The Consumer Product Safety Commission continues to find recalled Rock n’ Play sleepers listed for sale on Facebook Marketplace, despite representations from Meta, Facebook Marketplace’s owner, that it would take steps to prevent the re-sell of recalled products on its platform. In his second letter to Mark Zuckerberg, CEO of Meta, CPSC Chair Alex Hoehn-Saric … Continued
The fifty-one state Insurance Departments are responsible for regulating insurance, protecting consumers, and making sure that insurance rates are not excessive, inadequate, or unfairly discriminatory. Some commissioners are determined to help consumers. Others, less so. Some regulators seem to treat their time in government as a slow-moving job interview for a high-paying positions with the … Continued
For far too many parents, navigating the food system feels like traversing a minefield. CFA is working to address one source of this anxiety: artificial dyes. For decades, researchers have suspected that several artificial dyes contribute to hyperactivity and attention deficit disorder in children. These suspicions were recently confirmed by the California Office of Environmental … Continued
On April 4, a diverse group of organizations, including investor protection and shareholder advocates, climate advocates, and businesses, wrote to Securities and Exchange Commission Chairman Gary Gensler to highlight how private markets contribute to and exacerbate climate-related risks for investors and our financial system and what the Commission must do to meet these growing risks. … Continued
House Financial Services Committee Considers Anti-Investor Disclosure Bill Unpacking the Insurance Industry’s “Social Inflation” Lie The FAA Reauthorization Act of 2023: What it is and Why it Matters What’s at Risk if We Lose the CFPB? House Financial Services Committee Considers Anti-Investor Disclosure Bill By: Micah Hauptman, Director of Investor Protection and Dylan Bruce, Financial … Continued
The House Committee on Financial Services is currently engaged in a comprehensive deregulatory agenda, including efforts to expand private securities markets at the expense of public securities markets. That this effort is happening at a time when deregulation in the financial system has led to a series of large bank failures should not be lost … Continued
Insurance companies are very fond of increasing their policyholders’ premiums and then crafting an explanation for the hikes that fits their interests, even if it doesn’t fit the data. Their latest fable: that rampant premium increases for businesses, non-profits, doctors, and truckers among other commercial insurance policyholders are the result of a new trend the … Continued
It would be difficult to overstate the problems with air travel in 2022. Record numbers of flights were delayed and cancelled, consumers were left stranded, baggage was lost, and an aging and vulnerable infrastructure nearly collapsed under the stress. One of the most important pieces of legislation that Congress will consider this year is the … Continued
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
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 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
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
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
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
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
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
Fees are prolific across financial products and services. Whether it is credit card late fees, overdraft and nonsufficient fund (NSF) fees, or mortgage servicing fees, junk fees have become far too commonplace in our financial marketplace. Junk fees can inflate the price of banking and credit products, obscure the true cost of these products making … Continued
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
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
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 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
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
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
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
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