Homeowners insurance protects homeowners and their belongings in case of unexpected damage, loss, or liability. For most American homeowners, their house is not only their home but also their largest financial asset. Insurance provides the risk management that virtually every homeowner needs. Without insurance, they are at risk of losing everything in just one disaster. … Continued
When Congress passed the Consumer Financial Protection Act it created and gave the Consumer Financial Protection Bureau (CFPB) rulemaking, enforcement, and supervisory authorities. Supervision is important because it helps to ensure the safety of products used by consumers and contributes clarity to market participants. The work of supervision doesn’t attract much press attention, much less … Continued
The story of the failings that led to the 2008 Financial Crisis and the creation of the Consumer Financial Protection Bureau is a familiar one. With the nation still reeling from the loss of trillions of dollars of wealth, Congress established the CFPB with a specific mandate: to enforce federal consumer financial law and ensure … Continued
Earlier this month, Deputy Secretary of the Treasury Wally Adeyemo sent a stern letter to the Federal Home Loan Bank (FHLB) Presidents, telling them to step up to their mandate and mobilize a portion of their over $20 billion in resources to help resolve the nation’s housing supply crisis. Last Thursday the FHLB Presidents reacted … Continued
Yesterday, one of the nation’s leading food researchers resigned from the National Institutes of Health, citing concerns over censorship. For anyone still holding out hope that the Trump Administration will take effective action to reduce diet-related disease and follow through on the Make America Health Again (“MAHA”) agenda, the story of Dr. Kevin Hall offers … Continued
The Federal Home Loan Banks (FHLBanks) were chartered by Congress to help support essential liquidity in our housing markets – not to enrich their executives. Yet in 2024 alone, no less than 31 FHLBank executives earned over $1 million, while the 11 FHLBank Presidents took home a staggering average compensation of $2.3 million each. CFA … Continued
In response to the votes in the House of Representatives on S.J. Res 28, “Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications,” and S.J. Res. 18, “Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating … Continued
This week marks two months since President Trump’s hand-picked OMB Director—and Project 2025 henchman—Russell Vought assumed control of the Consumer Financial Protection Bureau (CFPB). Since taking over, Vought has illegally fired staff, halted the Bureau’s critical work, and pardoned corporate lawbreakers and repeat offenders, creating chaos in the marketplace and sending the message that it … Continued
Authors: Ethan Weiland, Adam Rust Overdraft fees transfer billions of dollars of wealth from regular people to banks every year. The Consumer Financial Protection Bureau (CFPB) recently introduced a rule that levels the playing field between banks and their customers. Congress must protect the rule. The rule establishes a new framework for how banks with … Continued
I took a trip into Trump Country last week—California’s central valley—on my way to visit the giant sequoia groves in Yosemite and King’s Canyon National Parks. Republicans can take credit for saving the sequoias. As the civil war raged, Abraham Lincoln signed a bill granting the land to California “for public use, resort, and recreation.” … Continued
Topics in this issue… Making the Case to Preserve the Payday Lending Rule FTC’s New Leadership Leaves Americans’ Privacy and Pocketbooks Vulnerable Americans Deserve Safe Products on Online Marketplaces CFA Leads Coalition Urging Inclusion of Labor, Civil Rights, and Consumer Protection in Maryland “AI Working Group” Bill
Republicans in Congress and their industry allies complained throughout the Biden Administration about the CFPB’s purported “regulation by blog post” and alleged violations of the Administrative Procedure Act. These complaints were on full display at the House Financial Services Committee’s CFPB hearing last week: “The announcement of new regulatory requirements through blog postings, a Director’s … Continued
The unprecedented corporate pardon granted by the Consumer Financial Protection Bureau (CFPB) Acting Director Russ Vought to Townstone Financial flouts rules designed to prevent redlining and sets a dangerous precedent for reversing civil penalties. On Wednesday, March 26th, the CFPB ignored the conclusions of a federal judge when it vacated a 2024 settlement with Chicagoland … Continued
