Jan 16, 2020

Survey: Minorities and young adults pay much higher bank fees

A survey from Bankrate.com finds that white banking customers are paying significantly less in fees than people of color and that older customers pay much less than their younger counterparts.

What's happening: The average person in the U.S. with a checking account pays about $8 per month on fees like routine service charges, ATM fees and overdrafts, but black and Hispanic customers reported spending twice that much.

By the numbers: White checking account holders said they paid an average of $5 per month in fees, while Hispanic account holders paid an average of $16 a month, and black account holders paid $12.

  • The typical millennial (ages 24–39) with a checking account pays $13 per month in fees compared to $9 for Gen X (ages 40–55) and $3 for baby boomers (ages 56–74).

Go deeper: Minority-owned banks are disappearing

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Congress wants vaping industry to pay for FDA oversight

A bipartisan group of senators wants the vaping industry to pay for more of the Food and Drug Administration's oversight of vaping products.

Driving the news: Six senators, led by Democrat Jeanne Shaheen, will introduce a bill today to charge e-cigarette manufacturers higher user fees, which fund many of the FDA's regulatory activities. A corresponding bill led by Rep. Cheri Bustos will be introduced in the House soon.

Go deeperArrowJan 22, 2020

Google cashes in on law enforcement data requests

Illustration: Sarah Grillo/Axios

Google began capitalizing on law enforcement's request for user data this month, the New York Times reports.

The big picture: Big Tech giants like Amazon, Facebook, Twitter, TikTok, and Microsoft explicitly announce they might seek reimbursement for giving personal data to federal agencies and law enforcement, which they're legally entitled to do.

Go deeperArrowJan 25, 2020

The demographic shifts disrupting the political world

Photo Illustration: Sarah Grillo/Axios. Photos: Erik McGregor/LightRocket via Getty Images, Banaras Khan/AFP via Getty Images, and Alfredo Estrella/AFP via Getty Images

America's identity is nearing a tipping point as demographics change, which helps explain why so many 2020 presidential candidates are testing the conventional wisdom about who can win elections.

The big picture: The irony is that the biggest changes haven't been reflected in the kinds of candidates leading the 2020 polls — most of whom are white, rich men. But they could have a big impact on the final outcome.