Weekly News Roundup for April 1, 2016

These are some of the stories we’ve been following this week.

• The U.S. economy slowed in the last quarter of 2015 as corporate profits and inventory investments declined, but increased consumer spending helped lessen the blow.

• Investors have filed a class action lawsuit alleging that Wells Fargo ignored issues with problem loans that were then packaged into mortgage-backed securities.

• Congress is debating changes to the EB-5 Immigrant Investor Program, and concern about those potential changes has created a surge in applications to the program, with many applicants having to wait 5 years or more for approval.

• In Dougherty County, Georgia, tax-exempt properties make up more than a third of the gross tax digest. It’s costing local governments, such as the City of Albany, which is located in one of the country’s poorest congressional districts, significant tax revenue.

• A Pennsylvania family has alleged that excavations for a sewer line extension project near their home contaminated the well they have been using for more than 30 years. The family recently sued the City of Lower Burrell and its contractors for trespass, negligence, and nuisance.

• After more than more than 30 years of cleanup efforts, remediation work at the American Creosote Works Superfund site in Pensacola, Florida, could be finished before the decade is out. The site was home to a wood preserving plant that was open for nearly 80 years.

• Georgia Power is closing 12 coal ash ponds at six power plants over the next 2 years. However, the utility company says it may take another decade to close 16 other coal ash ponds in use.

• Payday loans have been costly for Floridians. According to a new report by the Center for Responsible Lending, payday loans have cost residents of the Sunshine State $2.5 billion in the last 10 years.

• The Consumer Financial Protection Bureau previously announced plans to issue payday loan regulations sometime this spring to prevent predatory lending practices. New reports have indicated that payday loan activity has been increasing, and minorities are particularly affected.

• On March 24, several train cars derailed in Callaway, Minnesota, after colliding with a propane truck. Legislators pushing for a train safety bill say the derailment highlights the need for improved rail safety.