Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases
By TOM KRISHER, AP Business Writer
DETROIT (AP) — Elon Musk says the Securities and Exchange Commission wants him to pay a penalty or face charges involving what he disclosed — or failed to disclose — about his purchases of Twitter stock before he bought the social media platform in 2022.
In a letter posted by Musk on the platform now called X, his lawyer Alex Spiro tells the outgoing SEC chairman, Gary Gensler, that the commission’s demand for a monetary payment is a “misguided scheme” that won’t intimidate Musk. The letter also alleges that the commission reopened an investigation this week into Neuralink, Musk’s computer-to-human brain interface company.
The SEC has not released the letter. Nor would it comment on it or confirm whether it has issued such a demand to Musk.
“It is the policy of the SEC to conduct investigations on a confidential basis to preserve the integrity of its investigative process,” an agency spokesperson said in an email Friday.
Messages also were left Friday by The Associated Press seeking comment from Spiro.
Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
By MICHELLE CHAPMAN, AP Business Writer
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge.
The rule is part of President Joe Biden administration’s campaign to reduce junk fees that hit consumers on everyday purchases, including banking services.
But banks argue that without overdraft protection, desperate consumers will instead lean on worse, unregulated services to ease their crunch.
Under the finalized rule from the Consumer Financial Protection Bureau that was announced on Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5, they may charge a fee that covers their costs and losses, or they may charge any fee so long as they disclose the terms of the overdraft loan the way they would for any other loan, typically expressed as an annual percentage rate, or APR.
While banks have cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in the charges every year, according to data from the CFPB and bank public records. Currently, there is no cap on the overdraft fees that banks can legally charge.
6 ways to avoid a financial hangover
By Kimberly Palmer, NerdWallet
The festivity of December is replaced all too quickly by the due dates of January, when the bills from holiday spending and travel arrive. This kind of financial hangover can make the start of the year a little less joyful, but there are ways to prevent it.
“People often go into the holiday season without a plan. They might know who they want to give gifts to, but may not put numbers to it or think of what they want to spend overall, and that’s where people get into trouble,” says Rob Wurzburg, a Chicago, Illinois-based financial advisor at Forum Financial Management, a registered investment adviser.
To counteract the tendency to overspend, financial experts recommend the following six strategies:
1. Plan early and often
Wurzburg urges people to start planning for holiday spending as soon as possible.
People on the move
Boards of directors
Lynne P. Brown, recently retired from New York University, was appointed to the board of directors at Beacon College, Leesburg.
Jim Hundrieser, senior advisor to the president of the National Association of College and University Business Officers, was appointed to the board of directors at Beacon College, Leesburg.
Health care
Elliott Lovett was appointed chief financial officer at Oviedo Medical Center, part of HCA Florida Healthcare.
Law
Attorney Blake Konkol has joined the Orlando office of Ball Janik LLP and will focus on construction defect matters.
Attorney Leah Golbuff has joined the Orlando office of Ball Janik LLP and will focus on insurance recovery matters.
Real estate
Sandi Harrison has joined NAI Realvest, Orlando, as a director.
Submit professional appointments, management-level promotions and significant awards for individuals, along with photos as .jpg attachments, to peopleonmove@orlandosentinel.com.