What’s at Risk if We Lose the CFPB?

Lat month, the U.S. Supreme Court granted the Solicitor General’s cert petition on behalf of the Consumer Financial Protection Bureau (CFPB) in CFSA vs. CFPB. This petition appeals a Fifth Circuit Court of Appeals ruling that found the CFPB’s independent funding structure unconstitutional. This erroneous ruling has already started to affect the CFPB’s ability to do its critically important job, which … Continued

CFAnews Update – February 28, 2023

Nevada’s Choice to Protect Consumers from Unfair Premium Hikes Was the Right One Should Food Companies be Allowed to Label Artificially Sweetened Foods “Healthy”? CFA Supports Proposed Changes to SEC Liquidity Risk Management Framework, Opposes Proposed Swing Pricing Framework Nevada’s Choice to Protect Consumers from Unfair Premium Hikes Was the Right One By: Michael DeLong, … Continued

Nevada’s Choice to Protect Consumers from Unfair Premium Hikes Was the Right One

Nevada consumers can breathe easier and have reason to be thankful. In a major victory for fair and affordable insurance, the Nevada Supreme Court just upheld a Nevada Division of Insurance regulation temporarily banning the use of credit information in insurance. Why is this important? Because consumers are now protected from unfair premium increases that … Continued

Should Food Companies be Allowed to Label Artificially Sweetened Foods “Healthy”?

Earlier this month, CFA submitted comments on the U.S. Food and Drug Administration’s (FDA’s) proposed rule to change which foods can be labeled or marketed as “healthy” by food companies. The proposed rule mostly does a good job of drawing the line between healthy and unhealthy foods, but it misses an opportunity to educate consumers … Continued

CFAnews Update – January 31, 2023

What Might a Concerned Regulator Do About Systemic and Unintentional Biases in Insurance Markets? Collect and Test the Data New CFA Report Aims to Help Home Buyers Get a Better Deal Junk Fee Blog Series Part 4: Airline Fees What You Need to Know About California’s Consumer Privacy Laws What Might a Concerned Regulator Do … Continued

What Might a Concerned Regulator Do About Systemic and Unintentional Biases in Insurance Markets? Collect and Test the Data

For a long time, consumers (and groups like the Consumer Federation of America) have been raising alarms about insurance company practices that disproportionately harm Black and Brown drivers around the country. Consumers have a right to be treated without bias or unfair discrimination in every market. Still, the need is particularly acute for auto insurance, … Continued

Junk Fee Blog Series
Part 4: Airline Fees

Airlines are the epitome of the “junk fees” practices that draw the ire of consumers nationwide, prompting a comprehensive federal regulatory response. Many amenities and services that used to be standard during a flight now cost a fee, and they add up quickly. In 2021, airlines earned nearly $5.3 billion in baggage fees and $7 … Continued

CFAnews Update – December 20, 2022

Overview: Financial Services Conference Overview: 50th Anniversary Awards Celebration Junk Fee Blog Series Part 3: The Consumer Financial Protection Bureau Takes on Junk Fees Overview: Financial Services Conference On December 7, CFA hosted its 35th Annual Financial Services Conference. This year’s agenda offered a variety of facilitated panel discussions about timely financial issues impacting consumers, … Continued

Upholding the Military Lending Act and Servicemember Rights

The Military Lending Act was viewed as groundbreaking after its passage in 2006 and to this day, exists as one of the strongest consumer protection laws on the books. The law was passed after a Department of Defense report found that active duty servicemembers were targeted by predatory lenders, which undermined both their military readiness … Continued

CFAnews Update – November 30, 2022

CPSC Unanimously Finalizes Two Lifesaving Window Covering Rules Consumer Groups Obtain Commitment to Issue Rulemakings on Mandatory Alcohol Labeling Let’s Curtail Surveillance Advertising CFA Urges SEC Chair to Prioritize Restoring Health of Public Securities Markets Junk Fee Blog Series Part 2: The Federal Trade Commission’s Attack on Junk Fees CPSC Unanimously Finalizes Two Lifesaving Window … Continued

Let’s Curtail Surveillance Advertising

On November 21, 2022, Consumer Federation of America and Consumer Action submitted comments to the Federal Trade Commission (FTC) in response to its Advance Notice of Proposed Rulemaking on Commercial Surveillance and Data Security. Consumer Action, a CFA member, has been a champion of underrepresented consumers since 1971. CFA also joined other groups in comments submitted by Fairplay that … Continued

