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The U.S. Department of Justice has launched a deregulatory task force. The DOJ's Anticompetitive Regulations Task Force will gather public comment from businesses, consumers and advocacy groups on state and federal regulations that could pose barriers to competition, and advocate against such rules. Abigail Slater, who leads the DOJ's antitrust division, said: "This Antitrust Division will stand against harmful barriers to competition whether imposed by public regulators or private monopolists."

 

Reuters

The Senate has voted 52-48 to overturn a rule that limited most bank overdraft fees to $5 — and which was set to save Americans billions of dollars annually. The resolution now moves on to the House. The rule, which was enacted by the Consumer Financial Protection Bureau last year, would have restricted the fees that banks and credit unions are able to charge when customers spend more than they have in their accounts. The American Bankers Association said it welcomed the Senate’s action. “If implemented, the C.F.P.B.’s 11th-hour rule imposing government price controls would force many banks to limit or eliminate overdraft protection as we know it,” its chief executive Rob Nichols said, adding: “Many Americans would be driven to less regulated and higher risk non-bank lenders to cover unexpected or emergency expenses.” But consumer advocates argue that the removal of the rule would allow banks and credit unions to charge higher fees than what the service actually costs them.

 

New York Times

Politico

Washington Examiner

The Autorité de la Concurrence, France's antitrust authority, has imposed a fine of €150m ($162.36m) on Apple for exploiting its dominant position in mobile app advertising on iOS and iPadOS from 2021 to 2023. The fine is the first by any antitrust regulator against Apple over its App Tracking Transparency (ATT), which allows users to decide which apps can track their activity. "While the objective pursued by ATT is not in itself open to criticism, the way it is implemented is neither necessary nor proportionate to Apple's stated objective of protecting personal data," the regulator said in a statement. It added that the privacy tool "particularly penalized smaller publishers," because they depend to a large extent on the collection of third-party data to fund their business.

 

Bloomberg

Reuters

The Federal Deposit Insurance Corporation (FDIC) has announced that banks can now engage in certain cryptocurrency activities without prior regulatory approval, provided they manage their risks effectively. This marks a significant shift from previous FDIC policy, which mandated advance clearance for such activities. The decision follows a similar move by the Office of the Comptroller of the Currency, which also aims to facilitate banks' entry into the crypto sector.

 

Reuters

Con Edison, the New York utility provider, has agreed to pay $750,000 and implement anti-harassment reforms following a lawsuit that revealed a “broad culture of harassment and discrimination” against female and nonwhite employees. The investigation led by New York Attorney Letitia James found that the company routinely ignored complaints from female field workers, who faced harassment and were often blocked from promotions. James said: “Con Ed failed to protect its workers, allowing toxic, dangerous, and unlawful behavior to persist for years.” In addition to the financial settlement, Con Edison will hire an independent consultant to oversee its investigative procedures and establish an employee resource group to improve workplace conditions. The company expressed its commitment to creating a harassment-free environment for all employees.

 

U.S. News

The Consumer Financial Protection Bureau (CFPB) has asked a court to reverse a previous enforcement case against Townstone Financial, which it had won last year. Acting Director Russ Vought said: "CFPB abused its power, used radical 'equity' arguments to tag Townstone as racist with zero evidence." The CFPB is also seeking to return a $105,000 penalty to Townstone. The case, initially brought in 2020, accused the lender of racial discrimination in mortgage marketing. A joint motion filed in federal court claims the agency's investigation was flawed and should never have been initiated. Dan Bishop, an advisor in the White House Office of Management and Budget, indicated that agency lawyers misled their superiors regarding enforcement decisions.

 

Reuters

A landmark human trafficking lawsuit has been filed in California by four Indonesian fishermen against U.S. canned seafood giant Bumble Bee Seafoods. The plaintiffs allege forced labour and abuse aboard Chinese-owned vessels in Bumble Bee's supply chain, detailing withheld wages, physical mistreatment, and threats to their families. The case, believed to be the first of its kind against an American seafood company, aims to prompt systemic reform in the $350bn global seafood industry. The fishermen seek measures to ensure decent working conditions, including prohibiting transshipment and requiring vessels to return to port regularly. The lawsuit also aims to shed light on the role of staffing agencies in perpetuating these abuses.

