The Consumer Financial Protection Bureau is looking into ways to limit the overdraft fees that banks charge consumers. The new agency will be looking for data from banks about how they handle overdrawn accounts and how they assess fees. The bureau estimates that last year, banks made between $15 billion to $22 billion dollars from overdraft fees. The agency plans to use the info they gather to help consumers limit their exposure to these charges.
Common Ground is a coalition of religious groups and other organizations and it was just awarded $56.4 million in federal loans to start a nonprofit health insurer that would be run by its members. The nonprofit will be known as, “The Common Ground Healthcare Cooperative” and the money is part of the federal health care reform law. The reform law sets out the goal of funding one co-op in each state to increase competition and give consumers an alternative to existing insurance companies.
Tonight Young Milwaukee is teaming up with spin Milwaukee to present: Milwaukee’s 1st Ping Pong Playoff, benefiting the Silver Spring Neighborhood. All funds raised for the event will go toward the Childhood Literacy Program that continues to create opportunities for Milwaukee youth on the Northwest side. The goal of the program is to assist in the children’s future success rather than their participation in other, unhealthy alternatives. The event starts at 5:30 this afternoon and runs until 8:30.
Yesterday the Obama Administration proposed a cut in the corporate tax rate from 35% to 28%. President Obama also wants to scale back some deductions that businesses now get. So the effect of these changes could result in what’s called “revenue neutral” and it will keep corporations’ share of the nation’s tax burden unchanged. Obama’s plan aims to help U.S. businesses, especially manufacturers who face strong international competition.
A new report shows that 22 state lawmakers involved in the recall and special elections last year, raised roughly $8.2 million. The Wisconsin Democracy Campaign released the numbers showing that the money raised was actually more than four-times the nearly $2 million raised by the rest of the legislature last year. Republican Senator Alberta Darling raised the most at $1.3 million and she won her race.
Milwaukee County Sheriff’s Deputy, Steven Schmitt, helped persuade a suicidal man not to jump from the Hoan Bridge last Sunday. In his nearly two decades in law enforcement, Schmitt has never lost anyone in a high-stake situation like Sunday’s. Schmitt along with other law enforcement continue regular crisis intervention training. Schmitt insists that he’s just one small part of a team trained to shepherd people away from the edge.
There’s now a new life for the Rosebud and Times Theaters. We mentioned yesterday that the theaters were closing due to Owner David Glazer having difficultly refinancing a loan, but Anchorbank, which held the loan, plans to turn over the operation of the two theaters to businessman Jay Hollis. Hollis is the former owner of the Rosebud Cinema Drafthouse and Times Cinema…he created the concept of the Rosebud but sold the theater back in 07. Hollis said, “The Milwaukee and Wauwatosa neighborhood communities are the backbone of the long-term success of these theaters operations and we are looking forward to being an economic driver for the surrounding business districts once again.”