Chris Arnold

NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition, All Things Considered, and Weekend Edition. He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001.

Most recently, Arnold has been reporting on financial challenges facing millions of working and middle class Americans as the economy continues to recover from the worst recession in generations.

Arnold was honored with a 2017 George Foster Peabody Award for his coverage of the Wells Fargo banking scandal. His stories sparked a Senate inquiry into the bank's treatment of employees who tried to blow the whistle on the wrongdoing. Arnold also won the National Association of Consumer Advocates award for Investigative Journalism for a series of stories he reported with ProPublica that exposed improper debt collection practices by non-profit hospitals who were suing thousands of their low-income patients.

Arnold is now serving as the lead reporter and editor for the ongoing NPR series "Your Money and Your Life", which explores personal finance issues. As part of that, he's reporting on the problem of Wall Street firms charging excessive fees in retirement accounts: fees that siphon billions of dollars annually from Americans trying to save for the future. For this series, Arnold won the 2016 Gerald Loeb Award which honors work that informs and protects the private investor and the general public. UCLA calls the award the most prestigious in financial journalism.

Following the 2008 financial crisis and collapse of the housing market, Arnold reported on problems within the nation's largest banks that led to the banks improperly foreclosing on thousands of American homeowners. For this work, Arnold earned a 2011 Edward R. Murrow Award for the special series, The Foreclosure Nightmare. He's also been honored with the Newspaper Guild's 2009 Heywood Broun Award for broadcast journalism. And he was a finalist for the Scripps Howard Foundation's National Journalism Award.

Arnold was chosen for a Nieman Journalism Fellowship at Harvard University during the 2012-2013 academic year. He joined a small group of other journalists from the U.S. and abroad and studied economics, leadership, and the future of journalism in the digital age. Arnold also teaches Radio Journalism as a Lecturer at Yale University. And he was named a Poynter Fellow by Yale in 2016.

Over his career at NPR, Arnold has covered a range of other subjects – from Katrina recovery in New Orleans and the Gulf Coast, to immigrant workers in the fishing industry, to a new kind of table saw that won't cut your fingers off. He traveled to Turin, Italy, for NPR's coverage of the 2006 Winter Olympics. He has also followed the dramatic rise in the numbers of teenagers abusing the powerful and highly addictive painkiller Oxycontin.

In the days and months following the September 11, 2001, attacks, Arnold reported from New York and contributed to the NPR coverage that won the Overseas Press Club and the George Foster Peabody Awards. He chronicled the recovery effort at Ground Zero, focusing on members of the Port Authority Police department, as they struggled with the deaths of 37 officers—the greatest loss of any police department in U.S. history.

Prior to his move to Boston, Arnold traveled the country for NPR doing feature stories on entrepreneurship. His pieces covered technologists, farmers, and family business owners. He also reported on efforts to kindle entrepreneurship in economically disadvantaged areas ranging from inner-city Los Angeles to the Pine Ridge Indian reservation in South Dakota.

Arnold has worked in public radio since 1993. Before joining NPR, he was a freelance reporter working out of San Francisco's NPR Member Station, KQED.

Updated at 5:44 p.m. ET

The House voted Tuesday to ease rules for midsize and regional banks in what is considered the largest undoing to date of banking rules put in place in the wake of the financial crisis. The vote was 258-159.

The Senate has already approved the bill that would allow banks with up to $250 billion in assets to escape some of the toughest rules put in place by the Dodd-Frank Act in 2010 to shore up the banking system. President Trump could sign the bill as early as this week.

Updated at 1:05 p.m. ET

It's a financial nightmare for public school teachers across the country: Federal grants they received to work in low-income schools were converted to thousands of dollars in loans that they now must pay back.

Sen. Elizabeth Warren sent a letter to the Trump administration's top consumer protection official late Thursday asking him whether he is doing the bidding of the industries he is supposed to be policing.

The move was in response to remarks about lobbyists made earlier this week by the acting head of the Consumer Financial Protection Bureau, Mick Mulvaney.

Earlier this week, Mulvaney told a group of bankers and lobbyists that when he was a Republican congressman he would only talk to lobbyists who gave money to his election campaign.

When a consumer has a complaint about a bank, whether it's dealing with a mortgage or a credit card, right now there's a place to lodge that complaint online.

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An epic throw-down happened Thursday on Capitol Hill over the role of the federal government. The topic: the Consumer Financial Protection Bureau, the agency created in the wake of the 2007-08 financial crisis.

On one side was the Trump administration's acting director, Mick Mulvaney, who believes the bureau's powers are excessive and unchecked. On the other was Sen. Elizabeth Warren, D-Mass., who led the creation of the bureau to protect consumers from abuses by everything from big banks to student loan providers to fly-by-night loan sharks.

