Trade Groups Sue to Block Credit Card Late Fee Limit
Banking groups and Texas business associations asked a federal court to abolish a new federal rule that would cap most late fees at $8.
By Stacy Cowley
I write frequently about student debt, the banking industry and a wide variety of financial issues affecting people and their households. I’m interested in data security and privacy and occasionally cover financial industry cybersecurity concerns. I also cover small business issues.
I’m often drawn toward stories about how market forces or government policies affect people and their businesses. At the peak of the pandemic, for example, I extensively covered the Paycheck Protection Program and the effects of rapidly blasting hundreds of billions of dollars into the small business landscape.
I write about the actions of government agencies including the Consumer Financial Protection Bureau, the Education Department and the Small Business Administration. My work involves talking to lawyers, regulators, bankers and the people whom their work affects to deliver stories that capture the complexities and nuances of consumer protection and debt collection laws.
I started my journalism career in the late ’90s as a technology reporter. I worked at a variety of tech trade publications for a decade before shifting to broader business coverage. I fell in love with writing about entrepreneurs and their creations during a stint at Fortune Small Business magazine. I later moved to CNN Business as an editor and reporter focused on technology, small business and the economy at large.
I’m not a programmer (I did very poorly in my one college computer science class), but I’ve spent years working closely with coders on newsroom technology projects, and I am fairly fluent in enterprise-technology architecture and other geekery. That led directly to my job at The Times: I joined in 2013 as part of the team that built NYT Now, an experimental mobile news app.
I later moved to the Business section, where I’m part of the news team that covers Wall Street and finance. I serve as the elected secretary of the Times Guild, our newsroom union, which works to ensure that The Times is a fair and equitable place to work. I was born and raised in Columbia, Md., and now live in Brooklyn with my husband and several former street cats.
As a Times journalist, I share the values and adhere to the standards of integrity outlined in The Times’s Ethical Journalism handbook. I strive to be accurate, meticulous, fair and empathetic in my work. I frequently speak with people about emotionally fraught subjects — like debt or fraud — and I deeply appreciate sources’ willingness to share their personal stories. I work to honor that openness by trying to reflect in my articles the nuances of often complex situations. I always identify myself as a reporter when I’m speaking with people for my news coverage. I do not directly own individual stocks or have any financial involvement with any companies other than The New York Times Company. My retirement savings are in broad market funds.
Email: stacy.cowley@nytimes.com
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Banking groups and Texas business associations asked a federal court to abolish a new federal rule that would cap most late fees at $8.
By Stacy Cowley
Strategic Financial Solutions is accused of fraud in a lawsuit by federal and state prosecutors.
By Emma Goldberg and Stacy Cowley
The Consumer Financial Protection Bureau said its new restriction would save households $10 billion a year in “junk fees.”
By Stacy Cowley
Ryan Sasson built a business that reaped hundreds of millions of dollars in fees for helping people negotiate down their debts. But former clients — and prosecutors — say it was exploitative.
By Stacy Cowley and Emma Goldberg
He built a small Southern bank into a regional powerhouse, helping to turn Charlotte, N.C., into a national financial hub.
By Stacy Cowley
The options would include charging a benchmark fee, set by the bureau, that would be significantly lower than the current $35 standard.
By Stacy Cowley
JPMorgan Chase, Bank of America and Wells Fargo reported healthy quarterly profits. Citigroup said its ongoing restructuring would result in about 20,000 job cuts.
By Emily Flitter and Stacy Cowley
The Education Department reduced payments to its loan servicers as the consumer bureau spotlighted mistakes.
By Stacy Cowley
After a pandemic freeze, 22 million people received their first bill in years in October — and around 60 percent paid, the government said.
By Stacy Cowley
Department stores have been a frequent target of takeover attempts by investors looking to take advantage of prime real estate.
By Lauren Hirsch and Stacy Cowley