The Consumer Protection Bureau’s (CFPB) prepaid card rule provides prepaid card users with similar protections as those enjoyed by checking account consumers, easy to understand information about prepaid accounts, and credit protections. The specific protections include requiring a simple chart of fees to help consumers shop for the right card, and limits on fees and … Continued
In New Congress, House Prioritizes and Passes Anti-Consumer Legislation The new Congress put anti-consumer legislation at the top of its agenda when it returned in 2017, with the House quickly passing a host of bills to roll back existing regulations and prevent future regulations from protecting consumers’ health, safety, and financial wellbeing. “These bills thwart … Continued
As the Detroit auto show makes clear, boosting fuel economy standards holds promise — not peril — for American consumers and the auto industry. From conventional gas-powered engines that go farther than ever before on every gallon of gas, to a range of new hybrid and all-electric options, automakers from the U.S. and around the world keep improving gas mileage. They know consumers … Continued
California Issues Needed Computer Energy Efficiency Rules Last month the California Energy Commission (CEC) approved the nation’s first-ever energy efficiency standards for computers and monitors. Leading national and California consumer groups are applauding the CEC, saying the new standards are expected to save Californians more than $370 million per years. “California’s steady leadership on energy … Continued
Consumer reviews are essential tools for shoppers. Information about specific products or services, or about dealing with a particular seller, can help consumers make smart buying decisions and avoid hassles. If consumers have problems with their purchases, reviews by others can help them argue that their situations are not isolated and strengthen their demands for … Continued
Digital Communications Consumers Pay $60 Billion a Year in Overcharges The typical American household is overcharged $540 per year for digital communications services, according to a new CFA report describing a “tight oligopoly on steroids” in the digital communications market. The report, Overcharged and Underserved: How a Tight Oligopoly on Steroids Undermines Competition and Harms … Continued
Holiday shopping season is upon us, and consumers across the country are trying to find the perfect safe gifts for their family and friends. To be an informed consumer, and to minimize the stress of holiday shopping, consumers should visit SaferProducts.gov. Managed by the U.S. Consumer Product Safety Commission (CPSC), SaferProducts.gov is a safety database … Continued
FIO Highlights Need for More Scrutiny of Insurance Industry Practices The insurance industry’s growing use of “big data,” marital status and sex-based pricing, and mandatory arbitration agreements can be harmful to consumers, the Federal Insurance Office (FIO) concluded in its first annual report on consumer access and protection issues related to auto insurance. Released late … Continued
Congress Urged to Pass a Clean Omnibus, Free of Harmful Riders CFA has joined a coalition of 260 organizations calling on President Obama and members of Congress to oppose any FY 2017 funding bills that include harmful policy riders. “Riders that undermine critical consumer protections should not be included in Appropriation bills,” said CFA Legislative … Continued
Proposed AT&T-Time Warner Merger Highlights Need to Stop Concentration As officials AT&T and Time Warner made the rounds last month seeking to build support for their proposed merger, CFA Director of Research Mark Cooper issued a warning that any such merger would be bad for consumers and that more needs to be done to address … Continued
Groups Urge CFPB to Strengthen Payday and Car Title Lending Rule Consumer and civil rights groups, including CFA, submitted final comments to the Consumer Financial Protection Bureau (CFPB) earlier this month urging the agency to strengthen its proposed rule on payday and car title lending. The groups expressed support for the proposed rule’s underlying principle, … Continued
Since 2003, the nonprofit Identity Theft Resource Center (ITRC) has surveyed individuals who have sought its counseling for identity theft problems to ask them how their stolen information was fraudulently used and how the crime affected them. This year’s report, Identity Theft: the Aftermath 2016™, is even more revealing than previous ones because the ITRC … Continued
This op-ed originally appeared on Morning Consult. As the Federal Communications Commission prepares to vote on its proposed broadband privacy rules, internet service providers that would be covered by them and “edge providers” such as Google, which would not be directly affected but are concerned about the precedent that would be set, are stepping up … Continued
Wells Fargo Scandal Spotlights Need for an Independent Watchdog The recent Wells Fargo scandal involving the creation of millions of unauthorized bank and credit card accounts has highlighted the need for a tough and independent watchdog to oversee financial institutions. The accounts were created by employees so they could collect incentive bonuses for cross-selling, a … Continued
The massive Yahoo data breach is a vivid reminder that our online accounts are rich targets for hackers. They’re looking for personal information that can be fraudulently used to take over our accounts, open new accounts in our names, steal our tax refunds, apply for jobs or government benefits, or send spam to our contacts. … Continued
The news that at least half a billion Yahoo accounts have been affected by a data breach –and that the company took two years to publicly acknowledge this – is very distressing, and not only to Yahoo users. It makes us wonder if we can ever rely on anyone who has our personal information to … Continued
With so many warnings about Internet fraud these days it’s easy to forget that some scammers are still using the mail to try to reach into our wallets – and succeeding. Americans are receiving tons of bogus solicitations in their mailboxes and losing millions. That’s why CFA has joined other organizations and government agencies in … Continued
Consumer Groups Urge Congress to Reject Trans-Pacific Partnership Citing its potential to undermine important consumer protections, CFA and Consumers Union wrote to members of Congress earlier this month urging them to reject the Trans-Pacific Partnership if it comes up for a vote this year or in the future in its current form. “While we recognize … Continued
Companies, organizations and agencies that hold and transmit people’s personal information should keep it reasonably secure from unauthorized access and use. But what if there is a data breach that exposes the information? How should the breached entity help those affected? Should it offer them identity theft services? If so, how should it choose the … Continued
New Truck Fuel Economy Standards Will Save Consumers Money The National Highway Traffic Safety Administration (NHTSA) and the Environmental Protection Agency (EPA) issued new efficiency and emissions standards for medium- and heavy-duty vehicles this week that CFA predicts will save consumers money. “We urged the agencies to set standards that would achieve meaningful fuel economy … Continued
Being able to travel by car can help people earn more, spend less, and get better value in their housing. That’s why over 1 in 20 of American Savers are saving all their money for a vehicle. But it’s also an expensive commitment, and the average American household spends, on average, over $8000 every year on … Continued
The Consumer Federation of America and North American Consumer Protection Investigators recently released the top 10 consumer complaints state and local consumer protection agencies around the country received in 2015. Three types of complaints stood out as the fastest-growing last year. Be on the lookout for these popular problems to protect yourself and your family: … Continued
In the identity theft complaints reported to the Federal Trade Commission last year, the most common use of victims’ stolen information was to commit tax or wage fraud. What’s even more alarming is the upward trajectory of this type of fraud, from 32.8 percent of identity theft cases reported in 2014 to 45.3 percent in … Continued
Have you ever received an unexpected call from the IRS, a utility company, or tech support demanding immediate payment or your personal information? “Don’t assume that it’s true,” says Susan Grant, director of consumer protection and privacy at the Consumer Federation of America (CFA). Imposter scams were the fastest-growing complaints to state and local consumer … Continued
Industry Considers Update of Voluntary Window Covering Standard The Window Covering Manufacturing Association (WCMA) announced last month that it has initiated the process of opening up and updating the voluntary safety standard for window coverings, which includes window blinds and shades. Safety advocates have long sought action to reduce the toll of deaths and injuries … Continued