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
Earlier this month, Deputy Secretary of the Treasury Wally Adeyemo sent a stern letter to the Federal Home Loan Bank (FHLB) Presidents, telling them to step up to their mandate and mobilize a portion of their over $20 billion in resources to help resolve the nation’s housing supply crisis. Last Thursday the FHLB Presidents reacted … Continued
Topics in this issue… What the Next Administration Needs to Know to Lower Grocery Prices How Home Buyers and Sellers can Cope with New Real Estate Broker Rules and Practices CFA Supports FTC Chair Lina Khan’s Consumer Protection Achievements Congress Introduces Bills to Protect Infants from Hazardous Weighted Sleep Products
Americans hate inflation. And they really hate food inflation. With grocery prices up 20 percent compared to four years ago, the topic has attracted attention from both presidential campaigns. The 2024 Donald Trump / Republican party platform lists “end inflation and make America affordable again” as its third priority, behind “seal the border” and “carry … Continued
Topics in this issue… Consumer Groups Applaud CPSC Decision to Hold Amazon Accountable for Certain Hazardous Products CFA Releases Statement on Proposed FSIS Rule to Protect Consumers from Salmonella in Poultry CFA Supports Coalition Efforts for FHLB Mission Reform Tips to Help Consumers Get Fair Insurance Treatment After Hurricane Beryl
The five-person U.S. Consumer Product Safety Commission (CPSC) appeared before the House Innovation, Data, and Commerce Subcommittee in a hearing titled “The Fiscal Year 2025 Consumer Product Safety Commission Budget” on July 23, 2024. Consumer Federation of America and Kids In Danger submitted a letter for the record. The Subcommittee hearing demonstrated the vital work … Continued
By now, policymakers understand the impact of Synapse’s bankruptcy on the tens of thousands of depositors who had funds in one of the company’s fintech partner accounts. The harm is material and also of historical significance: Synapse bankruptcy could prevent depositors from recovering their FDIC-insured funds. Since the creation of the Federal Deposit Insurance Corporation … Continued
Topics in this issue… CFA Applauds Supreme Court Decision to Uphold Funding Structure for CFPB Rising Insurance Costs in Maryland A Guide to FTC Informal Hearings Alaska Legislature Passes First of its Kind Alcohol Cancer Warning Requirement
State Insurance Commissioners, depending upon how they carry out their role, have a significant impact on consumer budgets and can be key forces for consumer protection. And there is currently an excellent opportunity in one state—Maryland—for that power to be used for the better. Recently Maryland Insurance Commissioner Kathleen Birrane announced that she plans to … Continued
Topics in this issue: Broad coalition of 104 organizations tell Congress to support FTC CARS Rule New CFA report suggests why consumer disruptions will be much less than those predicted by realtors CFA comments on USDA declaration of Salmonella as an adulterant in certain chicken products new GAO report on FHLBanks highlights dangerous mission-creep of … Continued
The Federal Home Loan Banks issued well over one trillion dollars in debt last year and generated a record-setting $6.7 billion in net income. The Congressional Budget Office estimates that they receive an astounding $7.3 billion in subsidies. Even so, few Americans – and even few housing specialists – understand how this system of regional … Continued
What are FTC Informal Hearings? Those paying close attention to Federal Trade Commission rulemakings have likely noticed the FTC is conducting “informal hearings” in connection with its rules. These hearings are a unique feature of FTC rulemaking and have historically been criticized as roadblocks allowing rule opponents to delay the rulemaking process. While the FTC … Continued
Earlier this week the GAO (U.S. Government Accountability Office) publicly released a new report that evaluates the actions that the Federal Home Loan Banks of San Francisco and New York (FHLBank SF and NY) took leading up to the regional bank failures of spring 2023. GAO wrote this report in response to a request from … Continued
In just a few years, consumer utilization of Buy Now Pay Later has surged. According to the CFPB, BNPL originations grew more than tenfold between 2019 and 2021. Many consumers may be using BNPL without fully understanding the product. Even though BNPL lenders claim their loans are free, many borrowers end up paying late fees. … Continued
Homeowners insurance serves as a crucial safety net for American homeowners, protecting their homes against unexpected damage. However, escalating climate disasters and soaring prices in the global reinsurance market have seriously strained the homeowners insurance system. This webinar brings together national experts to discuss the scale, disparities, and consequences of our mounting homeowners insurance crisis. … Continued
Today, the U.S. Consumer Product Safety Commission (CPSC) released public warnings, directing consumers to stop using Tuladuo Water Bead Sets and Jangostor Large Water Beads. The beads contain levels of acrylamide in violation of the Federal Hazardous Substances Act. Tuladuo US and Jangostor, both based in China, sold the water beads sets on Amazon. Both … Continued
Buying a car is time-consuming, confusing and opaque, and the Federal Trade Commission has published a rule which would bring long overdue changes to the marketplace: the Combating Auto Retail Scams (CARS) Rule. Among other important things, the CARS Rule requires dealers to be honest and up-front about the price of the car and bans … Continued