The House Financial Services Committee held a hearing yesterday supposedly devoted to “balancing power” and “reprioritizing” consumer protection. Whatever the heck that means, a late-breaking addition to the agenda was a foolish House bill under the Congressional Review Act to erase the Consumer Financial Protection Bureau’s extremely popular, crucially important action removing medical bills from … Continued
Welcome to the fifth installment of a newsletter from the Consumer Federation of America (CFA) tracking the latest news about how AI and personal data are used, abused, and regulated. Tomorrow at 130PM ET, CFA is hosting a conversation with former FTC and CFPB officials about the impact of efforts to hamper the agencies on … Continued
The recent firings of Federal Trade Commissioners (FTC) prove that no federal agency that cracks down on corporate misconduct is immune to President Trump’s ire. After a century of working to protect consumers and small businesses through a five person bipartisan commission, the FTC is unquestionably under attack. Even before the president’s attempts to dismantle … Continued
Barring a last-minute action by the CFPB or a court intervention, the payment provision in the Consumer Financial Protection Bureau’s (CFPB) Payday Lending Rule will go into effect on March 30th. The rule has received bipartisan support and will protect people from unfair practices. Borrowers will benefit from the rule’s prohibitions on an unfair debt … Continued
Last week, Amazon filed a lawsuit against the Consumer Product Safety Commission (CPSC), challenging the agency’s order to recall and remedy over 400,000 hazardous products sold through its Fulfilled by Amazon program. This legal action follows the CPSC’s July 2024 decision, which determined that Amazon was acting as a “distributor” under the Consumer Product Safety … Continued
Topics in this issue… CFPB Fails to Pursue $2 Billion for Cheated Capital One Consumers The Very Real Dangers of Adopting Virtual Money Congress Should Not Roll Back Water Heater Standards and Leave Americans with the Bill What’s January 6 got to do with the price of eggs?
Topics in this issue… The CFPB’s 2021-2025 Enforcement Legacy Alcohol Labeling Gains Crucial and Long-Overdue Attention CPSC Issues Decision and Order on Products Sold and Distributed by Amazon CFA Urges Thorough Investigation of Allstate’s Alleged Violations of Consumer Privacy
Welcome to the fourth installment of a newsletter from the Consumer Federation of America (CFA) tracking the latest news about how AI and personal data are used, abused, and regulated. The newsletter will take a break on 3/12 so next installment will be 3/26. If you’re reading this and not subscribed, head to https://cfa.simplelists.com/ and … Continued
By Thomas Gremillion and Ethan Weiland, Consumer Federation of America A month of “shock and awe” has taken a toll on our collective attention span. But let’s not forget how we got here. Voters ranked inflation, felt most acutely in rising grocery prices, as the most important issue in the 2024 presidential election. So far … Continued
Appliance energy efficiency standards have quietly benefited American households for decades, putting money back in Americans’ wallets while driving innovation. However, efforts in Congress to roll back energy efficiency standards for tankless water heaters will have significant negative effects for American consumers. The standards, finalized in December 2024, require new gas-powered tankless water heaters to … Continued
Welcome to the third installment of a newsletter from the Consumer Federation of America (CFA) tracking the latest news about how AI and personal data are used, abused, and regulated. If you’re reading this and not subscribed, head to https://cfa.simplelists.com/ and on the list select the second from the top (“ai-privacy-updates (CFA State AI and … Continued
CFA Analysis of 2024 CPSC Safety Warnings In an era of global trade and e-commerce, ensuring product safety is more challenging than ever. Consumer Federation of America’s (CFA) analysis of 2024 unilateral safety warnings reveal startling changes in product safety and underscores the urgent need for action. The Recall Process The Consumer Product Safety Commission … Continued
In a flurry of reporting on President Donald Trump’s tariff announcements, it appeared that the trade loophole enabling sellers on online marketplaces to import cheap goods into the United States without facing formal customs procedures and taxes might finally be closed. However, as Lori Wallach, Director of Rethink Trade at the American Economic Liberties Project, … Continued
This blog is based on the testimony of CFA’s Director of Housing Sharon Cornelissen before the Environment and Transportation Committee at the Maryland General Assembly on January 21, 2025 Over the last few years, homeowners’ insurance costs have steeply risen across the country. Consumers are increasingly vulnerable to sudden policy non renewals or steep price … Continued