Soaring costs: A handful of top U.S. colleges are taking steps to boost financial aid for low- and middle-income families as the soaring cost of tuition fuels backlash from financially stretched students. The moves to boost affordability come as the cost of attending Ivy League universities and other top colleges approaches $100,000 a year. And while elite schools continue to be flooded with applications, an overall decline in student enrollment across the U.S. has put a spotlight on the growing number of families questioning whether pricey degrees are worth it. Read more from Bloomberg. A subscription may be required.
Pushing against regulation: Major banks and business groups sued the Federal Reserve on Tuesday, alleging the U.S. central bank’s annual “stress tests” of Wall Street firms violate the law. The lawsuit filed in U.S. District Court in Columbus, Ohio, claims the Fed’s practice of determining how big banks perform against hypothetical economic turmoil, and assigning capital requirements accordingly, do not follow proper administrative procedure. Read more from Reuters.
Finding other uses: As consumers switch to electric cars, or at least buy more fuel-efficient versions of traditional vehicles, energy companies will have too much oil on their hands. Energy companies hope consumers will soak up the glut through their clothing, food and electronic goods. ExxonMobil expects demand for products that have fossil fuel-derived components and shells like cellphones and medical supplies, as well as products necessary to preserve food and improve hygiene to increase. Read more from The Wall Street Journal.
