Stacy Cowley

New York

Consumer Finance and Small Business Reporter at The New York Times

business reporter for @nytimes. murderer of houseplants. "Well caffeinated," says @PopMech. email [email protected]; DM (open) for my Signal #

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Articles

Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals

3 weeks ago | nytimes.com | Stacy Cowley

For seven years, the bank was forbidden to grow as punishment for misconduct including creating fraudulent bank accounts and mistakenly seizing homes. In early 2018, the Federal Reserve hit Wells Fargo with an unprecedented penalty for a yearslong record of misconduct: an asset cap that prevented the bank from growing. On Tuesday, the Fed lifted that restriction. Wells Fargo has improved its internal governance and risk management enough to be released from its fetters, the regulator said.
How Trump's regulatory rollbacks are increasing costs on Americans

3 weeks ago | spokesman.com | Coral Davenport |Stacy Cowley

When the Biden administration enacted regulations last year slashing credit card late fees, government analysts calculated that the rule would save millions of customers an average of $220 per year. Overall, they found that the new limit would save American households about $10 billion annually, mostly in avoided bank penalties.
How Trump’s regulatory rollbacks are increasing costs on Americans

4 weeks ago | seattletimes.com | Coral Davenport |Stacy Cowley

When the Biden administration enacted regulations last year slashing credit card late fees, government analysts calculated that the rule would save millions of customers an average of $220 per year. Overall, they found that the new limit would save American households about $10 billion annually, mostly in avoided bank penalties.
How Trump’s Regulatory Rollbacks Are Increasing Costs on Americans

4 weeks ago | flipboard.com | Coral Davenport |Stacy Cowley

4 hours ago As more fake citations emerge in the ‘MAHA’ report, White House struggles with a defense To describe references to nonexistent scientific research as “some formatting issues” is like saying the Titanic confronted “some evening … 2 hours ago Supreme Court lets Trump revoke safe-haven program for Cubans, Haitians, Venezuelans and Nicaraguans In her dissent, Justice Ketanji Brown Jackson said abruptly making 532,000 migrants unemployable and exposed to rapid removal will bring...
How Trump's Regulatory Rollbacks Are Increasing Costs on Americans

4 weeks ago | nytimes.com | Coral Davenport |Stacy Cowley

A new DOGE tally claims that erasing rules on credit card fees, appliance standards and health insurance "saves the American people" money. Data show the opposite. When the Biden administration enacted regulations last year slashing credit card late fees, government analysts calculated that the rule would save millions of customers an average of $220 per year. Overall, they found that the new limit would save American households about $10 billion annually, mostly in avoided bank penalties.
Your Student Loan Questions

1 month ago | nytimes.com | Stacy Cowley

For five years, more than 40 million Americans have not faced dire consequences if they failed to pay back their federal student loan debt. That ends today. As the coronavirus pandemic convulsed the economy, President Trump and Congress brought relief: They allowed borrowers to take a break from their payments. The government also froze the interest, meaning borrowers' balances did not grow. People saved hundreds or even thousands of dollars per month. The measure was popular at the time.
Millions of Student Loan Borrowers Are Behind on Payments

1 month ago | rethinking65.com | Stacy Cowley

After a five-year pause on penalizing borrowers for not making student loan payments, the federal government dropped the hammer. It instructed its loan servicers to start reporting late payers to credit bureaus at the start of the year. The result: Millions of borrowers saw their credit scores plunge in recent months, and loan servicers are warning that a record number of borrowers are at risk of defaulting by the end of the year.
Appeals Court Temporarily Blocks Mass Firings at Consumer Bureau

1 month ago | nytimes.com | Stacy Cowley

Federal judges have again intervened to temporarily stave off mass layoffs at the Consumer Financial Protection Bureau, the watchdog agency that oversees banks and enforces a wide range of consumer protection laws. On Monday afternoon, a three-judge panel from the U.S. Court of Appeals for the District of Columbia issued a 2-to-1 ruling barring the latest attempt by Trump officials to fire nearly 1,500 workers, around 90 percent of the agency's staff. Russell T.
New Details Emerge on Trump Officials' Sprint to Gut Consumer Bureau Staff

2 months ago | nytimes.com | Stacy Cowley

Emails and testimonials from workers at the Consumer Financial Protection Bureau document the administration's efforts to lay off 90 percent of the employees. Two weeks ago, a three-judge panel from the federal appeals court in Washington lifted a freeze on firing employees at the Consumer Financial Protection Bureau, with some conditions.
Millions of student loan borrowers are behind on payments. Here comes the hammer

2 months ago | seattletimes.com | Stacy Cowley

After a five-year pause on penalizing borrowers for not making student loan payments, the federal government dropped the hammer. It instructed its loan servicers to start reporting late payers to credit bureaus at the start of the year. The result: Millions of borrowers saw their credit scores plunge in recent months, and loan servicers are warning that a record number of borrowers are at risk of defaulting by the end of the year.