The DC Federal Circuit Court of Appeals ruled on Tuesday that the structure of the Consumer Financial Protection Bureau (CFPB), the Wall Street financial watchdog that is the brainchild of Sen. Elizabeth Warren (D-MA), is unconstitutional.
In the world of fraud fighting, the release of the Federal Trade Commission’s Consumer Sentinel Data Book is something of a wonky holiday. Yesterday was no exception, with the agency publishing the annual report, which examines trends in the 2 million-plus complaints the FTC receives annually. The headline of the report was depressingly familiar: identity theft continued to be the biggest driver of complaints to the FTC for the 14th straight year.
The Credit Card Accountability, Responsibility and Disclosure Act of 2009 that went into effect earlier this year mandated a lot of changes in the credit card industry. It also has some implications for the gift card industry. There’s good news for consumers planning to purchase gift cards for friends and loved ones this holiday season.
Millions of young people are arriving on the nation’s college campuses this summer. Many of them will be embarking on a life without parents for the first time. Unfortunately, many of these young people will be entering the marketplace on their own, with precious little understanding of how to navigate it successfully. Worse, many students may fall prey to scams targeting college students.
The National Consumers League has been joined by Consumer Action and the Montgomery County, Md, Office of Consumer Protection to call on the gift card industry to ease the burden on consumers by lifting expiration dates, lowering fees, and more.
In September 2008, Sally Greenberg appeared before the House Committee on Energy and Commerce to discuss the need for greater consumer protections in the purchase and use of prepaid calling cards, a largely unregulated industry that is a “Wild West” of sellers and merchants who too often prey upon the most vulnerable consumers by promising minutes they don’t deliver and loading up on hidden or undisclosed charges and fees.
Under a grant from the Bureau of Justice Assistance in the U.S. Department of Justice, the National Consumers League was able to award stipends totaling $20,000 to 11 agencies and organizations for a wide variety of projects aimed at educating senior citizens about telemarketing fraud. The stipends were distributed in the spring of 2006. Some programs concluded in the spring 2007, some in the fall, and some are ongoing using other sources of funding.
Consumer confidence in conducting business and protecting personal data online is threatened every day by phishing scams. In an initiative led by NCL, law enforcement, financial services, and technical industries have joined forces to combat this threat. The group have issued a “call to action” with the release of a paper outlining key recommendations that form a comprehensive plan for combating phishing more effectively.