 

South China Morning Post

The IRS' Criminal Investigation (IRS-CI) unit has initiated 2,039 tax and money laundering cases related to COVID fraud over the last five years, with attempted fraud totaling $10bn. As of February 28th 1,028 individuals have been indicted, and 569 have received an average sentence of 31 months in federal prison. IRS-CI Chief Guy Ficco said: "It's been five years since Congress enacted the CARES Act, and our special agents have used their financial acumen to root out thousands of instances of fraud, waste and abuse tied to CARES Act programs." The investigations have particularly focused on Employee Retention Credit fraud, with 545 cases involving over $5.6bn in fraud. Seventy-five of these investigations have led to federal charges, resulting in 38 convictions.

 

Accounting Today

Tax Notes

Large companies in the EU which supply the American government have been told to comply with an executive order from President Donald Trump banning diversity, equity and inclusion programs. Companies with U.S. government contracts have been told to confirm their compliance in a questionnaire entitled "Certification Regarding Compliance With Applicable Federal Anti-Discrimination Law." The demand was sent out to firms by the U.S. embassy in Paris. The document said: “Department of State contractors must certify that they do not operate any programs promoting DEI that violate any applicable anti-discrimination laws and agree that such certification is material for purposes of the government’s payment decision and therefore subject to the False Claims Act.” The French foreign trade ministry said in a statement: “American interference in the inclusion policies of French companies — such as threats of unjustified tariffs — is unacceptable . . . France and Europe will defend their companies, their consumers, and also their values.” The letter was first reported by Les Échos newspaper.

 

Financial Times

New York Times

Reuters

The Personal Consumption Expenditures price index rose by 0.3% in February, matching January's increase, according to the Commerce Department. Economists surveyed by Dow Jones had been looking for respective numbers of 0.3% and 2.7%. Over the past year, prices have increased by 2.5%, while core inflation, excluding food and energy, rose by 0.4%. At the same time, the report showed that consumer spending accelerated 0.4% for the month, below the 0.5% forecast. That came as personal income posted a 0.8% rise, against the estimate for 0.4%. Good prices increased 0.2%, led by recreational goods and vehicles, which increased 0.5%. Gasoline offset some of the increase, with the category falling 0.8%. Services prices were up 0.4%. Households also grew more cautious with their money, as the personal saving rate increased to 4.6%, the highest since June 2024.

 

US News and World Report

CNBC

The final version of the University of Michigan's consumer sentiment index showed a reading of 57.0 for the month, down 11.9% from February and 28.2% from a year ago. The latest reading was below both the 57.9 preliminary number and the median estimate in a Bloomberg survey of economists. It was the third consecutive decrease and stretched across party lines and income groups, survey director Joanne Hsu said. “Consumers continue to worry about the potential for pain amid ongoing economic policy developments,” she said. In addition to worries about the current state of affairs, the survey’s index of consumer expectations tumbled to 52.6, down 17.8% from a month ago and 32% for the same period in 2024.

 

CNN

Bloomberg

CNBC

Chris Rocheleau, the acting head of the Federal Aviation Administration (FAA), is set to inform a U.S. Senate subcommittee about the agency's plan to recruit 2,000 air traffic controller trainees this year. Rocheleau will also discuss the establishment of a safety risk management panel aimed at addressing hazards related to helicopter and fixed-wing interactions, following a tragic incident on January 29 that resulted in 67 fatalities. He emphasised that the FAA's oversight of Boeing remains stringent, saying: "The FAA continues to maintain rigorous oversight of Boeing that extends to ongoing monitoring of Boeing's manufacturing practices, maintenance procedures, and software updates."

 

U.S. News

Analysis published in The Annals of the Royal College of Surgeons of England has found a "significant decline" in the number of children in the U.K. being admitted to hospital to remove objects lodged in their throats, noses, and airways. The analysis attributes the decline to the declining popularity of coins as contactless payments became more common. The study found a "significant decline" in cases from 2,405 in 2012 to 1,716 in 2022.

 

BBC News

The Daily Telegraph

The Guardian

The I

The Independent UK