Few Americans have ever heard about Federal Home Loan Banks (FHLBanks). Even many housing advocates continue to have questions about the inner workings of this government-sponsored enterprise. Last year, the Federal Housing Finance Agency (FHFA), the federal agency that regulates the FHLBank system, started soliciting feedback on this system from stakeholders and experts from across … Continued
In 1984, a unanimous U.S. Supreme Court decided Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., allowing the Reagan Administration to interpret the Clean Air Act in a manner that eased restrictions on big polluters. More importantly, the case established a legal doctrine—Chevron deference—that instructs courts to rely on the judgment of government agencies … Continued
The Securities and Exchange Commission (SEC) recently adopted rules to strengthen investor protections in the Special Purpose Acquisition Company (SPAC) market. CFA applauds the SEC for taking these important steps to protect investors, enhance transparency, and improve market integrity. Moreover, CFA commends the SEC for strengthening the final version of this rule to bring SPACs … Continued
Every year, the National Academies of Sciences, Engineering, and Medicine publishes influential reports on topics ranging from climate change to traffic safety to social media and adolescent health. The National Academies enjoys a fairly sterling reputation, with few questioning its self-described role of providing “independent, objective advice to inform policy with evidence, spark progress and … Continued
On October 30, 2023, the White House issued Executive Order 14110 entitled the Safe, Secure and Trustworthy Development and Use of Artificial Intelligence. The Executive Order (EO) is sweeping in its call for the executive branch and independent federal agencies to work on fostering the use of ethical artificial intelligence (AI). One of the purposes … Continued
Topics in this issue… CFA Applauds Supreme Court Decision to Uphold Funding Structure for CFPB Rising Insurance Costs in Maryland A Guide to FTC Informal Hearings Alaska Legislature Passes First of its Kind Alcohol Cancer Warning Requirement
State Insurance Commissioners, depending upon how they carry out their role, have a significant impact on consumer budgets and can be key forces for consumer protection. And there is currently an excellent opportunity in one state—Maryland—for that power to be used for the better. Recently Maryland Insurance Commissioner Kathleen Birrane announced that she plans to … Continued
Topics in this issue: Broad coalition of 104 organizations tell Congress to support FTC CARS Rule New CFA report suggests why consumer disruptions will be much less than those predicted by realtors CFA comments on USDA declaration of Salmonella as an adulterant in certain chicken products new GAO report on FHLBanks highlights dangerous mission-creep of … Continued
The Federal Home Loan Banks issued well over one trillion dollars in debt last year and generated a record-setting $6.7 billion in net income. The Congressional Budget Office estimates that they receive an astounding $7.3 billion in subsidies. Even so, few Americans – and even few housing specialists – understand how this system of regional … Continued
What are FTC Informal Hearings? Those paying close attention to Federal Trade Commission rulemakings have likely noticed the FTC is conducting “informal hearings” in connection with its rules. These hearings are a unique feature of FTC rulemaking and have historically been criticized as roadblocks allowing rule opponents to delay the rulemaking process. While the FTC … Continued
Earlier this week the GAO (U.S. Government Accountability Office) publicly released a new report that evaluates the actions that the Federal Home Loan Banks of San Francisco and New York (FHLBank SF and NY) took leading up to the regional bank failures of spring 2023. GAO wrote this report in response to a request from … Continued
In just a few years, consumer utilization of Buy Now Pay Later has surged. According to the CFPB, BNPL originations grew more than tenfold between 2019 and 2021. Many consumers may be using BNPL without fully understanding the product. Even though BNPL lenders claim their loans are free, many borrowers end up paying late fees. … Continued
Homeowners insurance serves as a crucial safety net for American homeowners, protecting their homes against unexpected damage. However, escalating climate disasters and soaring prices in the global reinsurance market have seriously strained the homeowners insurance system. This webinar brings together national experts to discuss the scale, disparities, and consequences of our mounting homeowners insurance crisis. … Continued
Today, the U.S. Consumer Product Safety Commission (CPSC) released public warnings, directing consumers to stop using Tuladuo Water Bead Sets and Jangostor Large Water Beads. The beads contain levels of acrylamide in violation of the Federal Hazardous Substances Act. Tuladuo US and Jangostor, both based in China, sold the water beads sets on Amazon. Both … Continued
Buying a car is time-consuming, confusing and opaque, and the Federal Trade Commission has published a rule which would bring long overdue changes to the marketplace: the Combating Auto Retail Scams (CARS) Rule. Among other important things, the CARS Rule requires dealers to be honest and up-front about the price of the car and bans … Continued
Topics in this issue: What’s at Stake for Consumers if “Chevron Deference” is Overturned Affordable Housing and the Federal Home Loan Bank System SEC’s Final SPAC Rule Reflects Important Change Advocated for by CFA District of Columbia’s Insurance Regulators Can Take Action to Help Consumers Amidst Rising Insurance Costs
We faced a parental quandary recently. One of our daughters joined a Girl Scout troop, and Girl Scouts are expected to sell cookies. “How many boxes of cookies would we like to sell?” Our answer: zero. I joked to friends that I did not want the kids selling cigarettes either. Of course, eating Girl Scout … Continued
As Super Bowl Sunday quickly approaches, Consumer Federation of America (CFA) reminds consumers that TVs continue to pose a serious, potentially fatal risk to children. The Consumer Product Safety Commission (CPSC) released a report on February 8, 2024, regarding tip-over injuries and fatalities associated with TVs, furniture, and appliances. The report illustrates the gravity of … Continued
Topics in this issue: Bog Series on the Final FTC CARS Rule New Real Estate Report Finds Nearly Half of Agents Sold No or One House This Year Another Devastating Year for Off-Highway Vehicle Riders and Occupants: 2023 Fatality Data CFA Applauds the CFPB for New Overdraft Rule
Affordable insurance is a necessity for consumers so they can protect themselves against accidents and disasters. But too often, insurance is expensive or unaffordable for consumers, who struggle to pay their premiums and find basic coverage. Yesterday morning, Consumer Federation of America (CFA), along with several other advocates, called on the District of Columbia Council’s … Continued
The FTC has made clear in recent years that it is prioritizing cracking down on fraud in auto sales and financing. Last week, the Commission published its final Combating Auto Retail Scams (CARS) Rule in the Federal Register, marking the next step in the agency’s journey toward leveling the playing field for car buyers. The Rule … Continued
The FTC has made clear in recent years that it is prioritizing cracking down on fraud in auto sales and financing. Last week, the Commission published its final Combating Auto Retail Scams (CARS) Rule in the Federal Register, marking the next step in the agency’s journey toward leveling the playing field for car buyers. The Rule … Continued
Florida’s insurance market has been troubled for quite some time. Premiums are skyrocketing, insurers have gone bankrupt left and right, and consumers are struggling. But one insurance company in particular, Slide Insurance, is getting sweetheart deals from Florida regulators—and consumers are paying the price. This is unacceptable, and Florida consumers deserve better. How is this … Continued
The FTC has made clear in recent years that it is prioritizing cracking down on fraud in auto sales and financing. Last week, the Commission published its final Combating Auto Retail Scams (CARS) Rule in the Federal Register, marking the next step in the agency’s journey toward leveling the playing field for car buyers. The … Continued
Topics in this issue: Major Retailers Agree to Stop Sale of Water Beads to Children Micah Hauptman Testifies before the U.S. Department of Labor Retirement Security Proposal Hearing CFA and Consumer Advocates Applaud FTC for Moving Forward with CARS Rule The Townstone Case Imperils Fair Lending Law