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Consumerprotection

All articles tagged with #consumerprotection

business1 year ago

Biden Administration Enforces New Overdraft Fee Limits for Banks

The Consumer Financial Protection Bureau has finalized a rule to cap overdraft fees at $5 for large banks and credit unions, potentially saving consumers up to $5 billion annually. This move, part of President Biden's crackdown on junk fees, aims to increase transparency and reduce financial burdens on consumers. While banking trade groups oppose the rule, citing potential negative impacts on consumer choice, the rule is set to take effect on October 1, 2025, unless altered by future administrations.

via CNN|
#bankingregulations#bidenadministration#business
finance1 year ago

New Federal Rule Caps Overdraft Fees at $5

The Consumer Financial Protection Bureau (CFPB) has finalized a rule to cap overdraft fees at $5, potentially saving banking customers up to $5 billion annually. This move, part of President Biden's crackdown on 'junk fees,' aims to alleviate financial burdens on consumers, especially those living paycheck to paycheck. While some major banks have already reduced or eliminated such fees, the rule faces opposition from banking industry groups and potential legal challenges. The rule is set to take effect on October 1, 2025, and applies to banks with over $10 billion in deposits.

via ABC News|
#bankingregulations#bidenadministration#cfpb
privacy1 year ago

FTC Cracks Down on Data Brokers for Selling Sensitive Location Info

The Federal Trade Commission (FTC) is taking action against Gravy Analytics and its subsidiary Venntel for unlawfully selling sensitive location data, including visits to health-related sites and places of worship, without user consent. The proposed settlement prohibits the companies from selling or using such data and mandates the establishment of a sensitive data location program. The FTC's complaint highlights the risks of privacy harms and discrimination from unauthorized data disclosure. This marks the FTC's fifth action against data aggregators for mishandling sensitive location data.

via Federal Trade Commission News|
#consumerprotection#ftc#gravyanalytics
consumer-affairs1 year ago

Chinese Brands Apologize for Reduced Size Sanitary Pads

Chinese sanitary pad manufacturers have apologized after being accused of selling products shorter than advertised, sparking widespread consumer outrage. Viral social media videos revealed discrepancies in pad lengths, leading to broader complaints about the quality of feminine hygiene products in China. An investigation found that nearly 90% of pads were shorter than claimed, prompting authorities to consider revising national standards. The controversy highlights ongoing concerns about product safety and quality for women in China.

via BBC.com|
#china#consumer-affairs#consumerprotection
technology1 year ago

FTC Warns Smart Device Makers on Software Support Transparency

The Federal Trade Commission (FTC) has warned that manufacturers of smart devices may be violating the Magnuson Moss Warranty Act if they fail to disclose the duration of software support for their products. An FTC investigation into 184 smart products revealed that most did not provide clear information on software support duration, with some using vague terms or burying details in hard-to-find sections. The FTC highlighted inconsistencies and misleading information, emphasizing the need for transparency to protect consumers.

via Ars Technica|
#consumerprotection#ftc#smartdevices
economy1 year ago

Congress Urged to Tackle Rising Airline 'Junk Fees' with Tax Reform

Airline fees have generated $12.4 billion from 2018 to 2023, largely due to a tax loophole that exempts fees from the 7.5% excise tax on airfare, encouraging airlines to shift costs from fares to fees. This practice, coupled with limited competition due to government policies, restricts consumer choice. While the U.S. Department of Transportation has introduced rules for fee transparency, airlines are challenging these in court. The article argues for more competition and a reevaluation of the tax policy to address these issues.

via View from the Wing|
#airlinefees#competition#congress
economy1 year ago

Senate Hearing May Reshape Credit Card Rewards and Fees

Senator Dick Durbin's proposed legislation aims to break the Visa-Mastercard duopoly by requiring large banks to use multiple payment networks, potentially reducing credit card rewards and impacting economic stability. The law could benefit American Express and Discover, but critics argue it may lead to unintended consequences, such as reduced consumer rewards, higher costs, and limited credit availability. The debate highlights the complexity of balancing competition with consumer benefits in the payment processing industry.

via View from the Wing|
#competition#consumerprotection#creditcards
business1 year ago

Kraft Heinz Faces Legal Battle Over Mac & Cheese Labeling Claims

A class action lawsuit against Kraft Heinz is proceeding after a judge ruled that claims of false advertising on Kraft Mac & Cheese packaging can move forward. The lawsuit alleges that the product contains preservatives despite packaging claims of "No Artificial Flavors, Preservatives or Dyes." Kraft Heinz denies these allegations and sought dismissal, asserting the lawsuit lacks merit. The case highlights ongoing legal challenges in the food industry over advertising practices.

