers’ homes.
2) Cheated towns across the country that had issued debt.
3) Ripped off troops.
4) Manipulated benchmark interest rates.
5) Misled investors when selling them home loans that had been bundled into securities.
6) Duped homeowners into taking out expensive mortgages.
7) Rigged markets to bolster their trading positions.
8) Processed payments for alleged terrorists and genocidal regimes.
9) Helped Americans evade U.S. taxes.
10) And enabled Mexican drug cartels to launder their money.
Authorities also have accused large financial institutions of misdeeds that include ignoring signs that Bernie Madoff was engaged in a massive Ponzi scheme, and tricking households into paying for worthless credit card products. In most of the settlements that ended government probes into banks’ misbehavior, the banks neither admitted nor denied wrongdoing.
Regulators around the world now are investigating whether big banks attempted to manipulate the foreign exchange market, where currency prices are set and more than $5 trillion is exchanged daily.
Last year, during a speech focused on banks perceived to be “too big to fail,” one of the top U.S. financial regulators said that some of America’s largest financial institutions appear to lack respect for “law, regulation and public trust.”
“There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” William Dudley, president and chief executive officer of the Federal Reserve Bank of New York, said in November.
Brown suggested that the litany of wrongdoing committed by big banks stems from the perception that they’re either too big or important to be allowed to fail. “Ultimately the problem is that this just encourages risky behavior,” Brown said.
Some of the behaviors that could be considered risky or wrong were detailed on Thursday.
In its report and during an accompanying call with the news media, the federal consumer bureau noted that the typical fee consumers pay when overdrawing their bank account is $34. But those fees are usually levied for transactions of $24 or less, and the majority of overdrafts are repaid to banks within three days.
“If a consumer were to get a loan on those terms, that would equate to an annual percentage rate of over 17,000 percent,” said Richard Cordray, CFPB director. “Overdraft fees should not be ‘gotchas’ when people use their debit cards.”
Cordray added: “We need to determine whether current overdraft practices are causing the kind of consumer harm that the federal consumer protection laws are designed to prevent.”
In response to the CFPB’s report, Richard Hunt, president and chief executive of the Consumer Bankers Association, a Washington trade group, said, “These debit card services are completely optional, and consumers who freely choose to utilize the service can subsequently opt-out at any time.”
Separately, during a hearing held by the Senate Banking Committee, Christine Lindstrom of the U.S. Public Interest Research Group warned lawmakers that students at colleges that have entered into partnerships with individual banks typically get a raw deal through steep and unusual fees, such as being charged for not using their debit cards.
“On a college campus where students are a captive audience and a bank is getting an exclusive deal, that deal should actually be far superior for the students who are exposed to that deal and being marketed to than is available on the open market. But, in fact, that is not the case,” Lindstrom said.
The hearing touched on a variety of bank-caused concerns bedeviling college students and recent graduates, including lenders’ reluctance to forgive education debt incurred by students who subsequently died and saddled their parents with the bills. Hunt, the financial industry representative, said he expects banks to broaden their efforts to help borrowers in distress.
Back in the 1920s, a group of Soviet psychiatrists discovered that film editing manipulates not only our sense of space and time but also our emotions. That’s why editing is the magic sauce that brings a film to life —or kills it. But how is this possible? How did it come to be? This video tells you all about it.