# Consumer protection
Consumer Bureau Strengthens State Authority to Enforce Consumer Protection Laws
New rule extends state authority to enforce federal laws designed to protect consumers. The Consumer Financial Protection Bureau (CFPB) this week released a new rule that grants additional authority to states to enforce federal consumer protection laws.
Consumer Groups Call on Auto Repair Chains to Stop Offering Predatory Financing
Loans for auto repairs carry rates as high as 189%. A coalition of consumer advocacy groups has sent letters to top auto repair chains across the nation calling on them to stop offering financing for repairs through EasyPay Finance and TAB Bank, noting the loans can carry interest rates as high as 189%.
Consumer Bureau Takes Action on False Claims Around FDIC Insurance
CFPB clarifies deceptive and misleading use of FDIC logo, protection. The Consumer Financial Protection Bureau (CFPB) this week took action to clarify regulations around the use (and misuse) of the logo and auspices of the Federal Deposit Insurance Corporation (FDIC). The FDIC is the federal agency that ensures bank deposits up to $250,000.
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25 State Attorneys General Call for FTC Action on For-Profit Colleges
AGs tell federal government that deceptive marketing must stop. In response to a request for comment from the Federal Trade Commission (FTC), a group of 25 state Attorneys General called on the regulatory agency to take action against for-profit colleges for using deceptive marketing tactics to lure in students.
Consumer Bureau Orders Scam Debt Relief Company to Cease Operations, Refund Millions to Borrowers
Enforcement action also bans co-founders from debt-relief payment processing industry. In an enforcement action this week, the Consumer Financial Protection Bureau (CFPB) ordered debt-relief payment processing company Account Management Systems (AMS) and the company's co-founders to cease operations and pay a total of $11 million in fines and customer refunds.
Consumer Advocates Support FTC Action on Deceptive Earnings Claims
Group targets gig economy companies, multi-level marketers, and for-profit colleges. Consumer Federation of America (CFA) responded to a request for comment from the Federal Trade Commission (FTC) on proposed regulations around deceptive earnings claims. Specifically, CFA called out gig economy companies, multi-level marketing firms, and for-profit colleges for practices that deceive individuals into believing they'll be able to live a certain lifestyle by using their products. Unfortunately, CFA notes, these claims often turn out to be unsubstantiated.
Consumer Group Urges Senate Passage of Trio of Product Safety Measures
Consumer Federation of America says Americans will be safer if these bills become law. The Consumer Federation of America (CFA) today applauded the Senate Commerce Committe's passage of a trio of consumer protection bills and called on the full Senate to act quickly to pass them and protect American consumers.
Consumer Bureau Expands Reach of Equal Credit Law
CFPB issues advisory opinion extending protections to borrowers. The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion extending protections found in the Equal Credit Opportunity Act (ECOA) beyond the issuing of a loan. That is, the protections provided by the ECOA extend even after the loan is awarded and borrowers should be treated equally in the loan repayment process as well.
Consumer Bureau Takes Action to Ensure Accuracy of Credit Reports
CFPB files brief in suit against TransUnion, seeks to expand consumer protection. The Consumer Financial Protection Bureau (CFPB) has filed a joint brief with the Federal Trade Commission (FTC) in a case against credit reporting agency TransUnion. The legal move seeks to expand consumer protection in the credit reporting industry. Specifically, the brief argues that reporting agencies - including TransUnion, Experian, and Equifax - have a legal obligation under the Fair Credit Reporting Act (FCRA) to address inaccuracies in consumer credit reports.
Bank of America Fined for Unlawful Garnishments
Consumer Bureau action imposes $10 million fine on one of nation's largest banks. The Consumer Financial Protection Bureau (CFPB) has fined Bank of America $10 million for the bank's unlawful processing of out-of-state garnishments.
Consumer Groups Call for Federal Action on "Yo-Yo" Auto Sales
Current credit practices can cause buyers to lose cars, face damaged credit. A coalition of consumer groups is urging the Federal Trade Commission (FTC) to take action that would prohibit so-called "Yo-Yo" auto sales. In practice, this means allowing a buyer to drive a car off the lot before a contract is fully executed with a third-party credit agency.
Consumer Bureau Chief Plans Action to Limit Credit Card Fees
Chopra tells Congress his agency will take action to boost competition, reduce fees. In testimony to Congress, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra told lawmakers he's asked his agency to explore ways to limit credit card fees and boost competition in the financial services industry.
Consumer Groups Urge Action on "Junk Fees"
Advocates detail common junk fees, call on Consumer Bureau to institute protections. In response to a call for comment on junk fees in the consumer finance industry, a number of consumer advocacy groups sent a letter to the Consumer Financial Protection Bureau (CFPB) detailing junk fees across a range of industries and services. The groups also called for specific actions to protect consumers from these fees.
MoneyGram Sued for Failing Customers
Allegations include repeatedly delaying money transfers and leaving customers stranded. The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed suit against remittance provider MoneyGram alleging the company's practices repeatedly harmed consumers.
Consumer Bureau Report Highlights Harms of Medical Billing Errors
Report shows inaccurate bills, coercive debt collections. A report released by the Consumer Financial Protection Bureau (CFPB) shows that consumers with medical debt often suffer from inaccurate billing and aggressive collection tactics.
Senators Applaud Student Loan Debt Relief
Biden Administration announces debt relief for 40,000 student loan borrowers. The Biden Administration announced this week that it is taking action to provide debt relief for some 40,000 student loan borrowers who qualify for income driven repayment programs.
FCC Announces New State Partners in Fight Against Robocalls
Regulatory agency adds five states, now 27 are partners in robocall investigation team. The Federal Communications Commission (FCC) has announced the addition of five new states as part of a group dedicated to investigating illegal robocalls and enforcing federal laws prohibiting abuse.
Report: Payday Lenders use Deceptive Tactics to Trap Borrowers in Debt Cycle
Consumer Financial Protection Bureau exposes widespread industry practice. A report from the Consumer Financial Protection Bureau (CFPB) reveals that payday lenders engage in deceptive tactics in order to trap borrowers in a cycle of costly reborrowing.
FTC Action Results in $4.86 Million in Refunds to Victims of Abusive Debt Collectors
Annual report reveals scope of abuse in debt collection industry. The Federal Trade Commission (FTC) issued its annual report on enforcement of the Fair Debt Collections Practices Act (FDCPA) today and revealed that its enforcement actions resulted in millions of dollars of refunds to consumers who were victims of abusive debt collectors.