via The Takeout|
#business#consumerprotection#falseadvertising
finance1 year ago

Final Days to Claim Cash App Settlement for Data Breach

Cash App users in New York who experienced unauthorized access to their accounts have until November 18, 2024, to file claims for compensation from a $15 million settlement. The settlement follows a class action lawsuit alleging Cash App failed to prevent unauthorized access and mishandled customer complaints after data breaches in 2021 and 2023. Eligible users can claim up to $2,500 for out-of-pocket losses and lost time, provided they submit necessary documentation.

via Democrat & Chronicle|
#cashapp#consumerprotection#databreach
local-news2 years ago

"New Year's Eve Bar Crawl Confusion Leads to Refund Demands in Multiple Cities"

Steven Hubbard, along with others, purchased tickets for a New Year's Eve bar crawl in Jacksonville that was advertised on Eventbrite, promising free drinks, entry, and a souvenir. However, the participating bars were either unaware of the event or did not honor the advertised specials. The event organizer claimed the event was a success and self-guided, while Eventbrite is investigating the issue. No refunds have been offered, and consumers are advised to research events and pay with credit cards for potential disputes.

via WJXT News4JAX |
##barcrawlscam#consumerprotection
legal2 years ago

"Manchester Car Dealership Faces Lawsuit Over Alleged Customer Scam and Inflated Fees"

Connecticut Attorney General William Tong has filed a lawsuit against Manchester City Nissan, accusing the dealership of deceptive practices by charging customers with unauthorized "junk fees" and violating multiple laws, including the FTC Act and the Connecticut Unfair Trade Practices Act. The dealership allegedly added thousands of dollars in bogus fees for certifications, add-ons, and government charges without customer consent. Manchester City Nissan denies the allegations, emphasizing their customer satisfaction record and expressing their intent to address the claims in court.

via WTNH.com|
##cardealership#consumerprotection
legal2 years ago

"Manchester Nissan Faces Allegations of Deceptive Practices and Bogus Fees"

Manchester City Nissan, a car dealership in Manchester, CT, along with its owner and key employees, is facing legal action from Attorney General William Tong and the Federal Trade Commission for allegedly deceiving consumers with hidden fees and unauthorized charges on certified pre-owned vehicles. The complaint accuses the dealership of charging "junk fees" for certification, add-ons, and government charges without consent, potentially violating multiple laws. The FTC's action aligns with its new CARS Rule aimed at combating auto retail scams. The dealership disputes the claims and intends to address them in court.

via Patch|
##autodealership#consumerprotection
legal-business2 years ago

"Cox Communications Agrees to $13M Settlement in Arizona Over Deceptive Fees"

Cox Communications has agreed to pay a $13 million settlement after the Arizona Attorney General accused the company of deceptive practices, including failing to disclose additional fees and misleading customers with a "price lock guarantee." The settlement includes $10 million to the State of Arizona and over $3 million in refunds to affected customers who signed up for television services between January 2017 and March 2021. The company is held accountable for not clearly informing customers about the potential for price increases through fees, despite promises of fixed pricing. Eligible customers will receive credits or electronic fund transfers as part of the settlement.

via ABC15 Arizona in Phoenix|
##arizona#consumerprotection
legalbusiness2 years ago

Arizona AG Secures $13M from Cox in Settlement for Deceptive Pricing Lawsuit

The Arizona Attorney General's Office has reached a $13 million settlement with Cox Communications over deceptive pricing practices. Cox was accused of not clearly disclosing additional fees, leading customers to believe they had fixed pricing deals. While Cox denies wrongdoing, the settlement includes $3 million in customer refunds and $10 million for the state's statutory fund. Active Cox customers will receive billing credits, and former customers will get electronic fund transfers. This follows a previous issue where Cox was advised to stop a potentially misleading ad by the National Advertising Division.

via Arizona's Family|
##arizonaattorneygeneral#consumerprotection
legislation2 years ago

"Georgia Welcomes 2024 with Tax Cuts and Consumer-Focused Legislation"

Georgia has implemented new laws as of January 1, including the Consumer Access to Contracted Healthcare Act (CATCH Act) for healthcare network adequacy and telehealth, Izzy's Law for aquatic safety guidelines in memory of Israel Scott, new specialty license plates under House Bill 175, and consumer protection laws for subscription services and third-party food delivery under House Bill 528. Additionally, Governor Brian Kemp has proposed accelerating income tax cuts set to reach a 5.39% rate in 2024.

via WSB Atlanta|
##consumerprotection#georgialaws