House Financial Services Committee Chair Jeb Hensarling (R-TX) released a section by section summary of yet another mortgage finance reform bill on September 6, 2018. He was joined by Reps. John Delaney (D-MD) and Jim Himes (D-NY) as cosponsors. The drop marks Hensarling’s final surrender to the inevitable endorsement of a full faith and credit guarantee for … Continued
How can you safely use your phone and protect yourself from unwittingly becoming the victim of a scam or identity theft, or even just an unscrupulous business? Keep your contact list updated so you know who is trying to reach you. Scammers use technology known as “spoofing” to impersonate calls with your local area code … Continued
Thinking about trading in a car that you still owe money on? Think very carefully, because buying a car when you haven’t paid off the loan on your current vehicle can put you in serious financial jeopardy. Even if a dealership agrees in writing to pay off your existing loan, there is no guarantee that it will. It … Continued
Autonomous Vehicle Bill Lacks Meaningful Consumer Protections Legislation to regulate the autonomous vehicle (AV) market, the AV START Act (S. 1885), lacks meaningful consumer protections when it comes to issues of privacy, data availability, government oversight, and transparency, CFA Executive Director Jack Gillis warned at a press conference earlier this summer. “Autonomous vehicles have the … Continued
When a scammer calls a potential victim, only one person on the phone is a pro. For scammers, posing as someone else and weaving a believable story is business as usual. It’s only the victims who get caught off guard by a seeming crisis that only a fast payment can fix. People across the country … Continued
If there are competitive electric suppliers in the area where you live, more than likely you’ve gotten calls or mail from companies claiming they can save you money on your electricity. Perhaps you received a knock on your door from a salesperson asking to see your electric bill and before you know it, you have … Continued
When Americans buy toys or other kids’ products, most reasonably assume that what they’re buying isn’t going to hurt their loved ones in some way. It’s such a commonplace experience that it’s easy to take for granted. What people may not think about is that the perception — and reality — of safety is possible … Continued
Administration Rolls Back MPG Standards The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) announced last month that the agencies will abandon fuel economy standards for passenger cars and light trucks, freezing the gradually increasing fuel efficiency requirements intended to carry through to 2025 at the year 2020 level. They took … Continued
Many consumers like the idea of owning a timeshare because it provides an opportunity to enjoy a prepaid vacation at a favorite location each year and/or trade with another owner at a different location. But because so many are for sale at any given time, timeshares should be viewed as a way to enjoy a … Continued
After a good night’s sleep, you wake up and take a quick shower as you snatch your car keys off the table. You’re on the way to grab a large coffee at Starbucks before heading off to an early morning meeting at work. Much to your surprise and shock your car is not parked outside … Continued
You’re probably familiar with websites like Yelp and Angie’s List, where users can review businesses, research the most popular services in their area, and avoid bad customer service experiences. Websites like these make our daily lives a bit easier, and increase the chances that we’ll have a good experience next time we go out to … Continued
While some door-to-door sales are legitimate, many are scams in which the salespeople use high-pressure sales tactics and false claims to coerce consumers into buying products or services that they do not need or that are never delivered. Common door-to-door sales scams are for magazine subscriptions, medical alert and security systems, hearing aids and home … Continued
Do you know your rights when shopping for rental housing? In general, state laws set minimum standards for various aspects of the landlord-tenant relationship such as rental applications, security deposits, lease terms, habitability, early termination and evictions. In many states, landlords must also comply with consumer protection laws that prohibit misrepresentations and require information that … Continued
Online crowdfunding platforms help bring to life creative projects, get new ventures and businesses off the ground, and allow individuals and communities to come together to support charitable causes. They are an engaging avenue through which individuals can have an impact on the world around them, making it even more important for consumers to know … Continued
Christian needed a car to get to work so he could provide for his new wife and baby. But the used car that one of the largest dealerships in New York City sold him started to make loud banging noises as soon as he brought it home. After multiple trips back to the dealership, they … Continued
Though summer vacations are coming to an end, holiday travel will be ramping up before you know it. And while traveling can be an incredibly rewarding experience — it can leave you broke if you’re not careful! For this blog post, I’m going to assume you know how to budget, as that is the most … Continued
What would happen to your car insurance premium if the insurance company could only look at your accident, ticket and claim history? Are you a model of safe driving who has never cost the company a dime, or do you re-enact “The Fast and the Furious” any time you can get out of first gear? Either … Continued
Choosing the right contractor to make repairs to your home is an important decision. A flashy website or nice work truck doesn’t necessarily mean a contractor does quality work or has the experience to do the job. Take the proper steps to protect yourself and think through your decisions. Avoid becoming a victim of home … Continued
Every year as I work on our report about the complaints made to state and local consumer agencies around the country, my blood pressure goes up. Many of the stories these agencies provide in response to our annual survey about the most common, fastest-growing and worst complaints they received in the previous year are heart-wrenching: … Continued
Federal Judge Rules CFPB Unconstitutional Contrary to precedent established by the D.C. Circuit and other jurisdictions, a senior status federal district court judge in New York City struck down the Consumer Financial Protection Bureau (CFPB) as unconstitutional last month. Noting that “every other jurisdiction in the country has held that the structure of the CFPB … Continued
Summers are a time for family fun, but for some activities, summer is a time when the most tragedies occur. Being aware of the risks of summertime activities and practicing safety is a way to protect the ones we love. Riding all-terrain vehicles (ATVs), also known as 4-wheelers, is a popular summertime activity for amateurs … Continued
Tucked inside the 135-page Delivering Government Solutions in the 21st Century: Reform Plan and Reorganization Recommendations released by the Trump Administration on June 21, 2018 are three pages of recommendations for reforming the mortgage finance system. The good news is that they support a federal role in supporting US mortgage markets through a full guarantee of qualified mortgage backed securities, access to … Continued
FCC Targets Unlawful Robocalls Consumer groups submitted comments to the Federal Communications Commission (FCC) last month to offer strong support for the creation of a reassigned number database. When a consumer no longer uses a phone number, it is assigned to someone else who requests a number. The reassigned number database would enable robocallers to … Continued
Congress Rolls Back Post-Crisis Bank Regulations Last week, Congress passed and President Trump signed into law the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” a bill that repeals or weakens a number of provisions in the Dodd-Frank Act and other critical laws designed to ensure consumers, investors, and honest market participants are appropriately protected … Continued
My agency is a longtime member of Consumer Federation of America (CFA), but for the first time I attended its annual conference, Consumer Assembly, on May 10th and 11th this year in Washington, DC. It sure made an impression on me and I’d like to share my takeaways. If you’re not familiar with CFA, it’s … Continued