Finance

Verizon clears $10M in debt for North Carolina residents impacted by Hurricane Helene

Published

4 months ago

February 3, 2025

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Verizon is teaming up with ForgiveCo to clear $10 million in consumer debt for more than 6,500 North Carolinians impacted by Hurricane Helene.

The communications company said the debt relief campaign is aimed at assisting with the ongoing recovery following the September 2024 storm.

ForgiveCo’s “random acts of kindness” purchased the debts in the form of medical, financial and other debts of necessity in the affected areas without any applications required and notified the lucky recipients through surprise letters, emails and text messages.

HURRICANE HELENE DEVASTATION COULD COST UP TO $34B, MOODY’S SAYS

ForgiveCo CEO Craig Antico and his son, Erik. (ForgiveCo)

“Unpayable debt is a heavy burden that causes hardship for countless hardworking Americans,” said Craig Antico, ForgiveCo Founder and CEO. “Often triggered by sudden medical events or accidents, the impact of natural disasters can further destabilize families and limit opportunities for generations. Through this effort, Verizon will bring transformative change to the lives of North Carolinians in crisis, leaving a lasting mark on future generations.”

A news conference at Verizon’s South Asheville store announced that the debt had been forgiven and that no other action would be required by the recipients.

Workers, community members, and business owners clean up debris in the aftermath of Hurricane Helene in Marshall, North Carolina on Monday, Sept. 30, 2024. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)

The random act of kindness was in addition to Verizon’s initial $400,000 donation to United Way of North Carolina following the storm.

“Verizon believes in the power of connection, not only through our technology but through the bonds we build with the communities we serve,” said Leigh Anne Lanier, president of Verizon’s Atlantic South Market. “To the 6,500 individuals impacted by this initiative and the broader Western North Carolina community, we are with you. We will always stand by you, not just as a business, but as a partner and a neighbor.”

NORTH CAROLINA LAWMAKER WARNS HURRICANE HELENE RECOVERY COULD TAKE ‘YEARS’

In this photo illustration Verizon Wireless logo seen displayed on a smartphone and in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images / Getty Images)

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Basketball Hall of Fame coach and Asheville native, Roy Williams, signed on to deliver the news to the impacted families.

“Verizon’s random acts of kindness will lift up thousands of North Carolinians that were left vulnerable to Hurricane Helene’s devastation. These are challenging times, but I’ve seen the strength and resilience of this community. Verizon’s support is a powerful reminder that no one is alone, and together, we’ll rise stronger. It’s a privilege to share this message of hope with the incredible people of North Carolina,” he said.

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17 minutes ago

June 13, 2025

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Finance

Trump CFPB cuts reviewed by Fed inspector general

Published

21 hours ago

June 12, 2025

Business Finance News

Director of the Office of Management and Budget (OMB) Russell Vought attends a cabinet meeting at the White House in Washington, D.C., U.S., April 10, 2025.

Nathan Howard | Reuters

The Federal Reserve’s inspector general is reviewing the Trump administration’s attempts to lay off nearly all Consumer Financial Protection Bureau employees and cancel the agency’s contracts, CNBC has learned.

The inspector general’s office told Sen. Elizabeth Warren, D-Mass., and Sen. Andy Kim, D-N.J., that it was taking up their request to investigate the moves of the consumer agency’s new leadership, according to a June 6 letter seen by CNBC.

“We had already initiated work to review workforce reductions at the CFPB” in response to an earlier request from lawmakers, acting Inspector General Fred Gibson said in the letter. “We are expanding that work to include the CFPB’s canceled contracts.”

The letter confirms that key oversight arms of the U.S. government are now examining the whirlwind of activity at the bureau after Trump’s acting CFPB head Russell Vought took over in February. Vought told employees to halt work, while he and operatives from Elon Musk‘s Department of Government Efficiency sought to lay off most of the agency’s staff and end contracts with external providers.

That prompted Warren and Kim to ask the Fed inspector general and the Government Accountability Office to review the legality of Vought’s actions and the extent to which they hindered the CFPB’s mission. The GAO told the lawmakers in April that it would examine the matter.

“As Trump dismantles vital public services, an independent OIG investigation is essential to understand the damage done by this administration at the CFPB and ensure it can still fulfill its mandate to work on the people’s behalf and hold companies who try to cheat and scam them accountable,” Kim told CNBC in a statement.

The Fed IG office serves as an independent watchdog over both the Fed and the CFPB, and has the power to examine agency records, issue subpoenas and interview personnel. It can also refer criminal matters to the Department of Justice.

Soon after his inauguration, Trump fired more than 17 inspectors general across federal agencies. Spared in that purge was Michael Horowitz, the IG for the Justice Department since 2012, who this month was named the incoming watchdog for the Fed and CFPB.

Horowitz, who begins in his new role at the end of this month, was reportedly praised by Trump supporters for uncovering problems with the FBI’s handling of its probe into Trump’s 2016 campaign.

Meanwhile, the fate of the CFPB hinges on a looming decision from a federal appeals court. Judges temporarily halted Vought’s efforts to lay off employees, but are now considering the Trump administration’s appeal over its plans for the agency.