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Elon Musk is set to play a significant role in Donald Trump's upcoming administration through the non-governmental 'Department of Government Efficiency' (DOGE). Despite concerns over potential conflicts of interest, Trump expresses confidence in Musk's commitment to national interests over personal gain.
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The Consumer Financial Protection Bureau has finalized a rule to limit overdraft fees for large banks, allowing them to charge a maximum of $5 or to disclose terms for higher fees. This rule aims to reduce financial burdens on consumers, particularly low-income households, and is set to take effect in October 2025.
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The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Walmart and Branch Messenger, alleging they forced delivery drivers into using accounts that incurred excessive fees. The lawsuit claims over $10 million in junk fees were collected from drivers in Walmart's Spark Driver program since 2021.
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The Federal Reserve has revised its forecast for interest rate cuts in 2025, now projecting only two cuts instead of four. This change comes amid persistent inflation concerns and potential economic policies from the incoming Trump administration. Yearly inflation remains above the Fed's target, complicating the economic outlook.