Must Read Money Stories For Friday, April 10

by April 10, 2015

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Of lobbyists and loop holes. Remember how the Dodd-Frank Act was supposed to force banks to disclose more of their risky loan activities that weren’t being reported before the financial crisis? Well, they’re still hiding those activities. Reuters has the scoop on how they got away with it. In the case of one important regulation, a lobbyist friendly to the banks was temporarily hired to run the SEC group writing the regulation.

The poor pay more. More than four million Californians have suspended drivers licenses, according to a new report covered on Thursday by KQED in San Francisco. The report finds that California’s poor are disproportionately targeted for minor violations, which can escalate into hefty court fees, and lead to a suspended license. KQED notes the situation is similar to what the Justice Department found in its investigation in Ferguson, Mo.

Slick response. A ship harbored in Vancouver started leaking oil sometime Wednesday, and Vancouver city officials say they weren’t notified until 12 hours after the sheen was first reported, according to the Vancouver Sun. The Canadian Coast Guard estimated Thursday that about 750 gallons of oil spilled into the harbor, about half of which was collected. It might be worth finding out what the procedures are for toxic spills in your area.

Out of poverty and into Harvard. The Boston Globe takes a deep dive into the lives of first-generation college students at Ivy League schools. The colleges have been trying to expand access to first-generation students, and those who grew up in poverty, by offering substantial financial aid. But many say they still feel out of place on campus, particularly when surrounded by peers who have a lot more spending money on the weekends.