The latest on the CFPB’s inaction, college decision time, tax breaks, and more
Here are some favorite personal finance reads from around the web this week.
Elizabeth Warren and Mick Mulvaney square off over CFPB in Senate hearing
—Boston Globe
The acting director of the Consumer Financial Protection Bureau had a combative week on Capitol Hill. His own comments during two days of questioning from lawmakers did little to comfort critics like Senator Warren who point out that the CFPB hasn’t taken a single enforcement action since Mulvaney took over late last year. Warren, who spearheaded the creation of the agency in 2010, blasted him for what she called his mismanagement. “You’ve taken obvious joy in talking about how the agency will help banks a lot more than it will help consumers, and how upset this must make me,” she said. “But here’s what you don’t get, Mr. Mulvaney: This isn’t about me. … You’re hurting real people to score cheap political points.” Here are more highlights from Mulvaney’s testimony:
On having “two full-time jobs,” heading the CFPB and the White House budget office: It causes “a great deal of frustration for both of my executive assistants. … I’ve got two jobs. That’s enough for me. I’m happy with the two I’ve got.”
On leading an agency he once called a “sad, sick joke” and has tried to abolish: “I have not burned the place down.”
On the name of the agency: “I don’t know why we call it the CFPB, but that is not the name of the organization. The organization is the Bureau of Consumer Financial Protection.”
How to make April less cruel for students admitted to college
—Forbes
Calming words of wisdom for seniors (and their parents) weighing more than one college offer—and considering the potential financial impacts of each one.
7 often-missed tax deductions that can help you cut your taxes
—USA Today
If you’re scrambling to get your taxes done before this year’s April 17 deadline, don’t let haste make waste. Make sure to claim these seven deductions for 2017, if you’re eligible.
Why would the government stop states from helping student borrowers?
—The Atlantic
States like Massachusetts and Maine are passing new laws to stiffen requirements for student loan servicers to treat federal student loan borrowers more fairly, but under U.S. Secretary of Education Betsy DeVos, the government is telling states they lack the authority to police the servicers. A major fight could be ahead.
Millennials will get Social Security. But there’s a catch.
—MarketWatch
This explainer should allay young people’s fear of Social Security vanishing before they retire. The key takeaway: It’s a safety net that’s not meant to be your only source of retirement savings. So save in a tax-favored account like a 401(k) or an IRA.
Craving more financial finds? Here is my latest blog post!
How one man is bringing financial literacy to rural villages in Nepal
I spoke with Prakash Koirala, a true hero who hosts financial literacy workshops in remote parts of the country to teach people basic money concepts.
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