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
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
Good morning! Welcome to the second 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 focus on the state level, where it’s nearly guaranteed there will be a lot of legislation and regulation on these … Continued
Topics in this issue… Financial Services Conference Brings Advocates, Regulators, and Industry Together to Discuss Consumer Protections CFA Advocates Featured on Consumer Finance Monitor Podcast Gas Tankless Water Heater Standards are Major Step for Consumers CFA Joins Coalition of Advocates Calling for Pro-Consumer Updates to the Colorado AI Act
As uncertainty reigns and constitutional scholars speculate that we may be “sleepwalking into autocracy,” I was glad to find some comfort recently in listening to Dr. Marty Makary on Peter Attia’s The Drive podcast. Makary is Trump’s nominee to lead the U.S. Food and Drug Administration. Like FDA Commissioner Scott Gottlieb in the first Trump … 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
Good morning! Welcome to the first 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 focus on the state level, where it’s nearly guaranteed there will be a lot of legislation and regulation on these … Continued
With recent foodborne illness outbreaks linked to deli meat, onions, and carrots grabbing headlines lately, you may be wondering whether the food supply has become more dangerous. No one can know for sure. Experts say the outbreaks may reflect improvements in foodborne illness surveillance, like whole genome sequencing, but they also warn that microbiological pathogens … Continued
Topics in this issue… D.C. Department of Insurance Finds Racial Premium Gap in Auto Insurance Pricing Holiday Toy Shopping: Tips for Purchasing Safe Products Will the “Make America Healthy Again” Agenda Lead to Real Food Policy Reform? Record-Breaking Participation for Veteran Saves Week
As the holiday season approaches, gift-giving excitement can sometimes overshadow the critical importance of safety, especially when it comes to toys for children. The U.S. Consumer Product Safety Commission (CPSC) has issued a stark reminder about the risks associated with certain toys on the market. In the release of its Toy-Related Deaths and Injuries report … Continued
On November 6, 2024, the U.S. Consumer Product Safety Commission (CPSC) approved an Operating Plan for Fiscal Year 2025, which outlines the agency’s strategic priorities and resource allocations for the year ahead. The plan comes at a time when the agency is grappling with significant budgetary constraints and staff shortages, and CPSC operating with nine … Continued
Political analysts will continue trying to read the tea leaves behind Donald Trump’s resounding victory at the polls for months to come. Trump’s embrace relatively late in the campaign of Robert F. Kennedy, Jr.’s “Make America Healthy Again,” or MAHA, movement clearly played second fiddle to issues like inflation and immigration for most Trump voters. … Continued
Topics in this issue… New Report on the Health Impacts of Ultra-processed Foods CFA Applauds ATC on Click-to-Cancel Rule Tips for Hoe to Save Money on Homeowners Insurance CFA’s Policy Recommendations for a New Administration
The Affordable Housing Goals are a way by which the Federal Housing Finance Agency (FHFA) and the broader public can hold Fannie Mae and Freddie Mac accountable to their public purpose. New Housing Goals are set every three years, and they serve as broad parameters of how well Fannie Mae and Freddie Mac are serving … Continued
Earlier this week, protesters descended upon Kellogg’s Battle Creek, Michigan headquarters to call the company to task for its past promises around food additives. In 2015, Kellogg’s then President told investors, “We have been working to remove artificial colors and flavors” from the company’s foods, and “[o]ur goal is to complete this transition by the … Continued
Many American consumers are struggling to deal with skyrocketing homeowners insurance premiums. Since 2020, premiums have increased by 33%—far above the rate of inflation. Since lenders require people with mortgages to have this coverage, these price increases make it more important than ever to find ways to save. Some Reasons for Rising Homeowners Insurance Rates … Continued
Topics in this issue… New Report on Small Dollar Mortgages CFA Applauds Biden-Harris Administration’s Actions to Protect American Consumers in Trade Tips for How to Save Money on Rising Auto Insurance Premiums Over 40 Organizations Call for an End to Forced Arbitration with the FAIR Act
A new report by the Office of Senator Elizabeth Warren sheds light on how perverse incentives and kickbacks in the annuity industry harm retirement savers, highlighting the urgent need for stronger protections. Titled Cancun, Cruises, and Cash: How the Department of Labor’s New Retirement Security Rule Would End Industry Kickbacks that Cost Savers Billions, the … Continued
Housing affordability has emerged as a key issue this election cycle, but even the financial relief of lower interest rates or expanded downpayment assistance may not be enough to help first-time homebuyers. A new CFA research report has found that many buyers lose out not only because of escalated home prices, but also for a … Continued
The Consumer Federation of America (CFA) released the following statement in response to the Federal Deposit Insurance Corporation’s (FDIC) proposed rule to strengthen record keeping of deposits received through third-party fintech relationships. The rule will require banks to ensure account records are maintained to determine the individual owner of funds and to perform reconciliation on … Continued
Last week, the Biden-Harris Administration announced new actions to protect consumers and address the significant abuse of the de minimis exemption. CFA has been calling attention to the product safety risks associated with the rapid increase of e-commerce, including that purchases valued under $800 can be imported into the U.S. and sent directly to the … Continued
Auto insurance premiums are climbing, with a staggering 18.6% increase over the last year. As a vehicle owner, you’re required to have auto insurance, and with rates soaring, it’s essential to find ways to save. Here’s how you can lower your premium and what changes we’re advocating for at Consumer Federation of America and America Saves to make insurance more … Continued
Americans should have full confidence in the commitment of our nation’s law enforcers to identify and root out unlawful conduct that disproportionately harms communities of color. The Federal Trade Commission (FTC) has made advancing racial equity a policy priority by focusing on marketplaces where consumers of color consistently experience structural barriers. It has frequently called … Continued
New research published in the journal Injury Epidemiology demonstrates the fatal consequences of county ordinances allowing on road use of off-highway vehicles (OHV). OHVs are not designed for on road use, and even the group representing ATV manufacturers and distributors unequivocally opposes the use of ATVs on roads. Most OHV deaths occur during on road … Continued