Updated at 4:27 p.m. ET

Fear and uncertainty over a growing trade dispute with China continued to weigh on investors Wednesday, with markets opening sharply lower before recovering by early afternoon.

The major U.S. indexes — the Dow, S&P 500 and Nasdaq — all fell more than 1 percent in morning trading but rebounded to close higher. The Dow Jones industrial average finished the day up 231 points, or 1 percent, and the S&P 5oo closed up 1.1 percent.

The Trump administration will ask Congress to make drastic changes to weaken the independence of the Consumer Financial Protection Bureau, NPR has learned.

Sources familiar with the matter tell NPR that the CFPB's interim director, Mick Mulvaney, will ask lawmakers to restructure the bureau in his upcoming semi-annual report to Congress. The sources asked not to be named, because they aren't authorized to speak on the matter. The bureau officially announced the move Monday afternoon, after this story first published.

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America needs teachers committed to working with children who have the fewest advantages in life. So for a decade the federal government has offered grants — worth up to $4,000 a year — to standout college students who agree to teach subjects like math or science at lower-income schools.

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The Trump administration is proposing to dramatically cut funding for the Consumer Financial Protection Bureau, a move critics say is an ongoing assault on the 7-year-old agency.

The bureau was championed by Elizabeth Warren and other Democrats and created in the wake of the financial crisis to protect Americans from getting ripped off by financial firms.

Updated at 5:53 p.m. ET

The Consumer Financial Protection Bureau was created after the financial crisis to protect Americans from being ripped off by financial firms.

Now, President Trump's interim appointee to run the bureau, Mick Mulvaney, is making radical changes to deter the agency from aggressively pursuing its mission.

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

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Payday lenders appear to have a powerful friend in Washington.

Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau.

In the world of streaming workout videos, Shawn T is like Jay-Z or Mick Jagger. He's a superstar. Millions of people have done his workout programs. One is called "Insanity." Another, "Focus T25," aims to get you in shape in just 25 minutes a day without leaving your house.

In our ever more digital world there are all kinds of apps and other quick ways to fit fitness into your life. But you still have to do the exercise. And in his new book, T is for Transformation, Shaun T tells the story of his life and the lessons he's learned about finding that motivation.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

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Updated at 12:01 ET Nov. 16

There are a lot of anxious graduate students at universities around the country right now.

That's because to help pay for more than $1 trillion in tax cuts for U.S. corporations, the House Republican tax plan would raise taxes on grad students in a very big way. These students make very little money to begin with. And many would have to pay about half of their modest student stipends in taxes.

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

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The embattled company Equifax is having even more trouble with hackers. Now the company has had to take down one of its web pages after it was reported to be prompting people to download malicious software. NPR's Chris Arnold has more.

Former Equifax CEO Richard Smith, who stepped down just last week, faced a roomful of angry senators and some tough questions at a hearing Wednesday. It was the second of three congressional hearings he is testifying in front of this week.

Republicans and Democrats alike are upset about the massive hack of Social Security numbers and other sensitive information at the consumer credit reporting company.

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Americans owe more than ever before, with household debt hitting a record of nearly $13 trillion. And auto loans, home loans and credit card debt are all still on the rise, according to the Federal Reserve Bank of New York.

That has some economists saying the lessons of the bubble of borrowing in the run-up to the Great Recession have already been forgotten.

The Trump administration on Wednesday will start to renegotiate the North American Free Trade Agreement with Canada and Mexico. And despite very tough talk about NAFTA during the campaign, it appears the administration has backed away from a major assault on the decades-old trade deal.

And that is a relief to businesses in all three countries.

During the presidential campaign, Donald Trump clearly tapped into frustration about workers who had lost jobs in manufacturing. And he painted NAFTA as one of the central villains responsible for stealing Americans jobs.

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

STACEY VANEK SMITH, HOST:

Every day, more than 10 Americans suffer amputations on what is by far the most dangerous woodworking tool: the table saw. Regulators in Washington, D.C., are moving closer to adopting a rule that would make new saws so much safer that they could prevent 99 percent of serious accidents.

Wells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn't need.

This comes less than a year after the bank generated a massive public outcry for opening millions of unwanted accounts for customers.

The CEO of Royal Dutch Shell this week said his company is making a striking shift in its thinking: It now expects oil prices to remain low forever. The global oil glut of recent years shows no sign of diminishing. Energy demand has leveled off. And if electric vehicles take off, oil prices could come under even more downward pressure.

Wells Fargo bank has struck a settlement to reimburse customers who were harmed when bank employees created unwanted accounts in their names. A federal judge has granted a preliminary approval for the settlement in the class action case.

Wells Fargo says compensation will depend on the financial harm customers suffered. Someone who paid an improper $35 dollar fee likely will receive less money than someone whose credit score was damaged and had to accept a home loan with a higher interest rate.

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