Make it Harder for Fraudsters to Use Your Personal Information

It seems as though data breaches affecting millions of Americans are constantly in the news these days. If this makes you anxious about the safety of your personal information, that’s understandable. You can protect your data by using secure internet connections rather than public Wi-Fi when you’re providing sensitive information such as financial account numbers … Continued

Analysis: House Bill Attacks State Protections for Student Loan Borrowers

Earlier this year, an analysis by the Consumer Federation of America found that 1.1 million Americans defaulted on a federal student loan in 2016. That’s one every 28 seconds. Like the breakdowns in the mortgage servicing industry seen during the foreclosure crisis that devastated the economy, we have seen similar problems in the student loan … Continued

Barry Zigas Discusses Proposed Reforms to the Mortgage Interest Deduction

In an opinion piece featured on HousingWire, CFA Director of Housing Policy Barry Zigas and former Housing and Urban Development Assistant Secretary for Housing Carol Galante suggest that Republican proposals to reform the mortgage interest deduction provide a “rare opportunity to realign federal tax support for housing to help all taxpayers, renters and owners, in … Continued

The Latest Uber Breach and What Should Be Done to Protect Us

The revelation that ride-hailing company Uber experienced a major data breach in October 2016 and not only kept it secret from the customers and drivers who were affected but even paid the hackers to hush it up is another example of why we need better security for our personal information. While we already have state … Continued

Are Credit Reporting Companies Profiting Off of the Equifax Data Breach?

Just two months after Equifax fessed up to its massive breach impacting over 143 million Americans, advocates are questioning the CEOs of Experian, TransUnion, and Equifax to obtain information on whether they are actually profiting off of the massive data breach. The Consumer Federation of America, the National Consumer Law Center, Americans for Financial Reform, … Continued

CFAnews Update – November 9, 2017

Senate Votes To Protect Financial Firms from Class Action Lawsuits In a devastating blow to consumers, the Senate voted late last month to repeal a common sense consumer protection which would have allowed consumers to join together in class action lawsuits against bad actors in the financial services industry. President Trump signed the measure into … Continued

Fact: Financial Companies Deny Military Families Their Day in Court

This morning, financial industry lawyers and lobbyists are lashing out at advocates for consumers and military families regarding the CFPB’s arbitration rule. They claim that their lobbying efforts to overturn the protections established in the rule will not impact military families. In a blog piece, one of the industry’s lawyers alleges that proponents of the … Continued

CFAnews Update – October 24, 2017

Consumers, Credit Unions Respond to Equifax Data Breach Approximately 143 million American consumers were impacted by the massive data breach at Equifax. Names, addresses, Social Security numbers, birth dates, and driver’s license numbers were accessed. Hundreds of thousands of consumers also had their credit card numbers exposed. For consumers wondering what they can do, CFA’s … Continued

CFAnews Update – October 17, 2017

CFPB Takes Steps to Stop Debt Trap, But More Is Needed Earlier this month, the Consumer Financial Protection Bureau (CFPB) took the first step toward ending the debt trap by finalizing new consumer protections for shorter-term loans where consumers must repay all or most of the debt at once, including payday and auto title loans, … Continued

To Freeze or Lock?

In response to the Equifax data breach, many consumers are asking the credit reporting agencies to put a security freeze on their credit files. That’s certainly a good idea if your Social Security number and other personal information were exposed in this breach (you can go to www.equifaxsecurity2017.com, click on “Was I Impacted?” and put … Continued

CFAnews Update – September 29, 2017

In Significant Victory for Consumers, the CPSC Begins Rulemaking to Ban Class Flame Retardants in Consumer Products and Urges Removal of These Chemicals   In response to a petition filed by leading consumer, healthcare, firefighter and science groups, the U.S. Consumer Product Safety Commission (CPSC) took three critical steps last week toward protecting consumers and … Continued

CFAnews Update – September 21, 2017

In the Wake of Harvey and Irma, Accountability Measures Recommended to Ensure Fair, Timely Claims Settlements In the wake of Hurricane Harvey and Irma’s devastating damage, CFA wrote to the Federal Emergency Management Agency (FEMA) and the insurance commissioners of states impacted by the storms calling on them to initiate a public accountability program to … Continued

