Medline recalls 1.5M adult bed rails

Medical supply company Medline Industries, which has a facility in Redmond, is recalling some 1.5 million portable adult bed rails across the U.S. and Canada. The recalls two reports of entrapment deaths associated with the products. It impacts two models of Medline’s “Bed Assist Bars.” According to the U.S. Consumer Product Safety Commission, users of these bed rails can become entrapped within the bed rail itself or between the product and the side of a mattress when it’s attached to a bed. That poses a serious entrapment hazard and risk of death by asphyxiation. The CPSC and Health Canada urges consumers in possession of these products to stop using them immediately — and contact Medline to request a refund.

IRS makes free tax returns permanent

The IRS will make permanent the free electronic tax return filing system that it experimented with this year. The agency is asking all 50 states and the District of Columbia to help taxpayers file their returns through the program in 2025. The IRS tried the Direct File project for the 2024 tax season on a limited basis in 12 states for people with very simple W-2s. That’s the employee’s wage and tax statement. The IRS is inviting all states with a state income tax to sign up and help people file their state returns for free.

Court gives homeowners a chance in escrow dispute

The Supreme Court has given homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts. The court unanimously threw out an appeals court ruling in favor of Bank of America, which has refused to pay interest on money it collects to pay borrowers’ insurance and property tax bills. New York requires banks to pay at 2% interest on escrowed funds. Similar laws are in effect in another 13 states. Justice Brett Kavanaugh wrote for the court in rejecting the appellate ruling that federal law governing national banks does not permit such state-by-state regulation.

Mortgage rates climb back above 7%

The average rate on a 30-year mortgage moved back above 7% this week, a setback for home shoppers at a time when the U.S. housing market is already slowing under the strain of elevated home loan borrowing costs and rising prices. The rate rose to 7.03% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%. This is the first increase after a three-week pullback. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options.