CFAnews Update – July 16, 2020

Supreme Court Weakens the Independence of the CFPB Consumers were dealt a major blow late last month, but one that could have been a lot worse, when the U.S. Supreme Court issued a decision weakening the independence of the Consumer Financial Protection Bureau (CFPB). In a 5-4 decision in Seila Law LLC v The Consumer … Continued

CFAnews Update – June 23, 2020

Trump Nominee to Head CPSC Faces Strong, Bipartisan Opposition Following a massive advocacy campaign by over 100 groups, public outrage online, and numerous hard-hitting questions by senators at her confirmation hearing, the nomination of Nancy Beck, the former chemical industry executive put forward by the Trump Administration to head the Consumer Product Safety Commission (CPSC), … Continued

CFAnews Update – June 4, 2020

State Insurance Commissioners Urged to Ensure 30% Paybacks; Some Insurers Lead the way In a study issued last month, CFA and the Center for Economic Justice (CEJ) documented that the typical COVID-19 auto insurance premium relief provided by insurers to date was half what it should be based on a new analysis of driving and car … Continued

CFAnews Update – May 13, 2020

DOT Enables Carmakers to Bypass Safety Rules Under a change formalized last month, the National Highway Traffic Safety Administration (NHTSA) will no longer require companies seeking federal safety standard exemptions to provide timely, complete information on their requests prior to posting them for public comment. This move comes on the heels of NHTSA’s denial of … Continued

CFAnews Update – April 17, 2020

Insurance Companies Graded on $6.5 Billion COVID-19 Premium Relief Policies Spurred by pressure from consumer advocates and their customers who are driving less due to COVID-19 and the Stay At Home orders that have dramatically changed Americans’ daily lives, insurers representing well over 80% of the auto insurance market in America have announced that they … Continued

CFAnews Update – April 2, 2020 – Coronavirus Focus

CFA has begun compiling resources for consumers dealing with the Coronavirus pandemic. You can find those resources, and future updates, on a special section of the CFA website. Below you’ll find information and infographics on avoiding scams, food safety, and to child-proofing your home. CFA Offers Coronavirus Tips to Avoid Scams and Price-Gouging With concerns … Continued

CFAnews Update – April 1, 2020

As CARES Act Passes, Important Consumer Protection Measures Unaddressed Congress passed sweeping legislation last week, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), to address the economic fallout from the COVID-19 pandemic. While necessary to provide desperately needed funding to the health care system, to provide unemployment insurance to displaced workers, and to … Continued

Protect Your Wallet and Your Personal Information from Coronavirus Scams

Scammers always take advantage of disasters and other alarming situations. With the CORVID-19 pandemic, it wasn’t long before we began to hear about people selling face masks online that they never deliver and false claims for products that can supposedly treat or even prevent the virus. We’ve also seen emails that look like they’re from … Continued

Public Policy Changes Needed During the COVID-19 Crisis

Check out CFA’s Brochure 1. Take Steps To Reduce The Spread Of The Disease Halting the spread of COVID-19 is a top priority, which must be front and center in any agenda to address the crisis. Create a comprehensive national paid sick leave policy. Lack of paid sick leave encourages tens of millions of workers, … Continued

CFAnews Update – March 17, 2020

Advocates Urge Federal Government to Address Auto Insurance Unaffordability The market for auto insurance is not fair for low- and moderate-income Americans and drivers in communities of color, even if they have an unblemished driving history, CFA Insurance Expert Douglas Heller said in testimony before the U.S. House Financial Services’ Subcommittee on Housing, Community Development, … Continued

Flawed Data-Privacy Bill Does Not Protect Consumers or Hold Companies Accountable

Hardly a week goes by without disturbing news about another invasion of our privacy. In the past six months alone consider: Facebook settling a $550 million lawsuit alleging that it collected facial recognition data of users without consent; location data companies tracking the precise movements of more than 12 million Americans via our cellphones; dating apps like Grindr and … Continued