Let Consumers Freeze Their Credit Files for Free

In the wake of the data breach at the credit reporting agency Equifax, which exposed the sensitive personal information of more than 140 million Americans to identity thieves, consumer groups and members of Congress are calling for free security freezes. As we explained in a previous article on this website, the best protection from many … Continued

Consumer Alert for Military Families on the Equifax Data Breach

A few days ago, Equifax revealed that a data breach has impacted approximately 143 million American consumers. Names, addresses, Social Security numbers, birth dates, and driver’s license numbers were stolen. Equifax is not proactively informing all consumers whose data was compromised. In addition, hundreds of thousands of consumers also had their credit card numbers exposed. … Continued

What Should I Do About the Massive Data Breach at Equifax?

Yesterday, Equifax revealed that a data breach has impacted approximately 143 million American consumers. Names, addresses, Social Security numbers, birth dates, and driver’s license numbers were accessed. Hundreds of thousands of consumers also had their credit card numbers exposed. If you haven’t heard of Equifax, it’s one of three major consumer credit reporting agencies along … Continued

CFAnews Update – August 31, 2017

EPA Attempts to Roll Back Fuel Economy Standards The Environmental Protection Agency (EPA) has announced a new public comment period to review fuel economy standards for cars and trucks that are on track to save families thousands of dollars per year. By opening the door to rolling back the standards, which are scheduled to come … Continued

CFAnews Update – August 15, 2017

CFPB Finalizes Rule on Forced Arbitration A new game-changing rule that will help stop scams against consumers was issued by the Consumer Financial Protection Bureau (CFPB) in July.  The rule bans banks and financial companies from inserting certain “forced arbitration” clauses in credit card, auto loan, student loan, payday loan, and other financial contracts. These … Continued

Happy 6th Birthday CFPB!

Watch this video Senator Elizabeth Warren made for the CFPB’s 6th birthday: Check out this video made by U.S. PIRG celebrating CFPB’s birthday:

CFAnews Update – July 7, 2017

FCC Proposes Rules for Blocking Robocalls The Federal Communications Commission (FCC) is considering ways to help consumers who are overwhelmed with unwanted robocalls by clarifying that all providers may block fraudulently spoofed calls under certain circumstances. CFA and several other consumer groups submitted comments last week supporting the Commission’s proposal but urging it to do … Continued

CFAnews Update – June 28, 2017

USDA Proposes to Ease Restrictions on Chinese Chicken Imports  The Department of Agriculture’s Food Safety and Inspection Service (FSIS) released a proposed rule earlier this month that would allow the People’s Republic of China (PRC) to export cooked chicken products derived from poultry slaughtered in the PRC.  “This rule defies common sense. Taxpayers spend billions … Continued

California Broadband Internet Privacy Bill a Model for the States

The repeal of the Federal Communication Commission’s (FCC) broadband privacy rules was a sad day for Americans, but there was a silver lining. The resulting public outcry was the loudest that I’ve ever heard in many years of trying to promote privacy rights; clear and tangible evidence that people really do care about their data … Continued

CFAnews Update – June 2, 2017

No More Delays for DOL Fiduciary Rule In a significant victory for retirement savers, Secretary of Labor Alexander Acosta announced late last month that implementation of the Department of Labor’s fiduciary rule would begin as scheduled June 9. As a result core provisions of the rule – closing loopholes in the definition governing who is … Continued

Stop the Filthy Food Act

Americans deserve safe food. However, a bill making its way through Congress would prevent agencies from putting in place food safety regulations to protect public health. The bill’s proponents have maintained that food safety regulations highlight why S.951—formally titled the Regulatory Accountability Act of 2017, but more accurately dubbed the Filthy Food Act— would not … Continued

CFAnews Update – May 24, 2017

Senate Committee Passes Bills to Undermine Regulatory Process Over strong opposition from a wide range of public interest groups, the Senate Homeland Security and Governmental Affairs Committee passed several bills last week that would make it more difficult for federal agencies to adopt pro-consumer regulations. Two of the bills – the Midnight Rules Relief Act … Continued