Corporate Culture Issues Lead to FDIC Chairman’s Resignation

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Corporate Culture Issues Lead to FDIC Chairman’s Resignation 

FDIC Chairman Martin Gruenberg announced his resignation on Monday amid a scandal involving sexual harassment and misconduct within the agency. Senate Banking Committee Chairman Sherrod Brown, a top Democrat, has called for fundamental changes at the FDIC and urged President Biden to nominate a replacement quickly. Gruenberg's departure follows an external review revealing extensive employee mistreatment, leading to bipartisan skepticism about his ability to reform the agency where he has served for nearly two decades. 

Source:

• FDIC chair Martin Gruenberg to resign after sexual harassment allegations | Business | The Guardian 

Behind the Numbers: Nvidia's Anticipated Earnings Report 

Today, investors are expecting Nvidia to announce quarterly sales of nearly $25 billion, significantly up from the $6.5 billion in revenue reported in the same quarter last year. Nvidia's surge helped the Nasdaq 100 outperform other major indices, with market watchers eagerly awaiting the company's performance update later today. 

Source:

• Stock Market Today: Nvidia Jumps As Excitement Builds Ahead of Earnings (businessinsider.com)

Britain’s National Grid Targets 20% Cut in Scope 3 Emissions by 2030

National Grid announced a commitment to cut its scope 3 emissions by 20% by 2030, aiming to reduce emissions related to the gas and electricity it sells in the U.S. and Britain. This initiative is part of the company's broader strategy to combat climate change, complementing its past success of reducing direct emissions by 70% since 1990. CEO John Pettigrew emphasized the importance of this new target, highlighting plans to transition to a 100% electric fleet for light vehicles and significantly reduce annual airmiles.

Source:

• Britain’s National Grid to cut scope 3 emissions by 20% by 2030 (yahoo.com)

Supreme Court Ruling Sparks U.S. Senator Schumer’s Push for Lower Credit Card Late Fees

Senate Majority Leader Chuck Schumer called for an $8 cap on credit card late fees, following the Supreme Court's decision to uphold the Consumer Financial Protection Bureau’s funding. Schumer criticized exorbitant late fees, which average $30 nationally, as unfair burdens on consumers, noting that Americans paid $15 billion in such fees in 2022. The proposed cap, initially set by the CFPB in March, was delayed by a legal challenge but now has renewed momentum after the Court's ruling.

Source:

• Sen. Schumer calls for $8 cap on credit card late fees (nydailynews.com)

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