CFAnews Update – February 25, 2020

CFPB Weakens Deterrence Against Abusive Financial Practices The Consumer Financial Protection Bureau (CFPB) issued a policy statement late last month that attempts to narrow the scope of federal laws that prohibit abusive financial acts and practices by banks, debt collectors, payday lenders, and other consumer finance companies. CFA director of Financial Services and Senior Fellow, … Continued

CFAnews Update – January 29, 2020

Popular Dating and Health Apps Violate Privacy Several popular dating and health apps are collecting and sharing user data with third-party advertisers without user consent or knowledge, according to a new report from the Norwegian Consumer Council. Citing the report’s findings, consumer groups in the U.S. have called on state and federal officials to investigate … Continued

CFAnews Update – January 10, 2020

House Passes Bill to Protect Infants and Toddlers from Dangerous Sleep Products Congress took an important step toward improving infant and toddler safety last month when the House gave voice vote approval to the Safe Sleep for Babies Act of 2019 (H.R. 3172), which would ban infant inclined sleep products and padded crib bumper pads, … Continued

CFAnews Update – December 19, 2019

Insurance Regulators Consider Anti-Consumer Annuity Sales Rule Amid reports that state insurance regulators are poised to move forward with a new industry-friendly, anti-consumer model rule, CFA and the Center for Economic Justice wrote to members of the National Association of Insurance Commissioners (NAIC) earlier this month urging them to reject the current draft and continue … Continued

Privacy is a Human Right – It Can’t Be Bought or Sold

One of the arguments that some people make about privacy legislation is that individuals’ personal information should be treated as their property. At first blush, this may seem like an appealing idea. Why shouldn’t we be paid when companies use our data? But that’s the wrong approach to privacy. Privacy is a human right. This … Continued

PCAOB Guidance Would Undermine Auditor Independence, Deceive the Public

Washington, D.C. – Leading national investor groups, including CFA, wrote to the Chairman of the Securities and Exchange Commission (SEC) to voice concerns about PCAOB staff guidance, issued last year, that they said would both undermine auditor independence and deceive the investing public. The groups expressed particular concern that the staff guidance would permit firms … Continued

CFAnews Update – November 21, 2019

Trump’s Proposed Decision to Freeze Light Bulb Standards Will Cost Consumers almost $173 Billion Following a recent U.S. Department of Energy (DOE) decision to roll back efficiency standards for certain categories of lighting products, CFA submitted comments on the agency’s notice of proposed determination that no lighting standards are needed calling into question the analysis … Continued

CFAnews Update – October 31, 2019

SEC Urged to Halt Damaging Expansion of Private Securities Markets Pro-investor and public interest groups have called on the Securities and Exchange Commission (SEC) to halt any further expansion of private offering exemptions from the securities laws at least until it can conduct a careful analysis of the impact the proliferation and expansion of these … Continued

90 Years After the Crash of ’29, Markets are Once Again at Risk

On October 29, 1929, the U.S. stock market capped a week of jitters by plunging another 12 percent in market value, panicking investors and ushering in a period of economic devastation unmatched in the United States before or since. Ninety years later, the very agency that was created to police the securities markets and prevent … Continued

CFAnews Update – October 17, 2019

States Continue to Push Stronger Fuel Economy Standards Despite Administration Rollback Even as the Trump Administration revoked the right of states to adopt auto emissions standards, two more states — Minnesota and New Mexico — took the first steps towards joining 14 other states in adopting low- and zero-emission vehicle standards that are more stringent … Continued

Why The Case Of “The Irregulators V. The FCC” Is So Important To Consumers

In a major analysis published almost three years ago, CFA showed that consumers are being overcharged over $70 billion a year for their broadband, wireless and television services. Today the Irregulators filled their reply brief in the legal challenges to the FCC’s decision to continue its fraudulent accounting rules that allocate two-thirds of the costs … Continued

CFAnews Update – September 30, 2019

House Passes Three Critical Product Safety Bills Last week, the House gave voice vote approval to three important consumer product safety bills strongly supported by CFA and consumer organizations. “We applaud the U.S. House of Representatives for voting to put children and consumer safety first. Children will be safer because the STURDY Act will require … Continued