Junk Fee Blog Series
Part 2: The Federal Trade Commission’s Attack on Junk Fees

Junk fees are everywhere. Auto dealers charge consumers thousands of dollars for add-on products that have little or no value. Hotels charged consumers over $2 billion in “resort fees” in 2015 alone. Rental car companies can tack on numerous separate fees, in addition to the actual rental cost, and often do so after the car … Continued

Crypto: Risks Abound

The market for cryptocurrencies and crypto-related assets has experienced explosive growth in recent years. While investor interest in these assets seems to increase as the prices of crypto assets grow and shrink as the prices of crypto assets fall, the interest isn’t likely to be going away anytime soon. Accordingly, financial professionals are increasingly being … Continued

Insurance Companies Fail to Quash Investigation of Possible Racial Discrimination Against Washington Drivers

Corporations wield immense power in the marketplace and over consumers, but too often this power remains hidden, allowing them to get away with bad behavior. Last week consumers got a glimpse of this hidden power. Washington State Attorney General Bob Ferguson announced that two insurance companies tried to stop his investigation of potential race discrimination … Continued

Junk Fee Blog Series
Part 1: The Biden Administration Crackdown

Have you ever shopped for a concert ticket and discovered that the $50 ticket turned into $75 at check out?  Have you ever faced unexpected, hefty fees when booking a hotel room, renting a car, or buying a plane ticket? These surprise fees appear in almost every consumer-facing industry, from credit reporting and banking services … Continued

What Could the Fifth Circuit Decision Mean for the Future of the CFPB?

The Consumer Financial Protection Bureau (CFPB) was born out of a lesson learned the hard way.  A lack of regulatory safeguards led to the 2008 financial crisis, which left 21 million Americans without work and more than nine million families without homes due to foreclosure or short sales. In the aftermath of the financial crisis, … Continued

CFAnews Update – October 28, 2022

Overview: CFA’s 45th National Food Policy Conference The Consumer Federation of America (CFA) held its 45th National Food Policy Conference on October 12, exploring timely issues impacting consumers, the food industry, and government. For 45 years, the National Food Policy Conference has been a key national gathering for those interested in food, agriculture, and nutrition … Continued

Meet the Robinsons: Progressive’s Ideal Insurance Customers—And Woe to All Others

Auto insurance companies like to present themselves as consumers’ friends. The mascots used in commercials, ranging from GEICO’s gecko and Aflac’s duck to Progressive’s Flo, are intended to put you at ease and get you to lower your guard. But Progressive’s recent second quarter earnings report offers a rare look at how it really views … Continued

Why You Should Consider a Heat Pump Sooner Than Later and 10 Ways to Save Energy and Money Today!

Today, the Consumer Federation of America (CFA) is giving a big shout-out for Energy Efficiency Day calling on Americans to be proactive by taking positive steps to be more energy efficient. Consider joining CFA and the hundreds of other organizations, cities, businesses, and individuals in the nationwide effort to become more energy independent, improve the … Continued

CFAnews Update – September 30, 2022

CFA’s Financial Services Manager Testifies to Senate Banking Committee On September 13, Rachel Gittleman, CFA’s Financial Services Outreach Manager presented testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs on New Consumer Financial Products and The Impact to Workers. In her testimony, Gittleman urged the Committee to meaningfully address the potential risks … Continued

A House Committee Examined Diversity and Inclusion at America’s Largest Insurers. The Results Were Not Pretty.

Over the past few years America’s largest insurance companies have stressed their commitment to racial justice, diversity, and inclusion. The industry has over $5.8 trillion in assets and often makes long-term investments in important sectors of the economy. However, numerous consumer advocates have pointed out that insurance has a long history of unfair discrimination, bias, … Continued

Opinion: Stop Subsidizing Wall Street Buying Up Homes

No serious observer of today’s economy doubts that it is harder and harder for everyday folks to buy a home. This is especially true for first-time homebuyers across the country, in exurbs, Sunbelt suburbs, and neighborhoods in cities large and small. This escalating unaffordability affects the long-term opportunities of virtually everyone who doesn’t own a … Continued

CFAnews Update – August 31, 2022

Pandemic Related Issues Continue to Impact 2021’s Top Ten Consumer Complaints, Auto Sales and Repairs Rank No. 1 for Sixth Year in a Row Earlier this month CFA released its annual Top Ten Consumer Complaints Survey Report, with auto sales and repairs ranking number one in the category of complaints made to local and state … Continued